Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 10, 2016 | |
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 | 11,362,150 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks, including required reserves of $7,155 and $8,522, respectively | $ 32,942 | $ 37,170 |
Interest-bearing deposits in banks | 77,043 | 48,331 |
Federal funds sold | 2,425 | 3,700 |
Securities available-for-sale, at fair value (cost of $298,564 at March 31, 2016 and $317,375 at December 31, 2015) | 302,151 | 318,159 |
Securities held-to-maturity (fair value of $115,631 at March 31, 2016 and $117,698 at December 31, 2015) | 113,623 | 116,792 |
Other investments | 11,195 | 11,188 |
Loans | 1,250,049 | 1,263,645 |
Allowance for loan losses | (20,347) | (19,011) |
Loans, net | 1,229,702 | 1,244,634 |
Bank premises and equipment, net | 68,482 | 69,105 |
Accrued interest receivable | 6,729 | 6,594 |
Goodwill | 42,171 | 42,171 |
Intangibles | 5,451 | 5,728 |
Cash surrender value of life insurance | 13,690 | 13,622 |
Other real estate | 3,908 | 4,187 |
Other assets | 7,039 | 6,352 |
Total assets | 1,916,551 | 1,927,733 |
Deposits: | ||
Non-interest-bearing | 383,684 | 374,261 |
Interest-bearing | 1,174,519 | 1,176,589 |
Total deposits | 1,558,203 | 1,550,850 |
Securities sold under agreements to repurchase | 87,879 | 85,957 |
Short-term Federal Home Loan Bank advances | 0 | 25,000 |
Long-term Federal Home Loan Bank advances | 25,744 | 25,851 |
Junior subordinated debentures | 22,167 | 22,167 |
Other liabilities | 6,704 | 4,771 |
Total liabilities | $ 1,700,697 | $ 1,714,596 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock, $0.10 par value; 30,000,000 shares authorized, 11,362,150 shares issued and outstanding at March 31, 2016 and December 31, 2015 | $ 1,136 | $ 1,136 |
Additional paid-in capital | 110,958 | 110,771 |
Unearned ESOP shares | (1,284) | (1,093) |
Accumulated other comprehensive income | 2,331 | 509 |
Retained earnings | 61,593 | 60,694 |
Total shareholders’ equity | 215,854 | 213,137 |
Total liabilities and shareholders’ equity | 1,916,551 | 1,927,733 |
Series B Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock | 32,000 | 32,000 |
Series C Preferred stock | ||
Shareholders’ equity: | ||
Preferred stock | $ 9,120 | $ 9,120 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks, reserves | $ 7,155 | $ 8,522 |
Securities available-for-sale, at cost | 298,564 | 317,375 |
Securities held-to-maturity, at fair value | $ 115,631 | $ 117,698 |
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) | 11,362,150 | 11,362,150 |
Common stock, outstanding (in shares) | 11,362,150 | 11,362,150 |
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) | 91,200 | 91,200 |
Preferred stock, outstanding (in shares) | 91,200 | 91,200 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income: | ||
Loans, including fees | $ 17,123 | $ 18,054 |
Securities and other investments: | ||
Taxable | 2,036 | 1,925 |
Nontaxable | 458 | 584 |
Federal funds sold | 5 | 2 |
Time and interest bearing deposits in other banks | 94 | 37 |
Other investments | 88 | 79 |
Total interest income | 19,804 | 20,681 |
Interest expense: | ||
Deposits | 907 | 947 |
Securities sold under agreements to repurchase | 233 | 230 |
Other borrowings and payables | 113 | 97 |
Junior subordinated debentures | 167 | 150 |
Total interest expense | 1,420 | 1,424 |
Net interest income | 18,384 | 19,257 |
Provision for loan losses | 2,800 | 6,000 |
Net interest income after provision for loan losses | 15,584 | 13,257 |
Non-interest income: | ||
Service charges on deposits | 2,313 | 2,332 |
Gain on sale of securities, net | 0 | 115 |
ATM and debit card income | 1,609 | 1,629 |
Other charges and fees | 565 | 765 |
Total non-interest income | 4,487 | 4,841 |
Non-interest expenses: | ||
Salaries and employee benefits | 7,990 | 7,942 |
Occupancy expense | 3,597 | 3,685 |
ATM and debit card expense | 785 | 663 |
Information Technology and Data Processing | 458 | 457 |
FDIC insurance | 429 | 281 |
Professional Fees | 383 | 345 |
Other | 3,117 | 2,788 |
Total non-interest expenses | 16,759 | 16,161 |
Income before income taxes | 3,312 | 1,937 |
Income tax expense | 963 | 446 |
Net earnings | 2,349 | 1,491 |
Dividends on preferred stock | 427 | 173 |
Net earnings available to common shareholders | $ 1,922 | $ 1,318 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.17 | $ 0.12 |
Diluted (in dollars per share) | $ 0.17 | $ 0.12 |
Weighted average number of shares outstanding: | ||
Basic (in shares) | 11,262 | 11,318 |
Diluted (in shares) | 11,262 | 11,351 |
Dividends declared per common share (in dollars per share) | $ 0.09 | $ 0.09 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 2,349 | $ 1,491 |
Unrealized gains (losses) on securities available-for-sale: | ||
Unrealized holding gains (losses) arising during the year | 2,802 | 1,701 |
Less: reclassification adjustment for gains on sales of securities available-for-sale | 0 | (115) |
Total other comprehensive income (loss), before tax | 2,802 | 1,586 |
Income tax effect related to items of other comprehensive income (loss) | (980) | (555) |
Total other comprehensive income (loss), net of tax | 1,822 | 1,031 |
Total comprehensive income | $ 4,171 | $ 2,522 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Unearned ESOP Shares | Accumulated Other Comprehensive Income | Retained Earnings |
Beginning balance at Dec. 31, 2015 | $ 213,137 | $ 41,120 | $ 1,136 | $ 110,771 | $ (1,093) | $ 509 | $ 60,694 |
Beginning balance (in shares) at Dec. 31, 2015 | 123,200 | 11,362,150 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 2,349 | 2,349 | |||||
Dividends on Series B and Series C preferred stock | (427) | (427) | |||||
Dividends on common stock, $0.09 per share | (1,023) | (1,023) | |||||
Increase in ESOP obligation, net of repayments | (191) | (191) | |||||
Tax benefit resulting from distribution from Directors Deferred Compensation Plan | 39 | 39 | |||||
Stock option and restricted stock compensation expense | 97 | 97 | |||||
ESOP compensation expense | (36) | (36) | |||||
Tax benefit for dividends paid to the ESOP | 87 | 87 | |||||
Change in accumulated other comprehensive income | 1,822 | 1,822 | |||||
Ending balance at Mar. 31, 2016 | $ 215,854 | $ 41,120 | $ 1,136 | $ 110,958 | $ (1,284) | $ 2,331 | $ 61,593 |
Ending balance (in shares) at Mar. 31, 2016 | 123,200 | 11,362,150 |
Consolidated Statement of Shar7
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on common stock (in dollars per share) | $ 0.09 | $ 0.09 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net earnings | $ 2,349 | $ 1,491 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 1,512 | 1,555 |
Accretion of purchase accounting adjustments | (288) | (189) |
Provision for loan losses | 2,800 | 6,000 |
Deferred tax benefit | (503) | (1,951) |
Amortization of premiums on securities, net | 681 | 633 |
Stock option expense | 84 | 85 |
Restricted stock expense | 13 | 0 |
ExcessOfBookValueoverMarketValueofESOPSharesReleased | (36) | 0 |
Net gain on sale of investment securities | 0 | (115) |
Net (loss) gain on sale of other real estate owned | 24 | (50) |
Net write down of other real estate owned | 120 | 29 |
Net gain on sale/disposal of premises and equipment | (14) | (1) |
Change in accrued interest receivable | (135) | (106) |
Change in accrued interest payable | (9) | (4) |
Change in other assets & other liabilities, net | 454 | 1,684 |
Net cash provided by operating activities | 7,052 | 9,061 |
Cash flows from investing activities: | ||
Proceeds from maturities and calls of securities available-for-sale | 18,379 | 17,988 |
Proceeds from maturities and calls of securities held-to-maturity | 2,919 | 3,326 |
Proceeds from sale of securities available-for-sale | 0 | 34,509 |
Purchases of securities available-for-sale | 0 | (73,853) |
Proceeds from sale of other investments | 0 | 349 |
Purchases of other investments | (7) | (3) |
Net change in loans | 12,293 | (28,461) |
Purchases of premises and equipment | (915) | (1,362) |
Proceeds from sale of premises and equipment | 40 | 4 |
Proceeds from sale of other real estate owned | 245 | 532 |
Net cash provided by (used in) investing activities | 32,954 | (46,971) |
Cash flows from financing activities: | ||
Change in deposits | 7,366 | 30,901 |
Change in securities sold under agreements to repurchase | 1,922 | 25,248 |
Borrowings on Federal Home Loan Bank advances | 25,000 | 25,000 |
Repayments of Federal Home Loan Bank advances | (50,017) | (25,015) |
Proceeds and tax benefit from exercise of stock options | 0 | 80 |
Tax benefit resulting from distribution from Directors Deferred Compensation Plan | 39 | 420 |
ExcessTaxBenefitFromDividendsPaidtoESOP | 87 | 0 |
Payment of dividends on preferred stock | (171) | (174) |
Payment of dividends on common stock | (1,023) | (1,020) |
Net cash (used in) provided by financing activities | (16,797) | 55,440 |
Net increase in cash and cash equivalents | 23,209 | 17,530 |
Cash and cash equivalents, beginning of period | 89,201 | 86,872 |
Cash and cash equivalents, end of period | 112,410 | 104,402 |
Supplemental cash flow information: | ||
Interest paid | 1,429 | 1,427 |
Noncash investing and financing activities: | ||
Transfer of loans to other real estate | 110 | 866 |
Change in accrued common stock dividends | 0 | 1 |
Change in accrued preferred stock dividends | 256 | 0 |
Net change in loan to ESOP | $ (191) | $ (268) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 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 2015 Annual Report on Form 10-K. The results of operations for the three -month period ended March 31, 2016 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 2015 Annual Report on Form 10-K. Recent Accounting Pronouncements — ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities is the first ASU issued under the FASB's financial instruments project. ASU 2016-01 primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The guidance in this ASU requires all equity securities with readily determinable fair values to be measured at fair value on the balance sheet, with changes in fair value recorded through earnings. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires changes in the fair value of a financial liabilities attributable to a change in instrument-specific credit risk to be recorded separately in other comprehensive income. This ASU eliminates the requirement to disclose the methods and significant assumptions used to estimate fair value. It does require public entities to use the exit price when measuring the fair value of financial instruments measured at amortized cost for disclosure purposes In addition, the new guidance requires financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The effective date of this Update is for fiscal years beginning on or after December 15, 2017. The Company is evaluating the impact, if any, that ASU 2016-01 will have on its financial position, results of operations, and its financial statement disclosures. ASU 2016-02, Leases (Topic 842) was issued with the intention of improving financial reporting about leasing transactions. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP - which requires only capital leases to be recognized on the balance sheet - the guidance in the ASU will require both types of leases to be recognized on the balance sheet. The ASU also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The effective date of this Update is for fiscal years beginning on or after December 15, 2018. The Company is evaluating the impact that ASU 2016-02 will have on its financial position, results of operations, and its financial statement disclosures. ASU 2016-09, Compensation - Stock Compensation (Topic 718) was issued as part of the FASB's simplification initiative. Under the new guidance, several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The effective date of this Update is for fiscal years beginning on or after December 15, 2016. The Company is evaluating the impact that ASU 2016-09 will have on its financial position, results of operations, and its financial statement disclosures. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The portfolio of investment securities consisted of the following (in thousands): March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 23,624 $ 625 $ 10 $ 24,239 GSE mortgage-backed securities 81,030 2,890 24 83,896 Collateralized mortgage obligations: residential 187,859 871 744 187,986 Collateralized mortgage obligations: commercial 3,951 — 43 3,908 Mutual funds 2,100 22 — 2,122 $ 298,564 $ 4,408 $ 821 $ 302,151 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 30,750 $ 770 $ 27 $ 31,493 GSE mortgage-backed securities 84,946 2,321 229 87,038 Collateralized mortgage obligations: residential 194,067 297 2,276 192,088 Collateralized mortgage obligations: commercial 5,512 1 65 5,448 Mutual funds 2,100 — 8 2,092 $ 317,375 $ 3,389 $ 2,605 $ 318,159 March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 43,430 $ 935 $ 4 $ 44,361 GSE mortgage-backed securities 53,423 1,256 12 54,667 Collateralized mortgage obligations: residential 10,429 — 193 10,236 Collateralized mortgage obligations: commercial 6,341 26 — 6,367 $ 113,623 $ 2,217 $ 209 $ 115,631 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 43,737 $ 697 $ 6 $ 44,428 GSE mortgage-backed securities 55,696 705 131 56,270 Collateralized mortgage obligations: residential 10,803 — 361 10,442 Collateralized mortgage obligations: commercial 6,556 2 — 6,558 $ 116,792 $ 1,404 $ 498 $ 117,698 With the exception of two private-label collateralized mortgage obligations (“CMOs”) with a combined balance remaining of $23,000 at March 31, 2016 , all of the Company’s CMOs are government-sponsored enterprise (“GSE”) securities. The amortized cost and fair value of debt securities at March 31, 2016 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 $ 2,249 $ 2,276 Due after one year through five years 17,887 18,379 Due after five years through ten years 2,871 2,973 Due after ten years 617 611 Mortgage-backed securities and collateralized mortgage obligations: Residential 268,889 271,882 Commercial 3,951 3,908 Mutual funds 2,100 2,122 $ 298,564 $ 302,151 Amortized Cost Fair Value Held-to-maturity: Due in one year or less $ 479 $ 479 Due after one year through five years 3,454 3,501 Due after five years through ten years 11,390 11,691 Due after ten years 28,107 28,690 Mortgage-backed securities and collateralized mortgage obligations: Residential 63,852 64,903 Commercial 6,341 6,367 $ 113,623 $ 115,631 Details concerning investment securities with unrealized losses are as follows (in thousands): March 31, 2016 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 $ 597 $ 4 $ 610 $ 6 $ 1,207 $ 10 GSE mortgage-backed securities 11,054 24 — — 11,054 24 Collateralized mortgage obligations: residential 56,918 269 26,003 475 82,921 744 Collateralized mortgage obligations: commercial 1,236 2 2,673 41 3,909 43 $ 69,805 $ 299 $ 29,286 $ 522 $ 99,091 $ 821 December 31, 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 $ 1,192 $ 27 $ — $ — $ 1,192 $ 27 GSE mortgage-backed securities 21,607 229 — — 21,607 229 Collateralized mortgage obligations: residential 140,999 1,207 30,029 1,069 171,028 2,276 Collateralized mortgage obligations: commercial — — 2,946 65 2,946 65 Other asset-backed securities 2,092 8 — — 2,092 8 $ 165,890 $ 1,471 $ 32,975 $ 1,134 $ 198,865 $ 2,605 March 31, 2016 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 $ — $ — $ 505 $ 4 $ 505 $ 4 GSE mortgage-backed securities 6,915 12 — — 6,915 12 Collateralized mortgage obligations: residential — — 10,235 193 10,235 193 $ 6,915 $ 12 $ 10,740 $ 197 $ 17,655 $ 209 December 31, 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 $ 541 $ 1 $ 505 $ 5 $ 1,046 $ 6 GSE mortgage-backed securities — — 7,021 131 7,021 131 Collateralized mortgage obligations: residential — — 10,442 361 10,442 361 $ 541 $ 1 $ 17,968 $ 497 $ 18,509 $ 498 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 March 31, 2016 , 32 securities had unrealized losses totaling 0.87% of the individual securities’ amortized cost basis and 0.25% of the Company’s total amortized cost basis. Of the 32 securities, 15 had been in an unrealized loss position for over twelve months at March 31, 2016 . These 15 securities had an amortized cost basis and unrealized loss of $40.7 million and $719,000 , respectively. The unrealized losses on debt securities at March 31, 2016 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 March 31, 2016 , 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 March 31, 2016 . During the three months ended March 31, 2016 , the Company did not sell any securities. During the three months ended March 31, 2015 , the Company sold 18 securities classified as available-for-sale at a net gain of $115,000 . Of the 18 securities sold, 8 were sold with gains totaling $250,000 and 10 securities were sold at a loss of $135,000 . Securities with an aggregate carrying value of approximately $321.1 million and $285.4 million at March 31, 2016 and December 31, 2015 , 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 | 3 Months Ended |
Mar. 31, 2016 | |
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): March 31, 2016 December 31, 2015 Commercial, financial and agricultural $ 441,160 $ 454,028 Real estate - construction 84,790 74,952 Real estate – commercial 467,648 471,141 Real estate – residential 149,961 149,064 Installment loans to individuals 103,181 111,009 Lease financing receivable 1,590 1,968 Other 1,719 1,483 1,250,049 1,263,645 Less allowance for loan losses (20,347 ) (19,011 ) $ 1,229,702 $ 1,244,634 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 March 31, 2016 , 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 $252.5 million , or 20.2% of total loans. Additionally, the Company’s exposure to loans secured by commercial real estate is monitored. At March 31, 2016 , loans secured by commercial real estate (including commercial construction, farmland and multifamily loans) totaled approximately $532.5 million . Of the $532.5 million , $467.6 million represent CRE loans, 54% of which are secured by owner-occupied commercial properties. Of the $532.5 million in loans secured by commercial real estate, $26.0 million , or 4.9% , were on nonaccrual status at March 31, 2016 . 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 three months ended March 31, 2016 and 2015 is as follows (in thousands): March 31, 2016 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 $ 11,268 $ 819 $ 4,614 $ 816 $ 1,468 $ 14 $ 12 $ 19,011 Charge-offs (1,307 ) — — (4 ) (283 ) — — (1,594 ) Recoveries 26 — 76 3 25 — — 130 Provision 2,194 (420 ) 861 (170 ) 336 (3 ) 2 2,800 Ending balance $ 12,181 $ 399 $ 5,551 $ 645 $ 1,546 $ 11 $ 14 $ 20,347 Ending balance: individually evaluated for impairment $ 1,021 $ — $ 2,586 $ 267 $ 278 $ — $ — $ 4,152 Ending balance: collectively evaluated for impairment $ 11,160 $ 399 $ 2,965 $ 378 $ 1,268 $ 11 $ 14 $ 16,195 Loans: Ending balance $ 441,160 $ 84,790 $ 467,648 $ 149,961 $ 103,181 $ 1,590 $ 1,719 $ 1,250,049 Ending balance: individually evaluated for impairment $ 29,097 $ 35 $ 27,511 $ 2,230 $ 506 $ — $ — $ 59,379 Ending balance: collectively evaluated for impairment $ 412,063 $ 84,755 $ 439,530 $ 147,653 $ 102,675 $ 1,590 $ 1,719 $ 1,189,985 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 607 $ 78 $ — $ — $ — $ 685 March 31, 2015 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 $ 5,729 $ 954 $ 2,402 $ 810 $ 1,311 $ 16 $ 4 $ 11,226 Charge-offs (1,001 ) (6 ) — (2 ) (323 ) — — (1,332 ) Recoveries 132 — 6 2 26 — — 166 Provision 5,523 3 202 7 260 4 1 6,000 Ending balance $ 10,383 $ 951 $ 2,610 $ 817 $ 1,274 $ 20 $ 5 $ 16,060 Ending balance: individually evaluated for impairment $ 737 $ — $ 645 $ 57 $ 206 $ — $ — $ 1,645 Ending balance: collectively evaluated for impairment $ 9,646 $ 951 $ 1,965 $ 760 $ 1,068 $ 20 $ 5 $ 14,415 Loans: Ending balance $ 484,508 $ 76,964 $ 471,737 $ 153,647 $ 115,284 $ 6,350 $ 2,439 $ 1,310,929 Ending balance: individually evaluated for impairment $ 2,427 $ 477 $ 7,977 $ 1,471 $ 405 $ — $ — $ 12,757 Ending balance: collectively evaluated for impairment $ 482,081 $ 76,487 $ 463,106 $ 152,087 $ 114,879 $ 6,350 $ 2,439 $ 1,297,429 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 654 $ 89 $ — $ — $ — $ 743 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): March 31, 2016 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 $ 6,021 $ 1,922 $ 24,116 $ 32,059 $ 409,101 $ 441,160 $ 204 Commercial real estate - construction 260 — 11 271 64,549 64,820 — Commercial real estate - other 10,754 — 16,275 27,029 440,619 467,648 — Residential - construction 1,468 — — 1,468 18,502 19,970 — Residential - prime 1,046 97 1,625 2,768 147,193 149,961 — Consumer - credit card 37 17 16 70 5,648 5,718 16 Consumer - other 625 306 478 1,409 96,054 97,463 38 Lease financing receivable — — — — 1,590 1,590 — Other loans 66 3 — 69 1,650 1,719 — $ 20,277 $ 2,345 $ 42,521 $ 65,143 $ 1,184,906 $ 1,250,049 $ 258 December 31, 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 $ 1,362 $ 2,317 $ 25,696 $ 29,375 $ 424,653 $ 454,028 $ 59 Commercial real estate - construction 1,047 — 12 1,059 55,839 56,898 — Commercial real estate - other 1,164 514 19,512 21,190 449,951 471,141 — Residential - construction — — — — 18,054 18,054 — Residential - prime 1,703 367 1,563 3,633 145,431 149,064 19 Consumer - credit card 38 25 22 85 5,970 6,055 22 Consumer - other 984 219 387 1,590 103,364 104,954 47 Lease financing receivable — — — — 1,968 1,968 — Other loans 101 4 — 105 1,378 1,483 — $ 6,399 $ 3,446 $ 47,192 $ 57,037 $ 1,206,608 $ 1,263,645 $ 147 Non-accrual loans are as follows (in thousands): March 31, 2016 December 31, 2015 Commercial, financial, and agricultural $ 24,900 $ 27,705 Commercial real estate – construction 35 37 Commercial real estate - other 25,951 19,907 Residential - construction — — Residential - prime 2,322 1,998 Consumer - credit card — — Consumer - other 506 404 Lease financing receivable — — Other — — $ 53,714 $ 50,051 The amount of interest that would have been recorded on non-accrual loans, had the loans not been classified as non-accrual, totaled approximately $757,000 and $342,000 for the three months ended March 31, 2016 and 2015 , respectively. Interest actually received on non-accrual loans subsequent to their transfer to non-accrual status totaled at March 31, 2016 and 2015 was $59,000 and $11,000 , 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): March 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 26,064 $ 26,328 $ — $ 24,297 $ 267 Commercial real estate – construction 35 35 — 36 — Commercial real estate – other 7,564 7,564 — 6,725 45 Residential – prime 1,181 1,201 — 1,273 10 Consumer – other 24 24 — 29 — Subtotal: 34,868 35,152 — 32,360 322 With an allowance recorded: Commercial, financial, and agricultural 3,033 3,033 1,021 4,111 374 Commercial real estate – other 19,947 19,947 2,586 16,976 208 Residential – prime 1,049 1,049 267 794 7 Consumer – other 482 496 278 426 5 Subtotal: 24,511 24,525 4,152 22,307 594 Totals: Commercial 56,643 56,907 3,607 52,145 894 Residential 2,230 2,250 267 2,067 17 Consumer 506 520 278 455 5 Grand total: $ 59,379 $ 59,677 $ 4,152 $ 54,667 $ 916 December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 22,529 $ 22,793 $ — $ 11,484 $ 745 Commercial real estate – construction 37 37 — 45 — Commercial real estate – other 5,886 5,886 — 3,903 97 Residential – prime 1,365 1,385 — 954 17 Consumer – other 34 34 — 56 — Subtotal: 29,851 30,135 — 16,442 859 With an allowance recorded: Commercial, financial, and agricultural 5,189 6,373 961 3,704 138 Commercial real estate – other 14,004 14,004 1,585 9,236 161 Residential – prime 538 538 160 533 7 Consumer – other 370 384 221 334 8 Subtotal: 20,101 21,299 2,927 13,807 314 Totals: Commercial 47,645 49,093 2,546 28,372 1,141 Residential 1,903 1,923 160 1,487 24 Consumer 404 418 221 390 8 Grand total: $ 49,952 $ 51,434 $ 2,927 $ 30,249 $ 1,173 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): March 31, 2016 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 $ 368,557 $ 64,602 $ 406,237 $ 839,396 86.22 % Special mention 24,933 99 24,759 49,791 5.11 % Substandard 47,466 119 36,652 84,237 8.65 % Doubtful 204 — — 204 0.02 % $ 441,160 $ 64,820 $ 467,648 $ 973,628 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Residential - construction Residential - prime Total % of Total Pass $ 19,970 $ 145,302 $ 165,272 97.26 % Special mention — 1,122 1,122 0.66 % Substandard — 3,537 3,537 2.08 % $ 19,970 $ 149,961 $ 169,931 100.00 % 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 $ 5,702 $ 96,919 $ 1,590 $ 1,719 $ 105,930 99.47 % Nonperforming 16 544 — — 560 0.53 % $ 5,718 $ 97,463 $ 1,590 $ 1,719 $ 106,490 100.00 % December 31, 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 $ 383,897 $ 56,740 $ 412,141 $ 852,778 86.84 % Special mention 32,506 34 28,217 60,757 6.18 % Substandard 37,353 124 30,783 68,260 6.95 % Doubtful 272 — — 272 0.03 % $ 454,028 $ 56,898 $ 471,141 $ 982,067 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Residential - construction Residential - prime Total % of Total Pass $ 18,054 $ 144,704 $ 162,758 97.39 % Special mention — 1,225 1,225 0.73 % Substandard — 3,135 3,135 1.88 % $ 18,054 $ 149,064 $ 167,118 100.00 % 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 $ 6,033 $ 104,503 $ 1,968 $ 1,483 $ 113,987 99.59 % Nonperforming 22 451 — — 473 0.41 % $ 6,055 $ 104,954 $ 1,968 $ 1,483 $ 114,460 100.00 % 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): March 31, 2016 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial, financial and agricultural $ 16 $ 3,943 $ 20,708 $ 24,667 Real estate - commercial 1,716 — — 1,716 $ 1,732 $ 3,943 $ 20,708 $ 26,383 December 31, 2015 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial, financial and agricultural $ 16 $ — $ 20,865 $ 20,881 Real estate - commercial — 148 — 148 $ 16 $ 148 $ 20,865 $ 21,029 During the three months ended March 31, 2016 , one loan relationship with a pre-modification balance of $5.5 million was identified as a TDR after conversion of the loans to interest only for a limited amount of time. Subsequent to its conversion to TDR status, this one relationship totaling $5.5 million defaulted on the modified terms during the three months ended March 31, 2016 . During the three months ended March 31, 2015 , 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. 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 March 31, 2016 , there were no commitments to lend additional funds to debtors owing sums to the Company whose terms have been modified in TDRs. |
Intangibles
Intangibles | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles A summary of core deposit intangible assets as of March 31, 2016 and December 31, 2015 is as follows (in thousands): March 31, 2016 December 31, 2015 Gross carrying amount $ 11,674 $ 11,674 Less accumulated amortization (6,223 ) (5,946 ) Net carrying amount $ 5,451 $ 5,728 |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
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 (in thousands): Three Months Ended March 31, 2016 2015 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount Other comprehensive income: Securities available-for-sale: Change in unrealized gains during period $ 2,802 $ (980 ) $ 1,822 $ 1,701 $ (595 ) $ 1,106 Reclassification adjustment for gains included in net income — — — (115 ) 40 (75 ) Total other comprehensive income $ 2,802 $ (980 ) $ 1,822 $ 1,586 $ (555 ) $ 1,031 The reclassifications out of accumulated other comprehensive income into net income are presented below (in thousands): Three Months Ended March 31, 2016 2015 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 $ (115 ) Gain on sale of securities, net — Tax expense 40 Tax expense $ — Net of tax $ (75 ) Net of tax |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 2015 Net earnings available to common shareholders $ 1,922 $ 1,318 Dividends on Series C preferred stock — — Adjusted net earnings available to common shareholders $ 1,922 $ 1,318 Weighted average number of common shares outstanding used in computation of basic earnings per common share 11,262 11,318 Effect of dilutive securities: Stock options — 29 Convertible preferred stock and warrants — 4 Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share 11,262 11,351 Options and warrants on 448,760 shares of common stock and 11,250 shares of restricted stock were not included in computing diluted earnings per share for the quarter ended March 31, 2016 because the effects of these shares were anti-dilutive. Options to acquire 134,822 shares of common stock were not included in computing diluted earnings per share for the quarter ended March 31, 2015 because the effects of these shares were anti-dilutive. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Description March 31, 2016 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 24,239 $ — $ 24,239 $ — GSE mortgage-backed securities 83,896 — 83,896 — Collateralized mortgage obligations: residential 187,986 — 187,986 — Collateralized mortgage obligations: commercial 3,908 — 3,908 — Mutual funds 2,122 2,122 — — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2015 Description December 31, 2015 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions 31,493 — 31,493 — GSE mortgage-backed securities 87,038 — 87,038 — Collateralized mortgage obligations: residential 192,088 — 192,088 — Collateralized mortgage obligations: commercial 5,448 — 5,448 — Mutual funds 2,092 2,092 — — 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 March 31, 2016 Description March 31, 2016 Level 1 Level 2 Level 3 Impaired loans $ 20,628 $ — $ 20,628 $ — Other real estate 3,908 — 3,908 — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2015 Description December 31, 2015 Level 1 Level 2 Level 3 Impaired loans $ 17,487 $ — $ 17,487 $ — Other real estate 4,187 — 4,187 — 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 March 31, 2016 and December 31, 2015 (in thousands): Fair Value Measurements at March 31, 2016 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 $ 112,410 $ 112,410 $ — $ — Securities available-for-sale 302,151 2,122 300,029 — Securities held-to-maturity 113,623 — 115,631 — Other investments 11,195 11,195 — — Loans, net 1,229,702 — 20,628 1,216,866 Cash surrender value of life insurance policies 13,690 — 13,690 — Financial liabilities: Non-interest-bearing deposits 383,684 — 383,684 — Interest-bearing deposits 1,174,519 — 1,007,935 166,236 Securities sold under agreements to repurchase 87,879 87,879 — — Long-term Federal Home Loan Bank advances 25,744 — — 26,561 Junior subordinated debentures 22,167 — 22,167 — Fair Value Measurements at December 31, 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 $ 89,201 $ 89,201 $ — $ — Securities available-for-sale 318,159 2,092 316,067 — Securities held-to-maturity 116,792 — 117,698 — Other investments 11,188 11,188 — — Loans, net 1,244,634 — 17,487 1,232,497 Cash surrender value of life insurance policies 13,622 — 13,622 — Financial liabilities: Non-interest-bearing deposits 374,261 — 374,261 — Interest-bearing deposits 1,176,589 — 1,007,137 168,633 Securities sold under agreements to repurchase 85,957 85,957 — — Short-term Federal Home Loan Bank advances 25,000 — 25,000 — Long-term Federal Home Loan Bank advances 25,851 — — 26,508 Junior subordinated debentures 22,167 — 22,167 — |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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 2015 Annual Report on Form 10-K. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities is the first ASU issued under the FASB's financial instruments project. ASU 2016-01 primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The guidance in this ASU requires all equity securities with readily determinable fair values to be measured at fair value on the balance sheet, with changes in fair value recorded through earnings. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires changes in the fair value of a financial liabilities attributable to a change in instrument-specific credit risk to be recorded separately in other comprehensive income. This ASU eliminates the requirement to disclose the methods and significant assumptions used to estimate fair value. It does require public entities to use the exit price when measuring the fair value of financial instruments measured at amortized cost for disclosure purposes In addition, the new guidance requires financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The effective date of this Update is for fiscal years beginning on or after December 15, 2017. The Company is evaluating the impact, if any, that ASU 2016-01 will have on its financial position, results of operations, and its financial statement disclosures. ASU 2016-02, Leases (Topic 842) was issued with the intention of improving financial reporting about leasing transactions. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP - which requires only capital leases to be recognized on the balance sheet - the guidance in the ASU will require both types of leases to be recognized on the balance sheet. The ASU also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The effective date of this Update is for fiscal years beginning on or after December 15, 2018. The Company is evaluating the impact that ASU 2016-02 will have on its financial position, results of operations, and its financial statement disclosures. ASU 2016-09, Compensation - Stock Compensation (Topic 718) was issued as part of the FASB's simplification initiative. Under the new guidance, several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The effective date of this Update is for fiscal years beginning on or after December 15, 2016. The Company is evaluating the impact that ASU 2016-09 will have on its financial position, results of operations, and its financial statement disclosures. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Investment Securities | The portfolio of investment securities consisted of the following (in thousands): March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 23,624 $ 625 $ 10 $ 24,239 GSE mortgage-backed securities 81,030 2,890 24 83,896 Collateralized mortgage obligations: residential 187,859 871 744 187,986 Collateralized mortgage obligations: commercial 3,951 — 43 3,908 Mutual funds 2,100 22 — 2,122 $ 298,564 $ 4,408 $ 821 $ 302,151 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 30,750 $ 770 $ 27 $ 31,493 GSE mortgage-backed securities 84,946 2,321 229 87,038 Collateralized mortgage obligations: residential 194,067 297 2,276 192,088 Collateralized mortgage obligations: commercial 5,512 1 65 5,448 Mutual funds 2,100 — 8 2,092 $ 317,375 $ 3,389 $ 2,605 $ 318,159 |
Schedule of Held-to-Maturity Securities | March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 43,430 $ 935 $ 4 $ 44,361 GSE mortgage-backed securities 53,423 1,256 12 54,667 Collateralized mortgage obligations: residential 10,429 — 193 10,236 Collateralized mortgage obligations: commercial 6,341 26 — 6,367 $ 113,623 $ 2,217 $ 209 $ 115,631 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 43,737 $ 697 $ 6 $ 44,428 GSE mortgage-backed securities 55,696 705 131 56,270 Collateralized mortgage obligations: residential 10,803 — 361 10,442 Collateralized mortgage obligations: commercial 6,556 2 — 6,558 $ 116,792 $ 1,404 $ 498 $ 117,698 |
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at March 31, 2016 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 $ 2,249 $ 2,276 Due after one year through five years 17,887 18,379 Due after five years through ten years 2,871 2,973 Due after ten years 617 611 Mortgage-backed securities and collateralized mortgage obligations: Residential 268,889 271,882 Commercial 3,951 3,908 Mutual funds 2,100 2,122 $ 298,564 $ 302,151 Amortized Cost Fair Value Held-to-maturity: Due in one year or less $ 479 $ 479 Due after one year through five years 3,454 3,501 Due after five years through ten years 11,390 11,691 Due after ten years 28,107 28,690 Mortgage-backed securities and collateralized mortgage obligations: Residential 63,852 64,903 Commercial 6,341 6,367 $ 113,623 $ 115,631 |
Schedule of Investment Securities with Unrealized Losses | Details concerning investment securities with unrealized losses are as follows (in thousands): March 31, 2016 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 $ 597 $ 4 $ 610 $ 6 $ 1,207 $ 10 GSE mortgage-backed securities 11,054 24 — — 11,054 24 Collateralized mortgage obligations: residential 56,918 269 26,003 475 82,921 744 Collateralized mortgage obligations: commercial 1,236 2 2,673 41 3,909 43 $ 69,805 $ 299 $ 29,286 $ 522 $ 99,091 $ 821 December 31, 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 $ 1,192 $ 27 $ — $ — $ 1,192 $ 27 GSE mortgage-backed securities 21,607 229 — — 21,607 229 Collateralized mortgage obligations: residential 140,999 1,207 30,029 1,069 171,028 2,276 Collateralized mortgage obligations: commercial — — 2,946 65 2,946 65 Other asset-backed securities 2,092 8 — — 2,092 8 $ 165,890 $ 1,471 $ 32,975 $ 1,134 $ 198,865 $ 2,605 March 31, 2016 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 $ — $ — $ 505 $ 4 $ 505 $ 4 GSE mortgage-backed securities 6,915 12 — — 6,915 12 Collateralized mortgage obligations: residential — — 10,235 193 10,235 193 $ 6,915 $ 12 $ 10,740 $ 197 $ 17,655 $ 209 December 31, 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 $ 541 $ 1 $ 505 $ 5 $ 1,046 $ 6 GSE mortgage-backed securities — — 7,021 131 7,021 131 Collateralized mortgage obligations: residential — — 10,442 361 10,442 361 $ 541 $ 1 $ 17,968 $ 497 $ 18,509 $ 498 |
Credit Quality of Loans and A18
Credit Quality of Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Components of Loans Receivable | The loan portfolio consisted of the following (in thousands): March 31, 2016 December 31, 2015 Commercial, financial and agricultural $ 441,160 $ 454,028 Real estate - construction 84,790 74,952 Real estate – commercial 467,648 471,141 Real estate – residential 149,961 149,064 Installment loans to individuals 103,181 111,009 Lease financing receivable 1,590 1,968 Other 1,719 1,483 1,250,049 1,263,645 Less allowance for loan losses (20,347 ) (19,011 ) $ 1,229,702 $ 1,244,634 |
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 three months ended March 31, 2016 and 2015 is as follows (in thousands): March 31, 2016 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 $ 11,268 $ 819 $ 4,614 $ 816 $ 1,468 $ 14 $ 12 $ 19,011 Charge-offs (1,307 ) — — (4 ) (283 ) — — (1,594 ) Recoveries 26 — 76 3 25 — — 130 Provision 2,194 (420 ) 861 (170 ) 336 (3 ) 2 2,800 Ending balance $ 12,181 $ 399 $ 5,551 $ 645 $ 1,546 $ 11 $ 14 $ 20,347 Ending balance: individually evaluated for impairment $ 1,021 $ — $ 2,586 $ 267 $ 278 $ — $ — $ 4,152 Ending balance: collectively evaluated for impairment $ 11,160 $ 399 $ 2,965 $ 378 $ 1,268 $ 11 $ 14 $ 16,195 Loans: Ending balance $ 441,160 $ 84,790 $ 467,648 $ 149,961 $ 103,181 $ 1,590 $ 1,719 $ 1,250,049 Ending balance: individually evaluated for impairment $ 29,097 $ 35 $ 27,511 $ 2,230 $ 506 $ — $ — $ 59,379 Ending balance: collectively evaluated for impairment $ 412,063 $ 84,755 $ 439,530 $ 147,653 $ 102,675 $ 1,590 $ 1,719 $ 1,189,985 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 607 $ 78 $ — $ — $ — $ 685 March 31, 2015 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 $ 5,729 $ 954 $ 2,402 $ 810 $ 1,311 $ 16 $ 4 $ 11,226 Charge-offs (1,001 ) (6 ) — (2 ) (323 ) — — (1,332 ) Recoveries 132 — 6 2 26 — — 166 Provision 5,523 3 202 7 260 4 1 6,000 Ending balance $ 10,383 $ 951 $ 2,610 $ 817 $ 1,274 $ 20 $ 5 $ 16,060 Ending balance: individually evaluated for impairment $ 737 $ — $ 645 $ 57 $ 206 $ — $ — $ 1,645 Ending balance: collectively evaluated for impairment $ 9,646 $ 951 $ 1,965 $ 760 $ 1,068 $ 20 $ 5 $ 14,415 Loans: Ending balance $ 484,508 $ 76,964 $ 471,737 $ 153,647 $ 115,284 $ 6,350 $ 2,439 $ 1,310,929 Ending balance: individually evaluated for impairment $ 2,427 $ 477 $ 7,977 $ 1,471 $ 405 $ — $ — $ 12,757 Ending balance: collectively evaluated for impairment $ 482,081 $ 76,487 $ 463,106 $ 152,087 $ 114,879 $ 6,350 $ 2,439 $ 1,297,429 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 654 $ 89 $ — $ — $ — $ 743 |
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): March 31, 2016 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 $ 6,021 $ 1,922 $ 24,116 $ 32,059 $ 409,101 $ 441,160 $ 204 Commercial real estate - construction 260 — 11 271 64,549 64,820 — Commercial real estate - other 10,754 — 16,275 27,029 440,619 467,648 — Residential - construction 1,468 — — 1,468 18,502 19,970 — Residential - prime 1,046 97 1,625 2,768 147,193 149,961 — Consumer - credit card 37 17 16 70 5,648 5,718 16 Consumer - other 625 306 478 1,409 96,054 97,463 38 Lease financing receivable — — — — 1,590 1,590 — Other loans 66 3 — 69 1,650 1,719 — $ 20,277 $ 2,345 $ 42,521 $ 65,143 $ 1,184,906 $ 1,250,049 $ 258 December 31, 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 $ 1,362 $ 2,317 $ 25,696 $ 29,375 $ 424,653 $ 454,028 $ 59 Commercial real estate - construction 1,047 — 12 1,059 55,839 56,898 — Commercial real estate - other 1,164 514 19,512 21,190 449,951 471,141 — Residential - construction — — — — 18,054 18,054 — Residential - prime 1,703 367 1,563 3,633 145,431 149,064 19 Consumer - credit card 38 25 22 85 5,970 6,055 22 Consumer - other 984 219 387 1,590 103,364 104,954 47 Lease financing receivable — — — — 1,968 1,968 — Other loans 101 4 — 105 1,378 1,483 — $ 6,399 $ 3,446 $ 47,192 $ 57,037 $ 1,206,608 $ 1,263,645 $ 147 |
Schedule of Loans on Nonaccrual Status | Non-accrual loans are as follows (in thousands): March 31, 2016 December 31, 2015 Commercial, financial, and agricultural $ 24,900 $ 27,705 Commercial real estate – construction 35 37 Commercial real estate - other 25,951 19,907 Residential - construction — — Residential - prime 2,322 1,998 Consumer - credit card — — Consumer - other 506 404 Lease financing receivable — — Other — — $ 53,714 $ 50,051 |
Schedule of Loans Evaluated for Impairment | Loans that are individually evaluated for impairment are as follows (in thousands): March 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 26,064 $ 26,328 $ — $ 24,297 $ 267 Commercial real estate – construction 35 35 — 36 — Commercial real estate – other 7,564 7,564 — 6,725 45 Residential – prime 1,181 1,201 — 1,273 10 Consumer – other 24 24 — 29 — Subtotal: 34,868 35,152 — 32,360 322 With an allowance recorded: Commercial, financial, and agricultural 3,033 3,033 1,021 4,111 374 Commercial real estate – other 19,947 19,947 2,586 16,976 208 Residential – prime 1,049 1,049 267 794 7 Consumer – other 482 496 278 426 5 Subtotal: 24,511 24,525 4,152 22,307 594 Totals: Commercial 56,643 56,907 3,607 52,145 894 Residential 2,230 2,250 267 2,067 17 Consumer 506 520 278 455 5 Grand total: $ 59,379 $ 59,677 $ 4,152 $ 54,667 $ 916 December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 22,529 $ 22,793 $ — $ 11,484 $ 745 Commercial real estate – construction 37 37 — 45 — Commercial real estate – other 5,886 5,886 — 3,903 97 Residential – prime 1,365 1,385 — 954 17 Consumer – other 34 34 — 56 — Subtotal: 29,851 30,135 — 16,442 859 With an allowance recorded: Commercial, financial, and agricultural 5,189 6,373 961 3,704 138 Commercial real estate – other 14,004 14,004 1,585 9,236 161 Residential – prime 538 538 160 533 7 Consumer – other 370 384 221 334 8 Subtotal: 20,101 21,299 2,927 13,807 314 Totals: Commercial 47,645 49,093 2,546 28,372 1,141 Residential 1,903 1,923 160 1,487 24 Consumer 404 418 221 390 8 Grand total: $ 49,952 $ 51,434 $ 2,927 $ 30,249 $ 1,173 |
Credit Quality Indicators by Class of Loans | The following tables present the classes of loans by risk rating (in thousands): March 31, 2016 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 $ 368,557 $ 64,602 $ 406,237 $ 839,396 86.22 % Special mention 24,933 99 24,759 49,791 5.11 % Substandard 47,466 119 36,652 84,237 8.65 % Doubtful 204 — — 204 0.02 % $ 441,160 $ 64,820 $ 467,648 $ 973,628 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Residential - construction Residential - prime Total % of Total Pass $ 19,970 $ 145,302 $ 165,272 97.26 % Special mention — 1,122 1,122 0.66 % Substandard — 3,537 3,537 2.08 % $ 19,970 $ 149,961 $ 169,931 100.00 % 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 $ 5,702 $ 96,919 $ 1,590 $ 1,719 $ 105,930 99.47 % Nonperforming 16 544 — — 560 0.53 % $ 5,718 $ 97,463 $ 1,590 $ 1,719 $ 106,490 100.00 % December 31, 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 $ 383,897 $ 56,740 $ 412,141 $ 852,778 86.84 % Special mention 32,506 34 28,217 60,757 6.18 % Substandard 37,353 124 30,783 68,260 6.95 % Doubtful 272 — — 272 0.03 % $ 454,028 $ 56,898 $ 471,141 $ 982,067 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Residential - construction Residential - prime Total % of Total Pass $ 18,054 $ 144,704 $ 162,758 97.39 % Special mention — 1,225 1,225 0.73 % Substandard — 3,135 3,135 1.88 % $ 18,054 $ 149,064 $ 167,118 100.00 % 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 $ 6,033 $ 104,503 $ 1,968 $ 1,483 $ 113,987 99.59 % Nonperforming 22 451 — — 473 0.41 % $ 6,055 $ 104,954 $ 1,968 $ 1,483 $ 114,460 100.00 % |
Summary of Troubled Debt Restructurings | Information about the Company’s TDRs is as follows (in thousands): March 31, 2016 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial, financial and agricultural $ 16 $ 3,943 $ 20,708 $ 24,667 Real estate - commercial 1,716 — — 1,716 $ 1,732 $ 3,943 $ 20,708 $ 26,383 December 31, 2015 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial, financial and agricultural $ 16 $ — $ 20,865 $ 20,881 Real estate - commercial — 148 — 148 $ 16 $ 148 $ 20,865 $ 21,029 |
Intangibles (Tables)
Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Core Deposit Intangible Assets | A summary of core deposit intangible assets as of March 31, 2016 and December 31, 2015 is as follows (in thousands): March 31, 2016 December 31, 2015 Gross carrying amount $ 11,674 $ 11,674 Less accumulated amortization (6,223 ) (5,946 ) Net carrying amount $ 5,451 $ 5,728 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Summary of Tax Effects | The following is a summary of the tax effects allocated to each component of other comprehensive income (in thousands): Three Months Ended March 31, 2016 2015 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount Other comprehensive income: Securities available-for-sale: Change in unrealized gains during period $ 2,802 $ (980 ) $ 1,822 $ 1,701 $ (595 ) $ 1,106 Reclassification adjustment for gains included in net income — — — (115 ) 40 (75 ) Total other comprehensive income $ 2,802 $ (980 ) $ 1,822 $ 1,586 $ (555 ) $ 1,031 |
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 March 31, 2016 2015 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 $ (115 ) Gain on sale of securities, net — Tax expense 40 Tax expense $ — Net of tax $ (75 ) Net of tax |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 2015 Net earnings available to common shareholders $ 1,922 $ 1,318 Dividends on Series C preferred stock — — Adjusted net earnings available to common shareholders $ 1,922 $ 1,318 Weighted average number of common shares outstanding used in computation of basic earnings per common share 11,262 11,318 Effect of dilutive securities: Stock options — 29 Convertible preferred stock and warrants — 4 Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share 11,262 11,351 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Description March 31, 2016 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 24,239 $ — $ 24,239 $ — GSE mortgage-backed securities 83,896 — 83,896 — Collateralized mortgage obligations: residential 187,986 — 187,986 — Collateralized mortgage obligations: commercial 3,908 — 3,908 — Mutual funds 2,122 2,122 — — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2015 Description December 31, 2015 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions 31,493 — 31,493 — GSE mortgage-backed securities 87,038 — 87,038 — Collateralized mortgage obligations: residential 192,088 — 192,088 — Collateralized mortgage obligations: commercial 5,448 — 5,448 — Mutual funds 2,092 2,092 — — |
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 March 31, 2016 Description March 31, 2016 Level 1 Level 2 Level 3 Impaired loans $ 20,628 $ — $ 20,628 $ — Other real estate 3,908 — 3,908 — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2015 Description December 31, 2015 Level 1 Level 2 Level 3 Impaired loans $ 17,487 $ — $ 17,487 $ — Other real estate 4,187 — 4,187 — |
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 March 31, 2016 and December 31, 2015 (in thousands): Fair Value Measurements at March 31, 2016 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 $ 112,410 $ 112,410 $ — $ — Securities available-for-sale 302,151 2,122 300,029 — Securities held-to-maturity 113,623 — 115,631 — Other investments 11,195 11,195 — — Loans, net 1,229,702 — 20,628 1,216,866 Cash surrender value of life insurance policies 13,690 — 13,690 — Financial liabilities: Non-interest-bearing deposits 383,684 — 383,684 — Interest-bearing deposits 1,174,519 — 1,007,935 166,236 Securities sold under agreements to repurchase 87,879 87,879 — — Long-term Federal Home Loan Bank advances 25,744 — — 26,561 Junior subordinated debentures 22,167 — 22,167 — Fair Value Measurements at December 31, 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 $ 89,201 $ 89,201 $ — $ — Securities available-for-sale 318,159 2,092 316,067 — Securities held-to-maturity 116,792 — 117,698 — Other investments 11,188 11,188 — — Loans, net 1,244,634 — 17,487 1,232,497 Cash surrender value of life insurance policies 13,622 — 13,622 — Financial liabilities: Non-interest-bearing deposits 374,261 — 374,261 — Interest-bearing deposits 1,176,589 — 1,007,137 168,633 Securities sold under agreements to repurchase 85,957 85,957 — — Short-term Federal Home Loan Bank advances 25,000 — 25,000 — Long-term Federal Home Loan Bank advances 25,851 — — 26,508 Junior subordinated debentures 22,167 — 22,167 — |
Investment Securities - Portfol
Investment Securities - Portfolio of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 298,564 | $ 317,375 |
Gross Unrealized Gains | 4,408 | 3,389 |
Gross Unrealized Losses | 821 | 2,605 |
Fair Value | 302,151 | 318,159 |
Obligations of state and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 23,624 | 30,750 |
Gross Unrealized Gains | 625 | 770 |
Gross Unrealized Losses | 10 | 27 |
Fair Value | 24,239 | 31,493 |
GSE mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 81,030 | 84,946 |
Gross Unrealized Gains | 2,890 | 2,321 |
Gross Unrealized Losses | 24 | 229 |
Fair Value | 83,896 | 87,038 |
Collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 187,859 | 194,067 |
Gross Unrealized Gains | 871 | 297 |
Gross Unrealized Losses | 744 | 2,276 |
Fair Value | 187,986 | 192,088 |
Collateralized mortgage obligations: commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 3,951 | 5,512 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 43 | 65 |
Fair Value | 3,908 | 5,448 |
Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 2,100 | 2,100 |
Gross Unrealized Gains | 22 | 0 |
Gross Unrealized Losses | 0 | 8 |
Fair Value | $ 2,122 | $ 2,092 |
Investment Securities - Portf24
Investment Securities - Portfolio of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | $ 113,623 | $ 116,792 |
Gross Unrealized Gains | 2,217 | 1,404 |
Gross Unrealized Losses | 209 | 498 |
Fair Value | 115,631 | 117,698 |
Obligations of state and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 43,430 | 43,737 |
Gross Unrealized Gains | 935 | 697 |
Gross Unrealized Losses | 4 | 6 |
Fair Value | 44,361 | 44,428 |
GSE mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 53,423 | 55,696 |
Gross Unrealized Gains | 1,256 | 705 |
Gross Unrealized Losses | 12 | 131 |
Fair Value | 54,667 | 56,270 |
Collateralized mortgage obligations: residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 10,429 | 10,803 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 193 | 361 |
Fair Value | 10,236 | 10,442 |
Collateralized mortgage obligations: commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 6,341 | 6,556 |
Gross Unrealized Gains | 26 | 2 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 6,367 | $ 6,558 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Amortized Cost | ||
Available-for-sale: Due in one year or less | $ 2,249 | |
Available-for-sale: Due after one year through five years | 17,887 | |
Available-for-sale: Due after five years through ten years | 2,871 | |
Available-for-sale: Due after ten years | 617 | |
Mortgage-backed securities and collateralized mortgage obligations: Residential | 268,889 | |
Mortgage-backed securities and collateralized mortgage obligations: Commercial | 3,951 | |
Mutual funds | 2,100 | |
Available-for-sale, Amortized Cost | 298,564 | $ 317,375 |
Fair Value | ||
Available-for-sale: Due in one year or less | 2,276 | |
Available-for-sale: Due after one year through five years | 18,379 | |
Available-for-sale: Due after five years through ten years | 2,973 | |
Available-for-sale: Due after ten years | 611 | |
Mortgage-backed securities and collateralized mortgage obligations: Residential | 271,882 | |
Mortgage-backed securities and collateralized mortgage obligations: Commercial | 3,908 | |
Mutual funds | 2,122 | |
Available-for-sale, Fair Value | 302,151 | 318,159 |
Amortized Cost | ||
Held-to-maturity: Due in one year or less | 479 | |
Held-to-maturity: Due after one year through five years | 3,454 | |
Held-to-maturity: Due after five years through ten years | 11,390 | |
Held-to-maturity: Due after ten years | 28,107 | |
Mortgage-backed securities and collateralized mortgage obligations: Residential | 63,852 | |
Mortgage-backed securities and collateralized mortgage obligations: Commercial | 6,341 | |
Held-to-maturity, Amortized Cost | 113,623 | 116,792 |
Fair Value | ||
Held-to-maturity: Due in one year or less | 479 | |
Held-to-maturity: Due after one year through five years | 3,501 | |
Held-to-maturity: Due after five years through ten years | 11,691 | |
Held-to-maturity: Due after ten years | 28,690 | |
Mortgage-backed securities and collateralized mortgage obligations: Residential | 64,903 | |
Mortgage-backed securities and collateralized mortgage obligations: Commercial | 6,367 | |
Held-to-maturity, Fair Value | $ 115,631 | $ 117,698 |
Investment Securities - Summa26
Investment Securities - Summary of Unrealized Losses of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | $ 69,805 | $ 165,890 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 299 | 1,471 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 29,286 | 32,975 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 522 | 1,134 |
Available-for-sale, Total, Fair Value | 99,091 | 198,865 |
Available-for-sale, Total, Gross Unrealized Loss | 821 | 2,605 |
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 | 597 | 1,192 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 4 | 27 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 610 | 0 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 6 | 0 |
Available-for-sale, Total, Fair Value | 1,207 | 1,192 |
Available-for-sale, Total, Gross Unrealized Loss | 10 | 27 |
GSE mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 11,054 | 21,607 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 24 | 229 |
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 | 11,054 | 21,607 |
Available-for-sale, Total, Gross Unrealized Loss | 24 | 229 |
Collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 56,918 | 140,999 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 269 | 1,207 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 26,003 | 30,029 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 475 | 1,069 |
Available-for-sale, Total, Fair Value | 82,921 | 171,028 |
Available-for-sale, Total, Gross Unrealized Loss | 744 | 2,276 |
Collateralized mortgage obligations: commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 1,236 | 0 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 2 | 0 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 2,673 | 2,946 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 41 | 65 |
Available-for-sale, Total, Fair Value | 3,909 | 2,946 |
Available-for-sale, Total, Gross Unrealized Loss | $ 43 | 65 |
Other asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 2,092 | |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 8 | |
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 | 2,092 | |
Available-for-sale, Total, Gross Unrealized Loss | $ 8 |
Investment Securities - Summa27
Investment Securities - Summary of Unrealized Losses of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | $ 6,915 | $ 541 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 12 | 1 |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 10,740 | 17,968 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 197 | 497 |
Held-to-maturity, Total, Fair Value | 17,655 | 18,509 |
Held-to-maturity, Total, Gross Unrealized Loss | 209 | 498 |
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 | 0 | 541 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 0 | 1 |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 505 | 505 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 4 | 5 |
Held-to-maturity, Total, Fair Value | 505 | 1,046 |
Held-to-maturity, Total, Gross Unrealized Loss | 4 | 6 |
GSE mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | 6,915 | 0 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 12 | 0 |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 0 | 7,021 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 0 | 131 |
Held-to-maturity, Total, Fair Value | 6,915 | 7,021 |
Held-to-maturity, Total, Gross Unrealized Loss | 12 | 131 |
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 | 10,235 | 10,442 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 193 | 361 |
Held-to-maturity, Total, Fair Value | 10,235 | 10,442 |
Held-to-maturity, Total, Gross Unrealized Loss | $ 193 | $ 361 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($)security | Mar. 31, 2015USD ($)security | Dec. 31, 2015USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of private-label collateralized mortgage obligations | security | 2 | ||
Combined balance of private-label collateralized mortgage obligations | $ 23,000 | ||
AFS and HTM securities in unrealized loss positions qualitative disclosure number of positions | security | 32 | ||
Unrealized losses as a percentage of individual securities amortized cost basis | 0.87% | ||
Unrealized losses as percentage of Company's total amortized cost basis | 0.25% | ||
Number of securities in an unrealized loss position for over 12 months | security | 15 | ||
Unamortized cost basis of securities in a continuous loss position | $ 40,700,000 | ||
Unrealized loss on securities in a continuous loss position | 719,000 | ||
Impairment related to credit quality | $ 0 | ||
Securities sold, classified as available-for-sale | security | 0 | 18 | |
Available-for-sale securities, realized gain (loss) | $ 0 | $ 115,000 | |
Number of available-for-sale securities sold with gains | security | 0 | 8 | |
Available-for-sale securities, gross realized gains | $ 0 | $ 250,000 | |
Number of available-for-sale securities sold with losses | security | 0 | 10 | |
Available-for-sale securities, gross realized losses | $ 0 | $ 135,000 | |
Securities pledged as collateral for public funding | $ 321,100,000 | $ 285,400,000 |
Credit Quality of Loans and A29
Credit Quality of Loans and Allowance for Loan Losses - Loan Portfolio and Concentrations (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)industry_concentration | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | |
Loan portfolio [Abstract] | |||
Loans | $ 1,250,049 | $ 1,263,645 | $ 1,310,929 |
Less allowance for loan losses | (20,347) | (19,011) | |
Loans, net | $ 1,229,702 | 1,244,634 | |
Number of industry segment concentration above threshold limit | industry_concentration | 1 | ||
Concentration risk, percentage | 10.00% | ||
Loans exposure in oil and gas industry | $ 252,500 | ||
Exposure in the oil and gas industry specified as percentage of total loans | 20.20% | ||
Loans with exposure in commercial real estate | $ 532,500 | ||
Loans on nonaccrual status | 53,714 | 50,051 | |
Commercial, financial and agricultural | |||
Loan portfolio [Abstract] | |||
Loans | 441,160 | 454,028 | 484,508 |
Loans on nonaccrual status | 24,900 | 27,705 | |
Real estate - construction | |||
Loan portfolio [Abstract] | |||
Loans | 84,790 | 74,952 | 76,964 |
Real estate – commercial | |||
Loan portfolio [Abstract] | |||
Loans | $ 467,648 | 471,141 | 471,737 |
Percentage of CRE loans secured by owner-occupied commercial properties | 54.00% | ||
Loans on nonaccrual status | $ 26,000 | ||
Nonaccrual status of loans specified as percentage of total CRE loans | 4.90% | ||
Real estate – residential | |||
Loan portfolio [Abstract] | |||
Loans | $ 149,961 | 149,064 | 153,647 |
Installment loans to individuals | |||
Loan portfolio [Abstract] | |||
Loans | 103,181 | 111,009 | 115,284 |
Lease financing receivable | |||
Loan portfolio [Abstract] | |||
Loans | 1,590 | 1,968 | 6,350 |
Loans on nonaccrual status | 0 | 0 | |
Other | |||
Loan portfolio [Abstract] | |||
Loans | 1,719 | 1,483 | $ 2,439 |
Loans on nonaccrual status | $ 0 | $ 0 |
Credit Quality of Loans and A30
Credit Quality of Loans and Allowance for Loan Losses - Roll Forward of Activity In Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | $ 19,011 | $ 11,226 | |
Charge-offs | (1,594) | (1,332) | |
Recoveries | 130 | 166 | |
Provision | 2,800 | 6,000 | |
Ending balance | 20,347 | 16,060 | |
Ending balance: individually evaluated for impairment | 4,152 | 1,645 | |
Ending balance: collectively evaluated for impairment | 16,195 | 14,415 | |
Loans: | |||
Ending balance | 1,250,049 | 1,310,929 | $ 1,263,645 |
Ending balance: individually evaluated for impairment | 59,379 | 12,757 | |
Ending balance: collectively evaluated for impairment | 1,189,985 | 1,297,429 | |
Ending balance: loans acquired with deteriorated credit quality | 685 | 743 | |
Commercial, financial and agricultural | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 11,268 | 5,729 | |
Charge-offs | (1,307) | (1,001) | |
Recoveries | 26 | 132 | |
Provision | 2,194 | 5,523 | |
Ending balance | 12,181 | 10,383 | |
Ending balance: individually evaluated for impairment | 1,021 | 737 | |
Ending balance: collectively evaluated for impairment | 11,160 | 9,646 | |
Loans: | |||
Ending balance | 441,160 | 484,508 | 454,028 |
Ending balance: individually evaluated for impairment | 29,097 | 2,427 | |
Ending balance: collectively evaluated for impairment | 412,063 | 482,081 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Real estate - construction | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 819 | 954 | |
Charge-offs | 0 | (6) | |
Recoveries | 0 | 0 | |
Provision | (420) | 3 | |
Ending balance | 399 | 951 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 399 | 951 | |
Loans: | |||
Ending balance | 84,790 | 76,964 | 74,952 |
Ending balance: individually evaluated for impairment | 35 | 477 | |
Ending balance: collectively evaluated for impairment | 84,755 | 76,487 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Real estate – commercial | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 4,614 | 2,402 | |
Charge-offs | 0 | 0 | |
Recoveries | 76 | 6 | |
Provision | 861 | 202 | |
Ending balance | 5,551 | 2,610 | |
Ending balance: individually evaluated for impairment | 2,586 | 645 | |
Ending balance: collectively evaluated for impairment | 2,965 | 1,965 | |
Loans: | |||
Ending balance | 467,648 | 471,737 | 471,141 |
Ending balance: individually evaluated for impairment | 27,511 | 7,977 | |
Ending balance: collectively evaluated for impairment | 439,530 | 463,106 | |
Ending balance: loans acquired with deteriorated credit quality | 607 | 654 | |
Real estate – residential | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 816 | 810 | |
Charge-offs | (4) | (2) | |
Recoveries | 3 | 2 | |
Provision | (170) | 7 | |
Ending balance | 645 | 817 | |
Ending balance: individually evaluated for impairment | 267 | 57 | |
Ending balance: collectively evaluated for impairment | 378 | 760 | |
Loans: | |||
Ending balance | 149,961 | 153,647 | 149,064 |
Ending balance: individually evaluated for impairment | 2,230 | 1,471 | |
Ending balance: collectively evaluated for impairment | 147,653 | 152,087 | |
Ending balance: loans acquired with deteriorated credit quality | 78 | 89 | |
Installment loans to individuals | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 1,468 | 1,311 | |
Charge-offs | (283) | (323) | |
Recoveries | 25 | 26 | |
Provision | 336 | 260 | |
Ending balance | 1,546 | 1,274 | |
Ending balance: individually evaluated for impairment | 278 | 206 | |
Ending balance: collectively evaluated for impairment | 1,268 | 1,068 | |
Loans: | |||
Ending balance | 103,181 | 115,284 | 111,009 |
Ending balance: individually evaluated for impairment | 506 | 405 | |
Ending balance: collectively evaluated for impairment | 102,675 | 114,879 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Lease financing receivable | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 14 | 16 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | (3) | 4 | |
Ending balance | 11 | 20 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 11 | 20 | |
Loans: | |||
Ending balance | 1,590 | 6,350 | 1,968 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 1,590 | 6,350 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Other | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 12 | 4 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 2 | 1 | |
Ending balance | 14 | 5 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 14 | 5 | |
Loans: | |||
Ending balance | 1,719 | 2,439 | $ 1,483 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 1,719 | 2,439 | |
Ending balance: loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Credit Quality of Loans and A31
Credit Quality of Loans and Allowance for Loan Losses - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | $ 20,277 | $ 6,399 |
60-89 Days Past Due | 2,345 | 3,446 |
Greater than 90 Days Past Due | 42,521 | 47,192 |
Total Past Due | 65,143 | 57,037 |
Current | 1,184,906 | 1,206,608 |
Total Loans | 1,250,049 | 1,263,645 |
Recorded Investment, 90 days past due and Accruing | 258 | 147 |
Commercial, financial and agricultural | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 6,021 | 1,362 |
60-89 Days Past Due | 1,922 | 2,317 |
Greater than 90 Days Past Due | 24,116 | 25,696 |
Total Past Due | 32,059 | 29,375 |
Current | 409,101 | 424,653 |
Total Loans | 441,160 | 454,028 |
Recorded Investment, 90 days past due and Accruing | 204 | 59 |
Commercial real estate - construction | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 260 | 1,047 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 11 | 12 |
Total Past Due | 271 | 1,059 |
Current | 64,549 | 55,839 |
Total Loans | 64,820 | 56,898 |
Recorded Investment, 90 days past due and Accruing | 0 | 0 |
Commercial real estate - other | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 10,754 | 1,164 |
60-89 Days Past Due | 0 | 514 |
Greater than 90 Days Past Due | 16,275 | 19,512 |
Total Past Due | 27,029 | 21,190 |
Current | 440,619 | 449,951 |
Total Loans | 467,648 | 471,141 |
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 | 1,468 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 1,468 | 0 |
Current | 18,502 | 18,054 |
Total Loans | 19,970 | 18,054 |
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 | 1,046 | 1,703 |
60-89 Days Past Due | 97 | 367 |
Greater than 90 Days Past Due | 1,625 | 1,563 |
Total Past Due | 2,768 | 3,633 |
Current | 147,193 | 145,431 |
Total Loans | 149,961 | 149,064 |
Recorded Investment, 90 days past due and Accruing | 0 | 19 |
Consumer - credit card | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 37 | 38 |
60-89 Days Past Due | 17 | 25 |
Greater than 90 Days Past Due | 16 | 22 |
Total Past Due | 70 | 85 |
Current | 5,648 | 5,970 |
Total Loans | 5,718 | 6,055 |
Recorded Investment, 90 days past due and Accruing | 16 | 22 |
Consumer - other | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
30-59 Days Past Due | 625 | 984 |
60-89 Days Past Due | 306 | 219 |
Greater than 90 Days Past Due | 478 | 387 |
Total Past Due | 1,409 | 1,590 |
Current | 96,054 | 103,364 |
Total Loans | 97,463 | 104,954 |
Recorded Investment, 90 days past due and Accruing | 38 | 47 |
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 | 1,590 | 1,968 |
Total Loans | 1,590 | 1,968 |
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 | 66 | 101 |
60-89 Days Past Due | 3 | 4 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 69 | 105 |
Current | 1,650 | 1,378 |
Total Loans | 1,719 | 1,483 |
Recorded Investment, 90 days past due and Accruing | $ 0 | $ 0 |
Credit Quality of Loans and A32
Credit Quality of Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | $ 53,714 | $ 50,051 | |
Interest lost on nonaccrual loans | 757 | $ 342 | |
Interest received on nonaccrual loans | 59 | $ 11 | |
Commercial, financial and agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 24,900 | 27,705 | |
Commercial real estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 35 | 37 | |
Commercial real estate - other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 25,951 | 19,907 | |
Residential - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 0 | 0 | |
Residential - prime | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 2,322 | 1,998 | |
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 | 506 | 404 | |
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 A33
Credit Quality of Loans and Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
With no related allowance recorded [Abstract] | ||
Recorded Investment | $ 34,868 | $ 29,851 |
Unpaid Principal Balance | 35,152 | 30,135 |
Average Recorded Investment | 32,360 | 16,442 |
Interest Income Recognized | 322 | 859 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 24,511 | 20,101 |
Unpaid Principal Balance | 24,525 | 21,299 |
Related Allowance | 4,152 | 2,927 |
Average Recorded Investment | 22,307 | 13,807 |
Interest Income Recognized | 594 | 314 |
Totals [Abstract] | ||
Recorded Investment | 59,379 | 49,952 |
Unpaid Principal Balance | 59,677 | 51,434 |
Related Allowance | 4,152 | 2,927 |
Average Recorded Investment | 54,667 | 30,249 |
Interest Income Recognized | 916 | 1,173 |
Commercial, financial and agricultural | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 26,064 | 22,529 |
Unpaid Principal Balance | 26,328 | 22,793 |
Average Recorded Investment | 24,297 | 11,484 |
Interest Income Recognized | 267 | 745 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 3,033 | 5,189 |
Unpaid Principal Balance | 3,033 | 6,373 |
Related Allowance | 1,021 | 961 |
Average Recorded Investment | 4,111 | 3,704 |
Interest Income Recognized | 374 | 138 |
Totals [Abstract] | ||
Related Allowance | 1,021 | 961 |
Commercial real estate - construction | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 35 | 37 |
Unpaid Principal Balance | 35 | 37 |
Average Recorded Investment | 36 | 45 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 0 | |
Unpaid Principal Balance | 0 | |
Related Allowance | 0 | |
Average Recorded Investment | 0 | |
Interest Income Recognized | 0 | |
Totals [Abstract] | ||
Related Allowance | 0 | |
Commercial real estate - other | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 7,564 | 5,886 |
Unpaid Principal Balance | 7,564 | 5,886 |
Average Recorded Investment | 6,725 | 3,903 |
Interest Income Recognized | 45 | 97 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 19,947 | 14,004 |
Unpaid Principal Balance | 19,947 | 14,004 |
Related Allowance | 2,586 | 1,585 |
Average Recorded Investment | 16,976 | 9,236 |
Interest Income Recognized | 208 | 161 |
Totals [Abstract] | ||
Related Allowance | 2,586 | 1,585 |
Residential - prime | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 1,181 | 1,365 |
Unpaid Principal Balance | 1,201 | 1,385 |
Average Recorded Investment | 1,273 | 954 |
Interest Income Recognized | 10 | 17 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 1,049 | 538 |
Unpaid Principal Balance | 1,049 | 538 |
Related Allowance | 267 | 160 |
Average Recorded Investment | 794 | 533 |
Interest Income Recognized | 7 | 7 |
Totals [Abstract] | ||
Related Allowance | 267 | 160 |
Consumer - other | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 24 | 34 |
Unpaid Principal Balance | 24 | 34 |
Average Recorded Investment | 29 | 56 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 482 | 370 |
Unpaid Principal Balance | 496 | 384 |
Related Allowance | 278 | 221 |
Average Recorded Investment | 426 | 334 |
Interest Income Recognized | 5 | 8 |
Totals [Abstract] | ||
Related Allowance | 278 | 221 |
Total: Commercial | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 3,607 | 2,546 |
Totals [Abstract] | ||
Recorded Investment | 56,643 | 47,645 |
Unpaid Principal Balance | 56,907 | 49,093 |
Related Allowance | 3,607 | 2,546 |
Average Recorded Investment | 52,145 | 28,372 |
Interest Income Recognized | 894 | 1,141 |
Total: Residential | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 267 | 160 |
Totals [Abstract] | ||
Recorded Investment | 2,230 | 1,903 |
Unpaid Principal Balance | 2,250 | 1,923 |
Related Allowance | 267 | 160 |
Average Recorded Investment | 2,067 | 1,487 |
Interest Income Recognized | 17 | 24 |
Total: Consumer | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 278 | 221 |
Totals [Abstract] | ||
Recorded Investment | 506 | 404 |
Unpaid Principal Balance | 520 | 418 |
Related Allowance | 278 | 221 |
Average Recorded Investment | 455 | 390 |
Interest Income Recognized | $ 5 | $ 8 |
Credit Quality of Loans and A34
Credit Quality of Loans and Allowance for Loan Losses - Classes of Loans by Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,250,049 | $ 1,263,645 | $ 1,310,929 |
Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 441,160 | 454,028 | 484,508 |
Commercial real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 64,820 | 56,898 | |
Commercial real estate - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 467,648 | 471,141 | |
Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 973,628 | $ 982,067 | |
Percentage of Total Loans | 100.00% | 100.00% | |
Residential - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 19,970 | $ 18,054 | |
Residential - prime | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 149,961 | 149,064 | |
Residential, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 169,931 | $ 167,118 | |
Percentage of Total Loans | 100.00% | 100.00% | |
Consumer - credit card | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 5,718 | $ 6,055 | |
Consumer - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 97,463 | 104,954 | |
Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 1,590 | 1,968 | 6,350 |
Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 1,719 | 1,483 | $ 2,439 |
Consumer, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 106,490 | $ 114,460 | |
Percentage of Total Loans | 100.00% | 100.00% | |
Pass | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 368,557 | $ 383,897 | |
Pass | Commercial real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 64,602 | 56,740 | |
Pass | Commercial real estate - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 406,237 | 412,141 | |
Pass | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 839,396 | $ 852,778 | |
Percentage of Total Loans | 86.22% | 86.84% | |
Pass | Residential - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 19,970 | $ 18,054 | |
Pass | Residential - prime | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 145,302 | 144,704 | |
Pass | Residential, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 165,272 | $ 162,758 | |
Percentage of Total Loans | 97.26% | 97.39% | |
Special mention | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 24,933 | $ 32,506 | |
Special mention | Commercial real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 99 | 34 | |
Special mention | Commercial real estate - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 24,759 | 28,217 | |
Special mention | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 49,791 | $ 60,757 | |
Percentage of Total Loans | 5.11% | 6.18% | |
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 | 1,122 | 1,225 | |
Special mention | Residential, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,122 | $ 1,225 | |
Percentage of Total Loans | 0.66% | 0.73% | |
Substandard | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 47,466 | $ 37,353 | |
Substandard | Commercial real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 119 | 124 | |
Substandard | Commercial real estate - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 36,652 | 30,783 | |
Substandard | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 84,237 | $ 68,260 | |
Percentage of Total Loans | 8.65% | 6.95% | |
Substandard | Residential - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 0 | $ 0 | |
Substandard | Residential - prime | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 3,537 | 3,135 | |
Substandard | Residential, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 3,537 | $ 3,135 | |
Percentage of Total Loans | 2.08% | 1.88% | |
Doubtful | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 204 | $ 272 | |
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 | $ 204 | $ 272 | |
Percentage of Total Loans | 0.02% | 0.03% | |
Performing | Consumer - credit card | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 5,702 | $ 6,033 | |
Performing | Consumer - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 96,919 | 104,503 | |
Performing | Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 1,590 | 1,968 | |
Performing | Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 1,719 | 1,483 | |
Performing | Consumer, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 105,930 | $ 113,987 | |
Percentage of Total Loans | 99.47% | 99.59% | |
Nonperforming | Consumer - credit card | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 16 | $ 22 | |
Nonperforming | Consumer - other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 544 | 451 | |
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 | $ 560 | $ 473 | |
Percentage of Total Loans | 0.53% | 0.41% |
Credit Quality of Loans and A35
Credit Quality of Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($)contract | Mar. 31, 2015contract | Dec. 31, 2015USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Current | $ 1,732,000 | $ 16,000 | |
Past Due Greater Than 30 Days | 3,943,000 | 148,000 | |
Nonaccrual TDRs | 20,708,000 | 20,865,000 | |
Total TDRs | $ 26,383,000 | 21,029,000 | |
Pre-modified contracts identified as TDRs (contracts) | contract | 1 | 0 | |
Number of TDR defaulted (contracts) | contract | 1 | 0 | |
TDRs defaulted, amount | $ 5,500,000 | ||
Pre-modification balance identified as TDR | 5,500,000 | ||
Commitments to lend additional funds | 0 | ||
Commercial, financial and agricultural | |||
Financing Receivable, Modifications [Line Items] | |||
Current | 16,000 | 16,000 | |
Past Due Greater Than 30 Days | 3,943,000 | 0 | |
Nonaccrual TDRs | 20,708,000 | 20,865,000 | |
Total TDRs | 24,667,000 | 20,881,000 | |
Real estate – commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Current | 1,716,000 | 0 | |
Past Due Greater Than 30 Days | 0 | 148,000 | |
Nonaccrual TDRs | 0 | 0 | |
Total TDRs | $ 1,716,000 | $ 148,000 |
Intangibles (Details)
Intangibles (Details) - Core Deposit Intangible Assets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 11,674 | $ 11,674 |
Less accumulated amortization | (6,223) | (5,946) |
Net carrying amount | $ 5,451 | $ 5,728 |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of the Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other comprehensive income (loss): Securities available-for-sale: Before Tax Amount | ||
Change in unrealized gains during period | $ 2,802 | $ 1,701 |
Reclassification adjustment for gains included in net income | 0 | (115) |
Total other comprehensive income (loss), before tax | 2,802 | 1,586 |
Other comprehensive income (loss): Securities available-for-sale: Tax Effect | ||
Change in unrealized gains during period | (980) | (595) |
Reclassification adjustment for gains included in net income | 0 | 40 |
Total other comprehensive income | (980) | (555) |
Other comprehensive income (loss): Securities available-for-sale: Net of Tax Amount | ||
Change in unrealized gains during period | 1,822 | 1,106 |
Reclassification adjustment for gains included in net income | 0 | (75) |
Total other comprehensive income (loss), net of tax | $ 1,822 | $ 1,031 |
Other Comprehensive Income - Re
Other Comprehensive Income - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on sale of securities, net | $ 0 | $ (115) |
Tax expense | 0 | 40 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on sale of securities, net | 0 | (115) |
Tax expense | 0 | 40 |
Net earnings | $ 0 | $ (75) |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net earnings available to common shareholders | $ 1,922 | $ 1,318 |
Dividends on Series C preferred stock | 0 | 0 |
Adjusted net earnings available to common shareholders | $ 1,922 | $ 1,318 |
Weighted average number of common shares outstanding used in computation of basic earnings per common share | 11,262,000 | 11,318,000 |
Effect of dilutive securities: | ||
Stock options (in shares) | 0 | 29,000 |
Convertible preferred stock and warrants (in shares) | 0 | 4,000 |
Weighted average number of common shares outstanding plus effect of dilutive securities - used in computation of diluted earnings per common share (in shares) | 11,262,000 | 11,351,000 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 448,760 | 134,822 |
Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 11,250 | |
Incremental Common Shares Attributable to Conversion of Preferred Stock and warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 507,072 | 518,086 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets Recorded at Fair Value and Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for selling costs | 10.00% | |
Fair Value | $ 302,151 | $ 318,159 |
Recurring | Level 1 | ||
Available-for-sale securities: | ||
Obligations of state and political subdivisions | 0 | 0 |
GSE mortgage-backed securities | 0 | 0 |
Collateralized mortgage obligations: residential | 0 | 0 |
Collateralized mortgage obligations: commercial | 0 | 0 |
Mutual funds | 2,122 | 2,092 |
Recurring | Level 2 | ||
Available-for-sale securities: | ||
Obligations of state and political subdivisions | 24,239 | 31,493 |
GSE mortgage-backed securities | 83,896 | 87,038 |
Collateralized mortgage obligations: residential | 187,986 | 192,088 |
Collateralized mortgage obligations: commercial | 3,908 | 5,448 |
Mutual funds | 0 | 0 |
Recurring | Level 3 | ||
Available-for-sale securities: | ||
Obligations of state and political subdivisions | 0 | 0 |
GSE mortgage-backed securities | 0 | 0 |
Collateralized mortgage obligations: residential | 0 | 0 |
Collateralized mortgage obligations: commercial | 0 | 0 |
Mutual funds | 0 | 0 |
Nonrecurring | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 20,628 | 17,487 |
Other real estate | 3,908 | 4,187 |
Nonrecurring | Level 1 | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 0 | 0 |
Other real estate | 0 | 0 |
Nonrecurring | Level 2 | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 20,628 | 17,487 |
Other real estate | 3,908 | 4,187 |
Nonrecurring | Level 3 | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 0 | 0 |
Other real estate | 0 | 0 |
Obligations of state and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 24,239 | 31,493 |
Obligations of state and political subdivisions | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 24,239 | 31,493 |
GSE mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 83,896 | 87,038 |
GSE mortgage-backed securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 83,896 | 87,038 |
Collateralized mortgage obligations: residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 187,986 | 192,088 |
Collateralized mortgage obligations: residential | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 187,986 | 192,088 |
Collateralized mortgage obligations: commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 3,908 | 5,448 |
Collateralized mortgage obligations: commercial | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 3,908 | 5,448 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,122 | 2,092 |
Mutual funds | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 2,122 | $ 2,092 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Financial assets [Abstract] | ||
Securities available-for-sale | $ 302,151 | $ 318,159 |
Securities held-to-maturity | 115,631 | 117,698 |
Financial liabilities [Abstract] | ||
Long-term Federal Home Loan Bank advances | 25,744 | 25,851 |
Carrying Value | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 112,410 | 89,201 |
Securities available-for-sale | 302,151 | 318,159 |
Securities held-to-maturity | 113,623 | 116,792 |
Other investments | 11,195 | 11,188 |
Loans, net | 1,229,702 | 1,244,634 |
Cash surrender value of life insurance policies | 13,690 | 13,622 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 383,684 | 374,261 |
Interest-bearing deposits | 1,174,519 | 1,176,589 |
Securities sold under agreements to repurchase | 87,879 | 85,957 |
Short-term Federal Home Loan Bank advances | 25,000 | |
Long-term Federal Home Loan Bank advances | 25,744 | 25,851 |
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 | 112,410 | 89,201 |
Securities available-for-sale | 2,122 | 2,092 |
Securities held-to-maturity | 0 | 0 |
Other investments | 11,195 | 11,188 |
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 | 87,879 | 85,957 |
Short-term Federal Home Loan Bank advances | 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 | 300,029 | 316,067 |
Securities held-to-maturity | 115,631 | 117,698 |
Other investments | 0 | 0 |
Loans, net | 20,628 | 17,487 |
Cash surrender value of life insurance policies | 13,690 | 13,622 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 383,684 | 374,261 |
Interest-bearing deposits | 1,007,935 | 1,007,137 |
Securities sold under agreements to repurchase | 0 | 0 |
Short-term Federal Home Loan Bank advances | 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 | 1,216,866 | 1,232,497 |
Cash surrender value of life insurance policies | 0 | 0 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 166,236 | 168,633 |
Securities sold under agreements to repurchase | 0 | 0 |
Short-term Federal Home Loan Bank advances | 0 | |
Long-term Federal Home Loan Bank advances | 26,561 | 26,508 |
Junior subordinated debentures | $ 0 | $ 0 |