Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 06, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | SUMMIT FINANCIAL GROUP INC | |
Entity Central Index Key | 811,808 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 10,843,676 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | [1] | Jun. 30, 2014 |
ASSETS | ||||
Cash and due from banks | $ 3,988,000 | $ 3,728,000 | $ 3,749,000 | |
Interest bearing deposits with other banks | 9,274,000 | 8,782,000 | 9,970,000 | |
Cash and cash equivalents | 13,262,000 | 12,510,000 | 13,719,000 | |
Securities available for sale | 276,661,000 | 282,834,000 | 287,883,000 | |
Other investments | 8,583,000 | 6,183,000 | 7,436,000 | |
Loans held for sale, net | 0 | 527,000 | 413,000 | |
Loans, net | 1,064,472,000 | 1,019,842,000 | 992,816,000 | |
Property held for sale | 31,500,000 | 37,529,000 | 48,783,000 | |
Premises and equipment, net | 20,490,000 | 20,060,000 | 20,301,000 | |
Accrued interest receivable | 5,473,000 | 5,838,000 | 5,683,000 | |
Intangible assets | 7,598,000 | 7,698,000 | 7,798,000 | |
Cash surrender value of life insurance policies | 37,222,000 | 36,700,000 | 36,151,000 | |
Other assets | 14,708,000 | 13,847,000 | 14,975,000 | |
Total assets | 1,479,969,000 | 1,443,568,000 | 1,435,958,000 | |
Deposits | ||||
Non interest bearing | 113,256,000 | 115,427,000 | 106,134,000 | |
Interest bearing | 940,054,000 | 945,887,000 | 951,661,000 | |
Total deposits | 1,053,310,000 | 1,061,314,000 | 1,057,795,000 | |
Short-term borrowings | 174,599,000 | 123,633,000 | 91,729,000 | |
Long-term borrowings | 76,536,000 | 77,490,000 | 121,942,000 | |
Subordinated debentures | 2,500,000 | 16,800,000 | 16,800,000 | |
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589,000 | 19,589,000 | 19,589,000 | |
Other liabilities | 13,363,000 | 13,098,000 | 10,638,000 | |
Total liabilities | $ 1,339,897,000 | $ 1,311,924,000 | $ 1,318,493,000 | |
Commitments and Contingencies | ||||
Shareholders' Equity | ||||
Common stock and related surplus - authorized 20,000,000 shares; $2.50 par value; issued and outstanding 2015 - 10,843,676 shares, December 2014 - 8,301,746 shares, and June 2014 - 7,457,222 shares | $ 45,563,000 | $ 32,670,000 | $ 24,691,000 | |
Retained earnings | 94,318,000 | 87,719,000 | 81,569,000 | |
Accumulated other comprehensive income | 191,000 | 2,072,000 | 1,922,000 | |
Total shareholders' equity | 140,072,000 | 131,644,000 | 117,465,000 | |
Total liabilities and shareholders' equity | 1,479,969,000 | 1,443,568,000 | 1,435,958,000 | |
Series 2009 Preferred Stock [Member] | ||||
Shareholders' Equity | ||||
Preferred stock and related surplus - authorized 250,000 shares; Series 2009, 8% Non-cumulative convertible preferred stock, par value $1.00; issued December 2014 - 3,610 shares, and June 2014 - 3,710 shares and Series 2011, 8% Non-cumulative convertible preferred stock, par value $1.00; issued December 2014 - 11,914 shares, and June 2014 - 11,914 shares | 0 | 3,419,000 | 3,519,000 | |
Series 2011 Preferred Stock [Member] | ||||
Shareholders' Equity | ||||
Preferred stock and related surplus - authorized 250,000 shares; Series 2009, 8% Non-cumulative convertible preferred stock, par value $1.00; issued December 2014 - 3,610 shares, and June 2014 - 3,710 shares and Series 2011, 8% Non-cumulative convertible preferred stock, par value $1.00; issued December 2014 - 11,914 shares, and June 2014 - 11,914 shares | $ 0 | $ 5,764,000 | $ 5,764,000 | |
[1] | December 31, 2014 financial information has been extracted from audited consolidated financial statements |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 |
Common stock, shares issued | 10,843,676 | 7,457,222 | 8,301,746 |
Common stock, shares outstanding | 10,843,676 | 7,457,222 | 8,301,746 |
Preferred stock, shares authorized | 0 | 250,000 | 250,000 |
Series 2009 Preferred Stock [Member] | |||
Preferred stock, par value (in dollars per share) | $ 0 | $ 1 | $ 1 |
Preferred stock, shares issued | 0 | 3,710 | 3,610 |
Preferred stock, dividend rate, percentage | 0.00% | 8.00% | 8.00% |
Series 2011 Preferred Stock [Member] | |||
Preferred stock, par value (in dollars per share) | $ 0 | $ 1 | $ 1 |
Preferred stock, shares issued | 0 | 11,914 | 11,914 |
Preferred stock, dividend rate, percentage | 0.00% | 8.00% | 8.00% |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest and fees on loans | ||||
Taxable | $ 12,854 | $ 12,428 | $ 25,588 | $ 24,572 |
Tax-exempt | 118 | 87 | 233 | 159 |
Interest and dividends on securities | ||||
Taxable | 1,092 | 1,199 | 2,368 | 2,481 |
Tax-exempt | 593 | 628 | 1,211 | 1,198 |
Interest on interest bearing deposits with other banks | 1 | 2 | 2 | 4 |
Total interest income | 14,658 | 14,344 | 29,402 | 28,414 |
Interest expense | ||||
Interest on deposits | 2,074 | 2,335 | 4,145 | 4,576 |
Interest on short-term borrowings | 126 | 59 | 238 | 112 |
Interest on long-term borrowings and subordinated debentures | 1,000 | 1,630 | 2,041 | 3,368 |
Total interest expense | 3,200 | 4,024 | 6,424 | 8,056 |
Net interest income | 11,458 | 10,320 | 22,978 | 20,358 |
Provision for loan losses | 500 | 1,000 | 750 | 2,000 |
Net interest income after provision for loan losses | 10,958 | 9,320 | 22,228 | 18,358 |
Other income | ||||
Insurance commissions | 1,080 | 1,091 | 2,208 | 2,273 |
Service fees related to deposit accounts | 1,072 | 1,101 | 2,048 | 2,144 |
Realized securities gains (losses) | 170 | (43) | 650 | (64) |
Bank owned life insurance income | 261 | 270 | 522 | 539 |
Other | 277 | 287 | 571 | 598 |
Total other-than-temporary impairment loss on securities | 0 | (1) | 0 | (1) |
Portion of loss recognized in other comprehensive income | 0 | 0 | 0 | 0 |
Net impairment loss recognized in earnings | 0 | (1) | 0 | (1) |
Total other income | 2,860 | 2,705 | 5,999 | 5,489 |
Other expense | ||||
Salaries, commissions, and employee benefits | 4,442 | 4,045 | 8,629 | 8,026 |
Net occupancy expense | 489 | 505 | 988 | 1,046 |
Equipment expense | 560 | 513 | 1,095 | 1,079 |
Professional fees | 372 | 282 | 707 | 598 |
Amortization of intangibles | 50 | 63 | 100 | 150 |
FDIC premiums | 320 | 495 | 650 | 997 |
Foreclosed properties expense | 158 | 229 | 366 | 482 |
Loss on sale of foreclosed properties | 103 | 54 | 253 | 129 |
Write-down of foreclosed properties | 160 | 962 | 732 | 1,891 |
Other | 1,407 | 1,382 | 2,746 | 2,630 |
Total other expense | 8,061 | 8,530 | 16,266 | 17,028 |
Income before income taxes | 5,757 | 3,495 | 11,961 | 6,819 |
Income tax expense | 1,747 | 1,063 | 3,667 | 1,997 |
Net Income | 4,010 | 2,432 | 8,294 | 4,822 |
Dividends on preferred shares | 0 | 193 | 0 | 387 |
Net income (loss) applicable to common shares | $ 4,010 | $ 2,239 | $ 8,294 | $ 4,435 |
Basic earnings per common share | $ 0.38 | $ 0.30 | $ 0.85 | $ 0.59 |
Diluted earnings per common share | $ 0.38 | $ 0.25 | $ 0.78 | $ 0.50 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,010 | $ 2,432 | $ 8,294 | $ 4,822 |
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on cashflow hedge | 239 | (739) | (649) | (1,502) |
Net unrealized gain (loss) on available for sale debt securities | (1,690) | 1,438 | (1,232) | 3,445 |
Total comprehensive income | $ 2,559 | $ 3,131 | $ 6,413 | $ 6,765 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net unrealized (loss) on cashflow hedge | $ 379 | $ (1,173) | $ (1,030) | $ (2,384) |
Net unrealized (loss) on cashflow hedge, deferred tax | 140 | (434) | (381) | (882) |
Net unrealized gain (loss) on available for sale debt securities | (2,683) | 2,282 | (1,956) | 5,468 |
Net unrealized gain (loss) on available for sale debt securities, deferred taxes | (993) | 844 | (724) | 2,023 |
Net unrealized gain on available for sale debt securities, reclassification adjustment for net realized gains (losses) included in net income | $ 170 | $ (43) | $ 650 | $ (64) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock and Related Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Series 2009 Preferred Stock [Member] | Series 2009 Preferred Stock [Member]Preferred Stock [Member] | Series 2009 Preferred Stock [Member]Common Stock and Related Surplus [Member] | Series 2011 Preferred Stock [Member] | Series 2011 Preferred Stock [Member]Preferred Stock [Member] | Series 2011 Preferred Stock [Member]Common Stock and Related Surplus [Member] | |
Beginning Balance at Dec. 31, 2013 | $ 111,072 | $ 24,664 | $ 77,134 | $ (21) | $ 3,519 | $ 5,776 | |||||
Comprehensive income: | |||||||||||
Net income | 4,822 | 4,822 | |||||||||
Other comprehensive (loss) | 1,943 | 1,943 | |||||||||
Total comprehensive income | 6,765 | ||||||||||
Conversion of Preferred Stock to Common Stock | $ 12 | (12) | |||||||||
Exercise of stock options | 15 | 15 | |||||||||
Series 2009 Preferred Stock cash dividends declared ($40.00 per share) | (149) | (149) | |||||||||
Series 2011 Preferred Stock cash dividends declared ($20.00 per share) | (238) | (238) | |||||||||
Ending Balance at Jun. 30, 2014 | 117,465 | 24,691 | 81,569 | 1,922 | 3,519 | 5,764 | |||||
Beginning Balance at Dec. 31, 2014 | 131,644 | [1] | 32,670 | 87,719 | 2,072 | 3,419 | 5,764 | ||||
Comprehensive income: | |||||||||||
Net income | 8,294 | 8,294 | |||||||||
Other comprehensive (loss) | (1,881) | (1,881) | |||||||||
Total comprehensive income | 6,413 | ||||||||||
Stock compensation expense | 50 | 50 | |||||||||
Conversion of Preferred Stock to Common Stock | $ (14) | (3,419) | $ 3,405 | $ (15) | (5,764) | $ 5,749 | |||||
Issuance of 496,335 shares of Common Stock | 4,769 | 4,769 | |||||||||
Retirement of 100,000 shares of Common Stock | (1,080) | (1,080) | |||||||||
Common Stock cash dividends declared ($0.16 per share) | (1,695) | (1,695) | |||||||||
Ending Balance at Jun. 30, 2015 | $ 140,072 | $ 45,563 | $ 94,318 | $ 191 | $ 0 | $ 0 | |||||
[1] | December 31, 2014 financial information has been extracted from audited consolidated financial statements |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Number of common shares issued | 496,335 | |
Number of common shares retired | 100,000 | |
Common stock, dividends per share | $ 0.16 | |
Series 2009 Preferred Stock [Member] | ||
Preferred stock, dividends per share | $ 40 | |
Series 2011 Preferred Stock [Member] | ||
Preferred stock, dividends per share | $ 20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Cash Flows from Operating Activities | |||
Net income | $ 8,294 | $ 4,822 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 523 | 547 | |
Provision for loan losses | 750 | 2,000 | |
Stock compensation expense | 50 | 0 | |
Deferred income tax expense | 360 | 494 | |
Loans originated for sale | (1,417) | (960) | |
Proceeds from loans sold | 1,944 | 868 | |
Securities (gains) losses | (650) | 64 | |
Other-than-temporary impairment of securities | 0 | 1 | |
Loss on disposal of assets | 255 | 129 | |
Write down of foreclosed properties | 732 | 1,891 | |
Amortization of securities premiums (accretion of discounts), net | 2,603 | 2,517 | |
Amortization of intangibles, net | 106 | 155 | |
Decrease (increase) in accrued interest receivable | 365 | (15) | |
Increase in cash surrender value of bank owned life insurance | (522) | (539) | |
Increase in other assets | (847) | (492) | |
(Decrease) increase in other liabilities | (296) | 388 | |
Net cash provided by operating activities | 12,250 | 11,870 | |
Cash Flows from Investing Activities | |||
Proceeds from maturities and calls of securities available for sale | 615 | 3,001 | |
Proceeds from sales of securities available for sale | 40,593 | 36,230 | |
Principal payments received on securities available for sale | 20,380 | 16,664 | |
Purchases of securities available for sale | (59,324) | (52,110) | |
Purchases of other investments | (6,072) | (1,968) | |
Proceeds from sales & redemptions of other investments | 3,672 | 2,347 | |
Net principal payments received on loans | (46,372) | (59,716) | |
Purchases of premises and equipment | (954) | (224) | |
Proceeds from sales of other repossessed assets & property held for sale | 6,482 | 4,846 | |
Net cash (used in) investing activities | (40,980) | (50,930) | |
Cash Flows from Financing Activities | |||
Net increase (decrease) in demand deposit, NOW and savings accounts | (9,902) | 64,451 | |
Net increase (decrease) in time deposits | 1,869 | (10,468) | |
Net increase in short-term borrowings | 50,966 | 28,960 | |
Repayment of long-term borrowings | (954) | (41,574) | |
Repayment of subordinated debt | (14,300) | 0 | |
Net proceeds from issuance of common stock | 4,741 | 0 | |
Retirement of common stock | (1,080) | 0 | |
Exercise of stock options | 0 | 15 | |
Dividends paid on common stock | (1,667) | 0 | |
Dividends paid on preferred stock | (191) | (387) | |
Net cash provided by financing activities | 29,482 | 40,997 | |
Increase in cash and cash equivalents | 752 | 1,937 | |
Cash and cash equivalents: | |||
Beginning | 12,510 | [1] | 11,782 |
Ending | 13,262 | 13,719 | |
Cash payments for: | |||
Interest | 6,456 | 8,294 | |
Income taxes | 3,632 | 1,459 | |
Supplemental Schedule of Noncash Investing and Financing Activities | |||
Other assets acquired in settlement of loans | $ 713 | $ 1,970 | |
[1] | December 31, 2014 financial information has been extracted from audited consolidated financial statements |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION We, Summit Financial Group, Inc. and subsidiaries, prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for annual year end financial statements. In our opinion, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. The results of operations for the quarter ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year. The consolidated financial statements and notes included herein should be read in conjunction with our 2014 audited financial statements and Annual Report on Form 10-K. Certain accounts in the consolidated financial statements for December 31, 2014 and June 30, 2014 , as previously presented, have been reclassified to conform to current year classifications. |
Significant New Authoritative A
Significant New Authoritative Accounting Guidance | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Significant New Authoritative Accounting Guidance | SIGNIFICANT NEW AUTHORITATIVE ACCOUNTING GUIDANCE ASU 2014-1, Investments (Topic 323) - Accounting for Investments in Affordable Housing Projects revises the necessary criteria that need to be met in order for an entity to account for investments in affordable housing projects net of the provision for income taxes. It also changes the method of recognition from an effective amortization approach to a proportional amortization approach. Additional disclosures were also set forth in this update. ASU 2014-1 was effective for us on January 1, 2015 and did not have a significant impact on our financial statements. ASU 2014-4, Receivables (Topic 310) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure clarifies that an in substance repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. ASU 2014-4 was effective for us on January 1, 2015 and did not have a significant impact on our financial statements. ASU 2014-11, Transfers and Servicing (Topic 860) - Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures requires that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, ASU 2014-11 requires separate accounting for repurchase financings, which entails the transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty. ASU 2014-11 requires entities to disclose certain information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements. In addition, ASU 2014-11 requires disclosures related to collateral, remaining contractual tenor and of the potential risks associated with repurchase agreements, securities lending transactions and repurchase-to-maturity transactions. ASU 2014-11 was effective for us on January 1, 2015 and did not have a significant impact on our financial statements. ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) - Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items eliminates from U.S. GAAP the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. ASU 2015-01 is effective for us beginning January 1, 2016, though early adoption is permitted, and is not expected to have a significant impact on our financial statements. ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs specifies that debt issuance costs related to a recognized liability are to be reported in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. ASU 2015-03 is effective for years beginning after December 31, 2015 and is not expected to have a material impact on our financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS ASC Topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. Level 1 :Quoted prices (unadjusted) or identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 :Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. Level 3 :Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Accordingly, securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held for sale, and impaired loans held for investment. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets. Following is a description of valuation methodologies used for assets and liabilities recorded at fair value. Available-for-Sale Securities : 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. Derivative Financial Instruments : Derivative financial instruments are recorded at fair value on a recurring basis. Fair value measurement is based on pricing models run by a third-party, utilizing observable market-based inputs. All future floating cash flows are projected and both floating and fixed cash flows are discounted to the valuation date. As a result, we classify interest rate swaps as Level 2. Loans Held for Sale : Loans held for sale are carried at the lower of cost or market value. The fair value of loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. As such, we classify loans subject to nonrecurring fair value adjustments as Level 2. Loans : We do not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan loss is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the original contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment in accordance with ASC Topic 310, Accounting by Creditors for Impairment of a Loan . The fair value of impaired loans is estimated using one of several methods, including collateral value, liquidation value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the discounted cash flows or collateral value exceeds the recorded investments in such loans. These loans are carried at recorded loan investment, and therefore are not included in the following tables of loans measured at fair value. Impaired loans internally graded as substandard, doubtful, or loss are evaluated using the fair value of collateral method. All other impaired loans are measured for impairment using the discounted cash flows method. In accordance with ASC Topic 310, impaired loans where an allowance is established based on the fair value of collateral requires classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, we record the impaired loan as nonrecurring Level 2. When a current appraised value is not available and there is no observable market price, we record the impaired loan as nonrecurring Level 3. When impaired loans are deemed required to be included in the fair value hierarchy, management immediately begins the process of evaluating the estimated fair value of the underlying collateral to determine if a related specific allowance for loan losses or charge-off is necessary. Current appraisals are ordered once a loan is deemed impaired if the existing appraisal is more than twelve months old, or more frequently if there is known deterioration in value. For recently identified impaired loans, a current appraisal may not be available at the financial statement date. Until the current appraisal is obtained, the original appraised value is discounted, as appropriate, to compensate for the estimated depreciation in the value of the loan’s underlying collateral since the date of the original appraisal. Such discounts are generally estimated based upon management’s knowledge of sales of similar collateral within the applicable market area and its knowledge of other real estate market-related data as well as general economic trends. When a new appraisal is received (which generally are received within 3 months of a loan being identified as impaired), management then re-evaluates the fair value of the collateral and adjusts any specific allocated allowance for loan losses, as appropriate. In addition, management also assigns a discount of 7–10% for the estimated costs to sell the collateral. Foreclosed properties: Foreclosed properties consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried on the balance sheet at the lower of the investment in the real estate or its fair value less estimated selling costs. The fair value of foreclosed properties is determined on a nonrecurring basis generally utilizing current appraisals performed by an independent, licensed appraiser applying an income or market value approach using observable market data (Level 2). Updated appraisals of foreclosed properties are generally obtained if the existing appraisal is more than 18 months old or more frequently if there is a known deterioration in value. However, if a current appraisal is not available, the original appraised value is discounted, as appropriate, to compensate for the estimated depreciation in the value of the real estate since the date of its original appraisal. Such discounts are generally estimated based upon management’s knowledge of sales of similar property within the applicable market area and its knowledge of other real estate market-related data as well as general economic trends (Level 3). Upon foreclosure, any fair value adjustment is charged against the allowance for loan losses. Subsequent fair value adjustments are recorded in the period incurred and included in other noninterest expense in the consolidated statements of income. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis. Balance at Fair Value Measurements Using: Dollars in thousands June 30, 2015 Level 1 Level 2 Level 3 Available for sale securities U.S. Government sponsored agencies $ 25,389 $ — $ 25,389 $ — Mortgage backed securities: Government sponsored agencies 152,943 — 152,943 — Nongovernment sponsored entities 9,962 — 9,962 — State and political subdivisions 1,684 — 1,684 — Corporate debt securities 11,806 — 8,003 3,803 Other equity securities 7 — 7 — Tax-exempt state and political subdivisions 74,870 — 74,870 — Total available for sale securities $ 276,661 $ — $ 272,858 $ 3,803 Derivative financial liabilities Interest rate swaps $ 3,664 $ — $ 3,664 $ — Balance at Fair Value Measurements Using: Dollars in thousands December 31, 2014 Level 1 Level 2 Level 3 Available for sale securities U.S. Government sponsored agencies $ 23,174 $ — $ 23,174 $ — Mortgage backed securities: Government sponsored agencies 149,777 — 149,777 — Nongovernment sponsored entities 12,145 — 12,145 — State and political subdivisions 8,694 — 8,694 — Corporate debt securities 3,776 — — 3,776 Other equity securities 7 — 7 — Tax-exempt state and political subdivisions 85,261 — 85,261 — Total available for sale securities $ 282,834 $ — $ 279,058 $ 3,776 Derivative financial liabilities Interest rate swaps $ 2,911 $ — $ 2,911 $ — 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. Assets measured at fair value on a nonrecurring basis are included in the table below. Balance at Fair Value Measurements Using: Dollars in thousands June 30, 2015 Level 1 Level 2 Level 3 Residential mortgage loans held for sale $ — $ — $ — $ — Collateral-dependent impaired loans Commercial $ — $ — $ — $ — Commercial real estate 433 — 433 — Construction and development — — — — Residential real estate 1,274 — 1,140 134 Total collateral-dependent impaired loans $ 1,707 $ — $ 1,573 $ 134 Foreclosed properties Commercial real estate 1,968 — 1,968 — Construction and development 18,802 — 18,744 58 Residential real estate 1,240 — 1,240 — Total foreclosed properties $ 22,010 $ — $ 21,952 $ 58 Balance at Fair Value Measurements Using: Dollars in thousands December 31, 2014 Level 1 Level 2 Level 3 Residential mortgage loans held for sale $ 527 $ — $ 527 $ — Collateral-dependent impaired loans Commercial $ 44 — $ — $ 44 Commercial real estate 344 — 344 — Construction and development 852 — 852 — Residential real estate 312 — 312 — Total collateral-dependent impaired loans $ 1,552 $ — $ 1,508 $ 44 Foreclosed properties Commercial real estate 3,892 — 3,892 — Construction and development 20,952 — 20,841 111 Residential real estate 2,025 — 2,025 — Total foreclosed properties $ 26,869 $ — $ 26,758 $ 111 ASC Topic 825, Financial Instruments , requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The following summarizes the methods and significant assumptions we used in estimating our fair value disclosures for financial instruments. Cash and cash equivalents: The carrying values of cash and cash equivalents approximate their estimated fair value. Interest bearing deposits with other banks: The carrying values of interest bearing deposits with other banks approximate their estimated fair values. Federal funds sold: The carrying values of Federal funds sold approximate their estimated fair values. Securities: Estimated fair values of securities are based on quoted market prices, where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable securities. Loans held for sale: The carrying values of loans held for sale approximate their estimated fair values. Loans: The estimated fair values for loans are computed based on scheduled future cash flows of principal and interest, discounted at interest rates currently offered for loans with similar terms to borrowers of similar credit quality. No prepayments of principal are assumed. Accrued interest receivable and payable: The carrying values of accrued interest receivable and payable approximate their estimated fair values. Deposits: The estimated fair values of demand deposits (i.e. non-interest bearing checking, NOW, money market and savings accounts) and other variable rate deposits approximate their carrying values. Fair values of fixed maturity deposits are estimated using a discounted cash flow methodology at rates currently offered for deposits with similar remaining maturities. Any intangible value of long-term relationships with depositors is not considered in estimating the fair values disclosed. Short-term borrowings: The carrying values of short-term borrowings approximate their estimated fair values. Long-term borrowings: The fair values of long-term borrowings are estimated by discounting scheduled future payments of principal and interest at current rates available on borrowings with similar terms. Subordinated debentures: The carrying values of subordinated debentures approximate their estimated fair values. Subordinated debentures owed to unconsolidated subsidiary trusts: The carrying values of subordinated debentures owed to unconsolidated subsidiary trusts approximate their estimated fair values. Derivative financial instruments: The fair value of the interest rate swaps is valued using independent pricing models. Off-balance sheet instruments: The fair values of commitments to extend credit and standby letters of credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit standing of the counter parties. The amounts of fees currently charged on commitments and standby letters of credit are deemed insignificant, and therefore, the estimated fair values and carrying values are not shown below. The carrying values and estimated fair values of our financial instruments are summarized below: June 30, 2015 December 31, 2014 Dollars in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets Cash and cash equivalents $ 13,262 $ 13,262 $ 12,510 $ 12,510 Securities available for sale 276,661 276,661 282,834 282,834 Other investments 8,583 8,583 6,183 6,183 Loans held for sale, net — — 527 527 Loans, net 1,064,472 1,069,508 1,019,842 1,033,890 Accrued interest receivable 5,473 5,473 5,838 5,838 $ 1,368,451 $ 1,373,487 $ 1,327,734 $ 1,341,782 Financial liabilities Deposits $ 1,053,310 $ 1,068,532 $ 1,061,314 $ 1,078,406 Short-term borrowings 174,599 174,599 123,633 123,633 Long-term borrowings 76,536 82,861 77,490 84,732 Subordinated debentures 2,500 2,500 16,800 16,800 Subordinated debentures owed to unconsolidated subsidiary trusts 19,589 19,589 19,589 19,589 Accrued interest payable 812 812 812 812 Derivative financial liabilities 3,664 3,664 2,911 2,911 $ 1,331,010 $ 1,352,557 $ 1,302,549 $ 1,326,883 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The computations of basic and diluted earnings per share follow: For the Three Months Ended June 30, 2015 2014 Dollars in thousands, except per share amounts Income (Numerator) Common Shares (Denominator) Per Share Income (Numerator) Common Shares (Denominator) Per Share Net income $ 4,010 $ 2,432 Less preferred stock dividends — (193 ) Basic EPS $ 4,010 10,667,892 $ 0.38 $ 2,239 7,457,222 $ 0.30 Effect of dilutive securities: Stock options 8,582 9,607 Series 2011 convertible preferred stock — — 119 1,489,250 Series 2009 convertible preferred stock — — 74 674,545 Diluted EPS $ 4,010 10,676,474 $ 0.38 $ 2,432 9,630,624 $ 0.25 For the Six Months Ended June 30, 2015 2014 Dollars in thousands, except per share amounts Income (Numerator) Common Shares (Denominator) Per Share Income (Numerator) Common Shares (Denominator) Per Share Net income $ 8,294 $ 4,822 Less preferred stock dividends — (387 ) Basic EPS $ 8,294 9,747,042 $ 0.85 $ 4,435 7,455,307 $ 0.59 Effect of dilutive securities: Stock options 8,574 9,675 Series 2011 convertible preferred stock — 575,953 238 1,490,228 Series 2009 convertible preferred stock — 253,842 149 674,545 Diluted EPS $ 8,294 10,585,411 $ 0.78 $ 4,822 9,629,755 $ 0.50 Stock option and stock appreciation right (SAR) grants and the convertible preferred shares are disregarded in this computation if they are determined to be anti-dilutive. Our anti-dilutive stock options at June 30, 2015 and 2014 totaled 136,900 shares and 143,000 shares, respectively and our anti-dilutive SARs at June 30, 2015 were 166,717 . |
Securities
Securities | 6 Months Ended |
Jun. 30, 2015 | |
Available-for-sale Securities [Abstract] | |
Securities | SECURITIES The amortized cost, unrealized gains, unrealized losses and estimated fair values of securities at June 30, 2015 , December 31, 2014 , and June 30, 2014 are summarized as follows: June 30, 2015 Amortized Unrealized Estimated Dollars in thousands Cost Gains Losses Fair Value Available for Sale Taxable debt securities U.S. Government and agencies and corporations $ 24,336 $ 1,093 $ 40 $ 25,389 Residential mortgage-backed securities: Government-sponsored agencies 150,675 3,005 737 152,943 Nongovernment-sponsored entities 9,880 116 34 9,962 State and political subdivisions General obligations — — — — Water and sewer revenues 500 3 — 503 Lottery/casino revenues 1,218 — 37 1,181 Other revenues — — — — Corporate debt securities 11,896 — 90 11,806 Total taxable debt securities 198,505 4,217 938 201,784 Tax-exempt debt securities State and political subdivisions General obligations 49,067 1,463 586 49,944 Water and sewer revenues 7,982 52 33 8,001 Special tax revenues 4,548 30 72 4,506 Lottery/casino revenues 3,576 58 74 3,560 Other revenues 8,729 162 32 8,859 Total tax-exempt debt securities 73,902 1,765 797 74,870 Equity securities 7 — — 7 Total available for sale securities $ 272,414 $ 5,982 $ 1,735 $ 276,661 December 31, 2014 Amortized Unrealized Estimated Dollars in thousands Cost Gains Losses Fair Value Available for Sale Taxable debt securities U.S. Government and agencies and corporations $ 22,153 $ 1,073 $ 52 $ 23,174 Residential mortgage-backed securities: Government-sponsored agencies 147,951 2,599 773 149,777 Nongovernment-sponsored entities 12,051 142 48 12,145 State and political subdivisions General obligations 1,975 2 33 1,944 Water and sewer revenues 1,976 14 7 1,983 Other revenues 4,696 73 2 4,767 Corporate debt securities 3,776 — — 3,776 Total taxable debt securities 194,578 3,903 915 197,566 Tax-exempt debt securities State and political subdivisions General obligations 49,515 2,338 12 51,841 Water and sewer revenues 11,258 244 3 11,499 Lease revenues 4,617 75 10 4,682 Lottery/casino revenues 3,811 206 9 4,008 Other revenues 12,845 404 18 13,231 Total tax-exempt debt securities 82,046 3,267 52 85,261 Equity securities 7 — — 7 Total available for sale securities $ 276,631 $ 7,170 $ 967 $ 282,834 June 30, 2014 Amortized Unrealized Estimated Dollars in thousands Cost Gains Losses Fair Value Available for Sale Taxable debt securities: U.S. Government and agencies and corporations $ 24,998 $ 885 $ 53 $ 25,830 Residential mortgage-backed securities: Government-sponsored agencies 155,631 2,921 997 157,555 Nongovernment-sponsored agencies 9,555 385 9 9,931 State and political subdivisions: General obligations 4,532 9 144 4,397 Water and sewer revenues 2,382 7 44 2,345 Other revenues 3,319 7 33 3,293 Corporate debt securities — — — — Total taxable debt securities 200,417 4,214 1,280 203,351 Tax-exempt debt securities: State and political subdivisions: General obligations 46,859 1,552 204 48,207 Water and sewer revenues 11,868 176 58 11,986 Lease revenues 7,990 54 68 7,976 Lottery/casino revenues 3,832 145 41 3,936 Other revenues 12,205 198 53 12,350 Total tax-exempt debt securities 82,754 2,125 424 84,455 Equity securities 77 — — 77 Total available for sale securities $ 283,248 $ 6,339 $ 1,704 $ 287,883 The below information is relative to the five states where issuers with the highest volume of state and political subdivision securities held in our portfolio are located. We own no such securities of any single issuer which we deem to be a concentration. June 30, 2015 Amortized Unrealized Estimated Dollars in thousands Cost Gains Losses Fair Value West Virginia $ 11,744 $ 104 $ 64 $ 11,784 Illinois 8,936 147 71 9,012 California 7,037 258 58 7,237 Ohio 7,594 19 181 7,432 Texas 6,226 334 64 6,496 Management performs pre-purchase and ongoing analysis to confirm that all investment securities meet applicable credit quality standards. Prior to July 1, 2013, we principally used credit ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”) to support analyses of our portfolio of securities issued by state and political subdivisions, as we generally do not purchase securities that are rated below the six highest NRSRO rating categories. Beginning July 1, 2013, in addition to considering a security’s NRSRO rating, we now also assess or confirm through an internal review of an issuer’s financial information and other applicable information that: 1) the issuer’s risk of default is low; 2) the characteristics of the issuer’s demographics and economic environment are satisfactory; and 3) the issuer’s budgetary position and stability of tax or other revenue sources are sound. The maturities, amortized cost and estimated fair values of securities at June 30, 2015 , are summarized as follows: Dollars in thousands Amortized Cost Estimated Fair Value Due in one year or less $ 62,419 $ 63,555 Due from one to five years 100,922 102,208 Due from five to ten years 24,159 24,681 Due after ten years 84,907 86,210 Equity securities 7 7 $ 272,414 $ 276,661 The proceeds from sales, calls and maturities of available for sale securities, including principal payments received on mortgage-backed obligations, and the related gross gains and losses realized, for the six months ended June 30, 2015 are as follows: Proceeds from Gross realized Dollars in thousands Sales Calls and Maturities Principal Payments Gains Losses Securities available for sale $ 40,593 $ 615 $ 20,380 $ 852 $ 202 We held 83 available for sale securities having an unrealized loss at June 30, 2015 . We do not intend to sell these securities, and it is more likely than not that we will not be required to sell these securities before recovery of their amortized cost bases. We believe that this decline in value is primarily attributable to the lack of market liquidity and to changes in market interest rates and not due to credit quality. Accordingly, no additional other-than-temporary impairment charge to earnings is warranted at this time. Provided below is a summary of securities available for sale which were in an unrealized loss position at June 30, 2015 and December 31, 2014 , including debt securities for which a portion of other-than-temporary impairment has been recognized in other comprehensive income. June 30, 2015 Less than 12 months 12 months or more Total Dollars in thousands Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Temporarily impaired securities Taxable debt securities U.S. Government agencies and corporations $ 247 $ — $ 3,489 $ (40 ) $ 3,736 $ (40 ) Residential mortgage-backed securities: Government-sponsored agencies 42,805 (638 ) 5,906 (99 ) 48,711 (737 ) Nongovernment-sponsored entities 6,278 (34 ) — — 6,278 (34 ) State and political subdivisions: Lottery/casino revenues 1,181 (37 ) — — 1,181 (37 ) Corporate debt securities 8,003 (90 ) — — 8,003 (90 ) Tax-exempt debt securities State and political subdivisions: General obligations 25,066 (586 ) — — 25,066 (586 ) Water and sewer revenues 3,463 (33 ) — — 3,463 (33 ) Special tax revenues 2,541 (72 ) 2,541 (72 ) Lottery/casino revenues 1,781 (74 ) — — 1,781 (74 ) Other revenues 2,512 (32 ) — — 2,512 (32 ) Total temporarily impaired securities 93,877 (1,596 ) 9,395 (139 ) 103,272 (1,735 ) Total other-than-temporarily impaired securities — — — — — — Total $ 93,877 $ (1,596 ) $ 9,395 $ (139 ) $ 103,272 $ (1,735 ) December 31, 2014 Less than 12 months 12 months or more Total Dollars in thousands Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Temporarily impaired securities Taxable debt securities U.S. Government agencies and corporations $ — $ — $ 3,912 $ (52 ) $ 3,912 $ (52 ) Residential mortgage-backed securities: Government-sponsored agencies 36,825 (535 ) 21,915 (238 ) 58,740 (773 ) Nongovernment-sponsored entities 5,488 (44 ) 2,163 (4 ) 7,651 (48 ) State and political subdivisions: General obligations — — 316 (33 ) 316 (33 ) Water and sewer revenues — — 817 (7 ) 817 (7 ) Other revenues 1,098 (2 ) — — 1,098 (2 ) Tax-exempt debt securities State and political subdivisions: General obligations 3,708 (8 ) 438 (4 ) 4,146 (12 ) Water and sewer revenues 721 (3 ) — — 721 (3 ) Lease revenues — — 1,168 (10 ) 1,168 (10 ) Lottery/casino revenues — — 1,126 (9 ) 1,126 (9 ) Other revenues 1,247 (8 ) 846 (10 ) 2,093 (18 ) Total temporarily impaired securities 49,087 (600 ) 32,701 (367 ) 81,788 (967 ) Total other-than-temporarily impaired securities — — — — — — Total $ 49,087 $ (600 ) $ 32,701 $ (367 ) $ 81,788 $ (967 ) |
Loans
Loans | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | LOANS Loans are generally stated at the amount of unpaid principal, reduced by unearned discount and allowance for loan losses. Interest on loans is accrued daily on the outstanding balances. Loan origination fees and certain direct loan origination costs are deferred and amortized as adjustments of the related loan yield over its contractual life. We categorize residential real estate loans in excess of $ 600,000 as jumbo loans. Generally, loans are placed on nonaccrual status when principal or interest is greater than 90 days past due based upon the loan's contractual terms. Interest is accrued daily on impaired loans unless the loan is placed on nonaccrual status. Impaired loans are placed on nonaccrual status when the payments of principal and interest are in default for a period of 90 days, unless the loan is both well-secured and in the process of collection. Interest on nonaccrual loans is recognized primarily using the cost-recovery method. Loans may be returned to accrual status when repayment is reasonably assured and there has been demonstrated performance under the terms of the loan or, if applicable, the terms of the restructured loans. Commercial-related loans or portions thereof (which are risk-rated) are charged off to the allowance for loan losses when the loss has been confirmed. This determination is made on a case by case basis considering many factors, including the prioritization of our claim in bankruptcy, expectations of the workout/restructuring of the loan and valuation of the borrower’s equity. We deem a loss confirmed when a loan or a portion of a loan is classified “loss” in accordance with bank regulatory classification guidelines, which state, “Assets classified loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted”. Consumer-related loans are generally charged off to the allowance for loan losses upon reaching specified stages of delinquency, in accordance with the Federal Financial Institutions Examination Council policy. For example, credit card loans are charged off by the end of the month in which the account becomes 180 days past due or within 60 days from receiving notification about a specified event (e.g., bankruptcy of the borrower), which ever is earlier. Residential mortgage loans are generally charged off to net realizable value no later than when the account becomes 180 days past due. Other consumer loans, if collateralized, are generally charged off to net realizable value at 120 days past due. Loans are summarized as follows: Dollars in thousands June 30, December 31, June 30, Commercial $ 97,284 $ 88,590 $ 90,096 Commercial real estate Owner-occupied 191,743 157,783 154,260 Non-owner occupied 331,056 317,136 314,439 Construction and development Land and land development 64,435 67,881 64,246 Construction 18,214 28,591 20,902 Residential real estate Non-jumbo 220,199 220,071 219,569 Jumbo 49,203 52,879 52,487 Home equity 72,504 67,115 61,248 Consumer 18,683 19,456 19,777 Other 12,423 11,507 6,798 Total loans, net of unearned fees 1,075,744 1,031,009 1,003,822 Less allowance for loan losses 11,272 11,167 11,006 Loans, net $ 1,064,472 $ 1,019,842 $ 992,816 The following table presents the contractual aging of the recorded investment in past due loans by class as of June 30, 2015 and 2014 and December 31, 2014 . At June 30, 2015 Past Due > 90 days and Accruing Dollars in thousands 30-59 days 60-89 days > 90 days Total Current Commercial $ 344 $ — $ 661 $ 1,005 $ 96,279 $ — Commercial real estate Owner-occupied 118 — 630 748 190,995 — Non-owner occupied 320 5,629 309 6,258 324,798 — Construction and development Land and land development — 21 5,228 5,249 59,186 — Construction — — — — 18,214 — Residential mortgage Non-jumbo 2,263 1,335 2,137 5,735 214,464 — Jumbo — 1,111 724 1,835 47,368 — Home equity 171 195 37 403 72,101 — Consumer 204 27 34 265 18,410 8 Other — — — — 12,423 — Total $ 3,420 $ 8,318 $ 9,760 $ 21,498 $ 1,054,238 $ 8 At December 31, 2014 Past Due > 90 days and Accruing Dollars in thousands 30-59 days 60-89 days > 90 days Total Current Commercial $ 328 $ 117 $ 330 $ 775 $ 87,815 $ — Commercial real estate Owner-occupied 121 194 801 1,116 156,667 — Non-owner occupied 146 — 406 552 316,584 — Construction and development Land and land development 346 2,002 4,253 6,601 61,280 — Construction — — — — 28,591 — Residential mortgage Non-jumbo 4,104 2,719 1,498 8,321 211,750 — Jumbo — — 2,626 2,626 50,253 — Home equity 1,067 94 83 1,244 65,871 — Consumer 260 42 63 365 19,091 — Other — — — — 11,507 — Total $ 6,372 $ 5,168 $ 10,060 $ 21,600 $ 1,009,409 $ — At June 30, 2014 Past Due > 90 days and Accruing Dollars in thousands 30-59 days 60-89 days > 90 days Total Current Commercial $ 33 $ 363 $ 396 $ 792 $ 89,304 $ — Commercial real estate Owner-occupied 642 348 759 1,749 152,511 — Non-owner occupied 237 — 234 471 313,968 — Construction and development Land and land development 142 14 4,860 5,016 59,230 — Construction — — — — 20,902 — Residential mortgage Non-jumbo 3,198 1,760 2,060 7,018 212,551 — Jumbo 707 723 — 1,430 51,057 — Home equity 196 36 143 375 60,873 — Consumer 452 183 72 707 19,070 — Other — — — — 6,798 — Total $ 5,607 $ 3,427 $ 8,524 $ 17,558 $ 986,264 $ — Nonaccrual loans: The following table presents the nonaccrual loans included in the net balance of loans at June 30, 2015 , December 31, 2014 and June 30, 2014 . June 30, December 31, Dollars in thousands 2015 2014 2014 Commercial $ 1,065 $ 416 $ 392 Commercial real estate Owner-occupied 880 953 1,218 Non-owner occupied 1,541 583 626 Construction and development Land & land development 5,627 8,849 4,619 Construction — — — Residential mortgage Non-jumbo 3,501 2,950 2,663 Jumbo 724 — 2,626 Home equity 208 339 267 Consumer 37 129 83 Total $ 13,583 $ 14,219 $ 12,494 Impaired loans: Impaired loans include the following: ▪ Loans which we risk-rate (consisting of loan relationships having aggregate balances in excess of $ 2.0 million , or loans exceeding $ 500,000 and exhibiting credit weakness) through our normal loan review procedures and which, based on current information and events, it is probable that we will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement. Risk-rated loans with insignificant delays or insignificant short falls in the amount of payments expected to be collected are not considered to be impaired. ▪ Loans that have been modified in a troubled debt restructuring. Both commercial and consumer loans are deemed impaired upon being contractually modified in a troubled debt restructuring. Troubled debt restructurings typically result from our loss mitigation activities and occur when we grant a concession to a borrower who is experiencing financial difficulty in order to minimize our economic loss and to avoid foreclosure or repossession of collateral. Once restructured in a troubled debt restructuring, a loan is generally considered impaired until its maturity, regardless of whether the borrower performs under the modified terms. Although such a loan may be returned to accrual status if the criteria set forth in our accounting policy are met, the loan would continue to be evaluated for an asset-specific allowance for loan losses and we would continue to report the loan in the impaired loan table below. The table below sets forth information about our impaired loans. Method Used to Measure Impairment of Impaired Loans Dollars in thousands June 30, December 31, Method used to measure impairment Loan Category 2015 2014 2014 Commercial $ 41 $ 506 $ 132 Fair value of collateral 302 — 362 Discounted cash flow Commercial real estate Owner-occupied 5,654 1,924 1,683 Fair value of collateral 9,015 8,969 9,124 Discounted cash flow Non-owner occupied 1,607 513 508 Fair value of collateral 6,140 5,236 5,999 Discounted cash flow Construction and development Land & land development 9,002 14,023 11,998 Fair value of collateral 2,270 1,446 2,310 Discounted cash flow Residential mortgage Non-jumbo 1,791 3,440 1,676 Fair value of collateral 4,475 2,592 5,252 Discounted cash flow Jumbo 5,655 6,648 7,594 Fair value of collateral 880 2,073 886 Discounted cash flow Home equity 186 186 285 Fair value of collateral 523 — 523 Discounted cash flow Consumer — 37 2 Fair value of collateral 75 — 82 Discounted cash flow Total $ 47,616 $ 47,593 $ 48,416 The following tables present loans individually evaluated for impairment at June 30, 2015 , December 31, 2014 and June 30, 2014 . June 30, 2015 Dollars in thousands Recorded Investment Unpaid Principal Balance Related Allowance Average Impaired Balance Interest Income Recognized while impaired Without a related allowance Commercial $ 343 $ 343 $ — $ 362 $ 42 Commercial real estate Owner-occupied 10,101 10,100 — 8,156 598 Non-owner occupied 6,938 6,940 — 6,333 566 Construction and development Land & land development 11,139 11,139 — 11,916 672 Construction — — — — — Residential real estate Non-jumbo 3,307 3,316 — 3,345 318 Jumbo 4,933 4,931 — 7,472 474 Home equity 710 709 — 709 61 Consumer 74 75 — 77 14 Total without a related allowance $ 37,545 $ 37,553 $ — $ 38,370 $ 2,745 With a related allowance Commercial $ — $ — $ — $ — $ — Commercial real estate Owner-occupied 4,569 4,569 232 4,577 378 Non-owner occupied 806 807 64 799 55 Construction and development Land & land development 133 133 133 534 63 Construction — — — — — Residential real estate Non-jumbo 2,948 2,950 331 2,959 239 Jumbo 1,600 1,604 71 1,600 89 Home equity — — — — — Consumer — — — — — Total with a related allowance $ 10,056 $ 10,063 $ 831 $ 10,469 $ 824 Total Commercial $ 34,029 $ 34,031 $ 429 $ 32,677 $ 2,374 Residential real estate 13,498 13,510 402 16,085 1,181 Consumer 74 75 — 77 14 Total $ 47,601 $ 47,616 $ 831 $ 48,839 $ 3,569 December 31, 2014 Dollars in thousands Recorded Investment Unpaid Principal Balance Related Allowance Average Impaired Balance Interest Income Recognized while impaired Without a related allowance Commercial $ 370 $ 369 $ — $ 430 $ 27 Commercial real estate Owner-occupied 5,362 5,361 — 5,309 192 Non-owner occupied 3,645 3,647 — 4,420 199 Construction and development Land & land development 13,410 13,410 — 14,149 483 Construction — — — — — Residential real estate Non-jumbo 4,289 4,300 — 3,853 185 Jumbo 7,589 7,594 — 7,761 241 Home equity 809 808 — 265 14 Consumer 84 84 — 36 2 Total without a related allowance $ 35,558 $ 35,573 $ — $ 36,223 $ 1,343 With a related allowance Commercial $ 125 $ 125 $ 81 $ 38 $ — Commercial real estate Owner-occupied 5,446 5,446 287 5,461 216 Non-owner occupied 2,860 2,860 74 1,003 40 Construction and development Land & land development 898 898 46 933 42 Construction — — — — — Residential real estate Non-jumbo 2,627 2,628 282 2,093 98 Jumbo 885 886 46 892 45 Home equity — — — — — Consumer — — — — — Total with a related allowance $ 12,841 $ 12,843 $ 816 $ 10,420 $ 441 Total Commercial $ 32,116 $ 32,116 $ 488 $ 31,743 $ 1,199 Residential real estate 16,199 16,216 328 14,864 583 Consumer 84 84 — 36 2 Total $ 48,399 $ 48,416 $ 816 $ 46,643 $ 1,784 June 30, 2014 Dollars in thousands Recorded Investment Unpaid Principal Balance Related Allowance Average Impaired Balance Interest Income Recognized while impaired Without a related allowance Commercial $ 506 $ 506 $ — $ 506 $ 35 Commercial real estate Owner-occupied 6,287 6,288 — 6,287 248 Non-owner occupied 5,012 5,014 — 5,012 249 Construction and development Land & land development 13,853 13,853 — 13,853 293 Construction — — — — — Residential real estate Non-jumbo 3,390 3,398 — 3,390 161 Jumbo 7,823 7,828 — 7,823 401 Home equity 186 186 — 186 11 Consumer 38 37 — 38 3 Total without a related allowance $ 37,095 $ 37,110 $ — $ 37,095 $ 1,401 With a related allowance Commercial $ — $ — $ — $ — $ — Commercial real estate Owner-occupied 4,605 4,605 266 4,605 213 Non-owner occupied 735 735 79 735 79 Construction and development Land & land development 1,616 1,616 898 1,616 40 Construction — — — — — Residential real estate Non-jumbo 2,633 2,634 299 2,633 107 Jumbo 893 893 53 893 44 Home equity — — — — — Consumer — — — — — Total with a related allowance $ 10,482 $ 10,483 $ 1,595 $ 10,482 $ 483 Total Commercial $ 32,614 $ 32,617 $ 1,243 $ 32,614 $ 1,157 Residential real estate 14,925 14,939 352 14,925 724 Consumer 38 37 — 38 3 Total $ 47,577 $ 47,593 $ 1,595 $ 47,577 $ 1,884 A modification of a loan is considered a troubled debt restructuring (“TDR”) when a borrower is experiencing financial difficulty and the modification constitutes a concession that we would not otherwise consider. This may include a transfer of real estate or other assets from the borrower, a modification of loan terms, or a combination of both. A loan continues to be classified as a TDR for the life of the loan. Included in impaired loans are TDRs of $30.2 million , of which $28.6 million were current with respect to restructured contractual payments at June 30, 2015 , and $34.7 million , of which $32.2 million were current with respect to restructured contractual payments at December 31, 2014 . There were no commitments to lend additional funds under these restructurings at either balance sheet date. There were no TDRs that were restructured during the three and six months ended June 30, 2015 , and restructured TDRs during the three months and six months ended June 30, 2014 were insignificant. Generally, modifications are extensions of term, modifying the payment terms from principal and interest to interest only for an extended period, or reduction in interest rate. All TDRs are evaluated individually for allowance for loan loss purposes. The following table presents defaults during the stated period of TDRs that were restructured during the past twelve months. For purposes of these tables, a default is considered as either the loan was past due 30 days or more at any time during the period, or the loan was fully or partially charged off during the period. For the Three Months Ended For the Six Months Ended Dollars in thousands Number of Defaults Recorded Investment at Default Date Number of Defaults Recorded Investment at Default Date Commercial — $ — — $ — Commercial real estate Owner-occupied — — — — Non-owner occupied — — — — Construction and development Land & land development — — — — Construction — — — — Residential real estate Non-jumbo 3 833 3 833 Jumbo — — — — Home equity — — — — Consumer — — 1 17 Total 3 $ 833 4 $ 850 The following table details the activity regarding TDRs by loan type for the three months and six months ended June 30, 2015 , and the related allowance on TDRs. For the Three Months Ended June 30, 2015 Construction & Land Development Commercial Real Estate Residential Real Estate Dollars in thousands Land & Land Develop- ment Construc- tion Commer- cial Owner Occupied Non- Owner Occupied Non- jumbo Jumbo Home Equity Con- sumer Other Total Troubled debt restructurings Balance April 1, 2015 $ 5,758 $ — $ 381 $ 9,428 $ 6,184 $ 5,822 $ 4,731 $ 523 $ 46 $ — $ 32,873 Additions — — — — — — — — — — — Charge-offs (168 ) — — — — — — — — — (168 ) Net (paydowns) advances (2,259 ) — (38 ) (49 ) (44 ) (138 ) (31 ) — (4 ) — (2,563 ) Transfer into foreclosed properties — — — — — — — — — — — Refinance out of TDR status — — — — — — — — — — — Balance, June 30, 2015 $ 3,331 $ — $ 343 $ 9,379 $ 6,140 $ 5,684 $ 4,700 $ 523 $ 42 $ — $ 30,142 Allowance related to troubled debt restructurings $ — $ — $ — $ 201 $ 16 $ 291 $ 40 $ — $ — $ — $ 548 For the Six Months Ended June 30, 2015 Construction & Land Development Commercial Real Estate Residential Real Estate Dollars in thousands Land & Land Develop- ment Construc- tion Commer- cial Owner Occupied Non- Owner Occupied Non- jumbo Jumbo Home Equity Con- sumer Other Total Troubled debt restructurings Balance January 1, 2015 $ 5,786 $ — $ 410 $ 9,501 $ 6,219 $ 6,245 $ 5,937 $ 523 $ 50 $ — $ 34,671 Additions — — — — — — — — — — — Charge-offs (168 ) — — — — — — — — — (168 ) Net (paydowns) advances (2,287 ) — (67 ) (122 ) (79 ) (561 ) (1,237 ) — (8 ) — (4,361 ) Transfer into OREO — — — — — — — — — — — Refinance out of TDR status — — — — — — — — — — — Balance, June 30, 2015 $ 3,331 $ — $ 343 $ 9,379 $ 6,140 $ 5,684 $ 4,700 $ 523 $ 42 $ — $ 30,142 Allowance related to troubled debt restructurings $ — $ — $ — $ 201 $ 16 $ 291 $ 40 $ — $ — $ — $ 548 We categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze loans individually by classifying the loans as to credit risk. We internally grade all commercial loans at the time of loan origination. In addition, we perform an annual loan review on all non-homogenous commercial loan relationships with an aggregate exposure of $ 2 million , at which time these loans are re-graded. We use the following definitions for our risk grades: Pass: Loans graded as Pass are loans to borrowers of acceptable credit quality and risk. They are higher quality loans that do not fit any of the other categories described below. OLEM (Special Mention): Commercial loans categorized as OLEM are potentially weak. The credit risk may be relatively minor yet represent a risk given certain specific circumstances. If the potential weaknesses are not monitored or mitigated, the asset may weaken or inadequately protect our position in the future. Substandard: Commercial loans categorized as Substandard are inadequately protected by the borrower’s ability to repay, equity, and/or the collateral pledged to secure the loan. These loans have identified weaknesses that could hinder normal repayment or collection of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the identified weaknesses are not mitigated. Doubtful: Commercial loans categorized as Doubtful have all the weaknesses inherent in those loans classified as Substandard, with the added elements that the full collection of the loan is improbable and the possibility of loss is high. Loss: Loans classified as loss are considered to be non-collectible and of such little value that their continuance as a bankable asset is not warranted. This does not mean that the loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. The following table presents the recorded investment in construction and development, commercial, and commercial real estate loans which are generally evaluated based upon the internal risk ratings defined above. Loan Risk Profile by Internal Risk Rating Construction and Development Commercial Real Estate Land and Land Development Construction Commercial Owner Occupied Non-Owner Occupied Dollars in thousands 6/30/2015 12/31/2014 6/30/2015 12/31/2014 6/30/2015 12/31/2014 6/30/2015 12/31/2014 6/30/2015 12/31/2014 Pass $ 52,702 $ 53,873 $ 18,214 $ 28,591 $ 95,056 $ 86,361 $ 190,028 $ 155,189 $ 320,719 $ 306,710 OLEM (Special Mention) 2,597 1,673 — — 1,431 1,837 630 1,064 3,768 8,933 Substandard 9,136 12,335 — — 797 392 1,085 1,530 6,569 1,493 Doubtful — — — — — — — — — — Loss — — — — — — — — — — Total $ 64,435 $ 67,881 $ 18,214 $ 28,591 $ 97,284 $ 88,590 $ 191,743 $ 157,783 $ 331,056 $ 317,136 The following table presents the recorded investment in consumer, residential real estate, and home equity loans, which are generally evaluated based on the aging status of the loans, which was previously presented, and payment activity. Performing Nonperforming Dollars in thousands 6/30/2015 12/31/2014 6/30/2014 6/30/2015 12/31/2014 6/30/2014 Residential real estate Non-jumbo $ 216,698 $ 217,408 $ 216,619 $ 3,501 $ 2,663 $ 2,950 Jumbo 48,479 50,253 52,487 724 2,626 — Home Equity 72,296 66,848 60,909 208 267 339 Consumer 18,637 19,373 19,648 46 83 129 Other 12,423 11,507 6,798 — — — Total $ 368,533 $ 365,389 $ 356,461 $ 4,479 $ 5,639 $ 3,418 Loan commitments: ASC Topic 815, Derivatives and Hedging, requires that commitments to make mortgage loans should be accounted for as derivatives if the loans are to be held for sale, because the commitment represents a written option and accordingly is recorded at the fair value of the option liability. |
Allowance For Loan Losses
Allowance For Loan Losses | 6 Months Ended |
Jun. 30, 2015 | |
Allowance for Loan and Lease Losses, Adjustments, Net [Abstract] | |
Allowance for Loan Losses | ALLOWANCE FOR LOAN LOSSES We maintain the allowance for loan losses at a level considered adequate to provide for estimated probable credit losses inherent in the loan portfolio. The allowance is comprised of three distinct reserve components: (1) specific reserves related to loans individually evaluated, (2) quantitative reserves related to loans collectively evaluated, and (3) qualitative reserves related to loans collectively evaluated. A summary of the methodology we employ on a quarterly basis with respect to each of these components in order to evaluate the overall adequacy of our allowance for loan losses is as follows: Specific Reserve for Loans Individually Evaluated First, we identify loan relationships having aggregate balances in excess of $500,000 and that may also have credit weaknesses. Such loan relationships are identified primarily through our analysis of internal loan evaluations, past due loan reports, and loans adversely classified by regulatory authorities. Each loan so identified is then individually evaluated to determine whether it is impaired – that is, based on current information and events, it is probable that we will be unable to collect all amounts due in accordance with the contractual terms of the underlying loan agreement. Substantially all of our impaired loans historically have been collateral dependent, meaning repayment of the loan is expected or is considered to be provided solely from the sale of the loan’s underlying collateral. For such loans, we measure impairment based on the fair value of the loan’s collateral, which is generally determined utilizing current appraisals. A specific reserve is established in an amount equal to the excess, if any, of the recorded investment in each impaired loan over the fair value of its underlying collateral, less estimated costs to sell. Our policy is to re-evaluate the fair value of collateral dependent loans at least every twelve months unless there is a known deterioration in the collateral’s value, in which case a new appraisal is obtained. Beginning in 2014, for purposes of loans that have been modified in a troubled debt restructuring and not internally graded as substandard, doubtful, or loss("performing TDRs") we began measuring impairment using the discounted cash flows method. Under this method, a specific reserve is established in an amount equal to the excess, if any, of the recorded investment in each impaired loan over its discounted cash flows. Quantitative Reserve for Loans Collectively Evaluated Second, we stratify the loan portfolio into the following ten loan pools: land and land development, construction, commercial, commercial real estate -- owner-occupied, commercial real estate -- non-owner occupied, conventional residential mortgage, jumbo residential mortgage, home equity, consumer, and other. Quantitative reserves relative to each loan pool are established as follows: for all loan segments detailed above an allocation equaling 100% of the respective pool’s average 12 month historical net loan charge-off rate (determined based upon the most recent twelve quarters) is applied to the aggregate recorded investment in the pool of loans. Qualitative Reserve for Loans Collectively Evaluated Third, we consider the necessity to adjust our average historical net loan charge-off rates relative to each of the above ten loan pools for potential risks factors that could result in actual losses deviating from prior loss experience. For example, if we observe a significant increase in delinquencies within the conventional mortgage loan pool above historical trends, an additional allocation to the average historical loan charge-off rate is applied. Such qualitative risk factors considered are: (1) levels of and trends in delinquencies and impaired loans, (2) levels of and trends in charge-offs and recoveries, (3)trends in volume and term of loans, (4) effects of any changes in risk selection and underwriting standards, and other changes in lending policies, procedures, and practice, (5) experience, ability, and depth of lending management and other relevant staff, (6) national and local economic trends and conditions, (7) industry conditions, and (8) effects of changes in credit concentrations. An analysis of the allowance for loan losses for the six month periods ended June 30, 2015 and 2014 , and for the year ended December 31, 2014 is as follows: Six Months Ended Year Ended Dollars in thousands 2015 2014 2014 Balance, beginning of year $ 11,167 $ 12,659 $ 12,659 Losses: Commercial 77 390 390 Commercial real estate Owner occupied 269 11 11 Non-owner occupied — — — Construction and development Land and land development 434 3,533 3,535 Construction — — — Residential real estate Non-jumbo 284 46 435 Jumbo — 63 65 Home equity 76 — 14 Consumer 48 80 265 Other 56 51 118 Total 1,244 4,174 4,833 Recoveries: Commercial 4 17 34 Commercial real estate Owner occupied 5 31 40 Non-owner occupied 4 4 318 Construction and development Land and land development 322 165 298 Construction — — — Real estate - mortgage Non-jumbo 63 53 87 Jumbo 96 163 163 Home equity 2 3 4 Consumer 68 41 74 Other 35 44 73 Total 599 521 1,091 Net losses 645 3,653 3,742 Provision for loan losses 750 2,000 2,250 Balance, end of period $ 11,272 $ 11,006 $ 11,167 Activity in the allowance for loan losses by loan class during the first six months of 2015 is as follows: Construction & Land Development Commercial Real Estate Residential Real Estate Dollars in thousands Land & Land Develop- ment Construc- tion Commer- cial Owner Occupied Non- Owner Occupied Non- jumbo Jumbo Home Equity Con- sumer Other Total Allowance for loan losses Beginning balance $ 3,417 $ 427 $ 1,204 $ 927 $ 1,316 $ 1,280 $ 2,081 $ 187 $ 97 $ 231 $ 11,167 Charge-offs 434 — 77 269 — 284 — 76 48 56 1,244 Recoveries 322 — 4 5 4 63 96 2 68 35 599 Provision (435 ) (355 ) 40 795 522 548 (430 ) 149 (59 ) (25 ) 750 Ending balance $ 2,870 $ 72 $ 1,171 $ 1,458 $ 1,842 $ 1,607 $ 1,747 $ 262 $ 58 $ 185 $ 11,272 Allowance related to: Loans individually evaluated for impairment $ 133 $ — $ — $ 232 $ 64 $ 331 $ 71 $ — $ — $ — $ 831 Loans collectively evaluated for impairment 2,737 72 1,171 1,226 1,778 1,276 1,676 262 58 185 10,441 Total $ 2,870 $ 72 $ 1,171 $ 1,458 $ 1,842 $ 1,607 $ 1,747 $ 262 $ 58 $ 185 $ 11,272 Loans Loans individually evaluated for impairment $ 11,272 $ — $ 343 $ 14,669 $ 7,747 $ 6,266 $ 6,535 $ 709 $ 75 $ — $ 47,616 Loans collectively evaluated for impairment 53,163 18,214 96,941 177,074 323,309 213,933 42,668 71,795 18,608 12,423 $ 1,028,128 Total $ 64,435 $ 18,214 $ 97,284 $ 191,743 $ 331,056 $ 220,199 $ 49,203 $ 72,504 $ 18,683 $ 12,423 $ 1,075,744 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The following tables present our goodwill by reporting unit at June 30, 2015 and other intangible assets by reporting unit at June 30, 2015 and December 31, 2014 . Goodwill Activity Dollars in thousands Community Banking Insurance Services Total Balance, January 1, 2015 $ 1,488 $ 4,710 $ 6,198 Acquired goodwill, net — — — Balance, June 30, 2015 $ 1,488 $ 4,710 $ 6,198 Other Intangible Assets June 30, 2015 December 31, 2014 Dollars in thousands Community Banking Insurance Services Total Community Banking Insurances Services Total Unidentifiable intangible assets Gross carrying amount $ 2,268 $ — $ 2,268 $ 2,268 $ — $ 2,268 Less: accumulated amortization 2,268 — 2,268 2,268 — 2,268 Net carrying amount $ — $ — $ — $ — $ — $ — Identifiable intangible assets Gross carrying amount $ — $ 3,000 $ 3,000 $ — $ 3,000 $ 3,000 Less: accumulated amortization — 1,600 1,600 — 1,500 1,500 Net carrying amount $ — $ 1,400 $ 1,400 $ — $ 1,500 $ 1,500 We recorded amortization expense of approximately $100,000 for the six months ended June 30, 2015 relative to our other intangible assets. Annual amortization is expected to approximate $200,000 for each of the years ending 2015 through 2019. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2015 | |
Deposits [Abstract] | |
Deposits | DEPOSITS The following is a summary of interest bearing deposits by type as of June 30, 2015 and 2014 and December 31, 2014 : Dollars in thousands June 30, December 31, June 30, Demand deposits, interest bearing $ 202,957 $ 204,030 $ 187,855 Savings deposits 246,949 253,578 243,323 Time deposits 490,148 488,279 520,483 Total $ 940,054 $ 945,887 $ 951,661 Included in time deposits are deposits acquired through a third party (“brokered deposits”) totaling $135.3 million , $146.9 million and $159.0 million at June 30, 2015 , December 31, 2014 , and June 30, 2014 , respectively. A summary of the scheduled maturities for all time deposits as of June 30, 2015 is as follows: Dollars in thousands Nine month period ending December 31, 2015 $ 99,453 Year ending December 31, 2016 171,562 Year ending December 31, 2017 64,587 Year ending December 31, 2018 56,703 Year ending December 31, 2019 35,373 Thereafter 62,470 Total $ 490,148 The following is a summary of the maturity distribution of all certificates of deposit in denominations of $100,000 or more as of June 30, 2015 : Dollars in thousands Amount Percent Three months or less $ 28,470 7.9 % Three through six months 36,853 10.2 % Six through twelve months 76,657 21.1 % Over twelve months 220,678 60.8 % Total $ 362,658 100.00 % |
Borrowed Funds
Borrowed Funds | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | BORROWED FUNDS Short-term borrowings: A summary of short-term borrowings is presented below: Six Months Ended June 30, 2015 2014 Dollars in thousands Short-term FHLB Advances Federal Funds Purchased and Lines of Credit Short-term FHLB Advances Federal Funds Purchased and Lines of Credit Balance at June 30 $ 171,160 $ 3,439 $ 86,050 $ 5,679 Average balance outstanding for the period 143,781 5,988 69,108 8,336 Maximum balance outstanding at any month end during period 171,160 7,438 87,550 8,976 Weighted average interest rate for the period 0.32 % 0.25 % 0.31 % 0.25 % Weighted average interest rate for balances outstanding at June 30 0.32 % 0.25 % 0.29 % 0.25 % Year Ended December 31, 2014 Dollars in thousands Short-term FHLB Advances Federal Funds Purchased and Lines of Credit Balance at December 31 $ 120,950 $ 2,683 Average balance outstanding for the period 94,982 5,804 Maximum balance outstanding at any month end during period 136,800 8,976 Weighted average interest rate for the period 0.31 % 0.25 % Weighted average interest rate for balances outstanding at December 31 0.31 % 0.25 % Long-term borrowings: Our long-term borrowings of $76.5 million , $77.5 million and $121.9 million at June 30, 2015 , December 31, 2014 , and June 30, 2014 respectively, consisted primarily of advances from the Federal Home Loan Bank (“FHLB”) and structured reverse repurchase agreements with two unaffiliated institutions. All FHLB advances are collateralized primarily by similar amounts of residential mortgage loans, certain commercial loans, mortgage backed securities and securities of U. S. Government agencies and corporations. Balance at June 30, Balance at Dollars in thousands 2015 2014 2014 Long-term FHLB advances $ 925 $ 41,026 $ 977 Long-term reverse repurchase agreements 72,000 72,000 72,000 Term loan 3,611 8,916 4,513 Total $ 76,536 $ 121,942 $ 77,490 The term loan at June 30, 2015 is secured by the common stock of our subsidiary bank and bears a variable interest rate of prime minus 50 basis points with a final maturity of 2017. Our long term FHLB borrowings and reverse repurchase agreements bear both fixed and variable rates and mature in varying amounts through the year 2026. The average interest rate paid on long-term borrowings for the six month period ended June 30, 2015 was 4.34% compared to 4.01% for the first six months of 2014 . Subordinated debentures: We have subordinated debt totaling $2.5 million at June 30, 2015 and $ 16.8 million at December 31, 2014 , and June 30, 2014 . The subordinated debt qualifies as Tier 2 capital under Federal Reserve Board guidelines until the debt is within 5 years of its maturity; thereafter the amount qualifying as Tier 2 capital is reduced by 20 percent each year until maturity. During 2009, we issued $ 6.8 million in subordinated debt, of which $ 5 million was issued to an affiliate of a director of Summit. We also issued $ 1.0 million and $ 0.8 million to two unrelated parties. These three issuances bear an interest rate of 10 percent per annum, a term of 10 years, and are not prepayable by us within the first five years. During 2008, we issued $ 10 million of subordinated debt to an unrelated institution, which bears a variable interest rate of 1 month LIBOR plus 275 basis points and a term of 7.5 years. During first six months of 2015, we prepaid in full the $6.8 million subordinated debentures issued in 2009 and prepaid $7.5 million of the subordinated debentures issued in 2008. Subordinated debentures owed to unconsolidated subsidiary trusts: We have three statutory business trusts that were formed for the purpose of issuing mandatorily redeemable securities (the “capital securities”) for which we are obligated to third party investors and investing the proceeds from the sale of the capital securities in our junior subordinated debentures (the “debentures”). The debentures held by the trusts are their sole assets. Our subordinated debentures totaled $ 19.6 million at June 30, 2015 , December 31, 2014 , and June 30, 2014 . In October 2002, we sponsored SFG Capital Trust I, in March 2004, we sponsored SFG Capital Trust II, and in December 2005, we sponsored SFG Capital Trust III, of which 100% of the common equity of each trust is owned by us. SFG Capital Trust I issued $ 3.5 million in capital securities and $ 109,000 in common securities and invested the proceeds in $ 3.61 million of debentures. SFG Capital Trust II issued $ 7.5 million in capital securities and $ 232,000 in common securities and invested the proceeds in $ 7.73 million of debentures. SFG Capital Trust III issued $ 8.0 million in capital securities and $ 248,000 in common securities and invested the proceeds in $ 8.25 million of debentures. Distributions on the capital securities issued by the trusts are payable quarterly at a variable interest rate equal to 3 month LIBOR plus 345basis points for SFG Capital Trust I, 3 month LIBOR plus 280basis points for SFG Capital Trust II, and 3 month LIBOR plus 145basis points for SFG Capital Trust III, and equals the interest rate earned on the debentures held by the trusts, and is recorded as interest expense by us. The capital securities are subject to mandatory redemption in whole or in part, upon repayment of the debentures. We have entered into agreements which, taken collectively, fully and unconditionally guarantee the capital securities subject to the terms of the guarantee. The debentures of each Capital Trust are redeemable by us quarterly. The capital securities held by SFG Capital Trust I, SFG Capital Trust II, and SFG Capital Trust III qualify as Tier 1 capital under Federal Reserve Board guidelines. In accordance with these Guidelines, trust preferred securities generally are limited to 25% of Tier 1 capital elements, net of goodwill. The amount of trust preferred securities and certain other elements in excess of the limit can be included in Tier 2 capital. A summary of the maturities of all long-term borrowings and subordinated debentures for the next five years and thereafter is as follows: Dollars in thousands Long-term borrowings Subordinated debentures Subordinated debentures owed to unconsolidated subsidiary trusts Year Ending December 31, 2015 $ 955 $ 2,500 $ — 2016 28,911 — — 2017 918 — — 2018 45,017 — — 2019 18 — — Thereafter 717 — 19,589 $ 76,536 $ 2,500 $ 19,589 |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation | SHARE BASED COMPENSATION The 2014 Long-Term Incentive Plan (“2014 LTIP”) was adopted by our shareholders in May 2014 to enhance the ability of the Company to attract and retain exceptionally qualified individuals to serve as key employees. The LTIP provides for the issuance of up to 500,000 shares of common stock, in the form of equity awards including stock options, restricted stock, restricted stock units, stock appreciation rights ("SARs"), performance units, other stock-based awards or any combination thereof, to our key employees. Stock options awarded under the 2009 Officer Stock Option Plan and the 1998 Officer Stock Option Plan (collectively, the “Plans”) were not altered by the 2014 LTIP, and remain subject to the terms of the Plans. However, under the terms of the 2014 LTIP, all shares of common stock remaining issuable under the Plans at the time the 2014 LTIP was adopted ceased to be available for future issuance. Under the 2014 LTIP and the Plans, stock options and SARs have generally been granted with an exercise price equal to the fair value of Summit's common stock on the grant date. We periodically grant employee stock options to individual employees. During second quarter 2015, we granted 166,717 SARs that become exercisable ratably over five years ( 20% per year) and expire ten years after the grant date. There were no grants of stock options in 2015 and no grants of stock options or SARs in 2014. The fair value of our employee stock options and SARs granted under the Plans is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options and SARs granted but are not considered by the model. Because our employee stock options and SARs have characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options and SARs at the time of grant. The assumptions used to value SARs issued during 2015 were a risk-free interest rate of 1.96% , an expected dividend yield of 2.75% , an expected common stock volatility of 61.84% , and an expected life of 10 years. We recognize compensation expense based on the estimated number of stock awards expected to actually vest, exclusive of the awards expected to be forfeited. During the first six months of 2015 and 2014 , our stock compensation expense and related deferred taxes were insignificant. A summary of activity in our Plans during the first six months of 2015 and 2014 is as follows: For the Six Months Ended June 30, 2015 2014 Options/SARs Weighted-Average Exercise Price Options/SARs Weighted-Average Exercise Price Outstanding, January 1 157,170 $ 20.43 185,410 $ 19.59 Granted 166,717 12.01 — — Exercised — — (3,200 ) 4.63 Forfeited — — — — Expired — — (2,500 ) 17.43 Outstanding, June 30 323,887 $ 16.10 179,710 $ 19.88 Other information regarding options and SARs outstanding and exercisable at June 30, 2015 is as follows: Options/SARs Outstanding Options/SARs Exercisable Range of exercise price # of awards WAEP Wted. Avg. Remaining Contractual Life (yrs) Aggregate Intrinsic Value (in thousands) # of awards WAEP Aggregate Intrinsic Value (in thousands) 2.54 - $6.00 10,750 $ 4.36 4.46 $ 73 9,750 $ 4.55 $ 65 6.01 - 10.00 17,520 8.93 2.65 40 17,520 8.93 40 10.01 - 17.50 166,717 12.01 9.82 — — — — 17.51 - 20.00 30,900 17.80 2.26 — 30,900 17.80 — 20.01 - 25.93 98,000 25.08 1.54 — 98,000 25.08 — 323,887 16.10 $ 113 156,170 20.54 $ 105 |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Off-Balance Sheet Arrangements We are a party to certain financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of our customers. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the statement of financial position. The contract amounts of these instruments reflect the extent of involvement that we have in this class of financial instruments. Many of our lending relationships contain both funded and unfunded elements. The funded portion is reflected on our balance sheet. The unfunded portion of these commitments is not recorded on our balance sheet until a draw is made under the loan facility. Since many of the commitments to extend credit may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. A summary of the total unfunded, or off-balance sheet, credit extension commitments follows: Dollars in thousands June 30, Commitments to extend credit: Revolving home equity and credit card lines $ 54,758 Construction loans 27,018 Other loans 46,217 Standby letters of credit 5,909 Total $ 133,902 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. We evaluate each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained, if we deem necessary upon extension of credit, is based on our credit evaluation. Collateral held varies but may include accounts receivable, inventory, equipment or real estate. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments. Legal Contingencies On May 13, 2014, the ResCap Liquidating Trust (“ResCap”), as successor to Residential Funding Company, LLC f/k/a Residential Funding Corporation (“RFC”), filed a complaint against Summit Financial Mortgage, LLC (“Summit Mortgage”), a former residential mortgage subsidiary of Summit whose operations were discontinued in 2007, in the United States Bankruptcy Court for the Southern District of New York and subsequently amended its complaint on July 25, 2014. The Amended Complaint asserts the following three causes of action related to Summit Mortgage’s origination and subsequent sale of mortgage loans to Residential Funding Corporation: 1) Summit Mortgage breached its representations and warranties made in the contract governing the sale of the mortgage loans to RFC; 2) an indemnification claim against Summit Mortgage for damages paid by ResCap to settle claims in RFC’s bankruptcy proceeding which allegedly relate to mortgage loans Summit Mortgage sold to RFC; 3) a claim for damages against Summit Community Bank, Inc., former parent of Summit Mortgage, arising out of a guaranty in which the Bank guaranteed Summit Mortgage’s full performance under the contract governing the sale of mortgage loans to RFC. Summit has filed a motion to dismiss the case. Based upon the applicable statute of limitations, the Court granted our motion to dismiss the breach of contract claim with respect to loans Summit sold to RFC prior to March 14, 2006. The court otherwise denied our motion to dismiss on the grounds that the other arguments raised factual questions that could not be decided on a motion to dismiss. An estimate as to possible loss resulting from the Amended Complaint cannot be provided at this time because such an estimate cannot be made. Summit intends to defend these claims vigorously. We are not a party to any other litigation except for matters that arise in the normal course of business. While it is impossible to ascertain the ultimate resolution or range of financial liability with respect to these contingent matters, in the opinion of management, the outcome of these matters will not have a significant adverse effect on the consolidated financial statements. |
Preferred Stock Preferred Stock
Preferred Stock Preferred Stock | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Preferred Stock | PREFERRED STOCK On March 12, 2015, we converted all outstanding shares of our 8% Non-Cumulative Convertible Preferred Stock, Series 2009, $1.00 par value, with a liquidation preference of $1,000 per share (the “Series 2009 Preferred Stock”) and our 8% Non-Cumulative Convertible Preferred Stock, Series 2011, $1.00 par value, with a liquidation preference of $500 per share (the “Series 2011 Preferred Stock”) to common shares. |
Common Stock Issuances
Common Stock Issuances | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Common Stock Issuances | COMMON STOCK ISSUANCES We entered into a Securities Purchase Agreement ("SPA") with Castle Creek Capital Partners V, LP ("Castle Creek") on August 25, 2014. In accordance with the terms of the SPA, we agreed to sell 1,057,137 shares of common stock (representing approximately 9.9% of our outstanding common stock) at the price of $9.75 per share to Castle Creek in a private placement. The private placement with Castle Creek consisted of two (2) closings. The first closing for the purchase of 819,384 shares of common stock at an aggregate price of $7,988,994 was consummated on November 25, 2014. The second closing for the purchase of 237,753 shares of common stock at an aggregate price of $2,318,092 was consummated on March 17, 2015 and was conditioned upon, among other things, the conversion into shares of common stock of all of the outstanding shares of our 8% Non-Cumulative Convertible Preferred Stock, Series 2009 and our 8% Non-Cumulative Convertible Preferred Stock, Series 2011 ("the Conversions"), in accordance with the terms of our Articles of Incorporation, as amended. We also agreed under the terms of the SPA to commence, following the second closing of the sale of Common Stock to Castle Creek under the SPA, a rights offering (the “Rights Offering”) to the holders of record of the Common Stock as of a date selected by Summit’s Board of Directors. In the Rights Offering, all holders of Common Stock as of the record date, excluding Castle Creek, were offered non-transferable rights (“Rights”) to purchase shares of Common Stock at the same per share purchase price of $9.75 used in the Private Placement to Castle Creek. The aggregate number of shares that offered for sale in connection with the Rights Offering was 256,410 with 256,167 shares being issued yielding total gross proceeds of approximately $2.5 million , prior to any fees and expenses associated with the sale. The Rights were distributed to all of the holders of the Common Stock, excluding Castle Creek, on a pro rata basis, based on the number of shares of Common Stock owned by each shareholder as of April 10, 2015, the record date used in connection with the Rights Offering. The Rights Offering expired May 29, 2015. |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | REGULATORY MATTERS We and our subsidiaries are subject to various regulatory capital requirements administered by the banking regulatory agencies. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we and each of our subsidiaries must meet specific capital guidelines that involve quantitative measures of our and our subsidiaries’ assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. We and each of our subsidiaries’ capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require us and each of our subsidiaries to maintain minimum amounts and ratios of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). We believe, as of June 30, 2015 , that we and each of our subsidiaries met all capital adequacy requirements to which they were subject. The most recent notifications from the banking regulatory agencies categorized us and each of our subsidiaries as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, we and each of our subsidiaries must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table below. The Basel III Capital Rules became effective for us on January 1, 2015, with full compliance with all of the final rule's requirements phased in over a multi-year schedule, to be fully phased-in by January 1, 2019. As of June 30, 2015, our capital levels remained characterized as "well-capitalized" under the new rules. See the Capital Requirements section included in Part I Item 1 Business of our 2014 Annual Report on Form 10-K for further discussion of Basel III. The following table presents Summit's, as well as our subsidiary, Summit Community Bank's ("Summit Community"), actual and required minimum capital amounts and ratios as of June 30, 2015 under the Basel III Capital Rules. The minimum required capital levels presented below as of June 30, 2015 reflect the minimum required capital levels (inclusive of the full capital conservation buffers) that will be effective as of January 1, 2019 when the Basel III Capital Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Actual Minimum Required Capital - Basel III Fully Phased-in Minimum Required To Be Well Capitalized Dollars in thousands Amount Ratio Amount Ratio Amount Ratio As of June 30, 2015 CET1 (to risk weighted assets) Summit $ 133,498 11.6 % $ 80,559 7.0 % $ 74,805 6.5 % Summit Community 154,024 13.4 % 80,460 7.0 % 74,713 6.5 % Tier I Capital (to risk weighted assets) Summit 152,498 13.2 % 98,199 8.5 % 92,423 8.0 % Summit Community 154,024 13.4 % 97,702 8.5 % 91,955 8.0 % Total Capital (to risk weighted assets) Summit 163,770 14.2 % 121,098 10.5 % 115,331 10.0 % Summit Community 165,296 14.4 % 120,528 10.5 % 114,789 10.0 % Tier I Capital (to average assets) Summit 152,498 10.4 % 58,653 4.0 % 73,316 5.0 % Summit Community 154,024 10.6 % 58,122 4.0 % 72,653 5.0 % Summit's, as well as Summit Community's, actual capital amounts and ratios as of December 31, 2014, as computed under the regulatory capital rules then in effect, are presented in the following table. Actual Minimum Required Capital Minimum Required To Be Well Capitalized Dollars in thousands Amount Ratio Amount Ratio Amount Ratio As of December 31, 2014 Tier I Capital (to risk weighted assets) Summit 141,589 13.3 % 42,583 4.0 % 63,875 6.0 % Summit Community 150,653 14.2 % 42,437 4.0 % 63,656 6.0 % Total Capital (to risk weighted assets) Summit 158,196 14.9 % 84,937 8.0 % 106,172 10.0 % Summit Community 161,820 15.3 % 84,612 8.0 % 105,765 10.0 % Tier I Capital (to average assets) Summit 141,589 9.9 % 57,208 4.0 % 71,510 5.0 % Summit Community 150,653 10.6 % 56,850 4.0 % 71,063 5.0 % |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We operate two business segments: community banking and insurance & financial services. These segments are primarily identified by the products or services offered. The community banking segment consists of our full service banks which offer customers traditional banking products and services through various delivery channels. The insurance & financial services segment includes three insurance agency offices that sell insurance products. The accounting policies discussed throughout the notes to the consolidated financial statements apply to each of our business segments. Inter-segment revenue and expense consists of management fees allocated to the community banking and the insurance & financial services segments for all centralized functions that are performed by the parent, including overall direction in the areas of strategic planning, investment portfolio management, asset/liability management, financial reporting and other financial and administrative services. Information for each of our segments is included below: Six Months Ended June 30, 2015 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 23,392 $ — $ (414 ) $ — $ 22,978 Provision for loan losses 750 — — — 750 Net interest income after provision for loan losses 22,642 — (414 ) — 22,228 Other income 3,818 2,181 566 (566 ) 5,999 Other expenses 13,676 1,928 1,228 (566 ) 16,266 Income (loss) before income taxes 12,784 253 (1,076 ) — 11,961 Income tax expense (benefit) 3,939 100 (372 ) — 3,667 Net income (loss) 8,845 153 (704 ) — 8,294 Dividends on preferred shares — — — — — Net income (loss) applicable to common shares $ 8,845 $ 153 $ (704 ) $ — $ 8,294 Inter-segment revenue (expense) $ (523 ) $ (43 ) $ 566 $ — $ — Average assets $ 1,493,162 $ 5,924 $ 168,146 $ (206,859 ) $ 1,460,373 Six Months Ended June 30, 2014 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 21,311 $ — $ (953 ) $ — $ 20,358 Provision for loan losses 2,000 — — — 2,000 Net interest income after provision for loan losses 19,311 — (953 ) — 18,358 Other income 2,901 2,588 590 (590 ) 5,489 Other expenses 14,672 2,089 857 (590 ) 17,028 Income (loss) before income taxes 7,540 499 (1,220 ) — 6,819 Income tax expense (benefit) 2,187 172 (362 ) — 1,997 Net income (loss) 5,353 327 (858 ) — 4,822 Dividends on preferred shares — — 387 — 387 Net income (loss) applicable to common shares $ 5,353 $ 327 $ (1,245 ) $ — $ 4,435 Inter-segment revenue (expense) $ (532 ) $ (58 ) $ 590 $ — $ — Average assets $ 1,454,597 $ 6,064 $ 162,023 $ (217,039 ) $ 1,405,645 Three Months Ended June 30, 2015 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 11,641 $ — $ (183 ) $ — $ 11,458 Provision for loan losses 500 — — — 500 Net interest income after provision for loan losses 11,141 — (183 ) — 10,958 Other income 1,969 891 283 (283 ) 2,860 Other expenses 6,820 872 652 (283 ) 8,061 Income (loss) before income taxes 6,290 19 (552 ) — 5,757 Income tax expense (benefit) 1,903 36 (192 ) — 1,747 Net income (loss) 4,387 (17 ) (360 ) — 4,010 Dividends on preferred shares — — — — — Net income (loss) applicable to common shares $ 4,387 $ (17 ) $ (360 ) $ — $ 4,010 Inter-segment revenue (expense) $ (268 ) $ (15 ) $ 283 $ — $ — Average assets $ 1,498,161 $ 5,954 $ 167,348 $ (204,860 ) $ 1,466,603 Three Months Ended June 30, 2014 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 10,800 $ — $ (480 ) $ — $ 10,320 Provision for loan losses 1,000 — — — 1,000 Net interest income after provision for loan losses 9,800 — (480 ) — 9,320 Other income 1,491 1,214 297 (297 ) 2,705 Other expenses 7,323 1,061 443 (297 ) 8,530 Income (loss) before income taxes 3,968 153 (626 ) — 3,495 Income tax expense (benefit) 1,205 50 (192 ) — 1,063 Net income (loss) 2,763 103 (434 ) — 2,432 Dividends on preferred shares — — 193 — 193 Net income (loss) applicable to common shares $ 2,763 $ 103 $ (627 ) $ — $ 2,239 Inter-segment revenue (expense) $ (268 ) $ (29 ) $ 297 $ — $ — Average assets $ 1,467,261 $ 6,149 $ 163,682 $ (218,027 ) $ 1,419,065 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS We use derivative instruments primarily to protect against the risk of adverse interest rate movements on the cash flows of certain liabilities and the fair values of certain assets. Derivative instruments represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based upon a notional amount and an underlying as specified in the contract. A notional amount represents the number of units of a specific item, such as currency units. An underlying represents a variable, such as an interest rate or price index. The amount of cash or other asset delivered from one party to the other is determined based upon the interaction of the notional amount of the contract with the underlying. Derivatives can also be implicit in certain contracts and commitments. As with any financial instrument, derivative instruments have inherent risks, primarily market and credit risk. Market risk associated with changes in interest rates is managed by establishing and monitoring limits as to the degree of risk that may be undertaken as part of our overall market risk monitoring process. Credit risk occurs when a counterparty to a derivative contract with an unrealized gain fails to perform according to the terms of the agreement. Credit risk is managed by monitoring the size and maturity structure of the derivative portfolio, and applying uniform credit standards to all activities with credit risk. In accordance with ASC 815, Derivatives and Hedging, all derivative instruments are recorded on the balance sheet at fair value. Changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and, if it is, depending on the type of hedge transaction. Fair-value hedges – For transactions in which we are hedging changes in fair value of an asset, liability, or a firm commitment, changes in the fair value of the derivative instrument are generally offset in the income statement by changes in the hedged item’s fair value. Cash-flow hedges – For transactions in which we are hedging the variability of cash flows related to a variable-rate asset, liability, or a forecasted transaction, changes in the fair value of the derivative instrument are reported in other comprehensive income. The gains and losses on the derivative instrument, which are reported in comprehensive income, are reclassified to earnings in the periods in which earnings are impacted by the variability of cash flows of the hedged item. The ineffective portion of all hedges is recognized in current period earnings. Other derivative instruments – For risk management purposes that do not meet the hedge accounting criteria and, therefore, do not qualify for hedge accounting. These derivative instruments are accounted for at fair value with changes in fair value recorded in the income statement. We have entered into three forward-starting, pay-fixed/receive LIBOR interest rate swaps. $ 40 million notional with an effective date of July 18, 2016, was designated as a cash flow hedge of $ 40 million of forecasted variable rate Federal Home Loan Bank advances. Under the terms of this swap we will pay a fixed rate of 2.98% for a 3 year period. $ 30 million notional with an effective date of April 18, 2016, was designated as a cash flow hedge of $ 30 million of forecasted variable rate Federal Home Loan Bank advances. Under the terms of this swap we will pay a fixed rate of 2.89% for a 4.5 year period. $ 40 million notional with an effective date of October 18, 2016, was designated as a cash flow hedge of $ 40 million of forecasted variable rate Federal Home Loan Bank advances. Under the terms of the swap we will pay a fixed rate of 2.84% for a 3 year period. On January 15, 2015, we entered into a $9.95 million notional p ay fixed/receive variable interest rate swap to hedge the fair value variability of a commercial fixed rate loan with the same principal, amortization, and maturity terms of the underlying loan, which is designated as a fair value hedge. Under the terms of the swap, we will pay a fixed rate of 4.33% for a 10 year period. A summary of our derivative financial instruments as of June 30, 2015 and December 31, 2014 follows: June 30, 2015 Derivative Fair Value Net Ineffective Dollars in thousands Notional Amount Asset Liability Hedge Gains/(Losses) CASH FLOW HEDGES Pay-fixed/receive-variable interest rate swaps Long term borrowings $ 110,000 $ — $ 3,943 $ — FAIR VALUE HEDGES Pay-fixed/receive-variable interest rate swaps Commercial Loan $ 9,950 $ 279 $ — $ — December 31, 2014 Derivative Fair Value Net Ineffective Dollars in thousands Notional Amount Asset Liability Hedge Gains/(Losses) CASH FLOW HEDGES Pay-fixed/receive-variable interest rate swaps Long term borrowings $ 110,000 $ — $ 2,911 $ — |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT On July 21, 2015, our Board of Directors approved the company lending to our Employee Stock Ownership Plan ("ESOP") $2,250,000 to partially finance the ESOP's purchase of 225,000 shares of Summit Financial Group Inc. common stock in a privately negotiated transaction, at $10.80 per share for a total purchase price of $2,430,000 . This transaction closed on July 30, 2015. In accordance with ASC 718, Compensation - Stock Compensation , this purchase of unallocated ESOP shares will be shown as a reduction of shareholders' equity, similar to a purchase of treasury stock. The loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP reported as a liability on the Company's Consolidated Balance Sheets. Cash dividends on allocated shares (those credited to ESOP participants' accounts) are recorded as a reduction of shareholders' equity and distributed directly to participants' accounts. Cash dividends on unallocated shares (those held by the ESOP not yet credited to participants' accounts) are used to pay a portion of the ESOPs debt service requirements. Unallocated ESOP shares will be allocated to ESOP participants ratably as the ESOP's loan is repaid. When the shares are committed to be released and become available for allocation to plan participants, the then fair value of such shares will be charged to compensation expense. Unallocated shares owned by the Company’s ESOP are not considered to be outstanding for the purpose of computing earnings per share. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis. Balance at Fair Value Measurements Using: Dollars in thousands June 30, 2015 Level 1 Level 2 Level 3 Available for sale securities U.S. Government sponsored agencies $ 25,389 $ — $ 25,389 $ — Mortgage backed securities: Government sponsored agencies 152,943 — 152,943 — Nongovernment sponsored entities 9,962 — 9,962 — State and political subdivisions 1,684 — 1,684 — Corporate debt securities 11,806 — 8,003 3,803 Other equity securities 7 — 7 — Tax-exempt state and political subdivisions 74,870 — 74,870 — Total available for sale securities $ 276,661 $ — $ 272,858 $ 3,803 Derivative financial liabilities Interest rate swaps $ 3,664 $ — $ 3,664 $ — Balance at Fair Value Measurements Using: Dollars in thousands December 31, 2014 Level 1 Level 2 Level 3 Available for sale securities U.S. Government sponsored agencies $ 23,174 $ — $ 23,174 $ — Mortgage backed securities: Government sponsored agencies 149,777 — 149,777 — Nongovernment sponsored entities 12,145 — 12,145 — State and political subdivisions 8,694 — 8,694 — Corporate debt securities 3,776 — — 3,776 Other equity securities 7 — 7 — Tax-exempt state and political subdivisions 85,261 — 85,261 — Total available for sale securities $ 282,834 $ — $ 279,058 $ 3,776 Derivative financial liabilities Interest rate swaps $ 2,911 $ — $ 2,911 $ — |
Fair Value Measurements, Nonrecurring | Assets measured at fair value on a nonrecurring basis are included in the table below. Balance at Fair Value Measurements Using: Dollars in thousands June 30, 2015 Level 1 Level 2 Level 3 Residential mortgage loans held for sale $ — $ — $ — $ — Collateral-dependent impaired loans Commercial $ — $ — $ — $ — Commercial real estate 433 — 433 — Construction and development — — — — Residential real estate 1,274 — 1,140 134 Total collateral-dependent impaired loans $ 1,707 $ — $ 1,573 $ 134 Foreclosed properties Commercial real estate 1,968 — 1,968 — Construction and development 18,802 — 18,744 58 Residential real estate 1,240 — 1,240 — Total foreclosed properties $ 22,010 $ — $ 21,952 $ 58 Balance at Fair Value Measurements Using: Dollars in thousands December 31, 2014 Level 1 Level 2 Level 3 Residential mortgage loans held for sale $ 527 $ — $ 527 $ — Collateral-dependent impaired loans Commercial $ 44 — $ — $ 44 Commercial real estate 344 — 344 — Construction and development 852 — 852 — Residential real estate 312 — 312 — Total collateral-dependent impaired loans $ 1,552 $ — $ 1,508 $ 44 Foreclosed properties Commercial real estate 3,892 — 3,892 — Construction and development 20,952 — 20,841 111 Residential real estate 2,025 — 2,025 — Total foreclosed properties $ 26,869 $ — $ 26,758 $ 111 |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of our financial instruments are summarized below: June 30, 2015 December 31, 2014 Dollars in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets Cash and cash equivalents $ 13,262 $ 13,262 $ 12,510 $ 12,510 Securities available for sale 276,661 276,661 282,834 282,834 Other investments 8,583 8,583 6,183 6,183 Loans held for sale, net — — 527 527 Loans, net 1,064,472 1,069,508 1,019,842 1,033,890 Accrued interest receivable 5,473 5,473 5,838 5,838 $ 1,368,451 $ 1,373,487 $ 1,327,734 $ 1,341,782 Financial liabilities Deposits $ 1,053,310 $ 1,068,532 $ 1,061,314 $ 1,078,406 Short-term borrowings 174,599 174,599 123,633 123,633 Long-term borrowings 76,536 82,861 77,490 84,732 Subordinated debentures 2,500 2,500 16,800 16,800 Subordinated debentures owed to unconsolidated subsidiary trusts 19,589 19,589 19,589 19,589 Accrued interest payable 812 812 812 812 Derivative financial liabilities 3,664 3,664 2,911 2,911 $ 1,331,010 $ 1,352,557 $ 1,302,549 $ 1,326,883 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The computations of basic and diluted earnings per share follow: For the Three Months Ended June 30, 2015 2014 Dollars in thousands, except per share amounts Income (Numerator) Common Shares (Denominator) Per Share Income (Numerator) Common Shares (Denominator) Per Share Net income $ 4,010 $ 2,432 Less preferred stock dividends — (193 ) Basic EPS $ 4,010 10,667,892 $ 0.38 $ 2,239 7,457,222 $ 0.30 Effect of dilutive securities: Stock options 8,582 9,607 Series 2011 convertible preferred stock — — 119 1,489,250 Series 2009 convertible preferred stock — — 74 674,545 Diluted EPS $ 4,010 10,676,474 $ 0.38 $ 2,432 9,630,624 $ 0.25 For the Six Months Ended June 30, 2015 2014 Dollars in thousands, except per share amounts Income (Numerator) Common Shares (Denominator) Per Share Income (Numerator) Common Shares (Denominator) Per Share Net income $ 8,294 $ 4,822 Less preferred stock dividends — (387 ) Basic EPS $ 8,294 9,747,042 $ 0.85 $ 4,435 7,455,307 $ 0.59 Effect of dilutive securities: Stock options 8,574 9,675 Series 2011 convertible preferred stock — 575,953 238 1,490,228 Series 2009 convertible preferred stock — 253,842 149 674,545 Diluted EPS $ 8,294 10,585,411 $ 0.78 $ 4,822 9,629,755 $ 0.50 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Available-for-sale Securities [Abstract] | |
Available-for-sale Securities | The amortized cost, unrealized gains, unrealized losses and estimated fair values of securities at June 30, 2015 , December 31, 2014 , and June 30, 2014 are summarized as follows: June 30, 2015 Amortized Unrealized Estimated Dollars in thousands Cost Gains Losses Fair Value Available for Sale Taxable debt securities U.S. Government and agencies and corporations $ 24,336 $ 1,093 $ 40 $ 25,389 Residential mortgage-backed securities: Government-sponsored agencies 150,675 3,005 737 152,943 Nongovernment-sponsored entities 9,880 116 34 9,962 State and political subdivisions General obligations — — — — Water and sewer revenues 500 3 — 503 Lottery/casino revenues 1,218 — 37 1,181 Other revenues — — — — Corporate debt securities 11,896 — 90 11,806 Total taxable debt securities 198,505 4,217 938 201,784 Tax-exempt debt securities State and political subdivisions General obligations 49,067 1,463 586 49,944 Water and sewer revenues 7,982 52 33 8,001 Special tax revenues 4,548 30 72 4,506 Lottery/casino revenues 3,576 58 74 3,560 Other revenues 8,729 162 32 8,859 Total tax-exempt debt securities 73,902 1,765 797 74,870 Equity securities 7 — — 7 Total available for sale securities $ 272,414 $ 5,982 $ 1,735 $ 276,661 December 31, 2014 Amortized Unrealized Estimated Dollars in thousands Cost Gains Losses Fair Value Available for Sale Taxable debt securities U.S. Government and agencies and corporations $ 22,153 $ 1,073 $ 52 $ 23,174 Residential mortgage-backed securities: Government-sponsored agencies 147,951 2,599 773 149,777 Nongovernment-sponsored entities 12,051 142 48 12,145 State and political subdivisions General obligations 1,975 2 33 1,944 Water and sewer revenues 1,976 14 7 1,983 Other revenues 4,696 73 2 4,767 Corporate debt securities 3,776 — — 3,776 Total taxable debt securities 194,578 3,903 915 197,566 Tax-exempt debt securities State and political subdivisions General obligations 49,515 2,338 12 51,841 Water and sewer revenues 11,258 244 3 11,499 Lease revenues 4,617 75 10 4,682 Lottery/casino revenues 3,811 206 9 4,008 Other revenues 12,845 404 18 13,231 Total tax-exempt debt securities 82,046 3,267 52 85,261 Equity securities 7 — — 7 Total available for sale securities $ 276,631 $ 7,170 $ 967 $ 282,834 June 30, 2014 Amortized Unrealized Estimated Dollars in thousands Cost Gains Losses Fair Value Available for Sale Taxable debt securities: U.S. Government and agencies and corporations $ 24,998 $ 885 $ 53 $ 25,830 Residential mortgage-backed securities: Government-sponsored agencies 155,631 2,921 997 157,555 Nongovernment-sponsored agencies 9,555 385 9 9,931 State and political subdivisions: General obligations 4,532 9 144 4,397 Water and sewer revenues 2,382 7 44 2,345 Other revenues 3,319 7 33 3,293 Corporate debt securities — — — — Total taxable debt securities 200,417 4,214 1,280 203,351 Tax-exempt debt securities: State and political subdivisions: General obligations 46,859 1,552 204 48,207 Water and sewer revenues 11,868 176 58 11,986 Lease revenues 7,990 54 68 7,976 Lottery/casino revenues 3,832 145 41 3,936 Other revenues 12,205 198 53 12,350 Total tax-exempt debt securities 82,754 2,125 424 84,455 Equity securities 77 — — 77 Total available for sale securities $ 283,248 $ 6,339 $ 1,704 $ 287,883 |
Summary of Volume of State and Political Subdivision Securities Held in Portfolio | We own no such securities of any single issuer which we deem to be a concentration. June 30, 2015 Amortized Unrealized Estimated Dollars in thousands Cost Gains Losses Fair Value West Virginia $ 11,744 $ 104 $ 64 $ 11,784 Illinois 8,936 147 71 9,012 California 7,037 258 58 7,237 Ohio 7,594 19 181 7,432 Texas 6,226 334 64 6,496 |
Investments Classified by Contractual Maturity Date | The maturities, amortized cost and estimated fair values of securities at June 30, 2015 , are summarized as follows: Dollars in thousands Amortized Cost Estimated Fair Value Due in one year or less $ 62,419 $ 63,555 Due from one to five years 100,922 102,208 Due from five to ten years 24,159 24,681 Due after ten years 84,907 86,210 Equity securities 7 7 $ 272,414 $ 276,661 |
Schedule of Realized Gain (Loss) | The proceeds from sales, calls and maturities of available for sale securities, including principal payments received on mortgage-backed obligations, and the related gross gains and losses realized, for the six months ended June 30, 2015 are as follows: Proceeds from Gross realized Dollars in thousands Sales Calls and Maturities Principal Payments Gains Losses Securities available for sale $ 40,593 $ 615 $ 20,380 $ 852 $ 202 |
Schedule of Unrealized Loss on Investments | Provided below is a summary of securities available for sale which were in an unrealized loss position at June 30, 2015 and December 31, 2014 , including debt securities for which a portion of other-than-temporary impairment has been recognized in other comprehensive income. June 30, 2015 Less than 12 months 12 months or more Total Dollars in thousands Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Temporarily impaired securities Taxable debt securities U.S. Government agencies and corporations $ 247 $ — $ 3,489 $ (40 ) $ 3,736 $ (40 ) Residential mortgage-backed securities: Government-sponsored agencies 42,805 (638 ) 5,906 (99 ) 48,711 (737 ) Nongovernment-sponsored entities 6,278 (34 ) — — 6,278 (34 ) State and political subdivisions: Lottery/casino revenues 1,181 (37 ) — — 1,181 (37 ) Corporate debt securities 8,003 (90 ) — — 8,003 (90 ) Tax-exempt debt securities State and political subdivisions: General obligations 25,066 (586 ) — — 25,066 (586 ) Water and sewer revenues 3,463 (33 ) — — 3,463 (33 ) Special tax revenues 2,541 (72 ) 2,541 (72 ) Lottery/casino revenues 1,781 (74 ) — — 1,781 (74 ) Other revenues 2,512 (32 ) — — 2,512 (32 ) Total temporarily impaired securities 93,877 (1,596 ) 9,395 (139 ) 103,272 (1,735 ) Total other-than-temporarily impaired securities — — — — — — Total $ 93,877 $ (1,596 ) $ 9,395 $ (139 ) $ 103,272 $ (1,735 ) December 31, 2014 Less than 12 months 12 months or more Total Dollars in thousands Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Temporarily impaired securities Taxable debt securities U.S. Government agencies and corporations $ — $ — $ 3,912 $ (52 ) $ 3,912 $ (52 ) Residential mortgage-backed securities: Government-sponsored agencies 36,825 (535 ) 21,915 (238 ) 58,740 (773 ) Nongovernment-sponsored entities 5,488 (44 ) 2,163 (4 ) 7,651 (48 ) State and political subdivisions: General obligations — — 316 (33 ) 316 (33 ) Water and sewer revenues — — 817 (7 ) 817 (7 ) Other revenues 1,098 (2 ) — — 1,098 (2 ) Tax-exempt debt securities State and political subdivisions: General obligations 3,708 (8 ) 438 (4 ) 4,146 (12 ) Water and sewer revenues 721 (3 ) — — 721 (3 ) Lease revenues — — 1,168 (10 ) 1,168 (10 ) Lottery/casino revenues — — 1,126 (9 ) 1,126 (9 ) Other revenues 1,247 (8 ) 846 (10 ) 2,093 (18 ) Total temporarily impaired securities 49,087 (600 ) 32,701 (367 ) 81,788 (967 ) Total other-than-temporarily impaired securities — — — — — — Total $ 49,087 $ (600 ) $ 32,701 $ (367 ) $ 81,788 $ (967 ) |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Summary of Loans, Net of Unearned Fees | Loans are summarized as follows: Dollars in thousands June 30, December 31, June 30, Commercial $ 97,284 $ 88,590 $ 90,096 Commercial real estate Owner-occupied 191,743 157,783 154,260 Non-owner occupied 331,056 317,136 314,439 Construction and development Land and land development 64,435 67,881 64,246 Construction 18,214 28,591 20,902 Residential real estate Non-jumbo 220,199 220,071 219,569 Jumbo 49,203 52,879 52,487 Home equity 72,504 67,115 61,248 Consumer 18,683 19,456 19,777 Other 12,423 11,507 6,798 Total loans, net of unearned fees 1,075,744 1,031,009 1,003,822 Less allowance for loan losses 11,272 11,167 11,006 Loans, net $ 1,064,472 $ 1,019,842 $ 992,816 |
Schedule of Contractual Aging of Recorded Investment In Past Due Loans By Class | The following table presents the contractual aging of the recorded investment in past due loans by class as of June 30, 2015 and 2014 and December 31, 2014 . At June 30, 2015 Past Due > 90 days and Accruing Dollars in thousands 30-59 days 60-89 days > 90 days Total Current Commercial $ 344 $ — $ 661 $ 1,005 $ 96,279 $ — Commercial real estate Owner-occupied 118 — 630 748 190,995 — Non-owner occupied 320 5,629 309 6,258 324,798 — Construction and development Land and land development — 21 5,228 5,249 59,186 — Construction — — — — 18,214 — Residential mortgage Non-jumbo 2,263 1,335 2,137 5,735 214,464 — Jumbo — 1,111 724 1,835 47,368 — Home equity 171 195 37 403 72,101 — Consumer 204 27 34 265 18,410 8 Other — — — — 12,423 — Total $ 3,420 $ 8,318 $ 9,760 $ 21,498 $ 1,054,238 $ 8 At December 31, 2014 Past Due > 90 days and Accruing Dollars in thousands 30-59 days 60-89 days > 90 days Total Current Commercial $ 328 $ 117 $ 330 $ 775 $ 87,815 $ — Commercial real estate Owner-occupied 121 194 801 1,116 156,667 — Non-owner occupied 146 — 406 552 316,584 — Construction and development Land and land development 346 2,002 4,253 6,601 61,280 — Construction — — — — 28,591 — Residential mortgage Non-jumbo 4,104 2,719 1,498 8,321 211,750 — Jumbo — — 2,626 2,626 50,253 — Home equity 1,067 94 83 1,244 65,871 — Consumer 260 42 63 365 19,091 — Other — — — — 11,507 — Total $ 6,372 $ 5,168 $ 10,060 $ 21,600 $ 1,009,409 $ — At June 30, 2014 Past Due > 90 days and Accruing Dollars in thousands 30-59 days 60-89 days > 90 days Total Current Commercial $ 33 $ 363 $ 396 $ 792 $ 89,304 $ — Commercial real estate Owner-occupied 642 348 759 1,749 152,511 — Non-owner occupied 237 — 234 471 313,968 — Construction and development Land and land development 142 14 4,860 5,016 59,230 — Construction — — — — 20,902 — Residential mortgage Non-jumbo 3,198 1,760 2,060 7,018 212,551 — Jumbo 707 723 — 1,430 51,057 — Home equity 196 36 143 375 60,873 — Consumer 452 183 72 707 19,070 — Other — — — — 6,798 — Total $ 5,607 $ 3,427 $ 8,524 $ 17,558 $ 986,264 $ — |
Schedule of Financing Receivables, Non Accrual Status | The following table presents the nonaccrual loans included in the net balance of loans at June 30, 2015 , December 31, 2014 and June 30, 2014 . June 30, December 31, Dollars in thousands 2015 2014 2014 Commercial $ 1,065 $ 416 $ 392 Commercial real estate Owner-occupied 880 953 1,218 Non-owner occupied 1,541 583 626 Construction and development Land & land development 5,627 8,849 4,619 Construction — — — Residential mortgage Non-jumbo 3,501 2,950 2,663 Jumbo 724 — 2,626 Home equity 208 339 267 Consumer 37 129 83 Total $ 13,583 $ 14,219 $ 12,494 |
Schedule of Method Used to Measure Impairment of Impaired Loans | The table below sets forth information about our impaired loans. Method Used to Measure Impairment of Impaired Loans Dollars in thousands June 30, December 31, Method used to measure impairment Loan Category 2015 2014 2014 Commercial $ 41 $ 506 $ 132 Fair value of collateral 302 — 362 Discounted cash flow Commercial real estate Owner-occupied 5,654 1,924 1,683 Fair value of collateral 9,015 8,969 9,124 Discounted cash flow Non-owner occupied 1,607 513 508 Fair value of collateral 6,140 5,236 5,999 Discounted cash flow Construction and development Land & land development 9,002 14,023 11,998 Fair value of collateral 2,270 1,446 2,310 Discounted cash flow Residential mortgage Non-jumbo 1,791 3,440 1,676 Fair value of collateral 4,475 2,592 5,252 Discounted cash flow Jumbo 5,655 6,648 7,594 Fair value of collateral 880 2,073 886 Discounted cash flow Home equity 186 186 285 Fair value of collateral 523 — 523 Discounted cash flow Consumer — 37 2 Fair value of collateral 75 — 82 Discounted cash flow Total $ 47,616 $ 47,593 $ 48,416 |
Impaired Financing Receivables | The following tables present loans individually evaluated for impairment at June 30, 2015 , December 31, 2014 and June 30, 2014 . June 30, 2015 Dollars in thousands Recorded Investment Unpaid Principal Balance Related Allowance Average Impaired Balance Interest Income Recognized while impaired Without a related allowance Commercial $ 343 $ 343 $ — $ 362 $ 42 Commercial real estate Owner-occupied 10,101 10,100 — 8,156 598 Non-owner occupied 6,938 6,940 — 6,333 566 Construction and development Land & land development 11,139 11,139 — 11,916 672 Construction — — — — — Residential real estate Non-jumbo 3,307 3,316 — 3,345 318 Jumbo 4,933 4,931 — 7,472 474 Home equity 710 709 — 709 61 Consumer 74 75 — 77 14 Total without a related allowance $ 37,545 $ 37,553 $ — $ 38,370 $ 2,745 With a related allowance Commercial $ — $ — $ — $ — $ — Commercial real estate Owner-occupied 4,569 4,569 232 4,577 378 Non-owner occupied 806 807 64 799 55 Construction and development Land & land development 133 133 133 534 63 Construction — — — — — Residential real estate Non-jumbo 2,948 2,950 331 2,959 239 Jumbo 1,600 1,604 71 1,600 89 Home equity — — — — — Consumer — — — — — Total with a related allowance $ 10,056 $ 10,063 $ 831 $ 10,469 $ 824 Total Commercial $ 34,029 $ 34,031 $ 429 $ 32,677 $ 2,374 Residential real estate 13,498 13,510 402 16,085 1,181 Consumer 74 75 — 77 14 Total $ 47,601 $ 47,616 $ 831 $ 48,839 $ 3,569 December 31, 2014 Dollars in thousands Recorded Investment Unpaid Principal Balance Related Allowance Average Impaired Balance Interest Income Recognized while impaired Without a related allowance Commercial $ 370 $ 369 $ — $ 430 $ 27 Commercial real estate Owner-occupied 5,362 5,361 — 5,309 192 Non-owner occupied 3,645 3,647 — 4,420 199 Construction and development Land & land development 13,410 13,410 — 14,149 483 Construction — — — — — Residential real estate Non-jumbo 4,289 4,300 — 3,853 185 Jumbo 7,589 7,594 — 7,761 241 Home equity 809 808 — 265 14 Consumer 84 84 — 36 2 Total without a related allowance $ 35,558 $ 35,573 $ — $ 36,223 $ 1,343 With a related allowance Commercial $ 125 $ 125 $ 81 $ 38 $ — Commercial real estate Owner-occupied 5,446 5,446 287 5,461 216 Non-owner occupied 2,860 2,860 74 1,003 40 Construction and development Land & land development 898 898 46 933 42 Construction — — — — — Residential real estate Non-jumbo 2,627 2,628 282 2,093 98 Jumbo 885 886 46 892 45 Home equity — — — — — Consumer — — — — — Total with a related allowance $ 12,841 $ 12,843 $ 816 $ 10,420 $ 441 Total Commercial $ 32,116 $ 32,116 $ 488 $ 31,743 $ 1,199 Residential real estate 16,199 16,216 328 14,864 583 Consumer 84 84 — 36 2 Total $ 48,399 $ 48,416 $ 816 $ 46,643 $ 1,784 June 30, 2014 Dollars in thousands Recorded Investment Unpaid Principal Balance Related Allowance Average Impaired Balance Interest Income Recognized while impaired Without a related allowance Commercial $ 506 $ 506 $ — $ 506 $ 35 Commercial real estate Owner-occupied 6,287 6,288 — 6,287 248 Non-owner occupied 5,012 5,014 — 5,012 249 Construction and development Land & land development 13,853 13,853 — 13,853 293 Construction — — — — — Residential real estate Non-jumbo 3,390 3,398 — 3,390 161 Jumbo 7,823 7,828 — 7,823 401 Home equity 186 186 — 186 11 Consumer 38 37 — 38 3 Total without a related allowance $ 37,095 $ 37,110 $ — $ 37,095 $ 1,401 With a related allowance Commercial $ — $ — $ — $ — $ — Commercial real estate Owner-occupied 4,605 4,605 266 4,605 213 Non-owner occupied 735 735 79 735 79 Construction and development Land & land development 1,616 1,616 898 1,616 40 Construction — — — — — Residential real estate Non-jumbo 2,633 2,634 299 2,633 107 Jumbo 893 893 53 893 44 Home equity — — — — — Consumer — — — — — Total with a related allowance $ 10,482 $ 10,483 $ 1,595 $ 10,482 $ 483 Total Commercial $ 32,614 $ 32,617 $ 1,243 $ 32,614 $ 1,157 Residential real estate 14,925 14,939 352 14,925 724 Consumer 38 37 — 38 3 Total $ 47,577 $ 47,593 $ 1,595 $ 47,577 $ 1,884 |
Schedule of Defaults During Stated Period of Trouble Debt Restructurings | For purposes of these tables, a default is considered as either the loan was past due 30 days or more at any time during the period, or the loan was fully or partially charged off during the period. For the Three Months Ended For the Six Months Ended Dollars in thousands Number of Defaults Recorded Investment at Default Date Number of Defaults Recorded Investment at Default Date Commercial — $ — — $ — Commercial real estate Owner-occupied — — — — Non-owner occupied — — — — Construction and development Land & land development — — — — Construction — — — — Residential real estate Non-jumbo 3 833 3 833 Jumbo — — — — Home equity — — — — Consumer — — 1 17 Total 3 $ 833 4 $ 850 |
Schedule of the Activity Regarding TDRs by Loan Type | The following table details the activity regarding TDRs by loan type for the three months and six months ended June 30, 2015 , and the related allowance on TDRs. For the Three Months Ended June 30, 2015 Construction & Land Development Commercial Real Estate Residential Real Estate Dollars in thousands Land & Land Develop- ment Construc- tion Commer- cial Owner Occupied Non- Owner Occupied Non- jumbo Jumbo Home Equity Con- sumer Other Total Troubled debt restructurings Balance April 1, 2015 $ 5,758 $ — $ 381 $ 9,428 $ 6,184 $ 5,822 $ 4,731 $ 523 $ 46 $ — $ 32,873 Additions — — — — — — — — — — — Charge-offs (168 ) — — — — — — — — — (168 ) Net (paydowns) advances (2,259 ) — (38 ) (49 ) (44 ) (138 ) (31 ) — (4 ) — (2,563 ) Transfer into foreclosed properties — — — — — — — — — — — Refinance out of TDR status — — — — — — — — — — — Balance, June 30, 2015 $ 3,331 $ — $ 343 $ 9,379 $ 6,140 $ 5,684 $ 4,700 $ 523 $ 42 $ — $ 30,142 Allowance related to troubled debt restructurings $ — $ — $ — $ 201 $ 16 $ 291 $ 40 $ — $ — $ — $ 548 For the Six Months Ended June 30, 2015 Construction & Land Development Commercial Real Estate Residential Real Estate Dollars in thousands Land & Land Develop- ment Construc- tion Commer- cial Owner Occupied Non- Owner Occupied Non- jumbo Jumbo Home Equity Con- sumer Other Total Troubled debt restructurings Balance January 1, 2015 $ 5,786 $ — $ 410 $ 9,501 $ 6,219 $ 6,245 $ 5,937 $ 523 $ 50 $ — $ 34,671 Additions — — — — — — — — — — — Charge-offs (168 ) — — — — — — — — — (168 ) Net (paydowns) advances (2,287 ) — (67 ) (122 ) (79 ) (561 ) (1,237 ) — (8 ) — (4,361 ) Transfer into OREO — — — — — — — — — — — Refinance out of TDR status — — — — — — — — — — — Balance, June 30, 2015 $ 3,331 $ — $ 343 $ 9,379 $ 6,140 $ 5,684 $ 4,700 $ 523 $ 42 $ — $ 30,142 Allowance related to troubled debt restructurings $ — $ — $ — $ 201 $ 16 $ 291 $ 40 $ — $ — $ — $ 548 |
Financing Receivable Credit Quality Indicators | The following table presents the recorded investment in construction and development, commercial, and commercial real estate loans which are generally evaluated based upon the internal risk ratings defined above. Loan Risk Profile by Internal Risk Rating Construction and Development Commercial Real Estate Land and Land Development Construction Commercial Owner Occupied Non-Owner Occupied Dollars in thousands 6/30/2015 12/31/2014 6/30/2015 12/31/2014 6/30/2015 12/31/2014 6/30/2015 12/31/2014 6/30/2015 12/31/2014 Pass $ 52,702 $ 53,873 $ 18,214 $ 28,591 $ 95,056 $ 86,361 $ 190,028 $ 155,189 $ 320,719 $ 306,710 OLEM (Special Mention) 2,597 1,673 — — 1,431 1,837 630 1,064 3,768 8,933 Substandard 9,136 12,335 — — 797 392 1,085 1,530 6,569 1,493 Doubtful — — — — — — — — — — Loss — — — — — — — — — — Total $ 64,435 $ 67,881 $ 18,214 $ 28,591 $ 97,284 $ 88,590 $ 191,743 $ 157,783 $ 331,056 $ 317,136 |
Schedule of Recorded Investment Evaluated Based on Aging Status of Loans and Payment Activity | The following table presents the recorded investment in consumer, residential real estate, and home equity loans, which are generally evaluated based on the aging status of the loans, which was previously presented, and payment activity. Performing Nonperforming Dollars in thousands 6/30/2015 12/31/2014 6/30/2014 6/30/2015 12/31/2014 6/30/2014 Residential real estate Non-jumbo $ 216,698 $ 217,408 $ 216,619 $ 3,501 $ 2,663 $ 2,950 Jumbo 48,479 50,253 52,487 724 2,626 — Home Equity 72,296 66,848 60,909 208 267 339 Consumer 18,637 19,373 19,648 46 83 129 Other 12,423 11,507 6,798 — — — Total $ 368,533 $ 365,389 $ 356,461 $ 4,479 $ 5,639 $ 3,418 |
Allowance For Loan Losses (Tabl
Allowance For Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Allowance for Loan and Lease Losses, Adjustments, Net [Abstract] | |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent | An analysis of the allowance for loan losses for the six month periods ended June 30, 2015 and 2014 , and for the year ended December 31, 2014 is as follows: Six Months Ended Year Ended Dollars in thousands 2015 2014 2014 Balance, beginning of year $ 11,167 $ 12,659 $ 12,659 Losses: Commercial 77 390 390 Commercial real estate Owner occupied 269 11 11 Non-owner occupied — — — Construction and development Land and land development 434 3,533 3,535 Construction — — — Residential real estate Non-jumbo 284 46 435 Jumbo — 63 65 Home equity 76 — 14 Consumer 48 80 265 Other 56 51 118 Total 1,244 4,174 4,833 Recoveries: Commercial 4 17 34 Commercial real estate Owner occupied 5 31 40 Non-owner occupied 4 4 318 Construction and development Land and land development 322 165 298 Construction — — — Real estate - mortgage Non-jumbo 63 53 87 Jumbo 96 163 163 Home equity 2 3 4 Consumer 68 41 74 Other 35 44 73 Total 599 521 1,091 Net losses 645 3,653 3,742 Provision for loan losses 750 2,000 2,250 Balance, end of period $ 11,272 $ 11,006 $ 11,167 |
Allowance for Credit Losses on Financing Receivables | Activity in the allowance for loan losses by loan class during the first six months of 2015 is as follows: Construction & Land Development Commercial Real Estate Residential Real Estate Dollars in thousands Land & Land Develop- ment Construc- tion Commer- cial Owner Occupied Non- Owner Occupied Non- jumbo Jumbo Home Equity Con- sumer Other Total Allowance for loan losses Beginning balance $ 3,417 $ 427 $ 1,204 $ 927 $ 1,316 $ 1,280 $ 2,081 $ 187 $ 97 $ 231 $ 11,167 Charge-offs 434 — 77 269 — 284 — 76 48 56 1,244 Recoveries 322 — 4 5 4 63 96 2 68 35 599 Provision (435 ) (355 ) 40 795 522 548 (430 ) 149 (59 ) (25 ) 750 Ending balance $ 2,870 $ 72 $ 1,171 $ 1,458 $ 1,842 $ 1,607 $ 1,747 $ 262 $ 58 $ 185 $ 11,272 Allowance related to: Loans individually evaluated for impairment $ 133 $ — $ — $ 232 $ 64 $ 331 $ 71 $ — $ — $ — $ 831 Loans collectively evaluated for impairment 2,737 72 1,171 1,226 1,778 1,276 1,676 262 58 185 10,441 Total $ 2,870 $ 72 $ 1,171 $ 1,458 $ 1,842 $ 1,607 $ 1,747 $ 262 $ 58 $ 185 $ 11,272 Loans Loans individually evaluated for impairment $ 11,272 $ — $ 343 $ 14,669 $ 7,747 $ 6,266 $ 6,535 $ 709 $ 75 $ — $ 47,616 Loans collectively evaluated for impairment 53,163 18,214 96,941 177,074 323,309 213,933 42,668 71,795 18,608 12,423 $ 1,028,128 Total $ 64,435 $ 18,214 $ 97,284 $ 191,743 $ 331,056 $ 220,199 $ 49,203 $ 72,504 $ 18,683 $ 12,423 $ 1,075,744 |
Goodwill And Other Intangible33
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following tables present our goodwill by reporting unit at June 30, 2015 and other intangible assets by reporting unit at June 30, 2015 and December 31, 2014 . Goodwill Activity Dollars in thousands Community Banking Insurance Services Total Balance, January 1, 2015 $ 1,488 $ 4,710 $ 6,198 Acquired goodwill, net — — — Balance, June 30, 2015 $ 1,488 $ 4,710 $ 6,198 |
Summary of Other Intangible Assets | Other Intangible Assets June 30, 2015 December 31, 2014 Dollars in thousands Community Banking Insurance Services Total Community Banking Insurances Services Total Unidentifiable intangible assets Gross carrying amount $ 2,268 $ — $ 2,268 $ 2,268 $ — $ 2,268 Less: accumulated amortization 2,268 — 2,268 2,268 — 2,268 Net carrying amount $ — $ — $ — $ — $ — $ — Identifiable intangible assets Gross carrying amount $ — $ 3,000 $ 3,000 $ — $ 3,000 $ 3,000 Less: accumulated amortization — 1,600 1,600 — 1,500 1,500 Net carrying amount $ — $ 1,400 $ 1,400 $ — $ 1,500 $ 1,500 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Deposits [Abstract] | |
Summary of Interest Bearing Deposits By Type | The following is a summary of interest bearing deposits by type as of June 30, 2015 and 2014 and December 31, 2014 : Dollars in thousands June 30, December 31, June 30, Demand deposits, interest bearing $ 202,957 $ 204,030 $ 187,855 Savings deposits 246,949 253,578 243,323 Time deposits 490,148 488,279 520,483 Total $ 940,054 $ 945,887 $ 951,661 |
Summary of Scheduled Maturities For All Time Deposits | A summary of the scheduled maturities for all time deposits as of June 30, 2015 is as follows: Dollars in thousands Nine month period ending December 31, 2015 $ 99,453 Year ending December 31, 2016 171,562 Year ending December 31, 2017 64,587 Year ending December 31, 2018 56,703 Year ending December 31, 2019 35,373 Thereafter 62,470 Total $ 490,148 |
Summary of Maturity Distribution of All Certificates of Deposit | The following is a summary of the maturity distribution of all certificates of deposit in denominations of $100,000 or more as of June 30, 2015 : Dollars in thousands Amount Percent Three months or less $ 28,470 7.9 % Three through six months 36,853 10.2 % Six through twelve months 76,657 21.1 % Over twelve months 220,678 60.8 % Total $ 362,658 100.00 % |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Short-term borrowings: A summary of short-term borrowings is presented below: Six Months Ended June 30, 2015 2014 Dollars in thousands Short-term FHLB Advances Federal Funds Purchased and Lines of Credit Short-term FHLB Advances Federal Funds Purchased and Lines of Credit Balance at June 30 $ 171,160 $ 3,439 $ 86,050 $ 5,679 Average balance outstanding for the period 143,781 5,988 69,108 8,336 Maximum balance outstanding at any month end during period 171,160 7,438 87,550 8,976 Weighted average interest rate for the period 0.32 % 0.25 % 0.31 % 0.25 % Weighted average interest rate for balances outstanding at June 30 0.32 % 0.25 % 0.29 % 0.25 % Year Ended December 31, 2014 Dollars in thousands Short-term FHLB Advances Federal Funds Purchased and Lines of Credit Balance at December 31 $ 120,950 $ 2,683 Average balance outstanding for the period 94,982 5,804 Maximum balance outstanding at any month end during period 136,800 8,976 Weighted average interest rate for the period 0.31 % 0.25 % Weighted average interest rate for balances outstanding at December 31 0.31 % 0.25 % |
Schedule of Long-term Debt Instruments | All FHLB advances are collateralized primarily by similar amounts of residential mortgage loans, certain commercial loans, mortgage backed securities and securities of U. S. Government agencies and corporations. Balance at June 30, Balance at Dollars in thousands 2015 2014 2014 Long-term FHLB advances $ 925 $ 41,026 $ 977 Long-term reverse repurchase agreements 72,000 72,000 72,000 Term loan 3,611 8,916 4,513 Total $ 76,536 $ 121,942 $ 77,490 |
Schedule of Maturities of Long-term Debt | A summary of the maturities of all long-term borrowings and subordinated debentures for the next five years and thereafter is as follows: Dollars in thousands Long-term borrowings Subordinated debentures Subordinated debentures owed to unconsolidated subsidiary trusts Year Ending December 31, 2015 $ 955 $ 2,500 $ — 2016 28,911 — — 2017 918 — — 2018 45,017 — — 2019 18 — — Thereafter 717 — 19,589 $ 76,536 $ 2,500 $ 19,589 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of activity in our Plans during the first six months of 2015 and 2014 is as follows: For the Six Months Ended June 30, 2015 2014 Options/SARs Weighted-Average Exercise Price Options/SARs Weighted-Average Exercise Price Outstanding, January 1 157,170 $ 20.43 185,410 $ 19.59 Granted 166,717 12.01 — — Exercised — — (3,200 ) 4.63 Forfeited — — — — Expired — — (2,500 ) 17.43 Outstanding, June 30 323,887 $ 16.10 179,710 $ 19.88 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Other information regarding options and SARs outstanding and exercisable at June 30, 2015 is as follows: Options/SARs Outstanding Options/SARs Exercisable Range of exercise price # of awards WAEP Wted. Avg. Remaining Contractual Life (yrs) Aggregate Intrinsic Value (in thousands) # of awards WAEP Aggregate Intrinsic Value (in thousands) 2.54 - $6.00 10,750 $ 4.36 4.46 $ 73 9,750 $ 4.55 $ 65 6.01 - 10.00 17,520 8.93 2.65 40 17,520 8.93 40 10.01 - 17.50 166,717 12.01 9.82 — — — — 17.51 - 20.00 30,900 17.80 2.26 — 30,900 17.80 — 20.01 - 25.93 98,000 25.08 1.54 — 98,000 25.08 — 323,887 16.10 $ 113 156,170 20.54 $ 105 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of the Total Unfunded, or Off-Balance Sheet, Credit Extension Commitments | A summary of the total unfunded, or off-balance sheet, credit extension commitments follows: Dollars in thousands June 30, Commitments to extend credit: Revolving home equity and credit card lines $ 54,758 Construction loans 27,018 Other loans 46,217 Standby letters of credit 5,909 Total $ 133,902 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Actual Minimum Required Capital - Basel III Fully Phased-in Minimum Required To Be Well Capitalized Dollars in thousands Amount Ratio Amount Ratio Amount Ratio As of June 30, 2015 CET1 (to risk weighted assets) Summit $ 133,498 11.6 % $ 80,559 7.0 % $ 74,805 6.5 % Summit Community 154,024 13.4 % 80,460 7.0 % 74,713 6.5 % Tier I Capital (to risk weighted assets) Summit 152,498 13.2 % 98,199 8.5 % 92,423 8.0 % Summit Community 154,024 13.4 % 97,702 8.5 % 91,955 8.0 % Total Capital (to risk weighted assets) Summit 163,770 14.2 % 121,098 10.5 % 115,331 10.0 % Summit Community 165,296 14.4 % 120,528 10.5 % 114,789 10.0 % Tier I Capital (to average assets) Summit 152,498 10.4 % 58,653 4.0 % 73,316 5.0 % Summit Community 154,024 10.6 % 58,122 4.0 % 72,653 5.0 % Summit's, as well as Summit Community's, actual capital amounts and ratios as of December 31, 2014, as computed under the regulatory capital rules then in effect, are presented in the following table. Actual Minimum Required Capital Minimum Required To Be Well Capitalized Dollars in thousands Amount Ratio Amount Ratio Amount Ratio As of December 31, 2014 Tier I Capital (to risk weighted assets) Summit 141,589 13.3 % 42,583 4.0 % 63,875 6.0 % Summit Community 150,653 14.2 % 42,437 4.0 % 63,656 6.0 % Total Capital (to risk weighted assets) Summit 158,196 14.9 % 84,937 8.0 % 106,172 10.0 % Summit Community 161,820 15.3 % 84,612 8.0 % 105,765 10.0 % Tier I Capital (to average assets) Summit 141,589 9.9 % 57,208 4.0 % 71,510 5.0 % Summit Community 150,653 10.6 % 56,850 4.0 % 71,063 5.0 % |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information for each of our segments is included below: Six Months Ended June 30, 2015 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 23,392 $ — $ (414 ) $ — $ 22,978 Provision for loan losses 750 — — — 750 Net interest income after provision for loan losses 22,642 — (414 ) — 22,228 Other income 3,818 2,181 566 (566 ) 5,999 Other expenses 13,676 1,928 1,228 (566 ) 16,266 Income (loss) before income taxes 12,784 253 (1,076 ) — 11,961 Income tax expense (benefit) 3,939 100 (372 ) — 3,667 Net income (loss) 8,845 153 (704 ) — 8,294 Dividends on preferred shares — — — — — Net income (loss) applicable to common shares $ 8,845 $ 153 $ (704 ) $ — $ 8,294 Inter-segment revenue (expense) $ (523 ) $ (43 ) $ 566 $ — $ — Average assets $ 1,493,162 $ 5,924 $ 168,146 $ (206,859 ) $ 1,460,373 Six Months Ended June 30, 2014 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 21,311 $ — $ (953 ) $ — $ 20,358 Provision for loan losses 2,000 — — — 2,000 Net interest income after provision for loan losses 19,311 — (953 ) — 18,358 Other income 2,901 2,588 590 (590 ) 5,489 Other expenses 14,672 2,089 857 (590 ) 17,028 Income (loss) before income taxes 7,540 499 (1,220 ) — 6,819 Income tax expense (benefit) 2,187 172 (362 ) — 1,997 Net income (loss) 5,353 327 (858 ) — 4,822 Dividends on preferred shares — — 387 — 387 Net income (loss) applicable to common shares $ 5,353 $ 327 $ (1,245 ) $ — $ 4,435 Inter-segment revenue (expense) $ (532 ) $ (58 ) $ 590 $ — $ — Average assets $ 1,454,597 $ 6,064 $ 162,023 $ (217,039 ) $ 1,405,645 Three Months Ended June 30, 2015 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 11,641 $ — $ (183 ) $ — $ 11,458 Provision for loan losses 500 — — — 500 Net interest income after provision for loan losses 11,141 — (183 ) — 10,958 Other income 1,969 891 283 (283 ) 2,860 Other expenses 6,820 872 652 (283 ) 8,061 Income (loss) before income taxes 6,290 19 (552 ) — 5,757 Income tax expense (benefit) 1,903 36 (192 ) — 1,747 Net income (loss) 4,387 (17 ) (360 ) — 4,010 Dividends on preferred shares — — — — — Net income (loss) applicable to common shares $ 4,387 $ (17 ) $ (360 ) $ — $ 4,010 Inter-segment revenue (expense) $ (268 ) $ (15 ) $ 283 $ — $ — Average assets $ 1,498,161 $ 5,954 $ 167,348 $ (204,860 ) $ 1,466,603 Three Months Ended June 30, 2014 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 10,800 $ — $ (480 ) $ — $ 10,320 Provision for loan losses 1,000 — — — 1,000 Net interest income after provision for loan losses 9,800 — (480 ) — 9,320 Other income 1,491 1,214 297 (297 ) 2,705 Other expenses 7,323 1,061 443 (297 ) 8,530 Income (loss) before income taxes 3,968 153 (626 ) — 3,495 Income tax expense (benefit) 1,205 50 (192 ) — 1,063 Net income (loss) 2,763 103 (434 ) — 2,432 Dividends on preferred shares — — 193 — 193 Net income (loss) applicable to common shares $ 2,763 $ 103 $ (627 ) $ — $ 2,239 Inter-segment revenue (expense) $ (268 ) $ (29 ) $ 297 $ — $ — Average assets $ 1,467,261 $ 6,149 $ 163,682 $ (218,027 ) $ 1,419,065 |
Derivative Financial Instrume40
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | A summary of our derivative financial instruments as of June 30, 2015 and December 31, 2014 follows: June 30, 2015 Derivative Fair Value Net Ineffective Dollars in thousands Notional Amount Asset Liability Hedge Gains/(Losses) CASH FLOW HEDGES Pay-fixed/receive-variable interest rate swaps Long term borrowings $ 110,000 $ — $ 3,943 $ — FAIR VALUE HEDGES Pay-fixed/receive-variable interest rate swaps Commercial Loan $ 9,950 $ 279 $ — $ — December 31, 2014 Derivative Fair Value Net Ineffective Dollars in thousands Notional Amount Asset Liability Hedge Gains/(Losses) CASH FLOW HEDGES Pay-fixed/receive-variable interest rate swaps Long term borrowings $ 110,000 $ — $ 2,911 $ — |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Jun. 30, 2015 | Total |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Length of time appraisals exist before ordering new appraisal | 12 months |
Length of time new appraisals are received once loans are impaired | 3 months |
Length of time appraisals are obtained on foreclosed properties | 18 months |
Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount to sell collateral | 7.00% |
Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount to sell collateral | 10.00% |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Recorded At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $ 276,661 | $ 282,834 | [1] | $ 287,883 |
U.S. Government sponsored agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 25,389 | 23,174 | 25,830 | |
Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 152,943 | 149,777 | 157,555 | |
Nongovernment Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 9,962 | 12,145 | 9,931 | |
U S States And Political Subdivisions General Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 1,944 | 4,397 | |
Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 11,806 | 3,776 | 0 | |
Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 7 | 7 | $ 77 | |
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 276,661 | 282,834 | ||
Fair Value, Measurements, Recurring [Member] | U.S. Government sponsored agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 25,389 | 23,174 | ||
Fair Value, Measurements, Recurring [Member] | Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 152,943 | 149,777 | ||
Fair Value, Measurements, Recurring [Member] | Nongovernment Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 9,962 | 12,145 | ||
Fair Value, Measurements, Recurring [Member] | U S States And Political Subdivisions General Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,684 | 8,694 | ||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 11,806 | 3,776 | ||
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 7 | 7 | ||
Fair Value, Measurements, Recurring [Member] | Tax Exempt Debt Securities Us States And Political Subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 74,870 | 85,261 | ||
Fair Value, Measurements, Recurring [Member] | Interest rate swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swap | 3,664 | 2,911 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | U.S. Government sponsored agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Nongovernment Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | U S States And Political Subdivisions General Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Tax Exempt Debt Securities Us States And Political Subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Interest rate swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swap | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 272,858 | 279,058 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | U.S. Government sponsored agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 25,389 | 23,174 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 152,943 | 149,777 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Nongovernment Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 9,962 | 12,145 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | U S States And Political Subdivisions General Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,684 | 8,694 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 8,003 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 7 | 7 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Tax Exempt Debt Securities Us States And Political Subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 74,870 | 85,261 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Interest rate swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swap | 3,664 | 2,911 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 3,803 | 3,776 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | U.S. Government sponsored agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Nongovernment Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | U S States And Political Subdivisions General Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 3,803 | 3,776 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Tax Exempt Debt Securities Us States And Political Subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Interest rate swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swap | $ 0 | $ 0 | ||
[1] | December 31, 2014 financial information has been extracted from audited consolidated financial statements |
Fair Value Measurements (Asse43
Fair Value Measurements (Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans held for sale | $ 0 | $ 527 |
Collateral-dependent impaired loans | 1,707 | 1,552 |
Foreclosed properties | 22,010 | 26,869 |
Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 44 |
Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 433 | 344 |
Foreclosed properties | 1,968 | 3,892 |
Construction And Development Financial Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 852 |
Foreclosed properties | 18,802 | 20,952 |
Residential Real Estate Financial Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 1,274 | 312 |
Foreclosed properties | 1,240 | 2,025 |
Fair Value Inputs Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans held for sale | 0 | 0 |
Collateral-dependent impaired loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Construction And Development Financial Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Residential Real Estate Financial Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Fair Value Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans held for sale | 0 | 527 |
Collateral-dependent impaired loans | 1,573 | 1,508 |
Foreclosed properties | 21,952 | 26,758 |
Fair Value Inputs Level 2 [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
Fair Value Inputs Level 2 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 433 | 344 |
Foreclosed properties | 1,968 | 3,892 |
Fair Value Inputs Level 2 [Member] | Construction And Development Financial Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 852 |
Foreclosed properties | 18,744 | 20,841 |
Fair Value Inputs Level 2 [Member] | Residential Real Estate Financial Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 1,140 | 312 |
Foreclosed properties | 1,240 | 2,025 |
Fair Value Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans held for sale | 0 | 0 |
Collateral-dependent impaired loans | 134 | 44 |
Foreclosed properties | 58 | 111 |
Fair Value Inputs Level 3 [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 44 |
Fair Value Inputs Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Construction And Development Financial Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
Foreclosed properties | 58 | 111 |
Fair Value Inputs Level 3 [Member] | Residential Real Estate Financial Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 134 | 0 |
Foreclosed properties | $ 0 | $ 0 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Values And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $ 276,661 | $ 282,834 | [1] | $ 287,883 |
Loans held for sale, net | 0 | 527 | ||
Carrying Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 13,262 | 12,510 | ||
Securities available for sale | 276,661 | 282,834 | ||
Other investments | 8,583 | 6,183 | ||
Loans held for sale, net | 0 | 527 | ||
Loans, net | 1,064,472 | 1,019,842 | ||
Accrued interest receivable | 5,473 | 5,838 | ||
Total assets | 1,368,451 | 1,327,734 | ||
Deposits | 1,053,310 | 1,061,314 | ||
Short-term borrowings | 174,599 | 123,633 | ||
Long-term borrowings | 76,536 | 77,490 | ||
Subordinated debentures | 2,500 | 16,800 | ||
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589 | 19,589 | ||
Accrued interest payable | 812 | 812 | ||
Derivative financial liabilities | 3,664 | 2,911 | ||
Total liabilities | 1,331,010 | 1,302,549 | ||
Estimated Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 13,262 | 12,510 | ||
Securities available for sale | 276,661 | 282,834 | ||
Other investments | 8,583 | 6,183 | ||
Loans held for sale, net | 0 | 527 | ||
Loans, net | 1,069,508 | 1,033,890 | ||
Accrued interest receivable | 5,473 | 5,838 | ||
Total assets | 1,373,487 | 1,341,782 | ||
Deposits | 1,068,532 | 1,078,406 | ||
Short-term borrowings | 174,599 | 123,633 | ||
Long-term borrowings | 82,861 | 84,732 | ||
Subordinated debentures | 2,500 | 16,800 | ||
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589 | 19,589 | ||
Accrued interest payable | 812 | 812 | ||
Derivative financial liabilities | 3,664 | 2,911 | ||
Total liabilities | $ 1,352,557 | $ 1,326,883 | ||
[1] | December 31, 2014 financial information has been extracted from audited consolidated financial statements |
Earnings Per Share (Computation
Earnings Per Share (Computations Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Line Items] | ||||
Anti-dilutive stock options | 136,900 | 143,000 | ||
Net income | $ 4,010 | $ 2,432 | $ 8,294 | $ 4,822 |
Less preferred stock dividends | 0 | (193) | 0 | (387) |
Net income (loss) applicable to common shares | $ 4,010 | $ 2,239 | $ 8,294 | $ 4,435 |
Basic EPS, Common Shares (Denominator) (in shares) | 10,667,892 | 7,457,222 | 9,747,042,000 | 7,455,307,000 |
Basic EPS (in dollars per share) | $ 0.38 | $ 0.30 | $ 0.85 | $ 0.59 |
Diluted EPS, Stock options, Common Shares (Denominator) (in shares) | 8,582 | 9,607 | 8,574,000 | 9,675,000 |
Diluted EPS, Income (Numerator) | $ 4,010 | $ 2,432 | $ 8,294 | $ 4,822 |
Diluted EPS, Common Shares (Denominator) (in shares) | 10,676,474 | 9,630,624 | 10,585,411,000 | 9,629,755,000 |
Diluted EPS (in dollars per share) | $ 0.38 | $ 0.25 | $ 0.78 | $ 0.50 |
Series 2011 Preferred Stock [Member] | ||||
Earnings Per Share [Line Items] | ||||
Diluted EPS, convertible preferred stock dividend, Income (Numerator) | $ 0 | $ 119 | $ 0 | $ 238 |
Diluted EPS, convertible preferred stock, Common Shares (Denominator) (in shares) | 0 | 1,489,250 | 575,953,000 | 1,490,228,000 |
Series 2009 Preferred Stock [Member] | ||||
Earnings Per Share [Line Items] | ||||
Diluted EPS, convertible preferred stock dividend, Income (Numerator) | $ 0 | $ 74 | $ 0 | $ 149 |
Diluted EPS, convertible preferred stock, Common Shares (Denominator) (in shares) | 0 | 674,545 | 253,842,000 | 674,545,000 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive stock options | 136,900 | 143,000 |
Stock Appreciation Rights (SARs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive stock options | 166,717 |
Securities (Summary Of Amortize
Securities (Summary Of Amortized Cost, Unrealized Gains, Unrealized Losses And Estimated Fair Values) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | $ 272,414 | $ 276,631 | $ 283,248 | |
Available for sale securities, Unrealized Gains | 5,982 | 7,170 | 6,339 | |
Available for sale securities, Unrealized Losses | 1,735 | 967 | 1,704 | |
Available for sale securities, Estimated Fair Value | 276,661 | 282,834 | [1] | 287,883 |
U S Government Corporations And Agencies Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 24,336 | 22,153 | 24,998 | |
Available for sale securities, Unrealized Gains | 1,093 | 1,073 | 885 | |
Available for sale securities, Unrealized Losses | 40 | 52 | 53 | |
Available for sale securities, Estimated Fair Value | 25,389 | 23,174 | 25,830 | |
Government Sponsored Agencies [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 150,675 | 147,951 | 155,631 | |
Available for sale securities, Unrealized Gains | 3,005 | 2,599 | 2,921 | |
Available for sale securities, Unrealized Losses | 737 | 773 | 997 | |
Available for sale securities, Estimated Fair Value | 152,943 | 149,777 | 157,555 | |
Nongovernment Sponsored Agencies [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 9,880 | 12,051 | 9,555 | |
Available for sale securities, Unrealized Gains | 116 | 142 | 385 | |
Available for sale securities, Unrealized Losses | 34 | 48 | 9 | |
Available for sale securities, Estimated Fair Value | 9,962 | 12,145 | 9,931 | |
U S States And Political Subdivisions General Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 0 | 1,975 | 4,532 | |
Available for sale securities, Unrealized Gains | 0 | 2 | 9 | |
Available for sale securities, Unrealized Losses | 0 | 33 | 144 | |
Available for sale securities, Estimated Fair Value | 0 | 1,944 | 4,397 | |
State and Policital Subdivisions Water and Sewer Revenues [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 500 | 1,976 | 2,382 | |
Available for sale securities, Unrealized Gains | 3 | 14 | 7 | |
Available for sale securities, Unrealized Losses | 0 | 7 | 44 | |
Available for sale securities, Estimated Fair Value | 503 | 1,983 | 2,345 | |
State and Political Subdivisions Lottery/Casino Revenues [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 1,218 | |||
Available for sale securities, Unrealized Gains | 0 | |||
Available for sale securities, Unrealized Losses | 37 | |||
Available for sale securities, Estimated Fair Value | 1,181 | |||
State and Policital Subdivisions Other Revenues [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 0 | 4,696 | 3,319 | |
Available for sale securities, Unrealized Gains | 0 | 73 | 7 | |
Available for sale securities, Unrealized Losses | 0 | 2 | 33 | |
Available for sale securities, Estimated Fair Value | 0 | 4,767 | 3,293 | |
Corporate Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 11,896 | 3,776 | 0 | |
Available for sale securities, Unrealized Gains | 0 | 0 | 0 | |
Available for sale securities, Unrealized Losses | 90 | 0 | 0 | |
Available for sale securities, Estimated Fair Value | 11,806 | 3,776 | 0 | |
Taxable Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 198,505 | 194,578 | 200,417 | |
Available for sale securities, Unrealized Gains | 4,217 | 3,903 | 4,214 | |
Available for sale securities, Unrealized Losses | 938 | 915 | 1,280 | |
Available for sale securities, Estimated Fair Value | 201,784 | 197,566 | 203,351 | |
State and Political Subdivisions General Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 49,067 | 49,515 | 46,859 | |
Available for sale securities, Unrealized Gains | 1,463 | 2,338 | 1,552 | |
Available for sale securities, Unrealized Losses | 586 | 12 | 204 | |
Available for sale securities, Estimated Fair Value | 49,944 | 51,841 | 48,207 | |
State and Political Subdivisions Water and Sewer Revenues [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 7,982 | 11,258 | 11,868 | |
Available for sale securities, Unrealized Gains | 52 | 244 | 176 | |
Available for sale securities, Unrealized Losses | 33 | 3 | 58 | |
Available for sale securities, Estimated Fair Value | 8,001 | 11,499 | 11,986 | |
State and Political Subdivisions Special Tax Revenues [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 4,548 | |||
Available for sale securities, Unrealized Gains | 30 | |||
Available for sale securities, Unrealized Losses | 72 | |||
Available for sale securities, Estimated Fair Value | 4,506 | |||
State and Political Subdivisions Lease Revenues [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 4,617 | 7,990 | ||
Available for sale securities, Unrealized Gains | 75 | 54 | ||
Available for sale securities, Unrealized Losses | 10 | 68 | ||
Available for sale securities, Estimated Fair Value | 4,682 | 7,976 | ||
State and Political Subdivisions Lottery/casino Revenues [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 3,576 | 3,811 | 3,832 | |
Available for sale securities, Unrealized Gains | 58 | 206 | 145 | |
Available for sale securities, Unrealized Losses | 74 | 9 | 41 | |
Available for sale securities, Estimated Fair Value | 3,560 | 4,008 | 3,936 | |
State and Political Subdivisions Other Revenues [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 8,729 | 12,845 | 12,205 | |
Available for sale securities, Unrealized Gains | 162 | 404 | 198 | |
Available for sale securities, Unrealized Losses | 32 | 18 | 53 | |
Available for sale securities, Estimated Fair Value | 8,859 | 13,231 | 12,350 | |
Tax Exempt Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 73,902 | 82,046 | 82,754 | |
Available for sale securities, Unrealized Gains | 1,765 | 3,267 | 2,125 | |
Available for sale securities, Unrealized Losses | 797 | 52 | 424 | |
Available for sale securities, Estimated Fair Value | 74,870 | 85,261 | 84,455 | |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 7 | 7 | 77 | |
Available for sale securities, Unrealized Gains | 0 | 0 | 0 | |
Available for sale securities, Unrealized Losses | 0 | 0 | 0 | |
Available for sale securities, Estimated Fair Value | $ 7 | $ 7 | $ 77 | |
[1] | December 31, 2014 financial information has been extracted from audited consolidated financial statements |
Securities (Summary of Volume o
Securities (Summary of Volume of State and Political Subdivision Securities Held in Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | $ 272,414 | $ 276,631 | $ 283,248 | |
Available for sale securities, Unrealized Gains | 5,982 | 7,170 | 6,339 | |
Available for sale securities, Unrealized Losses | 1,735 | 967 | 1,704 | |
Available for sale securities, Estimated Fair Value | 276,661 | $ 282,834 | [1] | $ 287,883 |
West Virginia | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 11,744 | |||
Available for sale securities, Unrealized Gains | 104 | |||
Available for sale securities, Unrealized Losses | 64 | |||
Available for sale securities, Estimated Fair Value | 11,784 | |||
Illinois | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 8,936 | |||
Available for sale securities, Unrealized Gains | 147 | |||
Available for sale securities, Unrealized Losses | 71 | |||
Available for sale securities, Estimated Fair Value | 9,012 | |||
California | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 7,037 | |||
Available for sale securities, Unrealized Gains | 258 | |||
Available for sale securities, Unrealized Losses | 58 | |||
Available for sale securities, Estimated Fair Value | 7,237 | |||
Ohio | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 7,594 | |||
Available for sale securities, Unrealized Gains | 19 | |||
Available for sale securities, Unrealized Losses | 181 | |||
Available for sale securities, Estimated Fair Value | 7,432 | |||
Texas | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total Amortized Cost | 6,226 | |||
Available for sale securities, Unrealized Gains | 334 | |||
Available for sale securities, Unrealized Losses | 64 | |||
Available for sale securities, Estimated Fair Value | $ 6,496 | |||
[1] | December 31, 2014 financial information has been extracted from audited consolidated financial statements |
Securities (Summary Of Maturiti
Securities (Summary Of Maturities, Amortized Cost And Estimated Fair Values Of Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Available-for-sale Securities [Abstract] | |||
Due in one year or less, Amortized Cost | $ 62,419 | ||
Due from one to five years, Amortized Cost | 100,922 | ||
Due from five to ten years, Amortized Cost | 24,159 | ||
Due after ten years, Amortized Cost | 84,907 | ||
Equity securities, Amortized Cost | 7 | ||
Total Amortized Cost | 272,414 | $ 276,631 | $ 283,248 |
Due in one year or less, Estimated Fair Value | 63,555 | ||
Due from one to five years, Estimated Fair Value | 102,208 | ||
Due from five to ten years, Estimated Fair Value | 24,681 | ||
Due after ten years, Estimated Fair Value | 86,210 | ||
Equity securities, Estimated Fair Value | 7 | ||
Total Estimated Fair Value | $ 276,661 |
Securities (Summary Of Proceeds
Securities (Summary Of Proceeds From Sales, Calls And Maturities, Principal Payments, Gains And Losses Of Securities) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Available-for-sale Securities [Abstract] | ||
Securities available for sale, Proceeds from Sales | $ 40,593 | $ 36,230 |
Securities available for sale, Proceeds from Calls and Maturities | 615 | 3,001 |
Securities available for sale, Proceeds from Principal Payments | 20,380 | $ 16,664 |
Securities available for sale, Gross realized Gains | 852 | |
Securities available for sale, Gross realized Losses | $ 202 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - Jun. 30, 2015 | securitystate |
Available-for-sale Securities [Abstract] | |
Number of states with highest volume of state and political subdivision securities | state | 5 |
Securities held with an unrealized loss position | 83 |
Securities (Summary Of Securiti
Securities (Summary Of Securities Available For Sale In Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | $ 93,877 | $ 49,087 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,596) | (600) |
12 months or more, Estimated Fair Value | 9,395 | 32,701 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (139) | (367) |
Total Estimated Fair Value | 103,272 | 81,788 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,735) | (967) |
Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 93,877 | 49,087 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,596) | (600) |
12 months or more, Estimated Fair Value | 9,395 | 32,701 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (139) | (367) |
Total Estimated Fair Value | 103,272 | 81,788 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,735) | (967) |
Temporarily Impaired Securities [Member] | U S Government Corporations And Agencies Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 247 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
12 months or more, Estimated Fair Value | 3,489 | 3,912 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (40) | (52) |
Total Estimated Fair Value | 3,736 | 3,912 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (40) | (52) |
Temporarily Impaired Securities [Member] | Government Sponsored Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 42,805 | 36,825 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (638) | (535) |
12 months or more, Estimated Fair Value | 5,906 | 21,915 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (99) | (238) |
Total Estimated Fair Value | 48,711 | 58,740 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (737) | (773) |
Temporarily Impaired Securities [Member] | Nongovernment Sponsored Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 6,278 | 5,488 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (34) | (44) |
12 months or more, Estimated Fair Value | 0 | 2,163 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (4) |
Total Estimated Fair Value | 6,278 | 7,651 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (34) | (48) |
Temporarily Impaired Securities [Member] | State and Political Subdivisions Lottery/Casino Revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 1,181 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (37) | |
12 months or more, Estimated Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Total Estimated Fair Value | 1,181 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (37) | |
Temporarily Impaired Securities [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 8,003 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (90) | |
12 months or more, Estimated Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Total Estimated Fair Value | 8,003 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (90) | |
Temporarily Impaired Securities [Member] | Tax Exempt State and Political Subdivisions General Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 25,066 | 3,708 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (586) | (8) |
12 months or more, Estimated Fair Value | 0 | 438 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (4) |
Total Estimated Fair Value | 25,066 | 4,146 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (586) | (12) |
Temporarily Impaired Securities [Member] | Tax Exempt State and Political Subdivisions Water and Sewer Revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 3,463 | 721 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (33) | (3) |
12 months or more, Estimated Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total Estimated Fair Value | 3,463 | 721 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (33) | (3) |
Temporarily Impaired Securities [Member] | Tax Exempt State and Political Subdivisions Special Tax Revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 2,541 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (72) | |
12 months or more, Estimated Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Total Estimated Fair Value | $ 2,541 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (72) | |
Temporarily Impaired Securities [Member] | Tax Exempt State and Political Subdivisions Lottery/casino Revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 1,781 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (74) | 0 |
12 months or more, Estimated Fair Value | 0 | 1,126 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (9) |
Total Estimated Fair Value | 1,781 | 1,126 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (74) | (9) |
Temporarily Impaired Securities [Member] | Tax Exempt State and Political Subdivisions Other Revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 2,512 | 1,247 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (32) | (8) |
12 months or more, Estimated Fair Value | 0 | 846 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (10) |
Total Estimated Fair Value | 2,512 | 2,093 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (32) | (18) |
Temporarily Impaired Securities [Member] | State and Political Subdivisions General Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
12 months or more, Estimated Fair Value | 316 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (33) | |
Total Estimated Fair Value | 316 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (33) | |
Temporarily Impaired Securities [Member] | State and Political Subdivisions Water and Sewer Revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
12 months or more, Estimated Fair Value | 817 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (7) | |
Total Estimated Fair Value | 817 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (7) | |
Temporarily Impaired Securities [Member] | State and Political Subdivisions Other Revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 1,098 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) | |
12 months or more, Estimated Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Total Estimated Fair Value | 1,098 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (2) | |
Temporarily Impaired Securities [Member] | Tax Exempt State and Political Subdivisions Lease Revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
12 months or more, Estimated Fair Value | 1,168 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (10) | |
Total Estimated Fair Value | 1,168 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (10) | |
Other Than Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
12 months or more, Estimated Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total Estimated Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ 0 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Loans and Leases Receivable Disclosure [Abstract] | ||
Residential real estate loan threshold for jumbo loans | $ 600,000 | |
Threshold period past due for nonaccrual status of financing receivable | 90 days | |
Threshold period past due for write-off of credit card loans | 180 days | |
Threshold period special event notification for writeoff of financing receivable | 60 days | |
Threshold period past due for writeoff of residential mortgage loans | 180 days | |
Threshold period for writeoff of collateralized consumer loans | 120 days | |
Risk rate loans, aggregate balance threshold | $ 2,000,000 | |
Risk rate loans, loan balance threshold | 500,000 | |
Troubled debt restructurings included in impaired loans | 30,200,000 | $ 34,700,000 |
Current Troubled debt restructurings included in impaired loans | $ 28,600,000 | $ 32,200,000 |
Number of days past due to be considered in default | 30 days | |
Troubled debt restructuring, aggregate exposure | $ 2,000,000 |
Loans (Summary of Loans, Net of
Loans (Summary of Loans, Net of Unearned Fees) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans, net of unearned fees | $ 1,075,744 | $ 1,031,009 | $ 1,003,822 |
Less allowance for loan losses | 11,272 | 11,167 | 11,006 |
Loans, net | 1,064,472 | 1,019,842 | 992,816 |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans, net of unearned fees | 97,284 | 88,590 | 90,096 |
Owner Occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans, net of unearned fees | 191,743 | 157,783 | 154,260 |
Non-Owner Occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans, net of unearned fees | 331,056 | 317,136 | 314,439 |
Land and Land Improvements [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans, net of unearned fees | 64,435 | 67,881 | 64,246 |
Construction Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans, net of unearned fees | 18,214 | 28,591 | 20,902 |
Non-Jumbo [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans, net of unearned fees | 220,199 | 220,071 | 219,569 |
Jumbo [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans, net of unearned fees | 49,203 | 52,879 | 52,487 |
Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans, net of unearned fees | 72,504 | 67,115 | 61,248 |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans, net of unearned fees | 18,683 | 19,456 | 19,777 |
Other Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans, net of unearned fees | $ 12,423 | $ 11,507 | $ 6,798 |
Loans (Schedule of Contractual
Loans (Schedule of Contractual Aging of Recorded Investment in Past Due Loans by Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due, 30-59 days | $ 3,420 | $ 6,372 | $ 5,607 |
Past Due, 60-89 days | 8,318 | 5,168 | 3,427 |
Past Due, greater than 90 days | 9,760 | 10,060 | 8,524 |
Past Due, Total | 21,498 | 21,600 | 17,558 |
Current | 1,054,238 | 1,009,409 | 986,264 |
Recorded Investment greater then 90 days and Accruing | 8 | 0 | 0 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due, 30-59 days | 344 | 328 | 33 |
Past Due, 60-89 days | 0 | 117 | 363 |
Past Due, greater than 90 days | 661 | 330 | 396 |
Past Due, Total | 1,005 | 775 | 792 |
Current | 96,279 | 87,815 | 89,304 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 | 0 |
Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due, 30-59 days | 118 | 121 | 642 |
Past Due, 60-89 days | 0 | 194 | 348 |
Past Due, greater than 90 days | 630 | 801 | 759 |
Past Due, Total | 748 | 1,116 | 1,749 |
Current | 190,995 | 156,667 | 152,511 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 | 0 |
Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due, 30-59 days | 320 | 146 | 237 |
Past Due, 60-89 days | 5,629 | 0 | 0 |
Past Due, greater than 90 days | 309 | 406 | 234 |
Past Due, Total | 6,258 | 552 | 471 |
Current | 324,798 | 316,584 | 313,968 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 | 0 |
Land and Land Improvements [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due, 30-59 days | 0 | 346 | 142 |
Past Due, 60-89 days | 21 | 2,002 | 14 |
Past Due, greater than 90 days | 5,228 | 4,253 | 4,860 |
Past Due, Total | 5,249 | 6,601 | 5,016 |
Current | 59,186 | 61,280 | 59,230 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 | 0 |
Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due, 30-59 days | 0 | 0 | 0 |
Past Due, 60-89 days | 0 | 0 | 0 |
Past Due, greater than 90 days | 0 | 0 | 0 |
Past Due, Total | 0 | 0 | 0 |
Current | 18,214 | 28,591 | 20,902 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 | 0 |
Non-Jumbo [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due, 30-59 days | 2,263 | 4,104 | 3,198 |
Past Due, 60-89 days | 1,335 | 2,719 | 1,760 |
Past Due, greater than 90 days | 2,137 | 1,498 | 2,060 |
Past Due, Total | 5,735 | 8,321 | 7,018 |
Current | 214,464 | 211,750 | 212,551 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 | 0 |
Jumbo [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due, 30-59 days | 0 | 0 | 707 |
Past Due, 60-89 days | 1,111 | 0 | 723 |
Past Due, greater than 90 days | 724 | 2,626 | 0 |
Past Due, Total | 1,835 | 2,626 | 1,430 |
Current | 47,368 | 50,253 | 51,057 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 | 0 |
Home Equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due, 30-59 days | 171 | 1,067 | 196 |
Past Due, 60-89 days | 195 | 94 | 36 |
Past Due, greater than 90 days | 37 | 83 | 143 |
Past Due, Total | 403 | 1,244 | 375 |
Current | 72,101 | 65,871 | 60,873 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 | 0 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due, 30-59 days | 204 | 260 | 452 |
Past Due, 60-89 days | 27 | 42 | 183 |
Past Due, greater than 90 days | 34 | 63 | 72 |
Past Due, Total | 265 | 365 | 707 |
Current | 18,410 | 19,091 | 19,070 |
Recorded Investment greater then 90 days and Accruing | 8 | 0 | 0 |
Other Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due, 30-59 days | 0 | 0 | 0 |
Past Due, 60-89 days | 0 | 0 | 0 |
Past Due, greater than 90 days | 0 | 0 | 0 |
Past Due, Total | 0 | 0 | 0 |
Current | 12,423 | 11,507 | 6,798 |
Recorded Investment greater then 90 days and Accruing | $ 0 | $ 0 | $ 0 |
Loans (Schedule of Nonaccrual L
Loans (Schedule of Nonaccrual Loans Included in Net Balance of Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 13,583 | $ 12,494 | $ 14,219 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,065 | 392 | 416 |
Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 880 | 1,218 | 953 |
Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,541 | 626 | 583 |
Land and Land Improvements [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,627 | 4,619 | 8,849 |
Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 | 0 |
Non-Jumbo [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,501 | 2,663 | 2,950 |
Jumbo [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 724 | 2,626 | 0 |
Home Equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 208 | 267 | 339 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 37 | $ 83 | $ 129 |
Loans (Schedule of Method Used
Loans (Schedule of Method Used to Measure Impairment of Impaired Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | $ 47,616 | $ 48,416 | $ 47,593 |
Commercial [Member] | Fair Value of Collateral [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 41 | 132 | 506 |
Commercial [Member] | Discounted Cash Flow [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 302 | 362 | 0 |
Owner Occupied [Member] | Fair Value of Collateral [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 5,654 | 1,683 | 1,924 |
Owner Occupied [Member] | Discounted Cash Flow [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 9,015 | 9,124 | 8,969 |
Non-Owner Occupied [Member] | Fair Value of Collateral [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 1,607 | 508 | 513 |
Non-Owner Occupied [Member] | Discounted Cash Flow [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 6,140 | 5,999 | 5,236 |
Land and Land Improvements [Member] | Fair Value of Collateral [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 9,002 | 11,998 | 14,023 |
Land and Land Improvements [Member] | Discounted Cash Flow [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 2,270 | 2,310 | 1,446 |
Non-Jumbo [Member] | Fair Value of Collateral [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 1,791 | 1,676 | 3,440 |
Non-Jumbo [Member] | Discounted Cash Flow [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 4,475 | 5,252 | 2,592 |
Jumbo [Member] | Fair Value of Collateral [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 5,655 | 7,594 | 6,648 |
Jumbo [Member] | Discounted Cash Flow [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 880 | 886 | 2,073 |
Home Equity [Member] | Fair Value of Collateral [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 186 | 285 | 186 |
Home Equity [Member] | Discounted Cash Flow [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 523 | 523 | 0 |
Consumer Portfolio Segment [Member] | Fair Value of Collateral [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | 0 | 2 | 37 |
Consumer Portfolio Segment [Member] | Discounted Cash Flow [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans | $ 75 | $ 82 | $ 0 |
Loans (Schedule of Loans Indivi
Loans (Schedule of Loans Individually Evaluated for Impairment) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | $ 47,601 | $ 47,577 | $ 48,399 |
Unpaid Principal Balance | 47,616 | 47,593 | 48,416 |
Related Allowance | 831 | 1,595 | 816 |
Average Impaired Balance | 48,839 | 47,577 | 46,643 |
Interest Income Recognized while impaired | 3,569 | 1,884 | 1,784 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 343 | 506 | 370 |
Without a related allowance, Unpaid Principal Balance | 343 | 506 | 369 |
Without a related allowance, Average Impaired Balance | 362 | 506 | 430 |
Without a related allowance, Interest Income Recognized while impaired | 42 | 35 | 27 |
With a related allowance, Recorded Investment | 0 | 0 | 125 |
With a related allowance, Unpaid Principal Balance | 0 | 0 | 125 |
With a related allowance, Related Allowance | 0 | 0 | 81 |
With a related allowance, Average Impaired Balance | 0 | 0 | 38 |
With a related allowance, Interest Income Recognized while impaired | 0 | 0 | 0 |
Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 10,101 | 6,287 | 5,362 |
Without a related allowance, Unpaid Principal Balance | 10,100 | 6,288 | 5,361 |
Without a related allowance, Average Impaired Balance | 8,156 | 6,287 | 5,309 |
Without a related allowance, Interest Income Recognized while impaired | 598 | 248 | 192 |
With a related allowance, Recorded Investment | 4,569 | 4,605 | 5,446 |
With a related allowance, Unpaid Principal Balance | 4,569 | 4,605 | 5,446 |
With a related allowance, Related Allowance | 232 | 266 | 287 |
With a related allowance, Average Impaired Balance | 4,577 | 4,605 | 5,461 |
With a related allowance, Interest Income Recognized while impaired | 378 | 213 | 216 |
Non-Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 6,938 | 5,012 | 3,645 |
Without a related allowance, Unpaid Principal Balance | 6,940 | 5,014 | 3,647 |
Without a related allowance, Average Impaired Balance | 6,333 | 5,012 | 4,420 |
Without a related allowance, Interest Income Recognized while impaired | 566 | 249 | 199 |
With a related allowance, Recorded Investment | 806 | 735 | 2,860 |
With a related allowance, Unpaid Principal Balance | 807 | 735 | 2,860 |
With a related allowance, Related Allowance | 64 | 79 | 74 |
With a related allowance, Average Impaired Balance | 799 | 735 | 1,003 |
With a related allowance, Interest Income Recognized while impaired | 55 | 79 | 40 |
Land and Land Improvements [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 11,139 | 13,853 | 13,410 |
Without a related allowance, Unpaid Principal Balance | 11,139 | 13,853 | 13,410 |
Without a related allowance, Average Impaired Balance | 11,916 | 13,853 | 14,149 |
Without a related allowance, Interest Income Recognized while impaired | 672 | 293 | 483 |
With a related allowance, Recorded Investment | 133 | 1,616 | 898 |
With a related allowance, Unpaid Principal Balance | 133 | 1,616 | 898 |
With a related allowance, Related Allowance | 133 | 898 | 46 |
With a related allowance, Average Impaired Balance | 534 | 1,616 | 933 |
With a related allowance, Interest Income Recognized while impaired | 63 | 40 | 42 |
Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 0 | 0 | 0 |
Without a related allowance, Unpaid Principal Balance | 0 | 0 | 0 |
Without a related allowance, Average Impaired Balance | 0 | 0 | 0 |
Without a related allowance, Interest Income Recognized while impaired | 0 | 0 | 0 |
With a related allowance, Recorded Investment | 0 | 0 | 0 |
With a related allowance, Unpaid Principal Balance | 0 | 0 | 0 |
With a related allowance, Related Allowance | 0 | 0 | 0 |
With a related allowance, Average Impaired Balance | 0 | 0 | 0 |
With a related allowance, Interest Income Recognized while impaired | 0 | 0 | 0 |
Non-Jumbo [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 3,307 | 3,390 | 4,289 |
Without a related allowance, Unpaid Principal Balance | 3,316 | 3,398 | 4,300 |
Without a related allowance, Average Impaired Balance | 3,345 | 3,390 | 3,853 |
Without a related allowance, Interest Income Recognized while impaired | 318 | 161 | 185 |
With a related allowance, Recorded Investment | 2,948 | 2,633 | 2,627 |
With a related allowance, Unpaid Principal Balance | 2,950 | 2,634 | 2,628 |
With a related allowance, Related Allowance | 331 | 299 | 282 |
With a related allowance, Average Impaired Balance | 2,959 | 2,633 | 2,093 |
With a related allowance, Interest Income Recognized while impaired | 239 | 107 | 98 |
Jumbo [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 4,933 | 7,823 | 7,589 |
Without a related allowance, Unpaid Principal Balance | 4,931 | 7,828 | 7,594 |
Without a related allowance, Average Impaired Balance | 7,472 | 7,823 | 7,761 |
Without a related allowance, Interest Income Recognized while impaired | 474 | 401 | 241 |
With a related allowance, Recorded Investment | 1,600 | 893 | 885 |
With a related allowance, Unpaid Principal Balance | 1,604 | 893 | 886 |
With a related allowance, Related Allowance | 71 | 53 | 46 |
With a related allowance, Average Impaired Balance | 1,600 | 893 | 892 |
With a related allowance, Interest Income Recognized while impaired | 89 | 44 | 45 |
Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 710 | 186 | 809 |
Without a related allowance, Unpaid Principal Balance | 709 | 186 | 808 |
Without a related allowance, Average Impaired Balance | 709 | 186 | 265 |
Without a related allowance, Interest Income Recognized while impaired | 61 | 11 | 14 |
With a related allowance, Recorded Investment | 0 | 0 | 0 |
With a related allowance, Unpaid Principal Balance | 0 | 0 | 0 |
With a related allowance, Related Allowance | 0 | 0 | 0 |
With a related allowance, Average Impaired Balance | 0 | 0 | 0 |
With a related allowance, Interest Income Recognized while impaired | 0 | 0 | 0 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 74 | 38 | 84 |
Without a related allowance, Unpaid Principal Balance | 75 | 37 | 84 |
Without a related allowance, Average Impaired Balance | 77 | 38 | 36 |
Without a related allowance, Interest Income Recognized while impaired | 14 | 3 | 2 |
With a related allowance, Recorded Investment | 0 | 0 | 0 |
With a related allowance, Unpaid Principal Balance | 0 | 0 | 0 |
With a related allowance, Related Allowance | 0 | 0 | 0 |
With a related allowance, Average Impaired Balance | 0 | 0 | 0 |
With a related allowance, Interest Income Recognized while impaired | 0 | 0 | 0 |
Total Without a Related Allowance | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 37,545 | 37,095 | 35,558 |
Without a related allowance, Unpaid Principal Balance | 37,553 | 37,110 | 35,573 |
Without a related allowance, Average Impaired Balance | 38,370 | 37,095 | 36,223 |
Without a related allowance, Interest Income Recognized while impaired | 2,745 | 1,401 | 1,343 |
Total With a Related Allowance | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance, Recorded Investment | 10,056 | 10,482 | 12,841 |
With a related allowance, Unpaid Principal Balance | 10,063 | 10,483 | 12,843 |
With a related allowance, Related Allowance | 831 | 1,595 | 816 |
With a related allowance, Average Impaired Balance | 10,469 | 10,482 | 10,420 |
With a related allowance, Interest Income Recognized while impaired | 824 | 483 | 441 |
Total Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 34,029 | 32,614 | 32,116 |
Unpaid Principal Balance | 34,031 | 32,617 | 32,116 |
Related Allowance | 429 | 1,243 | 488 |
Average Impaired Balance | 32,677 | 32,614 | 31,743 |
Interest Income Recognized while impaired | 2,374 | 1,157 | 1,199 |
Total Residential Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 13,498 | 14,925 | 16,199 |
Unpaid Principal Balance | 13,510 | 14,939 | 16,216 |
Related Allowance | 402 | 352 | 328 |
Average Impaired Balance | 16,085 | 14,925 | 14,864 |
Interest Income Recognized while impaired | 1,181 | 724 | 583 |
Total Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 74 | 38 | 84 |
Unpaid Principal Balance | 75 | 37 | 84 |
Related Allowance | 0 | 0 | 0 |
Average Impaired Balance | 77 | 38 | 36 |
Interest Income Recognized while impaired | $ 14 | $ 3 | $ 2 |
Loans (Schedule of Defaults Dur
Loans (Schedule of Defaults During Stated Period of Trouble Debt Restructurings) (Details) - Jun. 30, 2015 $ in Thousands | USD ($)contract | USD ($)contract |
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 3 | 4 |
Recorded Investment at Default Date | $ 833 | $ 850 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 0 | 0 |
Recorded Investment at Default Date | $ 0 | $ 0 |
Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 0 | 0 |
Recorded Investment at Default Date | $ 0 | $ 0 |
Non-Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 0 | 0 |
Recorded Investment at Default Date | $ 0 | $ 0 |
Land and Land Improvements [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 0 | 0 |
Recorded Investment at Default Date | $ 0 | $ 0 |
Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 0 | 0 |
Recorded Investment at Default Date | $ 0 | $ 0 |
Non-Jumbo [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 3 | 3 |
Recorded Investment at Default Date | $ 833 | $ 833 |
Jumbo [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 0 | 0 |
Recorded Investment at Default Date | $ 0 | $ 0 |
Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 0 | 0 |
Recorded Investment at Default Date | $ 0 | $ 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 0 | 1 |
Recorded Investment at Default Date | $ 0 | $ 17 |
Loans (Schedule of the Activity
Loans (Schedule of the Activity Regarding TDRs by Loan Type) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Troubled Debt Restructurings [Roll Forward] | ||
Troubled debt restructurings, beginning balance | $ 32,873 | $ 34,671 |
Additions | 0 | 0 |
Charge-offs | (168) | (168) |
Net (paydowns) advances | (2,563) | (4,361) |
Transfer into foreclosed properties | 0 | 0 |
Refinance out of TDR status | 0 | 0 |
Troubled debt restructurings, ending balance | 30,142 | 30,142 |
Allowance related to troubled debt restructurings | 548 | 548 |
Land and Land Improvements [Member] | ||
Troubled Debt Restructurings [Roll Forward] | ||
Troubled debt restructurings, beginning balance | 5,758 | 5,786 |
Additions | 0 | 0 |
Charge-offs | (168) | (168) |
Net (paydowns) advances | (2,259) | (2,287) |
Transfer into foreclosed properties | 0 | 0 |
Refinance out of TDR status | 0 | 0 |
Troubled debt restructurings, ending balance | 3,331 | 3,331 |
Allowance related to troubled debt restructurings | 0 | 0 |
Construction [Member] | ||
Troubled Debt Restructurings [Roll Forward] | ||
Troubled debt restructurings, beginning balance | 0 | 0 |
Additions | 0 | 0 |
Charge-offs | 0 | 0 |
Net (paydowns) advances | 0 | 0 |
Transfer into foreclosed properties | 0 | 0 |
Refinance out of TDR status | 0 | 0 |
Troubled debt restructurings, ending balance | 0 | 0 |
Allowance related to troubled debt restructurings | 0 | 0 |
Commercial [Member] | ||
Troubled Debt Restructurings [Roll Forward] | ||
Troubled debt restructurings, beginning balance | 381 | 410 |
Additions | 0 | 0 |
Charge-offs | 0 | 0 |
Net (paydowns) advances | (38) | (67) |
Transfer into foreclosed properties | 0 | 0 |
Refinance out of TDR status | 0 | 0 |
Troubled debt restructurings, ending balance | 343 | 343 |
Allowance related to troubled debt restructurings | 0 | 0 |
Owner Occupied [Member] | ||
Troubled Debt Restructurings [Roll Forward] | ||
Troubled debt restructurings, beginning balance | 9,428 | 9,501 |
Additions | 0 | 0 |
Charge-offs | 0 | 0 |
Net (paydowns) advances | (49) | (122) |
Transfer into foreclosed properties | 0 | 0 |
Refinance out of TDR status | 0 | 0 |
Troubled debt restructurings, ending balance | 9,379 | 9,379 |
Allowance related to troubled debt restructurings | 201 | 201 |
Non-Owner Occupied [Member] | ||
Troubled Debt Restructurings [Roll Forward] | ||
Troubled debt restructurings, beginning balance | 6,184 | 6,219 |
Additions | 0 | 0 |
Charge-offs | 0 | 0 |
Net (paydowns) advances | (44) | (79) |
Transfer into foreclosed properties | 0 | 0 |
Refinance out of TDR status | 0 | 0 |
Troubled debt restructurings, ending balance | 6,140 | 6,140 |
Allowance related to troubled debt restructurings | 16 | 16 |
Non-Jumbo [Member] | ||
Troubled Debt Restructurings [Roll Forward] | ||
Troubled debt restructurings, beginning balance | 5,822 | 6,245 |
Additions | 0 | 0 |
Charge-offs | 0 | 0 |
Net (paydowns) advances | (138) | (561) |
Transfer into foreclosed properties | 0 | 0 |
Refinance out of TDR status | 0 | 0 |
Troubled debt restructurings, ending balance | 5,684 | 5,684 |
Allowance related to troubled debt restructurings | 291 | 291 |
Jumbo [Member] | ||
Troubled Debt Restructurings [Roll Forward] | ||
Troubled debt restructurings, beginning balance | 4,731 | 5,937 |
Additions | 0 | 0 |
Charge-offs | 0 | 0 |
Net (paydowns) advances | (31) | (1,237) |
Transfer into foreclosed properties | 0 | 0 |
Refinance out of TDR status | 0 | 0 |
Troubled debt restructurings, ending balance | 4,700 | 4,700 |
Allowance related to troubled debt restructurings | 40 | 40 |
Home Equity Line of Credit [Member] | ||
Troubled Debt Restructurings [Roll Forward] | ||
Troubled debt restructurings, beginning balance | 523 | 523 |
Additions | 0 | 0 |
Charge-offs | 0 | 0 |
Net (paydowns) advances | 0 | 0 |
Transfer into foreclosed properties | 0 | 0 |
Refinance out of TDR status | 0 | 0 |
Troubled debt restructurings, ending balance | 523 | 523 |
Allowance related to troubled debt restructurings | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Troubled Debt Restructurings [Roll Forward] | ||
Troubled debt restructurings, beginning balance | 46 | 50 |
Additions | 0 | 0 |
Charge-offs | 0 | 0 |
Net (paydowns) advances | (4) | (8) |
Transfer into foreclosed properties | 0 | 0 |
Refinance out of TDR status | 0 | 0 |
Troubled debt restructurings, ending balance | 42 | 42 |
Allowance related to troubled debt restructurings | 0 | 0 |
Other Loans [Member] | ||
Troubled Debt Restructurings [Roll Forward] | ||
Troubled debt restructurings, beginning balance | 0 | 0 |
Additions | 0 | 0 |
Charge-offs | 0 | 0 |
Net (paydowns) advances | 0 | 0 |
Transfer into foreclosed properties | 0 | 0 |
Refinance out of TDR status | 0 | 0 |
Troubled debt restructurings, ending balance | 0 | 0 |
Allowance related to troubled debt restructurings | $ 0 | $ 0 |
Loans (Schedule of Recorded Inv
Loans (Schedule of Recorded Investment Evaluated Based on Internal Risk Ratings) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,075,744 | |
Land and Land Improvements [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 64,435 | $ 67,881 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 18,214 | 28,591 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 97,284 | 88,590 |
Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 191,743 | 157,783 |
Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 331,056 | 317,136 |
Pass [Member] | Land and Land Improvements [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 52,702 | 53,873 |
Pass [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 18,214 | 28,591 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 95,056 | 86,361 |
Pass [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 190,028 | 155,189 |
Pass [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 320,719 | 306,710 |
OLEM (Special Mention) [Member] | Land and Land Improvements [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,597 | 1,673 |
OLEM (Special Mention) [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
OLEM (Special Mention) [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,431 | 1,837 |
OLEM (Special Mention) [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 630 | 1,064 |
OLEM (Special Mention) [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,768 | 8,933 |
Substandard [Member] | Land and Land Improvements [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 9,136 | 12,335 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 797 | 392 |
Substandard [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,085 | 1,530 |
Substandard [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,569 | 1,493 |
Doubtful [Member] | Land and Land Improvements [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Land and Land Improvements [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 0 | $ 0 |
Loans (Schedule of Recorded I62
Loans (Schedule of Recorded Investment Evaluated Based on Aging Status of Loans and Payment Activity) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 368,533 | $ 365,389 | $ 356,461 |
Performing Financing Receivable [Member] | Non-Jumbo [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 216,698 | 217,408 | 216,619 |
Performing Financing Receivable [Member] | Jumbo [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 48,479 | 50,253 | 52,487 |
Performing Financing Receivable [Member] | Home Equity [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 72,296 | 66,848 | 60,909 |
Performing Financing Receivable [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 18,637 | 19,373 | 19,648 |
Performing Financing Receivable [Member] | Other Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 12,423 | 11,507 | 6,798 |
Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 4,479 | 5,639 | 3,418 |
Nonperforming Financing Receivable [Member] | Non-Jumbo [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 3,501 | 2,663 | 2,950 |
Nonperforming Financing Receivable [Member] | Jumbo [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 724 | 2,626 | 0 |
Nonperforming Financing Receivable [Member] | Home Equity [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 208 | 267 | 339 |
Nonperforming Financing Receivable [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 46 | 83 | 129 |
Nonperforming Financing Receivable [Member] | Other Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | $ 0 | $ 0 | $ 0 |
Allowance For Loan Losses (Narr
Allowance For Loan Losses (Narrative) (Details) - Jun. 30, 2015 | USD ($)loan_poolreserve_component |
Allowance for Loan and Lease Losses, Adjustments, Net [Abstract] | |
Number of distinct reserve components | reserve_component | 3 |
Aggregate balance threshold for evaluating individual loans | $ 500,000 |
Period for re-evaluation of fair value for collateral dependent loans | 12 months |
Number of loan pools for stratification | loan_pool | 10 |
Allocation of loan pool's average 12-month historical net loan charge-off | 100.00% |
Allowance For Loan Losses (Summ
Allowance For Loan Losses (Summary Of Analysis Of Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | $ 11,167 | $ 12,659 | $ 12,659 |
Total, Losses | 1,244 | 4,174 | 4,833 |
Total Recoveries | 599 | 521 | 1,091 |
Net losses | 645 | 3,653 | 3,742 |
Provision for loan losses | 750 | 2,000 | 2,250 |
Ending balance | 11,272 | 11,006 | 11,167 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 1,204 | ||
Total, Losses | 77 | 390 | 390 |
Total Recoveries | 4 | 17 | 34 |
Provision for loan losses | 40 | ||
Ending balance | 1,171 | 1,204 | |
Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 927 | ||
Total, Losses | 269 | 11 | 11 |
Total Recoveries | 5 | 31 | 40 |
Provision for loan losses | 795 | ||
Ending balance | 1,458 | 927 | |
Non-Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 1,316 | ||
Total, Losses | 0 | 0 | 0 |
Total Recoveries | 4 | 4 | 318 |
Provision for loan losses | 522 | ||
Ending balance | 1,842 | 1,316 | |
Land and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 3,417 | ||
Total, Losses | 434 | 3,533 | 3,535 |
Total Recoveries | 322 | 165 | 298 |
Provision for loan losses | (435) | ||
Ending balance | 2,870 | 3,417 | |
Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 427 | ||
Total, Losses | 0 | 0 | 0 |
Total Recoveries | 0 | 0 | 0 |
Provision for loan losses | (355) | ||
Ending balance | 72 | 427 | |
Non-Jumbo [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 1,280 | ||
Total, Losses | 284 | 46 | 435 |
Total Recoveries | 63 | 53 | 87 |
Provision for loan losses | 548 | ||
Ending balance | 1,607 | 1,280 | |
Jumbo [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 2,081 | ||
Total, Losses | 0 | 63 | 65 |
Total Recoveries | 96 | 163 | 163 |
Provision for loan losses | (430) | ||
Ending balance | 1,747 | 2,081 | |
Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 187 | ||
Total, Losses | 76 | 0 | 14 |
Total Recoveries | 2 | 3 | 4 |
Provision for loan losses | 149 | ||
Ending balance | 262 | 187 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 97 | ||
Total, Losses | 48 | 80 | 265 |
Total Recoveries | 68 | 41 | 74 |
Provision for loan losses | (59) | ||
Ending balance | 58 | 97 | |
Other | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 231 | ||
Total, Losses | 56 | 51 | 118 |
Total Recoveries | 35 | $ 44 | 73 |
Provision for loan losses | (25) | ||
Ending balance | $ 185 | $ 231 |
Allowance For Loan Losses (Su65
Allowance For Loan Losses (Summary Of Net Unearned Income) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 11,167 | $ 12,659 | $ 12,659 | |
Charge-offs | 1,244 | 4,174 | 4,833 | |
Recoveries | 599 | 521 | 1,091 | |
Provision | 750 | 2,000 | 2,250 | |
Ending balance | 11,272 | 11,006 | 11,167 | |
Allowance related to: Loans individually evaluated for impairment | $ 831 | |||
Allowance related to: Loans collectively evaluated for impairment | 10,441 | |||
Total, Allowance | 11,167 | 12,659 | 12,659 | 11,272 |
Loans individually evaluated for impairment | 47,616 | |||
Loans collectively evaluated for impairment | 1,028,128 | |||
Total, Loans | 1,075,744 | |||
Land and Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 3,417 | |||
Charge-offs | 434 | 3,533 | 3,535 | |
Recoveries | 322 | 165 | 298 | |
Provision | (435) | |||
Ending balance | 2,870 | 3,417 | ||
Allowance related to: Loans individually evaluated for impairment | 133 | |||
Allowance related to: Loans collectively evaluated for impairment | 2,737 | |||
Total, Allowance | 3,417 | 3,417 | 2,870 | |
Loans individually evaluated for impairment | 11,272 | |||
Loans collectively evaluated for impairment | 53,163 | |||
Total, Loans | 64,435 | |||
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 427 | |||
Charge-offs | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | |
Provision | (355) | |||
Ending balance | 72 | 427 | ||
Allowance related to: Loans individually evaluated for impairment | 0 | |||
Allowance related to: Loans collectively evaluated for impairment | 72 | |||
Total, Allowance | 427 | 427 | 72 | |
Loans individually evaluated for impairment | 0 | |||
Loans collectively evaluated for impairment | 18,214 | |||
Total, Loans | 18,214 | |||
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,204 | |||
Charge-offs | 77 | 390 | 390 | |
Recoveries | 4 | 17 | 34 | |
Provision | 40 | |||
Ending balance | 1,171 | 1,204 | ||
Allowance related to: Loans individually evaluated for impairment | 0 | |||
Allowance related to: Loans collectively evaluated for impairment | 1,171 | |||
Total, Allowance | 1,204 | 1,204 | 1,171 | |
Loans individually evaluated for impairment | 343 | |||
Loans collectively evaluated for impairment | 96,941 | |||
Total, Loans | 97,284 | |||
Owner Occupied [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 927 | |||
Charge-offs | 269 | 11 | 11 | |
Recoveries | 5 | 31 | 40 | |
Provision | 795 | |||
Ending balance | 1,458 | 927 | ||
Allowance related to: Loans individually evaluated for impairment | 232 | |||
Allowance related to: Loans collectively evaluated for impairment | 1,226 | |||
Total, Allowance | 927 | 927 | 1,458 | |
Loans individually evaluated for impairment | 14,669 | |||
Loans collectively evaluated for impairment | 177,074 | |||
Total, Loans | 191,743 | |||
Non-Owner Occupied [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,316 | |||
Charge-offs | 0 | 0 | 0 | |
Recoveries | 4 | 4 | 318 | |
Provision | 522 | |||
Ending balance | 1,842 | 1,316 | ||
Allowance related to: Loans individually evaluated for impairment | 64 | |||
Allowance related to: Loans collectively evaluated for impairment | 1,778 | |||
Total, Allowance | 1,316 | 1,316 | 1,842 | |
Loans individually evaluated for impairment | 7,747 | |||
Loans collectively evaluated for impairment | 323,309 | |||
Total, Loans | 331,056 | |||
Non-Jumbo [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,280 | |||
Charge-offs | 284 | 46 | 435 | |
Recoveries | 63 | 53 | 87 | |
Provision | 548 | |||
Ending balance | 1,607 | 1,280 | ||
Allowance related to: Loans individually evaluated for impairment | 331 | |||
Allowance related to: Loans collectively evaluated for impairment | 1,276 | |||
Total, Allowance | 1,280 | 1,280 | 1,607 | |
Loans individually evaluated for impairment | 6,266 | |||
Loans collectively evaluated for impairment | 213,933 | |||
Total, Loans | 220,199 | |||
Jumbo [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 2,081 | |||
Charge-offs | 0 | 63 | 65 | |
Recoveries | 96 | 163 | 163 | |
Provision | (430) | |||
Ending balance | 1,747 | 2,081 | ||
Allowance related to: Loans individually evaluated for impairment | 71 | |||
Allowance related to: Loans collectively evaluated for impairment | 1,676 | |||
Total, Allowance | 2,081 | 2,081 | 1,747 | |
Loans individually evaluated for impairment | 6,535 | |||
Loans collectively evaluated for impairment | 42,668 | |||
Total, Loans | 49,203 | |||
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 187 | |||
Charge-offs | 76 | 0 | 14 | |
Recoveries | 2 | 3 | 4 | |
Provision | 149 | |||
Ending balance | 262 | 187 | ||
Allowance related to: Loans individually evaluated for impairment | 0 | |||
Allowance related to: Loans collectively evaluated for impairment | 262 | |||
Total, Allowance | 187 | 187 | 262 | |
Loans individually evaluated for impairment | 709 | |||
Loans collectively evaluated for impairment | 71,795 | |||
Total, Loans | 72,504 | |||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 97 | |||
Charge-offs | 48 | 80 | 265 | |
Recoveries | 68 | 41 | 74 | |
Provision | (59) | |||
Ending balance | 58 | 97 | ||
Allowance related to: Loans individually evaluated for impairment | 0 | |||
Allowance related to: Loans collectively evaluated for impairment | 58 | |||
Total, Allowance | 97 | 97 | 58 | |
Loans individually evaluated for impairment | 75 | |||
Loans collectively evaluated for impairment | 18,608 | |||
Total, Loans | 18,683 | |||
Other | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 231 | |||
Charge-offs | 56 | 51 | 118 | |
Recoveries | 35 | $ 44 | 73 | |
Provision | (25) | |||
Ending balance | 185 | 231 | ||
Allowance related to: Loans individually evaluated for impairment | 0 | |||
Allowance related to: Loans collectively evaluated for impairment | 185 | |||
Total, Allowance | $ 231 | $ 231 | 185 | |
Loans individually evaluated for impairment | 0 | |||
Loans collectively evaluated for impairment | 12,423 | |||
Total, Loans | $ 12,423 |
Goodwill And Other Intangible66
Goodwill And Other Intangible Assets (Summary Of Goodwill Activity) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 6,198 |
Acquired goodwill, net | 0 |
Goodwill, ending balance | 6,198 |
Community Banking [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,488 |
Acquired goodwill, net | 0 |
Goodwill, ending balance | 1,488 |
Insurance Services [Member] | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 4,710 |
Acquired goodwill, net | 0 |
Goodwill, ending balance | $ 4,710 |
Goodwill And Other Intangible67
Goodwill And Other Intangible Assets (Summary Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Unidentifiable intangible assets, Gross carrying amount | $ 2,268 | $ 2,268 |
Unidentifiable intangible assets, Less: accumulated amortization | 2,268 | 2,268 |
Unidentifiable intangible assets, Net carrying amount | 0 | 0 |
Identifiable intangible assets, Gross carrying amount | 3,000 | 3,000 |
Identifiable intangible assets, Less: accumulated amortization | 1,600 | 1,500 |
Identifiable intangible assets, Net carrying amount | 1,400 | 1,500 |
Community Banking [Member] | ||
Goodwill [Line Items] | ||
Unidentifiable intangible assets, Gross carrying amount | 2,268 | 2,268 |
Unidentifiable intangible assets, Less: accumulated amortization | 2,268 | 2,268 |
Unidentifiable intangible assets, Net carrying amount | 0 | 0 |
Identifiable intangible assets, Gross carrying amount | 0 | 0 |
Identifiable intangible assets, Less: accumulated amortization | 0 | 0 |
Identifiable intangible assets, Net carrying amount | 0 | 0 |
Insurance Services [Member] | ||
Goodwill [Line Items] | ||
Unidentifiable intangible assets, Gross carrying amount | 0 | 0 |
Unidentifiable intangible assets, Less: accumulated amortization | 0 | 0 |
Unidentifiable intangible assets, Net carrying amount | 0 | 0 |
Identifiable intangible assets, Gross carrying amount | 3,000 | 3,000 |
Identifiable intangible assets, Less: accumulated amortization | 1,600 | 1,500 |
Identifiable intangible assets, Net carrying amount | $ 1,400 | $ 1,500 |
Goodwill And Other Intangible68
Goodwill And Other Intangible Assets (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Recorded amortization expense | $ 0.1 |
Annual amortization, 2015 | 0.2 |
Annual amortization, 2016 | 0.2 |
Annual amortization, 2017 | 0.2 |
Annual amortization, 2018 | 0.2 |
Annual Amortization 2019 | $ 0.2 |
Deposits (Summary Of Interest B
Deposits (Summary Of Interest Bearing Deposits By Type) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Deposits [Abstract] | ||||
Demand deposits, interest bearing | $ 202,957 | $ 204,030 | $ 187,855 | |
Savings deposits | 246,949 | 253,578 | 243,323 | |
Time deposits | 490,148 | 488,279 | 520,483 | |
Total | $ 940,054 | $ 945,887 | [1] | $ 951,661 |
[1] | December 31, 2014 financial information has been extracted from audited consolidated financial statements |
Deposits (Summary Of Scheduled
Deposits (Summary Of Scheduled Maturities For All Time Deposits) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Deposits [Abstract] | |||
Nine month period ending December 31, 2015 | $ 99,453 | ||
Year ending December 31, 2016 | 171,562 | ||
Year ending December 31, 2017 | 64,587 | ||
Year ending December 31, 2018 | 56,703 | ||
Year ending December 31, 2019 | 35,373 | ||
Thereafter | 62,470 | ||
Total | $ 490,148 | $ 488,279 | $ 520,483 |
Deposits (Summary Of Maturity D
Deposits (Summary Of Maturity Distribution Of All Certificates Of Deposit) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Deposits [Abstract] | |
Three months or less | $ 28,470 |
Three through six months | 36,853 |
Six through twelve months | 76,657 |
Over twelve months | 220,678 |
Total | $ 362,658 |
Three months or less, percentage | 7.90% |
Three through six months, percentage | 10.20% |
Six through twelve months, percentage | 21.10% |
Over twelve months, percentage | 60.80% |
Total, percentage | 100.00% |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Deposits [Abstract] | |||
Time deposits acquired through a third party (brokered deposits) | $ 135.3 | $ 146.9 | $ 159 |
Borrowed Funds (Summary Of Shor
Borrowed Funds (Summary Of Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | ||||
Beginning Balance | $ 174,599 | $ 91,729 | $ 123,633 | [1] |
Short-term FHLB Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Beginning Balance | 171,160 | 86,050 | 120,950 | |
Average balance outstanding for the period | 143,781 | 69,108 | 94,982 | |
Maximum balance outstanding at any month end during period | $ 171,160 | $ 87,550 | $ 136,800 | |
Weighted average interest rate for the period | 0.32% | 0.31% | 0.31% | |
Weighted average interest rate for balances outstanding | 0.32% | 0.29% | 0.31% | |
Federal Funds Purchased and Lines of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Beginning Balance | $ 3,439 | $ 5,679 | $ 2,683 | |
Average balance outstanding for the period | 5,988 | 8,336 | 5,804 | |
Maximum balance outstanding at any month end during period | $ 7,438 | $ 8,976 | $ 8,976 | |
Weighted average interest rate for the period | 0.25% | 0.25% | 0.25% | |
Weighted average interest rate for balances outstanding | 0.25% | 0.25% | 0.25% | |
[1] | December 31, 2014 financial information has been extracted from audited consolidated financial statements |
Borrowed Funds (Long-term Borro
Borrowed Funds (Long-term Borrowings) (Narrative) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($)institiution | Jun. 30, 2014USD ($)institiution | Dec. 31, 2014USD ($)institiution | Dec. 31, 2008 | |
Debt Disclosure [Abstract] | ||||
Long-term borrowings | $ 76,536 | $ 121,942 | $ 77,490 | |
Number of unaffiliated institutions | institiution | 2 | 2 | 2 | |
Basis spread on variable rate | 0.50% | 2.75% | ||
Average interest rate paid on long-term borrowings | 4.34% | 4.01% |
Borrowed Funds (Summary of Long
Borrowed Funds (Summary of Long-Term Borrowings) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Debt Disclosure [Abstract] | |||
Long-term FHLB advances | $ 925 | $ 977 | $ 41,026 |
Long-term reverse repurchase agreements | 72,000 | 72,000 | 72,000 |
Term loans | 3,611 | 4,513 | 8,916 |
Total | $ 76,536 | $ 77,490 | $ 121,942 |
Borrowed Funds (Subordinated De
Borrowed Funds (Subordinated Debentures) (Narrative) (Details) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015USD ($) | Dec. 31, 2009USD ($)loanparty | Dec. 31, 2008USD ($) | Dec. 31, 2014USD ($) | [1] | Jun. 30, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||
Subordinated debt | $ 2,500,000 | $ 6,800,000 | $ 10,000,000 | $ 16,800,000 | $ 16,800,000 | |
Tier 2 capital, term | 5 years | |||||
Tier 2 capital decrease each year until maturity | 20.00% | |||||
Number of unrelated parties | party | 2 | |||||
Subordinated Debt, Number of Issuances | loan | 3 | |||||
Interest rate | 10.00% | |||||
Term of subordinated borrowing | 10 years | 7 years 6 months | ||||
Number of years subordinated borrowing is not pre-payable | 5 years | |||||
Basis spread on variable rate | 0.50% | 2.75% | ||||
Subordinated Debentures Issued in 2009 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Prepaid subordinated debentures | $ 6,800,000 | |||||
Subordinated Debentures Issued in 2008 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Prepaid subordinated debentures | $ 7,500,000 | |||||
Director [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Subordinated debt | $ 5,000,000 | |||||
Unrelated Party One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Subordinated debt | 1,000,000 | |||||
Unrelated Party Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Subordinated debt | $ 800,000 | |||||
[1] | December 31, 2014 financial information has been extracted from audited consolidated financial statements |
Borrowed Funds (Subordinated 77
Borrowed Funds (Subordinated Debentures Owed to Unconsolidated Subsidiary Trusts) (Narrative) (Details) $ in Thousands | Aug. 25, 2014USD ($) | Dec. 31, 2005USD ($) | Mar. 31, 2004USD ($) | Oct. 31, 2002USD ($) | Jun. 30, 2015USD ($)trust | Jun. 30, 2014USD ($) | Dec. 31, 2008 | Dec. 31, 2014USD ($) | [1] |
Debt Instrument [Line Items] | |||||||||
Number of statutory business trusts | trust | 3 | ||||||||
Subordinated debentures owed to unconsolidated subsidiary trusts | $ 19,589 | $ 19,589 | $ 19,589 | ||||||
Net proceeds from issuance of common stock | $ 2,500 | $ 4,741 | $ 0 | ||||||
Basis spread on variable rate | 0.50% | 2.75% | |||||||
Trust preferred securities limited to tier one capital elements, net of goodwill | 25.00% | ||||||||
Sfg Capital Trust I [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Ownership percentage | 100.00% | ||||||||
Proceeds from issuance or sale of equity | $ 3,500 | ||||||||
Net proceeds from issuance of common stock | 109 | ||||||||
Payments to acquire debentures | $ 3,610 | ||||||||
Basis spread on variable rate | 3.45% | ||||||||
Sfg Capital Trust Ii [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Ownership percentage | 100.00% | ||||||||
Proceeds from issuance or sale of equity | $ 7,500 | ||||||||
Net proceeds from issuance of common stock | 232 | ||||||||
Payments to acquire debentures | $ 7,730 | ||||||||
Basis spread on variable rate | 2.80% | ||||||||
Sfg Capital Trust Iii [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Ownership percentage | 100.00% | ||||||||
Proceeds from issuance or sale of equity | $ 8,000 | ||||||||
Net proceeds from issuance of common stock | 248 | ||||||||
Payments to acquire debentures | $ 8,250 | ||||||||
Basis spread on variable rate | 1.45% | ||||||||
[1] | December 31, 2014 financial information has been extracted from audited consolidated financial statements |
Borrowed Funds (Summary Of The
Borrowed Funds (Summary Of The Maturities Of All Long-Term Borrowings And Subordinated Debentures) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Total | $ 76,536 | $ 77,490 | $ 121,942 |
Long-term Debt [Member] | |||
2,015 | 955 | ||
2,016 | 28,911 | ||
2,017 | 918 | ||
2,018 | 45,017 | ||
2,019 | 18 | ||
Thereafter | 717 | ||
Total | 76,536 | ||
Subordinated debentures [Member] | |||
2,015 | 2,500 | ||
2,016 | 0 | ||
2,017 | 0 | ||
2,018 | 0 | ||
2,019 | 0 | ||
Thereafter | 0 | ||
Total | 2,500 | ||
Subordinated debentures owed to unconsolidated subsidiary trusts [Member] | |||
2,015 | 0 | ||
2,016 | 0 | ||
2,017 | 0 | ||
2,018 | 0 | ||
2,019 | 0 | ||
Thereafter | 19,589 | ||
Total | $ 19,589 |
Share Based Compensation Share
Share Based Compensation Share Based Compensation (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | May. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of LTIP shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | |
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of awards granted | 0 | 0 | |||
Stock Appreciation Rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of awards granted | 166,717 | 0 | |||
Vesting period | 5 years | ||||
Percentage vested per year | 20.00% | ||||
Expiration period | 10 years | ||||
Risk-free interest rate | 1.96% | ||||
Expected dividend yield | 2.75% | ||||
Expected common stock volatility | 61.84% | ||||
Expected life | 10 years | ||||
2014 Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of LTIP shares authorized | 500,000 |
Share Based Compensation (Summa
Share Based Compensation (Summary Of Activity In Stock Option Plans) (Details) - Employee Stock Option and Stock Appreciation Rights (SARs) [Member] - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding Options, Beginning Balance | 157,170 | 185,410 | 185,410 |
Outstanding Options, Granted | 166,717 | 0 | |
Outstanding Options, Exercised | 0 | (3,200) | |
Outstanding Options, Forfeited | 0 | 0 | |
Outstanding Options, Expired | 0 | (2,500) | |
Outstanding Options, Ending Balance | 323,887 | 179,710 | 157,170 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding, Weighted-Average Exercise Price, Beginning Balance | $ 20.43 | $ 19.59 | $ 19.59 |
Outstanding, Weighted-Average Exercise Price, Granted | 12.01 | 0 | |
Outstanding, Weighted-Average Exercise Price, Exercised | 0 | 4.63 | |
Outstanding, Weighted-Average Exercise Price, Forfeited | 0 | 0 | |
Outstanding, Weighted-Average Exercise Price, Expired | 0 | 17.43 | |
Outstanding, Weighted-Average Exercise Price, Ending Balance | $ 16.10 | $ 19.88 | $ 20.43 |
Share Based Compensation (Optio
Share Based Compensation (Options Outstanding And Exercisable) (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands | Total |
2.54 to 6.00 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise price, Lower | $ 2.54 |
Range of exercise price, Upper | 6 |
6.01 to 10.00 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise price, Lower | 6.01 |
Range of exercise price, Upper | 10 |
10.01 to 17.50 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise price, Lower | 10.01 |
Range of exercise price, Upper | 17.50 |
17.51 to 20.00 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise price, Lower | 17.51 |
Range of exercise price, Upper | 20 |
20.01 to 25.93 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise price, Lower | 20.01 |
Range of exercise price, Upper | $ 25.93 |
Employee Stock Option and Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, number of awards | 323,887 |
Options Outstanding, WAEP | $ 16.10 |
Options Outstanding, Aggregate Intrinsic Value | $ 113 |
Options Exercisable, number of awards | 156,170 |
Options Exercisable, WAEP | $ 20.54 |
Options Exercisable, Aggregate Intrinsic Value | $ 105 |
Employee Stock Option and Stock Appreciation Rights (SARs) [Member] | 2.54 to 6.00 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, number of awards | 10,750 |
Options Outstanding, WAEP | $ 4.36 |
Options Outstanding, Wted. Avg. Remaining Contractual Life (yrs) | 4 years 5 months 16 days |
Options Outstanding, Aggregate Intrinsic Value | $ 73 |
Options Exercisable, number of awards | 9,750 |
Options Exercisable, WAEP | $ 4.55 |
Options Exercisable, Aggregate Intrinsic Value | $ 65 |
Employee Stock Option and Stock Appreciation Rights (SARs) [Member] | 6.01 to 10.00 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, number of awards | 17,520 |
Options Outstanding, WAEP | $ 8.93 |
Options Outstanding, Wted. Avg. Remaining Contractual Life (yrs) | 2 years 7 months 24 days |
Options Outstanding, Aggregate Intrinsic Value | $ 40 |
Options Exercisable, number of awards | 17,520 |
Options Exercisable, WAEP | $ 8.93 |
Options Exercisable, Aggregate Intrinsic Value | $ 40 |
Employee Stock Option and Stock Appreciation Rights (SARs) [Member] | 10.01 to 17.50 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, number of awards | 166,717 |
Options Outstanding, WAEP | $ 12.01 |
Options Outstanding, Wted. Avg. Remaining Contractual Life (yrs) | 9 years 9 months 26 days |
Options Outstanding, Aggregate Intrinsic Value | $ 0 |
Options Exercisable, number of awards | 0 |
Options Exercisable, WAEP | $ 0 |
Options Exercisable, Aggregate Intrinsic Value | $ 0 |
Employee Stock Option and Stock Appreciation Rights (SARs) [Member] | 17.51 to 20.00 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, number of awards | 30,900 |
Options Outstanding, WAEP | $ 17.80 |
Options Outstanding, Wted. Avg. Remaining Contractual Life (yrs) | 2 years 3 months 4 days |
Options Outstanding, Aggregate Intrinsic Value | $ 0 |
Options Exercisable, number of awards | 30,900 |
Options Exercisable, WAEP | $ 17.80 |
Options Exercisable, Aggregate Intrinsic Value | $ 0 |
Employee Stock Option and Stock Appreciation Rights (SARs) [Member] | 20.01 to 25.93 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, number of awards | 98,000 |
Options Outstanding, WAEP | $ 25.08 |
Options Outstanding, Wted. Avg. Remaining Contractual Life (yrs) | 1 year 6 months 15 days |
Options Outstanding, Aggregate Intrinsic Value | $ 0 |
Options Exercisable, number of awards | 98,000 |
Options Exercisable, WAEP | $ 25.08 |
Options Exercisable, Aggregate Intrinsic Value | $ 0 |
Commitments And Contingencies82
Commitments And Contingencies (Details) $ in Thousands | Jun. 30, 2015USD ($) | Jul. 25, 2014action |
Loss Contingencies [Line Items] | ||
Total unfunded commitments | $ 133,902 | |
Number of causes of action | action | 3 | |
Revolving Home Equity And Credit Card Lines [Member] | ||
Loss Contingencies [Line Items] | ||
Total unfunded commitments | 54,758 | |
Construction [Member] | ||
Loss Contingencies [Line Items] | ||
Total unfunded commitments | 27,018 | |
Other Loans [Member] | ||
Loss Contingencies [Line Items] | ||
Total unfunded commitments | 46,217 | |
Standby Letters Of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total unfunded commitments | $ 5,909 |
Preferred Stock (Details)
Preferred Stock (Details) - $ / shares | Mar. 12, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Series 2009 Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividend rate, percentage | 8.00% | 0.00% | 8.00% | 8.00% |
Preferred stock, par value (in dollars per share) | $ 1 | $ 0 | $ 1 | $ 1 |
Liquidation preference per share | 1,000 | |||
Series 2011 Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividend rate, percentage | 0.00% | 8.00% | 8.00% | |
Preferred stock, par value (in dollars per share) | 1 | $ 0 | $ 1 | $ 1 |
Liquidation preference per share | $ 500 |
Common Stock Issuances (Details
Common Stock Issuances (Details) | Mar. 17, 2015USD ($)shares | Nov. 25, 2014USD ($)shares | Aug. 25, 2014USD ($)closing$ / sharesshares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | Dec. 31, 2014shares |
Subsidiary or Equity Method Investee [Line Items] | ||||||
Number of shares authorized to sell | 256,410 | |||||
Share price | $ / shares | $ 9.75 | |||||
Number of common shares issued | 496,335 | |||||
Number of common shares issued | 10,843,676 | 7,457,222 | 8,301,746 | |||
Gross proceeds associated with sale | $ | $ 2,500,000 | $ 4,741,000 | $ 0 | |||
Private Placement [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Number of shares authorized to sell | 1,057,137 | |||||
Percent of outstanding common stock | 9.90% | |||||
Share price | $ / shares | $ 9.75 | |||||
Number of closings | closing | 2 | |||||
Number of common shares issued | 237,753 | 819,384 | ||||
Aggregate price | $ | $ 2,318,000 | $ 7,988,994 | ||||
Dividend rate | 8.00% | |||||
Rights Offering [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Number of common shares issued | 256,167 |
Regulatory Matters (Summary Of
Regulatory Matters (Summary Of Actual Capital Amounts And Ratios) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Summit [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 (to risk weighted assets), Actual Amount | $ 133,498 | |
CET1 (to risk weighted assets), Actual Ratio | 11.60% | |
CET1 (to risk weighted assets), Minimum Required Capital, Amount | $ 80,559 | |
CET1 (to risk weighted assets), Minimum Required Capital, Ratio | 7.00% | |
CET1 (to risk weighted assets), Minimum Required To Be Well Capitalized, Amount | $ 74,805 | |
CET1 (to risk weighted assets), Minimum Required To Be Well Capitalized, Ratio | 6.50% | |
Tier I Capital (to risk weighted assets), Actual Amount | $ 152,498 | $ 141,589 |
Tier I Capital (to risk weighted assets), Actual Ratio | 13.20% | 13.30% |
Tier I Capital (to risk weighted assets), Minimum Required Capital, Amount | $ 98,199 | $ 42,583 |
Tier I Capital (to risk weighted assets), Minimum Required Capital, Ratio | 8.50% | 4.00% |
Tier I Capital (to risk weighted assets), Minimum Required To Be Well Capitalized, Amount | $ 92,423 | $ 63,875 |
Tier I Capital (to risk weighted assets), Minimum Required To Be Well Capitalized, Ratio | 8.00% | 6.00% |
Total Capital (to risk weighted assets), Actual Amount | $ 163,770 | $ 158,196 |
Total Capital (to risk weighted assets), Actual Ratio | 14.20% | 14.90% |
Total Capital (to risk weighted assets), Minimum Required Capital, Amount | $ 121,098 | $ 84,937 |
Total Capital (to risk weighted assets), Minimum Required Capital, Ratio | 10.50% | 8.00% |
Total Capital (to risk weighted assets), Minimum Required To Be Well Capitalized, Amount | $ 115,331 | $ 106,172 |
Total Capital (to risk weighted assets), Minimum Required To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier I Capital (to average assets), Actual Amount | $ 152,498 | $ 141,589 |
Tier I Capital (to average assets), Actual Ratio | 10.40% | 9.90% |
Tier I Capital (to average assets), Minimum Required Capital, Amount | $ 58,653 | $ 57,208 |
Tier I Capital (to average assets), Minimum Required Capital, Ratio | 4.00% | 4.00% |
Tier I Capital (to average assets), Minimum Required To Be Well Capitalized, Amount | $ 73,316 | $ 71,510 |
Tier I Capital (to average assets), Minimum Required To Be Well Capitalized, Ratio | 5.00% | 5.00% |
Summit Community [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 (to risk weighted assets), Actual Amount | $ 154,024 | |
CET1 (to risk weighted assets), Actual Ratio | 13.40% | |
CET1 (to risk weighted assets), Minimum Required Capital, Amount | $ 80,460 | |
CET1 (to risk weighted assets), Minimum Required Capital, Ratio | 7.00% | |
CET1 (to risk weighted assets), Minimum Required To Be Well Capitalized, Amount | $ 74,713 | |
CET1 (to risk weighted assets), Minimum Required To Be Well Capitalized, Ratio | 6.50% | |
Tier I Capital (to risk weighted assets), Actual Amount | $ 154,024 | $ 150,653 |
Tier I Capital (to risk weighted assets), Actual Ratio | 13.40% | 14.20% |
Tier I Capital (to risk weighted assets), Minimum Required Capital, Amount | $ 97,702 | $ 42,437 |
Tier I Capital (to risk weighted assets), Minimum Required Capital, Ratio | 8.50% | 4.00% |
Tier I Capital (to risk weighted assets), Minimum Required To Be Well Capitalized, Amount | $ 91,955 | $ 63,656 |
Tier I Capital (to risk weighted assets), Minimum Required To Be Well Capitalized, Ratio | 8.00% | 6.00% |
Total Capital (to risk weighted assets), Actual Amount | $ 165,296 | $ 161,820 |
Total Capital (to risk weighted assets), Actual Ratio | 14.40% | 15.30% |
Total Capital (to risk weighted assets), Minimum Required Capital, Amount | $ 120,528 | $ 84,612 |
Total Capital (to risk weighted assets), Minimum Required Capital, Ratio | 10.50% | 8.00% |
Total Capital (to risk weighted assets), Minimum Required To Be Well Capitalized, Amount | $ 114,789 | $ 105,765 |
Total Capital (to risk weighted assets), Minimum Required To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier I Capital (to average assets), Actual Amount | $ 154,024 | $ 150,653 |
Tier I Capital (to average assets), Actual Ratio | 10.60% | 10.60% |
Tier I Capital (to average assets), Minimum Required Capital, Amount | $ 58,122 | $ 56,850 |
Tier I Capital (to average assets), Minimum Required Capital, Ratio | 4.00% | 4.00% |
Tier I Capital (to average assets), Minimum Required To Be Well Capitalized, Amount | $ 72,653 | $ 71,063 |
Tier I Capital (to average assets), Minimum Required To Be Well Capitalized, Ratio | 5.00% | 5.00% |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - 6 months ended Jun. 30, 2015 | segmentoffice |
Segment Reporting Information [Line Items] | |
Number of business segments | segment | 2 |
Insurance and Financial Services Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of insurance agency offices | 3 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 11,458 | $ 10,320 | $ 22,978 | $ 20,358 |
Provision for loan losses | 500 | 1,000 | 750 | 2,000 |
Net interest income after provision for loan losses | 10,958 | 9,320 | 22,228 | 18,358 |
Other income | 2,860 | 2,705 | 5,999 | 5,489 |
Other expenses | 8,061 | 8,530 | 16,266 | 17,028 |
Income before income taxes | 5,757 | 3,495 | 11,961 | 6,819 |
Income tax expense (benefit) | 1,747 | 1,063 | 3,667 | 1,997 |
Net Income | 4,010 | 2,432 | 8,294 | 4,822 |
Dividends on preferred shares | 0 | 193 | 0 | 387 |
Net income (loss) applicable to common shares | 4,010 | 2,239 | 8,294 | 4,435 |
Inter-segment revenue (expense) | 0 | 0 | 0 | 0 |
Average assets | 1,466,603 | 1,419,065 | 1,460,373 | 1,405,645 |
Community Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 11,641 | 10,800 | 23,392 | 21,311 |
Provision for loan losses | 500 | 1,000 | 750 | 2,000 |
Net interest income after provision for loan losses | 11,141 | 9,800 | 22,642 | 19,311 |
Other income | 1,969 | 1,491 | 3,818 | 2,901 |
Other expenses | 6,820 | 7,323 | 13,676 | 14,672 |
Income before income taxes | 6,290 | 3,968 | 12,784 | 7,540 |
Income tax expense (benefit) | 1,903 | 1,205 | 3,939 | 2,187 |
Net Income | 4,387 | 2,763 | 8,845 | 5,353 |
Dividends on preferred shares | 0 | 0 | 0 | 0 |
Net income (loss) applicable to common shares | 4,387 | 2,763 | 8,845 | 5,353 |
Inter-segment revenue (expense) | (268) | (268) | (523) | (532) |
Average assets | 1,498,161 | 1,467,261 | 1,493,162 | 1,454,597 |
Insurance & Financial Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 0 | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 0 | 0 | 0 | 0 |
Other income | 891 | 1,214 | 2,181 | 2,588 |
Other expenses | 872 | 1,061 | 1,928 | 2,089 |
Income before income taxes | 19 | 153 | 253 | 499 |
Income tax expense (benefit) | 36 | 50 | 100 | 172 |
Net Income | (17) | 103 | 153 | 327 |
Dividends on preferred shares | 0 | 0 | 0 | 0 |
Net income (loss) applicable to common shares | (17) | 103 | 153 | 327 |
Inter-segment revenue (expense) | (15) | (29) | (43) | (58) |
Average assets | 5,954 | 6,149 | 5,924 | 6,064 |
Parent [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | (183) | (480) | (414) | (953) |
Provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | (183) | (480) | (414) | (953) |
Other income | 283 | 297 | 566 | 590 |
Other expenses | 652 | 443 | 1,228 | 857 |
Income before income taxes | (552) | (626) | (1,076) | (1,220) |
Income tax expense (benefit) | (192) | (192) | (372) | (362) |
Net Income | (360) | (434) | (704) | (858) |
Dividends on preferred shares | 0 | 193 | 0 | 387 |
Net income (loss) applicable to common shares | (360) | (627) | (704) | (1,245) |
Inter-segment revenue (expense) | 283 | 297 | 566 | 590 |
Average assets | 167,348 | 163,682 | 168,146 | 162,023 |
Intersegment Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 0 | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 0 | 0 | 0 | 0 |
Other income | (283) | (297) | (566) | (590) |
Other expenses | (283) | (297) | (566) | (590) |
Income before income taxes | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Net Income | 0 | 0 | 0 | 0 |
Dividends on preferred shares | 0 | 0 | 0 | 0 |
Net income (loss) applicable to common shares | 0 | 0 | 0 | 0 |
Inter-segment revenue (expense) | 0 | 0 | 0 | 0 |
Average assets | $ (204,860) | $ (218,027) | $ (206,859) | $ (217,039) |
Derivative Financial Instrume88
Derivative Financial Instruments (Narrative) (Details) $ in Thousands | Jan. 15, 2015USD ($) | Jun. 30, 2015USD ($)contract |
Derivative [Line Items] | ||
Number of forward-starting, pay-fixed/receive LIBOR interest rate swaps | contract | 3 | |
Forward Contracts [Member] | Effective July 18, 2016 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 40,000 | |
Notional Amount | $ 40,000 | |
Derivative, swaption interest rate | 2.98% | |
Derivative, term of contract | 3 years | |
Forward Contracts [Member] | Effective April 18, 2016 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 30,000 | |
Notional Amount | $ 30,000 | |
Derivative, swaption interest rate | 2.89% | |
Derivative, term of contract | 4 years 6 months | |
Forward Contracts [Member] | Effective October 18, 2016 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 40,000 | |
Notional Amount | $ 40,000 | |
Derivative, swaption interest rate | 2.841% | |
Derivative, term of contract | 3 years | |
Fair Value Hedging [Member] | Commercial Loan [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 9,950 | $ 9,950 |
Derivative, swaption interest rate | 4.33% | |
Derivative, term of contract | 10 years |
Derivative Financial Instrume89
Derivative Financial Instruments (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | Jan. 15, 2015 | |
Long-term Borrowings [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Notional Amount | $ 110,000 | $ 110,000 | |
Derivative Fair Value, Asset | 0 | 0 | |
Derivative Fair Value, Liability | 3,943 | 2,911 | |
Net Ineffectiveness Hedge Gains/(Losses) | 0 | $ 0 | |
Commercial Loan [Member] | Fair Value Hedges [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 9,950 | $ 9,950 | |
Derivative Fair Value, Asset | 279 | ||
Derivative Fair Value, Liability | 0 | ||
Net Ineffectiveness Hedge Gains/(Losses) | $ 0 |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Event (Details) - Jul. 30, 2015 - Summit Financial Group Inc. Employee Stock Ownership Plan [Member] - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands | Total |
Subsequent Event [Line Items] | |
Amount loaned to partially finance the ESOP's purchase | $ 2,250 |
Number of shares purchased | 225,000 |
Purchase price (in dollars per share) | $ 10.80 |
Purchase price | $ 2,430 |