Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 8-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MIDSOUTH BANCORP INC | |
Entity Central Index Key | 745981 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,354,497 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Assets | |||
Cash and due from banks, including required reserves of $9,814 and $10,019, respectively | $40,816 | $45,142 | [1] |
Interest-bearing deposits in banks | 60,665 | 39,031 | [1] |
Federal funds sold | 2,921 | 2,699 | [1] |
Securities available-for-sale, at fair value (cost of $293,709 at March 31, 2015 and $272,588 at December 31, 2014) | 299,690 | 276,984 | [1] |
Securities held-to-maturity (fair value of $139,462 at March 31, 2015 and $141,593 at December 31, 2014) | 137,592 | 141,201 | [1] |
Other investments | 9,644 | 9,990 | [1] |
Loans | 1,310,929 | 1,284,431 | [1] |
Allowance for loan losses | -16,060 | -11,226 | [1] |
Loans, net | 1,294,869 | 1,273,205 | [1] |
Bank premises and equipment, net | 69,762 | 69,958 | [1] |
Accrued interest receivable | 6,741 | 6,635 | [1] |
Goodwill | 42,171 | 42,171 | [1] |
Intangibles | 6,558 | 6,834 | [1] |
Cash surrender value of life insurance | 13,735 | 13,659 | [1] |
Other real estate | 4,589 | 4,234 | [1] |
Other assets | 5,505 | 4,997 | [1] |
Total assets | 1,995,258 | 1,936,740 | [1] |
Deposits: | |||
Non-interest-bearing | 421,897 | 390,863 | [1] |
Interest-bearing | 1,194,201 | 1,194,371 | [1] |
Total deposits | 1,616,098 | 1,585,234 | [1] |
Securities sold under agreements to repurchase | 87,346 | 62,098 | [1] |
Short-term Federal Home Loan Bank advances | 25,000 | 25,000 | [1] |
Long-term Federal Home Loan Bank advances | 26,171 | 26,277 | [1] |
Junior subordinated debentures | 22,167 | 22,167 | [1] |
Other liabilities | 7,820 | 6,952 | [1] |
Total liabilities | 1,784,602 | 1,727,728 | [1] |
Commitments and contingencies | |||
Shareholders' equity: | |||
Common stock, $0.10 par value; 30,000,000 shares authorized, 11,500,252 and 11,491,703 issued and 11,349,285 and 11,340,736 outstanding at March 31, 2015 and December 31, 2014, respectively | 1,150 | 1,149 | [1] |
Additional paid-in capital | 113,371 | 112,744 | [1] |
Unearned ESOP shares | -518 | -250 | [1] |
Accumulated other comprehensive income | 3,888 | 2,857 | [1] |
Treasury stock - 150,967 shares at March 31, 2015 and December 31, 2014, at cost | -3,295 | -3,295 | [1] |
Retained earnings | 54,735 | 54,439 | [1] |
Total shareholders' equity | 210,656 | 209,012 | |
Total liabilities and shareholders' equity | 1,995,258 | 1,936,740 | [1] |
Preferred Stock Series B [Member] | |||
Shareholders' equity: | |||
Preferred stock | 32,000 | 32,000 | [1] |
Preferred Stock Series C [Member] | |||
Shareholders' equity: | |||
Preferred stock | $9,325 | $9,368 | [1] |
[1] | Derived from audited financial statements. |
Consolidated_Balance_Sheets_un1
Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ||
Cash and due from banks, reserves | $9,814 | $10,019 |
Securities available-for-sale, at cost | 293,709 | 272,588 |
Securities held-to-maturity, at fair value | $139,462 | $141,593 |
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, issued (in shares) | 11,500,252 | 11,491,703 |
Common stock, outstanding (in shares) | 11,349,285 | 11,340,736 |
Treasury stock (in shares) | 150,967 | 150,967 |
Preferred Stock Series B [Member] | ||
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 |
Preferred Stock Series C [Member] | ||
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) | 93,248 | 93,680 |
Preferred stock, outstanding (in shares) | 93,248 | 93,680 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income: | ||
Loans, including fees | $18,054 | $17,483 |
Securities and other investments: | ||
Taxable | 1,925 | 2,136 |
Nontaxable | 584 | 693 |
Federal funds sold | 2 | 1 |
Time and interest bearing deposits in other banks | 37 | 16 |
Other investments | 79 | 70 |
Total interest income | 20,681 | 20,399 |
Interest expense: | ||
Deposits | 947 | 871 |
Securities sold under agreements to repurchase | 230 | 180 |
Other borrowings and payables | 97 | 106 |
Junior subordinated debentures | 150 | 347 |
Total interest expense | 1,424 | 1,504 |
Net interest income | 19,257 | 18,895 |
Provision for loan losses | 6,000 | 550 |
Net interest income after provision for loan losses | 13,257 | 18,345 |
Non-interest income: | ||
Service charges on deposits | 2,120 | 2,380 |
Gain on sale of securities, net | 115 | 0 |
ATM and debit card income | 1,841 | 1,714 |
Executive officer life insurance proceeds | 0 | 3,000 |
Other charges and fees | 891 | 823 |
Total non-interest income | 4,967 | 7,917 |
Non-interest expenses: | ||
Salaries and employee benefits | 7,942 | 8,813 |
Occupancy expense | 3,685 | 3,791 |
FDIC insurance | 281 | 262 |
Other | 4,379 | 4,836 |
Total non-interest expenses | 16,287 | 17,702 |
Income before income taxes | 1,937 | 8,560 |
Income tax expense | 446 | 1,702 |
Net earnings | 1,491 | 6,858 |
Dividends on preferred stock | 173 | 180 |
Net earnings available to common shareholders | $1,318 | $6,678 |
Earnings per share: | ||
Basic (in dollars per share) | $0.12 | $0.59 |
Diluted (in dollars per share) | $0.12 | $0.57 |
Weighted average number of shares outstanding: | ||
Basic (in shares) | 11,318 | 11,258 |
Diluted (in shares) | 11,351 | 11,879 |
Dividends declared per common share (in dollars per share) | $0.09 | $0.08 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements of Comprehensive Income (unaudited) [Abstract] | ||
Net earnings | $1,491 | $6,858 |
Unrealized gains on securities available-for-sale: | ||
Unrealized holding gains arising during the year | 1,701 | 2,946 |
Less: reclassification adjustment for gains on sales of securities available-for-sale | -115 | 0 |
Total other comprehensive income, before tax | 1,586 | 2,946 |
Income tax effect related to items of other comprehensive income | -555 | -1,031 |
Total other comprehensive income, net of tax | 1,031 | 1,915 |
Total comprehensive income | $2,522 | $8,773 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (unaudited) (USD $) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Shares [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data, unless otherwise specified | ||||||||
Balance at Dec. 31, 2014 | $41,368 | $1,149 | $112,744 | ($250) | $2,857 | ($3,295) | $54,439 | $209,012 |
Balance (in shares) at Dec. 31, 2014 | 125,680 | 11,491,703 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 0 | 0 | 0 | 0 | 0 | 0 | 1,491 | 1,491 |
Dividends on Series B and Series C preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | -173 | -173 |
Dividends on common stock, $0.09 per share | 0 | 0 | 0 | 0 | 0 | 0 | -1,022 | -1,022 |
Conversion of Series C preferred stock to common stock | -43 | 0 | 43 | 0 | 0 | 0 | 0 | 0 |
Conversion of Series C preferred stock to common stock (in shares) | -432 | 2,394 | ||||||
Increase in ESOP obligation, net of repayments | 0 | 0 | 0 | -268 | 0 | 0 | 0 | -268 |
Exercise of stock options | 0 | 1 | 79 | 0 | 0 | 0 | 0 | 80 |
Exercise of stock options (in shares) | 0 | 6,155 | ||||||
Tax benefit resulting from distribution from Directors Deferred Compensation Plan | 0 | 0 | 420 | 0 | 0 | 0 | 0 | 420 |
Stock option expense | 0 | 0 | 85 | 0 | 0 | 0 | 0 | 85 |
Change in accumulated other comprehensive income | 0 | 0 | 0 | 0 | 1,031 | 0 | 0 | 1,031 |
Balance at Mar. 31, 2015 | $41,325 | $1,150 | $113,371 | ($518) | $3,888 | ($3,295) | $54,735 | $210,656 |
Balance (in shares) at Mar. 31, 2015 | 125,248 | 11,500,252 |
Consolidated_Statement_of_Shar1
Consolidated Statement of Shareholders' Equity (unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Consolidated Statement of Shareholders' Equity (unaudited) [Abstract] | ||
Dividends on common stock (in dollars per share) | $0.09 | $0.08 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net earnings | $1,491 | $6,858 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 1,555 | 1,473 |
Accretion of purchase accounting adjustments | -189 | -981 |
Provision for loan losses | 6,000 | 550 |
Provision for deferred tax expense | -1,951 | 277 |
Amortization of premiums on securities, net | 633 | 930 |
Amortization of other investments | 0 | 1 |
Stock option expense | 85 | 195 |
Net gain on sale of investment securities | -115 | 0 |
Net (gain) loss on sale of other real estate owned | -50 | 26 |
Net write down of other real estate owned | 29 | 31 |
Net gain on sale/disposal of premises and equipment | -1 | -28 |
Change in accrued interest receivable | -106 | 197 |
Change in accrued interest payable | -4 | -204 |
Change in other assets & other liabilities, net | 1,684 | 1,565 |
Net cash provided by operating activities | 9,061 | 10,890 |
Cash flows from investing activities: | ||
Proceeds from maturities and calls of securities available-for-sale | 17,988 | 12,316 |
Proceeds from maturities and calls of securities held-to-maturity | 3,326 | 4,191 |
Proceeds from sale of securities available-for-sale | 34,509 | 0 |
Purchases of securities available-for-sale | -73,853 | 0 |
Purchases of securities held-to-maturity | 0 | -1,104 |
Proceeds from redemption of other investments | 0 | 150 |
Proceeds from sale of other investments | 349 | 0 |
Purchases of other investments | -3 | -3 |
Net change in loans | -28,461 | -46,021 |
Purchases of premises and equipment | -1,362 | -1,634 |
Proceeds from sale of premises and equipment | 4 | 32 |
Proceeds from sale of other real estate owned | 532 | 15 |
Net cash used in investing activities | -46,971 | -32,058 |
Cash flows from financing activities: | ||
Change in deposits | 30,901 | 29,206 |
Change in securities sold under agreements to repurchase | 25,248 | -1,921 |
Borrowings on Federal Home Loan bank advances | 25,000 | 25,000 |
Repayments of Federal Home Loan Bank advances | -25,000 | -25,015 |
Repayments of notes payable | -15 | -250 |
Proceeds and tax benefit from exercise of stock options | 80 | 0 |
Tax benefit resulting from distribution from Directors Deferred Compensation Plan | 420 | 0 |
Payment of dividends on preferred stock | -174 | -180 |
Payment of dividends on common stock | -1,020 | -900 |
Net cash provided by financing activities | 55,440 | 25,940 |
Net increase in cash and cash equivalents | 17,530 | 4,772 |
Cash and cash equivalents, beginning of period | 86,872 | 59,731 |
Cash and cash equivalents, end of period | 104,402 | 64,503 |
Supplemental cash flow information: | ||
Interest paid | 1,427 | 1,708 |
Noncash investing and financing activities: | ||
Change in accrued common stock dividends | 1 | 0 |
Financed sales of other real estate | 0 | 84 |
Net change in loan to ESOP | ($268) | $0 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Mar. 31, 2015 | ||
Basis of Presentation [Abstract] | ||
Basis of Presentation | 1 | 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, 2015 and the results of their operations and their cash flows for the periods presented. The interim financial information should be read in conjunction with the annual consolidated financial statements and the notes thereto included in the Company’s 2014 Annual Report on Form 10-K. | ||
The results of operations for the three-month period ended March 31, 2015 are not necessarily indicative of the results to be expected for the entire year. | ||
Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. | ||
Summary of Significant Accounting Policies — The accounting and reporting policies of the Company conform with GAAP and general practices within the banking industry. There have been no material changes or developments in the application of accounting principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies and Estimates as disclosed in our 2014 Annual Report on Form 10-K. |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investment Securities [Abstract] | |||||||||||||||||||||||||
Investment Securities | 2 | Investment Securities | |||||||||||||||||||||||
The portfolio of investment securities consisted of the following (in thousands): | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 41,336 | $ | 1,476 | $ | 35 | $ | 42,777 | |||||||||||||||||
GSE mortgage-backed securities | 101,185 | 3,669 | 66 | 104,788 | |||||||||||||||||||||
Collateralized mortgage obligations: residential | 131,373 | 614 | 820 | 131,167 | |||||||||||||||||||||
Collateralized mortgage obligations: commercial | 17,459 | 93 | 69 | 17,483 | |||||||||||||||||||||
Collateralized debt obligation | 256 | 1,096 | - | 1,352 | |||||||||||||||||||||
Mutual funds | 2,100 | 23 | - | 2,123 | |||||||||||||||||||||
$ | 293,709 | $ | 6,971 | $ | 990 | $ | 299,690 | ||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 10,339 | $ | - | $ | 112 | $ | 10,227 | |||||||||||||||||
Obligations of state and political subdivisions | 43,079 | 1,555 | 29 | 44,605 | |||||||||||||||||||||
GSE mortgage-backed securities | 106,208 | 3,183 | 288 | 109,103 | |||||||||||||||||||||
Collateralized mortgage obligations: residential | 62,093 | 266 | 1,520 | 60,839 | |||||||||||||||||||||
Collateralized mortgage obligations: commercial | 24,462 | 190 | 107 | 24,545 | |||||||||||||||||||||
Other asset-backed securities | 24,041 | 321 | 19 | 24,343 | |||||||||||||||||||||
Collateralized debt obligation | 266 | 952 | - | 1,218 | |||||||||||||||||||||
Mutual funds | 2,100 | 4 | - | 2,104 | |||||||||||||||||||||
$ | 272,588 | $ | 6,471 | $ | 2,075 | $ | 276,984 | ||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 45,343 | $ | 621 | $ | 56 | $ | 45,908 | |||||||||||||||||
GSE mortgage-backed securities | 64,710 | 1,552 | 85 | 66,177 | |||||||||||||||||||||
Collateralized mortgage obligations: residential | 12,339 | - | 270 | 12,069 | |||||||||||||||||||||
Collateralized mortgage obligations: commercial | 15,200 | 108 | - | 15,308 | |||||||||||||||||||||
$ | 137,592 | $ | 2,281 | $ | 411 | $ | 139,462 | ||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 45,914 | $ | 267 | $ | 192 | $ | 45,989 | |||||||||||||||||
GSE mortgage-backed securities | 67,268 | 1,080 | 164 | 68,184 | |||||||||||||||||||||
Collateralized mortgage obligations: residential | 12,709 | - | 479 | 12,230 | |||||||||||||||||||||
Collateralized mortgage obligations: commercial | 15,310 | 53 | 173 | 15,190 | |||||||||||||||||||||
$ | 141,201 | $ | 1,400 | $ | 1,008 | $ | 141,593 | ||||||||||||||||||
With the exception of three private-label collateralized mortgage obligations (“CMOs”) with a combined balance remaining of $41,000 at March 31, 2015, all of the Company’s CMOs are government-sponsored enterprise (“GSE”) securities. | |||||||||||||||||||||||||
The amortized cost and fair value of debt securities at March 31, 2015 by contractual maturity are shown in the following table (in thousands) with the exception of other asset-backed securities, mortgage-backed securities, CMOs, and the collateralized debt obligation. Expected maturities may differ from contractual maturities for mortgage-backed securities and CMOs because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 6,916 | $ | 6,998 | |||||||||||||||||||||
Due after one year through five years | 18,900 | 19,694 | |||||||||||||||||||||||
Due after five years through ten years | 12,422 | 12,972 | |||||||||||||||||||||||
Due after ten years | 3,098 | 3,113 | |||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations: | |||||||||||||||||||||||||
Residential | 232,558 | 235,955 | |||||||||||||||||||||||
Commercial | 17,459 | 17,483 | |||||||||||||||||||||||
Collateralized debt obligation | 256 | 1,352 | |||||||||||||||||||||||
Mutual funds | 2,100 | 2,123 | |||||||||||||||||||||||
$ | 293,709 | $ | 299,690 | ||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Due in one year or less | $ | 595 | $ | 600 | |||||||||||||||||||||
Due after one year through five years | 2,819 | 2,857 | |||||||||||||||||||||||
Due after five years through ten years | 12,205 | 12,346 | |||||||||||||||||||||||
Due after ten years | 29,724 | 30,105 | |||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations: | |||||||||||||||||||||||||
Residential | 77,049 | 78,246 | |||||||||||||||||||||||
Commercial | 15,200 | 15,308 | |||||||||||||||||||||||
$ | 137,592 | $ | 139,462 | ||||||||||||||||||||||
Details concerning investment securities with unrealized losses are as follows (in thousands): | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Securities with losses | Securities with losses | Total | |||||||||||||||||||||||
under 12 months | over 12 months | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 3,241 | $ | 35 | $ | - | $ | - | $ | 3,241 | $ | 35 | |||||||||||||
GSE mortgage-backed securities | 12,876 | 33 | 8,249 | 33 | 21,125 | 66 | |||||||||||||||||||
Collateralized mortgage obligations: residential | 24,659 | 103 | 35,097 | 717 | 59,756 | 820 | |||||||||||||||||||
Collateralized mortgage obligations: commercial | - | - | 3,617 | 69 | 3,617 | 69 | |||||||||||||||||||
$ | 40,776 | $ | 171 | $ | 46,963 | $ | 819 | $ | 87,739 | $ | 990 | ||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Securities with losses | Securities with losses | Total | |||||||||||||||||||||||
under 12 months | over 12 months | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 4,973 | $ | 32 | $ | 5,254 | $ | 80 | $ | 10,227 | $ | 112 | |||||||||||||
Obligations of state and political subdivisions | 2,029 | 29 | - | - | 2,029 | 29 | |||||||||||||||||||
GSE mortgage-backed securities | 6,668 | 25 | 21,538 | 263 | 28,206 | 288 | |||||||||||||||||||
Collateralized mortgage obligations: residential | 9,366 | 53 | 37,997 | 1,467 | 47,363 | 1,520 | |||||||||||||||||||
Collateralized mortgage obligations: commercial | - | - | 3,747 | 107 | 3,747 | 107 | |||||||||||||||||||
Other asset-backed securities | 6,401 | 19 | - | - | 6,401 | 19 | |||||||||||||||||||
$ | 29,437 | $ | 158 | $ | 68,536 | $ | 1,917 | $ | 97,973 | $ | 2,075 | ||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Securities with losses | Securities with losses | Total | |||||||||||||||||||||||
under 12 months | over 12 months | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized Loss | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 4,271 | $ | 19 | $ | 2,740 | $ | 37 | $ | 7,011 | $ | 56 | |||||||||||||
GSE mortgage-backed securities | - | - | 7,957 | 85 | 7,957 | 85 | |||||||||||||||||||
Collateralized mortgage obligations: residential | - | - | 12,068 | 270 | 12,068 | 270 | |||||||||||||||||||
$ | 4,271 | $ | 19 | $ | 22,765 | $ | 392 | $ | 27,036 | $ | 411 | ||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Securities with losses | Securities with losses | Total | |||||||||||||||||||||||
under 12 months | over 12 months | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 11,761 | $ | 35 | $ | 13,263 | $ | 157 | $ | 25,024 | $ | 192 | |||||||||||||
GSE mortgage-backed securities | - | - | 8,142 | 164 | 8,142 | 164 | |||||||||||||||||||
Collateralized mortgage obligations: residential | - | - | 12,230 | 479 | 12,230 | 479 | |||||||||||||||||||
Collateralized mortgage obligations: commercial | 7,599 | 173 | - | - | 7,599 | 173 | |||||||||||||||||||
$ | 19,360 | $ | 208 | $ | 33,635 | $ | 800 | $ | 52,995 | $ | 1,008 | ||||||||||||||
Management evaluates each quarter whether unrealized losses on securities represent impairment that is other than temporary. For debt securities, the Company considers its intent to sell the securities or if it is more likely than not the Company will be required to sell the securities. If such impairment is identified, based upon the intent to sell or the more likely than not threshold, the carrying amount of the security is reduced to fair value with a charge to earnings. Upon the result of the aforementioned review, management then reviews for potential other than temporary impairment based upon other qualitative factors. In making this evaluation, management considers changes in market rates relative to those available when the security was acquired, changes in market expectations about the timing of cash flows from securities that can be prepaid, performance of the debt security, and changes in the market’s perception of the issuer’s financial health and the security’s credit quality. If determined that a debt security has incurred other than temporary impairment, then the amount of the credit related impairment is determined. If a credit loss is evident, the amount of the credit loss is charged to earnings and the non-credit related impairment is recognized through other comprehensive income. | |||||||||||||||||||||||||
As of March 31, 2015, 37 securities had unrealized losses totaling 1.21% of the individual securities’ amortized cost basis and 0.33% of the Company’s total amortized cost basis. Of the 37 securities, 20 had been in an unrealized loss position for over twelve months at March 31, 2015. These 20 securities had an amortized cost basis and unrealized loss of $70.9 million and $1.2 million, respectively. The unrealized losses on debt securities at March 31, 2015 resulted from changing market interest rates over the yields available at the time the underlying securities were purchased. Management identified no impairment related to credit quality. At March 31, 2015, management had the intent and ability to hold impaired securities and no impairment was evaluated as other than temporary. As a result, no other than temporary impairment losses were recognized during the three months ended March 31, 2015. | |||||||||||||||||||||||||
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. During the three months ended March 31, 2014, the Company did not sell any securities. | |||||||||||||||||||||||||
Securities with an aggregate carrying value of approximately $294.4 million and $279.8 million at March 31, 2015 and December 31, 2014, respectively, were pledged to secure public funds on deposit and for other purposes required or permitted by law. |
Credit_Quality_of_Loans_and_Al
Credit Quality of Loans and Allowance for Loan Losses | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Credit Quality of Loans and Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||
Credit Quality of Loans and Allowance for Loan Losses | 3 | Credit Quality of Loans and Allowance for Loan Losses | |||||||||||||||||||||||||||||||
The loan portfolio consisted of the following (in thousands): | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 484,508 | $ | 467,147 | |||||||||||||||||||||||||||||
Real estate - construction | 76,964 | 68,577 | |||||||||||||||||||||||||||||||
Real estate – commercial | 471,737 | 467,172 | |||||||||||||||||||||||||||||||
Real estate – residential | 153,647 | 154,602 | |||||||||||||||||||||||||||||||
Installment loans to individuals | 115,284 | 119,328 | |||||||||||||||||||||||||||||||
Lease financing receivable | 6,350 | 4,857 | |||||||||||||||||||||||||||||||
Other | 2,439 | 2,748 | |||||||||||||||||||||||||||||||
1,310,929 | 1,284,431 | ||||||||||||||||||||||||||||||||
Less allowance for loan losses | (16,060 | ) | (11,226 | ) | |||||||||||||||||||||||||||||
$ | 1,294,869 | $ | 1,273,205 | ||||||||||||||||||||||||||||||
The Company monitors loan concentrations and evaluates individual customer and aggregate industry leverage, profitability, risk rating distributions, and liquidity for each major standard industry classification segment. At March 31, 2015, one industry segment concentration, the oil and gas industry, constituted more than 10% of the loan portfolio. The Company’s exposure in the oil and gas industry, including related service and manufacturing industries, totaled approximately $287.6 million, or 21.9% of total loans. Additionally, the Company’s exposure to loans secured by commercial real estate is monitored. At March 31, 2015, loans secured by commercial real estate (including commercial construction, farmland and multifamily loans) totaled approximately $521.9 million. Of the $521.9 million, $471.7 million represent CRE loans, 55% of which are secured by owner-occupied commercial properties. Of the $521.9 million in loans secured by commercial real estate, $8.1 million, or 1.6%, were on nonaccrual status at March 31, 2015. | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
The allowance for loan losses is a valuation account available to absorb probable losses on loans. All losses are charged to the allowance for loan losses when the loss actually occurs or when a determination is made that a loss is likely to occur. Recoveries are credited to the allowance for loan losses at the time of recovery. Quarterly, the probable level of losses in the existing portfolio is estimated through consideration of various factors. Based on these estimates, the allowance for loan losses is increased by charges to earnings and decreased by charge‑offs (net of recoveries). | |||||||||||||||||||||||||||||||||
The allowance is composed of general reserves and specific reserves. General reserves are determined by applying loss percentages to segments of the portfolio. The loss percentages are based on each segment’s historical loss experience, generally over the past twelve to eighteen months, and adjustment factors derived from conditions in the Company’s internal and external environment. All loans considered to be impaired are evaluated on an individual basis to determine specific reserve allocations in accordance with GAAP. Loans for which specific reserves are provided are excluded from the calculation of general reserves. | |||||||||||||||||||||||||||||||||
Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of credit losses expected to be realized over the remaining lives of the loans, and therefore no corresponding allowance for loan losses is recorded for these loans at acquisition. Methods utilized to estimate any subsequently required allowance for loan losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans; however, the estimate of loss is based on the unpaid principal balance and then compared to any remaining unaccreted purchase discount. To the extent that the calculated loss is greater than the remaining unaccreted purchase discount, an allowance is recorded for such difference. | |||||||||||||||||||||||||||||||||
The Company has an internal loan review department that is independent of the lending function to challenge and corroborate the loan grade assigned by the lender and to provide additional analysis in determining the adequacy of the allowance for loan losses. | |||||||||||||||||||||||||||||||||
A rollforward of the activity within the allowance for loan losses by loan type and recorded investment in loans for the three months ended March 31, 2015 and 2014 is as follows (in thousands): | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
Coml, Fin, | Construction | Commercial | Residential | Installment | Lease | Other | Total | ||||||||||||||||||||||||||
and Agric | loans to | financing | |||||||||||||||||||||||||||||||
individuals | receivable | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
Coml, Fin, | Construction | Commercial | Residential | Installment | Lease | Other | Total | ||||||||||||||||||||||||||
and Agric | loans to | financing | |||||||||||||||||||||||||||||||
individuals | receivable | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,906 | $ | 1,046 | $ | 1,389 | $ | 1,141 | $ | 1,273 | $ | 21 | $ | 3 | $ | 8,779 | |||||||||||||||||
Charge-offs | (431 | ) | (1 | ) | (13 | ) | (84 | ) | (159 | ) | - | - | (688 | ) | |||||||||||||||||||
Recoveries | 14 | - | 37 | 8 | 65 | - | - | 124 | |||||||||||||||||||||||||
Provision | 749 | 36 | 8 | (172 | ) | (69 | ) | (2 | ) | - | 550 | ||||||||||||||||||||||
Ending balance | $ | 4,238 | $ | 1,081 | $ | 1,421 | $ | 893 | $ | 1,110 | $ | 19 | $ | 3 | $ | 8,765 | |||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 86 | $ | 3 | $ | 57 | $ | 71 | $ | 131 | $ | - | $ | - | $ | 348 | |||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 4,152 | $ | 1,078 | $ | 1,364 | $ | 822 | $ | 979 | $ | 19 | $ | 3 | $ | 8,417 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 435,523 | $ | 78,988 | $ | 408,546 | $ | 150,551 | $ | 101,869 | $ | 5,102 | $ | 3,610 | $ | 1,184,189 | |||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 2,273 | $ | 154 | $ | 3,195 | $ | 951 | $ | 292 | $ | - | $ | - | $ | 6,865 | |||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 433,250 | $ | 78,834 | $ | 404,652 | $ | 149,442 | $ | 101,577 | $ | 5,102 | $ | 3,610 | $ | 1,176,467 | |||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | - | $ | - | $ | 699 | $ | 158 | $ | - | $ | - | $ | - | $ | 857 | |||||||||||||||||
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): | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total | Current | Total Loans | Recorded | |||||||||||||||||||||||||||
Days | Days | than 90 | Past | Investment | |||||||||||||||||||||||||||||
Past Due | Past | Days | Due | > 90 days | |||||||||||||||||||||||||||||
Due | Past Due | and | |||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 2,767 | $ | 761 | $ | 2,306 | $ | 5,834 | $ | 478,674 | $ | 484,508 | $ | 3 | |||||||||||||||||||
Commercial real estate - construction | 17 | - | 13 | 30 | 50,164 | 50,194 | - | ||||||||||||||||||||||||||
Commercial real estate - other | 12,643 | 639 | 4,372 | 17,654 | 454,083 | 471,737 | - | ||||||||||||||||||||||||||
Residential - construction | - | - | 433 | 433 | 26,337 | 26,770 | - | ||||||||||||||||||||||||||
Residential - prime | 2,226 | 225 | 1,010 | 3,461 | 150,186 | 153,647 | - | ||||||||||||||||||||||||||
Consumer - credit card | 9 | 13 | - | 22 | 5,664 | 5,686 | - | ||||||||||||||||||||||||||
Consumer - other | 603 | 106 | 321 | 1,030 | 108,568 | 109,598 | 37 | ||||||||||||||||||||||||||
Lease financing receivable | - | - | - | - | 6,350 | 6,350 | - | ||||||||||||||||||||||||||
Other loans | 62 | - | - | 62 | 2,377 | 2,439 | - | ||||||||||||||||||||||||||
$ | 18,327 | $ | 1,744 | $ | 8,455 | $ | 28,526 | $ | 1,282,403 | $ | 1,310,929 | $ | 40 | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total | Current | Total Loans | Recorded | |||||||||||||||||||||||||||
Days | Days | than 90 | Past | Investment | |||||||||||||||||||||||||||||
Past Due | Past | Days | Due | > 90 days | |||||||||||||||||||||||||||||
Due | Past Due | and | |||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 2,179 | $ | 654 | $ | 2,556 | $ | 5,389 | $ | 461,758 | $ | 467,147 | $ | 26 | |||||||||||||||||||
Commercial real estate - construction | 15 | - | 105 | 120 | 43,390 | 43,510 | 97 | ||||||||||||||||||||||||||
Commercial real estate - other | 4,989 | 270 | 2,464 | 7,723 | 459,449 | 467,172 | - | ||||||||||||||||||||||||||
Residential - construction | 431 | - | - | 431 | 24,636 | 25,067 | - | ||||||||||||||||||||||||||
Residential - prime | 1,843 | 523 | 704 | 3,070 | 151,532 | 154,602 | - | ||||||||||||||||||||||||||
Consumer - credit card | 5 | 19 | 18 | 42 | 5,970 | 6,012 | 18 | ||||||||||||||||||||||||||
Consumer - other | 671 | 392 | 107 | 1,170 | 112,146 | 113,316 | 46 | ||||||||||||||||||||||||||
Lease financing receivable | - | - | - | - | 4,857 | 4,857 | - | ||||||||||||||||||||||||||
Other loans | 134 | - | - | 134 | 2,614 | 2,748 | - | ||||||||||||||||||||||||||
$ | 10,267 | $ | 1,858 | $ | 5,954 | $ | 18,079 | $ | 1,266,352 | $ | 1,284,431 | $ | 187 | ||||||||||||||||||||
Non-accrual loans are as follows (in thousands): | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 2,413 | $ | 2,642 | |||||||||||||||||||||||||||||
Commercial real estate – construction | 43 | 54 | |||||||||||||||||||||||||||||||
Commercial real estate - other | 8,012 | 6,429 | |||||||||||||||||||||||||||||||
Residential - construction | 433 | - | |||||||||||||||||||||||||||||||
Residential - prime | 1,585 | 1,194 | |||||||||||||||||||||||||||||||
Consumer - credit card | - | - | |||||||||||||||||||||||||||||||
Consumer - other | 408 | 382 | |||||||||||||||||||||||||||||||
Lease financing receivable | - | - | |||||||||||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||||||||||
$ | 12,894 | $ | 10,701 | ||||||||||||||||||||||||||||||
The amount of interest that would have been recorded on non-accrual loans, had the loans not been classified as non-accrual, totaled approximately $342,000 and $118,000 for the three months ended March 31, 2015 and 2014, respectively. Interest actually received on non-accrual loans at March 31, 2015 and 2014 was $11,000 and $88,000, 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): | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 407 | $ | 490 | $ | - | $ | 422 | $ | - | |||||||||||||||||||||||
Commercial real estate – construction | 43 | 43 | - | 49 | - | ||||||||||||||||||||||||||||
Commercial real estate – other | 3,852 | 3,852 | - | 2,886 | 12 | ||||||||||||||||||||||||||||
Residential – prime | 1,057 | 1,057 | - | 800 | 5 | ||||||||||||||||||||||||||||
Residential – construction | 434 | 434 | - | 217 | - | ||||||||||||||||||||||||||||
Consumer – other | 56 | 56 | - | 67 | - | ||||||||||||||||||||||||||||
Subtotal: | 5,849 | 5,932 | - | 4,441 | 17 | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | 2,020 | 2,134 | 737 | 2,119 | - | ||||||||||||||||||||||||||||
Commercial real estate – other | 4,125 | 4,125 | 645 | 4,296 | - | ||||||||||||||||||||||||||||
Residential – prime | 414 | 434 | 57 | 471 | - | ||||||||||||||||||||||||||||
Consumer – other | 349 | 363 | 206 | 324 | 1 | ||||||||||||||||||||||||||||
Subtotal: | 6,908 | 7,056 | 1,645 | 7,210 | 1 | ||||||||||||||||||||||||||||
Totals: | |||||||||||||||||||||||||||||||||
Commercial | 10,447 | 10,644 | 1,382 | 9,772 | 12 | ||||||||||||||||||||||||||||
Residential | 1,905 | 1,925 | 57 | 1,488 | 5 | ||||||||||||||||||||||||||||
Consumer | 405 | 419 | 206 | 391 | 1 | ||||||||||||||||||||||||||||
Grand total: | $ | 12,757 | $ | 12,988 | $ | 1,645 | $ | 11,651 | $ | 18 | |||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 438 | $ | 521 | $ | - | $ | 554 | $ | - | |||||||||||||||||||||||
Commercial real estate – construction | 54 | 54 | - | 58 | - | ||||||||||||||||||||||||||||
Commercial real estate – other | 1,921 | 1,921 | - | 1,885 | 17 | ||||||||||||||||||||||||||||
Residential – prime | 543 | 543 | - | 534 | 15 | ||||||||||||||||||||||||||||
Consumer – other | 78 | 78 | - | 72 | - | ||||||||||||||||||||||||||||
Subtotal: | 3,034 | 3,117 | - | 3,103 | 32 | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | 2,218 | 2,333 | 1,010 | 1,394 | 35 | ||||||||||||||||||||||||||||
Commercial real estate – construction | - | - | - | 19 | - | ||||||||||||||||||||||||||||
Commercial real estate – other | 4,467 | 4,467 | 1,484 | 2,416 | 220 | ||||||||||||||||||||||||||||
Residential – prime | 529 | 548 | 68 | 452 | 3 | ||||||||||||||||||||||||||||
Consumer – other | 299 | 313 | 179 | 252 | 4 | ||||||||||||||||||||||||||||
Subtotal: | 7,513 | 7,661 | 2,741 | 4,533 | 262 | ||||||||||||||||||||||||||||
Totals: | |||||||||||||||||||||||||||||||||
Commercial | 9,098 | 9,296 | 2,494 | 6,326 | 272 | ||||||||||||||||||||||||||||
Residential | 1,072 | 1,091 | 68 | 986 | 18 | ||||||||||||||||||||||||||||
Consumer | 377 | 391 | 179 | 324 | 4 | ||||||||||||||||||||||||||||
Grand total: | $ | 10,547 | $ | 10,778 | $ | 2,741 | $ | 7,636 | $ | 294 | |||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||||||||||||
The Company manages credit risk by observing written underwriting standards and lending policy established by the Board of Directors and management to govern all lending activities. The risk management program requires that each individual loan officer review his or her portfolio on a quarterly basis and assign recommended credit ratings on each loan. These efforts are supplemented by independent reviews performed by a loan review officer and other validations performed by the internal audit department. The results of the reviews are reported directly to the Audit Committee of the Board of Directors. | |||||||||||||||||||||||||||||||||
Loans can be classified into the following three risk rating grades: pass, special mention, and substandard/doubtful. Factors considered in determining a risk rating grade include debt service capacity, capital structure/liquidity, management, collateral quality, industry risk, company trends/operating performance, repayment source, revenue diversification/customer concentration, quality of financial information, and financing alternatives. Pass grade signifies the highest quality of loans to loans with reasonable credit risk, which may include borrowers with marginally adequate financial performance, but have the ability to repay the debt. Special mention loans have potential weaknesses that warrant extra attention from the loan officer and other management personnel, but still have the ability to repay the debt. Substandard classification includes loans with well-defined weaknesses with risk of potential loss. Loans classified as doubtful are considered to have little recovery value and are charged off. | |||||||||||||||||||||||||||||||||
The following tables present the classes of loans by risk rating (in thousands): | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||
Credit Risk Profile by | |||||||||||||||||||||||||||||||||
Creditworthiness Category | |||||||||||||||||||||||||||||||||
Commercial, | Commercial | Commercial | Total | % of Total | |||||||||||||||||||||||||||||
financial, and | real estate - | real estate - | |||||||||||||||||||||||||||||||
agricultural | construction | other | |||||||||||||||||||||||||||||||
Pass | $ | 442,711 | $ | 50,022 | $ | 435,848 | $ | 928,581 | 92.26 | % | |||||||||||||||||||||||
Special mention | 5,749 | 129 | 5,865 | 11,743 | 1.17 | % | |||||||||||||||||||||||||||
Substandard | 35,638 | 43 | 30,024 | 65,705 | 6.53 | % | |||||||||||||||||||||||||||
Doubtful | 410 | - | - | 410 | 0.04 | % | |||||||||||||||||||||||||||
$ | 484,508 | $ | 50,194 | $ | 471,737 | $ | 1,006,439 | 100 | % | ||||||||||||||||||||||||
Residential Credit Exposure | |||||||||||||||||||||||||||||||||
Credit Risk Profile by | |||||||||||||||||||||||||||||||||
Creditworthiness Category | |||||||||||||||||||||||||||||||||
Residential - | Residential | Total | % of Total | ||||||||||||||||||||||||||||||
construction | - prime | ||||||||||||||||||||||||||||||||
Pass | $ | 26,337 | $ | 149,498 | $ | 175,835 | 97.46 | % | |||||||||||||||||||||||||
Special mention | - | 1,180 | 1,180 | 0.65 | % | ||||||||||||||||||||||||||||
Substandard | 433 | 2,969 | 3,402 | 1.89 | % | ||||||||||||||||||||||||||||
$ | 26,770 | $ | 153,647 | $ | 180,417 | 100 | % | ||||||||||||||||||||||||||
Consumer and Commercial Credit | |||||||||||||||||||||||||||||||||
Exposure | |||||||||||||||||||||||||||||||||
Credit Risk Profile Based on | |||||||||||||||||||||||||||||||||
Payment Activity | |||||||||||||||||||||||||||||||||
Consumer - | Consumer - | Lease | Other | Total | % of Total | ||||||||||||||||||||||||||||
credit card | other | financing | |||||||||||||||||||||||||||||||
receivable | |||||||||||||||||||||||||||||||||
Performing | $ | 5,684 | $ | 109,157 | $ | 6,350 | $ | 2,439 | $ | 123,630 | 99.64 | % | |||||||||||||||||||||
Nonperforming | 2 | 441 | - | - | 443 | 0.36 | % | ||||||||||||||||||||||||||
$ | 5,686 | $ | 109,598 | $ | 6,350 | $ | 2,439 | $ | 124,073 | 100 | % | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||
Credit Risk Profile by | |||||||||||||||||||||||||||||||||
Creditworthiness Category | |||||||||||||||||||||||||||||||||
Commercial, | Commercial | Commercial | Total | Percentage | |||||||||||||||||||||||||||||
financial, and | real estate - | real estate - | of Total | ||||||||||||||||||||||||||||||
agricultural | construction | other | |||||||||||||||||||||||||||||||
Pass | $ | 456,221 | $ | 43,320 | $ | 440,281 | $ | 939,822 | 96.11 | % | |||||||||||||||||||||||
Special mention | 4,861 | 132 | 7,120 | 12,113 | 1.24 | % | |||||||||||||||||||||||||||
Substandard | 5,541 | 58 | 19,771 | 25,370 | 2.6 | % | |||||||||||||||||||||||||||
Doubtful | 524 | - | - | 524 | 0.05 | % | |||||||||||||||||||||||||||
$ | 467,147 | $ | 43,510 | $ | 467,172 | $ | 977,829 | 100 | % | ||||||||||||||||||||||||
Residential Credit Exposure | |||||||||||||||||||||||||||||||||
Credit Risk Profile by | |||||||||||||||||||||||||||||||||
Creditworthiness Category | |||||||||||||||||||||||||||||||||
Residential - | Residential | Total | Percentage | ||||||||||||||||||||||||||||||
construction | - prime | of Total | |||||||||||||||||||||||||||||||
Pass | $ | 25,067 | $ | 150,664 | $ | 175,731 | 97.81 | % | |||||||||||||||||||||||||
Special mention | - | 1,184 | 1,184 | 0.66 | % | ||||||||||||||||||||||||||||
Substandard | - | 2,754 | 2,754 | 1.53 | % | ||||||||||||||||||||||||||||
$ | 25,067 | $ | 154,602 | $ | 179,669 | 100 | % | ||||||||||||||||||||||||||
Consumer and Commercial Credit | |||||||||||||||||||||||||||||||||
Exposure | |||||||||||||||||||||||||||||||||
Credit Risk Profile Based on | |||||||||||||||||||||||||||||||||
Payment Activity | |||||||||||||||||||||||||||||||||
Consumer - | Consumer - | Lease | Other | Total | Percentage | ||||||||||||||||||||||||||||
credit card | other | financing | of Total | ||||||||||||||||||||||||||||||
receivable | |||||||||||||||||||||||||||||||||
Performing | $ | 5,995 | $ | 112,893 | $ | 4,857 | $ | 2,748 | $ | 126,493 | 99.65 | % | |||||||||||||||||||||
Nonperforming | 17 | 423 | - | - | 440 | 0.35 | % | ||||||||||||||||||||||||||
$ | 6,012 | $ | 113,316 | $ | 4,857 | $ | 2,748 | $ | 126,933 | 100 | % | ||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Current | Past Due | Nonaccrual | Total | ||||||||||||||||||||||||||||||
Greater | TDRs | TDRs | |||||||||||||||||||||||||||||||
Than 30 | |||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 20 | $ | - | $ | 234 | $ | 254 | |||||||||||||||||||||||||
Real estate - commercial | 153 | - | - | 153 | |||||||||||||||||||||||||||||
$ | 173 | $ | - | $ | 234 | $ | 407 | ||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Current | Past Due | Nonaccrual | Total | ||||||||||||||||||||||||||||||
Greater | TDRs | TDRs | |||||||||||||||||||||||||||||||
Than 30 | |||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 21 | $ | - | $ | 234 | $ | 255 | |||||||||||||||||||||||||
Real estate - commercial | 155 | - | - | 155 | |||||||||||||||||||||||||||||
$ | 176 | $ | - | $ | 234 | $ | 410 | ||||||||||||||||||||||||||
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. During the three months ended March 31, 2014, there was one loan relationship with a pre-modification balance of $1.2 million identified as a TDR through a modification of the original loan terms, and there were no defaults on any loans that were modified as TDRs during the preceding twelve months. For purposes of the determination of an allowance for loan losses on these TDRs, as an identified TDR, the Company considers a loss probable on the loan and, as a result is reviewed for specific impairment in accordance with the Company’s allowance for loan loss methodology. If it is determined losses are probable on such TDRs, either because of delinquency or other credit quality indicator, the Company establishes specific reserves for these loans. As of March 31, 2015, there were no commitments to lend additional funds to debtors owing sums to the Company whose terms have been modified in TDRs. |
Intangibles
Intangibles | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Intangibles [Abstract] | |||||||||
Intangibles | 4 | Intangibles | |||||||
A summary of core deposit intangible assets as of March 31, 2015 and December 31, 2014 is as follows (in thousands): | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Gross carrying amount | $ | 11,674 | $ | 11,674 | |||||
Less accumulated amortization | (5,116 | ) | (4,840 | ) | |||||
Net carrying amount | $ | 6,558 | $ | 6,834 |
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 5 | 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, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
Change in unrealized gain during period | $ | 1,701 | $ | (595 | ) | $ | 1,106 | $ | 2,946 | $ | (1,031 | ) | $ | 1,915 | |||||||||||
Reclassification adjustment for gains included in net income | (115 | ) | 40 | (75 | ) | - | - | - | |||||||||||||||||
Total other comprehensive income | $ | 1,586 | $ | (555 | ) | $ | 1,031 | $ | 2,946 | $ | (1,031 | ) | $ | 1,915 | |||||||||||
The reclassifications out of accumulated other comprehensive income into net income are presented below (in thousands): | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Details about | Reclassifications Out of | Income Statement | Reclassifications Out of | Income Statement | |||||||||||||||||||||
Accumulated Other | Accumulated Other | Line Item | Accumulated Other | Line Item | |||||||||||||||||||||
Comprehensive Income | Comprehensive Income | Comprehensive Income | |||||||||||||||||||||||
Components | |||||||||||||||||||||||||
Unrealized gains and losses on securities available-for-sale: | |||||||||||||||||||||||||
$ | (115 | ) | Gain on sale of securities, net | $ | - | Gain on sale of securities, net | |||||||||||||||||||
40 | Tax expense | - | Tax expense | ||||||||||||||||||||||
$ | (75 | ) | Net of tax | $ | - | Net of tax |
Declaration_of_Dividends
Declaration of Dividends | 3 Months Ended | |
Mar. 31, 2015 | ||
Declaration of Dividends [Abstract] | ||
Declaration of Dividends | 6 | Declaration of Dividends |
A first quarter dividend of $0.09 per share for holders of common stock of record on March 13, 2015 was declared on January 21, 2015, and was paid on April 1, 2015. On January 21, 2015, the Company also declared a 1.00% dividend for holders of its Series C preferred stock of record on April 1, 2015, which was paid on April 15, 2015. |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Common Share [Abstract] | |||||||||
Earnings Per Common Share | 7 | 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, | |||||||||
2015 | 2014 | ||||||||
Net earnings available to common shareholders | $ | 1,318 | $ | 6,678 | |||||
Dividends on Series C preferred stock | - | 100 | |||||||
Adjusted net earnings available to common shareholders | $ | 1,318 | $ | 6,778 | |||||
Weighted average number of common shares outstanding used in computation of basic earnings per common share | 11,318 | 11,258 | |||||||
Effect of dilutive securities: | |||||||||
Stock options | 29 | 74 | |||||||
Convertible preferred stock and warrants | 4 | 547 | |||||||
Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share | 11,351 | 11,879 | |||||||
Options to acquire 134,822 and 18,003 shares of common stock were not included in computing diluted earnings per share for the quarters ended March 31, 2015 and 2014, respectively, because the effects of these shares were anti-dilutive as a result of the exercise price of such options. 518,086 shares issuable upon the conversion of outstanding convertible preferred stock were anti-dilutive and not included in the computation of diluted earnings per shares for the three months ended March 31, 2015. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Measurement [Abstract] | |||||||||||||||||
Fair Value Measurement | 8 | 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 | Fair Value Measurements | ||||||||||||||||
Measured at Fair Value | at March 31, 2015 | ||||||||||||||||
Description | at March 31, 2015 | Level 1 | Level 2 | Level 3 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Obligations of state and political subdivisions | $ | 42,777 | $ | - | $ | 42,777 | $ | - | |||||||||
GSE mortgage-backed securities | 104,788 | - | 104,788 | - | |||||||||||||
Collateralized mortgage obligations: residential | 131,167 | - | 131,167 | - | |||||||||||||
Collateralized mortgage obligations: commercial | 17,483 | - | 17,483 | - | |||||||||||||
Collateralized debt obligation | 1,352 | - | 1,352 | - | |||||||||||||
Mutual funds | 2,123 | 2,123 | - | - | |||||||||||||
Assets / Liabilities | Fair Value Measurements | ||||||||||||||||
Measured at Fair Value | at December 31, 2014 | ||||||||||||||||
Description | at December 31, 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
U.S. Government sponsored enterprises | $ | 10,227 | $ | - | $ | 10,227 | $ | - | |||||||||
Obligations of state and political subdivisions | 44,605 | - | 44,605 | - | |||||||||||||
GSE mortgage-backed securities | 109,103 | - | 109,103 | - | |||||||||||||
Collateralized mortgage obligations: residential | 60,839 | - | 60,839 | - | |||||||||||||
Collateralized mortgage obligations: commercial | 24,545 | - | 24,545 | - | |||||||||||||
Other asset-backed securities | 24,343 | - | 24,343 | - | |||||||||||||
Collateralized debt obligation | 1,218 | - | 1,218 | - | |||||||||||||
Mutual funds | 2,104 | 2,104 | - | - | |||||||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis and are included in the table below (in thousands). Impaired loans are Level 2 assets measured using appraisals from external parties of the collateral less any prior liens. Other real estate properties are also Level 2 assets measured using appraisals from external parties. | |||||||||||||||||
Assets / Liabilities | Fair Value Measurements | ||||||||||||||||
Measured at Fair Value | at March 31, 2015 | ||||||||||||||||
Description | at March 31, 2015 | Level 1 | Level 2 | Level 3 | |||||||||||||
Impaired loans | $ | 5,540 | $ | - | $ | 5,540 | $ | - | |||||||||
Other real estate | 4,589 | - | 4,589 | - | |||||||||||||
Assets / Liabilities | Fair Value Measurements | ||||||||||||||||
Measured at Fair Value | at December 31, 2014 | ||||||||||||||||
Description | at December 31, 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Impaired loans | $ | 5,051 | $ | - | $ | 5,051 | $ | - | |||||||||
Other real estate | 4,234 | - | 4,234 | - | |||||||||||||
Limitations | |||||||||||||||||
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||||||||||
Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. | |||||||||||||||||
The carrying amounts and estimated fair values of the Company’s financial instruments are as follows at March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
March 31, 2015 Using: | |||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | $ | 104,402 | $ | 104,402 | $ | - | $ | - | |||||||||
Securities available-for-sale | 299,690 | 2,123 | 297,567 | - | |||||||||||||
Securities held-to-maturity | 137,592 | - | 139,462 | - | |||||||||||||
Other investments | 9,644 | 9,644 | - | - | |||||||||||||
Loans, net | 1,294,869 | - | 5,540 | 1,298,787 | |||||||||||||
Cash surrender value of life insurance policies | 13,735 | - | 13,735 | - | |||||||||||||
Financial liabilities: | |||||||||||||||||
Non-interest-bearing deposits | 421,897 | - | 421,897 | - | |||||||||||||
Interest-bearing deposits | 1,194,201 | - | 944,876 | 249,445 | |||||||||||||
Securities sold under agreements to repurchase | 87,346 | 87,346 | - | - | |||||||||||||
Short-term Federal Home Loan Bank advances | 25,000 | - | 25,000 | - | |||||||||||||
Long-term Federal Home Loan Bank advances | 26,171 | - | - | 27,261 | |||||||||||||
Junior subordinated debentures | 22,167 | - | 22,167 | - | |||||||||||||
Fair Value Measurements at | |||||||||||||||||
December 31, 2014 Using: | |||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | $ | 86,872 | $ | 86,872 | $ | - | $ | - | |||||||||
Securities available-for-sale | 276,984 | 2,104 | 274,880 | - | |||||||||||||
Securities held-to-maturity | 141,201 | - | 141,593 | - | |||||||||||||
Other investments | 9,990 | 9,990 | - | - | |||||||||||||
Loans, net | 1,273,205 | - | 5,051 | 1,277,882 | |||||||||||||
Cash surrender value of life insurance policies | 13,659 | - | 13,659 | - | |||||||||||||
Financial liabilities: | |||||||||||||||||
Non-interest-bearing deposits | 390,863 | - | 390,863 | - | |||||||||||||
Interest-bearing deposits | 1,194,371 | - | 943,255 | 251,291 | |||||||||||||
Securities sold under agreements to repurchase | 62,098 | 62,098 | - | - | |||||||||||||
Short-term Federal Home Loan Bank advances | 25,000 | - | 25,000 | - | |||||||||||||
Long-term Federal Home Loan Bank advances | 26,277 | - | - | 27,193 | |||||||||||||
Junior subordinated debentures | 22,167 | - | 22,167 | - |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation [Abstract] | |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies — The accounting and reporting policies of the Company conform with GAAP and general practices within the banking industry. There have been no material changes or developments in the application of accounting principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies and Estimates as disclosed in our 2014 Annual Report on Form 10-K. |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investment Securities [Abstract] | |||||||||||||||||||||||||
Available-for-sale Investment Securities | The portfolio of investment securities consisted of the following (in thousands): | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 41,336 | $ | 1,476 | $ | 35 | $ | 42,777 | |||||||||||||||||
GSE mortgage-backed securities | 101,185 | 3,669 | 66 | 104,788 | |||||||||||||||||||||
Collateralized mortgage obligations: residential | 131,373 | 614 | 820 | 131,167 | |||||||||||||||||||||
Collateralized mortgage obligations: commercial | 17,459 | 93 | 69 | 17,483 | |||||||||||||||||||||
Collateralized debt obligation | 256 | 1,096 | - | 1,352 | |||||||||||||||||||||
Mutual funds | 2,100 | 23 | - | 2,123 | |||||||||||||||||||||
$ | 293,709 | $ | 6,971 | $ | 990 | $ | 299,690 | ||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 10,339 | $ | - | $ | 112 | $ | 10,227 | |||||||||||||||||
Obligations of state and political subdivisions | 43,079 | 1,555 | 29 | 44,605 | |||||||||||||||||||||
GSE mortgage-backed securities | 106,208 | 3,183 | 288 | 109,103 | |||||||||||||||||||||
Collateralized mortgage obligations: residential | 62,093 | 266 | 1,520 | 60,839 | |||||||||||||||||||||
Collateralized mortgage obligations: commercial | 24,462 | 190 | 107 | 24,545 | |||||||||||||||||||||
Other asset-backed securities | 24,041 | 321 | 19 | 24,343 | |||||||||||||||||||||
Collateralized debt obligation | 266 | 952 | - | 1,218 | |||||||||||||||||||||
Mutual funds | 2,100 | 4 | - | 2,104 | |||||||||||||||||||||
$ | 272,588 | $ | 6,471 | $ | 2,075 | $ | 276,984 | ||||||||||||||||||
Held-to-maturity Securities | 31-Mar-15 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 45,343 | $ | 621 | $ | 56 | $ | 45,908 | |||||||||||||||||
GSE mortgage-backed securities | 64,710 | 1,552 | 85 | 66,177 | |||||||||||||||||||||
Collateralized mortgage obligations: residential | 12,339 | - | 270 | 12,069 | |||||||||||||||||||||
Collateralized mortgage obligations: commercial | 15,200 | 108 | - | 15,308 | |||||||||||||||||||||
$ | 137,592 | $ | 2,281 | $ | 411 | $ | 139,462 | ||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 45,914 | $ | 267 | $ | 192 | $ | 45,989 | |||||||||||||||||
GSE mortgage-backed securities | 67,268 | 1,080 | 164 | 68,184 | |||||||||||||||||||||
Collateralized mortgage obligations: residential | 12,709 | - | 479 | 12,230 | |||||||||||||||||||||
Collateralized mortgage obligations: commercial | 15,310 | 53 | 173 | 15,190 | |||||||||||||||||||||
$ | 141,201 | $ | 1,400 | $ | 1,008 | $ | 141,593 | ||||||||||||||||||
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at March 31, 2015 by contractual maturity are shown in the following table (in thousands) with the exception of other asset-backed securities, mortgage-backed securities, CMOs, and the collateralized debt obligation. Expected maturities may differ from contractual maturities for mortgage-backed securities and CMOs because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 6,916 | $ | 6,998 | |||||||||||||||||||||
Due after one year through five years | 18,900 | 19,694 | |||||||||||||||||||||||
Due after five years through ten years | 12,422 | 12,972 | |||||||||||||||||||||||
Due after ten years | 3,098 | 3,113 | |||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations: | |||||||||||||||||||||||||
Residential | 232,558 | 235,955 | |||||||||||||||||||||||
Commercial | 17,459 | 17,483 | |||||||||||||||||||||||
Collateralized debt obligation | 256 | 1,352 | |||||||||||||||||||||||
Mutual funds | 2,100 | 2,123 | |||||||||||||||||||||||
$ | 293,709 | $ | 299,690 | ||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Due in one year or less | $ | 595 | $ | 600 | |||||||||||||||||||||
Due after one year through five years | 2,819 | 2,857 | |||||||||||||||||||||||
Due after five years through ten years | 12,205 | 12,346 | |||||||||||||||||||||||
Due after ten years | 29,724 | 30,105 | |||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations: | |||||||||||||||||||||||||
Residential | 77,049 | 78,246 | |||||||||||||||||||||||
Commercial | 15,200 | 15,308 | |||||||||||||||||||||||
$ | 137,592 | $ | 139,462 | ||||||||||||||||||||||
Investment Securities with Unrealized Losses | Details concerning investment securities with unrealized losses are as follows (in thousands): | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Securities with losses | Securities with losses | Total | |||||||||||||||||||||||
under 12 months | over 12 months | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 3,241 | $ | 35 | $ | - | $ | - | $ | 3,241 | $ | 35 | |||||||||||||
GSE mortgage-backed securities | 12,876 | 33 | 8,249 | 33 | 21,125 | 66 | |||||||||||||||||||
Collateralized mortgage obligations: residential | 24,659 | 103 | 35,097 | 717 | 59,756 | 820 | |||||||||||||||||||
Collateralized mortgage obligations: commercial | - | - | 3,617 | 69 | 3,617 | 69 | |||||||||||||||||||
$ | 40,776 | $ | 171 | $ | 46,963 | $ | 819 | $ | 87,739 | $ | 990 | ||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Securities with losses | Securities with losses | Total | |||||||||||||||||||||||
under 12 months | over 12 months | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 4,973 | $ | 32 | $ | 5,254 | $ | 80 | $ | 10,227 | $ | 112 | |||||||||||||
Obligations of state and political subdivisions | 2,029 | 29 | - | - | 2,029 | 29 | |||||||||||||||||||
GSE mortgage-backed securities | 6,668 | 25 | 21,538 | 263 | 28,206 | 288 | |||||||||||||||||||
Collateralized mortgage obligations: residential | 9,366 | 53 | 37,997 | 1,467 | 47,363 | 1,520 | |||||||||||||||||||
Collateralized mortgage obligations: commercial | - | - | 3,747 | 107 | 3,747 | 107 | |||||||||||||||||||
Other asset-backed securities | 6,401 | 19 | - | - | 6,401 | 19 | |||||||||||||||||||
$ | 29,437 | $ | 158 | $ | 68,536 | $ | 1,917 | $ | 97,973 | $ | 2,075 | ||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Securities with losses | Securities with losses | Total | |||||||||||||||||||||||
under 12 months | over 12 months | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized Loss | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | ||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 4,271 | $ | 19 | $ | 2,740 | $ | 37 | $ | 7,011 | $ | 56 | |||||||||||||
GSE mortgage-backed securities | - | - | 7,957 | 85 | 7,957 | 85 | |||||||||||||||||||
Collateralized mortgage obligations: residential | - | - | 12,068 | 270 | 12,068 | 270 | |||||||||||||||||||
$ | 4,271 | $ | 19 | $ | 22,765 | $ | 392 | $ | 27,036 | $ | 411 | ||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Securities with losses | Securities with losses | Total | |||||||||||||||||||||||
under 12 months | over 12 months | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 11,761 | $ | 35 | $ | 13,263 | $ | 157 | $ | 25,024 | $ | 192 | |||||||||||||
GSE mortgage-backed securities | - | - | 8,142 | 164 | 8,142 | 164 | |||||||||||||||||||
Collateralized mortgage obligations: residential | - | - | 12,230 | 479 | 12,230 | 479 | |||||||||||||||||||
Collateralized mortgage obligations: commercial | 7,599 | 173 | - | - | 7,599 | 173 | |||||||||||||||||||
$ | 19,360 | $ | 208 | $ | 33,635 | $ | 800 | $ | 52,995 | $ | 1,008 |
Credit_Quality_of_Loans_and_Al1
Credit Quality of Loans and Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Credit Quality of Loans and Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||
Components of Loans Receivable | The loan portfolio consisted of the following (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 484,508 | $ | 467,147 | |||||||||||||||||||||||||||||
Real estate - construction | 76,964 | 68,577 | |||||||||||||||||||||||||||||||
Real estate – commercial | 471,737 | 467,172 | |||||||||||||||||||||||||||||||
Real estate – residential | 153,647 | 154,602 | |||||||||||||||||||||||||||||||
Installment loans to individuals | 115,284 | 119,328 | |||||||||||||||||||||||||||||||
Lease financing receivable | 6,350 | 4,857 | |||||||||||||||||||||||||||||||
Other | 2,439 | 2,748 | |||||||||||||||||||||||||||||||
1,310,929 | 1,284,431 | ||||||||||||||||||||||||||||||||
Less allowance for loan losses | (16,060 | ) | (11,226 | ) | |||||||||||||||||||||||||||||
$ | 1,294,869 | $ | 1,273,205 | ||||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | 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, 2015 and 2014 is as follows (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
Coml, Fin, | Construction | Commercial | Residential | Installment | Lease | Other | Total | ||||||||||||||||||||||||||
and Agric | loans to | financing | |||||||||||||||||||||||||||||||
individuals | receivable | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
Coml, Fin, | Construction | Commercial | Residential | Installment | Lease | Other | Total | ||||||||||||||||||||||||||
and Agric | loans to | financing | |||||||||||||||||||||||||||||||
individuals | receivable | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,906 | $ | 1,046 | $ | 1,389 | $ | 1,141 | $ | 1,273 | $ | 21 | $ | 3 | $ | 8,779 | |||||||||||||||||
Charge-offs | (431 | ) | (1 | ) | (13 | ) | (84 | ) | (159 | ) | - | - | (688 | ) | |||||||||||||||||||
Recoveries | 14 | - | 37 | 8 | 65 | - | - | 124 | |||||||||||||||||||||||||
Provision | 749 | 36 | 8 | (172 | ) | (69 | ) | (2 | ) | - | 550 | ||||||||||||||||||||||
Ending balance | $ | 4,238 | $ | 1,081 | $ | 1,421 | $ | 893 | $ | 1,110 | $ | 19 | $ | 3 | $ | 8,765 | |||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 86 | $ | 3 | $ | 57 | $ | 71 | $ | 131 | $ | - | $ | - | $ | 348 | |||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 4,152 | $ | 1,078 | $ | 1,364 | $ | 822 | $ | 979 | $ | 19 | $ | 3 | $ | 8,417 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 435,523 | $ | 78,988 | $ | 408,546 | $ | 150,551 | $ | 101,869 | $ | 5,102 | $ | 3,610 | $ | 1,184,189 | |||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 2,273 | $ | 154 | $ | 3,195 | $ | 951 | $ | 292 | $ | - | $ | - | $ | 6,865 | |||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 433,250 | $ | 78,834 | $ | 404,652 | $ | 149,442 | $ | 101,577 | $ | 5,102 | $ | 3,610 | $ | 1,176,467 | |||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | - | $ | - | $ | 699 | $ | 158 | $ | - | $ | - | $ | - | $ | 857 | |||||||||||||||||
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): | ||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total | Current | Total Loans | Recorded | |||||||||||||||||||||||||||
Days | Days | than 90 | Past | Investment | |||||||||||||||||||||||||||||
Past Due | Past | Days | Due | > 90 days | |||||||||||||||||||||||||||||
Due | Past Due | and | |||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 2,767 | $ | 761 | $ | 2,306 | $ | 5,834 | $ | 478,674 | $ | 484,508 | $ | 3 | |||||||||||||||||||
Commercial real estate - construction | 17 | - | 13 | 30 | 50,164 | 50,194 | - | ||||||||||||||||||||||||||
Commercial real estate - other | 12,643 | 639 | 4,372 | 17,654 | 454,083 | 471,737 | - | ||||||||||||||||||||||||||
Residential - construction | - | - | 433 | 433 | 26,337 | 26,770 | - | ||||||||||||||||||||||||||
Residential - prime | 2,226 | 225 | 1,010 | 3,461 | 150,186 | 153,647 | - | ||||||||||||||||||||||||||
Consumer - credit card | 9 | 13 | - | 22 | 5,664 | 5,686 | - | ||||||||||||||||||||||||||
Consumer - other | 603 | 106 | 321 | 1,030 | 108,568 | 109,598 | 37 | ||||||||||||||||||||||||||
Lease financing receivable | - | - | - | - | 6,350 | 6,350 | - | ||||||||||||||||||||||||||
Other loans | 62 | - | - | 62 | 2,377 | 2,439 | - | ||||||||||||||||||||||||||
$ | 18,327 | $ | 1,744 | $ | 8,455 | $ | 28,526 | $ | 1,282,403 | $ | 1,310,929 | $ | 40 | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total | Current | Total Loans | Recorded | |||||||||||||||||||||||||||
Days | Days | than 90 | Past | Investment | |||||||||||||||||||||||||||||
Past Due | Past | Days | Due | > 90 days | |||||||||||||||||||||||||||||
Due | Past Due | and | |||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 2,179 | $ | 654 | $ | 2,556 | $ | 5,389 | $ | 461,758 | $ | 467,147 | $ | 26 | |||||||||||||||||||
Commercial real estate - construction | 15 | - | 105 | 120 | 43,390 | 43,510 | 97 | ||||||||||||||||||||||||||
Commercial real estate - other | 4,989 | 270 | 2,464 | 7,723 | 459,449 | 467,172 | - | ||||||||||||||||||||||||||
Residential - construction | 431 | - | - | 431 | 24,636 | 25,067 | - | ||||||||||||||||||||||||||
Residential - prime | 1,843 | 523 | 704 | 3,070 | 151,532 | 154,602 | - | ||||||||||||||||||||||||||
Consumer - credit card | 5 | 19 | 18 | 42 | 5,970 | 6,012 | 18 | ||||||||||||||||||||||||||
Consumer - other | 671 | 392 | 107 | 1,170 | 112,146 | 113,316 | 46 | ||||||||||||||||||||||||||
Lease financing receivable | - | - | - | - | 4,857 | 4,857 | - | ||||||||||||||||||||||||||
Other loans | 134 | - | - | 134 | 2,614 | 2,748 | - | ||||||||||||||||||||||||||
$ | 10,267 | $ | 1,858 | $ | 5,954 | $ | 18,079 | $ | 1,266,352 | $ | 1,284,431 | $ | 187 | ||||||||||||||||||||
Loans on Nonaccrual Status | Non-accrual loans are as follows (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 2,413 | $ | 2,642 | |||||||||||||||||||||||||||||
Commercial real estate – construction | 43 | 54 | |||||||||||||||||||||||||||||||
Commercial real estate - other | 8,012 | 6,429 | |||||||||||||||||||||||||||||||
Residential - construction | 433 | - | |||||||||||||||||||||||||||||||
Residential - prime | 1,585 | 1,194 | |||||||||||||||||||||||||||||||
Consumer - credit card | - | - | |||||||||||||||||||||||||||||||
Consumer - other | 408 | 382 | |||||||||||||||||||||||||||||||
Lease financing receivable | - | - | |||||||||||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||||||||||
$ | 12,894 | $ | 10,701 | ||||||||||||||||||||||||||||||
Impaired Loans by Class of Loans | Loans that are individually evaluated for impairment are as follows (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 407 | $ | 490 | $ | - | $ | 422 | $ | - | |||||||||||||||||||||||
Commercial real estate – construction | 43 | 43 | - | 49 | - | ||||||||||||||||||||||||||||
Commercial real estate – other | 3,852 | 3,852 | - | 2,886 | 12 | ||||||||||||||||||||||||||||
Residential – prime | 1,057 | 1,057 | - | 800 | 5 | ||||||||||||||||||||||||||||
Residential – construction | 434 | 434 | - | 217 | - | ||||||||||||||||||||||||||||
Consumer – other | 56 | 56 | - | 67 | - | ||||||||||||||||||||||||||||
Subtotal: | 5,849 | 5,932 | - | 4,441 | 17 | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | 2,020 | 2,134 | 737 | 2,119 | - | ||||||||||||||||||||||||||||
Commercial real estate – other | 4,125 | 4,125 | 645 | 4,296 | - | ||||||||||||||||||||||||||||
Residential – prime | 414 | 434 | 57 | 471 | - | ||||||||||||||||||||||||||||
Consumer – other | 349 | 363 | 206 | 324 | 1 | ||||||||||||||||||||||||||||
Subtotal: | 6,908 | 7,056 | 1,645 | 7,210 | 1 | ||||||||||||||||||||||||||||
Totals: | |||||||||||||||||||||||||||||||||
Commercial | 10,447 | 10,644 | 1,382 | 9,772 | 12 | ||||||||||||||||||||||||||||
Residential | 1,905 | 1,925 | 57 | 1,488 | 5 | ||||||||||||||||||||||||||||
Consumer | 405 | 419 | 206 | 391 | 1 | ||||||||||||||||||||||||||||
Grand total: | $ | 12,757 | $ | 12,988 | $ | 1,645 | $ | 11,651 | $ | 18 | |||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 438 | $ | 521 | $ | - | $ | 554 | $ | - | |||||||||||||||||||||||
Commercial real estate – construction | 54 | 54 | - | 58 | - | ||||||||||||||||||||||||||||
Commercial real estate – other | 1,921 | 1,921 | - | 1,885 | 17 | ||||||||||||||||||||||||||||
Residential – prime | 543 | 543 | - | 534 | 15 | ||||||||||||||||||||||||||||
Consumer – other | 78 | 78 | - | 72 | - | ||||||||||||||||||||||||||||
Subtotal: | 3,034 | 3,117 | - | 3,103 | 32 | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | 2,218 | 2,333 | 1,010 | 1,394 | 35 | ||||||||||||||||||||||||||||
Commercial real estate – construction | - | - | - | 19 | - | ||||||||||||||||||||||||||||
Commercial real estate – other | 4,467 | 4,467 | 1,484 | 2,416 | 220 | ||||||||||||||||||||||||||||
Residential – prime | 529 | 548 | 68 | 452 | 3 | ||||||||||||||||||||||||||||
Consumer – other | 299 | 313 | 179 | 252 | 4 | ||||||||||||||||||||||||||||
Subtotal: | 7,513 | 7,661 | 2,741 | 4,533 | 262 | ||||||||||||||||||||||||||||
Totals: | |||||||||||||||||||||||||||||||||
Commercial | 9,098 | 9,296 | 2,494 | 6,326 | 272 | ||||||||||||||||||||||||||||
Residential | 1,072 | 1,091 | 68 | 986 | 18 | ||||||||||||||||||||||||||||
Consumer | 377 | 391 | 179 | 324 | 4 | ||||||||||||||||||||||||||||
Grand total: | $ | 10,547 | $ | 10,778 | $ | 2,741 | $ | 7,636 | $ | 294 | |||||||||||||||||||||||
Credit Quality Indicators by Class of Loans | The following tables present the classes of loans by risk rating (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||
Credit Risk Profile by | |||||||||||||||||||||||||||||||||
Creditworthiness Category | |||||||||||||||||||||||||||||||||
Commercial, | Commercial | Commercial | Total | % of Total | |||||||||||||||||||||||||||||
financial, and | real estate - | real estate - | |||||||||||||||||||||||||||||||
agricultural | construction | other | |||||||||||||||||||||||||||||||
Pass | $ | 442,711 | $ | 50,022 | $ | 435,848 | $ | 928,581 | 92.26 | % | |||||||||||||||||||||||
Special mention | 5,749 | 129 | 5,865 | 11,743 | 1.17 | % | |||||||||||||||||||||||||||
Substandard | 35,638 | 43 | 30,024 | 65,705 | 6.53 | % | |||||||||||||||||||||||||||
Doubtful | 410 | - | - | 410 | 0.04 | % | |||||||||||||||||||||||||||
$ | 484,508 | $ | 50,194 | $ | 471,737 | $ | 1,006,439 | 100 | % | ||||||||||||||||||||||||
Residential Credit Exposure | |||||||||||||||||||||||||||||||||
Credit Risk Profile by | |||||||||||||||||||||||||||||||||
Creditworthiness Category | |||||||||||||||||||||||||||||||||
Residential - | Residential | Total | % of Total | ||||||||||||||||||||||||||||||
construction | - prime | ||||||||||||||||||||||||||||||||
Pass | $ | 26,337 | $ | 149,498 | $ | 175,835 | 97.46 | % | |||||||||||||||||||||||||
Special mention | - | 1,180 | 1,180 | 0.65 | % | ||||||||||||||||||||||||||||
Substandard | 433 | 2,969 | 3,402 | 1.89 | % | ||||||||||||||||||||||||||||
$ | 26,770 | $ | 153,647 | $ | 180,417 | 100 | % | ||||||||||||||||||||||||||
Consumer and Commercial Credit | |||||||||||||||||||||||||||||||||
Exposure | |||||||||||||||||||||||||||||||||
Credit Risk Profile Based on | |||||||||||||||||||||||||||||||||
Payment Activity | |||||||||||||||||||||||||||||||||
Consumer - | Consumer - | Lease | Other | Total | % of Total | ||||||||||||||||||||||||||||
credit card | other | financing | |||||||||||||||||||||||||||||||
receivable | |||||||||||||||||||||||||||||||||
Performing | $ | 5,684 | $ | 109,157 | $ | 6,350 | $ | 2,439 | $ | 123,630 | 99.64 | % | |||||||||||||||||||||
Nonperforming | 2 | 441 | - | - | 443 | 0.36 | % | ||||||||||||||||||||||||||
$ | 5,686 | $ | 109,598 | $ | 6,350 | $ | 2,439 | $ | 124,073 | 100 | % | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Commercial Credit Exposure | |||||||||||||||||||||||||||||||||
Credit Risk Profile by | |||||||||||||||||||||||||||||||||
Creditworthiness Category | |||||||||||||||||||||||||||||||||
Commercial, | Commercial | Commercial | Total | Percentage | |||||||||||||||||||||||||||||
financial, and | real estate - | real estate - | of Total | ||||||||||||||||||||||||||||||
agricultural | construction | other | |||||||||||||||||||||||||||||||
Pass | $ | 456,221 | $ | 43,320 | $ | 440,281 | $ | 939,822 | 96.11 | % | |||||||||||||||||||||||
Special mention | 4,861 | 132 | 7,120 | 12,113 | 1.24 | % | |||||||||||||||||||||||||||
Substandard | 5,541 | 58 | 19,771 | 25,370 | 2.6 | % | |||||||||||||||||||||||||||
Doubtful | 524 | - | - | 524 | 0.05 | % | |||||||||||||||||||||||||||
$ | 467,147 | $ | 43,510 | $ | 467,172 | $ | 977,829 | 100 | % | ||||||||||||||||||||||||
Residential Credit Exposure | |||||||||||||||||||||||||||||||||
Credit Risk Profile by | |||||||||||||||||||||||||||||||||
Creditworthiness Category | |||||||||||||||||||||||||||||||||
Residential - | Residential | Total | Percentage | ||||||||||||||||||||||||||||||
construction | - prime | of Total | |||||||||||||||||||||||||||||||
Pass | $ | 25,067 | $ | 150,664 | $ | 175,731 | 97.81 | % | |||||||||||||||||||||||||
Special mention | - | 1,184 | 1,184 | 0.66 | % | ||||||||||||||||||||||||||||
Substandard | - | 2,754 | 2,754 | 1.53 | % | ||||||||||||||||||||||||||||
$ | 25,067 | $ | 154,602 | $ | 179,669 | 100 | % | ||||||||||||||||||||||||||
Consumer and Commercial Credit | |||||||||||||||||||||||||||||||||
Exposure | |||||||||||||||||||||||||||||||||
Credit Risk Profile Based on | |||||||||||||||||||||||||||||||||
Payment Activity | |||||||||||||||||||||||||||||||||
Consumer - | Consumer - | Lease | Other | Total | Percentage | ||||||||||||||||||||||||||||
credit card | other | financing | of Total | ||||||||||||||||||||||||||||||
receivable | |||||||||||||||||||||||||||||||||
Performing | $ | 5,995 | $ | 112,893 | $ | 4,857 | $ | 2,748 | $ | 126,493 | 99.65 | % | |||||||||||||||||||||
Nonperforming | 17 | 423 | - | - | 440 | 0.35 | % | ||||||||||||||||||||||||||
$ | 6,012 | $ | 113,316 | $ | 4,857 | $ | 2,748 | $ | 126,933 | 100 | % | ||||||||||||||||||||||
Modifications by Class of Loans | Information about the Company’s TDRs is as follows (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Current | Past Due | Nonaccrual | Total | ||||||||||||||||||||||||||||||
Greater | TDRs | TDRs | |||||||||||||||||||||||||||||||
Than 30 | |||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 20 | $ | - | $ | 234 | $ | 254 | |||||||||||||||||||||||||
Real estate - commercial | 153 | - | - | 153 | |||||||||||||||||||||||||||||
$ | 173 | $ | - | $ | 234 | $ | 407 | ||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Current | Past Due | Nonaccrual | Total | ||||||||||||||||||||||||||||||
Greater | TDRs | TDRs | |||||||||||||||||||||||||||||||
Than 30 | |||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 21 | $ | - | $ | 234 | $ | 255 | |||||||||||||||||||||||||
Real estate - commercial | 155 | - | - | 155 | |||||||||||||||||||||||||||||
$ | 176 | $ | - | $ | 234 | $ | 410 |
Intangibles_Tables
Intangibles (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Intangibles [Abstract] | |||||||||
Summary of Core Deposit Intangible Assets | A summary of core deposit intangible assets as of March 31, 2015 and December 31, 2014 is as follows (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Gross carrying amount | $ | 11,674 | $ | 11,674 | |||||
Less accumulated amortization | (5,116 | ) | (4,840 | ) | |||||
Net carrying amount | $ | 6,558 | $ | 6,834 |
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||
Component of other comprehensive income (loss) | The following is a summary of the tax effects allocated to each component of other comprehensive income (in thousands): | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
Change in unrealized gain during period | $ | 1,701 | $ | (595 | ) | $ | 1,106 | $ | 2,946 | $ | (1,031 | ) | $ | 1,915 | |||||||||||
Reclassification adjustment for gains included in net income | (115 | ) | 40 | (75 | ) | - | - | - | |||||||||||||||||
Total other comprehensive income | $ | 1,586 | $ | (555 | ) | $ | 1,031 | $ | 2,946 | $ | (1,031 | ) | $ | 1,915 | |||||||||||
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, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Details about | Reclassifications Out of | Income Statement | Reclassifications Out of | Income Statement | |||||||||||||||||||||
Accumulated Other | Accumulated Other | Line Item | Accumulated Other | Line Item | |||||||||||||||||||||
Comprehensive Income | Comprehensive Income | Comprehensive Income | |||||||||||||||||||||||
Components | |||||||||||||||||||||||||
Unrealized gains and losses on securities available-for-sale: | |||||||||||||||||||||||||
$ | (115 | ) | Gain on sale of securities, net | $ | - | Gain on sale of securities, net | |||||||||||||||||||
40 | Tax expense | - | Tax expense | ||||||||||||||||||||||
$ | (75 | ) | Net of tax | $ | - | Net of tax |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Common Share [Abstract] | |||||||||
Information Used in the Computation 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, | |||||||||
2015 | 2014 | ||||||||
Net earnings available to common shareholders | $ | 1,318 | $ | 6,678 | |||||
Dividends on Series C preferred stock | - | 100 | |||||||
Adjusted net earnings available to common shareholders | $ | 1,318 | $ | 6,778 | |||||
Weighted average number of common shares outstanding used in computation of basic earnings per common share | 11,318 | 11,258 | |||||||
Effect of dilutive securities: | |||||||||
Stock options | 29 | 74 | |||||||
Convertible preferred stock and warrants | 4 | 547 | |||||||
Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share | 11,351 | 11,879 |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Measurement [Abstract] | |||||||||||||||||
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 | Fair Value Measurements | ||||||||||||||||
Measured at Fair Value | at March 31, 2015 | ||||||||||||||||
Description | at March 31, 2015 | Level 1 | Level 2 | Level 3 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Obligations of state and political subdivisions | $ | 42,777 | $ | - | $ | 42,777 | $ | - | |||||||||
GSE mortgage-backed securities | 104,788 | - | 104,788 | - | |||||||||||||
Collateralized mortgage obligations: residential | 131,167 | - | 131,167 | - | |||||||||||||
Collateralized mortgage obligations: commercial | 17,483 | - | 17,483 | - | |||||||||||||
Collateralized debt obligation | 1,352 | - | 1,352 | - | |||||||||||||
Mutual funds | 2,123 | 2,123 | - | - | |||||||||||||
Assets / Liabilities | Fair Value Measurements | ||||||||||||||||
Measured at Fair Value | at December 31, 2014 | ||||||||||||||||
Description | at December 31, 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
U.S. Government sponsored enterprises | $ | 10,227 | $ | - | $ | 10,227 | $ | - | |||||||||
Obligations of state and political subdivisions | 44,605 | - | 44,605 | - | |||||||||||||
GSE mortgage-backed securities | 109,103 | - | 109,103 | - | |||||||||||||
Collateralized mortgage obligations: residential | 60,839 | - | 60,839 | - | |||||||||||||
Collateralized mortgage obligations: commercial | 24,545 | - | 24,545 | - | |||||||||||||
Other asset-backed securities | 24,343 | - | 24,343 | - | |||||||||||||
Collateralized debt obligation | 1,218 | - | 1,218 | - | |||||||||||||
Mutual funds | 2,104 | 2,104 | - | - | |||||||||||||
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 | Fair Value Measurements | ||||||||||||||||
Measured at Fair Value | at March 31, 2015 | ||||||||||||||||
Description | at March 31, 2015 | Level 1 | Level 2 | Level 3 | |||||||||||||
Impaired loans | $ | 5,540 | $ | - | $ | 5,540 | $ | - | |||||||||
Other real estate | 4,589 | - | 4,589 | - | |||||||||||||
Assets / Liabilities | Fair Value Measurements | ||||||||||||||||
Measured at Fair Value | at December 31, 2014 | ||||||||||||||||
Description | at December 31, 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Impaired loans | $ | 5,051 | $ | - | $ | 5,051 | $ | - | |||||||||
Other real estate | 4,234 | - | 4,234 | - | |||||||||||||
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, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
March 31, 2015 Using: | |||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | $ | 104,402 | $ | 104,402 | $ | - | $ | - | |||||||||
Securities available-for-sale | 299,690 | 2,123 | 297,567 | - | |||||||||||||
Securities held-to-maturity | 137,592 | - | 139,462 | - | |||||||||||||
Other investments | 9,644 | 9,644 | - | - | |||||||||||||
Loans, net | 1,294,869 | - | 5,540 | 1,298,787 | |||||||||||||
Cash surrender value of life insurance policies | 13,735 | - | 13,735 | - | |||||||||||||
Financial liabilities: | |||||||||||||||||
Non-interest-bearing deposits | 421,897 | - | 421,897 | - | |||||||||||||
Interest-bearing deposits | 1,194,201 | - | 944,876 | 249,445 | |||||||||||||
Securities sold under agreements to repurchase | 87,346 | 87,346 | - | - | |||||||||||||
Short-term Federal Home Loan Bank advances | 25,000 | - | 25,000 | - | |||||||||||||
Long-term Federal Home Loan Bank advances | 26,171 | - | - | 27,261 | |||||||||||||
Junior subordinated debentures | 22,167 | - | 22,167 | - | |||||||||||||
Fair Value Measurements at | |||||||||||||||||
December 31, 2014 Using: | |||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | $ | 86,872 | $ | 86,872 | $ | - | $ | - | |||||||||
Securities available-for-sale | 276,984 | 2,104 | 274,880 | - | |||||||||||||
Securities held-to-maturity | 141,201 | - | 141,593 | - | |||||||||||||
Other investments | 9,990 | 9,990 | - | - | |||||||||||||
Loans, net | 1,273,205 | - | 5,051 | 1,277,882 | |||||||||||||
Cash surrender value of life insurance policies | 13,659 | - | 13,659 | - | |||||||||||||
Financial liabilities: | |||||||||||||||||
Non-interest-bearing deposits | 390,863 | - | 390,863 | - | |||||||||||||
Interest-bearing deposits | 1,194,371 | - | 943,255 | 251,291 | |||||||||||||
Securities sold under agreements to repurchase | 62,098 | 62,098 | - | - | |||||||||||||
Short-term Federal Home Loan Bank advances | 25,000 | - | 25,000 | - | |||||||||||||
Long-term Federal Home Loan Bank advances | 26,277 | - | - | 27,193 | |||||||||||||
Junior subordinated debentures | 22,167 | - | 22,167 | - |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Label | Security | |||
Security | ||||
Available-for-sale Securities [Abstract] | ||||
Amortized Cost | $293,709,000 | $272,588,000 | ||
Gross Unrealized Gains | 6,971,000 | 6,471,000 | ||
Gross Unrealized Losses | 990,000 | 2,075,000 | ||
Fair Value | 299,690,000 | 276,984,000 | [1] | |
Available-for-sale, Amortized Cost [Abstract] | ||||
Due in one year or less | 6,916,000 | |||
Due after one year through five years | 18,900,000 | |||
Due after five years through ten years | 12,422,000 | |||
Due after ten years | 3,098,000 | |||
Mortgage-backed securities and collateralized mortgage obligations: Residential, Amortized Cost | 232,558,000 | |||
Mortgage-backed securities and collateralized mortgage obligations: Commercial, Amortized Cost | 17,459,000 | |||
Collateralized debt obligation | 256,000 | |||
Mutual funds | 2,100,000 | |||
Amortized Cost | 293,709,000 | 272,588,000 | ||
Available-for-sale, Fair Value [Abstract] | ||||
Due in one year or less | 6,998,000 | |||
Due after one year through five years | 19,694,000 | |||
Due after five years through ten years | 12,972,000 | |||
Due after ten years | 3,113,000 | |||
Mortgage-backed securities and collateralized mortgage obligations: Residential, Fair Value | 235,955,000 | |||
Mortgage-backed securities and collateralized mortgage obligations: Commercial, Fair Value | 17,483,000 | |||
Collateralized debt obligation | 1,352,000 | |||
Mutual funds | 2,123,000 | |||
Fair Value | 299,690,000 | 276,984,000 | [1] | |
Available-for-sale [Abstract] | ||||
Securities with losses under 12 months, Fair Value, Available-for-sale | 40,776,000 | 29,437,000 | ||
Securities with losses under 12 months, Gross Unrealized Loss, Available-for-sale | 171,000 | 158,000 | ||
Securities with losses over 12 months, Fair Value, Available-for-sale | 46,963,000 | 68,536,000 | ||
Securities with losses over 12 months, Gross Unrealized Loss, Available-for-sale | 819,000 | 1,917,000 | ||
Total securities, Fair Value, Available-for-sale | 87,739,000 | 97,973,000 | ||
Total securities, Gross Unrealized Loss, Available-for-sale | 990,000 | 2,075,000 | ||
Held-to-maturity [Abstract] | ||||
Amortized Cost | 137,592,000 | 141,201,000 | [1] | |
Gross Unrealized Gains | 2,281,000 | 1,400,000 | ||
Gross Unrealized Losses | 411,000 | 1,008,000 | ||
Fair Value | 139,462,000 | 141,593,000 | ||
Held-to-maturity, Amortized Cost [Abstract] | ||||
Due in one year or less | 595,000 | |||
Due after one year through five years | 2,819,000 | |||
Due after five years through ten years | 12,205,000 | |||
Due after ten years | 29,724,000 | |||
Mortgage-backed securities and collateralized mortgage obligations: Residential, Amortized Cost | 77,049,000 | |||
Mortgage-backed securities and collateralized mortgage obligations: Commercial, Amortized Cost | 15,200,000 | |||
Amortized Cost | 137,592,000 | 141,201,000 | [1] | |
Held-to-maturity, Fair Value [Abstract] | ||||
Due in one year or less | 600,000 | |||
Due after one year through five years | 2,857,000 | |||
Due after five years through ten years | 12,346,000 | |||
Due after ten years | 30,105,000 | |||
Mortgage-backed securities and collateralized mortgage obligations: Residential, Fair Value | 78,246,000 | |||
Mortgage-backed securities and collateralized mortgage obligations: Commercial, Fair Value | 15,308,000 | |||
Fair Value | 139,462,000 | 141,593,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Securities with losses under 12 months, Fair Value, Held-to-maturity | 4,271,000 | 19,360,000 | ||
Securities with losses under 12 months, Gross Unrealized Loss, Held-to-maturity | 19,000 | 208,000 | ||
Securities with losses over 12 months, Fair Value, Held-to-maturity | 22,765,000 | 33,635,000 | ||
Securities with losses over 12 months, Gross Unrealized Loss, Held-to-maturity | 392,000 | 800,000 | ||
Total securities, Fair Value, Held-to-maturity | 27,036,000 | 52,995,000 | ||
Total securities, Gross Unrealized Loss, Held-to-maturity | 411,000 | 1,008,000 | ||
Number of Private label Collateralized Mortgage Obligations | 3 | |||
Combined balance of private-label collateralized mortgage obligations | 41,000 | |||
Number of available-for-sale and held-to-maturity securities in unrealized loss positions | 37 | |||
Unrealized losses as a percentage of individual securities' amortized cost basis (in hundredths) | 1.21% | |||
Unrealized losses as a percentage of the Company's total amortized cost basis (in hundredths) | 0.33% | |||
Number of available-for-sale securities in continuous loss position | 20 | |||
Unamortized cost basis of securities in a continuous loss position | 70,900,000 | |||
Unrealized loss on securities in a continuous loss position | 1,200,000 | |||
Impairment losses recognized on debt securities | 0 | |||
Number of available-for-sale securities sold | 18 | 0 | ||
Available-for-sale securities, net gain | 115,000 | |||
Number of available-for-sale securities sold with gains | 8 | |||
Available-for-sale securities, gross realized gains | 250,000 | |||
Number of available-for-sale securities sold with loss | 10 | |||
Available-for-sale securities, gross realized losses | 135,000 | |||
Securities pledged to secure public funds on deposits and for other purposes required or permitted by law | 294,400,000 | 279,800,000 | ||
U.S. Government Sponsored Enterprises [Member] | ||||
Available-for-sale Securities [Abstract] | ||||
Amortized Cost | 10,339,000 | |||
Gross Unrealized Gains | 0 | |||
Gross Unrealized Losses | 112,000 | |||
Fair Value | 10,227,000 | |||
Available-for-sale, Amortized Cost [Abstract] | ||||
Amortized Cost | 10,339,000 | |||
Available-for-sale, Fair Value [Abstract] | ||||
Fair Value | 10,227,000 | |||
Available-for-sale [Abstract] | ||||
Securities with losses under 12 months, Fair Value, Available-for-sale | 4,973,000 | |||
Securities with losses under 12 months, Gross Unrealized Loss, Available-for-sale | 32,000 | |||
Securities with losses over 12 months, Fair Value, Available-for-sale | 5,254,000 | |||
Securities with losses over 12 months, Gross Unrealized Loss, Available-for-sale | 80,000 | |||
Total securities, Fair Value, Available-for-sale | 10,227,000 | |||
Total securities, Gross Unrealized Loss, Available-for-sale | 112,000 | |||
Obligation of State and Political Subdivisions [Member] | ||||
Available-for-sale Securities [Abstract] | ||||
Amortized Cost | 41,336,000 | 43,079,000 | ||
Gross Unrealized Gains | 1,476,000 | 1,555,000 | ||
Gross Unrealized Losses | 35,000 | 29,000 | ||
Fair Value | 42,777,000 | 44,605,000 | ||
Available-for-sale, Amortized Cost [Abstract] | ||||
Amortized Cost | 41,336,000 | 43,079,000 | ||
Available-for-sale, Fair Value [Abstract] | ||||
Fair Value | 42,777,000 | 44,605,000 | ||
Available-for-sale [Abstract] | ||||
Securities with losses under 12 months, Fair Value, Available-for-sale | 3,241,000 | 2,029,000 | ||
Securities with losses under 12 months, Gross Unrealized Loss, Available-for-sale | 35,000 | 29,000 | ||
Securities with losses over 12 months, Fair Value, Available-for-sale | 0 | 0 | ||
Securities with losses over 12 months, Gross Unrealized Loss, Available-for-sale | 0 | 0 | ||
Total securities, Fair Value, Available-for-sale | 3,241,000 | 2,029,000 | ||
Total securities, Gross Unrealized Loss, Available-for-sale | 35,000 | 29,000 | ||
Held-to-maturity [Abstract] | ||||
Amortized Cost | 45,343,000 | 45,914,000 | ||
Gross Unrealized Gains | 621,000 | 267,000 | ||
Gross Unrealized Losses | 56,000 | 192,000 | ||
Fair Value | 45,908,000 | 45,989,000 | ||
Held-to-maturity, Amortized Cost [Abstract] | ||||
Amortized Cost | 45,343,000 | 45,914,000 | ||
Held-to-maturity, Fair Value [Abstract] | ||||
Fair Value | 45,908,000 | 45,989,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Securities with losses under 12 months, Fair Value, Held-to-maturity | 4,271,000 | 11,761,000 | ||
Securities with losses under 12 months, Gross Unrealized Loss, Held-to-maturity | 19,000 | 35,000 | ||
Securities with losses over 12 months, Fair Value, Held-to-maturity | 2,740,000 | 13,263,000 | ||
Securities with losses over 12 months, Gross Unrealized Loss, Held-to-maturity | 37,000 | 157,000 | ||
Total securities, Fair Value, Held-to-maturity | 7,011,000 | 25,024,000 | ||
Total securities, Gross Unrealized Loss, Held-to-maturity | 56,000 | 192,000 | ||
GSE Mortgage-Backed Securities [Member] | ||||
Available-for-sale Securities [Abstract] | ||||
Amortized Cost | 101,185,000 | 106,208,000 | ||
Gross Unrealized Gains | 3,669,000 | 3,183,000 | ||
Gross Unrealized Losses | 66,000 | 288,000 | ||
Fair Value | 104,788,000 | 109,103,000 | ||
Available-for-sale, Amortized Cost [Abstract] | ||||
Amortized Cost | 101,185,000 | 106,208,000 | ||
Available-for-sale, Fair Value [Abstract] | ||||
Fair Value | 104,788,000 | 109,103,000 | ||
Available-for-sale [Abstract] | ||||
Securities with losses under 12 months, Fair Value, Available-for-sale | 12,876,000 | 6,668,000 | ||
Securities with losses under 12 months, Gross Unrealized Loss, Available-for-sale | 33,000 | 25,000 | ||
Securities with losses over 12 months, Fair Value, Available-for-sale | 8,249,000 | 21,538,000 | ||
Securities with losses over 12 months, Gross Unrealized Loss, Available-for-sale | 33,000 | 263,000 | ||
Total securities, Fair Value, Available-for-sale | 21,125,000 | 28,206,000 | ||
Total securities, Gross Unrealized Loss, Available-for-sale | 66,000 | 288,000 | ||
Held-to-maturity [Abstract] | ||||
Amortized Cost | 64,710,000 | 67,268,000 | ||
Gross Unrealized Gains | 1,552,000 | 1,080,000 | ||
Gross Unrealized Losses | 85,000 | 164,000 | ||
Fair Value | 66,177,000 | 68,184,000 | ||
Held-to-maturity, Amortized Cost [Abstract] | ||||
Amortized Cost | 64,710,000 | 67,268,000 | ||
Held-to-maturity, Fair Value [Abstract] | ||||
Fair Value | 66,177,000 | 68,184,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Securities with losses under 12 months, Fair Value, Held-to-maturity | 0 | 0 | ||
Securities with losses under 12 months, Gross Unrealized Loss, Held-to-maturity | 0 | 0 | ||
Securities with losses over 12 months, Fair Value, Held-to-maturity | 7,957,000 | 8,142,000 | ||
Securities with losses over 12 months, Gross Unrealized Loss, Held-to-maturity | 85,000 | 164,000 | ||
Total securities, Fair Value, Held-to-maturity | 7,957,000 | 8,142,000 | ||
Total securities, Gross Unrealized Loss, Held-to-maturity | 85,000 | 164,000 | ||
Collateralized Mortgage Obligations: Residential [Member] | ||||
Available-for-sale Securities [Abstract] | ||||
Amortized Cost | 131,373,000 | 62,093,000 | ||
Gross Unrealized Gains | 614,000 | 266,000 | ||
Gross Unrealized Losses | 820,000 | 1,520,000 | ||
Fair Value | 131,167,000 | 60,839,000 | ||
Available-for-sale, Amortized Cost [Abstract] | ||||
Amortized Cost | 131,373,000 | 62,093,000 | ||
Available-for-sale, Fair Value [Abstract] | ||||
Fair Value | 131,167,000 | 60,839,000 | ||
Available-for-sale [Abstract] | ||||
Securities with losses under 12 months, Fair Value, Available-for-sale | 24,659,000 | 9,366,000 | ||
Securities with losses under 12 months, Gross Unrealized Loss, Available-for-sale | 103,000 | 53,000 | ||
Securities with losses over 12 months, Fair Value, Available-for-sale | 35,097,000 | 37,997,000 | ||
Securities with losses over 12 months, Gross Unrealized Loss, Available-for-sale | 717,000 | 1,467,000 | ||
Total securities, Fair Value, Available-for-sale | 59,756,000 | 47,363,000 | ||
Total securities, Gross Unrealized Loss, Available-for-sale | 820,000 | 1,520,000 | ||
Held-to-maturity [Abstract] | ||||
Amortized Cost | 12,339,000 | 12,709,000 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 270,000 | 479,000 | ||
Fair Value | 12,069,000 | 12,230,000 | ||
Held-to-maturity, Amortized Cost [Abstract] | ||||
Amortized Cost | 12,339,000 | 12,709,000 | ||
Held-to-maturity, Fair Value [Abstract] | ||||
Fair Value | 12,069,000 | 12,230,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Securities with losses under 12 months, Fair Value, Held-to-maturity | 0 | 0 | ||
Securities with losses under 12 months, Gross Unrealized Loss, Held-to-maturity | 0 | 0 | ||
Securities with losses over 12 months, Fair Value, Held-to-maturity | 12,068,000 | 12,230,000 | ||
Securities with losses over 12 months, Gross Unrealized Loss, Held-to-maturity | 270,000 | 479,000 | ||
Total securities, Fair Value, Held-to-maturity | 12,068,000 | 12,230,000 | ||
Total securities, Gross Unrealized Loss, Held-to-maturity | 270,000 | 479,000 | ||
Collateralized Mortgage Obligations: Commercial [Member] | ||||
Available-for-sale Securities [Abstract] | ||||
Amortized Cost | 17,459,000 | 24,462,000 | ||
Gross Unrealized Gains | 93,000 | 190,000 | ||
Gross Unrealized Losses | 69,000 | 107,000 | ||
Fair Value | 17,483,000 | 24,545,000 | ||
Available-for-sale, Amortized Cost [Abstract] | ||||
Amortized Cost | 17,459,000 | 24,462,000 | ||
Available-for-sale, Fair Value [Abstract] | ||||
Fair Value | 17,483,000 | 24,545,000 | ||
Available-for-sale [Abstract] | ||||
Securities with losses under 12 months, Fair Value, Available-for-sale | 0 | 0 | ||
Securities with losses under 12 months, Gross Unrealized Loss, Available-for-sale | 0 | 0 | ||
Securities with losses over 12 months, Fair Value, Available-for-sale | 3,617,000 | 3,747,000 | ||
Securities with losses over 12 months, Gross Unrealized Loss, Available-for-sale | 69,000 | 107,000 | ||
Total securities, Fair Value, Available-for-sale | 3,617,000 | 3,747,000 | ||
Total securities, Gross Unrealized Loss, Available-for-sale | 69,000 | 107,000 | ||
Held-to-maturity [Abstract] | ||||
Amortized Cost | 15,200,000 | 15,310,000 | ||
Gross Unrealized Gains | 108,000 | 53,000 | ||
Gross Unrealized Losses | 0 | 173,000 | ||
Fair Value | 15,308,000 | 15,190,000 | ||
Held-to-maturity, Amortized Cost [Abstract] | ||||
Amortized Cost | 15,200,000 | 15,310,000 | ||
Held-to-maturity, Fair Value [Abstract] | ||||
Fair Value | 15,308,000 | 15,190,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Securities with losses under 12 months, Fair Value, Held-to-maturity | 7,599,000 | |||
Securities with losses under 12 months, Gross Unrealized Loss, Held-to-maturity | 173,000 | |||
Securities with losses over 12 months, Fair Value, Held-to-maturity | 0 | |||
Securities with losses over 12 months, Gross Unrealized Loss, Held-to-maturity | 0 | |||
Total securities, Fair Value, Held-to-maturity | 7,599,000 | |||
Total securities, Gross Unrealized Loss, Held-to-maturity | 173,000 | |||
Other Asset-Backed Securities [Member] | ||||
Available-for-sale Securities [Abstract] | ||||
Amortized Cost | 24,041,000 | |||
Gross Unrealized Gains | 321,000 | |||
Gross Unrealized Losses | 19,000 | |||
Fair Value | 24,343,000 | |||
Available-for-sale, Amortized Cost [Abstract] | ||||
Amortized Cost | 24,041,000 | |||
Available-for-sale, Fair Value [Abstract] | ||||
Fair Value | 24,343,000 | |||
Available-for-sale [Abstract] | ||||
Securities with losses under 12 months, Fair Value, Available-for-sale | 6,401,000 | |||
Securities with losses under 12 months, Gross Unrealized Loss, Available-for-sale | 19,000 | |||
Securities with losses over 12 months, Fair Value, Available-for-sale | 0 | |||
Securities with losses over 12 months, Gross Unrealized Loss, Available-for-sale | 0 | |||
Total securities, Fair Value, Available-for-sale | 6,401,000 | |||
Total securities, Gross Unrealized Loss, Available-for-sale | 19,000 | |||
Collateralized Debt Obligations [Member] | ||||
Available-for-sale Securities [Abstract] | ||||
Amortized Cost | 256,000 | 266,000 | ||
Gross Unrealized Gains | 1,096,000 | 952,000 | ||
Gross Unrealized Losses | 0 | 0 | ||
Fair Value | 1,352,000 | 1,218,000 | ||
Available-for-sale, Amortized Cost [Abstract] | ||||
Amortized Cost | 256,000 | 266,000 | ||
Available-for-sale, Fair Value [Abstract] | ||||
Fair Value | 1,352,000 | 1,218,000 | ||
Mutual Funds [Member] | ||||
Available-for-sale Securities [Abstract] | ||||
Amortized Cost | 2,100,000 | 2,100,000 | ||
Gross Unrealized Gains | 23,000 | 4,000 | ||
Gross Unrealized Losses | 0 | 0 | ||
Fair Value | 2,123,000 | 2,104,000 | ||
Available-for-sale, Amortized Cost [Abstract] | ||||
Amortized Cost | 2,100,000 | 2,100,000 | ||
Available-for-sale, Fair Value [Abstract] | ||||
Fair Value | $2,123,000 | $2,104,000 | ||
[1] | Derived from audited financial statements. |
Credit_Quality_of_Loans_and_Al2
Credit Quality of Loans and Allowance for Loan Losses, Summary of Loan Portfolio (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
In Thousands, unless otherwise specified | ||||
Loan portfolio [Abstract] | ||||
Total loans | $1,310,929 | $1,284,431 | [1] | $1,184,189 |
Less allowance for loan losses | -16,060 | -11,226 | [1] | |
Loans, net | 1,294,869 | 1,273,205 | [1] | |
Commercial, Financial and Agricultural [Member] | ||||
Loan portfolio [Abstract] | ||||
Total loans | 484,508 | 467,147 | 435,523 | |
Real Estate - Construction [Member] | ||||
Loan portfolio [Abstract] | ||||
Total loans | 76,964 | 68,577 | 78,988 | |
Real Estate - Commercial [Member] | ||||
Loan portfolio [Abstract] | ||||
Total loans | 471,737 | 467,172 | 408,546 | |
Real Estate - Residential [Member] | ||||
Loan portfolio [Abstract] | ||||
Total loans | 153,647 | 154,602 | 150,551 | |
Installment Loans to Individuals [Member] | ||||
Loan portfolio [Abstract] | ||||
Total loans | 115,284 | 119,328 | 101,869 | |
Lease Financing Receivable [Member] | ||||
Loan portfolio [Abstract] | ||||
Total loans | 6,350 | 4,857 | 5,102 | |
Other [Member] | ||||
Loan portfolio [Abstract] | ||||
Total loans | $2,439 | $2,748 | $3,610 | |
[1] | Derived from audited financial statements. |
Credit_Quality_of_Loans_and_Al3
Credit Quality of Loans and Allowance for Loan Losses, Aggregate Allowance for Loan Losses and Related Party Lending (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of industry segment concentration above threshold limit | 1 | |
Threshold percentage of loan portfolio (in hundredths) | 10.00% | |
Loans exposure in oil and gas industry | $287,600,000 | |
Exposure in oil and gas industry specified as percentage of total loans (in hundredths) | 21.90% | |
Loans with exposure in commercial real estate | 521,900,000 | |
Loans on nonaccrual status | 12,894,000 | 10,701,000 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans on nonaccrual status | 2,413,000 | 2,642,000 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans with exposure in commercial real estate | 471,700,000 | |
Percentage of CRE loans secured by owner-occupied commercial properties (in hundredths) | 55.00% | |
Loans on nonaccrual status | 8,100,000 | |
Nonaccrual status of loans specified as percentage of total CRE loans (in hundredths) | 1.60% | |
Finance Leases Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans on nonaccrual status | $0 | $0 |
Credit_Quality_of_Loans_and_Al4
Credit Quality of Loans and Allowance for Loan Losses, Allowance for Loan Losses by Segment (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Allowance for loan losses by portfolio [Roll Forward] | ||||
Beginning balance | $11,226 | $8,779 | ||
Charge-offs | -1,332 | -688 | ||
Recoveries | 166 | 124 | ||
Provision | 6,000 | 550 | ||
Ending balance | 16,060 | 8,765 | ||
Ending balance: individually evaluated for impairment | 1,645 | 348 | ||
Ending balance: collectively evaluated for impairment | 14,415 | 8,417 | ||
Loans [Abstract] | ||||
Ending balance | 1,310,929 | 1,184,189 | 1,284,431 | [1] |
Ending balance: individually evaluated for impairment | 12,757 | 6,865 | ||
Ending balance: collectively evaluated for impairment | 1,297,429 | 1,176,467 | ||
Ending balance: loans acquired with deteriorated credit quality | 743 | 857 | ||
Commercial, Financial and Agricultural [Member] | ||||
Allowance for loan losses by portfolio [Roll Forward] | ||||
Beginning balance | 5,729 | 3,906 | ||
Charge-offs | -1,001 | -431 | ||
Recoveries | 132 | 14 | ||
Provision | 5,523 | 749 | ||
Ending balance | 10,383 | 4,238 | ||
Ending balance: individually evaluated for impairment | 737 | 86 | ||
Ending balance: collectively evaluated for impairment | 9,646 | 4,152 | ||
Loans [Abstract] | ||||
Ending balance | 484,508 | 435,523 | 467,147 | |
Ending balance: individually evaluated for impairment | 2,427 | 2,273 | ||
Ending balance: collectively evaluated for impairment | 482,081 | 433,250 | ||
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | ||
Real Estate - Construction [Member] | ||||
Allowance for loan losses by portfolio [Roll Forward] | ||||
Beginning balance | 954 | 1,046 | ||
Charge-offs | -6 | -1 | ||
Recoveries | 0 | 0 | ||
Provision | 3 | 36 | ||
Ending balance | 951 | 1,081 | ||
Ending balance: individually evaluated for impairment | 0 | 3 | ||
Ending balance: collectively evaluated for impairment | 951 | 1,078 | ||
Loans [Abstract] | ||||
Ending balance | 76,964 | 78,988 | 68,577 | |
Ending balance: individually evaluated for impairment | 477 | 154 | ||
Ending balance: collectively evaluated for impairment | 76,487 | 78,834 | ||
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | ||
Real Estate - Commercial [Member] | ||||
Allowance for loan losses by portfolio [Roll Forward] | ||||
Beginning balance | 2,402 | 1,389 | ||
Charge-offs | 0 | -13 | ||
Recoveries | 6 | 37 | ||
Provision | 202 | 8 | ||
Ending balance | 2,610 | 1,421 | ||
Ending balance: individually evaluated for impairment | 645 | 57 | ||
Ending balance: collectively evaluated for impairment | 1,965 | 1,364 | ||
Loans [Abstract] | ||||
Ending balance | 471,737 | 408,546 | 467,172 | |
Ending balance: individually evaluated for impairment | 7,977 | 3,195 | ||
Ending balance: collectively evaluated for impairment | 463,106 | 404,652 | ||
Ending balance: loans acquired with deteriorated credit quality | 654 | 699 | ||
Real Estate - Residential [Member] | ||||
Allowance for loan losses by portfolio [Roll Forward] | ||||
Beginning balance | 810 | 1,141 | ||
Charge-offs | -2 | -84 | ||
Recoveries | 2 | 8 | ||
Provision | 7 | -172 | ||
Ending balance | 817 | 893 | ||
Ending balance: individually evaluated for impairment | 57 | 71 | ||
Ending balance: collectively evaluated for impairment | 760 | 822 | ||
Loans [Abstract] | ||||
Ending balance | 153,647 | 150,551 | 154,602 | |
Ending balance: individually evaluated for impairment | 1,471 | 951 | ||
Ending balance: collectively evaluated for impairment | 152,087 | 149,442 | ||
Ending balance: loans acquired with deteriorated credit quality | 89 | 158 | ||
Installment Loans to Individuals [Member] | ||||
Allowance for loan losses by portfolio [Roll Forward] | ||||
Beginning balance | 1,311 | 1,273 | ||
Charge-offs | -323 | -159 | ||
Recoveries | 26 | 65 | ||
Provision | 260 | -69 | ||
Ending balance | 1,274 | 1,110 | ||
Ending balance: individually evaluated for impairment | 206 | 131 | ||
Ending balance: collectively evaluated for impairment | 1,068 | 979 | ||
Loans [Abstract] | ||||
Ending balance | 115,284 | 101,869 | 119,328 | |
Ending balance: individually evaluated for impairment | 405 | 292 | ||
Ending balance: collectively evaluated for impairment | 114,879 | 101,577 | ||
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | ||
Lease Financing Receivable [Member] | ||||
Allowance for loan losses by portfolio [Roll Forward] | ||||
Beginning balance | 16 | 21 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision | 4 | -2 | ||
Ending balance | 20 | 19 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 20 | 19 | ||
Loans [Abstract] | ||||
Ending balance | 6,350 | 5,102 | 4,857 | |
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 6,350 | 5,102 | ||
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | ||
Other [Member] | ||||
Allowance for loan losses by portfolio [Roll Forward] | ||||
Beginning balance | 4 | 3 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision | 1 | 0 | ||
Ending balance | 5 | 3 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 5 | 3 | ||
Loans [Abstract] | ||||
Ending balance | 2,439 | 3,610 | 2,748 | |
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 2,439 | 3,610 | ||
Ending balance: loans acquired with deteriorated credit quality | $0 | $0 | ||
[1] | Derived from audited financial statements. |
Credit_Quality_of_Loans_and_Al5
Credit Quality of Loans and Allowance for Loan Losses, Credit Quality Indicators and Aging (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
In Thousands, unless otherwise specified | ||||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||||
30-59 Days Past Due | $18,327 | $10,267 | ||
60-89 Days Past Due | 1,744 | 1,858 | ||
Greater than 90 Days Past Due | 8,455 | 5,954 | ||
Total Past Due | 28,526 | 18,079 | ||
Current | 1,282,403 | 1,266,352 | ||
Total Loans | 1,310,929 | 1,284,431 | ||
Recorded Investment > 90 days and Accruing | 40 | 187 | ||
Credit Risk Profile [Abstract] | ||||
Loans | 1,310,929 | 1,284,431 | [1] | 1,184,189 |
Commercial, Financial and Agricultural [Member] | ||||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||||
30-59 Days Past Due | 2,767 | 2,179 | ||
60-89 Days Past Due | 761 | 654 | ||
Greater than 90 Days Past Due | 2,306 | 2,556 | ||
Total Past Due | 5,834 | 5,389 | ||
Current | 478,674 | 461,758 | ||
Total Loans | 484,508 | 467,147 | ||
Recorded Investment > 90 days and Accruing | 3 | 26 | ||
Credit Risk Profile [Abstract] | ||||
Loans | 484,508 | 467,147 | 435,523 | |
Commercial Real Estate - Construction [Member] | ||||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||||
30-59 Days Past Due | 17 | 15 | ||
60-89 Days Past Due | 0 | 0 | ||
Greater than 90 Days Past Due | 13 | 105 | ||
Total Past Due | 30 | 120 | ||
Current | 50,164 | 43,390 | ||
Total Loans | 50,194 | 43,510 | ||
Recorded Investment > 90 days and Accruing | 0 | 97 | ||
Credit Risk Profile [Abstract] | ||||
Loans | 50,194 | 43,510 | ||
Commercial Real Estate - Other [Member] | ||||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||||
30-59 Days Past Due | 12,643 | 4,989 | ||
60-89 Days Past Due | 639 | 270 | ||
Greater than 90 Days Past Due | 4,372 | 2,464 | ||
Total Past Due | 17,654 | 7,723 | ||
Current | 454,083 | 459,449 | ||
Total Loans | 471,737 | 467,172 | ||
Recorded Investment > 90 days and Accruing | 0 | 0 | ||
Credit Risk Profile [Abstract] | ||||
Loans | 471,737 | 467,172 | ||
Commercial Total [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 1,006,439 | 977,829 | ||
Percentage of Total Loans (in hundredths) | 100.00% | 100.00% | ||
Residential - Construction [Member] | ||||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||||
30-59 Days Past Due | 0 | 431 | ||
60-89 Days Past Due | 0 | 0 | ||
Greater than 90 Days Past Due | 433 | 0 | ||
Total Past Due | 433 | 431 | ||
Current | 26,337 | 24,636 | ||
Total Loans | 26,770 | 25,067 | ||
Recorded Investment > 90 days and Accruing | 0 | 0 | ||
Credit Risk Profile [Abstract] | ||||
Loans | 26,770 | 25,067 | ||
Residential - Prime [Member] | ||||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||||
30-59 Days Past Due | 2,226 | 1,843 | ||
60-89 Days Past Due | 225 | 523 | ||
Greater than 90 Days Past Due | 1,010 | 704 | ||
Total Past Due | 3,461 | 3,070 | ||
Current | 150,186 | 151,532 | ||
Total Loans | 153,647 | 154,602 | ||
Recorded Investment > 90 days and Accruing | 0 | 0 | ||
Credit Risk Profile [Abstract] | ||||
Loans | 153,647 | 154,602 | ||
Residential Total [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 180,417 | 179,669 | ||
Percentage of Total Loans (in hundredths) | 100.00% | 100.00% | ||
Consumer - Credit Card [Member] | ||||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||||
30-59 Days Past Due | 9 | 5 | ||
60-89 Days Past Due | 13 | 19 | ||
Greater than 90 Days Past Due | 0 | 18 | ||
Total Past Due | 22 | 42 | ||
Current | 5,664 | 5,970 | ||
Total Loans | 5,686 | 6,012 | ||
Recorded Investment > 90 days and Accruing | 0 | 18 | ||
Credit Risk Profile [Abstract] | ||||
Loans | 5,686 | 6,012 | ||
Consumer - Other [Member] | ||||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||||
30-59 Days Past Due | 603 | 671 | ||
60-89 Days Past Due | 106 | 392 | ||
Greater than 90 Days Past Due | 321 | 107 | ||
Total Past Due | 1,030 | 1,170 | ||
Current | 108,568 | 112,146 | ||
Total Loans | 109,598 | 113,316 | ||
Recorded Investment > 90 days and Accruing | 37 | 46 | ||
Credit Risk Profile [Abstract] | ||||
Loans | 109,598 | 113,316 | ||
Lease Financing Receivable [Member] | ||||
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 | 6,350 | 4,857 | ||
Total Loans | 6,350 | 4,857 | ||
Recorded Investment > 90 days and Accruing | 0 | 0 | ||
Credit Risk Profile [Abstract] | ||||
Loans | 6,350 | 4,857 | 5,102 | |
Other Loans [Member] | ||||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||||
30-59 Days Past Due | 62 | 134 | ||
60-89 Days Past Due | 0 | 0 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total Past Due | 62 | 134 | ||
Current | 2,377 | 2,614 | ||
Total Loans | 2,439 | 2,748 | ||
Recorded Investment > 90 days and Accruing | 0 | 0 | ||
Credit Risk Profile [Abstract] | ||||
Loans | 2,439 | 2,748 | 3,610 | |
Consumer Total [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 124,073 | 126,933 | ||
Percentage of Total Loans (in hundredths) | 100.00% | 100.00% | ||
Pass [Member] | Commercial, Financial and Agricultural [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 442,711 | 456,221 | ||
Pass [Member] | Commercial Real Estate - Construction [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 50,022 | 43,320 | ||
Pass [Member] | Commercial Real Estate - Other [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 435,848 | 440,281 | ||
Pass [Member] | Commercial Total [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 928,581 | 939,822 | ||
Percentage of Total Loans (in hundredths) | 92.26% | 96.11% | ||
Pass [Member] | Residential - Construction [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 26,337 | 25,067 | ||
Pass [Member] | Residential - Prime [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 149,498 | 150,664 | ||
Pass [Member] | Residential Total [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 175,835 | 175,731 | ||
Percentage of Total Loans (in hundredths) | 97.46% | 97.81% | ||
Special mention [Member] | Commercial, Financial and Agricultural [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 5,749 | 4,861 | ||
Special mention [Member] | Commercial Real Estate - Construction [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 129 | 132 | ||
Special mention [Member] | Commercial Real Estate - Other [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 5,865 | 7,120 | ||
Special mention [Member] | Commercial Total [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 11,743 | 12,113 | ||
Percentage of Total Loans (in hundredths) | 1.17% | 1.24% | ||
Special mention [Member] | Residential - Construction [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 0 | 0 | ||
Special mention [Member] | Residential - Prime [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 1,180 | 1,184 | ||
Special mention [Member] | Residential Total [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 1,180 | 1,184 | ||
Percentage of Total Loans (in hundredths) | 0.65% | 0.66% | ||
Substandard [Member] | Commercial, Financial and Agricultural [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 35,638 | 5,541 | ||
Substandard [Member] | Commercial Real Estate - Construction [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 43 | 58 | ||
Substandard [Member] | Commercial Real Estate - Other [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 30,024 | 19,771 | ||
Substandard [Member] | Commercial Total [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 65,705 | 25,370 | ||
Percentage of Total Loans (in hundredths) | 6.53% | 2.60% | ||
Substandard [Member] | Residential - Construction [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 433 | 0 | ||
Substandard [Member] | Residential - Prime [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 2,969 | 2,754 | ||
Substandard [Member] | Residential Total [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 3,402 | 2,754 | ||
Percentage of Total Loans (in hundredths) | 1.89% | 1.53% | ||
Doubtful [Member] | Commercial, Financial and Agricultural [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 410 | 524 | ||
Doubtful [Member] | Commercial Real Estate - Construction [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 0 | 0 | ||
Doubtful [Member] | Commercial Real Estate - Other [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 0 | 0 | ||
Doubtful [Member] | Commercial Total [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 410 | 524 | ||
Percentage of Total Loans (in hundredths) | 0.04% | 0.05% | ||
Performing [Member] | Consumer - Credit Card [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 5,684 | 5,995 | ||
Performing [Member] | Consumer - Other [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 109,157 | 112,893 | ||
Performing [Member] | Lease Financing Receivable [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 6,350 | 4,857 | ||
Performing [Member] | Other Loans [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 2,439 | 2,748 | ||
Performing [Member] | Consumer Total [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 123,630 | 126,493 | ||
Percentage of Total Loans (in hundredths) | 99.64% | 99.65% | ||
Nonperforming [Member] | Consumer - Credit Card [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 2 | 17 | ||
Nonperforming [Member] | Consumer - Other [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 441 | 423 | ||
Nonperforming [Member] | Lease Financing Receivable [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 0 | 0 | ||
Nonperforming [Member] | Other Loans [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | 0 | 0 | ||
Nonperforming [Member] | Consumer Total [Member] | ||||
Credit Risk Profile [Abstract] | ||||
Loans | $443 | $440 | ||
Percentage of Total Loans (in hundredths) | 0.36% | 0.35% | ||
[1] | Derived from audited financial statements. |
Credit_Quality_of_Loans_and_Al6
Credit Quality of Loans and Allowance for Loan Losses, Impaired Loans by Class of Loans (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
With no related allowance recorded [Abstract] | |||
Recorded Investment | $5,849,000 | $3,034,000 | |
Unpaid Principal Balance | 5,932,000 | 3,117,000 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 4,441,000 | 3,103,000 | |
Interest Income Recognized | 17,000 | 32,000 | |
With an allowance recorded [Abstract] | |||
Recorded Investment | 6,908,000 | 7,513,000 | |
Unpaid Principal Balance | 7,056,000 | 7,661,000 | |
Related Allowance | 1,645,000 | 2,741,000 | |
Average Recorded Investment | 7,210,000 | 4,533,000 | |
Interest Income Recognized | 1,000 | 262,000 | |
Totals [Abstract] | |||
Recorded Investment | 12,757,000 | 10,547,000 | |
Unpaid Principal Balance | 12,988,000 | 10,778,000 | |
Related Allowance | 1,645,000 | 2,741,000 | |
Average Recorded Investment | 11,651,000 | 7,636,000 | |
Interest Income Recognized | 18,000 | 294,000 | |
Loans on Nonaccrual Status [Abstract] | |||
Loans on Nonaccrual Status | 12,894,000 | 10,701,000 | |
Interest lost on nonaccrual loans | 342,000 | 118,000 | |
Interest received on nonaccrual loans | 11,000 | 88,000 | |
Commercial, Financial and Agricultural [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded Investment | 407,000 | 438,000 | |
Unpaid Principal Balance | 490,000 | 521,000 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 422,000 | 554,000 | |
Interest Income Recognized | 0 | 0 | |
With an allowance recorded [Abstract] | |||
Recorded Investment | 2,020,000 | 2,218,000 | |
Unpaid Principal Balance | 2,134,000 | 2,333,000 | |
Related Allowance | 737,000 | 1,010,000 | |
Average Recorded Investment | 2,119,000 | 1,394,000 | |
Interest Income Recognized | 0 | 35,000 | |
Totals [Abstract] | |||
Related Allowance | 737,000 | 1,010,000 | |
Loans on Nonaccrual Status [Abstract] | |||
Loans on Nonaccrual Status | 2,413,000 | 2,642,000 | |
Commercial Real Estate - Construction [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded Investment | 43,000 | 54,000 | |
Unpaid Principal Balance | 43,000 | 54,000 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 49,000 | 58,000 | |
Interest Income Recognized | 0 | 0 | |
With an allowance recorded [Abstract] | |||
Recorded Investment | 0 | ||
Unpaid Principal Balance | 0 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 19,000 | ||
Interest Income Recognized | 0 | ||
Totals [Abstract] | |||
Related Allowance | 0 | ||
Loans on Nonaccrual Status [Abstract] | |||
Loans on Nonaccrual Status | 43,000 | 54,000 | |
Commercial Real Estate - Other [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded Investment | 3,852,000 | 1,921,000 | |
Unpaid Principal Balance | 3,852,000 | 1,921,000 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 2,886,000 | 1,885,000 | |
Interest Income Recognized | 12,000 | 17,000 | |
With an allowance recorded [Abstract] | |||
Recorded Investment | 4,125,000 | 4,467,000 | |
Unpaid Principal Balance | 4,125,000 | 4,467,000 | |
Related Allowance | 645,000 | 1,484,000 | |
Average Recorded Investment | 4,296,000 | 2,416,000 | |
Interest Income Recognized | 0 | 220,000 | |
Totals [Abstract] | |||
Related Allowance | 645,000 | 1,484,000 | |
Loans on Nonaccrual Status [Abstract] | |||
Loans on Nonaccrual Status | 8,012,000 | 6,429,000 | |
Consumer - Other [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded Investment | 56,000 | 78,000 | |
Unpaid Principal Balance | 56,000 | 78,000 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 67,000 | 72,000 | |
Interest Income Recognized | 0 | 0 | |
With an allowance recorded [Abstract] | |||
Recorded Investment | 349,000 | 299,000 | |
Unpaid Principal Balance | 363,000 | 313,000 | |
Related Allowance | 206,000 | 179,000 | |
Average Recorded Investment | 324,000 | 252,000 | |
Interest Income Recognized | 1,000 | 4,000 | |
Totals [Abstract] | |||
Related Allowance | 206,000 | 179,000 | |
Loans on Nonaccrual Status [Abstract] | |||
Loans on Nonaccrual Status | 408,000 | 382,000 | |
Residential - Prime [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded Investment | 1,057,000 | 543,000 | |
Unpaid Principal Balance | 1,057,000 | 543,000 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 800,000 | 534,000 | |
Interest Income Recognized | 5,000 | 15,000 | |
With an allowance recorded [Abstract] | |||
Recorded Investment | 414,000 | 529,000 | |
Unpaid Principal Balance | 434,000 | 548,000 | |
Related Allowance | 57,000 | 68,000 | |
Average Recorded Investment | 471,000 | 452,000 | |
Interest Income Recognized | 0 | 3,000 | |
Totals [Abstract] | |||
Related Allowance | 57,000 | 68,000 | |
Loans on Nonaccrual Status [Abstract] | |||
Loans on Nonaccrual Status | 1,585,000 | 1,194,000 | |
Lease Financing Receivable [Member] | |||
Loans on Nonaccrual Status [Abstract] | |||
Loans on Nonaccrual Status | 0 | 0 | |
Other Loans [Member] | |||
Loans on Nonaccrual Status [Abstract] | |||
Loans on Nonaccrual Status | 0 | 0 | |
Commercial Total [Member] | |||
With an allowance recorded [Abstract] | |||
Related Allowance | 1,382,000 | 2,494,000 | |
Totals [Abstract] | |||
Recorded Investment | 10,447,000 | 9,098,000 | |
Unpaid Principal Balance | 10,644,000 | 9,296,000 | |
Related Allowance | 1,382,000 | 2,494,000 | |
Average Recorded Investment | 9,772,000 | 6,326,000 | |
Interest Income Recognized | 12,000 | 272,000 | |
Consumer Total [Member] | |||
With an allowance recorded [Abstract] | |||
Related Allowance | 206,000 | 179,000 | |
Totals [Abstract] | |||
Recorded Investment | 405,000 | 377,000 | |
Unpaid Principal Balance | 419,000 | 391,000 | |
Related Allowance | 206,000 | 179,000 | |
Average Recorded Investment | 391,000 | 324,000 | |
Interest Income Recognized | 1,000 | 4,000 | |
Residential Total [Member] | |||
With an allowance recorded [Abstract] | |||
Related Allowance | 57,000 | 68,000 | |
Totals [Abstract] | |||
Recorded Investment | 1,905,000 | 1,072,000 | |
Unpaid Principal Balance | 1,925,000 | 1,091,000 | |
Related Allowance | 57,000 | 68,000 | |
Average Recorded Investment | 1,488,000 | 986,000 | |
Interest Income Recognized | 5,000 | 18,000 | |
Consumer - Credit Card [Member] | |||
Loans on Nonaccrual Status [Abstract] | |||
Loans on Nonaccrual Status | 0 | 0 | |
Residential Construction [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded Investment | 434,000 | ||
Unpaid Principal Balance | 434,000 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 217,000 | ||
Interest Income Recognized | 0 | ||
Loans on Nonaccrual Status [Abstract] | |||
Loans on Nonaccrual Status | $433,000 | $0 |
Credit_Quality_of_Loans_and_Al7
Credit Quality of Loans and Allowance for Loan Losses, Troubled Debt Restructuring (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Contract | Contract | ||
Troubled Debt Restructuring [Abstract] | |||
Current | $173,000 | $176,000 | |
Past Due Greater than 30 Days | 0 | 0 | |
Nonaccrual TDRs | 234,000 | 234,000 | |
Total TDRs | 407,000 | 410,000 | |
Number of TDR defaulted | 0 | 0 | |
Pre-modified contracts identified as TDRs | 1 | ||
Pre-modification balance identified as TDR | 1,200,000 | ||
Commercial, Financial and Agricultural [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Current | 20,000 | 21,000 | |
Past Due Greater than 30 Days | 0 | 0 | |
Nonaccrual TDRs | 234,000 | 234,000 | |
Total TDRs | 254,000 | 255,000 | |
Real Estate - Commercial [Member] | |||
Troubled Debt Restructuring [Abstract] | |||
Current | 153,000 | 155,000 | |
Past Due Greater than 30 Days | 0 | 0 | |
Nonaccrual TDRs | 0 | 0 | |
Total TDRs | $153,000 | $155,000 |
Intangibles_Details
Intangibles (Details) (Core Deposit Intangible Assets [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $11,674 | $11,674 |
Less accumulated amortization | -5,116 | -4,840 |
Net carrying amount | $6,558 | $6,834 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Securities available-for-sale (Before tax) [Abstract] | ||
Change in unrealized gain during period | $1,701 | $2,946 |
Reclassification adjustment for gains included in net income | -115 | 0 |
Total other comprehensive income, before tax | 1,586 | 2,946 |
Securities available-for-sale: (Tax Effect) [Abstract] | ||
Change in unrealized gain during period | -595 | -1,031 |
Reclassification adjustment for gains included in net income | 40 | 0 |
Total other comprehensive income (loss), tax effect | -555 | -1,031 |
Securities available-for-sale (Net of Tax) [Abstract] | ||
Change in unrealized gain during period | 1,106 | 1,915 |
Reclassification adjustment for gains included in net income | -75 | 0 |
Total other comprehensive income, net of tax | 1,031 | 1,915 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on sale of securities, net | 115 | 0 |
Tax expense | 555 | 1,031 |
Net earnings | 1,491 | 6,858 |
Unrealized Gains and Losses on Securities Available-for-Sale [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||
Securities available-for-sale: (Tax Effect) [Abstract] | ||
Total other comprehensive income (loss), tax effect | -40 | 0 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on sale of securities, net | -115 | 0 |
Tax expense | 40 | 0 |
Net earnings | ($75) | $0 |
Declaration_of_Dividends_Detai
Declaration of Dividends (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Dividends Payable [Line Items] | ||
Dividends on common stock (in dollars per share) | $0.09 | $0.08 |
Dividends payable recorded date | 13-Mar-15 | |
Dividends payable declared date | 21-Jan-15 | |
Dividends payable, date to be paid | 1-Apr-15 | |
Series C Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Dividends payable recorded date | 1-Apr-15 | |
Dividends payable declared date | 21-Jan-15 | |
Dividends payable, date to be paid | 15-Apr-15 | |
Preferred stock dividend rate (in hundredth) | 1.00% |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Common Share [Abstract] | ||
Net earnings available to common shareholders | $1,318 | $6,678 |
Dividends on Series C preferred stock | 0 | 100 |
Adjusted net earnings available to common shareholders | $1,318 | $6,778 |
Weighted average number of common shares outstanding used in computation of basic earnings per common share (in shares) | 11,318,000 | 11,258,000 |
Effect of dilutive securities [Abstract] | ||
Stock options (in shares) | 29,000 | 74,000 |
Convertible preferred stock and warrants (in shares) | 4,000 | 547,000 |
Weighted average number of common shares outstanding plus effect of dilutive securities - used in computation of diluted earnings per common share (in shares) | 11,351,000 | 11,879,000 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 134,822 | 18,003 |
Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 518,086 |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for selling costs (in hundredths) | 10.00% | |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Period when new appraisals are received | 28 days | |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Period when new appraisals are received | 42 days | |
Recurring [Member] | ||
Available-for-sale securities [Abstract] | ||
U.S. Government sponsored enterprises | $10,227 | |
Obligations of state and political subdivisions | 42,777 | 44,605 |
GSE mortgage-backed securities | 104,788 | 109,103 |
Collateralized mortgage obligations: residential | 131,167 | 60,839 |
Collateralized mortgage obligations: commercial | 17,483 | 24,545 |
Other asset-backed securities | 24,343 | |
Collateralized debt obligation | 1,352 | 1,218 |
Mutual funds | 2,123 | 2,104 |
Recurring [Member] | Level 1 [Member] | ||
Available-for-sale securities [Abstract] | ||
U.S. Government sponsored enterprises | 0 | |
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 |
Other asset-backed securities | 0 | |
Collateralized debt obligation | 0 | 0 |
Mutual funds | 2,123 | 2,104 |
Recurring [Member] | Level 2 [Member] | ||
Available-for-sale securities [Abstract] | ||
U.S. Government sponsored enterprises | 10,227 | |
Obligations of state and political subdivisions | 42,777 | 44,605 |
GSE mortgage-backed securities | 104,788 | 109,103 |
Collateralized mortgage obligations: residential | 131,167 | 60,839 |
Collateralized mortgage obligations: commercial | 17,483 | 24,545 |
Other asset-backed securities | 24,343 | |
Collateralized debt obligation | 1,352 | 1,218 |
Mutual funds | 0 | 0 |
Recurring [Member] | Level 3 [Member] | ||
Available-for-sale securities [Abstract] | ||
U.S. Government sponsored enterprises | 0 | |
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 |
Other asset-backed securities | 0 | |
Collateralized debt obligation | 0 | 0 |
Mutual funds | 0 | 0 |
Nonrecurring [Member] | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 5,540 | 5,051 |
Other real estate | 4,589 | 4,234 |
Nonrecurring [Member] | Level 1 [Member] | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 0 | 0 |
Other real estate | 0 | 0 |
Nonrecurring [Member] | Level 2 [Member] | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 5,540 | 5,051 |
Other real estate | 4,589 | 4,234 |
Nonrecurring [Member] | Level 3 [Member] | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 0 | 0 |
Other real estate | 0 | $0 |
Fair_Value_Measurement_by_Bala
Fair Value Measurement, by Balance Sheet Grouping (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Financial assets [Abstract] | |||
Securities available-for-sale | $299,690 | $276,984 | [1] |
Securities held-to-maturity | 139,462 | 141,593 | |
Financial liabilities [Abstract] | |||
Long-term Federal Home Loan Bank advances | 26,171 | 26,277 | [1] |
Carrying Value [Member] | |||
Financial assets [Abstract] | |||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 104,402 | 86,872 | |
Securities available-for-sale | 299,690 | 276,984 | |
Securities held-to-maturity | 137,592 | 141,201 | |
Other investments | 9,644 | 9,990 | |
Loans, net | 1,294,869 | 1,273,205 | |
Cash surrender value of life insurance policies | 13,735 | 13,659 | |
Financial liabilities [Abstract] | |||
Non-interest-bearing deposits | 421,897 | 390,863 | |
Interest-bearing deposits | 1,194,201 | 1,194,371 | |
Securities sold under agreements to repurchase | 87,346 | 62,098 | |
Short-term Federal Home Loan Bank advances | 25,000 | 25,000 | |
Long-term Federal Home Loan Bank advances | 26,171 | 26,277 | |
Junior subordinated debentures | 22,167 | 22,167 | |
Fair Value [Member] | Level 1 [Member] | |||
Financial assets [Abstract] | |||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 104,402 | 86,872 | |
Securities available-for-sale | 2,123 | 2,104 | |
Securities held-to-maturity | 0 | 0 | |
Other investments | 9,644 | 9,990 | |
Loans, net | 0 | 0 | |
Cash surrender value of life insurance policies | 0 | 0 | |
Financial liabilities [Abstract] | |||
Non-interest-bearing deposits | 0 | 0 | |
Interest-bearing deposits | 0 | 0 | |
Securities sold under agreements to repurchase | 87,346 | 62,098 | |
Short-term Federal Home Loan Bank advances | 0 | 0 | |
Long-term Federal Home Loan Bank advances | 0 | 0 | |
Junior subordinated debentures | 0 | 0 | |
Fair Value [Member] | Level 2 [Member] | |||
Financial assets [Abstract] | |||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 0 | 0 | |
Securities available-for-sale | 297,567 | 274,880 | |
Securities held-to-maturity | 139,462 | 141,593 | |
Other investments | 0 | 0 | |
Loans, net | 5,540 | 5,051 | |
Cash surrender value of life insurance policies | 13,735 | 13,659 | |
Financial liabilities [Abstract] | |||
Non-interest-bearing deposits | 421,897 | 390,863 | |
Interest-bearing deposits | 944,876 | 943,255 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Short-term Federal Home Loan Bank advances | 25,000 | 25,000 | |
Long-term Federal Home Loan Bank advances | 0 | 0 | |
Junior subordinated debentures | 22,167 | 22,167 | |
Fair Value [Member] | Level 3 [Member] | |||
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 | 1,298,787 | 1,277,882 | |
Cash surrender value of life insurance policies | 0 | 0 | |
Financial liabilities [Abstract] | |||
Non-interest-bearing deposits | 0 | 0 | |
Interest-bearing deposits | 249,445 | 251,291 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Short-term Federal Home Loan Bank advances | 0 | 0 | |
Long-term Federal Home Loan Bank advances | 27,261 | 27,193 | |
Junior subordinated debentures | $0 | $0 | |
[1] | Derived from audited financial statements. |