Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Document Period End Date | Sep. 30, 2015 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | CommunityOne Bancorp | |
Entity Central Index Key | 764,811 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 24,292,179 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | [1] |
Assets | |||
Cash and due from banks | $ 23,725 | $ 29,202 | |
Interest-bearing bank balances | 4,281 | 66,680 | |
Investment securities: | |||
Available-for-sale, at estimated fair value (amortized cost of $379,125 in 2015 and $354,924 in 2014) | 375,929 | 350,040 | |
Held-to-maturity, at amortized cost (estimated fair value of $151,935 in 2015 and $140,875 in 2014) | 152,670 | 142,461 | |
Loans held for sale | 4,089 | 2,796 | |
Loans held for investment | 1,522,455 | 1,357,788 | |
Less: Allowance for loan losses | (17,188) | (20,345) | |
Net loans held for investment | 1,505,267 | 1,337,443 | |
Premises and equipment, net | 44,846 | 46,782 | |
Other real estate owned and property acquired in settlement of loans | 19,166 | 20,411 | |
Core deposit premiums and other intangibles | 5,433 | 5,681 | |
Goodwill | 4,205 | 4,205 | |
Bank-owned life insurance | 40,579 | 39,946 | |
Deferred tax assets, net | 139,917 | 146,433 | |
Other assets | 33,187 | 23,434 | |
Total Assets | 2,353,294 | 2,215,514 | |
Liabilities | |||
Noninterest-bearing demand deposits | 359,969 | 323,776 | |
Interest-bearing deposits: | |||
Demand, savings and money market deposits | 895,841 | 882,332 | |
Time deposits of $250 or more | 64,900 | 49,967 | |
Other time deposits | 576,169 | 538,345 | |
Total deposits | 1,896,879 | 1,794,420 | |
Retail repurchase agreements | 16,753 | 9,076 | |
Federal Home Loan Bank advances | 90,244 | 68,234 | |
Long-term notes payable | 5,396 | 5,338 | |
Junior subordinated debentures | 56,702 | 56,702 | |
Other liabilities | 12,680 | 14,828 | |
Total Liabilities | 2,078,654 | 1,948,598 | |
Shareholders' Equity | |||
Common stock, no par value; authorized 2,500,000,000 shares, issued 24,292,615 shares in 2015 and 24,185,923 in 2014 | 488,306 | 487,603 | |
Accumulated deficit | (206,653) | (213,212) | |
Accumulated other comprehensive loss | (7,013) | (7,475) | |
Total Shareholders' Equity | 274,640 | 266,916 | |
Total Liabilities and Shareholders' Equity | 2,353,294 | 2,215,514 | |
Preferred stock Series A [Member] | |||
Shareholders' Equity | |||
Preferred stock | 0 | 0 | |
Preferred Stock Series B [Member] | |||
Shareholders' Equity | |||
Preferred stock | $ 0 | $ 0 | |
[1] | Derived from audited consolidated financial statements |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | [1] |
Amortized cost of available-for-sale securities | $ 379,125 | $ 354,924 | |
Fair value of held-to-maturity securities | $ 151,935 | $ 140,875 | |
Preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 | |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 | |
Common stock, shares authorized (shares) | 2,500,000,000 | 2,500,000,000 | |
Common stock, shares issued (shares) | 24,292,615 | 24,185,923 | |
Preferred stock Series A [Member] | |||
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 | |
Preferred stock, shares issued (shares) | 51,500 | 51,500 | |
Preferred stock, shares outstanding (shares) | 0 | 0 | |
Preferred Stock Series B [Member] | |||
Preferred stock, shares authorized (shares) | 250,000 | 250,000 | |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 | |
Preferred stock, shares issued (shares) | 0 | 0 | |
Preferred stock, shares outstanding (shares) | 0 | 0 | |
[1] | Derived from audited consolidated financial statements |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Income | ||||
Interest and fees on loans | $ 16,395 | $ 14,855 | $ 48,274 | $ 43,312 |
Interest and dividends on investment securities | 3,219 | 3,400 | 9,559 | 10,826 |
Other interest income | 216 | 140 | 595 | 447 |
Total interest income | 19,830 | 18,395 | 58,428 | 54,585 |
Interest Expense | ||||
Deposits | 1,726 | 1,725 | 5,190 | 5,168 |
Retail repurchase agreements | 7 | 5 | 16 | 11 |
Federal Home Loan Bank advances | 507 | 521 | 1,464 | 1,504 |
Other borrowed funds | 280 | 296 | 848 | 857 |
Total interest expense | 2,520 | 2,547 | 7,518 | 7,540 |
Net Interest Income before Recovery of Loan Losses | 17,310 | 15,848 | 50,910 | 47,045 |
Recovery of provision for loan losses | (64) | (1,679) | (1,990) | (4,048) |
Net Interest Income after Recovery of Loan Losses | 17,374 | 17,527 | 52,900 | 51,093 |
Noninterest Income | ||||
Service charges on deposit accounts | 1,738 | 1,583 | 4,605 | 4,766 |
Mortgage loan income | 381 | 205 | 1,159 | 640 |
Cardholder and merchant services income | 1,253 | 1,183 | 3,596 | 3,505 |
Trust and investment services | 376 | 344 | 1,101 | 1,101 |
Bank-owned life insurance | 381 | 273 | 899 | 803 |
Other service charges, commissions and fees | 477 | 290 | 1,281 | 974 |
Securities gains, net | 0 | 34 | 0 | 754 |
Other income | 394 | 73 | 547 | 278 |
Total noninterest income | 5,000 | 3,985 | 13,188 | 12,821 |
Noninterest Expense | ||||
Personnel expense | 9,984 | 12,616 | 31,040 | 32,965 |
Net occupancy expense | 1,591 | 1,521 | 4,271 | 4,586 |
Furniture, equipment and data processing expense | 2,113 | 2,208 | 5,977 | 6,258 |
Professional fees | 572 | 699 | 1,639 | 1,799 |
Stationery, printing and supplies | 144 | 149 | 461 | 484 |
Advertising and marketing | 114 | 142 | 434 | 442 |
Other real estate owned expense | 556 | (29) | 1,421 | 1,186 |
Credit/debit card expense | 558 | 520 | 1,600 | 1,719 |
FDIC insurance | 413 | 412 | 1,322 | 1,646 |
Loan collection expense | (76) | 198 | 537 | 1,406 |
Core deposit premium intangible amortization | 370 | 352 | 1,074 | 1,056 |
Other expense | 1,088 | 1,227 | 3,486 | 4,542 |
Total noninterest expense | 17,427 | 20,015 | 53,262 | 58,089 |
Income before income taxes | 4,947 | 1,497 | 12,826 | 5,825 |
Income tax expense (benefit) | 3,430 | (276) | 6,267 | (17) |
Net income (loss) | $ 1,517 | $ 1,773 | $ 6,559 | $ 5,842 |
Weighted average number of shares outstanding - basic (shares) | 24,265,346 | 21,739,009 | 24,217,211 | 21,853,866 |
Weighted average number of shares outstanding - diluted (shares) | 24,279,112 | 21,746,965 | 24,229,885 | 21,865,972 |
Net income per share - basic and diluted (in dollars per share) | $ 0.06 | $ 0.08 | $ 0.27 | $ 0.27 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,517 | $ 1,773 | $ 6,559 | $ 5,842 |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) arising during the period on available-for-sale securities | 5,762 | (521) | 1,688 | 13,036 |
Tax effect | (2,204) | 199 | (645) | (4,986) |
Unrealized gains (losses) arising during the period on available-for-sale securities, net of tax | 3,558 | (322) | 1,043 | 8,050 |
Reclassification adjustment for gain on available-for-sale securities included in net income | 0 | (34) | 0 | (754) |
Tax effect | 0 | 13 | 0 | 288 |
Reclassification adjustment for gain on available-for-sale securities included in net income, net of tax | 0 | (21) | 0 | (466) |
Change in defined benefit plans liability | (105) | 0 | (105) | 0 |
Tax effect | 40 | 0 | 40 | 0 |
Change in defined benefit plans liability, net of tax | 65 | 0 | 65 | 0 |
Unrealized loss on interest rate swaps | (741) | 344 | (843) | (29) |
Tax effect | 283 | (132) | 322 | 11 |
Unrealized loss on interest rate swaps, net of tax | (458) | 212 | (521) | (18) |
Reclassification adjustment for loss on interest rate swaps included in net income | 2 | 0 | 8 | 0 |
Tax effect | (1) | 0 | (3) | 0 |
Reclassification adjustment for loss on interest rate swaps included in net income, net of tax | 1 | 0 | 5 | 0 |
Other comprehensive income (loss), net of tax | 3,036 | (131) | 462 | 7,566 |
Comprehensive income | $ 4,553 | $ 1,642 | $ 7,021 | $ 13,408 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |
Beginning balance (shares) at Dec. 31, 2013 | 0 | 21,861,418 | ||||
Beginning balance at Dec. 31, 2013 | $ 80,361 | $ 0 | $ 461,636 | $ (363,670) | $ (17,605) | |
Comprehensive income: | ||||||
Net income | 5,842 | 5,842 | ||||
Other comprehensive income, net of tax | 7,566 | 7,566 | ||||
Comprehensive income | 13,408 | |||||
Compensation expense recognized | 655 | $ 655 | ||||
Issuance of restricted stock awards, net of cancellations (shares) | (126,687) | |||||
Shares issued as compensation to directors (shares) | 6,479 | |||||
Shares issued as compensation to directors | 66 | $ 66 | ||||
Ending balance (shares) at Sep. 30, 2014 | 0 | 21,741,210 | ||||
Ending balance at Sep. 30, 2014 | 94,490 | $ 0 | $ 462,357 | (357,828) | (10,039) | |
Beginning balance (shares) at Dec. 31, 2014 | 0 | 24,185,923 | ||||
Beginning balance at Dec. 31, 2014 | 266,916 | [1] | $ 0 | $ 487,603 | (213,212) | (7,475) |
Comprehensive income: | ||||||
Net income | 6,559 | 6,559 | ||||
Other comprehensive income, net of tax | 462 | 462 | ||||
Comprehensive income | 7,021 | |||||
Compensation expense recognized | 672 | $ 672 | ||||
Issuance of restricted stock awards, net of cancellations (shares) | 103,828 | |||||
Shares issued as compensation to directors (shares) | 2,864 | |||||
Shares issued as compensation to directors | 31 | $ 31 | ||||
Ending balance (shares) at Sep. 30, 2015 | 0 | 24,292,615 | ||||
Ending balance at Sep. 30, 2015 | $ 274,640 | $ 0 | $ 488,306 | $ (206,653) | $ (7,013) | |
[1] | Derived from audited consolidated financial statements |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | ||
Net income | $ 6,559 | $ 5,842 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: | ||
Depreciation and amortization of premises and equipment | 2,709 | 2,937 |
Recovery of loan losses | (1,990) | (4,048) |
Deferred income taxes | 6,228 | (17) |
Deferred loan fees and costs, net | (333) | 462 |
Premium amortization and discount accretion of investment securities, net | 2,086 | 1,797 |
Net gain on sale of investment securities | 0 | (754) |
Amortization of core deposit premiums | 1,074 | 1,056 |
Net accretion on acquired loans | (5,657) | (7,715) |
Stock compensation expense | 703 | 721 |
Increase in cash surrender value of bank-owned life insurance, net | (633) | (857) |
Origination of loans held for sale | (72,957) | (42,724) |
Net proceeds from sale of loans held for sale | 72,292 | 42,716 |
Net gain on sale of loans held for sale | (628) | (424) |
Mortgage servicing rights capitalized | (804) | (433) |
Mortgage servicing rights amortization | 422 | 306 |
Net gain on sale of premises and equipment | (368) | 59 |
Net loss on sales and write-downs of other real estate owned | 1,179 | 739 |
Changes in assets and liabilities: | ||
Decrease (Increase) in accrued interest receivable and other assets | (7,148) | 740 |
Increase (Decrease) in accrued interest payable and other liabilities | (4,624) | 1,144 |
Net cash provided by (used in) operating activities | (1,890) | 1,547 |
Available-for-sale securities: | ||
Proceeds from sales | 0 | 27,183 |
Proceeds from maturities, calls and principal repayments | 34,641 | 35,668 |
Purchases | (60,525) | 0 |
Held-to-maturity securities: | ||
Proceeds from maturities, calls and principal repayments | 9,783 | 6,817 |
Purchases | (20,394) | 0 |
Net increase in loans held for investment | (164,005) | (101,065) |
Proceeds from sales of other real estate owned | 4,263 | 8,629 |
Purchases of premises and equipment | (1,678) | (1,692) |
Proceeds from sales of premises and equipment | 1,754 | 75 |
Net cash received in branch acquisition | 56,788 | 0 |
Net cash used in investing activities | (139,373) | (24,385) |
Financing Activities | ||
Net increase in deposits (excluding branch deposit acquisition) | 43,700 | 10,225 |
Increase in retail repurchase agreements | 7,677 | 5,300 |
Increase (Decrease) in Federal Home Loan Bank advances | 22,010 | (37) |
Net cash provided by financing activities | 73,387 | 15,488 |
Net Increase (Decrease) in Cash and Cash Equivalents | (67,876) | (7,350) |
Cash and Cash Equivalents at Beginning of Period | 95,882 | 67,430 |
Cash and Cash Equivalents at End of Period | 28,006 | 60,080 |
Cash paid during the period for: | ||
Interest | 10,792 | 6,752 |
Income taxes, net of refunds | 39 | 0 |
Noncash transactions: | ||
Foreclosed loans transferred to other real estate owned | 4,199 | 2,894 |
Loans to facilitate the sale of other real estate owned | 0 | 1,699 |
Unrealized securities gains, net of income taxes | 1,043 | 7,584 |
Transfer of fixed assets to other assets | 1,335 | 2,136 |
Employee benefit plan costs, net of income taxes | (65) | 0 |
Unrealized loss on interest rate swaps, net of income taxes | (516) | (18) |
Assets acquired in branch purchase | 59,086 | 0 |
Liabilities assumed in branch purchase | $ 58,770 | $ 0 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Nature of Operations CommunityOne Bancorp, ("COB" or the "Company," also referred to as “us” or “we” and our subsidiaries on a consolidated basis), is a bank holding company headquartered in Charlotte, North Carolina and incorporated in 1984 under the laws of the State of North Carolina. Through our ownership of CommunityOne Bank, N.A. (the "Bank,") a national banking association founded in 1907 and headquartered in Asheboro, North Carolina, we offer a complete line of consumer, mortgage and business banking services, including loan, deposit and treasury management, as well as wealth management and trust services, to individual and small and middle market businesses through financial centers located throughout central, southern and western North Carolina. Our strategy is to grow the Company organically by focusing on meeting the financial needs of customers in our market area by providing a suite of quality financial products and services through local and experienced bankers and lenders located in branches and loan production offices in our customers’ local markets. We also offer the convenience of online and mobile banking capabilities. In addition to organic growth, our strategy is to grow through merger and acquisition activity in our markets, should attractive opportunities present themselves. We define our market as communities located in North Carolina, as well as adjoining markets in South Carolina and Virginia. We earn revenue primarily from interest on loans and securities investments, mortgage banking income and fees charged for financial services provided to our customers. Offsetting these revenues are the cost of deposits and other funding sources, provision for loan losses and operating costs such as salaries and employee benefits, occupancy, data processing expenses, loan origination and collection expenses and tax expense. General In the accompanying consolidated financial statements, prepared without audit, all significant intercompany balances and transactions have been eliminated. Descriptions of the organization and business of COB, accounting policies followed by COB and other relevant information are contained in our Annual Report on Form 10-K for the year ended December 31, 2014 (the "Form 10-K"), including the Notes to the consolidated financial statements filed as part of that report. This quarterly report should be read in conjunction with the Form 10-K. In the opinion of management, the accompanying consolidated financial statements contain the adjustments, all of which are normal recurring adjustments, necessary to present fairly the financial position of COB as of September 30, 2015 and December 31, 2014 , and the results of its operations for the three and nine months ended and cash flows for the nine months ended September 30, 2015 and 2014 , respectively. Use of Estimates We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States ("GAAP"). Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for loan losses (“ALL”), estimated cash flows of purchased impaired loans, the carrying value of other real estate owned ("OREO"), the carrying value of investment securities and the realization of deferred tax assets. Reclassification Certain reclassifications have been made to the prior period consolidated financial statements to place them on a comparable basis with the current period consolidated financial statements. These reclassifications have no effect on net income or shareholders' equity as previously reported. Recent Accounting Pronouncements In January 2014, the FASB issued ASU No. 2014-04 Troubled Debt Restructurings by Creditors (Subtopic 310-40): "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure" (“ASU No. 2014-04”). This pronouncement clarifies the criteria for concluding that an in substance repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. The amendments also outline interim and annual disclosure requirements. The amendments became effective for the Company for interim and annual reporting periods beginning after December 15, 2014. These amendments did not have a material effect on the Company's financial statements. In May 2014, the FASB issued an update (ASU No. 2014-09, Revenue from Contracts with Customers) creating FASB Topic 606, Revenue from Contracts with Customers. The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides steps to follow to achieve the core principle. An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Qualitative and quantitative information is required about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2017. We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements. In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in this ASU change the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The amendments also require two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. The second disclosure provides increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments became effective for the Company for interim and annual reporting periods beginning after December 15, 2014. These amendments did not have an impact on the Company’s consolidated financial statements, but resulted in additional disclosures. See Note 10 - Repurchase Agreement Borrowings. FASB - From time to time, the FASB issues exposure drafts for proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. Management considers the effect of the proposed statements on the consolidated financial statements of COB and monitors the status of changes to and proposed effective dates of exposure drafts. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on our financial position, results of operations or cash flows. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We accounted for our October 2011 merger (the "Merger") with Bank of Granite Corporation (“Granite”) as a business combination under the acquisition method of accounting. As a result, we have recognized in our financial statements the identifiable net assets acquired and an amount of goodwill (representing the difference between the purchase price and the identifiable net assets acquired). Goodwill and other intangible assets deemed to have indefinite lives generated from purchased business combinations are not subject to amortization and are instead tested for impairment no less than annually. Impairment exists when the carrying value of goodwill exceeds its implied fair value. An impairment loss would be recognized in an amount equal to that excess and would be included in noninterest expense in the Consolidated Statements of Operations. None of the goodwill recognized in the Merger is expected to be deductible for income tax purposes. Our intangible assets with definite lives are core deposit premiums ("CDP"), including the amount associated with the Company's June 2015 branch acquisition from CertusBank, N.A., and mortgage servicing rights ("MSR"). During the third quarter we finalized the acquisition accounting for the CertusBank, N.A. branch acquisition and recorded a bargain purchase gain in other income of $0.3 million, representing the excess of the net fair value of assets acquired and liabilities assumed over the purchase price. CDPs are amortized over their useful lives to their estimated residual value and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits. MSRs are amortized over the expected lives of the underlying mortgages including prepayment estimates. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Securities designated as available-for-sale are carried at fair value. However, the unrealized difference between amortized cost and fair value of securities available-for-sale is excluded from net income unless there is an other than temporary impairment and it is reported, net of deferred taxes, as a component of shareholders' equity as accumulated other comprehensive income (loss). Securities designated as held-to-maturity are carried at amortized cost, as the Company has the ability, and management has the positive intent, to hold these securities to maturity. Premiums and discounts on securities are amortized and accreted according to the interest method. Our primary objective in managing the investment portfolio is to maintain a portfolio of high quality, highly liquid investments yielding competitive returns. We are required under federal regulations to maintain adequate liquidity to ensure safe and sound operations. We maintain investment balances based on a continuing assessment of cash flows, the level of loan production, current interest rate risk strategies and an assessment of the potential future direction of market interest rate changes. Investment securities differ in terms of default, interest rate, liquidity and expected rate of return risks. The following table summarizes the amortized cost and estimated fair value of investment securities and presents the related gross unrealized gains and losses: September 30, 2015 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-Sale: Obligations of U.S. government sponsored enterprises $ 2,011 $ 8 $ — $ 2,019 Residential mortgage-backed securities-GSE 291,955 631 4,445 288,141 Residential mortgage-backed securities-Private 14,456 631 4 15,083 Commercial mortgage-backed securities-GSE 22,080 68 — 22,148 Commercial mortgage-backed securities-Private 17,879 20 86 17,813 Corporate notes 30,744 9 28 30,725 Total available-for-sale 379,125 1,367 4,563 375,929 Held-to-Maturity: Residential mortgage-backed securities-GSE 123,735 210 763 123,182 Residential mortgage-backed securities-Private 18,875 — 255 18,620 Commercial mortgage-backed securities-Private 10,060 73 — 10,133 Total held-to-maturity 152,670 283 1,018 151,935 Total investment securities $ 531,795 $ 1,650 $ 5,581 $ 527,864 December 31, 2014 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-Sale: Obligations of U.S. government sponsored enterprises $ 2,028 $ 16 $ — $ 2,044 Residential mortgage-backed securities-GSE 295,300 438 5,593 290,145 Residential mortgage-backed securities-Private 16,455 820 4 17,271 Commercial mortgage-backed securities-GSE 22,377 — 419 21,958 Commercial mortgage-backed securities-Private 10,365 — 150 10,215 Corporate notes 8,399 8 — 8,407 Total available-for-sale 354,924 1,282 6,166 350,040 Held-to-Maturity: Residential mortgage-backed securities-GSE 132,396 116 1,635 130,877 Commercial mortgage-backed securities-Private 10,065 — 67 9,998 Total held-to-maturity 142,461 116 1,702 140,875 Total investment securities $ 497,385 $ 1,398 $ 7,868 $ 490,915 As a member of the Federal Home Loan Bank of Atlanta (“FHLB”), the Bank is required to own capital stock in the FHLB based generally upon the balances of total assets and FHLB advances. FHLB capital stock is pledged to secure FHLB advances. This investment is carried at cost since no ready market exists for FHLB stock and there is no quoted market value. However, redemption of this stock has historically been at par value. The Bank owned a total of $5.8 million of FHLB stock at September 30, 2015 and $4.9 million at December 31, 2014 . Due to the redemption provisions of FHLB stock, we have estimated that fair value approximated cost and that this investment was not impaired at September 30, 2015 . FHLB stock is included in other assets at its original cost basis. As a member bank of the Federal Reserve Bank of Richmond (“FRBR”), the Bank also is required to own capital stock of the FRBR based upon a percentage of the Bank's common stock and surplus. This investment is carried at cost since no ready market exists for FRBR stock and there is no quoted market value. At September 30, 2015 and December 31, 2014 , the Bank owned a total of $9.7 million and $4.7 million of FRBR stock, respectively. Because this investment is in an entity of the U.S. government, we have estimated that fair value approximated the cost and that this investment was not impaired at September 30, 2015 . FRBR stock is included in other assets at its original cost basis. At September 30, 2015 , $140.2 million of the investment securities portfolio was pledged to secure public deposits, $17.9 million was pledged to retail repurchase agreements and $162.0 million was pledged to others, leaving $208.5 million available as pledgeable collateral. The Bank did not sell any investment securities during the three and nine months ended September 30, 2015 . During the three and nine months ended September 30, 2014 , the Bank sold securities with a book value of $23.9 million and $26.4 million , respectively and recognized gains of $34 thousand and $0.8 million , respectively. The following tables show our investments' estimated fair value and gross unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at September 30, 2015 and December 31, 2014 . The change in unrealized losses during the nine months ending September 30, 2015 was attributed to changes in interest rates and not to changes in the credit quality of these securities. All unrealized losses on investment securities are considered by management to be temporary given the credit quality of these investment securities or the short duration of the unrealized loss, or both. Less than 12 Months 12 Months or More Total (dollars in thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses September 30, 2015 Available-for-Sale: Residential mortgage-backed securities-GSE $ 91,601 $ 880 $ 137,652 $ 3,565 $ 229,253 $ 4,445 Residential mortgage-backed securities-Private — — 1,031 4 1,031 4 Commercial mortgage-backed securities-GSE — — — — — — Commercial mortgage-backed securities-Private 12,564 86 — — 12,564 86 Corporate Notes 20,328 28 20,328 28 Total available-for-sale 124,493 994 138,683 3,569 263,176 4,563 Held-to-Maturity: Residential mortgage-backed securities-GSE 45,712 459 36,624 304 82,336 763 Residential mortgage-backed securities-Private 18,621 255 — — 18,621 255 Commercial mortgage-backed securities-Private — — — — — — Total held-to-maturity 64,333 714 36,624 304 100,957 1,018 Total $ 188,826 $ 1,708 $ 175,307 $ 3,873 $ 364,133 $ 5,581 December 31, 2014 Available-for-Sale Residential mortgage-backed securities-GSE $ — $ — $ 245,457 $ 5,593 $ 245,457 $ 5,593 Residential mortgage-backed securities-Private 1,154 4 — — 1,154 4 Commercial mortgage-backed securities-GSE — — 21,958 419 21,958 419 Commercial mortgage-backed securities-Private — — 10,215 150 10,215 150 Total available-for-sale 1,154 4 277,630 6,162 278,784 6,166 Held-to-Maturity: Residential mortgage-backed securities-GSE — — 112,878 1,635 112,878 1,635 Commercial mortgage-backed securities-Private — — 9,998 67 9,998 67 Total held-to-maturity — — 122,876 1,702 122,876 1,702 Total $ 1,154 $ 4 $ 400,506 $ 7,864 $ 401,660 $ 7,868 At September 30, 2015 and December 31, 2014, there were 17 and 33 available-for-sale securities that were in an unrealized loss position for 12 months or more, respectively. We analyzed our securities portfolio at September 30, 2015 , and considered ratings, fair value, cash flows and other factors to determine if any of the securities were other than temporarily impaired. Since none of the unrealized losses relate to the marketability of the securities or the issuer’s ability to honor redemption obligations, and we have determined that it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis, none of the securities are deemed to be other than temporarily impaired. The aggregate amortized cost and fair value of securities at September 30, 2015 , by remaining contractual maturity, are shown in the following table. Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay the obligations. Mortgage backed securities are grouped based on stated maturity date, but actual maturity will vary based on the actual repayment of the underlying mortgage loans. Available-for-Sale Held-to-Maturity (dollars in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value U.S. government sponsored agencies Due in one year or less $ 2,011 $ 2,019 $ — $ — Residential mortgage-backed securities-GSE Due after five years through 10 years 1,930 1,984 — — Due after ten years 290,025 286,157 123,735 123,182 Residential mortgage-backed securities-Private Due after ten years 14,456 15,083 18,875 18,621 Commercial mortgage-backed securities-GSE Due after five years through 10 years 22,080 22,148 — — Commercial mortgage-backed securities-Private Due after ten years 17,879 17,813 10,060 10,132 Corporate notes Due after one year through five years 30,744 30,725 — — Total $ 379,125 $ 375,929 $ 152,670 $ 151,935 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2015 | |
Loans Receivable, Net [Abstract] | |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses General Loans held for investment are stated at the principal amounts outstanding adjusted for purchase premiums/discounts, deferred net loan fees and costs, and unearned income. We report our loan portfolio by segments and classes, which are disaggregations of portfolio segments. Our portfolio segments are: Commercial and agricultural, Real estate, and Consumer loans. The Commercial and agricultural loan and Consumer loan portfolios are not further segregated into classes. The classes within the Real estate portfolio segment include Real estate - construction and Real estate - mortgage, which is further broken into 1-4 family residential mortgage and Commercial real estate mortgage loans. Loan fees and the incremental direct costs associated with originating a loan are deferred and subsequently recognized over the life of the loan as an adjustment to interest income. In addition to originating loans, we also purchase loans. At acquisition, purchased loans are designated as either purchased contractual loans ("PC loans") or purchased impaired loans ("PI loans"). PC loans are acquired loans where management believes it is probable that it will receive all principal as of the date of acquisition. These loans are accounted for under the contractual cash flow method, under ASC 310-20. Any discount or premium paid on PC loans is amortized and included in interest income using the effective yield method over the expected life of the loans. PI loans are acquired loans whose purchase price has been discounted, in part, due to credit deterioration occurring subsequent to origination. Accordingly, management believes it is probable that all contractual principal and interest on these acquired loans will not be received. PI loans are placed in homogeneous risk-based pools where accounting for projected cash flows is performed, as allowed under ASC 310-30. Once a pool is established the individual loans within each pool do not change. As management obtains new information related to changes in expected principal loss and expected cash flows, by pool, we record either an increase in yield when new expected cash flows increase, an allowance for loan losses when new expected cash flows decline, or a decrease in yield when there is only a timing difference in expected cash flows. Loans acquired in the Merger ("Granite Purchased Loans") included PI loans and PC loans. Loans designated as PC loans included performing revolving consumer and performing revolving commercial loans on the acquisition date. The following table presents an aging analysis of accruing and nonaccruing loans as of September 30, 2015 : (dollars in thousands) Accruing 30-59 days past due 60-89 days past due More than 90 days past due Nonaccrual Total past due and nonaccrual Current and accruing Total Loans PC and Originated Loans Commercial and agricultural $ — $ 7 $ — $ 429 $ 436 $ 148,669 $ 149,105 Real estate - construction 17 — — 488 505 77,807 78,312 Real estate - mortgage: 1-4 family residential 874 442 18 9,370 10,704 662,028 672,732 Commercial — — — 7,556 7,556 422,452 430,008 Consumer 935 152 — 535 1,622 97,999 99,621 Total 1,826 601 18 18,378 20,823 1,408,955 1,429,778 PI loans Commercial and agricultural 49 — 1,739 — 1,788 4,060 5,848 Real estate - construction — — 1,481 — 1,481 6,514 7,995 Real estate - mortgage: 1-4 family residential 325 — 1,542 — 1,867 12,924 14,791 Commercial 316 315 8,715 — 9,346 53,739 63,085 Consumer 2 1 7 — 10 948 958 Total 692 316 13,484 — 14,492 78,185 92,677 Total Loans $ 2,518 $ 917 $ 13,502 $ 18,378 $ 35,315 $ 1,487,140 $ 1,522,455 The following table presents an aging analysis of accruing and nonaccruing loans as of December 31, 2014 : (dollars in thousands) Accruing 30-59 days past due 60-89 days past due More than 90 days past due Nonaccrual Total past due and nonaccrual Current and accruing Total Loans PC and Originated Loans Commercial and agricultural $ — $ — $ — $ 608 $ 608 $ 105,269 $ 105,877 Real estate - construction 100 — — 2,307 2,407 66,723 69,130 Real estate - mortgage: 1-4 family residential 2,719 147 — 8,637 11,503 638,364 649,867 Commercial 105 141 — 13,381 13,627 325,356 338,983 Consumer 744 225 5 355 1,329 69,760 71,089 Total 3,668 513 5 25,288 29,474 1,205,472 1,234,946 PI loans Commercial and agricultural — — 2,232 — 2,232 5,303 7,535 Real estate - construction — — 3,737 — 3,737 5,460 9,197 Real estate - mortgage: 1-4 family residential 579 15 2,209 — 2,803 14,934 17,737 Commercial 287 119 12,964 — 13,370 73,975 87,345 Consumer 2 — 10 — 12 1,016 1,028 Total 868 134 21,152 — 22,154 100,688 122,842 Total Loans $ 4,536 $ 647 $ 21,157 $ 25,288 $ 51,628 $ 1,306,160 $ 1,357,788 All PI loans are considered to be accruing for all periods presented, in accordance with ASC 310-30. Risk Grades The risk-grade categories presented in the following table, which are standard categories used by the bank regulators, are: Pass - Loans categorized as Pass are higher quality loans that have adequate sources of repayment and little risk of collection. Special Mention - A Special Mention loan has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution's credit position at some future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Substandard - A Substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of Substandard loans, does not have to exist in individual assets classified Substandard. Doubtful - A loan classified as Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors, which may work to the advantage of strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans. Loans categorized as Special Mention, Substandard and Doubtful are considered Criticized. Loans categorized as Substandard or Doubtful are considered Classified. Purchased loans acquired in the Merger are recorded at estimated fair value on the date of acquisition without the carryover of related ALL. The table below includes $21.0 million and $27.0 million in Granite Purchased Loans categorized as Substandard or Doubtful at September 30, 2015 and December 31, 2014 , respectively. The following table presents loans held for investment balances by risk grade as of September 30, 2015 : (dollars in thousands) Pass Special Mention Substandard Doubtful (Ratings 1-5) (Rating 6) (Rating 7) (Rating 8) Total Commercial and agricultural $ 152,019 $ 712 $ 2,222 $ — $ 154,953 Real estate - construction 79,145 2,204 4,958 — 86,307 Real estate - mortgage: 1-4 family residential 667,255 4,911 15,357 — 687,523 Commercial 449,359 17,210 26,209 315 493,093 Consumer 99,545 6 553 475 100,579 Total $ 1,447,323 $ 25,043 $ 49,299 $ 790 $ 1,522,455 The following table presents loans held for investment balances by risk grade as of December 31, 2014 : (dollars in thousands) Pass Special Mention Substandard Doubtful (Ratings 1-5) (Rating 6) (Rating 7) (Rating 8) Total Commercial and agricultural $ 104,165 $ 6,318 $ 2,930 $ — $ 113,413 Real estate - construction 68,995 2,411 6,921 — 78,327 Real estate - mortgage: 1-4 family residential 646,897 5,363 15,342 — 667,602 Commercial 363,267 25,715 36,984 362 426,328 Consumer 71,350 11 376 381 72,118 Total $ 1,254,674 $ 39,818 $ 62,553 $ 743 $ 1,357,788 Loans included in the preceding loan composition table are net of participations sold. Loans are increased by net loan premiums of $3.6 million and $2.8 million at September 30, 2015 and December 31, 2014 , respectively. At September 30, 2015 and December 31, 2014, loans held for sale consisted of originated residential mortgage loans held for sale carried at the lower of cost or fair market value. Loans serviced for others are not included in the consolidated balance sheet. The unpaid principal balance of loans serviced for others amounted to $287.0 million at September 30, 2015 and $235.0 million at December 31, 2014 . Loans Pledged To borrow from the FHLB, members must pledge collateral to secure advances and letters of credit. Acceptable collateral includes, among other types of collateral, a variety of residential, multifamily, home equity lines and second mortgages, and commercial loans. Gross loans of $107.8 million and $116.3 million of investment securities, and gross loans of $127.2 million and $124.6 million of investment securities, were pledged to collateralize FHLB advances and letters of credit at September 30, 2015 and December 31, 2014 , respectively, of which there was $90.3 million and $130.8 million of credit availability for borrowing, respectively. At September 30, 2015 , $4.2 million of loans and $45.7 million of securities were pledged to collateralize potential borrowings from the Federal Reserve Discount Window, of which $48.9 million was available as borrowing capacity. We could also access $275.3 million of additional borrowings from the FHLB under credit lines by pledging additional collateral. Nonaccruing and Impaired Loans Interest income on loans is calculated by using the interest method based on the daily outstanding balance. The recognition of interest income is discontinued when, in management's opinion, the collection of all or a portion of interest becomes doubtful. Loans are returned to accrual status when the factors indicating doubtful collectability cease to exist and the loan has performed in accordance with its terms for a demonstrated period of time. The past due status of loans is based on the contractual payment terms. Had nonaccruing loans been on accruing status, interest income would have been higher by $1.2 million and $1.7 million for the nine months ended September 30, 2015 and September 30, 2014 , respectively. At September 30, 2015 and December 31, 2014 , COB had certain impaired loans of $19.5 million and $25.3 million , respectively, which were on nonaccruing interest status. All loan classes are considered past due when the contractual amounts due with respect to principal and interest are not received within 30 days of the contractual due date. When we cannot reasonably expect full and timely repayment of a loan, the loan is placed on nonaccrual. All loan classes on which principal or interest is in default for 90 days or more are put on nonaccrual status, unless there is sufficient information to conclude that the loan is well secured and in the process of collection. A debt is "well-secured" if collateralized by liens on or pledges of real or personal property, including securities, which have a realizable value sufficient to discharge the debt in full, or by the guarantee of a financially responsible party. A debt is "in process of collection" if collection is proceeding in due course either through legal action, including judgment enforcement procedures, or, in appropriate circumstances, through collection efforts not involving legal action that are reasonably expected to result in repayment of the debt or its restoration to a current status. Loans that are less than 90 days delinquent may also be placed on nonaccrual if deterioration in the financial condition of the borrower has increased the probability of less than full repayment. At the time a loan is placed on nonaccrual, all accrued, unpaid interest is charged off, unless repayment of all principal and presently accrued but unpaid interest is probable. Charge-offs of accrued and unpaid interest are charged against the current year's interest income and not against the ALL. For all loan classes, a nonaccrual loan may be returned to accrual status when we can reasonably expect continued timely payments until payment in full. All prior arrearage does not have to be eliminated, nor do all previously charged off amounts need to have been recovered, but the loan can still be returned to accrual status if the following conditions are met: (1) all principal and interest amounts contractually due (including arrearage) are reasonably assured of repayment within a reasonable period; and (2) there is a sustained period of repayment performance (generally a minimum of six months) by the borrower, in accordance with the contractual terms involving payments of cash or cash equivalents. For all classes within all loan portfolios, cash receipts received on nonaccrual loans are generally applied entirely against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income. For all loan classes, as soon as any portion of a loan becomes uncollectible, the loan will be charged down or charged off as follows: • If unsecured, the loan must be charged off in full. • If secured, the outstanding principal balance of the loan should be charged down to the net liquidation value of the collateral. Loans are considered uncollectible when: • No regularly scheduled payment has been made within four months and the determination is made that any further payment is unlikely, or • The loan is unsecured, the borrower has filed for bankruptcy protection and there is no other (guarantor, etc.) support from an entity outside of the bankruptcy proceedings. Based on a variety of credit, collateral and documentation issues, loans with lesser degrees of delinquency or obvious loss may also be deemed uncollectible. A loan is considered impaired, based on current information and events, if it is probable that we will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. If the loan has been modified to provide relief to the borrower, the loan is deemed to be impaired if all principal and interest will not be repaid according to the original contract. When a loan has been determined to be impaired, the amount of the impairment is measured using the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, the observable market price of the loan, or the fair value of the collateral if the loan is collateral dependent. When the present value of expected future cash flows is used, the effective interest rate is the original contractual interest rate of the loan adjusted for any premium or discount. When the contractual interest rate is variable, the effective interest rate of the loan changes over time. A specific reserve is established as a component of the ALL when a loan has been determined to be impaired. Subsequent to the initial measurement of impairment, if there is a significant change to the impaired loan's expected future cash flows, or if actual cash flows are significantly different from the cash flows previously estimated, we recalculate the impairment and appropriately adjust the specific reserve. Similarly, if we measure impairment based on the observable market price of an impaired loan or the fair value of the collateral of an impaired collateral-dependent loan, we will adjust the specific reserve if there is a significant change in either of those bases. When a loan is impaired and principal and interest is in doubt when contractually due, interest income is not recognized. Cash receipts received on nonaccruing impaired loans within any class are generally applied entirely against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income. Cash receipts received on accruing impaired loans within any class are applied in the same manner as accruing loans that are not considered impaired. The following table summarizes information relative to impaired loans for the dates indicated: September 30, 2015 December 31, 2014 (dollars in thousands) Recorded Investment Associated Reserves Recorded Investment Associated Reserves Impaired loans, not individually reviewed for impairment $ 4,124 $ — $ 4,967 $ — Impaired loans, individually reviewed, with no impairment 24,013 — 26,631 — Impaired loans, individually reviewed, with impairment 3,448 344 7,851 418 Total impaired loans, excluding purchased impaired * $ 31,585 344 $ 39,449 418 Purchased impaired loans with subsequent deterioration $ 89,292 3,190 $ 118,701 3,237 Purchased impaired loans with no subsequent deterioration 3,385 — 4,141 — Total Reserves $ 3,534 $ 3,655 Average impaired loans calculated using a simple average 35,517 43,446 * Included at September 30, 2015 and December 31, 2014 were $13.2 million and $14.1 million, respectively, in restructured and performing loans. The following table presents loans held for investment on nonaccrual status by loan class for the dates indicated: (dollars in thousands) September 30, 2015 December 31, 2014 Loans held for investment: Commercial and agricultural $ 429 $ 608 Real estate - construction 488 2,307 Real estate - mortgage: 1-4 family residential 9,370 8,637 Commercial 7,556 13,381 Consumer 535 355 Total nonaccrual loans 18,378 25,288 Loans more than 90 days delinquent, still on accrual 18 5 Total nonperforming loans $ 18,396 $ 25,293 There were no loans held for sale on nonaccrual status as of September 30, 2015 or December 31, 2014. The following table presents individually reviewed impaired loans and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding allowance for loan losses as of September 30, 2015 : Unpaid (dollars in thousands) Recorded Principal Related Investment Balance Allowance Individually reviewed impaired loans with no related allowance recorded: Commercial and agricultural $ 399 $ 479 $ — Real estate - construction 840 1,060 — Real estate - mortgage: 1-4 family residential 8,640 10,649 — Commercial 14,133 19,275 — Consumer — — — Total 24,012 31,463 — Individually reviewed impaired loans with an allowance recorded: Commercial and agricultural — — — Real estate - construction — — — Real estate - mortgage: 1-4 family residential 3,448 4,138 344 Commercial — — — Consumer — — — Total 3,448 4,138 344 Total individually reviewed impaired loans: Commercial and agricultural 399 479 — Real estate - construction 840 1,060 — Real estate - mortgage: 1-4 family residential 12,088 14,787 344 Commercial 14,133 19,275 — Consumer — — — Total $ 27,460 $ 35,601 $ 344 PI loans with subsequent credit deterioration: Commercial and agricultural $ 5,848 $ 4,721 $ 218 Real estate - construction 7,547 8,336 665 Real estate - mortgage: 1-4 family residential 11,854 12,317 256 Commercial 63,085 63,890 1,906 Consumer 958 621 145 Total $ 89,292 $ 89,885 $ 3,190 The following table presents individually reviewed impaired loans, and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding allowance for loan losses as of December 31, 2014 : Unpaid (dollars in thousands) Recorded Principal Related Investment Balance Allowance Individually reviewed impaired loans with no related allowance recorded: Commercial and agricultural $ — $ — $ — Real estate - construction 2,344 2,898 — Real estate - mortgage: 1-4 family residential 8,115 10,238 — Commercial 16,172 22,060 — Consumer — — — Total 26,631 35,196 — Individually reviewed impaired loans with an allowance recorded: Commercial and agricultural 498 498 58 Real estate - construction — — — Real estate - mortgage: 1-4 family residential 3,294 3,676 331 Commercial 4,059 4,228 29 Consumer — — — Total 7,851 8,402 418 Total individually reviewed impaired loans: Commercial and agricultural 498 498 58 Real estate - construction 2,344 2,898 — Real estate - mortgage: 1-4 family residential 11,409 13,914 331 Commercial 20,231 26,288 29 Consumer — — — Total $ 34,482 $ 43,598 $ 418 PI loans with subsequent credit deterioration: Commercial and agricultural $ 7,535 $ 6,149 $ 257 Real estate - construction 8,619 9,855 507 Real estate - mortgage: 1-4 family residential 14,174 15,278 199 Commercial 87,345 90,830 2,085 Consumer 1,028 667 189 Total $ 118,701 $ 122,779 $ 3,237 The following summary presents individually reviewed impaired loans. Average recorded investment and interest income recognized on impaired loans, segregated by portfolio segment, is shown in the following tables as of September 30, 2015 and September 30, 2014 : For Three Months Ended For Three Months Ended September 30, 2015 September 30, 2014 Average Interest Average Interest (dollars in thousands) Recorded Income Recorded Income Investment Recognized Investment Recognized Individually reviewed impaired loans with no related allowance recorded: Commercial and agricultural $ 404 $ — $ 222 $ — Real estate - construction 878 8 2,865 8 Real estate - mortgage: 1-4 family residential 8,786 31 8,253 23 Commercial 14,329 50 19,042 28 Consumer — — — — Total 24,397 89 30,382 59 Individually reviewed impaired loans with an allowance recorded: Commercial and agricultural — — — — Real estate - construction — — — — Real estate - mortgage: 1-4 family residential 3,509 10 3,413 12 Commercial — — 4,427 38 Consumer — — — — Total 3,509 10 7,840 50 Total individually reviewed impaired loans: Commercial and agricultural 404 — 222 — Real estate - construction 878 8 2,865 8 Real estate - mortgage: 1-4 family residential 12,295 41 11,666 35 Commercial 14,329 50 23,469 66 Consumer — — — — Total $ 27,906 $ 99 $ 38,222 $ 109 For Nine Months Ended For Nine Months Ended September 30, 2015 September 30, 2014 Average Interest Average Interest (dollars in thousands) Recorded Income Recorded Income Investment Recognized Investment Recognized Individually reviewed impaired loans with no related allowance recorded: Commercial and agricultural $ 439 $ — $ 222 $ — Real estate - construction 1,093 26 2,936 29 Real estate - mortgage: 1-4 family residential 7,937 85 8,400 87 Commercial 14,393 180 19,814 237 Consumer — — — — Total 23,862 291 31,372 353 Individually reviewed impaired loans with an allowance recorded: Commercial and agricultural — — — — Real estate - construction — — — — Real estate - mortgage: 1-4 family residential 3,966 43 3,440 45 Commercial 1,277 52 4,479 153 Consumer — — — — Total 5,243 95 7,919 198 Total individually reviewed impaired loans: Commercial and agricultural 439 — 222 — Real estate - construction 1,093 26 2,936 29 Real estate - mortgage: 1-4 family residential 11,903 128 11,840 132 Commercial 15,670 232 24,293 390 Consumer — — — — Total $ 29,105 $ 386 $ 39,291 $ 551 Impaired loans also include loans for which we may elect to grant a concession, providing terms more favorable than those prevalent in the market (e.g., rate, amortization term), and formally restructure due to the weakening credit status of a borrower. Restructuring is designed to facilitate a repayment plan that minimizes the potential losses that we otherwise may have to incur. If these impaired loans are on nonaccruing status as of the date of restructuring, the loans are included in nonperforming loans. Nonperforming restructured loans will remain as nonperforming until the borrower can demonstrate adherence to the restructured terms for a period of no less than six months and when it is otherwise determined that continued adherence is reasonably assured. Some restructured loans continue as accruing loans after restructuring if the borrower is not past due at the time of restructuring, adequate collateral valuations support the restructured loans, and the cash flows of the underlying business appear adequate to support the restructured debt service. Not included in nonperforming loans are loans that have been restructured that were performing as of the restructure date. At September 30, 2015 , there was $18.5 million in restructured loans, of which $14.2 million were accruing. At December 31, 2014 , there was $19.4 million in restructured loans, of which $14.1 million were accruing. Granite Purchased Loans Granite Purchased Loans include PI loans and PC loans. PC loans consist of revolving consumer and commercial loans that were performing as of the acquisition date. PI loans are segregated into pools and recorded at estimated fair value on the date of acquisition without the carryover of the related ALL. PI loans are accounted for under ASC 310-30 when the loans have evidence of credit deterioration since origination and it is probable at the date of acquisition we will not collect all contractually required principal and interest payments. Evidence of credit quality deterioration as of the date of acquisition may include statistics such as past due status, nonaccrual status and risk grade. PI loans generally meet our definition for nonaccrual status; however, even if the borrower is not currently making payments, we will classify loans as accruing if we can reasonably estimate the amount and timing of future cash flows. All Granite PI loans are presented on an accruing basis. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference. Periodically, we estimate the expected cash flows for each pool of the PI loans and evaluate whether the expected cash flows for each pool have changed from prior estimates. Decreases to the expected cash flows will generally result in a provision for loan losses. Subsequent increases in cash flows result in a reversal of the provision for loan losses to the extent of prior provisions, or reclassification from non-accretable difference to accretable yield with a positive impact on future interest income. Excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan when there is a reasonable expectation about the amount and timing of such cash flows. We have accounted for the Granite PI loans under ASC 310-30 and the Granite PC loans under ASC 310-20. At September 30, 2015 and December 31, 2014, our financial statements reflected a Granite PI loan ALL of $3.2 million and $3.2 million , respectively, and an ALL for Granite PC loans of $0.4 million and $0.3 million , respectively. The following table presents the balance of all Granite Purchased Loans: At September 30, 2015 (dollars in thousands) Purchased Impaired Purchased Contractual Total Purchased Loans Unpaid Commercial and agricultural $ 5,848 $ 1,228 $ 7,076 $ 5,964 Real estate - construction 7,995 — 7,995 8,821 Real estate - mortgage: 1-4 family residential 14,791 19,520 34,311 35,303 Commercial 63,085 — 63,085 63,890 Consumer 958 — 958 621 Total $ 92,677 $ 20,748 $ 113,425 $ 114,599 At December 31, 2014 (dollars in thousands) Purchased Impaired Purchased Contractual Total Unpaid Commercial and agricultural $ 7,535 $ 4,288 $ 11,823 $ 10,508 Real estate - construction 9,197 — 9,197 10,463 Real estate - mortgage: 1-4 family residential 17,737 21,660 39,397 41,295 Commercial 87,345 — 87,345 90,830 Consumer 1,028 — 1,028 678 Total $ 122,842 $ 25,948 $ 148,790 $ 153,774 The tables below include only those Granite Purchased Loans accounted for under the expected cash flow method (PI loans) for the periods indicated. These tables do not include PC loans, including Granite PC loans or purchased residential mortgage loan pools. For Three Months Ended For Three Months Ended September 30, 2015 September 30, 2014 Purchased Impaired Purchased Impaired (dollars in thousands) Carrying Future Carrying Future Accretion Balance, beginning of period $ 102,115 $ 20,800 $ 141,924 $ 27,764 Accretion 1,634 (1,634 ) 2,323 (2,323 ) Increase (Decrease) in future accretion — (393 ) — 1,495 Reclassification of loans and adjustments — — — — Payments received (11,072 ) — (13,253 ) — Foreclosed and transferred to OREO — — (329 ) — Subtotal before allowance 92,677 18,773 130,665 26,936 Allowance for loan losses (3,190 ) — (3,923 ) — Net carrying amount, end of period $ 89,487 $ 18,773 $ 126,742 $ 26,936 For Nine Months Ended For Nine Months Ended September 30, 2015 September 30, 2014 Purchased Impaired Purchased Impaired (dollars in thousands) Carrying Future Carrying Future Accretion Balance, beginning of period $ 122,842 $ 24,898 $ 161,652 $ 29,987 Accretion 5,523 (5,523 ) 7,402 (7,402 ) Increase (Decrease) in future accretion — (602 ) — 4,351 Reclassification of loans and adjustments — — (4,180 ) — Payments received (34,448 ) — (33,858 ) — Foreclosed and transferred to OREO (1,240 ) — (351 ) — Subtotal before allowance 92,677 18,773 130,665 26,936 Allowance for credit losses (3,190 ) — (3,923 ) — Net carrying amount, end of period $ 89,487 $ 18,773 $ 126,742 $ 26,936 Allowance for Loan Losses COB's ALL, which is utilized to absorb actual losses in the loan portfolio, is maintained at a level consistent with our best estimate of probable loan losses to be incurred as of the balance sheet date. We assess our ALL quarterly. This assessment includes a methodology that separates the total loan portfolio into homogeneous loan classifications for purposes of evaluating risk. The required allowance is calculated by applying a risk adjusted reserve requirement to the dollar volume of loans within a homogenous group. For purposes of the ALL, we have grouped our loans into pools with similar risk characteristics, including loan purpose, collateral type and borrower type. Major loan portfolio subgroups include: risk graded commercial loans, mortgage loans, home equity loans, retail loans and retail credit lines. We also analyze the loan portfolio on an ongoing basis to evaluate current risk levels, and risk grades are adjusted accordingly. While we use the best information available to make evaluations, future adjustments may be necessary, if economic or other conditions differ substantially from the assumptions used. Historical loss rates are calculated by associating losses to the risk-graded pool to which they relate for each of the previous eight quarters. Then, using a look back period consisting of the twenty most recent quarters, loss factors are calculated for each risk-graded pool using a simple average. In addition to our ability to use our own historical loss data and migration between risk grades, we have a rigorous process for computing the qualitative factors that impact the ALL. A committee, independent of the historical loss migration team, reviews risk factors that may impact the ALL. Some factors are statistically quantifiable, such as concentration, growth, delinquency, and nonaccrual risk by loan type, while other factors are qualitative in nature, such as staff competency, competition within our markets and economic and regulatory changes impacting the loan portfolio. We lend primarily in North Carolina. As of September 30, 2015 , a large majority of the principal amount of the loans in our portfolio was to businesses and individuals in North Carolina. This geographic concentration subjects the loan portfolio to the general economic conditions within this area. The risks created by this concentration have been considered by us in the determination of the adequacy of the ALL. We believe the ALL is adequate to cover estimated losses on loans at each balance sheet date. During the three month period ended September 30, 2015 , we charged off $1.3 million in loans and realized $0.6 million in recoveries, for $0.7 million of net charge-offs. During the nine month period ended September 30, 2015 , we charged off $3.9 million in loans and realized $2.7 million in recoveries, for $1.2 million of net charge-offs. The ALL, as a percentage of loans held for investment, was 1.13% at September 30, 2015 , compared to 1.63% at September 30, 2014 . At December 31, 2014 , the ALL, as a percentage of loans held for investment, was 1.50% . An analysis of the changes in the ALL is as follows: For Th |
Other Real Estate Owned and Pro
Other Real Estate Owned and Property Acquired in Settlement of Loans | 9 Months Ended |
Sep. 30, 2015 | |
Repossessed Assets [Abstract] | |
Other Real Estate Owned and Property Acquired in Settlement of Loans | Other Real Estate Owned and Property Acquired in Settlement of Loans OREO consists of real estate acquired through foreclosure or deed in lieu thereof, and is classified as held for sale. The property is initially carried at fair value based on recent appraisals, less estimated costs to sell. Declines in the fair value of properties included in OREO below carrying value are recognized by a charge to income. Total OREO and property acquired in settlement of loans decreased $1.2 million during the first nine months of 2015 from $20.4 million at December 31, 2014 , to $19.2 million at September 30, 2015 . At September 30, 2015 and December 31, 2014 , OREO and property acquired in settlement of loans represented 51% and 45% of total nonperforming assets, respectively. The following table summarizes OREO and property acquired in settlement of loans at the periods indicated: (dollars in thousands) September 30, 2015 December 31, 2014 Real estate acquired in settlement of loans $ 18,879 $ 20,122 Property acquired in settlement of loans 287 289 Total property acquired in settlement of loans $ 19,166 $ 20,411 The following tables summarize the changes in real estate acquired in settlement of loans at the periods indicated: For Three Months Ended (dollars in thousands) September 30, 2015 September 30, 2014 Real estate acquired in settlement of loans, beginning of period $ 19,717 $ 21,742 Plus: New real estate acquired in settlement of loans 766 1,643 Less: Sales of real estate acquired in settlement of loans (1,110 ) (3,400 ) Less: Write-downs and net loss on sales charged to expense (494 ) 195 Real estate acquired in settlement of loans, end of period $ 18,879 $ 20,180 For Nine Months Ended (dollars in thousands) September 30, 2015 September 30, 2014 Real estate acquired in settlement of loans, beginning of period $ 20,122 $ 28,353 Plus: New real estate acquired in settlement of loans 4,199 2,894 Less: Sales of real estate acquired in settlement of loans (4,263 ) (10,328 ) Less: Write-downs and net loss on sales charged to expense (1,179 ) (739 ) Real estate acquired in settlement of loans, end of period $ 18,879 $ 20,180 At September 30, 2015 , 18 assets with a net carrying amount of $2.7 million were under contract for sale. Estimated losses on these sales, if any, have been recognized in the Consolidated Statements of Operations in the first nine months of 2015 . At September 30, 2015 , the Company’s recorded investment in mortgage loans collateralized by residential real estate properties that are in the process of foreclosure was $1.9 million and the Company’s OREO balance included $3.4 million of residential real estate. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic net earnings per share, or basic earnings per share (“EPS”), is computed by dividing net income to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if COB's potential common stock, which consists of dilutive stock options and a common stock warrant, were issued. As required for entities with complex capital structures, a dual presentation of basic and diluted EPS is included on the face of the income statement, and a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation is provided in this note. (dollars in thousands, except share and per share data) For Three Months Ended For Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Net income (loss) from continuing operations before cumulative dividends on preferred stock $ 1,517 $ 1,773 $ 6,559 $ 5,842 Dividends on preferred stock — — — — Income from continuing operations, net of tax $ 1,517 $ 1,773 $ 6,559 $ 5,842 Loss from discontinued operations, net of tax — — — — Net income $ 1,517 $ 1,773 $ 6,559 $ 5,842 Weighted average number of shares outstanding - basic 24,265,346 21,739,009 24,217,211 21,853,866 Weighted average number of shares outstanding - diluted 24,279,112 21,746,965 24,229,885 21,865,972 Net income per share - basic and diluted $ 0.06 $ 0.08 $ 0.27 $ 0.27 During the three and nine months ended September 30, 2015 and September 30, 2014 , the price of the Company's common stock (as quoted on the Nasdaq Capital Market) was below the price of the common stock warrant. As a result, the warrant is considered antidilutive and thus is not included in the diluted share calculation. For the three months ended September 30, 2015 , there were an average of 478,476 antidilutive shares, while for the nine months ended September 30, 2015 , there were 355,502 antidilutive shares. For the three months ended September 30, 2014 , there were an average of 46,278 antidilutive shares, while for the nine months ended September 30, 2014 , there were 37,295 antidilutive shares. Of the antidilutive shares, the number of shares relating to stock options were 456,404 and 333,430 for the three months and nine months ended September 30, 2015 , respectively, and 24,206 and 15,223 for the three months and nine months ended September 30, 2014 , respectively. The number relating to the warrant was 22,072 for all periods presented. |
Derivatives and Financial Instr
Derivatives and Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Financial Instruments | Derivatives and Financial Instruments A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. These instruments include interest rate swaps, caps, floors, collars, options or other financial instruments designed to hedge exposures to interest rate risk or for speculative purposes. Accounting guidance requires an entity to recognize all derivatives as either assets or liabilities in the balance sheet, and measure those instruments at fair value. Changes in the fair value of those derivatives are reported in current earnings or other comprehensive income depending on the purpose for which the derivative is held and whether the derivative qualifies for hedge accounting. In connection with its asset / liability management objectives, the Company during the first quarter of 2014 entered into two interest rate swaps on $40 million of FHLB advances, each swap having a $20 million notional amount, that convert the floating rate cash flow exposure on the FHLB advances to a fixed rate cash flow. As structured, the receive-variable, pay-fixed swaps were evaluated as being cash flow hedges and have remained highly effective since inception through the quarter ending September 30, 2015 . The differences in cash flows in each period between the fixed rate interest payments that the Company makes and the variable rate interest payments received is reported in earnings. These interest rate swaps mature on June 15, 2020. Mortgage banking derivatives used in the ordinary course of business consist of mandatory forward sales contracts, best-efforts forward contracts and rate lock loan commitments. The fair value of our derivative instruments is primarily measured by obtaining pricing from broker-dealers recognized to be market participants. We have established guidelines in originating and selling loans to Fannie Mae, and retaining or selling the mortgage servicing rights. The commitments to borrowers to originate residential mortgage loans and the forward sales commitments to investors are freestanding derivative instruments. As such, they do not qualify for hedge accounting treatment, and the fair value adjustments for these instruments is recorded through the Consolidated Statements of Operations in mortgage loan income. The fair market value of mortgage banking derivatives is recorded in the consolidated balance sheet in Other Assets. Gain (Loss) Recognized (dollars in thousands) For Three Months Ended For Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Derivatives designated as hedging instruments: Interest rate swap contracts - FHLB advances $ (456 ) $ — $ (515 ) $ — Derivatives not designated as hedging instruments: Mortgage loan rate lock commitments 4 (2 ) $ 1 $ 1 Mortgage loan forward sales (5 ) (2 ) 12 16 Total $ (1 ) $ (4 ) $ 13 $ 17 |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | Fair Values of Assets and Liabilities We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale, derivative assets and liabilities, mortgage loans held for sale, and mortgage servicing rights are recorded at fair value on a recurring basis. Additionally, from time-to-time, we may be required to record at fair value other assets and liabilities on a nonrecurring basis, such as loans held for investment, impaired loans and certain other assets and liabilities. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets or liabilities. Fair Value Hierarchy We group 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. Disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value, is required. 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 our entire holdings of a particular financial instrument. Because no market exists for a portion of our financial instruments, fair value estimates are based on judgments regarding future expected losses, current economic conditions, risk characteristics of various financial instruments, and other factors. 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. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value: Investments Securities Available-for-Sale Investment 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, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. Securities classified as Level 3 may include asset-backed securities in less liquid markets. Liquidity is a significant factor in the determination of the fair values of available-for-sale debt securities. Market price quotes may not be readily available for some positions, or positions within a market sector where trading activity has slowed significantly or ceased. Some of these instruments are valued using a discounted cash flow model, which estimates the fair value of the securities using internal credit risk, interest rate and prepayment risk models that incorporate management's best estimate of current key assumptions such as default rates, loss severity and prepayment rates. Principal and interest cash flows are discounted using an observable discount rate for similar instruments with adjustments that management believes a market participant would consider in determining fair value for the specific security. Underlying assets are valued using external pricing services, where available, or matrix pricing based on the vintages and ratings. Situations of illiquidity generally are triggered by the market's perception of credit uncertainty regarding a single company or a specific market sector. In these instances, fair value is determined based on limited available market information and other factors, principally from reviewing the issuer's financial statements and changes in credit ratings made by one or more ratings agencies. Loans Held for Sale Loans held for sale are carried at the lower of cost or fair value less estimated costs to sell. Once sold, the purchasing investor has all rights of ownership, including the ability to pledge or exchange the loans. Most of the loans sold are without recourse. However, the investor does have the ability to require CommunityOne to repurchase or indemnify a specific loan should there be inadequacies discovered in the original underwriting of that loan. Gains or losses on loan sales are recognized at the time of sale, are determined by the difference between net sales proceeds and the carrying value of the loan sold, and are included in Consolidated Statements of Operations. Since loans held for sale are carried at the lower of cost or fair value, the fair value of loans held for sale is based on contractual agreements with independent third party buyers. As such, we classify loans held for sale subjected to nonrecurring fair value adjustments as Level 2. Based on the nature of the portfolio, lack of market volatility and the short duration for which the loans are held, fair value generally exceeds cost. Loans Held for Investment We do not record loans held for investment at fair value on a recurring basis. However, from time to time, a loan is considered impaired and the related impairment is charged against the allowance or a specific allowance 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 impaired, we determine the fair value of the loan to quantify impairment, should such exist. The fair value of impaired loans is estimated using one of several methods, including collateral net liquidation value, market value of similar debt, enterprise value, and discounted cash flows. Those impaired loans not requiring a specific allowance represent loans for which the fair value of the expected repayments or collateral meet or exceed the recorded investments in such loans. At September 30, 2015 and December 31, 2014 , substantially all of the total impaired loans were reviewed based on the fair value of the collateral. Impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. We record impaired loans as nonrecurring Level 3. Other Real Estate Owned OREO is adjusted to fair value upon transfer of the loans to OREO. Subsequently, OREO is carried at the lower of carrying value or fair value less estimated costs to sell. Fair value is based upon independent market prices, appraised values of the collateral or management's estimation of the value of the collateral. Given the lack of observable market prices for identical properties, we record OREO as nonrecurring Level 3. Interest Rate Locks and Forward Loan Sale Commitments We enter into interest rate lock commitments and commitments to sell mortgages. The fair value of interest rate lock commitments is based on servicing rate premium, origination income net of origination costs, fall out rates and changes in loan pricing between the commitment date and the balance sheet date. We record interest rate lock commitments as recurring level 3, and based on their immaterial value, has excluded them from the fair value table. Interest Rate Swaps We enter into interest rate swaps to hedge the variability of interest cash flow payments on certain FHLB advances. Changes in fair value of these cash flow hedges are recorded through other comprehensive income. Any ineffectiveness of the hedge is included in current period earnings. The fair value of our interest rate swaps is based on a third party valuation because there is not a readily available quoted price in the market. We record interest rate swap commitments as recurring level 2. Mortgage Servicing Rights The fair value of mortgage serving rights ("MSR") is dependent upon a number of assumptions including the fee per loan, the cost to service, the expected loan prepayment rate, and the discount rate. In determining the fair value of the existing MSR management reviews the key assumptions, analyzes pricing in the market for comparable MSR, and uses a third party provider to independently calculate the fair value of its MSR. We record mortgage servicing rights as recurring Level 3. Assets and Liabilities Recorded at Fair Value on a Recurring Basis Assets and liabilities carried at fair value on a recurring basis at September 30, 2015 are summarized in the following table: (dollars in thousands) Total Level 1 Level 2 Level 3 Assets: Available-for-sale debt securities: U.S. government sponsored agencies $ 2,019 $ — $ 2,019 $ — Residential mortgage-backed securities-GSE 288,141 — 288,141 — Residential mortgage-backed securities-Private 15,083 — 15,083 — Commercial mortgage-backed securities-GSE 22,148 — 22,148 — Commercial mortgage-backed securities-Private 17,813 — 17,813 — Corporate notes 30,725 — 30,725 — Total available-for-sale debt securities 375,929 — 375,929 — Mortgage servicing rights 2,108 — — 2,108 Interest rate swaps (1,359 ) — (1,359 ) — Total assets at fair value $ 376,678 $ — $ 374,570 $ 2,108 Assets and liabilities carried at fair value on a recurring basis at December 31, 2014 are summarized in the following table: (dollars in thousands) Total Level 1 Level 2 Level 3 Assets: Available-for-sale debt securities: U.S. government sponsored agencies $ 2,044 $ — $ 2,044 $ — Residential mortgage-backed securities-GSE 290,145 — 290,145 — Residential mortgage-backed securities-Private 17,271 — 17,271 — Commercial mortgage-backed securities-GSE 21,958 — 21,958 — Commercial mortgage-backed securities-Private 10,215 — 10,215 — Corporate notes 8,407 — 8,407 — Total available-for-sale debt securities 350,040 — 350,040 — Mortgage servicing rights 1,726 — — 1,726 Interest rate swaps (525 ) — (525 ) — Total assets at fair value $ 351,241 $ — $ 349,515 $ 1,726 The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the periods indicated: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Servicing Rights (dollars in thousands) Three Months Ended September 30, 2015 2014 Balance, beginning of period $ 2,012 $ 1,587 Total gains or losses (realized/unrealized): Included in earnings, gross 248 166 Less amortization (152 ) (116 ) Balance, end of period $ 2,108 $ 1,637 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Servicing Rights (dollars in thousands) Nine Months Ended September 30, 2015 2014 Beginning balance at January 1, $ 1,726 $ 1,552 Total gains or losses (realized/unrealized): Included in earnings, gross 804 310 Less amortization (422 ) (225 ) Balance, end of period $ 2,108 $ 1,637 Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis We may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. generally accepted accounting principles. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. This is due to further deterioration in the value of the assets. There were no loans held for sale that had a fair value below cost in any periods reported. Assets measured at fair value on a nonrecurring basis are included in the following table at September 30, 2015 : (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 3,104 $ — $ — $ 3,104 Other real estate owned 12,991 — — 12,991 Total assets at fair value from continuing operations $ 16,095 $ — $ — $ 16,095 Assets measured at fair value on a nonrecurring basis are included in the following table at December 31, 2014 : (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 7,433 $ — $ — $ 7,433 Other real estate owned 15,579 — — 15,579 Total assets at fair value from continuing operations $ 23,012 $ — $ — $ 23,012 Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value at September 30, 2015 Valuation Techniques Unobservable Input Range Impaired loans, net $ 3,104 Discounted appraisals Collateral discounts 1.00% - 30.00% Other real estate owned 12,991 Discounted appraisals Collateral discounts 1.00% - 30.00% Mortgage servicing rights 2,108 Discounted cash flows Prepayment rate 10.00% - 25.00% Mortgage servicing rights Discount rate 6.00% - 10.00% (dollars in thousands) Fair Value at Valuation Techniques Unobservable Input Range Impaired loans, net $ 7,433 Discounted appraisals Collateral discounts 1.00%-30.00% Other real estate owned 15,579 Discounted appraisals Collateral discounts 1.00%-30.00% Mortgage servicing rights 1,726 Discounted cash flows Prepayment rate 10.00% - 25.00% Mortgage servicing rights Discount rate 6.00% - 10.00% Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value for each class of COB's financial instruments. Cash and cash equivalents. Fair value equals the carrying value of such assets due to their nature and is classified as Level 1. Investment securities. The fair value of investment securities is based on quoted market prices, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. The fair value of equity investments in the restricted stock of the FRBR and FHLB approximates the carrying value. The fair value of investment securities is classified as Level 1 if a quoted market price is available, or Level 2 if a quoted market price is not available. Loans held for sale. Substantially all residential mortgage loans held for sale are pre-sold and their carrying value approximates fair value. We classified the fair value of loans held for sale as Level 2. Loans held for investment. The fair value of 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 and for the same remaining maturities. We classified the fair value of loans as Level 3. Accrued interest receivable and payable . The carrying amounts of accrued interest payable and receivable approximate fair value and are classified as Level 2 if the related asset or liability is classified as Level 2, or Level 3 if the related asset or liability is classified as Level 3. Deposits. The fair value of noninterest-bearing and interest-bearing demand deposits and savings are the amounts payable on demand because these products have no stated maturity. The fair value of time deposits is estimated using the rates currently offered for deposits of similar remaining maturities and are classified as Level 2. Borrowed funds . The carrying value of retail repurchase agreements is considered to be a reasonable estimate of fair value. The fair value of FHLB advances and other borrowed funds is estimated using the rates currently offered for advances of similar remaining maturities and is classified as Level 2. For the long-term note payable, the current market rate for similar debt is substantially equal to the rate on this note, so its fair value approximates its carrying value. Junior subordinated debentures. Included in junior subordinated debentures are variable rate trust preferred securities issued by COB. Fair values for the trust preferred securities were estimated by developing cash flow estimates for each of these debt instruments based on scheduled principal and interest payments and current interest rates. Once the cash flows were determined, a rate for comparable subordinated debt was used to discount the cash flows to the present value. We classified the fair value of junior subordinated debentures as Level 3. Financial instruments with off-balance sheet risk . The fair value of financial instruments with off-balance sheet risk is considered to approximate carrying value, since the large majority of these future financing commitments would result in loans that have variable rates and/or relatively short terms to maturity. For other commitments, generally of a short-term nature, the carrying value is considered to be a reasonable estimate of fair value. Interest rate swaps . The fair value of interest rate swaps are measured based on third party cash flow models discounted to the valuation date and are classified as Level 2. Interest rate locks and forward loan sale commitments . The fair value of interest rate locks and forward loan sale commitments are measured by comparing the underlying terms of the contract with current pricing obtained from broker dealer pricing and are classified as Level 2. The estimated fair values of financial instruments are as follows at the periods indicated: At September 30, 2015 (dollars in thousands) Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 28,006 $ 28,006 $ 28,006 $ — $ — Investment securities: Available-for-sale 375,929 375,929 — 375,929 — Investment securities: Held-to-maturity 152,670 151,935 — 151,935 — Loans held for sale 4,089 4,089 — 4,089 — Loans held for investment, net 1,505,267 1,501,039 — — 1,501,039 Accrued interest receivable 5,526 5,526 1 1,509 4,016 Interest rate swaps (1,359 ) (1,359 ) — (1,359 ) — Financial Liabilities: Deposits 1,896,879 1,898,024 — 1,898,024 — Retail repurchase agreements 16,753 16,753 — 16,753 — Federal Home Loan Bank advances 90,244 92,737 — 92,737 — Long-term notes payable 5,396 5,396 — — 5,396 Junior subordinated debentures 56,702 32,164 — — 32,164 Accrued interest payable 366 366 — 350 16 At December 31, 2014 (dollars in thousands) Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 95,882 $ 95,882 $ 95,882 $ — $ — Investment securities: Available-for-sale 350,040 350,040 — 350,040 — Investment securities: Held-to-maturity 142,461 140,875 — 140,875 — Loans held for sale 2,796 2,796 — 2,796 — Loans held for investment, net 1,337,443 1,328,895 — — 1,328,895 Accrued interest receivable 4,885 4,885 — 1,262 3,623 Interest rate locks and forward loan sale commitments (525 ) (525 ) — (525 ) — Financial Liabilities: Deposits 1,794,420 1,793,205 — 1,793,205 — Retail repurchase agreements 9,076 9,076 — 9,076 — Federal Home Loan Bank advances 68,234 71,462 — 71,462 — Long-term notes payable 5,338 5,338 — — 5,338 Junior subordinated debentures 56,702 32,341 — — 32,341 Accrued interest payable 3,624 3,624 — 321 3,303 There were no transfers between valuation levels for any assets during the three months ended September 30, 2015 . If different valuation techniques are deemed necessary, we would consider those transfers to occur at the end of the period when the assets are valued. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables present the changes in our accumulated other comprehensive income (loss), net of tax, by component for the periods indicated: (Dollars in thousands) Unrealized Gains (Losses) on Available-For-Sale Securities Interest Rate Swaps Defined Benefit Plan Items Total Beginning balance January 1, 2015 $ (3,017 ) $ (324 ) $ (4,134 ) $ (7,475 ) Other comprehensive income (loss) before reclassifications 1,043 (521 ) (65 ) 457 Amounts reclassified from accumulated other comprehensive income — 5 — 5 Net current period other comprehensive income (loss) 1,043 (516 ) (65 ) 462 Ending balance September 30, 2015 $ (1,974 ) $ (840 ) $ (4,199 ) $ (7,013 ) (Dollars in thousands) Unrealized Gains (Losses) on Available-For-Sale Securities Interest Rate Swaps Defined Benefit Plan Items Total Beginning balance January 1, 2014 $ (14,476 ) $ — $ (3,129 ) $ (17,605 ) Other comprehensive income (loss) before reclassifications 8,050 (18 ) — 8,032 Amounts reclassified from accumulated other comprehensive income (466 ) — — (466 ) Net current period other comprehensive income (loss) 7,584 (18 ) — 7,566 Ending balance September 30, 2014 $ (6,892 ) $ (18 ) $ (3,129 ) $ (10,039 ) The following table presents the reclassifications out of our accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2015 and 2014: (Dollars in thousands) Amount Reclassified from AOCI For Three Months Ended For Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Line Item in the Consolidated Statement of Operations Available-for-sale securities: Net realized gains on sale of securities $ — $ (34 ) $ — $ (754 ) Securities gains, net Income tax expense — 13 — 288 Income tax expense Total, net of tax — (21 ) — (466 ) Interest rate swaps: Swap ineffectiveness expense 2 — 8 — Other expense Income tax benefit (1 ) — (3 ) — Income tax expense Total, net of tax 1 — 5 — Total reclassifications for the period $ 1 $ (21 ) $ 5 $ (466 ) |
Repurchase Agreement Borrowings
Repurchase Agreement Borrowings | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Repurchase Agreement Borrowings | Repurchase Agreement Borrowings Securities sold under agreements to repurchase ("repurchase agreements") with customers represent funds deposited by customers, generally on an overnight basis, that are collateralized by investment securities owned by the Company. Repurchase agreements with customers are included in short-term borrowings on the consolidated condensed balance sheets. All repurchase agreements are subject to terms and conditions of repurchase/security agreements between the Company and the client and are accounted for as secured borrowings. Our repurchase agreements reflected in short-term borrowings consist of customer accounts and securities which are pledged on an individual security basis. At September 30, 2015 and December 31, 2014 , our repurchase agreement borrowings totaled $16.8 million and $9.1 million respectively, and are classified as short-term debt on the consolidated condensed balance sheets. These borrowings were collateralized with residential mortgage backed securities with a market value of $17.7 million and $16.5 million at September 30, 2015 and December 31, 2014 , respectively. Declines in the value of the collateral would require us to pledge additional securities. As of September 30, 2015 and December 31, 2014 the Company had $208.5 million and $180.6 million , respectively, of available unpledged securities. The following table presents the carrying value of repurchase agreements by remaining contractual maturity at September 30, 2015 and December 31, 2014 : September 30, 2015 (dollars in thousands) Remaining Contractual Maturity of the Agreements Overnight and Continuous 1 - 90 days Over 90 days Total Residential mortgage-backed securities-GSE $ 16,753 $ — $ — $ 16,753 December 31, 2014 (dollars in thousands) Remaining Contractual Maturity of the Agreements Overnight and Continuous 1 - 90 days Over 90 days Total Residential mortgage-backed securities-GSE $ 9,076 $ — $ — $ 9,076 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States ("GAAP"). Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for loan losses (“ALL”), estimated cash flows of purchased impaired loans, the carrying value of other real estate owned ("OREO"), the carrying value of investment securities and the realization of deferred tax assets. |
Reclassification | Certain reclassifications have been made to the prior period consolidated financial statements to place them on a comparable basis with the current period consolidated financial statements. These reclassifications have no effect on net income or shareholders' equity as previously reported. |
Recent Accounting Pronouncements | In January 2014, the FASB issued ASU No. 2014-04 Troubled Debt Restructurings by Creditors (Subtopic 310-40): "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure" (“ASU No. 2014-04”). This pronouncement clarifies the criteria for concluding that an in substance repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. The amendments also outline interim and annual disclosure requirements. The amendments became effective for the Company for interim and annual reporting periods beginning after December 15, 2014. These amendments did not have a material effect on the Company's financial statements. In May 2014, the FASB issued an update (ASU No. 2014-09, Revenue from Contracts with Customers) creating FASB Topic 606, Revenue from Contracts with Customers. The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides steps to follow to achieve the core principle. An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Qualitative and quantitative information is required about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2017. We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements. In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in this ASU change the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The amendments also require two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. The second disclosure provides increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments became effective for the Company for interim and annual reporting periods beginning after December 15, 2014. These amendments did not have an impact on the Company’s consolidated financial statements, but resulted in additional disclosures. See Note 10 - Repurchase Agreement Borrowings. FASB - From time to time, the FASB issues exposure drafts for proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. Management considers the effect of the proposed statements on the consolidated financial statements of COB and monitors the status of changes to and proposed effective dates of exposure drafts. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on our financial position, results of operations or cash flows. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following table summarizes the amortized cost and estimated fair value of investment securities and presents the related gross unrealized gains and losses: September 30, 2015 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-Sale: Obligations of U.S. government sponsored enterprises $ 2,011 $ 8 $ — $ 2,019 Residential mortgage-backed securities-GSE 291,955 631 4,445 288,141 Residential mortgage-backed securities-Private 14,456 631 4 15,083 Commercial mortgage-backed securities-GSE 22,080 68 — 22,148 Commercial mortgage-backed securities-Private 17,879 20 86 17,813 Corporate notes 30,744 9 28 30,725 Total available-for-sale 379,125 1,367 4,563 375,929 Held-to-Maturity: Residential mortgage-backed securities-GSE 123,735 210 763 123,182 Residential mortgage-backed securities-Private 18,875 — 255 18,620 Commercial mortgage-backed securities-Private 10,060 73 — 10,133 Total held-to-maturity 152,670 283 1,018 151,935 Total investment securities $ 531,795 $ 1,650 $ 5,581 $ 527,864 December 31, 2014 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-Sale: Obligations of U.S. government sponsored enterprises $ 2,028 $ 16 $ — $ 2,044 Residential mortgage-backed securities-GSE 295,300 438 5,593 290,145 Residential mortgage-backed securities-Private 16,455 820 4 17,271 Commercial mortgage-backed securities-GSE 22,377 — 419 21,958 Commercial mortgage-backed securities-Private 10,365 — 150 10,215 Corporate notes 8,399 8 — 8,407 Total available-for-sale 354,924 1,282 6,166 350,040 Held-to-Maturity: Residential mortgage-backed securities-GSE 132,396 116 1,635 130,877 Commercial mortgage-backed securities-Private 10,065 — 67 9,998 Total held-to-maturity 142,461 116 1,702 140,875 Total investment securities $ 497,385 $ 1,398 $ 7,868 $ 490,915 |
Available-for-sale Securities, Continuous Unrealized Loss Position | All unrealized losses on investment securities are considered by management to be temporary given the credit quality of these investment securities or the short duration of the unrealized loss, or both. Less than 12 Months 12 Months or More Total (dollars in thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses September 30, 2015 Available-for-Sale: Residential mortgage-backed securities-GSE $ 91,601 $ 880 $ 137,652 $ 3,565 $ 229,253 $ 4,445 Residential mortgage-backed securities-Private — — 1,031 4 1,031 4 Commercial mortgage-backed securities-GSE — — — — — — Commercial mortgage-backed securities-Private 12,564 86 — — 12,564 86 Corporate Notes 20,328 28 20,328 28 Total available-for-sale 124,493 994 138,683 3,569 263,176 4,563 Held-to-Maturity: Residential mortgage-backed securities-GSE 45,712 459 36,624 304 82,336 763 Residential mortgage-backed securities-Private 18,621 255 — — 18,621 255 Commercial mortgage-backed securities-Private — — — — — — Total held-to-maturity 64,333 714 36,624 304 100,957 1,018 Total $ 188,826 $ 1,708 $ 175,307 $ 3,873 $ 364,133 $ 5,581 December 31, 2014 Available-for-Sale Residential mortgage-backed securities-GSE $ — $ — $ 245,457 $ 5,593 $ 245,457 $ 5,593 Residential mortgage-backed securities-Private 1,154 4 — — 1,154 4 Commercial mortgage-backed securities-GSE — — 21,958 419 21,958 419 Commercial mortgage-backed securities-Private — — 10,215 150 10,215 150 Total available-for-sale 1,154 4 277,630 6,162 278,784 6,166 Held-to-Maturity: Residential mortgage-backed securities-GSE — — 112,878 1,635 112,878 1,635 Commercial mortgage-backed securities-Private — — 9,998 67 9,998 67 Total held-to-maturity — — 122,876 1,702 122,876 1,702 Total $ 1,154 $ 4 $ 400,506 $ 7,864 $ 401,660 $ 7,868 |
Available-for-sale Securities, by Maturity Dates | Mortgage backed securities are grouped based on stated maturity date, but actual maturity will vary based on the actual repayment of the underlying mortgage loans. Available-for-Sale Held-to-Maturity (dollars in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value U.S. government sponsored agencies Due in one year or less $ 2,011 $ 2,019 $ — $ — Residential mortgage-backed securities-GSE Due after five years through 10 years 1,930 1,984 — — Due after ten years 290,025 286,157 123,735 123,182 Residential mortgage-backed securities-Private Due after ten years 14,456 15,083 18,875 18,621 Commercial mortgage-backed securities-GSE Due after five years through 10 years 22,080 22,148 — — Commercial mortgage-backed securities-Private Due after ten years 17,879 17,813 10,060 10,132 Corporate notes Due after one year through five years 30,744 30,725 — — Total $ 379,125 $ 375,929 $ 152,670 $ 151,935 |
Loans and Allowance for Loan 20
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans Receivable, Net [Abstract] | |
Past Due Loans | The following table presents an aging analysis of accruing and nonaccruing loans as of September 30, 2015 : (dollars in thousands) Accruing 30-59 days past due 60-89 days past due More than 90 days past due Nonaccrual Total past due and nonaccrual Current and accruing Total Loans PC and Originated Loans Commercial and agricultural $ — $ 7 $ — $ 429 $ 436 $ 148,669 $ 149,105 Real estate - construction 17 — — 488 505 77,807 78,312 Real estate - mortgage: 1-4 family residential 874 442 18 9,370 10,704 662,028 672,732 Commercial — — — 7,556 7,556 422,452 430,008 Consumer 935 152 — 535 1,622 97,999 99,621 Total 1,826 601 18 18,378 20,823 1,408,955 1,429,778 PI loans Commercial and agricultural 49 — 1,739 — 1,788 4,060 5,848 Real estate - construction — — 1,481 — 1,481 6,514 7,995 Real estate - mortgage: 1-4 family residential 325 — 1,542 — 1,867 12,924 14,791 Commercial 316 315 8,715 — 9,346 53,739 63,085 Consumer 2 1 7 — 10 948 958 Total 692 316 13,484 — 14,492 78,185 92,677 Total Loans $ 2,518 $ 917 $ 13,502 $ 18,378 $ 35,315 $ 1,487,140 $ 1,522,455 The following table presents an aging analysis of accruing and nonaccruing loans as of December 31, 2014 : (dollars in thousands) Accruing 30-59 days past due 60-89 days past due More than 90 days past due Nonaccrual Total past due and nonaccrual Current and accruing Total Loans PC and Originated Loans Commercial and agricultural $ — $ — $ — $ 608 $ 608 $ 105,269 $ 105,877 Real estate - construction 100 — — 2,307 2,407 66,723 69,130 Real estate - mortgage: 1-4 family residential 2,719 147 — 8,637 11,503 638,364 649,867 Commercial 105 141 — 13,381 13,627 325,356 338,983 Consumer 744 225 5 355 1,329 69,760 71,089 Total 3,668 513 5 25,288 29,474 1,205,472 1,234,946 PI loans Commercial and agricultural — — 2,232 — 2,232 5,303 7,535 Real estate - construction — — 3,737 — 3,737 5,460 9,197 Real estate - mortgage: 1-4 family residential 579 15 2,209 — 2,803 14,934 17,737 Commercial 287 119 12,964 — 13,370 73,975 87,345 Consumer 2 — 10 — 12 1,016 1,028 Total 868 134 21,152 — 22,154 100,688 122,842 Total Loans $ 4,536 $ 647 $ 21,157 $ 25,288 $ 51,628 $ 1,306,160 $ 1,357,788 |
Loan Credit Quality Indicators | The following table presents loans held for investment balances by risk grade as of September 30, 2015 : (dollars in thousands) Pass Special Mention Substandard Doubtful (Ratings 1-5) (Rating 6) (Rating 7) (Rating 8) Total Commercial and agricultural $ 152,019 $ 712 $ 2,222 $ — $ 154,953 Real estate - construction 79,145 2,204 4,958 — 86,307 Real estate - mortgage: 1-4 family residential 667,255 4,911 15,357 — 687,523 Commercial 449,359 17,210 26,209 315 493,093 Consumer 99,545 6 553 475 100,579 Total $ 1,447,323 $ 25,043 $ 49,299 $ 790 $ 1,522,455 The following table presents loans held for investment balances by risk grade as of December 31, 2014 : (dollars in thousands) Pass Special Mention Substandard Doubtful (Ratings 1-5) (Rating 6) (Rating 7) (Rating 8) Total Commercial and agricultural $ 104,165 $ 6,318 $ 2,930 $ — $ 113,413 Real estate - construction 68,995 2,411 6,921 — 78,327 Real estate - mortgage: 1-4 family residential 646,897 5,363 15,342 — 667,602 Commercial 363,267 25,715 36,984 362 426,328 Consumer 71,350 11 376 381 72,118 Total $ 1,254,674 $ 39,818 $ 62,553 $ 743 $ 1,357,788 |
Schedule of Impaired Loans Receivables | The following table summarizes information relative to impaired loans for the dates indicated: September 30, 2015 December 31, 2014 (dollars in thousands) Recorded Investment Associated Reserves Recorded Investment Associated Reserves Impaired loans, not individually reviewed for impairment $ 4,124 $ — $ 4,967 $ — Impaired loans, individually reviewed, with no impairment 24,013 — 26,631 — Impaired loans, individually reviewed, with impairment 3,448 344 7,851 418 Total impaired loans, excluding purchased impaired * $ 31,585 344 $ 39,449 418 Purchased impaired loans with subsequent deterioration $ 89,292 3,190 $ 118,701 3,237 Purchased impaired loans with no subsequent deterioration 3,385 — 4,141 — Total Reserves $ 3,534 $ 3,655 Average impaired loans calculated using a simple average 35,517 43,446 * Included at September 30, 2015 and December 31, 2014 were $13.2 million and $14.1 million, respectively, in restructured and performing loans. |
Schedule of Loans, Non Accrual Status | The following table presents loans held for investment on nonaccrual status by loan class for the dates indicated: (dollars in thousands) September 30, 2015 December 31, 2014 Loans held for investment: Commercial and agricultural $ 429 $ 608 Real estate - construction 488 2,307 Real estate - mortgage: 1-4 family residential 9,370 8,637 Commercial 7,556 13,381 Consumer 535 355 Total nonaccrual loans 18,378 25,288 Loans more than 90 days delinquent, still on accrual 18 5 Total nonperforming loans $ 18,396 $ 25,293 |
Impaired Loans | The following table presents individually reviewed impaired loans and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding allowance for loan losses as of September 30, 2015 : Unpaid (dollars in thousands) Recorded Principal Related Investment Balance Allowance Individually reviewed impaired loans with no related allowance recorded: Commercial and agricultural $ 399 $ 479 $ — Real estate - construction 840 1,060 — Real estate - mortgage: 1-4 family residential 8,640 10,649 — Commercial 14,133 19,275 — Consumer — — — Total 24,012 31,463 — Individually reviewed impaired loans with an allowance recorded: Commercial and agricultural — — — Real estate - construction — — — Real estate - mortgage: 1-4 family residential 3,448 4,138 344 Commercial — — — Consumer — — — Total 3,448 4,138 344 Total individually reviewed impaired loans: Commercial and agricultural 399 479 — Real estate - construction 840 1,060 — Real estate - mortgage: 1-4 family residential 12,088 14,787 344 Commercial 14,133 19,275 — Consumer — — — Total $ 27,460 $ 35,601 $ 344 PI loans with subsequent credit deterioration: Commercial and agricultural $ 5,848 $ 4,721 $ 218 Real estate - construction 7,547 8,336 665 Real estate - mortgage: 1-4 family residential 11,854 12,317 256 Commercial 63,085 63,890 1,906 Consumer 958 621 145 Total $ 89,292 $ 89,885 $ 3,190 The following table presents individually reviewed impaired loans, and purchased impaired loans with subsequent credit deterioration, segregated by portfolio segment, and the corresponding allowance for loan losses as of December 31, 2014 : Unpaid (dollars in thousands) Recorded Principal Related Investment Balance Allowance Individually reviewed impaired loans with no related allowance recorded: Commercial and agricultural $ — $ — $ — Real estate - construction 2,344 2,898 — Real estate - mortgage: 1-4 family residential 8,115 10,238 — Commercial 16,172 22,060 — Consumer — — — Total 26,631 35,196 — Individually reviewed impaired loans with an allowance recorded: Commercial and agricultural 498 498 58 Real estate - construction — — — Real estate - mortgage: 1-4 family residential 3,294 3,676 331 Commercial 4,059 4,228 29 Consumer — — — Total 7,851 8,402 418 Total individually reviewed impaired loans: Commercial and agricultural 498 498 58 Real estate - construction 2,344 2,898 — Real estate - mortgage: 1-4 family residential 11,409 13,914 331 Commercial 20,231 26,288 29 Consumer — — — Total $ 34,482 $ 43,598 $ 418 PI loans with subsequent credit deterioration: Commercial and agricultural $ 7,535 $ 6,149 $ 257 Real estate - construction 8,619 9,855 507 Real estate - mortgage: 1-4 family residential 14,174 15,278 199 Commercial 87,345 90,830 2,085 Consumer 1,028 667 189 Total $ 118,701 $ 122,779 $ 3,237 |
Impaired Loans, Average Recorded Investment and Interest Income | The following summary presents individually reviewed impaired loans. Average recorded investment and interest income recognized on impaired loans, segregated by portfolio segment, is shown in the following tables as of September 30, 2015 and September 30, 2014 : For Three Months Ended For Three Months Ended September 30, 2015 September 30, 2014 Average Interest Average Interest (dollars in thousands) Recorded Income Recorded Income Investment Recognized Investment Recognized Individually reviewed impaired loans with no related allowance recorded: Commercial and agricultural $ 404 $ — $ 222 $ — Real estate - construction 878 8 2,865 8 Real estate - mortgage: 1-4 family residential 8,786 31 8,253 23 Commercial 14,329 50 19,042 28 Consumer — — — — Total 24,397 89 30,382 59 Individually reviewed impaired loans with an allowance recorded: Commercial and agricultural — — — — Real estate - construction — — — — Real estate - mortgage: 1-4 family residential 3,509 10 3,413 12 Commercial — — 4,427 38 Consumer — — — — Total 3,509 10 7,840 50 Total individually reviewed impaired loans: Commercial and agricultural 404 — 222 — Real estate - construction 878 8 2,865 8 Real estate - mortgage: 1-4 family residential 12,295 41 11,666 35 Commercial 14,329 50 23,469 66 Consumer — — — — Total $ 27,906 $ 99 $ 38,222 $ 109 For Nine Months Ended For Nine Months Ended September 30, 2015 September 30, 2014 Average Interest Average Interest (dollars in thousands) Recorded Income Recorded Income Investment Recognized Investment Recognized Individually reviewed impaired loans with no related allowance recorded: Commercial and agricultural $ 439 $ — $ 222 $ — Real estate - construction 1,093 26 2,936 29 Real estate - mortgage: 1-4 family residential 7,937 85 8,400 87 Commercial 14,393 180 19,814 237 Consumer — — — — Total 23,862 291 31,372 353 Individually reviewed impaired loans with an allowance recorded: Commercial and agricultural — — — — Real estate - construction — — — — Real estate - mortgage: 1-4 family residential 3,966 43 3,440 45 Commercial 1,277 52 4,479 153 Consumer — — — — Total 5,243 95 7,919 198 Total individually reviewed impaired loans: Commercial and agricultural 439 — 222 — Real estate - construction 1,093 26 2,936 29 Real estate - mortgage: 1-4 family residential 11,903 128 11,840 132 Commercial 15,670 232 24,293 390 Consumer — — — — Total $ 29,105 $ 386 $ 39,291 $ 551 |
Schedule of Loans Receivable, Acquired Loans | The following table presents the balance of all Granite Purchased Loans: At September 30, 2015 (dollars in thousands) Purchased Impaired Purchased Contractual Total Purchased Loans Unpaid Commercial and agricultural $ 5,848 $ 1,228 $ 7,076 $ 5,964 Real estate - construction 7,995 — 7,995 8,821 Real estate - mortgage: 1-4 family residential 14,791 19,520 34,311 35,303 Commercial 63,085 — 63,085 63,890 Consumer 958 — 958 621 Total $ 92,677 $ 20,748 $ 113,425 $ 114,599 At December 31, 2014 (dollars in thousands) Purchased Impaired Purchased Contractual Total Unpaid Commercial and agricultural $ 7,535 $ 4,288 $ 11,823 $ 10,508 Real estate - construction 9,197 — 9,197 10,463 Real estate - mortgage: 1-4 family residential 17,737 21,660 39,397 41,295 Commercial 87,345 — 87,345 90,830 Consumer 1,028 — 1,028 678 Total $ 122,842 $ 25,948 $ 148,790 $ 153,774 |
Deteriorated Loans Acquired, Accretable Yield Movement Schedule | The tables below include only those Granite Purchased Loans accounted for under the expected cash flow method (PI loans) for the periods indicated. These tables do not include PC loans, including Granite PC loans or purchased residential mortgage loan pools. For Three Months Ended For Three Months Ended September 30, 2015 September 30, 2014 Purchased Impaired Purchased Impaired (dollars in thousands) Carrying Future Carrying Future Accretion Balance, beginning of period $ 102,115 $ 20,800 $ 141,924 $ 27,764 Accretion 1,634 (1,634 ) 2,323 (2,323 ) Increase (Decrease) in future accretion — (393 ) — 1,495 Reclassification of loans and adjustments — — — — Payments received (11,072 ) — (13,253 ) — Foreclosed and transferred to OREO — — (329 ) — Subtotal before allowance 92,677 18,773 130,665 26,936 Allowance for loan losses (3,190 ) — (3,923 ) — Net carrying amount, end of period $ 89,487 $ 18,773 $ 126,742 $ 26,936 For Nine Months Ended For Nine Months Ended September 30, 2015 September 30, 2014 Purchased Impaired Purchased Impaired (dollars in thousands) Carrying Future Carrying Future Accretion Balance, beginning of period $ 122,842 $ 24,898 $ 161,652 $ 29,987 Accretion 5,523 (5,523 ) 7,402 (7,402 ) Increase (Decrease) in future accretion — (602 ) — 4,351 Reclassification of loans and adjustments — — (4,180 ) — Payments received (34,448 ) — (33,858 ) — Foreclosed and transferred to OREO (1,240 ) — (351 ) — Subtotal before allowance 92,677 18,773 130,665 26,936 Allowance for credit losses (3,190 ) — (3,923 ) — Net carrying amount, end of period $ 89,487 $ 18,773 $ 126,742 $ 26,936 |
Allowance for Loan Losses | An analysis of the changes in the ALL is as follows: For Three Months Ended For Nine Months Ended (dollars in thousands) September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Balance, beginning of period $ 17,989 $ 23,975 $ 20,345 $ 26,785 Recovery of losses charged to continuing operations (64 ) (1,679 ) (1,990 ) (4,048 ) Net charge-offs: Charge-offs (1,293 ) (1,970 ) (3,855 ) (5,980 ) Recoveries 556 1,199 2,688 4,768 Net charge-offs (737 ) (771 ) (1,167 ) (1,212 ) Balance, end of period $ 17,188 $ 21,525 $ 17,188 $ 21,525 Annualized net charge-offs during the period to average loans held for investment 0.20 % 0.24 % 0.11 % 0.13 % Annualized net charge-offs during the period to ALL 17.01 % 14.21 % 9.08 % 7.53 % Allowance for loan losses to loans held for investment 1.13 % 1.63 % 1.13 % 1.63 % |
Allowance for Loan Losses by Portfolio Segment | The following table presents ALL activity by portfolio segment for the three months ended September 30, 2015 : Real Estate - Mortgage (dollars in thousands) Commercial and Agricultural Real Estate - Construction 1-4 Family Residential Commercial Consumer Total ALL: Beginning balance July 1, 2015 $ 2,712 $ 2,207 $ 5,517 $ 3,306 $ 4,247 $ 17,989 Charge-offs — (51 ) (393 ) (33 ) (816 ) (1,293 ) Recoveries 203 120 103 56 74 556 Provision (recovery of provision) (251 ) (245 ) (46 ) (194 ) 672 (64 ) Ending balance September 30, 2015 $ 2,664 $ 2,031 $ 5,181 $ 3,135 $ 4,177 $ 17,188 The following table presents ALL activity by portfolio segment for the three months ended September 30, 2014 : Real Estate - Mortgage (dollars in thousands) Commercial and Agricultural Real Estate - Construction 1-4 Family Residential Commercial Consumer Total ALL: Beginning balance July 1, 2014 $ 3,508 $ 4,778 $ 7,410 $ 5,666 $ 2,613 $ 23,975 Charge-offs (301 ) (52 ) (234 ) (511 ) (872 ) (1,970 ) Recoveries 171 131 396 123 378 1,199 Provision (recovery of provision) (58 ) (1,089 ) (1,217 ) (150 ) 835 (1,679 ) Ending balance September 30, 2014 $ 3,320 $ 3,768 $ 6,355 $ 5,128 $ 2,954 $ 21,525 The following table presents ALL activity by portfolio segment for the nine months ended September 30, 2015 : Real Estate - Mortgage (dollars in thousands) Commercial and Agricultural Real Estate - Construction 1-4 Family Residential Commercial Consumer Total ALL: Beginning balance January 1, 2015 $ 3,915 $ 3,163 $ 5,847 $ 4,179 $ 3,241 $ 20,345 Charge-offs (306 ) (136 ) (769 ) (301 ) (2,343 ) (3,855 ) Recoveries 852 495 412 442 487 2,688 Provision (recovery of provision) (1,797 ) (1,491 ) (309 ) (1,185 ) 2,792 (1,990 ) Ending balance September 30, 2015 $ 2,664 $ 2,031 $ 5,181 $ 3,135 $ 4,177 $ 17,188 The following table presents ALL activity by portfolio segment for the nine months ended September 30, 2014 : Real Estate - Mortgage (dollars in thousands) Commercial and Agricultural Real Estate - Construction 1-4 Family Residential Commercial Consumer Total ALL: Beginning balance January 1, 2014 $ 2,931 $ 5,233 $ 8,869 $ 7,195 $ 2,557 $ 26,785 Charge-offs (1,311 ) (676 ) (869 ) (1,307 ) (1,817 ) (5,980 ) Recoveries 825 1,458 894 716 875 4,768 Provision (recovery of provision) 875 (2,247 ) (2,539 ) (1,476 ) 1,339 (4,048 ) Ending balance September 30, 2014 $ 3,320 $ 3,768 $ 6,355 $ 5,128 $ 2,954 $ 21,525 |
Allowance for Loan Losses, Impairment Methodology | The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at September 30, 2015 : Real Estate - Mortgage (dollars in thousands) Commercial and Agricultural Real Estate - Construction 1-4 Family Residential Commercial Consumer Total ALL: Individually reviewed for impairment $ — $ — $ 344 $ — $ — $ 344 Collectively reviewed for impairment 2,446 1,366 4,581 1,229 4,032 13,654 PI loans reviewed for credit impairment 218 665 256 1,906 145 3,190 PI loans with no credit deterioration — — — — — — Total ALL $ 2,664 $ 2,031 $ 5,181 $ 3,135 $ 4,177 $ 17,188 Loans held for investment: Individually reviewed for impairment $ 399 $ 840 $ 12,093 $ 14,133 $ — $ 27,465 Collectively reviewed for impairment 148,706 77,472 660,639 415,875 99,621 1,402,313 PI loans with subsequent credit deterioration 5,848 7,547 11,854 63,085 958 89,292 PI loans with no credit deterioration — 448 2,937 — — 3,385 Total loans $ 154,953 $ 86,307 $ 687,523 $ 493,093 $ 100,579 $ 1,522,455 The following table details the recorded investment in loans related to each segment in the allowance for loan losses by portfolio segment and disaggregated on the basis of impairment evaluation methodology at December 31, 2014 : Real Estate - Mortgage (dollars in thousands) Commercial and Agricultural Real Estate - Construction 1-4 Family Residential Commercial Consumer Total ALL: Individually reviewed for impairment $ 58 $ — $ 331 $ 29 $ — $ 418 Collectively reviewed for impairment 3,600 2,656 5,317 2,065 3,052 16,690 PI loans reviewed for credit impairment 257 507 199 2,085 189 3,237 PI loans with no credit deterioration — — — — — — Total ALL $ 3,915 $ 3,163 $ 5,847 $ 4,179 $ 3,241 $ 20,345 Loans held for investment: Individually reviewed for impairment $ 498 $ 2,344 $ 11,409 $ 20,231 $ — $ 34,482 Collectively reviewed for impairment 105,380 66,786 638,456 318,752 71,090 1,200,464 PI loans with subsequent credit deterioration 7,535 8,619 14,174 87,345 1,028 118,701 PI loans with no credit deterioration — 578 3,563 — — 4,141 Total loans $ 113,413 $ 78,327 $ 667,602 $ 426,328 $ 72,118 $ 1,357,788 |
Troubled Debt Restructurings on Loans | The following tables present a breakdown of troubled debt restructurings that were restructured during the three and nine months ended September 30, 2015 and September 30, 2014 , respectively, segregated by portfolio segment: For Three Months Ended September 30, 2015 For Three Months Ended September 30, 2014 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding (dollars in thousands) Number Recorded Recorded Number Recorded Recorded of Loans Investment Investment of Loans Investment Investment Commercial and agricultural — $ — $ — — $ — $ — Real estate - construction 2 280 280 1 37 37 Real estate - mortgage: 1-4 family residential 2 61 61 1 260 260 Commercial 1 627 627 — — — Consumer — — — — — — Total 5 $ 968 $ 968 2 $ 297 $ 297 For Nine Months Ended September 30, 2015 For Nine Months Ended September 30, 2014 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding (dollars in thousands) Number Recorded Recorded Number Recorded Recorded of Loans Investment Investment of Loans Investment Investment Commercial and agricultural — $ — $ — 2 $ 94 $ 94 Real estate - construction 3 649 649 2 523 523 Real estate - mortgage: 1-4 family residential 3 507 507 8 1,012 1,088 Commercial 1 627 627 7 3,052 3,052 Consumer — — — — — — Total 7 $ 1,783 $ 1,783 19 $ 4,681 $ 4,757 |
Other Real Estate Owned and P21
Other Real Estate Owned and Property Acquired in Settlement of Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Repossessed Assets [Abstract] | |
Schedule of Repossessed Assets | The following table summarizes OREO and property acquired in settlement of loans at the periods indicated: (dollars in thousands) September 30, 2015 December 31, 2014 Real estate acquired in settlement of loans $ 18,879 $ 20,122 Property acquired in settlement of loans 287 289 Total property acquired in settlement of loans $ 19,166 $ 20,411 |
Activities of Real Estate Acquired through Foreclosure | The following tables summarize the changes in real estate acquired in settlement of loans at the periods indicated: For Three Months Ended (dollars in thousands) September 30, 2015 September 30, 2014 Real estate acquired in settlement of loans, beginning of period $ 19,717 $ 21,742 Plus: New real estate acquired in settlement of loans 766 1,643 Less: Sales of real estate acquired in settlement of loans (1,110 ) (3,400 ) Less: Write-downs and net loss on sales charged to expense (494 ) 195 Real estate acquired in settlement of loans, end of period $ 18,879 $ 20,180 For Nine Months Ended (dollars in thousands) September 30, 2015 September 30, 2014 Real estate acquired in settlement of loans, beginning of period $ 20,122 $ 28,353 Plus: New real estate acquired in settlement of loans 4,199 2,894 Less: Sales of real estate acquired in settlement of loans (4,263 ) (10,328 ) Less: Write-downs and net loss on sales charged to expense (1,179 ) (739 ) Real estate acquired in settlement of loans, end of period $ 18,879 $ 20,180 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | As required for entities with complex capital structures, a dual presentation of basic and diluted EPS is included on the face of the income statement, and a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation is provided in this note. (dollars in thousands, except share and per share data) For Three Months Ended For Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Net income (loss) from continuing operations before cumulative dividends on preferred stock $ 1,517 $ 1,773 $ 6,559 $ 5,842 Dividends on preferred stock — — — — Income from continuing operations, net of tax $ 1,517 $ 1,773 $ 6,559 $ 5,842 Loss from discontinued operations, net of tax — — — — Net income $ 1,517 $ 1,773 $ 6,559 $ 5,842 Weighted average number of shares outstanding - basic 24,265,346 21,739,009 24,217,211 21,853,866 Weighted average number of shares outstanding - diluted 24,279,112 21,746,965 24,229,885 21,865,972 Net income per share - basic and diluted $ 0.06 $ 0.08 $ 0.27 $ 0.27 |
Derivatives and Financial Ins23
Derivatives and Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Gain (Loss) | Gain (Loss) Recognized (dollars in thousands) For Three Months Ended For Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Derivatives designated as hedging instruments: Interest rate swap contracts - FHLB advances $ (456 ) $ — $ (515 ) $ — Derivatives not designated as hedging instruments: Mortgage loan rate lock commitments 4 (2 ) $ 1 $ 1 Mortgage loan forward sales (5 ) (2 ) 12 16 Total $ (1 ) $ (4 ) $ 13 $ 17 |
Fair Values of Assets and Lia24
Fair Values of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Assets and liabilities carried at fair value on a recurring basis at September 30, 2015 are summarized in the following table: (dollars in thousands) Total Level 1 Level 2 Level 3 Assets: Available-for-sale debt securities: U.S. government sponsored agencies $ 2,019 $ — $ 2,019 $ — Residential mortgage-backed securities-GSE 288,141 — 288,141 — Residential mortgage-backed securities-Private 15,083 — 15,083 — Commercial mortgage-backed securities-GSE 22,148 — 22,148 — Commercial mortgage-backed securities-Private 17,813 — 17,813 — Corporate notes 30,725 — 30,725 — Total available-for-sale debt securities 375,929 — 375,929 — Mortgage servicing rights 2,108 — — 2,108 Interest rate swaps (1,359 ) — (1,359 ) — Total assets at fair value $ 376,678 $ — $ 374,570 $ 2,108 Assets and liabilities carried at fair value on a recurring basis at December 31, 2014 are summarized in the following table: (dollars in thousands) Total Level 1 Level 2 Level 3 Assets: Available-for-sale debt securities: U.S. government sponsored agencies $ 2,044 $ — $ 2,044 $ — Residential mortgage-backed securities-GSE 290,145 — 290,145 — Residential mortgage-backed securities-Private 17,271 — 17,271 — Commercial mortgage-backed securities-GSE 21,958 — 21,958 — Commercial mortgage-backed securities-Private 10,215 — 10,215 — Corporate notes 8,407 — 8,407 — Total available-for-sale debt securities 350,040 — 350,040 — Mortgage servicing rights 1,726 — — 1,726 Interest rate swaps (525 ) — (525 ) — Total assets at fair value $ 351,241 $ — $ 349,515 $ 1,726 |
Schedule of Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the periods indicated: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Servicing Rights (dollars in thousands) Three Months Ended September 30, 2015 2014 Balance, beginning of period $ 2,012 $ 1,587 Total gains or losses (realized/unrealized): Included in earnings, gross 248 166 Less amortization (152 ) (116 ) Balance, end of period $ 2,108 $ 1,637 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Servicing Rights (dollars in thousands) Nine Months Ended September 30, 2015 2014 Beginning balance at January 1, $ 1,726 $ 1,552 Total gains or losses (realized/unrealized): Included in earnings, gross 804 310 Less amortization (422 ) (225 ) Balance, end of period $ 2,108 $ 1,637 |
Schedule of Assets Measure at Fair Value on a Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis are included in the following table at September 30, 2015 : (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 3,104 $ — $ — $ 3,104 Other real estate owned 12,991 — — 12,991 Total assets at fair value from continuing operations $ 16,095 $ — $ — $ 16,095 Assets measured at fair value on a nonrecurring basis are included in the following table at December 31, 2014 : (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans, net $ 7,433 $ — $ — $ 7,433 Other real estate owned 15,579 — — 15,579 Total assets at fair value from continuing operations $ 23,012 $ — $ — $ 23,012 |
Schedule of Quantitative Information About Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value at September 30, 2015 Valuation Techniques Unobservable Input Range Impaired loans, net $ 3,104 Discounted appraisals Collateral discounts 1.00% - 30.00% Other real estate owned 12,991 Discounted appraisals Collateral discounts 1.00% - 30.00% Mortgage servicing rights 2,108 Discounted cash flows Prepayment rate 10.00% - 25.00% Mortgage servicing rights Discount rate 6.00% - 10.00% (dollars in thousands) Fair Value at Valuation Techniques Unobservable Input Range Impaired loans, net $ 7,433 Discounted appraisals Collateral discounts 1.00%-30.00% Other real estate owned 15,579 Discounted appraisals Collateral discounts 1.00%-30.00% Mortgage servicing rights 1,726 Discounted cash flows Prepayment rate 10.00% - 25.00% Mortgage servicing rights Discount rate 6.00% - 10.00% |
Schedule of Estimated Fair Values of Financial Instruments | The estimated fair values of financial instruments are as follows at the periods indicated: At September 30, 2015 (dollars in thousands) Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 28,006 $ 28,006 $ 28,006 $ — $ — Investment securities: Available-for-sale 375,929 375,929 — 375,929 — Investment securities: Held-to-maturity 152,670 151,935 — 151,935 — Loans held for sale 4,089 4,089 — 4,089 — Loans held for investment, net 1,505,267 1,501,039 — — 1,501,039 Accrued interest receivable 5,526 5,526 1 1,509 4,016 Interest rate swaps (1,359 ) (1,359 ) — (1,359 ) — Financial Liabilities: Deposits 1,896,879 1,898,024 — 1,898,024 — Retail repurchase agreements 16,753 16,753 — 16,753 — Federal Home Loan Bank advances 90,244 92,737 — 92,737 — Long-term notes payable 5,396 5,396 — — 5,396 Junior subordinated debentures 56,702 32,164 — — 32,164 Accrued interest payable 366 366 — 350 16 At December 31, 2014 (dollars in thousands) Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 95,882 $ 95,882 $ 95,882 $ — $ — Investment securities: Available-for-sale 350,040 350,040 — 350,040 — Investment securities: Held-to-maturity 142,461 140,875 — 140,875 — Loans held for sale 2,796 2,796 — 2,796 — Loans held for investment, net 1,337,443 1,328,895 — — 1,328,895 Accrued interest receivable 4,885 4,885 — 1,262 3,623 Interest rate locks and forward loan sale commitments (525 ) (525 ) — (525 ) — Financial Liabilities: Deposits 1,794,420 1,793,205 — 1,793,205 — Retail repurchase agreements 9,076 9,076 — 9,076 — Federal Home Loan Bank advances 68,234 71,462 — 71,462 — Long-term notes payable 5,338 5,338 — — 5,338 Junior subordinated debentures 56,702 32,341 — — 32,341 Accrued interest payable 3,624 3,624 — 321 3,303 |
Accumulated Other Comprehensi25
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in our accumulated other comprehensive income (loss), net of tax, by component for the periods indicated: (Dollars in thousands) Unrealized Gains (Losses) on Available-For-Sale Securities Interest Rate Swaps Defined Benefit Plan Items Total Beginning balance January 1, 2015 $ (3,017 ) $ (324 ) $ (4,134 ) $ (7,475 ) Other comprehensive income (loss) before reclassifications 1,043 (521 ) (65 ) 457 Amounts reclassified from accumulated other comprehensive income — 5 — 5 Net current period other comprehensive income (loss) 1,043 (516 ) (65 ) 462 Ending balance September 30, 2015 $ (1,974 ) $ (840 ) $ (4,199 ) $ (7,013 ) (Dollars in thousands) Unrealized Gains (Losses) on Available-For-Sale Securities Interest Rate Swaps Defined Benefit Plan Items Total Beginning balance January 1, 2014 $ (14,476 ) $ — $ (3,129 ) $ (17,605 ) Other comprehensive income (loss) before reclassifications 8,050 (18 ) — 8,032 Amounts reclassified from accumulated other comprehensive income (466 ) — — (466 ) Net current period other comprehensive income (loss) 7,584 (18 ) — 7,566 Ending balance September 30, 2014 $ (6,892 ) $ (18 ) $ (3,129 ) $ (10,039 ) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table presents the reclassifications out of our accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2015 and 2014: (Dollars in thousands) Amount Reclassified from AOCI For Three Months Ended For Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Line Item in the Consolidated Statement of Operations Available-for-sale securities: Net realized gains on sale of securities $ — $ (34 ) $ — $ (754 ) Securities gains, net Income tax expense — 13 — 288 Income tax expense Total, net of tax — (21 ) — (466 ) Interest rate swaps: Swap ineffectiveness expense 2 — 8 — Other expense Income tax benefit (1 ) — (3 ) — Income tax expense Total, net of tax 1 — 5 — Total reclassifications for the period $ 1 $ (21 ) $ 5 $ (466 ) |
Repurchase Agreement Borrowin26
Repurchase Agreement Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of the Carrying Value of Repurchase Agreements | The following table presents the carrying value of repurchase agreements by remaining contractual maturity at September 30, 2015 and December 31, 2014 : September 30, 2015 (dollars in thousands) Remaining Contractual Maturity of the Agreements Overnight and Continuous 1 - 90 days Over 90 days Total Residential mortgage-backed securities-GSE $ 16,753 $ — $ — $ 16,753 December 31, 2014 (dollars in thousands) Remaining Contractual Maturity of the Agreements Overnight and Continuous 1 - 90 days Over 90 days Total Residential mortgage-backed securities-GSE $ 9,076 $ — $ — $ 9,076 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Available-for-sale Securities [Abstract] | |||
Amortized cost | $ 379,125 | $ 354,924 | [1] |
Gross unrealized gains | 1,367 | 1,282 | |
Gross unrealized losses | 4,563 | 6,166 | |
Total | 375,929 | 350,040 | [1] |
Held-to-maturity Securities [Abstract] | |||
Amortized cost | 152,670 | 142,461 | |
Gross unrealized gains | 283 | 116 | |
Gross unrealized losses | 1,018 | 1,702 | |
Total | 151,935 | 140,875 | [1] |
Amortized cost, Total | 531,795 | 497,385 | |
Gross unrealized gains, Total | 1,650 | 1,398 | |
Gross unrealized losses, Total | 5,581 | 7,868 | |
Estimated fair value, Total | 527,864 | 490,915 | |
Obligations of U.S. government sponsored enterprises [Member] | |||
Available-for-sale Securities [Abstract] | |||
Amortized cost | 2,011 | 2,028 | |
Gross unrealized gains | 8 | 16 | |
Gross unrealized losses | 0 | 0 | |
Total | 2,019 | 2,044 | |
Residential mortgage-backed securities - GSE [Member] | |||
Available-for-sale Securities [Abstract] | |||
Amortized cost | 291,955 | 295,300 | |
Gross unrealized gains | 631 | 438 | |
Gross unrealized losses | 4,445 | 5,593 | |
Total | 288,141 | 290,145 | |
Held-to-maturity Securities [Abstract] | |||
Amortized cost | 123,735 | 132,396 | |
Gross unrealized gains | 210 | 116 | |
Gross unrealized losses | 763 | 1,635 | |
Total | 123,182 | 130,877 | |
Residential mortgage-backed securities - Private [Member] | |||
Available-for-sale Securities [Abstract] | |||
Amortized cost | 14,456 | 16,455 | |
Gross unrealized gains | 631 | 820 | |
Gross unrealized losses | 4 | 4 | |
Total | 15,083 | 17,271 | |
Held-to-maturity Securities [Abstract] | |||
Amortized cost | 18,875 | ||
Gross unrealized gains | 0 | ||
Gross unrealized losses | 255 | ||
Total | 18,620 | ||
Commercial mortgage-backed securities - GSE [Member] | |||
Available-for-sale Securities [Abstract] | |||
Amortized cost | 22,080 | 22,377 | |
Gross unrealized gains | 68 | 0 | |
Gross unrealized losses | 0 | 419 | |
Total | 22,148 | 21,958 | |
Commercial mortgage-backed securities - Private [Member] | |||
Available-for-sale Securities [Abstract] | |||
Amortized cost | 17,879 | 10,365 | |
Gross unrealized gains | 20 | 0 | |
Gross unrealized losses | 86 | 150 | |
Total | 17,813 | 10,215 | |
Held-to-maturity Securities [Abstract] | |||
Amortized cost | 10,060 | 10,065 | |
Gross unrealized gains | 73 | 0 | |
Gross unrealized losses | 0 | 67 | |
Total | 10,133 | 9,998 | |
Corporate notes [Member] | |||
Available-for-sale Securities [Abstract] | |||
Amortized cost | 30,744 | 8,399 | |
Gross unrealized gains | 9 | 8 | |
Gross unrealized losses | 28 | 0 | |
Total | $ 30,725 | $ 8,407 | |
[1] | Derived from audited consolidated financial statements |
Investment Securities (Other Di
Investment Securities (Other Disclosures) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)securities | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)securities | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)securities | |
Schedule of Available-for-sale Securities [Line Items] | |||||
FHLB stock | $ 5,800 | $ 5,800 | $ 4,900 | ||
FRBR stock | 9,700 | 9,700 | 4,700 | ||
Investment securities portfolio available as lendable collateral | 208,500 | 208,500 | $ 180,600 | ||
Book value of securities sold | $ 23,900 | $ 26,400 | |||
Gaini on sale of securities | $ 0 | $ 34 | $ 0 | $ 754 | |
Number of available-for-sale securities in an unrealized loss position | securities | 17 | 17 | 33 | ||
Deposits [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Investment securities portfolio pledged as collateral | $ 140,200 | $ 140,200 | |||
Retail repurchase agreements [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Investment securities portfolio pledged as collateral | 17,900 | 17,900 | |||
Others [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Investment securities portfolio pledged as collateral | $ 162,000 | $ 162,000 |
Investment Securities (Continuo
Investment Securities (Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, estimated fair value | $ 124,493 | $ 1,154 |
Less than 12 months, gross unrealized losses | 994 | 4 |
12 months or more, estimated fair value | 138,683 | 277,630 |
12 months or more, gross unrealized losses | 3,569 | 6,162 |
Total, estimated fair value | 263,176 | 278,784 |
Total, gross unrealized losses | 4,563 | 6,166 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, estimated fair value | 64,333 | 0 |
Less than 12 months, gross unrealized losses | 714 | 0 |
12 months or more, estimated fair value | 36,624 | 122,876 |
12 months or more, gross unrealized losses | 304 | 1,702 |
Total, estimated fair value | 100,957 | 122,876 |
Total, gross unrealized losses | 1,018 | 1,702 |
Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, estimated fair value | 188,826 | 1,154 |
Less than 12 months, gross unrealized losses | 1,708 | 4 |
12 months or more, estimated fair value | 175,307 | 400,506 |
12 months or more, gross unrealized losses | 3,873 | 7,864 |
Total, estimated fair value | 364,133 | 401,660 |
Total, gross unrealized losses | 5,581 | 7,868 |
Residential mortgage-backed securities - GSE [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, estimated fair value | 91,601 | 0 |
Less than 12 months, gross unrealized losses | 880 | 0 |
12 months or more, estimated fair value | 137,652 | 245,457 |
12 months or more, gross unrealized losses | 3,565 | 5,593 |
Total, estimated fair value | 229,253 | 245,457 |
Total, gross unrealized losses | 4,445 | 5,593 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, estimated fair value | 45,712 | 0 |
Less than 12 months, gross unrealized losses | 459 | 0 |
12 months or more, estimated fair value | 36,624 | 112,878 |
12 months or more, gross unrealized losses | 304 | 1,635 |
Total, estimated fair value | 82,336 | 112,878 |
Total, gross unrealized losses | 763 | 1,635 |
Residential mortgage-backed securities - Private [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, estimated fair value | 0 | 1,154 |
Less than 12 months, gross unrealized losses | 0 | 4 |
12 months or more, estimated fair value | 1,031 | 0 |
12 months or more, gross unrealized losses | 4 | 0 |
Total, estimated fair value | 1,031 | 1,154 |
Total, gross unrealized losses | 4 | 4 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, estimated fair value | 18,621 | |
Less than 12 months, gross unrealized losses | 255 | |
12 months or more, estimated fair value | 0 | |
12 months or more, gross unrealized losses | 0 | |
Total, estimated fair value | 18,621 | |
Total, gross unrealized losses | 255 | |
Commercial mortgage-backed securities - GSE [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, estimated fair value | 0 | 0 |
Less than 12 months, gross unrealized losses | 0 | 0 |
12 months or more, estimated fair value | 0 | 21,958 |
12 months or more, gross unrealized losses | 0 | 419 |
Total, estimated fair value | 0 | 21,958 |
Total, gross unrealized losses | 0 | 419 |
Commercial mortgage-backed securities - Private [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, estimated fair value | 12,564 | 0 |
Less than 12 months, gross unrealized losses | 86 | 0 |
12 months or more, estimated fair value | 0 | 10,215 |
12 months or more, gross unrealized losses | 0 | 150 |
Total, estimated fair value | 12,564 | 10,215 |
Total, gross unrealized losses | 86 | 150 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, estimated fair value | 0 | 0 |
Less than 12 months, gross unrealized losses | 0 | 0 |
12 months or more, estimated fair value | 0 | 9,998 |
12 months or more, gross unrealized losses | 0 | 67 |
Total, estimated fair value | 0 | 9,998 |
Total, gross unrealized losses | 0 | $ 67 |
Corporate notes [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, estimated fair value | 20,328 | |
Less than 12 months, gross unrealized losses | 28 | |
Total, estimated fair value | 20,328 | |
Total, gross unrealized losses | $ 28 |
Investment Securities (Maturity
Investment Securities (Maturity Schedule) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Amortized Cost | |||
Total | $ 379,125 | ||
Estimated Fair Value | |||
Total | 375,929 | $ 350,040 | [1] |
Amortized Cost | |||
Total | 152,670 | 142,461 | [1] |
Estimated Fair Value | |||
Total | 151,935 | 140,875 | [1] |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Amortized Cost | |||
Due after one year through five years, amortized cost | 2,011 | ||
Estimated Fair Value | |||
Due after one year through five years, estimated fair value | 2,019 | ||
Total | 2,019 | 2,044 | |
Residential Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Amortized Cost | |||
Due after five years through 10 years | 1,930 | ||
Due after ten years | 290,025 | ||
Estimated Fair Value | |||
Due after five years through 10 years | 1,984 | ||
Due after ten years | 286,157 | ||
Total | 288,141 | 290,145 | |
Amortized Cost | |||
Due after ten years | 123,735 | ||
Estimated Fair Value | |||
Due after ten years | 123,182 | ||
Total | 123,182 | 130,877 | |
Residential Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Amortized Cost | |||
Due after ten years | 14,456 | ||
Estimated Fair Value | |||
Due after ten years | 15,083 | ||
Total | 15,083 | 17,271 | |
Amortized Cost | |||
Due after ten years | 18,875 | ||
Estimated Fair Value | |||
Due after ten years | 18,621 | ||
Total | 18,620 | ||
Commercial mortgage-backed securities - GSE [Member] | |||
Amortized Cost | |||
Due after five years through 10 years | 22,080 | ||
Estimated Fair Value | |||
Due after five years through 10 years | 22,148 | ||
Total | 22,148 | 21,958 | |
Commercial Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Amortized Cost | |||
Due after ten years | 17,879 | ||
Estimated Fair Value | |||
Due after ten years | 17,813 | ||
Total | 17,813 | 10,215 | |
Amortized Cost | |||
Due after ten years | 10,060 | ||
Estimated Fair Value | |||
Due after ten years | 10,132 | ||
Total | 10,133 | 9,998 | |
Corporate notes [Member] | |||
Amortized Cost | |||
Due after one year through five years, amortized cost | 30,744 | ||
Estimated Fair Value | |||
Due after one year through five years, estimated fair value | 30,725 | ||
Total | $ 30,725 | $ 8,407 | |
[1] | Derived from audited consolidated financial statements |
Loans and Allowance for Loan 31
Loans and Allowance for Loan Losses (Past Due Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | $ 18,378 | $ 25,288 | |
Total past due and nonaccrual | 35,315 | 51,628 | |
Current and accruing | 1,487,140 | 1,306,160 | |
Total Loans held for investment | 1,522,455 | 1,357,788 | [1] |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 2,518 | 4,536 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 917 | 647 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 13,502 | 21,157 | |
Commercial and agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans held for investment | 154,953 | 113,413 | |
Real estate - construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans held for investment | 86,307 | 78,327 | |
Real estate - mortgage, 1-4 family residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans held for investment | 687,523 | 667,602 | |
Real estate - mortgage, commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans held for investment | 493,093 | 426,328 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans held for investment | 100,579 | 72,118 | |
PC [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 18,378 | 25,288 | |
Total past due and nonaccrual | 20,823 | 29,474 | |
Current and accruing | 1,408,955 | 1,205,472 | |
Total Loans held for investment | 1,429,778 | 1,234,946 | |
PC [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 1,826 | 3,668 | |
PC [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 601 | 513 | |
PC [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 18 | 5 | |
PC [Member] | Commercial and agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 429 | 608 | |
Total past due and nonaccrual | 436 | 608 | |
Current and accruing | 148,669 | 105,269 | |
Total Loans held for investment | 149,105 | 105,877 | |
PC [Member] | Commercial and agricultural [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 0 | 0 | |
PC [Member] | Commercial and agricultural [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 7 | 0 | |
PC [Member] | Commercial and agricultural [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 0 | 0 | |
PC [Member] | Real estate - construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 488 | 2,307 | |
Total past due and nonaccrual | 505 | 2,407 | |
Current and accruing | 77,807 | 66,723 | |
Total Loans held for investment | 78,312 | 69,130 | |
PC [Member] | Real estate - construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 17 | 100 | |
PC [Member] | Real estate - construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 0 | 0 | |
PC [Member] | Real estate - construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 0 | 0 | |
PC [Member] | Real estate - mortgage, 1-4 family residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 9,370 | 8,637 | |
Total past due and nonaccrual | 10,704 | 11,503 | |
Current and accruing | 662,028 | 638,364 | |
Total Loans held for investment | 672,732 | 649,867 | |
PC [Member] | Real estate - mortgage, 1-4 family residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 874 | 2,719 | |
PC [Member] | Real estate - mortgage, 1-4 family residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 442 | 147 | |
PC [Member] | Real estate - mortgage, 1-4 family residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 18 | 0 | |
PC [Member] | Real estate - mortgage, commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 7,556 | 13,381 | |
Total past due and nonaccrual | 7,556 | 13,627 | |
Current and accruing | 422,452 | 325,356 | |
Total Loans held for investment | 430,008 | 338,983 | |
PC [Member] | Real estate - mortgage, commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 0 | 105 | |
PC [Member] | Real estate - mortgage, commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 0 | 141 | |
PC [Member] | Real estate - mortgage, commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 0 | 0 | |
PC [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 535 | 355 | |
Total past due and nonaccrual | 1,622 | 1,329 | |
Current and accruing | 97,999 | 69,760 | |
Total Loans held for investment | 99,621 | 71,089 | |
PC [Member] | Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 935 | 744 | |
PC [Member] | Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 152 | 225 | |
PC [Member] | Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 0 | 5 | |
PI [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 14,492 | 22,154 | |
Current and accruing | 78,185 | 100,688 | |
Total Loans held for investment | 92,677 | 122,842 | |
PI [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 692 | 868 | |
PI [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 316 | 134 | |
PI [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 13,484 | 21,152 | |
PI [Member] | Commercial and agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 1,788 | 2,232 | |
Current and accruing | 4,060 | 5,303 | |
Total Loans held for investment | 5,848 | 7,535 | |
PI [Member] | Commercial and agricultural [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 49 | 0 | |
PI [Member] | Commercial and agricultural [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 0 | 0 | |
PI [Member] | Commercial and agricultural [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 1,739 | 2,232 | |
PI [Member] | Real estate - construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 1,481 | 3,737 | |
Current and accruing | 6,514 | 5,460 | |
Total Loans held for investment | 7,995 | 9,197 | |
PI [Member] | Real estate - construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 0 | 0 | |
PI [Member] | Real estate - construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 0 | 0 | |
PI [Member] | Real estate - construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 1,481 | 3,737 | |
PI [Member] | Real estate - mortgage, 1-4 family residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 1,867 | 2,803 | |
Current and accruing | 12,924 | 14,934 | |
Total Loans held for investment | 14,791 | 17,737 | |
PI [Member] | Real estate - mortgage, 1-4 family residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 325 | 579 | |
PI [Member] | Real estate - mortgage, 1-4 family residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 0 | 15 | |
PI [Member] | Real estate - mortgage, 1-4 family residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 1,542 | 2,209 | |
PI [Member] | Real estate - mortgage, commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 9,346 | 13,370 | |
Current and accruing | 53,739 | 73,975 | |
Total Loans held for investment | 63,085 | 87,345 | |
PI [Member] | Real estate - mortgage, commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 316 | 287 | |
PI [Member] | Real estate - mortgage, commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 315 | 119 | |
PI [Member] | Real estate - mortgage, commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 8,715 | 12,964 | |
PI [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 10 | 12 | |
Current and accruing | 948 | 1,016 | |
Total Loans held for investment | 958 | 1,028 | |
PI [Member] | Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 2 | 2 | |
PI [Member] | Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | 1 | 0 | |
PI [Member] | Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Investment past due | $ 7 | $ 10 | |
[1] | Derived from audited consolidated financial statements |
Loans and Allowance for Loan 32
Loans and Allowance for Loan Losses (Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | $ 1,522,455 | $ 1,357,788 | [1] |
Loans and Leases Receivable, Deferred Income | (3,600) | 2,800 | |
Unpaid principal balance of loans serviced to others | 287,000 | 235,000 | |
Commercial and agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 154,953 | 113,413 | |
Real estate - construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 86,307 | 78,327 | |
Real estate - mortgage, 1-4 family residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 687,523 | 667,602 | |
Real estate - mortgage, commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 493,093 | 426,328 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 100,579 | 72,118 | |
Substandard or Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans purchased in the Merger | 21,000 | 27,000 | |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 1,447,323 | 1,254,674 | |
Pass [Member] | Commercial and agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 152,019 | 104,165 | |
Pass [Member] | Real estate - construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 79,145 | 68,995 | |
Pass [Member] | Real estate - mortgage, 1-4 family residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 667,255 | 646,897 | |
Pass [Member] | Real estate - mortgage, commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 449,359 | 363,267 | |
Pass [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 99,545 | 71,350 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 25,043 | 39,818 | |
Special Mention [Member] | Commercial and agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 712 | 6,318 | |
Special Mention [Member] | Real estate - construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 2,204 | 2,411 | |
Special Mention [Member] | Real estate - mortgage, 1-4 family residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 4,911 | 5,363 | |
Special Mention [Member] | Real estate - mortgage, commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 17,210 | 25,715 | |
Special Mention [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 6 | 11 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 49,299 | 62,553 | |
Substandard [Member] | Commercial and agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 2,222 | 2,930 | |
Substandard [Member] | Real estate - construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 4,958 | 6,921 | |
Substandard [Member] | Real estate - mortgage, 1-4 family residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 15,357 | 15,342 | |
Substandard [Member] | Real estate - mortgage, commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 26,209 | 36,984 | |
Substandard [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 553 | 376 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 790 | 743 | |
Doubtful [Member] | Commercial and agricultural [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 0 | 0 | |
Doubtful [Member] | Real estate - construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 0 | 0 | |
Doubtful [Member] | Real estate - mortgage, 1-4 family residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 0 | 0 | |
Doubtful [Member] | Real estate - mortgage, commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | 315 | 362 | |
Doubtful [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for investment | $ 475 | $ 381 | |
[1] | Derived from audited consolidated financial statements |
Loans and Allowance for Loan 33
Loans and Allowance for Loan Losses (Loans Pledged) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Loans Receivable, Net [Abstract] | ||
Loans pledged to collateralize FHLB advances and letters of credit | $ 107.8 | $ 127.2 |
Pledged financial instruments, Not separately reported, securities, for Federal Home Loan Bank debt | 116.3 | 124.6 |
Credit availability for borrowing under FHLB advances and letters of credit | 90.3 | $ 130.8 |
Loans pledged to collateralize potential borrowings from Federal Reserve Discount Window | 4.2 | |
Pledged Financial Instruments, Not Separately Reported, investment securities, for Federal Reserve Bank | 45.7 | |
Borrowing capacity under Federal Reserve Discount Window | 48.9 | |
Federal Home Loan Bank Advances and Line of Credit, Amount of Available Borrowing | $ 275.3 |
Loans and Allowance for Loan 34
Loans and Allowance for Loan Losses (Impaired Loans) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Financing Receivable, Impaired [Line Items] | ||||
Interest lost on nonaccrual loans | $ 1,200 | $ 1,700 | ||
Loans on nonaccrual status | 19,500 | $ 25,300 | ||
Impaired loans, no individually reviewed for impairment | 4,124 | 4,967 | ||
Impaired loans, individually reviewed, with no impairment | 24,013 | 26,631 | ||
Impaired loans, individually reviewed, with impairment | 3,448 | 7,851 | ||
Total impaired loans, excluding purchased impaired | [1] | 31,585 | 39,449 | |
Purchased impaired loans with subsequent deterioration | 89,292 | 118,701 | ||
Purchased impaired loans with no subsequent deterioration | 3,385 | 4,141 | ||
Impaired loan, individually reviewed, with impairment, associated reserves | [1] | 344 | 418 | |
Purchased impaired loans with subsequent deterioration | 3,190 | 3,237 | ||
Impaired financing receivable, including deteriorated loans purchased, related allowance | 3,534 | 3,655 | ||
Impaired financing receivable, simple average balance | $ 35,517 | $ 43,446 | ||
[1] | * Included at September 30, 2015 and December 31, 2014 were $13.2 million and $14.1 million, respectively, in restructured and performing loans. |
Loans and Allowance for Loan 35
Loans and Allowance for Loan Losses (Nonaccrual Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment on nonaccrual status | $ 18,378 | $ 25,288 | |
Net loans held for investment | 1,505,267 | 1,337,443 | [1] |
Nonperforming [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment on nonaccrual status | 18,378 | 25,288 | |
90 or more days past due and accruing | 18 | 5 | |
Net loans held for investment | 18,396 | 25,293 | |
Nonperforming [Member] | Commercial and agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment on nonaccrual status | 429 | 608 | |
Nonperforming [Member] | Real estate - construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment on nonaccrual status | 488 | 2,307 | |
Nonperforming [Member] | Real estate - mortgage, 1-4 family residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment on nonaccrual status | 9,370 | 8,637 | |
Nonperforming [Member] | Real estate - mortgage, commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment on nonaccrual status | 7,556 | 13,381 | |
Nonperforming [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment on nonaccrual status | $ 535 | $ 355 | |
[1] | Derived from audited consolidated financial statements |
Loans and Allowance for Loan 36
Loans and Allowance for Loan Losses (Impaired Loans Disclosure) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, recorded investment | $ 24,012 | $ 26,631 |
With an allowance recorded, recorded investment | 3,448 | 7,851 |
Impaired Financing Receivable, Recorded Investment | 27,460 | 34,482 |
With no related allowance recorded, unpaid principal balance | 31,463 | 35,196 |
With an allowance recorded, unpaid principal balance | 4,138 | 8,402 |
Impaired Financing Receivable, Unpaid Principal Balance | 35,601 | 43,598 |
Related allowance | 344 | 418 |
Purchased impaired loans with subsequent deterioration | 89,292 | 118,701 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 89,885 | 122,779 |
Purchased impaired loans with subsequent deterioration | 3,190 | 3,237 |
Commercial and agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, recorded investment | 399 | 0 |
With an allowance recorded, recorded investment | 0 | 498 |
Impaired Financing Receivable, Recorded Investment | 399 | 498 |
With no related allowance recorded, unpaid principal balance | 479 | 0 |
With an allowance recorded, unpaid principal balance | 0 | 498 |
Impaired Financing Receivable, Unpaid Principal Balance | 479 | 498 |
Related allowance | 0 | 58 |
Purchased impaired loans with subsequent deterioration | 5,848 | 7,535 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 4,721 | 6,149 |
Purchased impaired loans with subsequent deterioration | 218 | 257 |
Real estate - construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, recorded investment | 840 | 2,344 |
With an allowance recorded, recorded investment | 0 | 0 |
Impaired Financing Receivable, Recorded Investment | 840 | 2,344 |
With no related allowance recorded, unpaid principal balance | 1,060 | 2,898 |
With an allowance recorded, unpaid principal balance | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,060 | 2,898 |
Related allowance | 0 | 0 |
Purchased impaired loans with subsequent deterioration | 7,547 | 8,619 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 8,336 | 9,855 |
Purchased impaired loans with subsequent deterioration | 665 | 507 |
Real estate - mortgage, 1-4 family residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, recorded investment | 8,640 | 8,115 |
With an allowance recorded, recorded investment | 3,448 | 3,294 |
Impaired Financing Receivable, Recorded Investment | 12,088 | 11,409 |
With no related allowance recorded, unpaid principal balance | 10,649 | 10,238 |
With an allowance recorded, unpaid principal balance | 4,138 | 3,676 |
Impaired Financing Receivable, Unpaid Principal Balance | 14,787 | 13,914 |
Related allowance | 344 | 331 |
Purchased impaired loans with subsequent deterioration | 11,854 | 14,174 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 12,317 | 15,278 |
Purchased impaired loans with subsequent deterioration | 256 | 199 |
Real estate - mortgage, commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, recorded investment | 14,133 | 16,172 |
With an allowance recorded, recorded investment | 0 | 4,059 |
Impaired Financing Receivable, Recorded Investment | 14,133 | 20,231 |
With no related allowance recorded, unpaid principal balance | 19,275 | 22,060 |
With an allowance recorded, unpaid principal balance | 0 | 4,228 |
Impaired Financing Receivable, Unpaid Principal Balance | 19,275 | 26,288 |
Related allowance | 0 | 29 |
Purchased impaired loans with subsequent deterioration | 63,085 | 87,345 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 63,890 | 90,830 |
Purchased impaired loans with subsequent deterioration | 1,906 | 2,085 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, recorded investment | 0 | 0 |
With an allowance recorded, recorded investment | 0 | 0 |
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
With no related allowance recorded, unpaid principal balance | 0 | 0 |
With an allowance recorded, unpaid principal balance | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 |
Related allowance | 0 | 0 |
Purchased impaired loans with subsequent deterioration | 958 | 1,028 |
Purchased impaired loans with subsequent credit deterioration, unpaid principal balance | 621 | 667 |
Purchased impaired loans with subsequent deterioration | $ 145 | $ 189 |
Loans and Allowance for Loan 37
Loans and Allowance for Loan Losses (Impaired Loans, Average Recorded Investment and Interest Income Recognized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance recorded, average recorded investment | $ 24,397 | $ 30,382 | $ 23,862 | $ 31,372 | |
With no related allowance recorded, interest income recognized | 89 | 59 | 291 | 353 | |
With an allowance recorded, average recorded investment | 3,509 | 7,840 | 5,243 | 7,919 | |
With an allowance recorded, interest income recognized | 10 | 50 | 95 | 198 | |
Impaired Financing Receivable, Average Recorded Investment | 27,906 | 38,222 | 29,105 | 39,291 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 99 | 109 | 386 | 551 | |
Restructured loans | 18,500 | 18,500 | $ 19,400 | ||
Commercial and agricultural [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance recorded, average recorded investment | 404 | 222 | 439 | 222 | |
With no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
With an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | |
With an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 404 | 222 | 439 | 222 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | 0 | 0 | |
Real estate - construction [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance recorded, average recorded investment | 878 | 2,865 | 1,093 | 2,936 | |
With no related allowance recorded, interest income recognized | 8 | 8 | 26 | 29 | |
With an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | |
With an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 878 | 2,865 | 1,093 | 2,936 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 8 | 8 | 26 | 29 | |
Real estate - mortgage, 1-4 family residential [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance recorded, average recorded investment | 8,786 | 8,253 | 7,937 | 8,400 | |
With no related allowance recorded, interest income recognized | 31 | 23 | 85 | 87 | |
With an allowance recorded, average recorded investment | 3,509 | 3,413 | 3,966 | 3,440 | |
With an allowance recorded, interest income recognized | 10 | 12 | 43 | 45 | |
Impaired Financing Receivable, Average Recorded Investment | 12,295 | 11,666 | 11,903 | 11,840 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 41 | 35 | 128 | 132 | |
Real estate - mortgage, commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance recorded, average recorded investment | 14,329 | 19,042 | 14,393 | 19,814 | |
With no related allowance recorded, interest income recognized | 50 | 28 | 180 | 237 | |
With an allowance recorded, average recorded investment | 0 | 4,427 | 1,277 | 4,479 | |
With an allowance recorded, interest income recognized | 0 | 38 | 52 | 153 | |
Impaired Financing Receivable, Average Recorded Investment | 14,329 | 23,469 | 15,670 | 24,293 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 50 | 66 | 232 | 390 | |
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | |
With no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
With an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | |
With an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | $ 0 | 0 | $ 0 | |
Performing Financial Instruments [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Restructured loans | $ 14,200 | $ 14,200 | $ 14,100 |
Loans and Allowance for Loan 38
Loans and Allowance for Loan Losses (Granite Purchased Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Financing Receivable [Line Items] | |||||||
Allowance of loan losses | $ 17,188 | $ 17,989 | $ 20,345 | [1] | $ 21,525 | $ 23,975 | $ 26,785 |
Total Loans held for investment | 1,522,455 | 1,357,788 | [1] | ||||
PI [Member] | |||||||
Financing Receivable [Line Items] | |||||||
Total Loans held for investment | 92,677 | 122,842 | |||||
PC [Member] | |||||||
Financing Receivable [Line Items] | |||||||
Total Loans held for investment | 1,429,778 | 1,234,946 | |||||
Granite Corp [Member] | |||||||
Financing Receivable [Line Items] | |||||||
Purchased impaired | 92,677 | $ 102,115 | 122,842 | $ 130,665 | $ 141,924 | $ 161,652 | |
Purchased contractual | 20,748 | 25,948 | |||||
Total Loans held for investment | 113,425 | 148,790 | |||||
Unpaid principal balance | 114,599 | 153,774 | |||||
Granite Corp [Member] | Commercial and agricultural [Member] | |||||||
Financing Receivable [Line Items] | |||||||
Purchased impaired | 5,848 | 7,535 | |||||
Purchased contractual | 1,228 | 4,288 | |||||
Total Loans held for investment | 7,076 | 11,823 | |||||
Unpaid principal balance | 5,964 | 10,508 | |||||
Granite Corp [Member] | Real estate - construction [Member] | |||||||
Financing Receivable [Line Items] | |||||||
Purchased impaired | 7,995 | 9,197 | |||||
Purchased contractual | 0 | 0 | |||||
Total Loans held for investment | 7,995 | 9,197 | |||||
Unpaid principal balance | 8,821 | 10,463 | |||||
Granite Corp [Member] | Real estate - mortgage, 1-4 family residential [Member] | |||||||
Financing Receivable [Line Items] | |||||||
Purchased impaired | 14,791 | 17,737 | |||||
Purchased contractual | 19,520 | 21,660 | |||||
Total Loans held for investment | 34,311 | 39,397 | |||||
Unpaid principal balance | 35,303 | 41,295 | |||||
Granite Corp [Member] | Real estate - mortgage, commercial [Member] | |||||||
Financing Receivable [Line Items] | |||||||
Purchased impaired | 63,085 | 87,345 | |||||
Purchased contractual | 0 | 0 | |||||
Total Loans held for investment | 63,085 | 87,345 | |||||
Unpaid principal balance | 63,890 | 90,830 | |||||
Granite Corp [Member] | Consumer [Member] | |||||||
Financing Receivable [Line Items] | |||||||
Purchased impaired | 958 | 1,028 | |||||
Purchased contractual | 0 | 0 | |||||
Total Loans held for investment | 958 | 1,028 | |||||
Unpaid principal balance | 621 | 678 | |||||
Granite Corp [Member] | PI [Member] | |||||||
Financing Receivable [Line Items] | |||||||
Allowance of loan losses | 3,200 | 3,200 | |||||
Granite Corp [Member] | PC [Member] | |||||||
Financing Receivable [Line Items] | |||||||
Allowance of loan losses | $ 400 | $ 300 | |||||
[1] | Derived from audited consolidated financial statements |
Loans and Allowance for Loan 39
Loans and Allowance for Loan Losses (Purchased Loans with Deteriorated Credit Quality) (Details) - Granite Corp [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Deteriorated Loans Acquired, Accretable Yield Movement Schedule [Roll Forward] | ||||||
Beginning balance, Carrying Amount | $ 102,115 | $ 141,924 | $ 122,842 | $ 161,652 | ||
Beginning balance, Future Accretion | 20,800 | 27,764 | 24,898 | 29,987 | ||
Accretion | (1,634) | (2,323) | (5,523) | (7,402) | ||
Increase in future accretion | (393) | 1,495 | (602) | 4,351 | ||
Reclassifications of loans and adjustments | 0 | 0 | 0 | (4,180) | ||
Payment received | (11,072) | (13,253) | (34,448) | (33,858) | ||
Foreclosed and transferred to OREO | 0 | (329) | (1,240) | (351) | ||
Subtotal before allowance, Carrying Amount | 92,677 | 130,665 | 92,677 | 130,665 | ||
Subtotal before allowance, Future Accretion | 20,800 | 27,764 | 24,898 | 29,987 | $ 18,773 | $ 26,936 |
Allowance for credit losses | (3,190) | (3,923) | ||||
Net carrying amount, end of period, Carrying Amount | $ 89,487 | $ 126,742 | ||||
Net carrying amount, end of period, Future Accretion | $ 18,773 | $ 26,936 | $ 18,773 | $ 26,936 |
Loans and Allowance for Loan 40
Loans and Allowance for Loan Losses (Allowance for Loan Losses, Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Loans Receivable, Net [Abstract] | |||||
Allowance for Loan and Lease Losses, Write-offs | $ 1,293 | $ 1,970 | $ 3,855 | $ 5,980 | |
Allowance for Loan Losses, Recovery | 556 | 1,199 | 2,688 | 4,768 | |
Allowance for Loan and Lease Losses, Net Write-downs | $ 737 | $ 771 | $ 1,167 | $ 1,212 | |
ALL, as a percentage of loans held for investment | 1.13% | 1.63% | 1.13% | 1.63% | 1.50% |
Loans and Allowance for Loan 41
Loans and Allowance for Loan Losses (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance, beginning of period | $ 17,989 | $ 23,975 | $ 20,345 | [1] | $ 26,785 | |
Recovery of loan losses | (64) | (1,679) | (1,990) | (4,048) | ||
Charge-offs | (1,293) | (1,970) | (3,855) | (5,980) | ||
Recoveries | 556 | 1,199 | 2,688 | 4,768 | ||
Net charge-offs | (737) | (771) | (1,167) | (1,212) | ||
Balance, end of period | $ 17,188 | $ 21,525 | $ 17,188 | $ 21,525 | ||
Annualized net charge-offs during the period to average loans held for investment | 0.20% | 0.24% | 0.11% | 0.13% | ||
Annualized net charge-offs during the period to ALL | 17.01% | 14.21% | 9.08% | 7.53% | ||
Allowance for loan losses to loans held for investment | 1.13% | 1.63% | 1.13% | 1.63% | 1.50% | |
Continuing operations [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Recovery of loan losses | $ (64) | $ (1,679) | $ (1,990) | $ (4,048) | ||
[1] | Derived from audited consolidated financial statements |
Loans and Allowance for Loan 42
Loans and Allowance for Loan Losses (Allowance for Loan Losses, by Segment Portfolio) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance, beginning of period | $ 17,989 | $ 23,975 | $ 20,345 | $ 26,785 |
Charge-offs | (1,293) | (1,970) | (3,855) | (5,980) |
Recoveries | 556 | 1,199 | 2,688 | 4,768 |
Provision (recovery of provision) | (64) | (1,679) | (1,990) | (4,048) |
Balance, end of period | 17,188 | 21,525 | 17,188 | 21,525 |
Commercial and agricultural [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance, beginning of period | 2,712 | 3,508 | 3,915 | 2,931 |
Charge-offs | 0 | (301) | (306) | (1,311) |
Recoveries | 203 | 171 | 852 | 825 |
Provision (recovery of provision) | (251) | (58) | (1,797) | 875 |
Balance, end of period | 2,664 | 3,320 | 2,664 | 3,320 |
Real estate - construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance, beginning of period | 2,207 | 4,778 | 3,163 | 5,233 |
Charge-offs | (51) | (52) | (136) | (676) |
Recoveries | 120 | 131 | 495 | 1,458 |
Provision (recovery of provision) | (245) | (1,089) | (1,491) | (2,247) |
Balance, end of period | 2,031 | 3,768 | 2,031 | 3,768 |
Real estate - mortgage, 1-4 family residential [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance, beginning of period | 5,517 | 7,410 | 5,847 | 8,869 |
Charge-offs | (393) | (234) | (769) | (869) |
Recoveries | 103 | 396 | 412 | 894 |
Provision (recovery of provision) | (46) | (1,217) | (309) | (2,539) |
Balance, end of period | 5,181 | 6,355 | 5,181 | 6,355 |
Real estate - mortgage, commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance, beginning of period | 3,306 | 5,666 | 4,179 | 7,195 |
Charge-offs | (33) | (511) | (301) | (1,307) |
Recoveries | 56 | 123 | 442 | 716 |
Provision (recovery of provision) | (194) | (150) | (1,185) | (1,476) |
Balance, end of period | 3,135 | 5,128 | 3,135 | 5,128 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance, beginning of period | 4,247 | 2,613 | 3,241 | 2,557 |
Charge-offs | (816) | (872) | (2,343) | (1,817) |
Recoveries | 74 | 378 | 487 | 875 |
Provision (recovery of provision) | 672 | 835 | 2,792 | 1,339 |
Balance, end of period | $ 4,177 | $ 2,954 | $ 4,177 | $ 2,954 |
Loans and Allowance for Loan 43
Loans and Allowance for Loan Losses (Evaluation for Impairment) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
ALL, individually evaluated for impairment | $ 344 | $ 418 | |||||
ALL, collectively evaluated for impairment | 13,654 | 16,690 | |||||
ALL, PI loans reviewed for credit impairment | 3,190 | 3,237 | |||||
ALL, PI loans with no credit deterioration | 0 | 0 | |||||
Total ALL evaluated for impairment | 17,188 | $ 17,989 | 20,345 | $ 21,525 | $ 23,975 | $ 26,785 | |
Loans held for investment, individually evaluated for impairment | 27,465 | 34,482 | |||||
Loans held for investment, collectively evaluated for impairment | 1,402,313 | 1,200,464 | |||||
Loans held for investment, PI loans with subsequent credit deterioration | 89,292 | 118,701 | |||||
Loans held for investment, PI loans with no credit deterioration | 3,385 | 4,141 | |||||
Total Loans held for investment | 1,522,455 | 1,357,788 | [1] | ||||
Commercial and agricultural [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
ALL, individually evaluated for impairment | 0 | 58 | |||||
ALL, collectively evaluated for impairment | 2,446 | 3,600 | |||||
ALL, PI loans reviewed for credit impairment | 218 | 257 | |||||
ALL, PI loans with no credit deterioration | 0 | 0 | |||||
Total ALL evaluated for impairment | 2,664 | 2,712 | 3,915 | 3,320 | 3,508 | 2,931 | |
Loans held for investment, individually evaluated for impairment | 399 | 498 | |||||
Loans held for investment, collectively evaluated for impairment | 148,706 | 105,380 | |||||
Loans held for investment, PI loans with subsequent credit deterioration | 5,848 | 7,535 | |||||
Loans held for investment, PI loans with no credit deterioration | 0 | 0 | |||||
Total Loans held for investment | 154,953 | 113,413 | |||||
Real estate - construction [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
ALL, individually evaluated for impairment | 0 | 0 | |||||
ALL, collectively evaluated for impairment | 1,366 | 2,656 | |||||
ALL, PI loans reviewed for credit impairment | 665 | 507 | |||||
ALL, PI loans with no credit deterioration | 0 | 0 | |||||
Total ALL evaluated for impairment | 2,031 | 2,207 | 3,163 | 3,768 | 4,778 | 5,233 | |
Loans held for investment, individually evaluated for impairment | 840 | 2,344 | |||||
Loans held for investment, collectively evaluated for impairment | 77,472 | 66,786 | |||||
Loans held for investment, PI loans with subsequent credit deterioration | 7,547 | 8,619 | |||||
Loans held for investment, PI loans with no credit deterioration | 448 | 578 | |||||
Total Loans held for investment | 86,307 | 78,327 | |||||
Real estate - mortgage, 1-4 family residential [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
ALL, individually evaluated for impairment | 344 | 331 | |||||
ALL, collectively evaluated for impairment | 4,581 | 5,317 | |||||
ALL, PI loans reviewed for credit impairment | 256 | 199 | |||||
ALL, PI loans with no credit deterioration | 0 | 0 | |||||
Total ALL evaluated for impairment | 5,181 | 5,517 | 5,847 | 6,355 | 7,410 | 8,869 | |
Loans held for investment, individually evaluated for impairment | 12,093 | 11,409 | |||||
Loans held for investment, collectively evaluated for impairment | 660,639 | 638,456 | |||||
Loans held for investment, PI loans with subsequent credit deterioration | 11,854 | 14,174 | |||||
Loans held for investment, PI loans with no credit deterioration | 2,937 | 3,563 | |||||
Total Loans held for investment | 687,523 | 667,602 | |||||
Real estate - mortgage, commercial [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
ALL, individually evaluated for impairment | 0 | 29 | |||||
ALL, collectively evaluated for impairment | 1,229 | 2,065 | |||||
ALL, PI loans reviewed for credit impairment | 1,906 | 2,085 | |||||
ALL, PI loans with no credit deterioration | 0 | 0 | |||||
Total ALL evaluated for impairment | 3,135 | 3,306 | 4,179 | 5,128 | 5,666 | 7,195 | |
Loans held for investment, individually evaluated for impairment | 14,133 | 20,231 | |||||
Loans held for investment, collectively evaluated for impairment | 415,875 | 318,752 | |||||
Loans held for investment, PI loans with subsequent credit deterioration | 63,085 | 87,345 | |||||
Loans held for investment, PI loans with no credit deterioration | 0 | 0 | |||||
Total Loans held for investment | 493,093 | 426,328 | |||||
Consumer [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
ALL, individually evaluated for impairment | 0 | 0 | |||||
ALL, collectively evaluated for impairment | 4,032 | 3,052 | |||||
ALL, PI loans reviewed for credit impairment | 145 | 189 | |||||
ALL, PI loans with no credit deterioration | 0 | 0 | |||||
Total ALL evaluated for impairment | 4,177 | $ 4,247 | 3,241 | $ 2,954 | $ 2,613 | $ 2,557 | |
Loans held for investment, individually evaluated for impairment | 0 | 0 | |||||
Loans held for investment, collectively evaluated for impairment | 99,621 | 71,090 | |||||
Loans held for investment, PI loans with subsequent credit deterioration | 958 | 1,028 | |||||
Loans held for investment, PI loans with no credit deterioration | 0 | 0 | |||||
Total Loans held for investment | $ 100,579 | $ 72,118 | |||||
[1] | Derived from audited consolidated financial statements |
Loans and Allowance for Loan 44
Loans and Allowance for Loan Losses (Troubled Debt Restructuring) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)loans | Sep. 30, 2014USD ($)loans | Sep. 30, 2015USD ($)loans | Sep. 30, 2014USD ($)loans | |
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loans | 5 | 2 | 7 | 19 |
Pre-modification outstanding recorded investment | $ 968 | $ 297 | $ 1,783 | $ 4,681 |
Post-modification outstanding recorded investment | $ 968 | $ 297 | $ 1,783 | $ 4,757 |
Loans modified, extended terms | loans | 2 | |||
Loans modified, interest rate modification | loans | 1 | 17 | ||
Commercial and agricultural [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loans | 0 | 0 | 0 | 2 |
Pre-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 94 |
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 94 |
Real estate - construction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loans | 2 | 1 | 3 | 2 |
Pre-modification outstanding recorded investment | $ 280 | $ 37 | $ 649 | $ 523 |
Post-modification outstanding recorded investment | $ 280 | $ 37 | $ 649 | $ 523 |
Real estate - mortgage, 1-4 family residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loans | 2 | 1 | 3 | 8 |
Pre-modification outstanding recorded investment | $ 61 | $ 260 | $ 507 | $ 1,012 |
Post-modification outstanding recorded investment | $ 61 | $ 260 | $ 507 | $ 1,088 |
Real estate - mortgage, commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loans | 1 | 0 | 1 | 7 |
Pre-modification outstanding recorded investment | $ 627 | $ 0 | $ 627 | $ 3,052 |
Post-modification outstanding recorded investment | $ 627 | $ 0 | $ 627 | $ 3,052 |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans | loans | 0 | 0 | 0 | 0 |
Pre-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-modification outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Loan 45
Loans and Allowance for Loan Losses (Unfunded Commitment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Unfunded Commitments [Line Items] | ||
Reserve for unfunded commitments | $ 0.8 | $ 0.8 |
Letters of credit [Member] | ||
Unfunded Commitments [Line Items] | ||
Expected usage percentage of remaining unfunded commitments | 10.00% |
Other Real Estate Owned and P46
Other Real Estate Owned and Property Acquired in Settlement of Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||||
Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||
Repossessed Assets [Abstract] | |||||||
Increase (decrease) in total OREO and foreclosed assets | $ (1,200) | ||||||
Total OREO and foreclosed assets as a percentage of total nonperforming assets | 51.00% | 45.00% | |||||
Real estate acquired in settlement of loans | $ 18,879 | $ 19,717 | $ 20,122 | $ 20,180 | $ 21,742 | $ 28,353 | |
Property acquired in settlement of loans | 287 | 289 | |||||
Total property acquired in settlement of loans | $ 19,166 | $ 20,411 | [1] | ||||
[1] | Derived from audited consolidated financial statements |
Other Real Estate Owned and P47
Other Real Estate Owned and Property Acquired in Settlement of Loans (Real Estate Owned) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)assets | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)assets | Sep. 30, 2014USD ($) | |
Real Estate Acquired Through Foreclosure [Roll Forward] | ||||
Real estate acquired in settlement of loans, beginning of period | $ 19,717 | $ 21,742 | $ 20,122 | $ 28,353 |
Plus: New real estate acquired in settlement of loans | 766 | 1,643 | 4,199 | 2,894 |
Less: Sales of real estate acquired in settlement of loans | (1,110) | (3,400) | (4,263) | (10,328) |
Less: Write-downs and net loss on sales charged to expense | (494) | 195 | (1,179) | (739) |
Real estate acquired in settlement of loans, end of period | $ 18,879 | $ 20,180 | $ 18,879 | $ 20,180 |
Number of assets under contract for sale | assets | 18 | 18 | ||
Net carrying value of assets under contract for sale | $ 2,700 | $ 2,700 | ||
Mortgage loans collateralized by residential real estate properties that are in the process of foreclosure | 1,900 | 1,900 | ||
Real estate - mortgage, 1-4 family residential [Member] | ||||
Real Estate Acquired Through Foreclosure [Roll Forward] | ||||
Real estate acquired in settlement of loans, end of period | $ 3,400 | $ 3,400 |
Earnings Per Share (EPS Calcula
Earnings Per Share (EPS Calculation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2011 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | |||||
Net income (loss) from continuing operations before cumulative dividends on preferred stock | $ 1,517 | $ 1,773 | $ 6,559 | $ 5,842 | |
Dividends on preferred stock | 0 | $ 0 | 0 | 0 | |
Income from continuing operations, net of tax | $ 1,517 | 1,773 | 6,559 | 5,842 | |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |
Net income | $ 1,517 | $ 1,773 | $ 6,559 | $ 5,842 | |
Weighted average number of shares outstanding - basic (shares) | 24,265,346 | 21,739,009 | 24,217,211 | 21,853,866 | |
Weighted average number of shares outstanding - diluted (shares) | 24,279,112 | 21,746,965 | 24,229,885 | 21,865,972 | |
Net income per share - basic and diluted (in dollars per share) | $ 0.06 | $ 0.08 | $ 0.27 | $ 0.27 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 478,476 | 46,278 | 355,502 | 37,295 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 456,404 | 24,206 | 333,430 | 15,223 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 22,072 | 22,072 | 22,072 | 22,072 |
Derivatives and Financial Ins50
Derivatives and Financial Instruments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Mar. 31, 2014USD ($)swap | |
Derivative [Line Items] | |||||
Number of interest rate swaps | swap | 2 | ||||
Derivatives not designated as hedging instruments [Member] | |||||
Derivative [Line Items] | |||||
Gain (loss) recognized in income | $ (1) | $ (4) | $ 13 | $ 17 | |
Mortgage loan rate lock commitments [Member] | Derivatives not designated as hedging instruments [Member] | |||||
Derivative [Line Items] | |||||
Gain (loss) recognized in income | 4 | (2) | 1 | 1 | |
Mortgage loan forward sales [Member] | Derivatives not designated as hedging instruments [Member] | |||||
Derivative [Line Items] | |||||
Gain (loss) recognized in income | (5) | (2) | 12 | 16 | |
Federal Home Loan Bank Advances [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 40,000 | ||||
Federal Home Loan Bank Advances [Member] | Interest Rate Swap [Member] | Derivatives designated as hedging instruments [Member] | |||||
Derivative [Line Items] | |||||
Gain (loss) recognized in income | $ (456) | $ 0 | $ (515) | $ 0 | |
Federal Home Loan Bank Advances [Member] | Interest Rate Swap 1 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | 20,000 | ||||
Federal Home Loan Bank Advances [Member] | Interest Rate Swap 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 20,000 |
Fair Values of Assets and Lia51
Fair Values of Assets and Liabilities (Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | $ 375,929 | $ 350,040 | [1] |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 2,019 | 2,044 | |
Residential mortgage-backed securities - GSE [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 288,141 | 290,145 | |
Residential mortgage-backed securities - Private [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 15,083 | 17,271 | |
Commercial mortgage-backed securities - GSE [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 22,148 | 21,958 | |
Commercial mortgage-backed securities - Private [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 17,813 | 10,215 | |
Corporate notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 30,725 | 8,407 | |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Level 1 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets | 0 | ||
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 375,929 | 350,040 | |
Level 2 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets | (1,359) | ||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Level 3 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets | 0 | ||
Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Total assets at fair value | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Residential mortgage-backed securities - GSE [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Residential mortgage-backed securities - Private [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Commercial mortgage-backed securities - GSE [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Commercial mortgage-backed securities - Private [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Corporate notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 375,929 | 350,040 | |
Mortgage servicing rights | 0 | 0 | |
Total assets at fair value | 374,570 | 349,515 | |
Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets | (1,359) | (525) | |
Recurring [Member] | Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 2,019 | 2,044 | |
Recurring [Member] | Level 2 [Member] | Residential mortgage-backed securities - GSE [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 288,141 | 290,145 | |
Recurring [Member] | Level 2 [Member] | Residential mortgage-backed securities - Private [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 15,083 | 17,271 | |
Recurring [Member] | Level 2 [Member] | Commercial mortgage-backed securities - GSE [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 22,148 | 21,958 | |
Recurring [Member] | Level 2 [Member] | Commercial mortgage-backed securities - Private [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 17,813 | 10,215 | |
Recurring [Member] | Level 2 [Member] | Corporate notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 30,725 | 8,407 | |
Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Mortgage servicing rights | 2,108 | 1,726 | |
Total assets at fair value | 2,108 | 1,726 | |
Recurring [Member] | Level 3 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Residential mortgage-backed securities - GSE [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Residential mortgage-backed securities - Private [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Commercial mortgage-backed securities - GSE [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Commercial mortgage-backed securities - Private [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Corporate notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Total [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 375,929 | 350,040 | |
Total [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets | (1,359) | ||
Total [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 375,929 | 350,040 | |
Mortgage servicing rights | 2,108 | 1,726 | |
Total assets at fair value | 376,678 | 351,241 | |
Total [Member] | Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets | (1,359) | (525) | |
Total [Member] | Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 2,019 | 2,044 | |
Total [Member] | Recurring [Member] | Residential mortgage-backed securities - GSE [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 288,141 | 290,145 | |
Total [Member] | Recurring [Member] | Residential mortgage-backed securities - Private [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 15,083 | 17,271 | |
Total [Member] | Recurring [Member] | Commercial mortgage-backed securities - GSE [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 22,148 | 21,958 | |
Total [Member] | Recurring [Member] | Commercial mortgage-backed securities - Private [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | 17,813 | 10,215 | |
Total [Member] | Recurring [Member] | Corporate notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale securities | $ 30,725 | $ 8,407 | |
[1] | Derived from audited consolidated financial statements |
Fair Values of Assets and Lia52
Fair Values of Assets and Liabilities (Unobservable Inputs Reconciliations) (Details) - Recurring [Member] - Level 3 [Member] - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ 2,012 | $ 1,587 | $ 1,726 | $ 1,552 |
Total gains or losses (realized/unrealized) included in earnings, gross | 248 | 166 | 804 | 310 |
Less amortization | (152) | (116) | (422) | (225) |
Ending balance | $ 2,108 | $ 1,637 | $ 2,108 | $ 1,637 |
Fair Values of Assets and Lia53
Fair Values of Assets and Liabilities (Measured on Nonrecurring Basis) (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Total [Member] | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Impaired loans, net | $ 3,104 | $ 7,433 |
Other real estate owned | 12,991 | 15,579 |
Total assets at fair value from continuing operations | 16,095 | 23,012 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Impaired loans, net | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets at fair value from continuing operations | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Impaired loans, net | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets at fair value from continuing operations | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Impaired loans, net | 3,104 | 7,433 |
Other real estate owned | 12,991 | 15,579 |
Total assets at fair value from continuing operations | $ 16,095 | $ 23,012 |
Fair Values of Assets and Lia54
Fair Values of Assets and Liabilities (Quantitative Information about Level 3 Fair Value Measurements) (Details) - Level 3 [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Discounted Appraisal [Member] | |||
Fair Value Inputs, Quantitative Information [Line Items] | |||
Impaired loans, net | $ 3,104 | $ 7,433 | |
Other real estate owned | $ 12,991 | 15,579 | |
Discounted Appraisal [Member] | Impaired loans [Member] | Lower range [Member] | |||
Fair Value Inputs, Quantitative Information [Line Items] | |||
Collateral discounts | 1.00% | 1.00% | |
Discounted Appraisal [Member] | Impaired loans [Member] | Upper range [Member] | |||
Fair Value Inputs, Quantitative Information [Line Items] | |||
Collateral discounts | 30.00% | 30.00% | |
Discounted Appraisal [Member] | Other real estate owned [Member] | Lower range [Member] | |||
Fair Value Inputs, Quantitative Information [Line Items] | |||
Collateral discounts | 1.00% | 1.00% | |
Discounted Appraisal [Member] | Other real estate owned [Member] | Upper range [Member] | |||
Fair Value Inputs, Quantitative Information [Line Items] | |||
Collateral discounts | 30.00% | 30.00% | |
Discounted Cash Flows [Member] | |||
Fair Value Inputs, Quantitative Information [Line Items] | |||
Mortgage servicing rights | $ 2,108 | $ 1,726 | |
Discounted Cash Flows [Member] | Mortgage servicing rights [Member] | Lower range [Member] | |||
Fair Value Inputs, Quantitative Information [Line Items] | |||
Prepayment rate | 10.00% | 10.00% | |
Discount rate | 6.00% | 6.00% | |
Discounted Cash Flows [Member] | Mortgage servicing rights [Member] | Upper range [Member] | |||
Fair Value Inputs, Quantitative Information [Line Items] | |||
Prepayment rate | 25.00% | 25.00% | |
Discount rate | 10.00% | 10.00% |
Fair Values of Assets and Lia55
Fair Values of Assets and Liabilities (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet [Line Items] | |||
Available-for-sale securities | $ 375,929 | $ 350,040 | [1] |
Held-to-maturity | 151,935 | 140,875 | [1] |
Level 1 [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Cash and cash equivalents | 28,006 | 95,882 | |
Available-for-sale securities | 0 | 0 | |
Held-to-maturity | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans held for investment, net | 0 | 0 | |
Accrued interest receivable | 1 | 0 | |
Deposits | 0 | 0 | |
Retail repurchase agreements | 0 | 0 | |
Federal Home Loan Bank advances | 0 | 0 | |
Long-term notes payable | 0 | 0 | |
Junior subordinated debentures | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Level 1 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Derivative assets | 0 | ||
Level 1 [Member] | Interest Rate Locks and Forward Loan Sales Commitments [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Derivative assets | 0 | ||
Level 2 [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Available-for-sale securities | 375,929 | 350,040 | |
Held-to-maturity | 151,935 | 140,875 | |
Loans held for sale | 4,089 | 2,796 | |
Loans held for investment, net | 0 | 0 | |
Accrued interest receivable | 1,509 | 1,262 | |
Deposits | 1,898,024 | 1,793,205 | |
Retail repurchase agreements | 16,753 | 9,076 | |
Federal Home Loan Bank advances | 92,737 | 71,462 | |
Long-term notes payable | 0 | 0 | |
Junior subordinated debentures | 0 | 0 | |
Accrued interest payable | 350 | 321 | |
Level 2 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Derivative assets | (1,359) | ||
Level 2 [Member] | Interest Rate Locks and Forward Loan Sales Commitments [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Derivative assets | (525) | ||
Level 3 [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Available-for-sale securities | 0 | 0 | |
Held-to-maturity | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans held for investment, net | 1,501,039 | 1,328,895 | |
Accrued interest receivable | 4,016 | 3,623 | |
Deposits | 0 | 0 | |
Retail repurchase agreements | 0 | 0 | |
Federal Home Loan Bank advances | 0 | 0 | |
Long-term notes payable | 5,396 | 5,338 | |
Junior subordinated debentures | 32,164 | 32,341 | |
Accrued interest payable | 16 | 3,303 | |
Level 3 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Derivative assets | 0 | ||
Level 3 [Member] | Interest Rate Locks and Forward Loan Sales Commitments [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Derivative assets | 0 | ||
Carrying Value [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Cash and cash equivalents | 28,006 | 95,882 | |
Available-for-sale securities | 375,929 | 350,040 | |
Held-to-maturity | 152,670 | 142,461 | |
Loans held for sale | 4,089 | 2,796 | |
Loans held for investment, net | 1,505,267 | 1,337,443 | |
Accrued interest receivable | 5,526 | 4,885 | |
Deposits | 1,896,879 | 1,794,420 | |
Retail repurchase agreements | 16,753 | 9,076 | |
Federal Home Loan Bank advances | 90,244 | 68,234 | |
Long-term notes payable | 5,396 | 5,338 | |
Junior subordinated debentures | 56,702 | 56,702 | |
Accrued interest payable | 366 | 3,624 | |
Carrying Value [Member] | Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Derivative assets | (1,359) | ||
Carrying Value [Member] | Interest Rate Locks and Forward Loan Sales Commitments [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Derivative assets | (525) | ||
Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Cash and cash equivalents | 28,006 | 95,882 | |
Available-for-sale securities | 375,929 | 350,040 | |
Held-to-maturity | 151,935 | 140,875 | |
Loans held for sale | 4,089 | 2,796 | |
Loans held for investment, net | 1,501,039 | 1,328,895 | |
Accrued interest receivable | 5,526 | 4,885 | |
Deposits | 1,898,024 | 1,793,205 | |
Retail repurchase agreements | 16,753 | 9,076 | |
Federal Home Loan Bank advances | 92,737 | 71,462 | |
Long-term notes payable | 5,396 | 5,338 | |
Junior subordinated debentures | 32,164 | 32,341 | |
Accrued interest payable | 366 | 3,624 | |
Estimated Fair Value [Member] | Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Derivative assets | $ (1,359) | ||
Estimated Fair Value [Member] | Interest Rate Locks and Forward Loan Sales Commitments [Member] | |||
Fair Value, Balance Sheet [Line Items] | |||
Derivative assets | $ (525) | ||
[1] | Derived from audited consolidated financial statements |
Accumulated Other Comprehensi56
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | $ (7,475) | [1] | $ (17,605) | ||
Other comprehensive income before reclassifications | 457 | 8,032 | |||
Amounts reclassified from accumulated other comprehensive income | 5 | (466) | |||
Other comprehensive income (loss), net of tax | $ 3,036 | $ (131) | 462 | 7,566 | |
Ending balance | (7,013) | (10,039) | (7,013) | (10,039) | |
Unrealized Gains (Losses) on Available-For-Sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | (3,017) | (14,476) | |||
Other comprehensive income before reclassifications | 1,043 | 8,050 | |||
Amounts reclassified from accumulated other comprehensive income | 0 | (466) | |||
Other comprehensive income (loss), net of tax | 1,043 | 7,584 | |||
Ending balance | (1,974) | (6,892) | (1,974) | (6,892) | |
Interest Rate Swaps [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | (324) | 0 | |||
Other comprehensive income before reclassifications | (521) | (18) | |||
Amounts reclassified from accumulated other comprehensive income | 5 | 0 | |||
Other comprehensive income (loss), net of tax | (516) | (18) | |||
Ending balance | (840) | (18) | (840) | (18) | |
Defined Benefit Plan Items [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | (4,134) | (3,129) | |||
Other comprehensive income before reclassifications | (65) | 0 | |||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |||
Other comprehensive income (loss), net of tax | (65) | 0 | |||
Ending balance | $ (4,199) | $ (3,129) | $ (4,199) | $ (3,129) | |
[1] | Derived from audited consolidated financial statements |
Accumulated Other Comprehensi57
Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other expense | $ 1,088 | $ 1,227 | $ 3,486 | $ 4,542 |
Income tax expense | 3,430 | (276) | 6,267 | (17) |
Total, net of tax | (1,517) | (1,773) | (6,559) | (5,842) |
Amount Reclassified from AOCI [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Total, net of tax | 1 | (21) | 5 | (466) |
Available-for-sale securities [Member] | Amount Reclassified from AOCI [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Securities gains, net | 0 | (34) | 0 | (754) |
Income tax expense | 0 | 13 | 0 | 288 |
Total, net of tax | 0 | (21) | 0 | (466) |
Interest rate swaps [member] | Amount Reclassified from AOCI [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other expense | 2 | 0 | 8 | 0 |
Income tax expense | (1) | 0 | (3) | 0 |
Total, net of tax | $ 1 | $ 0 | $ 5 | $ 0 |
Repurchase Agreement Borrowin58
Repurchase Agreement Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Repurchase agreements | $ 16,753 | $ 9,076 | [1] |
Available unpledged securities | 208,500 | 180,600 | |
Residential mortgage-backed securities - GSE [Member] | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Repurchase agreements | 16,753 | 9,076 | |
Market value of collateral | 17,700 | 16,500 | |
Residential mortgage-backed securities - GSE [Member] | Overnight and Continuous [Member] | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Repurchase agreements | 16,753 | 9,076 | |
Residential mortgage-backed securities - GSE [Member] | 1-90 Days [Member] | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Repurchase agreements | 0 | 0 | |
Residential mortgage-backed securities - GSE [Member] | Over 90 Days [Member] | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Repurchase agreements | $ 0 | $ 0 | |
[1] | Derived from audited consolidated financial statements |