Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 25, 2016 | Jun. 30, 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 | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 10,853,566 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 95,090,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 3,625,000 | $ 3,728,000 |
Interest bearing deposits with other banks | 5,862,000 | 8,782,000 |
Cash and cash equivalents | 9,487,000 | 12,510,000 |
Securities available for sale | 280,792,000 | 282,834,000 |
Other investments | 8,949,000 | 6,183,000 |
Loans held for sale, net | 779,000 | 527,000 |
Loans, net | 1,079,331,000 | 1,019,842,000 |
Property held for sale | 25,567,000 | 37,529,000 |
Premises and equipment, net | 21,572,000 | 20,060,000 |
Accrued interest receivable | 5,544,000 | 5,838,000 |
Intangible assets | 7,498,000 | 7,698,000 |
Cash surrender value of life insurance policies | 37,732,000 | 36,700,000 |
Other assets | 15,178,000 | 13,847,000 |
Total assets | 1,492,429,000 | 1,443,568,000 |
Deposits | ||
Non interest bearing | 119,010,000 | 115,427,000 |
Interest bearing | 947,699,000 | 945,887,000 |
Total deposits | 1,066,709,000 | 1,061,314,000 |
Short-term borrowings | 171,394,000 | 123,633,000 |
Long-term borrowings | 75,581,000 | 77,490,000 |
Subordinated debentures | 0 | 16,800,000 |
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589,000 | 19,589,000 |
Other liabilities | 15,412,000 | 13,098,000 |
Total liabilities | 1,348,685,000 | 1,311,924,000 |
Shareholders' Equity | ||
Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued 2015 - 10,671,744 shares; 2014 - 8,301,746 shares | 45,741,000 | 32,670,000 |
Unearned ESOP Shares | (1,964,000) | 0 |
Retained earnings | 100,423,000 | 87,719,000 |
Accumulated other comprehensive income | (456,000) | 2,072,000 |
Total shareholders' equity | 143,744,000 | 131,644,000 |
Total liabilities and shareholders' equity | 1,492,429,000 | 1,443,568,000 |
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 2014 - 3,610 shares; 2013 - 3,710 shares and Series 2011, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 11,914; 2013 - 11,938 shares | 0 | 3,419,000 |
Total shareholders' equity | 0 | 3,419,000 |
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 2014 - 3,610 shares; 2013 - 3,710 shares and Series 2011, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 11,914; 2013 - 11,938 shares | 0 | 5,764,000 |
Total shareholders' equity | $ 0 | $ 5,764,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 12, 2015 | Dec. 31, 2011 | Sep. 30, 2009 | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, shares authorized | 0 | 250,000 | |||
Common stock, par value | $ 2.50 | $ 2.50 | |||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |||
Common stock, shares issued | 10,671,744 | 8,301,746 | |||
Common stock, shares outstanding | 10,671,744 | 8,301,746 | |||
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 181,822 | ||||
Series 2009 Preferred Stock [Member] | |||||
Preferred stock, par value | $ 1 | $ 1 | $ 0 | $ 1 | |
Preferred stock, shares issued | 3,710 | 0 | 3,610 | ||
Preferred stock, dividend rate | 8.00% | 8.00% | 0.00% | 8.00% | |
Series 2011 Preferred Stock [Member] | |||||
Preferred stock, par value | $ 1 | $ 1 | $ 0 | $ 1 | |
Preferred stock, shares issued | 12,000 | 0 | 11,914 | ||
Preferred stock, dividend rate | 8.00% | 8.00% | 0.00% | 8.00% |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and fees on loans | |||
Taxable | $ 51,554 | $ 50,078 | $ 50,485 |
Tax-exempt | 514 | 352 | 256 |
Interest and dividends on securities | |||
Taxable | 4,329 | 4,693 | 4,127 |
Tax-exempt | 2,479 | 2,495 | 2,407 |
Interest on interest bearing deposits with other banks | 7 | 8 | 5 |
Total interest income | 58,883 | 57,626 | 57,280 |
Interest expense | |||
Interest on deposits | 8,336 | 8,995 | 10,392 |
Interest on short-term borrowings | 525 | 306 | 94 |
Interest on long-term borrowings and subordinated debentures | 4,006 | 5,940 | 7,991 |
Total interest expense | 12,867 | 15,241 | 18,477 |
Net interest income | 46,016 | 42,385 | 38,803 |
Provision for loan losses | 1,250 | 2,250 | 4,500 |
Net interest income after provision for loan losses | 44,766 | 40,135 | 34,303 |
Other income | |||
Insurance commissions | 4,042 | 4,400 | 4,429 |
Service fees related to deposit accounts | 4,285 | 4,405 | 4,326 |
Realized securities gains | 1,444 | 213 | 240 |
Bank owned life insurance income | 1,040 | 1,071 | 994 |
Other | 1,050 | 1,135 | 1,338 |
Total other-than-temporary impairment loss on securities | 0 | (1) | (155) |
Portion of loss recognized in other comprehensive income | 0 | 0 | 37 |
Net impairment loss recognized in earnings | 0 | (1) | (118) |
Total other income | 11,861 | 11,223 | 11,209 |
Other expense | |||
Salaries, commissions, and employee benefits | 17,638 | 16,185 | 16,178 |
Net occupancy expense | 1,964 | 2,023 | 1,853 |
Equipment expense | 2,294 | 2,086 | 2,303 |
Professional fees | 1,616 | 1,429 | 1,181 |
Amortization of intangibles | 200 | 250 | 351 |
FDIC premiums | 1,220 | 1,792 | 2,060 |
Foreclosed properties expense | 684 | 1,020 | 1,045 |
(Gain) loss on sale of foreclosed properties | (26) | 827 | 518 |
Write-down of foreclosed properties | 2,415 | 3,771 | 3,722 |
Other | 5,627 | 5,941 | 5,545 |
Total other expense | 33,632 | 35,324 | 34,756 |
Income before income taxes | 22,995 | 16,034 | 10,756 |
Income tax expense | 6,893 | 4,678 | 2,688 |
Net Income | 16,102 | 11,356 | 8,068 |
Dividends on preferred shares | 0 | 771 | 775 |
Net income (loss) applicable to common shares | $ 16,102 | $ 10,585 | $ 7,293 |
Basic earnings per share | $ 1.56 | $ 1.40 | $ 0.98 |
Diluted earnings per share | $ 1.50 | $ 1.17 | $ 0.84 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 16,102 | $ 11,356 | $ 8,068 |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on cashflow hedge of ($3,714) and 803, net of deferred taxes of ($1,374) and $297 for the years ended December 31, 2014 and 2013, respectfully | (1,361) | (2,340) | 506 |
Non-credit related other-than-temporary impairment on available for sale debt securities $0, $37, and $857, net of deferred taxes of $0, $14, and $326 for the years ended December 31, 2014, 2013, and 2012, respectfully | 0 | 0 | (23) |
Net unrealized gain (loss) on available for sale debt securities of $7,037, $(8,527), and $2,550, net of deferred taxes of $2,604, ($3,155), and $969 and reclassification adjustment for net realized gains included in net income of $213, $240, and $213, for the years ended December 31, 2014, 2013, and 2012, respectfully | (1,167) | 4,433 | (5,372) |
Total comprehensive income | $ 13,574 | $ 13,449 | $ 3,179 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net unrealized gain (loss) on cashflow hedge | $ (2,160) | $ (3,714) | $ 803 |
Net unrealized gain (loss) on cashflow hedge, deferred taxes | (799) | (1,374) | 297 |
Non-credit related other-than-temporary impairment on available for sale debt securities | 0 | 0 | 37 |
Non-credit related other-than-temporary impairment on available for sale debt securities, deferred taxes | 0 | 0 | 14 |
Net unrealized gain (loss) on available for sale debt securities | (1,852) | 7,037 | (8,527) |
Net unrealized gain (loss) on available for sale debt securities, deferred taxes | (685) | 2,604 | (3,155) |
Reclassification adjustment for net realized gains included in net income | $ 1,444 | $ 213 | $ 240 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock and Related Surplus [Member] | Unearned ESOP Shares [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Series 2009 Preferred Stock [Member] | Series 2009 Preferred Stock [Member]Common Stock and Related Surplus [Member] | Series 2009 Preferred Stock [Member]Preferred Stock [Member] | Series 2011 Preferred Stock [Member] | Series 2011 Preferred Stock [Member]Common Stock and Related Surplus [Member] | Series 2011 Preferred Stock [Member]Preferred Stock [Member] |
Beginning Balance at Dec. 31, 2012 | $ 108,555 | $ 24,520 | $ 69,841 | $ 4,868 | $ 3,519 | $ 5,807 | |||||
Comprehensive income: | |||||||||||
Net income | 8,068 | 8,068 | |||||||||
Other comprehensive income | (4,889) | (4,889) | |||||||||
Total comprehensive income | 3,179 | ||||||||||
Exercise of stock options | 111 | 111 | |||||||||
Stock compensation expense | 2 | 2 | |||||||||
Series 2009 Preferred Stock cash dividends declared ($80.00 per share for the years ended December 31, 2014, 2013, and 2012, respectfully) | (297) | (297) | |||||||||
Series 2011 Preferred Stock cash dividends declared ($40.00 per share for the years ended December 31, 2014, 2013, and 2012, respectfully) | (478) | (478) | |||||||||
Conversion of Preferred Stock to Common Stock | 0 | $ 31 | $ (31) | ||||||||
Ending Balance at Dec. 31, 2013 | 111,072 | 24,664 | 77,134 | (21) | 3,519 | 5,776 | |||||
Comprehensive income: | |||||||||||
Net income | 11,356 | 11,356 | |||||||||
Other comprehensive income | 2,093 | 2,093 | |||||||||
Total comprehensive income | 13,449 | ||||||||||
Exercise of stock options | 71 | 71 | |||||||||
Stock compensation expense | 1 | 1 | |||||||||
Series 2009 Preferred Stock cash dividends declared ($80.00 per share for the years ended December 31, 2014, 2013, and 2012, respectfully) | (295) | (295) | |||||||||
Series 2011 Preferred Stock cash dividends declared ($40.00 per share for the years ended December 31, 2014, 2013, and 2012, respectfully) | (476) | (476) | |||||||||
Conversion of Preferred Stock to Common Stock | 0 | $ 100 | $ (100) | 0 | 12 | (12) | |||||
Issuance of 499,665 shares of common stock | 7,822 | 7,822 | |||||||||
Ending Balance at Dec. 31, 2014 | 131,644 | 32,670 | $ 0 | 87,719 | 2,072 | 3,419 | 5,764 | ||||
Comprehensive income: | |||||||||||
Net income | 16,102 | 16,102 | |||||||||
Other comprehensive income | (2,528) | (2,528) | |||||||||
Total comprehensive income | 13,574 | ||||||||||
Exercise of stock options | 51 | 51 | |||||||||
Stock compensation expense | 151 | 151 | |||||||||
Conversion of Preferred Stock to Common Stock | (15) | $ 3,404 | $ (3,419) | (17) | $ 5,747 | $ (5,764) | |||||
Issuance of 499,665 shares of common stock | 4,772 | 4,772 | |||||||||
Ending Balance at Dec. 31, 2015 | 143,744 | 45,741 | (1,964) | 100,423 | $ (456) | $ 0 | $ 0 | ||||
Comprehensive income: | |||||||||||
Purchase of unallocated common stock held by ESOP | (2,250) | (2,250) | |||||||||
Stock Issued During Period, Value, Employee Stock Ownership Plan | 312 | 26 | $ 286 | ||||||||
Stock Repurchased and Retired During Period, Value | (1,080) | $ (1,080) | |||||||||
Dividends, Common Stock, Cash | $ (3,398) | $ (3,398) |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of common shares issued | 499,665 | 819,384 | |
Stock Repurchased and Retired During Period, Shares | 100,000 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.32 | ||
Purchase of unallocated common stock held by ESOP, number of shares | 208,333 | ||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 26,511 | ||
Series 2009 Preferred Stock [Member] | |||
Preferred stock, dividends per share | $ 0 | $ 80 | $ 80 |
Series 2011 Preferred Stock [Member] | |||
Preferred stock, dividends per share | $ 0 | $ 40 | $ 40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | |||
Net income | $ 16,102 | $ 11,356 | $ 8,068 |
Adjustments to reconcile net earnings to net cash | |||
Depreciation | 1,076 | 1,074 | 1,161 |
Provision for loan losses | 1,250 | 2,250 | 4,500 |
Stock compensation expense | 151 | 1 | 2 |
Deferred income tax expense | 190 | 1,004 | 1,786 |
Loans originated for sale | (4,762) | (2,663) | (8,754) |
Proceeds from loans sold | 4,510 | 2,457 | 8,660 |
Securities losses | (1,444) | (213) | (240) |
Other-than-temporary impairment of securities | 0 | 1 | 118 |
Loss on disposal of assets | (24) | 815 | 501 |
Write down of foreclosed properties | 2,415 | 3,771 | 3,722 |
Amortization of securities premiums (accretion of discounts), net | 5,143 | 5,279 | 6,032 |
Amortization of goodwill and purchase accounting adjustments, net | 200 | 262 | 363 |
Decrease in accrued interest receivable | 293 | (169) | (48) |
Increase in cash surrender value of bank owned life insurance | (1,032) | (1,088) | (1,058) |
(Increase) decrease in other assets | (1,077) | (55) | 2,494 |
Increase (decrease) in other liabilities | 657 | 1,520 | 860 |
Net cash provided by operating activities | 23,648 | 25,602 | 28,167 |
Cash Flows from Investing Activities | |||
Proceeds from maturities and calls of securities available for sale | 2,043 | 4,051 | 2,669 |
Proceeds from sales of securities available for sale | 69,632 | 80,914 | 54,340 |
Principal payments received on securities available for sale | 38,502 | 34,390 | 62,179 |
Purchases of securities available for sale | (113,677) | (111,438) | (137,755) |
Purchases of other investments | (9,997) | (3,899) | (2,960) |
Redemption of Federal Home Loan Bank Stock | 7,231 | 5,532 | 6,531 |
Net principal payments received on loans | (63,359) | (87,983) | (16,225) |
Purchases of premises and equipment | (2,588) | (511) | (677) |
Proceeds from disposal of premises and equipment | 0 | 9 | 37 |
Proceeds from sales of other repossessed assets & property held for sale | 13,224 | 14,602 | 10,654 |
Purchase of life insurance contracts | 0 | 0 | (5,000) |
Net cash provided by (used in) investing activities | (58,989) | (64,333) | (26,207) |
Cash Flows from Financing Activities | |||
Net increase in demand deposit, NOW and savings accounts | 28,487 | 100,174 | 3,524 |
Net decrease in time deposits | (23,125) | (42,672) | (26,837) |
Net increase in short-term borrowings | 47,761 | 60,865 | 58,810 |
Proceeds from long-term borrowings | 0 | 0 | 3,454 |
Repayment of long-term borrowings | (1,909) | (86,027) | (43,251) |
Repayments of Subordinated Debt | (16,800) | 0 | 0 |
Net proceeds from issuance of common stock | 4,704 | 7,822 | 0 |
Payments for Repurchase of Common Stock | (1,080) | 0 | 0 |
Origination of Loans to Employee Stock Ownership Plans | (2,250) | ||
Exercise of stock options | 51 | 71 | 96 |
Payments of Ordinary Dividends, Common Stock | (3,330) | 0 | 0 |
Dividends paid on preferred stock | (191) | (774) | (776) |
Net cash provided by (used in) financing activities | 32,318 | 39,459 | (4,980) |
Increase in cash and cash equivalents | (3,023) | 728 | (3,020) |
Cash and cash equivalents: | |||
Beginning | 12,510 | 11,782 | 14,802 |
Ending | 9,487 | 12,510 | 11,782 |
Cash payments for: | |||
Interest | 12,854 | 15,862 | 18,920 |
Income taxes | 7,440 | 2,843 | 1,118 |
Supplemental Schedule of Noncash Investing and Financing Activities | |||
Other assets acquired in settlement of loans | $ 2,622 | $ 2,961 | $ 11,823 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION We are a financial holding company headquartered in Moorefield, West Virginia. Our primary business is community banking. Our community bank subsidiary, Summit Community Bank (“Summit Community”) provides commercial and retail banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley and Northern region of Virginia. We also operate Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia. Our accounting and reporting policies conform to accounting principles generally accepted in the United States of America and to general practices within the banking industry. Use of estimates : We must make estimates and assumptions that affect the reported amounts and disclosures in preparing our financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. Principles of consolidation : The accompanying consolidated financial statements include the accounts of Summit and its subsidiaries. All significant accounts and transactions among these entities have been eliminated. Variable interest entities: In accordance with ASC Topic 810, Consolidation, business enterprises that represent the primary beneficiary of another entity by retaining a controlling interest in that entity's assets, liabilities and results of operations must consolidate that entity in its financial statements. Prior to the issuance of ASC Topic 810, consolidation generally occurred when an enterprise controlled another entity through voting interests. If applicable, transition rules allow the restatement of financial statements or prospective application with a cumulative effect adjustment. We have determined that the provisions of ASC Topic 810 do not require consolidation of subsidiary trusts which issue guaranteed preferred beneficial interests in subordinated debentures (Trust Preferred Securities). The Trust Preferred Securities continue to qualify as Tier 1 capital for regulatory purposes. The banking regulatory agencies have not issued any guidance which would change the regulatory capital treatment for the Trust Preferred Securities based on the adoption of ASC Topic 810. The adoption of the provisions of ASC Topic 810 has had no material impact on our results of operations, financial condition, or liquidity. See Note 11 of our Notes to Consolidated Financial Statements for a discussion of our subordinated debentures owed to unconsolidated subsidiary trusts. Cash and cash equivalents: Cash and cash equivalents includes cash on hand, amounts due from banks (including cash items in process of clearing), and federal funds sold. Presentation of cash flows : For purposes of reporting cash flows, cash flows from demand deposits, NOW accounts, savings accounts and short-term borrowings are reported on a net basis, since their original maturities are less than three months. Cash flows from loans and certificates of deposit and other time deposits are reported net. Advertising: Advertising costs are expensed as incurred. Trust services : Assets held in an agency or fiduciary capacity are not our assets and are not included in the accompanying consolidated balance sheets. Trust services income is recognized on the cash basis in accordance with customary banking practice. Reporting such income on a cash basis rather than the accrual basis does not have a material effect on net income. Reclassifications : Certain accounts in the consolidated financial statements for 2014 and 2013, as previously presented, have been reclassified to conform to current year classifications. Significant accounting policies: The following table identifies our other significant accounting policies and the Note and page where a detailed description of each policy can be found. Fair Value Measurements Note 3 Page 55 Securities Note 4 Page 59 Loans Note 5 Page 63 Allowance for Loan Losses Note 6 Page 71 Property Held for Sale Note 7 Page 74 Premises and Equipment Note 8 Page 74 Goodwill and Intangible Assets Note 9 Page 74 Securities Sold Under Agreements to Repurchase Note 11 Page 76 Derivative Financial Instruments Note 12 Page 78 Income Taxes Note 13 Page 79 Employee Stock Ownership Plan Note 14 Page 80 Share Based Compensation Note 14 Page 80 Earnings Per Share Note 20 Page 88 |
Significant New Authoritative A
Significant New Authoritative Accounting Guidance | 12 Months Ended |
Dec. 31, 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. The amendments were effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The amendments were required to be applied retrospectively to all periods presented, with early adoption permitted, and did not have a material impact on our consolidated 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. The amendments were effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014, with early adoption permitted, but did not have a material impact on our consolidated 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. The guidance of ASU No. 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance for debt issuance costs related to line-of-credit arrangements within the update, in ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting), issued in August 2015, the SEC staff stated that they would not object to any entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-05, Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40) – Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement addresses accounting for fees paid by a customer in cloud computing arrangements such as (i) software as a service, (ii) platform as a service, (iii) infrastructure as a service and (iv) other similar hosting arrangements. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 will be effective for us on January 1, 2016 and is not expected to have a significant impact on our financial statements. ASU 2015-16, Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments requires that adjustments to provisional amounts that are identified during the measurement period of a business combination be recognized in the reporting period in which the adjustment amounts are determined. Furthermore, the income statement effects of such adjustments, if any, must be calculated as if the accounting had been completed at the acquisition date reflecting the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Under previous guidance, adjustments to provisional amounts identified during the measurement period are to be recognized retrospectively. ASU 2015-16 will be effective for us on January 1, 2016 and is not expected to have a significant impact on our financial statements. ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , among other things, (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (viii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. ASU 2016-01 will be effective for us on January 1, 2018 and is not expected to have a significant impact on our financial statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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. Certain trust preferred securities classified as corporate debt securities are Level 3 due to limited market trades of these classes of 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 December 31, 2015 Level 1 Level 2 Level 3 Available for sale securities U.S. Government sponsored agencies $ 21,475 $ — $ 21,475 $ — Mortgage backed securities: Government sponsored agencies 146,734 — 146,734 — Nongovernment sponsored entities 7,885 — 7,885 — State and political subdivisions 1,953 — 1,953 — Corporate debt securities 14,226 — 8,367 5,859 Other equity securities 77 — 77 — Tax-exempt state and political subdivisions 88,442 — 88,442 — Total available for sale securities $ 280,792 $ — $ 274,933 $ 5,859 Derivative financial liabilities Interest rate swaps $ 5,072 $ — $ 5,072 $ — 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 assets Interest rate swaps $ 2,911 $ — $ 2,911 $ — A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable (Level 3) inputs is not presented as such amounts were not significant during the reported periods. 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 December 31, 2015 Level 1 Level 2 Level 3 Residential mortgage loans held for sale $ 779 $ — $ 779 $ — Collateral-dependent impaired loans Commercial $ — $ — $ — $ — Commercial real estate 627 — — 627 Construction and development 1,054 — — 1,054 Residential real estate 279 — 279 — Total collateral-dependent impaired loans $ 1,960 $ — $ 279 $ 1,681 Foreclosed properties Commercial real estate $ 1,103 $ — $ 1,103 $ — Construction and development 18,477 — 18,419 58 Residential real estate 314 — 314 — Total foreclosed properties $ 19,894 $ — $ 19,836 $ 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: At December 31, 2015 2014 Dollars in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets Cash and cash equivalents $ 9,487 $ 9,487 $ 12,510 $ 12,510 Securities available for sale 280,792 280,792 282,834 282,834 Other investments 8,949 8,949 6,183 6,183 Loans held for sale, net 779 779 527 527 Loans, net 1,079,331 1,084,955 1,019,842 1,033,890 Accrued interest receivable 5,544 5,544 5,838 5,838 $ 1,384,882 $ 1,390,506 $ 1,327,734 $ 1,341,782 Financial liabilities Deposits $ 1,066,709 $ 1,077,510 $ 1,061,314 $ 1,078,406 Short-term borrowings 171,394 171,394 123,633 123,633 Long-term borrowings 75,581 80,506 77,490 84,732 Subordinated debentures — — 16,800 16,800 Subordinated debentures owed to unconsolidated subsidiary trusts 19,589 19,589 19,589 19,589 Accrued interest payable 826 826 812 812 Derivative financial liabilities 5,072 5,072 2,911 2,911 $ 1,339,171 $ 1,354,897 $ 1,302,549 $ 1,326,883 |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Available-for-sale Securities [Abstract] | |
Securities | SECURITIES We classify debt and equity securities as “held to maturity”, “available for sale” or “trading” according to management’s intent. The appropriate classification is determined at the time of purchase of each security and re-evaluated at each reporting date. Securities held to maturity: Certain debt securities for which we have the positive intent and ability to hold to maturity are reported at cost, adjusted for amortization of premiums and accretion of discounts. There are no securities classified as held to maturity in the accompanying financial statements. Securities available for sale: Securities not classified as "held to maturity" or as "trading" are classified as "available for sale." Securities classified as "available for sale" are those securities that we intend to hold for an indefinite period of time, but not necessarily to maturity. "Available for sale" securities are reported at estimated fair value net of unrealized gains or losses, which are adjusted for applicable income taxes, and reported as a separate component of shareholders' equity. Trading securities: There are no securities classified as "trading" in the accompanying financial statements. Impairment assessment: Impairment exists when the fair value of a security is less than its cost. Cost includes adjustments made to the cost basis of a security for accretion, amortization and previous other-than-temporary impairments. We perform a quarterly assessment of the debt and equity securities in our investment portfolio that have an unrealized loss to determine whether the decline in the fair value of these securities below their cost is other-than-temporary. This determination requires significant judgment. Impairment is considered other-than-temporary when it becomes probable that we will be unable to recover the cost of an investment. This assessment takes into consideration factors such as the length of time and the extent to which the market values have been less than cost, the financial condition and near term prospects of the issuer including events specific to the issuer or industry, defaults or deferrals of scheduled interest, principal or dividend payments, external credit ratings and recent downgrades, and our intent and ability to hold the security for a period of time sufficient to allow for a recovery in fair value. If a decline in fair value is judged to be other than temporary, the cost basis of the individual security is written down to fair value which then becomes the new cost basis. The amount of the write down is included in other-than-temporary impairment of securities in the consolidated statements of income. The new cost basis is not adjusted for subsequent recoveries in fair value, if any. Realized gains and losses on sales of securities are recognized on the specific identification method. Amortization of premiums and accretion of discounts are computed using the interest method. The amortized cost, unrealized gains, unrealized losses and estimated fair values of securities at December 31, 2015 and 2014 , are summarized as follows: December 31, 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 $ 20,461 $ 1,063 $ 49 $ 21,475 Residential mortgage-backed securities: Government-sponsored agencies 145,586 1,943 795 146,734 Nongovernment-sponsored entities 7,836 82 33 7,885 State and political subdivisions Water and sewer revenues 250 — — 250 Other revenues 1,729 — 26 1,703 Corporate debt securities 14,494 — 268 14,226 Total taxable debt securities 190,356 3,088 1,171 192,273 Tax-exempt debt securities State and political subdivisions General obligations 52,490 1,767 41 54,216 Water and sewer revenues 7,614 172 — 7,786 Lease revenues 8,671 187 1 8,857 Special tax revenues 4,532 72 — 4,604 Other revenues 12,703 290 14 12,979 Total tax-exempt debt securities 86,010 2,488 56 88,442 Equity securities 77 — — 77 Total available for sale securities $ 276,443 $ 5,576 $ 1,227 $ 280,792 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 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. December 31, 2015 Amortized Unrealized Estimated Dollars in thousands Cost Gains Losses Fair Value Illinois $ 9,899 $ 302 $ 2 $ 10,199 Texas 9,636 334 — 9,970 West Virginia 7,736 117 — 7,853 Ohio 7,246 114 — 7,360 California 6,139 202 15 6,326 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 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 are as follows: Dollars in thousands Proceeds from Gross realized Calls and Principal Years ended December 31, Sales Maturities Payments Gains Losses 2015 $ 69,632 $ 2,043 $ 38,502 $ 1,732 $ 288 2014 80,914 4,051 34,390 1,037 824 2013 54,340 2,669 62,179 674 434 Residential mortgage-backed obligations having contractual maturities ranging from 4 to 50 years are reflected in the following maturity distribution schedules based on their anticipated average life to maturity, which ranges from 1 to 32 years. Accordingly, discounts are accreted and premiums are amortized over the anticipated average life to maturity of the specific obligation. The maturities, amortized cost and estimated fair values of securities at December 31, 2015 , are summarized as follows: Dollars in thousands Amortized Cost Estimated Fair Value Due in one year or less $ 52,801 $ 53,343 Due from one to five years 101,061 101,891 Due from five to ten years 21,248 21,661 Due after ten years 101,256 103,820 Equity securities 77 77 Total $ 276,443 $ 280,792 At December 31, 2015 and 2014 , securities with estimated fair values of $131.2 million and $128.1 million respectively, were pledged to secure public deposits, and for other purposes required or permitted by law. We held 64 available for sale securities having an unrealized loss at December 31, 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 December 31, 2015 and 2014 , including debt securities for which a portion of other-than-temporary impairment has been recognized in other comprehensive income. 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 $ 2,104 $ (2 ) $ 3,151 $ (47 ) $ 5,255 $ (49 ) Residential mortgage-backed securities: Government-sponsored agencies 52,970 (569 ) 8,672 (226 ) 61,642 (795 ) Nongovernment-sponsored entities 2,298 — 2,819 (33 ) 5,117 (33 ) State and political subdivisions: Other revenues 1,702 (26 ) — — 1,702 (26 ) Corporate debt securities 8,367 (268 ) — — 8,367 (268 ) Tax-exempt debt securities State and political subdivisions: General obligations 5,977 (41 ) — — 5,977 (41 ) Lease revenues 576 (1 ) — — 576 (1 ) Other revenues 1,218 (14 ) — — 1,218 (14 ) Total temporarily impaired securities 75,212 (921 ) 14,642 (306 ) 89,854 (1,227 ) Total other-than-temporarily impaired securities — — — — — — Total $ 75,212 $ (921 ) $ 14,642 $ (306 ) $ 89,854 $ (1,227 ) 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 ) Corporate debt securities — — — — — — 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 | 12 Months Ended |
Dec. 31, 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 2015 2014 Commercial $ 97,201 $ 88,590 Commercial real estate Owner-occupied 203,555 157,783 Non-owner occupied 337,294 317,136 Construction and development Land and land development 65,500 67,881 Construction 9,970 28,591 Residential real estate Non-jumbo 221,750 220,071 Jumbo 50,313 52,879 Home equity 74,300 67,115 Consumer 19,251 19,456 Other 11,669 11,507 Total loans, net of unearned fees 1,090,803 1,031,009 Less allowance for loan losses 11,472 11,167 Loans, net $ 1,079,331 $ 1,019,842 The following presents loan maturities at December 31, 2015 : Within After 1 but After Dollars in thousands 1 Year within 5 Years 5 Years Commercial $ 39,542 $ 39,968 $ 17,691 Commercial real estate 16,623 56,690 467,536 Construction and development 35,419 8,811 31,239 Residential real estate 7,669 15,344 323,350 Consumer 3,893 12,522 2,836 Other 669 1,312 9,689 $ 103,815 $ 134,647 $ 852,341 Loans due after one year with: Variable rates $ 138,002 Fixed rates 848,986 $ 986,988 The following table presents the contractual aging of the recorded investment in past due loans by class as of December 31, 2015 and 2014 . At December 31, 2015 Past Due > 90 days and Accruing Dollars in thousands 30-59 days 60-89 days > 90 days Total Current Commercial $ 345 $ 26 $ 632 $ 1,003 $ 96,198 $ — Commercial real estate Owner-occupied 158 386 437 981 202,574 — Non-owner occupied 1 — 856 857 336,437 — Construction and development Land and land development 1,182 194 4,547 5,923 59,577 — Construction — — — — 9,970 — Residential mortgage Non-jumbo 2,276 2,647 1,591 6,514 215,236 — Jumbo — — — — 50,313 — Home equity 374 172 100 646 73,654 — Consumer 155 41 92 288 18,963 9 Other — — — — 11,669 — Total $ 4,491 $ 3,466 $ 8,255 $ 16,212 $ 1,074,591 $ 9 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 $ — Nonaccrual loans: The following table presents the nonaccrual loans included in the net balance of loans at December 31, 2015 and 2014 . Dollars in thousands 2015 2014 Commercial $ 853 $ 392 Commercial real estate Owner-occupied 437 1,218 Non-owner occupied 5,518 626 Construction and development Land & land development 5,623 4,619 Construction — — Residential mortgage Non-jumbo 2,987 2,663 Jumbo — 2,626 Home equity 258 267 Consumer 83 83 Total $ 15,759 $ 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 December 31, Method used to measure impairment Loan Category 2015 2014 Commercial $ 41 $ 132 Fair value of collateral 201 362 Discounted cash flow Commercial real estate Owner-occupied 783 1,683 Fair value of collateral 7,616 9,124 Discounted cash flow Non-owner occupied 5,728 508 Fair value of collateral 7,722 5,999 Discounted cash flow Construction and development Land & land development 6,597 11,998 Fair value of collateral 2,177 2,310 Discounted cash flow Residential mortgage Non-jumbo 1,753 1,676 Fair value of collateral 4,378 5,252 Discounted cash flow Jumbo 3,869 7,594 Fair value of collateral 871 886 Discounted cash flow Home equity 186 285 Fair value of collateral 523 523 Discounted cash flow Consumer — 2 Fair value of collateral 68 82 Discounted cash flow Total $ 42,513 $ 48,416 The following tables present loans individually evaluated for impairment at December 31, 2015 and 2014 . December 31, 2015 Dollars in thousands Recorded Investment Unpaid Principal Balance Related Allowance Average Impaired Balance Interest Income Recognized while impaired Without a related allowance Commercial $ 242 $ 242 $ — $ 319 $ 17 Commercial real estate Owner-occupied 5,401 5,402 — 5,438 191 Non-owner occupied 10,740 10,741 — 9,982 310 Construction and development Land & land development 7,635 7,635 — 9,497 263 Construction — — — — — Residential real estate Non-jumbo 3,590 3,600 — 3,316 160 Jumbo 3,871 3,869 — 4,412 181 Home equity 709 709 — 709 32 Consumer 68 68 — 72 6 Total without a related allowance $ 32,256 $ 32,266 $ — $ 33,745 $ 1,160 With a related allowance Commercial $ — $ — $ — $ — $ — Commercial real estate Owner-occupied 2,997 2,997 45 3,003 135 Non-owner occupied 2,709 2,709 386 2,728 72 Construction and development Land & land development 1,139 1,139 85 1,154 — Construction — — — — — Residential real estate Non-jumbo 2,530 2,531 226 2,552 114 Jumbo 871 871 34 878 43 Home equity — — — — — Consumer — — — — — Total with a related allowance $ 10,246 $ 10,247 $ 776 $ 10,315 $ 364 Total Commercial $ 30,863 $ 30,865 $ 516 $ 32,121 $ 988 Residential real estate 11,571 11,580 260 11,867 530 Consumer 68 68 — 72 6 Total $ 42,502 $ 42,513 $ 776 $ 44,060 $ 1,524 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 The average recorded investment of impaired loans during 2013 was $56.9 million , and $2.0 million interest income was recognized on those loans while impaired. 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 $30.5 million , of which $28.9 million were current with respect to restructured contractual payments at December 31, 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. The following table presents by class the TDRs that were restructured during 2015 and 2014 . Generally, the modifications were 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. 2015 2014 Dollars in thousands Number of Modifications Pre-modification Recorded Investment Post-modification Recorded Investment Number of Modifications Pre-modification Recorded Investment Post-modification Recorded Investment Commercial — $ — $ — 3 $ 82 $ 86 Commercial real estate Non-owner occupied — — — 1 2,154 2,154 Construction and development Land & land development 1 1,182 1,182 — — — Residential real estate Non-jumbo 1 25 25 5 1,044 1,080 Home equity — — — 1 411 523 Consumer 1 2 2 1 18 18 Total 3 $ 1,209 $ 1,209 11 $ 3,709 $ 3,861 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. 2015 2014 Dollars in thousands Number of Defaults Recorded Investment at Default Date Number of Defaults Recorded Investment at Default Date Commercial — $ — 3 $ 86 Construction and development Land & land development 1 1,182 — — Residential real estate Non-jumbo — — 1 167 Total 1 $ 1,182 4 $ 253 The following table details the activity regarding TDRs by loan type during 2015 , and the related allowance on TDRs. 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 $ 85 $ — $ 34,706 Additions 1,182 — — — — 25 — — 2 — 1,209 Charge-offs (168 ) — — — — — — — — — (168 ) Net (paydowns) advances (2,611 ) — (168 ) (187 ) (160 ) (774 ) (1,302 ) — (20 ) — (5,222 ) Transfer into foreclosed properties — — — — — — — — — — — Refinance out of TDR status — — — — — — — — — — — Balance, December 31, 2015 $ 4,189 $ — $ 242 $ 9,314 $ 6,059 $ 5,496 $ 4,635 $ 523 $ 67 $ — $ 30,525 Allowance related to troubled debt restructurings $ — $ — $ — $ 190 $ 12 $ 226 $ 35 $ — $ — $ — $ 463 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 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Pass $ 57,155 $ 53,873 $ 9,970 $ 28,591 $ 95,174 $ 86,361 $ 202,226 $ 155,189 $ 329,861 $ 306,710 OLEM (Special Mention) 1,598 1,673 — — 1,295 1,837 546 1,064 1,602 8,933 Substandard 6,747 12,335 — — 732 392 783 1,530 5,831 1,493 Doubtful — — — — — — — — — — Loss — — — — — — — — — — Total $ 65,500 $ 67,881 $ 9,970 $ 28,591 $ 97,201 $ 88,590 $ 203,555 $ 157,783 $ 337,294 $ 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 2015 2014 2015 2014 Residential real estate Non-jumbo $ 218,763 $ 217,408 $ 2,987 $ 2,663 Jumbo 50,313 50,253 — 2,626 Home Equity 74,042 66,848 258 267 Consumer 19,149 19,373 102 83 Other 11,669 11,507 — — Total $ 373,936 $ 365,389 $ 3,347 $ 5,639 Industry concentrations: At December 31, 2015 and 2014 , we had no concentrations of loans to any single industry in excess of 10% of total loans. Loans to related parties : We have had, and may be expected to have in the future, banking transactions in the ordinary course of business with our directors, principal officers, their immediate families and affiliated companies in which they are principal shareholders (commonly referred to as related parties). These transactions have been, in our opinion, on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with others. The following presents the activity with respect to related party loans aggregating $60,000 or more to any one related party (other changes represent additions to and changes in director and executive officer status): Dollars in thousands 2015 2014 Balance, beginning $ 20,586 $ 18,577 Additions 11,095 13,842 Amounts collected (6,142 ) (11,833 ) Other changes, net (2,565 ) — Balance, ending $ 22,974 $ 20,586 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 | 12 Months Ended |
Dec. 31, 2015 | |
Allowance for Loan and Lease Losses, Adjustments, Net [Abstract] | |
Allowance for Loan Losses | ALLOWANCE FOR LOAN LOSSES The allowance for loan losses is maintained at a level considered adequate to provide for our estimate of probable credit losses inherent in the loan portfolio. The allowance is increased by provisions charged to operating expense and reduced by net charge-offs. Loans are charged against the allowance for loan losses when we believe that collectability is unlikely. While we use the best information available to make our evaluation, future adjustments may be necessary if there are significant changes in conditions. 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 years ended December 31, 2015 , 2014 , and 2013 is as follows: Dollars in thousands 2015 2014 2013 Balance, beginning of year $ 11,167 $ 12,659 $ 17,933 Losses: Commercial 77 390 723 Commercial real estate Owner occupied 559 11 1,031 Non-owner occupied 178 — 9 Construction and development Land and land development 457 3,535 3,596 Construction — — — Residential real estate Non-jumbo 417 435 541 Jumbo 208 65 4,741 Home equity 76 14 77 Consumer 69 265 79 Other 110 118 162 Total 2,151 4,833 10,959 Recoveries: Commercial 10 34 12 Commercial real estate Owner occupied 290 40 8 Non-owner occupied 13 318 674 Construction and development Land and land development 456 298 187 Construction — — — Real estate - mortgage Non-jumbo 107 87 127 Jumbo 96 163 6 Home equity 3 4 5 Consumer 105 74 79 Other 126 73 87 Total 1,206 1,091 1,185 Net losses 945 3,742 9,774 Provision for loan losses 1,250 2,250 4,500 Balance, end of year $ 11,472 $ 11,167 $ 12,659 Activity in the allowance for loan losses by loan class during 2015 and 2014 is as follows: 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 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 457 — 77 559 178 417 208 76 69 110 2,151 Recoveries 456 — 10 290 13 107 96 3 105 126 1,206 Provision (564 ) (412 ) (356 ) 931 1,826 283 (376 ) 139 (74 ) (147 ) 1,250 Ending balance $ 2,852 $ 15 $ 781 $ 1,589 $ 2,977 $ 1,253 $ 1,593 $ 253 $ 59 $ 100 $ 11,472 Allowance related to: Loans individually evaluated for impairment $ 85 $ — $ — $ 45 $ 386 $ 225 $ 35 $ — $ — $ — $ 776 Loans collectively evaluated for impairment 2,767 15 781 1,544 2,591 1,028 1,558 253 59 100 10,696 Total $ 2,852 $ 15 $ 781 $ 1,589 $ 2,977 $ 1,253 $ 1,593 $ 253 $ 59 $ 100 $ 11,472 Loans Loans individually evaluated for impairment $ 8,774 $ — $ 242 $ 8,399 $ 13,450 $ 6,131 $ 4,740 $ 709 $ 68 $ — $ 42,513 Loans collectively evaluated for impairment 56,726 9,970 96,959 195,156 323,844 215,619 45,573 73,591 19,183 11,669 $ 1,048,290 Total $ 65,500 $ 9,970 $ 97,201 $ 203,555 $ 337,294 $ 221,750 $ 50,313 $ 74,300 $ 19,251 $ 11,669 $ 1,090,803 2014 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 $ 5,455 $ 269 $ 1,324 $ 969 $ 641 $ 1,842 $ 1,888 $ 173 $ 47 $ 51 $ 12,659 Charge-offs 3,535 — 390 11 — 435 65 14 265 118 4,833 Recoveries 298 — 34 40 318 87 163 4 74 73 1,091 Provision 1,199 158 236 (71 ) 357 (214 ) 95 24 241 225 2,250 Ending balance $ 3,417 $ 427 $ 1,204 $ 927 $ 1,316 $ 1,280 $ 2,081 $ 187 $ 97 $ 231 $ 11,167 Allowance related to: Loans individually evaluated for impairment $ 46 $ — $ 81 $ 286 $ 74 $ 282 $ 46 $ — $ — $ — $ 815 Loans collectively evaluated for impairment 3,371 427 1,123 641 1,242 998 2,035 187 97 231 10,352 Total $ 3,417 $ 427 $ 1,204 $ 927 $ 1,316 $ 1,280 $ 2,081 $ 187 $ 97 $ 231 $ 11,167 Loans Loans individually evaluated for impairment $ 14,308 $ — $ 495 $ 10,807 $ 6,507 $ 6,927 $ 8,480 $ 808 $ 84 $ — $ 48,416 Loans collectively evaluated for impairment 53,573 28,591 88,095 146,976 310,629 213,144 44,399 66,307 19,372 11,507 $ 982,593 Total $ 67,881 $ 28,591 $ 88,590 $ 157,783 $ 317,136 $ 220,071 $ 52,879 $ 67,115 $ 19,456 $ 11,507 $ 1,031,009 |
Property Held For Sale
Property Held For Sale | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Property Held For Sale | PROPERTY HELD FOR SALE Property held for sale consists of premises qualifying as held for sale under ASC Topic 360 Property, Plant, and Equipment, and of real estate acquired through foreclosure on loans secured by such real estate. Qualifying premises are transferred to property held for sale at the lower of carrying value or estimated fair value less anticipated selling costs. Foreclosed property is recorded at the lower of the related loans recorded investment or estimated fair value less anticipated selling costs based upon the property’s appraised value at the date of foreclosure, with any difference between the fair value of foreclosed property and the carrying value of the related loan charged to the allowance for loan losses. We perform periodic valuations of property held for sale subsequent to transfer. Changes in value subsequent to transfer are recorded in noninterest expense. Gains or losses not previously recognized resulting from the sale of property held for sale is recognized on the date of sale and is included in noninterest expense. Depreciation is not recorded on property held for sale. Expenses incurred in connection with operating foreclosed properties are charged to noninterest expense. The following table presents the activity of property held for sale during 2015 and 2014 . Dollars in thousands 2015 2014 Beginning balance $ 37,529 $ 53,392 Acquisitions 2,617 2,673 Capitalized improvements 39 87 Dispositions (12,203 ) (14,852 ) Valuation adjustments (2,415 ) (3,771 ) Balance at year end $ 25,567 $ 37,529 |
Premises And Equipment
Premises And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | PREMISES AND EQUIPMENT Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by the straight-line method for premises and equipment over the estimated useful lives of the assets. The estimated useful lives employed are on average 30 years for premises and 3 to 10 years for furniture and equipment. Repairs and maintenance expenditures are charged to operating expenses as incurred. Major improvements and additions to premises and equipment, including construction period interest costs, are capitalized. No interest was capitalized during 2015 , 2014 , or 2013 . The major categories of premises and equipment and accumulated depreciation at December 31, 2015 and 2014 are summarized as follows: Dollars in thousands 2015 2014 Land $ 6,308 $ 6,308 Buildings and improvements 21,461 20,202 Furniture and equipment 14,552 13,223 42,321 39,733 Less accumulated depreciation 20,749 19,673 Total premises and equipment, net $ 21,572 $ 20,060 Depreciation expense for the years ended December 31, 2015 , 2014 and 2013 approximated $1.08 million , $1.07 million , and $1.16 million , respectively. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and certain other intangible assets with indefinite useful lives are not amortized into net income over an estimated life, but rather are tested at least annually for impairment. Intangible assets determined to have definite useful lives are amortized over their estimated useful lives and also are subject to impairment testing. In accordance with ASU 2011-8, Intangibles - Goodwill and Other (Topic 350) - Testing Goodwill for Impairment, which amends Topic 350, Intangibles – Goodwill and Other, entities are permitted to first assess qualitative factors (Step 0) to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-than-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. However, if the entity concludes otherwise, then it is required to perform the first step (Step 1) of the two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. A fair value is determined based on at least one of three various market valuation methodologies. If the fair value equals or exceeds the book value, no write-down of recorded goodwill is necessary. If the fair value is less than the book value, an expense may be required on our books to write down the goodwill to the proper carrying value. The second step (Step 2) of impairment testing is necessary only if the reporting unit does not pass Step 1. Step 2 compares the implied fair value of the reporting unit goodwill with the carrying amount of the goodwill for the reporting unit. The implied fair value of goodwill is determined in the same manner as goodwill that is recognized in a business combination. During the third quarter, we completed Step 1 of the required annual impairment test for our insurance services reporting unit for 2015 and determined that no impairment write-offs were necessary. We performed the Step 0 qualitative assessment of the goodwill relative to our community banking reporting unit, and determined that it was not more likely than not that the fair value was less than its carrying value and noted no indicators of impairment. In addition, at December 31, 2015 and December 31, 2014 , we had $1.30 million and $1.50 million in unamortized identifiable customer intangible assets recorded in accordance with ASC Topic 805, Business Combinations . Goodwill Activity Dollars in thousands Community Banking Insurance Services Total Balance, January 1, 2015 $ 1,488 $ 4,710 $ 6,198 Acquired goodwill, net — — — Balance, December 31, 2015 $ 1,488 $ 4,710 $ 6,198 Other Intangible Assets December 31, 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 — 1,700 1,700 — 1,500 1,500 Net carrying amount $ — $ 1,300 $ 1,300 $ — $ 1,500 $ 1,500 We recorded amortization expense of $200,000 for the year ended December 31, 2015 , $250,000 for the year ended December 31, 2014 , and $351,000 for the year ended December 31, 2013 relative to our other intangible assets. Annual amortization is expected to be approximately $200,000 for each of the years ending 2016 through 2020. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | DEPOSITS The following is a summary of interest bearing deposits by type as of December 31, 2015 and 2014 : Dollars in thousands 2015 2014 Demand deposits, interest bearing $ 215,721 $ 204,030 Savings deposits 266,825 253,578 Time deposits 465,153 488,279 Total $ 947,699 $ 945,887 Included in time deposits are deposits acquired through a third party (“brokered deposits”) totaling $126.5 million and $146.9 million at December 31, 2015 and 2014 , respectively. A summary of the scheduled maturities for all time deposits as of December 31, 2015 is as follows: Dollars in thousands Amount 2016 $ 219,703 2017 74,574 2018 64,684 2019 35,320 2020 34,628 Thereafter 36,244 Total $ 465,153 Time certificates of deposit in denominations of $100,000 or more totaled $342.7 million and $359.2 million at December 31, 2015 and 2014 , respectively. The following is a summary of the maturity distribution of all certificates of deposit in denominations of $100,000 or more as of December 31, 2015 : Dollars in thousands Amount Percent Three months or less $ 46,343 13.5 % Three through six months 53,533 15.6 % Six through twelve months 54,127 15.8 % Over twelve months 188,670 55.1 % Total $ 342,673 100.00 % The aggregate amount of time deposits in denominations that meet or exceed the FDIC insurance limit totaled $154.5 million at December 31, 2015. At December 31, 2015 and 2014 , our deposits of related parties including directors, executive officers, and their related interests approximated $21.2 million and $21.4 million , respectively. |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | BORROWED FUNDS Our subsidiary bank is a member of the Federal Home Loan Bank (“FHLB”). Membership in the FHLB makes available short-term and long-term advances under collateralized borrowing arrangements with each subsidiary bank. 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. We had $92.0 million available on a short term line of credit with the Federal Reserve Bank at December 31, 2015 , which is primarily secured by commercial and industrial loans and consumer loans. We also had $6 million available on an unsecured line of credit with a correspondent bank. At December 31, 2015 , our subsidiary banks had combined additional borrowings availability of $377.8 million from the FHLB. Short-term FHLB advances are granted for terms of 1 to 365 days and bear interest at a fixed or variable rate set at the time of the funding request. Short-term borrowings: At December 31, 2015 , we had $98.0 million borrowing availability through credit lines and Federal funds purchased agreements. A summary of short-term borrowings is presented below. 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 December 31 $ 167,950 $ 3,444 $ 120,950 $ 2,683 Average balance outstanding for the period 146,412 4,690 94,982 5,804 Maximum balance outstanding at any month end during period 171,160 7,438 136,800 8,976 Weighted average interest rate for the period 0.43 % 0.50 % 0.31 % 0.25 % Weighted average interest rate for balances outstanding at December 31 0.35 % 0.26 % 0.31 % 0.25 % Federal funds purchased and repurchase agreements mature the next business day. The securities underlying the repurchase agreements are under our control and secure the total outstanding daily balances. We generally account for securities sold under agreements to repurchase as collateralized financing transactions and record them at the amounts at which the securities were sold, plus accrued interest. Securities, generally U.S. government and Federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party. The fair value of collateral provided is continually monitored and additional collateral is provided as needed. Long-term borrowings: Our long-term borrowings of $75.6 million and $77.5 million at December 31, 2015 and 2014 , respectively, consisted primarily of advances from the 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 December 31, Dollars in thousands 2015 2014 Long-term FHLB advances $ 873 $ 977 Long-term reverse repurchase agreements 72,000 72,000 Term loan 2,708 4,513 Total $ 75,581 $ 77,490 The term loan at December 31, 2015 is secured by the common stock of our subsidiary bank, 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 during 2015 was 4.39% compared to 4.16% in 2014 . Subordinated debentures: During 2015, we prepaid in full the $16.8 million subordinated debentures that were outstanding at December 31, 2014. The subordinated debt qualified as Tier 2 capital under Federal Reserve Board guidelines until the debt was within 5 years of its maturity; thereafter the amount qualifying as Tier 2 capital was 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 had an interest rate of 10 percent per annum, a term of 10 years, and were not prepayable by us within the first five years. During 2008, we issued $10 million of subordinated debt to an unrelated institution, which had a variable interest rate of 1 month LIBOR plus 275 basis points and a term of 7.5 years. 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 December 31, 2015 and 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 345 basis points for SFG Capital Trust I, 3 month LIBOR plus 280 basis points for SFG Capital Trust II, and 3 month LIBOR plus 145 basis 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 owed to unconsolidated subsidiary trusts 2016 $ 28,911 $ — 2017 919 — 2018 45,017 — 2019 18 — 2020 18 — Thereafter 698 19,589 Total $ 75,581 $ 19,589 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 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. 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 this swap we will pay a fixed rate of 2.84% for a 3 year period. We have entered into two pay fixed/receive variable interest rate swaps to hedge the fair value variability of two commercial fixed rate loans with the same principal, amortization, and maturity terms of the underlying loans, which are designated as fair value hedges. Under the terms of a $9.95 million notional swap with an effective date of January 15, 2015, we will pay a fixed rate of 4.33% for a 10 year period. Under the terms of an $11.3 million notional swap with an effective date of December 18, 2015, we will pay a fixed rate of 4.30% for a 10 year period. A summary of our derivative financial instruments as of December 31, 2015 and 2014 follows: December 31, 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 $ — $ 5,071 $ — FAIR VALUE HEDGES Pay-fixed/receive-variable interest rate swaps Commercial loans $ 21,250 $ 94 $ 95 $ — 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 $ — |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The consolidated provision for income taxes includes Federal and state income taxes and is based on pretax net income reported in the consolidated financial statements, adjusted for transactions that may never enter into the computation of income taxes payable. Deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Valuation allowances are established when deemed necessary to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 Income Taxes clarifies the accounting and disclosure for uncertain tax positions, as defined. ASC Topic 740 requires that a tax position meet a "probable recognition threshold" for the benefit of the uncertain tax position to be recognized in the financial statements. A tax position that fails to meet the probable recognition threshold will result in either reduction of a current or deferred tax asset or receivable, or recording a current or deferred tax liability. ASC Topic 740 also provides guidance on measurement, derecognition of tax benefits, classification, interim period accounting disclosure, and transition requirements in accounting for uncertain tax positions. The components of applicable income tax expense for the years ended December 31, 2015 , 2014 and 2013 , are as follows: Dollars in thousands 2015 2014 2013 Current Federal $ 6,219 $ 3,380 $ 861 State 484 294 41 6,703 3,674 902 Deferred Federal 165 920 1,587 State 25 84 199 190 1,004 1,786 Total $ 6,893 $ 4,678 $ 2,688 Reconciliation between the amount of reported income tax expense and the amount computed by multiplying the statutory income tax rates by book pretax income for the years ended December 31, 2015 , 2014 and 2013 is as follows: 2015 2014 2013 Dollars in thousands Amount Percent Amount Percent Amount Percent Computed tax at applicable statutory rate $ 8,048 35 $ 5,612 35 $ 3,765 35 Increase (decrease) in taxes resulting from: Tax-exempt interest and dividends, net (1,047 ) (4 ) (996 ) (6 ) (932 ) (9 ) State income taxes, net of Federal income tax benefit 331 1 245 1 156 1 Other, net (439 ) (2 ) (183 ) (1 ) (301 ) (3 ) Applicable income taxes $ 6,893 30 $ 4,678 29 $ 2,688 24 Deferred income taxes reflect the impact of "temporary differences" between amounts of assets and liabilities for financial reporting purposes and such amounts as measured for tax purposes. Deferred tax assets and liabilities represent the future tax return consequences of temporary differences, which will either be taxable or deductible when the related assets and liabilities are recovered or settled. Valuation allowances are established when deemed necessary to reduce deferred tax assets to the amount expected to be realized. Our West Virginia net operating loss carryforward expires in 2028. The tax effects of temporary differences, which give rise to our deferred tax assets and liabilities as of December 31, 2015 and 2014 , are as follows: Dollars in thousands 2015 2014 Deferred tax assets Allowance for loan losses $ 4,245 $ 4,128 Depreciation 168 168 Foreclosed properties 4,506 5,197 Deferred compensation 2,554 2,265 Other deferred costs and accrued expenses 387 349 Other-than-temporarily impaired securities 257 257 Net unrealized loss on interest rate swaps 1,876 1,077 NOL and tax credit carryforwards 25 37 Total 14,018 13,478 Deferred tax liabilities Accretion on tax-exempt securities 3 8 Net unrealized gain on securities available for sale 1,609 2,297 Purchase accounting adjustments and goodwill 743 806 Total 2,355 3,111 Net deferred tax assets $ 11,663 $ 10,367 In accordance with ASC Topic 740, we concluded that there were no significant uncertain tax positions requiring recognition in the consolidated financial statements. The evaluation was performed for the years ended 2012 through 2015, the tax years which remain subject to examination by major tax jurisdictions. We may from time to time be assessed interest or penalties associated with tax liabilities by major tax jurisdictions, although any such assessments are estimated to be minimal and immaterial. To the extent we have received an assessment for interest and/or penalties; it has been classified in the consolidated statements of income as a component of other noninterest expense. We are currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2012 through 2014. Tax years 2013 through 2014 remain subject to West Virginia State examination. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefits and Share-based Compensation [Abstract] | |
Employee Benefits | EMPLOYEE BENEFITS Retirement Plans: We have defined contribution profit-sharing plans with 401(k) provisions covering substantially all employees. Contributions to the plans are at the discretion of the Board of Directors. Contributions made to the plans and charged to expense were $360,000 , $362,000 , and $354,000 for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Employee Stock Ownership Plan: We have an Employee Stock Ownership Plan (“ESOP”), which enables eligible employees to acquire shares of our common stock. The cost of the ESOP is borne by us through annual contributions to an Employee Stock Ownership Trust in amounts determined by the Board of Directors. The expense recognized by us is based on cash contributed or committed to be contributed by us to the ESOP during the year. Contributions to the ESOP for the years ended December 31, 2015 , 2014 and 2013 were $429,000 , $714,000 , and $173,000 respectively. Dividends paid by us to the ESOP are reported as a reduction to retained earnings. The ESOP owned 588,193 and 321,449 shares of our common stock at December 31, 2015 and 2014 , respectively, all of which were purchased at the prevailing market price and all but 181,822 unallocated shares at December 31, 2015 are considered outstanding for earnings per share computations. On July 30, 2015, our ESOP purchased 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 . On July 21, 2015, our Board of Directors approved the company lending to our ESOP $2,250,000 to partially finance the purchase, and was used to purchase 208,333 unallocated shares. 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. The ESOP shares as of December 31 are as follows: ESOP Shares At December 31, 2015 2014 Allocated shares 379,860 321,449 Shares committed to be released 26,511 — Unallocated shares 181,822 — Total ESOP shares 588,193 321,449 Market value of unallocated shares (in thousands) $ 2,160 $ — Supplemental Executive Retirement Plan: In May 1999, Summit Community Bank entered into a non-qualified Supplemental Executive Retirement Plan (“SERP”) with certain senior officers, which provides participating officers with an income benefit payable at retirement age or death. During 2000, Shenandoah Valley National Bank adopted a similar plan and during 2002, Summit Financial Group, Inc. adopted a similar plan. The liabilities accrued for the SERP’s at December 31, 2015 and 2014 were $4.3 million and $3.9 million , respectively, which are included in other liabilities. 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 share based compensation 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 2013 , 2014 , and 2015 , our stock compensation expense and related deferred taxes were insignificant. A summary of activity in our Plans during 2013 , 2014 and 2015 is as follows: Options / SARs Weighted- Average Exercise Price (WAEP) Outstanding, December 31, 2012 249,700 $ 18.98 Granted — — Exercised (17,800 ) 5.37 Forfeited (1,750 ) 19.69 Expired (44,740 ) 21.83 Outstanding, December 31, 2013 185,410 $ 19.59 Granted — — Exercised (10,160 ) 6.98 Forfeited (6,500 ) 24.44 Expired (11,580 ) 16.64 Outstanding, December 31, 2014 157,170 $ 20.43 Granted 166,717 12.01 Exercised (6,560 ) 7.87 Forfeited — — Expired (73,180 ) 23.67 Outstanding, December 31, 2015 244,147 $ 14.05 Exercisable Options/SARs: December 31, 2015 77,430 $ 18.43 December 31, 2014 156,170 $ 20.54 December 31, 2013 182,810 $ 19.24 Other information regarding awards outstanding and exercisable at December 31, 2015 is as follows: Options/SARs Outstanding Options/SARs Exercisable Wted. Avg. Remaining Aggregate Intrinsic Aggregate Intrinsic Range of # of Contractual Value # of Value exercise price awards WAEP Life (yrs) (in thousands) awards WAEP (in thousands) $ 2.54 - $ 6.00 7,750 $ 3.75 5.18 $ 63 7,750 $ 3.75 $ 63 6.01 - 10.00 12,680 8.71 2.65 40 12,680 8.71 40 10.01 - 17.50 166,717 12.01 9.32 — — — — 17.51 - 20.00 23,400 17.80 2.00 — 23,400 17.80 — 20.01 - 25.93 33,600 25.93 2.44 — 33,600 25.93 — 244,147 $ 14.05 $ 103 77,430 $ 18.43 $ 103 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 December 31, Commitments to extend credit: Revolving home equity and credit card lines $ 58,008 Construction loans 32,044 Other loans 49,775 Standby letters of credit 5,302 Total $ 145,129 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. Operating leases : We occupy certain facilities under long-term operating leases. The aggregate minimum annual rental commitments under those leases total approximately $256,000 in 2016 and $215,000 in 2017. Total net rent expense included in the accompanying consolidated financial statements was $285,000 in 2015, $291,000 in 2014, and $278,000 in 2013. Litigation : We are involved in various legal actions arising in the ordinary course of business. To the best of our knowledge, no matters have been specifically identified to management that are reasonably possible to have a significant adverse effect on the consolidated financial statements. Employment Agreements : We have various employment agreements with our chief executive officer and certain other executive officers. These agreements contain change in control provisions that would entitle the officers to receive compensation in the event there is a change in control in the Company (as defined) and a termination of their employment without cause (as defined). 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 | 12 Months Ended |
Dec. 31, 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. On September 30, 2009, we sold in a private placement 3,710 shares, or $3.7 million , of 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”), based on the private placement exemption under Section 4(2) of the Securities Act of 1933 (the “Securities Act”) and Rule 506 of Regulation D. The terms of the Series 2009 Preferred Stock provided that it may have been converted into common stock under three different scenarios. First, the Series 2009 Preferred Stock may have been converted at the holder’s option, on any dividend payment date, at the option of the holder, into shares of common stock based on a conversion rate determined by dividing $1,000 by $5.50 , plus cash in lieu of fractional shares and subject to anti-dilution adjustments (the “Series 2009 Conversion Rate”). Second, on or after June 1, 2012, Summit may have, at its option, on any dividend payment date, converted some or all of the Series 2009 Preferred Stock into shares of Summit’s common stock at the applicable Series 2009 Conversion Rate. Summit could have exercised this conversion right if, for 20 trading days within any period of 30 consecutive trading dates during the six months immediately preceding the conversion, the closing price of the common stock exceeded 135% of $5.50 . Third, after ten years, on June 1, 2019, all remaining outstanding shares of the Series 2009 Preferred Stock would have been converted at the applicable Series 2009 Conversion Rate. Adjustments to the Series 2009 Conversion Rate would have been made in the event of a stock dividend, stock split, reclassification, reorganization, merger or other similar transaction. In late 2011, we sold pursuant to both subscription rights distributed to our common shareholders and to a supplemental public offering 12,000 shares, or $6.0 million , of 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”). The terms of the Series 2011 Preferred Stock also provided that it may have been converted into common stock under three different scenarios. First, the Series 2011 Preferred Stock may have been converted at the holder’s option, on any dividend payment date, at the option of the holder, into shares of common stock based on a conversion rate determined by dividing $500 by $4.00 , plus cash in lieu of fractional shares and subject to anti-dilution adjustments (the “Series 2011 Conversion Rate”). Second, on or after June 1, 2014, Summit may have, at its option, on any dividend payment date, converted some or all of the Series 2011 Preferred Stock into shares of Summit’s common stock at the applicable Series 2011 Conversion Rate. Summit may have exercised this conversion right if, for 20 trading days during the 30 consecutive trading days immediately preceding the date of notice of the conversion, the closing price of the common stock exceeded 135% of $4.00 . Third, after ten years, on June 1, 2021, all remaining outstanding shares of the Series 2011 Preferred Stock would have converted at the applicable Series 2011 Conversion Rate. Adjustments to the Series 2011 Conversion Rate would have been made in the event of a stock dividend, stock split, reclassification, reorganization, merger or other similar transaction. Both the Series 2009 and Series 2011 Preferred Stock paid noncumulative dividends, if and when declared by the Board of Directors, at a rate of 8.0% per annum. Dividends declared were payable quarterly in arrears on the 1 st day of March, June, September and December of each year. The Series 2009 and Series 2011 Preferred Stock qualified as Tier 1 capital for regulatory capital purposes. |
Common Stock Issuances
Common Stock Issuances | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | REGULATORY MATTERS The primary source of funds for our dividends paid to our shareholders is dividends received from our subsidiaries. Dividends paid by the subsidiary bank are subject to restrictions by banking law and regulations and require approval by the bank’s regulatory agency if dividends declared in any year exceed the bank’s current year's net income, as defined, plus its retained net profits of the two preceding years. During 2016, the Bank will have $12.8 million plus net income for the interim periods through the date of declaration, available for dividends for distribution to us. 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 December 31, 2015 , that we and 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. Our subsidiary banks are required to maintain reserve balances with the Federal Reserve Bank. The required reserve balance was $629,000 at December 31, 2015 . Our actual capital amounts and ratios as well as our subsidiary, Summit Community Bank’s (“Summit Community”) are presented in the following table. 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 December 31, 2015 CET1 (to risk weighted assets) Summit $ 137,849 11.8 % $ 81,775 7.0 % $ 75,934 6.5 % Summit Community 158,081 13.6 % 81,365 7.0 % 75,553 6.5 % Tier I Capital (to risk weighted assets) Summit 156,849 13.4 % 99,494 8.5 % 93,641 8.0 % Summit Community 158,081 13.6 % 98,801 8.5 % 92,989 8.0 % Total Capital (to risk weighted assets) Summit 168,321 14.4 % 122,734 10.5 % 116,890 10.0 % Summit Community 169,553 14.5 % 122,780 10.5 % 116,933 10.0 % Tier I Capital (to average assets) Summit 156,849 10.7 % 58,635 4.0 % 73,294 5.0 % Summit Community 158,081 10.8 % 58,549 4.0 % 73,186 5.0 % 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 | 12 Months Ended |
Dec. 31, 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: December 31, 2015 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 46,744 $ — $ (728 ) $ — $ 46,016 Provision for loan losses 1,250 — — — 1,250 Net interest income after provision for loan losses 45,494 — (728 ) — 44,766 Other income 7,324 4,537 1,133 (1,133 ) 11,861 Other expenses 28,060 4,315 2,390 (1,133 ) 33,632 Income (loss) before income taxes 24,758 222 (1,985 ) — 22,995 Income tax expense (benefit) 7,542 43 (692 ) — 6,893 Net income (loss) 17,216 179 (1,293 ) — 16,102 Dividends on preferred shares — — — — — Net income (loss) applicable to common shares $ 17,216 $ 179 $ (1,293 ) $ — $ 16,102 Inter-segment revenue (expense) $ (1,047 ) $ (86 ) $ 1,133 $ — $ — Average assets $ 1,496,396 $ 5,923 $ 167,839 $ (203,571 ) $ 1,466,587 December 31, 2014 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 44,209 $ — $ (1,824 ) $ — $ 42,385 Provision for loan losses 2,250 — — — 2,250 Net interest income after provision for loan losses 41,959 — (1,824 ) — 40,135 Other income 6,299 4,882 1,231 (1,189 ) 11,223 Other expenses 30,579 4,188 1,746 (1,189 ) 35,324 Income (loss) before income taxes 17,679 694 (2,339 ) — 16,034 Income tax expense (benefit) 5,191 226 (739 ) — 4,678 Net income (loss) 12,488 468 (1,600 ) — 11,356 Dividends on preferred shares — — 771 — 771 Net income (loss) applicable to common shares $ 12,488 $ 468 $ (2,371 ) $ — $ 10,585 Inter-segment revenue (expense) $ (1,071 ) $ (118 ) $ 1,189 $ — $ — Average assets $ 1,466,521 $ 6,130 $ 164,769 $ (217,418 ) $ 1,420,002 December 31, 2013 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 40,725 $ — $ (1,922 ) $ — $ 38,803 Provision for loan losses 4,500 — — — 4,500 Net interest income after provision for loan losses 36,225 — (1,922 ) — 34,303 Other income 6,375 4,834 1,087 (1,087 ) 11,209 Other expenses 29,534 4,592 1,717 (1,087 ) 34,756 Income (loss) before income taxes 13,066 242 (2,552 ) — 10,756 Income tax expense (benefit) 3,490 92 (894 ) — 2,688 Net income (loss) 9,576 150 (1,658 ) — 8,068 Dividends on preferred shares — — 775 — 775 Net income (loss) applicable to common shares $ 9,576 $ 150 $ (2,433 ) $ — $ 7,293 Inter-segment revenue (expense) $ (979 ) $ (108 ) $ 1,087 $ — $ — Average assets $ 1,431,131 $ 6,176 $ 157,249 $ (211,600 ) $ 1,382,956 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The computations of basic and diluted earnings per share follow: For the Year Ended December 31, 2015 2014 2013 Common Common Common Dollars in thousands, Income Shares Per Income Shares Per Income Shares Per except per share amounts (Numerator) (Denominator) Share (Numerator) (Denominator) Share (Numerator) (Denominator) Share Net income $ 16,102 $ 11,356 $ 8,068 Less preferred stock dividends — (771 ) (775 ) Basic EPS $ 16,102 10,295,434 $ 1.56 $ 10,585 7,539,444 $ 1.40 $ 7,293 7,442,689 $ 0.98 Effect of dilutive securities: Stock options 8,353 9,381 7,532 Stock appreciation rights (SARs) — — — Series 2011 convertible preferred stock — 285,610 476 1,489,735 478 1,496,738 Series 2009 convertible preferred stock — 125,878 295 673,001 297 674,545 Diluted EPS $ 16,102 10,715,275 $ 1.50 $ 11,356 9,711,561 $ 1.17 $ 8,068 9,621,504 $ 0.84 Stock option and 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 December 31, 2015 , 2014 , and 2013 , totaled 57,000 shares, 128,900 shares, and 165,460 shares, respectively, and our anti-dilutive SARs at December 31, 2015 were 166,717 . |
Condensed Financial Statements
Condensed Financial Statements Of Parent Company | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Statements of Parent Company | CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY Our investment in our wholly-owned subsidiaries is presented on the equity method of accounting. Information relative to our balance sheets at December 31, 2015 and 2014 , and the related statements of income and cash flows for the years ended December 31, 2015 , 2014 and 2013 , are presented as follows: Balance Sheets December 31, Dollars in thousands 2015 2014 Assets Cash $ 1,984 $ 13,115 Investment in subsidiaries, eliminated in consolidation 164,787 159,839 Securities available for sale 166 102 Premises and equipment 81 65 Other assets 1,677 1,641 Total assets $ 168,695 $ 174,762 Liabilities and Shareholders' Equity Long-term borrowings $ 2,708 $ 4,513 Subordinated debentures — 16,800 Subordinated debentures owed to unconsolidated subsidiary trusts 19,589 19,589 Other liabilities 2,654 2,216 Total liabilities 24,951 43,118 Preferred stock and related surplus, authorized 250,000 shares: Series 2009, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 3,610 shares — 3,419 Series 2011, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 11,914 shares — 5,764 Common stock and related surplus, $2.50 par value, authorized 20,000,000 shares; issued 2015 - 10,671,744 shares; 2014 - 8,301,746 shares 45,741 32,670 Unallocated common stock held by Employee Stock Ownership Plan - 2015 - 181,822 (1,964 ) — Retained earnings 100,423 87,719 Accumulated other comprehensive income (loss) (456 ) 2,072 Total shareholders' equity 143,744 131,644 Total liabilities and shareholders' equity $ 168,695 $ 174,762 Statements of Income For the Year Ended December 31, Dollars in thousands 2015 2014 2013 Income Dividends from subsidiaries $ 10,000 $ 6,500 $ 2,500 Other dividends and interest income 19 22 26 Realized securities gains — 41 — Management and service fees from subsidiaries 1,133 1,189 1,087 Total income 11,152 7,752 3,613 Expense Interest expense 747 1,845 1,948 Operating expenses 2,390 1,746 1,717 Total expenses 3,137 3,591 3,665 Income (loss) before income taxes and equity in undistributed income of subsidiaries 8,015 4,161 (52 ) Income tax (benefit) (692 ) (739 ) (894 ) Income before equity in undistributed income of subsidiaries 8,707 4,900 842 Equity in (distributed) undistributed income of subsidiaries 7,395 6,456 7,226 Net income 16,102 11,356 8,068 Dividends on preferred shares — 771 775 Net income applicable to common shares $ 16,102 $ 10,585 $ 7,293 Statements of Cash Flows For the Year Ended December 31, Dollars in thousands 2015 2014 2013 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 16,102 $ 11,356 $ 8,068 Adjustments to reconcile net earnings to net cash provided by operating activities: Equity in (undistributed) distributed net income of subsidiaries (7,395 ) (6,456 ) (7,226 ) Deferred tax expense (benefit) (42 ) 46 (107 ) Depreciation 30 23 2 Realized securities gains — (41 ) — Stock compensation expense 72 1 2 (Increase) decrease in cash surrender value of bank owned life insurance 4 1 (5 ) (Increase) decrease in other assets 5 19 15 Increase (decrease) in other liabilities 943 57 (738 ) Net cash provided by operating activities 9,719 5,006 11 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds sales of available for sale securities — 112 — Principal payments received on available for sale securities — 8 440 Purchase of available for sale securities (70 ) — (199 ) Purchases of premises and equipment (46 ) (6 ) (84 ) Net cash provided by (used in) investing activities (116 ) 114 157 CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid on preferred stock (191 ) (774 ) (776 ) Dividends paid on common stock, net of reinvestment (3,330 ) — — Exercise of stock options 51 71 96 Net proceeds from long-term borrowings — — 3,454 Repayment of long-term borrowings (1,838 ) (4,402 ) (3,159 ) Repayment of subordinated debt (16,800 ) — — Repurchase and retirement of common stock (1,080 ) — — Purchase of unallocated common stock held by ESOP (2,250 ) — — Net proceeds from issuance of common stock 4,704 7,822 — Net cash provided by (used in) financing activities (20,734 ) 2,717 (385 ) Increase (decrease) in cash (11,131 ) 7,837 (217 ) Cash: Beginning 13,115 5,278 5,495 Ending $ 1,984 $ 13,115 $ 5,278 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash payments for: Interest $ 761 $ 1,909 $ 1,942 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | QUARTERLY FINANCIAL DATA (Unaudited ) A summary of our unaudited selected quarterly financial data is as follows: 2015 First Second Third Fourth Dollars in thousands, except per share amounts Quarter Quarter Quarter Quarter Interest income $ 14,743 $ 14,658 $ 14,531 $ 14,951 Net interest income 11,520 11,458 11,305 11,733 Net income 4,285 4,010 3,661 4,146 Net income applicable to common shares 4,285 4,010 3,661 4,146 Basic earnings per share $ 0.49 $ 0.38 $ 0.34 $ 0.39 Diluted earnings per share $ 0.41 $ 0.38 $ 0.34 $ 0.39 2014 First Second Third Fourth Dollars in thousands, except per share amounts Quarter Quarter Quarter Quarter Interest income $ 14,070 $ 14,344 $ 14,760 $ 14,452 Net interest income 10,038 10,320 11,077 10,951 Net income 2,389 2,432 3,336 3,199 Net income applicable to common shares 2,195 2,239 3,143 3,008 Basic earnings per share $ 0.29 $ 0.30 $ 0.42 $ 0.39 Diluted earnings per share $ 0.25 $ 0.25 $ 0.35 $ 0.32 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of estimates | Use of estimates : We must make estimates and assumptions that affect the reported amounts and disclosures in preparing our financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. |
Principles of consolidation | Principles of consolidation : The accompanying consolidated financial statements include the accounts of Summit and its subsidiaries. All significant accounts and transactions among these entities have been eliminated. |
Variable interest entities | Variable interest entities: In accordance with ASC Topic 810, Consolidation, business enterprises that represent the primary beneficiary of another entity by retaining a controlling interest in that entity's assets, liabilities and results of operations must consolidate that entity in its financial statements. Prior to the issuance of ASC Topic 810, consolidation generally occurred when an enterprise controlled another entity through voting interests. If applicable, transition rules allow the restatement of financial statements or prospective application with a cumulative effect adjustment. We have determined that the provisions of ASC Topic 810 do not require consolidation of subsidiary trusts which issue guaranteed preferred beneficial interests in subordinated debentures (Trust Preferred Securities). The Trust Preferred Securities continue to qualify as Tier 1 capital for regulatory purposes. The banking regulatory agencies have not issued any guidance which would change the regulatory capital treatment for the Trust Preferred Securities based on the adoption of ASC Topic 810. The adoption of the provisions of ASC Topic 810 has had no material impact on our results of operations, financial condition, or liquidity. See Note 11 of our Notes to Consolidated Financial Statements for a discussion of our subordinated debentures owed to unconsolidated subsidiary trusts. |
Cash and cash equivalents | Cash and cash equivalents: Cash and cash equivalents includes cash on hand, amounts due from banks (including cash items in process of clearing), and federal funds sold. |
Presentation of cash flows | Presentation of cash flows : For purposes of reporting cash flows, cash flows from demand deposits, NOW accounts, savings accounts and short-term borrowings are reported on a net basis, since their original maturities are less than three months. Cash flows from loans and certificates of deposit and other time deposits are reported net. |
Advertising | Advertising: Advertising costs are expensed as incurred. |
Trust services | Trust services : Assets held in an agency or fiduciary capacity are not our assets and are not included in the accompanying consolidated balance sheets. Trust services income is recognized on the cash basis in accordance with customary banking practice. Reporting such income on a cash basis rather than the accrual basis does not have a material effect on net income. |
Reclassifications | Reclassifications : Certain accounts in the consolidated financial statements for 2014 and 2013, as previously presented, have been reclassified to conform to current year classifications. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 Level 1 Level 2 Level 3 Available for sale securities U.S. Government sponsored agencies $ 21,475 $ — $ 21,475 $ — Mortgage backed securities: Government sponsored agencies 146,734 — 146,734 — Nongovernment sponsored entities 7,885 — 7,885 — State and political subdivisions 1,953 — 1,953 — Corporate debt securities 14,226 — 8,367 5,859 Other equity securities 77 — 77 — Tax-exempt state and political subdivisions 88,442 — 88,442 — Total available for sale securities $ 280,792 $ — $ 274,933 $ 5,859 Derivative financial liabilities Interest rate swaps $ 5,072 $ — $ 5,072 $ — 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 assets 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 December 31, 2015 Level 1 Level 2 Level 3 Residential mortgage loans held for sale $ 779 $ — $ 779 $ — Collateral-dependent impaired loans Commercial $ — $ — $ — $ — Commercial real estate 627 — — 627 Construction and development 1,054 — — 1,054 Residential real estate 279 — 279 — Total collateral-dependent impaired loans $ 1,960 $ — $ 279 $ 1,681 Foreclosed properties Commercial real estate $ 1,103 $ — $ 1,103 $ — Construction and development 18,477 — 18,419 58 Residential real estate 314 — 314 — Total foreclosed properties $ 19,894 $ — $ 19,836 $ 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: At December 31, 2015 2014 Dollars in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets Cash and cash equivalents $ 9,487 $ 9,487 $ 12,510 $ 12,510 Securities available for sale 280,792 280,792 282,834 282,834 Other investments 8,949 8,949 6,183 6,183 Loans held for sale, net 779 779 527 527 Loans, net 1,079,331 1,084,955 1,019,842 1,033,890 Accrued interest receivable 5,544 5,544 5,838 5,838 $ 1,384,882 $ 1,390,506 $ 1,327,734 $ 1,341,782 Financial liabilities Deposits $ 1,066,709 $ 1,077,510 $ 1,061,314 $ 1,078,406 Short-term borrowings 171,394 171,394 123,633 123,633 Long-term borrowings 75,581 80,506 77,490 84,732 Subordinated debentures — — 16,800 16,800 Subordinated debentures owed to unconsolidated subsidiary trusts 19,589 19,589 19,589 19,589 Accrued interest payable 826 826 812 812 Derivative financial liabilities 5,072 5,072 2,911 2,911 $ 1,339,171 $ 1,354,897 $ 1,302,549 $ 1,326,883 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Available-for-sale Securities [Abstract] | |
Available-for-sale Securities | The amortized cost, unrealized gains, unrealized losses and estimated fair values of securities at December 31, 2015 and 2014 , are summarized as follows: December 31, 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 $ 20,461 $ 1,063 $ 49 $ 21,475 Residential mortgage-backed securities: Government-sponsored agencies 145,586 1,943 795 146,734 Nongovernment-sponsored entities 7,836 82 33 7,885 State and political subdivisions Water and sewer revenues 250 — — 250 Other revenues 1,729 — 26 1,703 Corporate debt securities 14,494 — 268 14,226 Total taxable debt securities 190,356 3,088 1,171 192,273 Tax-exempt debt securities State and political subdivisions General obligations 52,490 1,767 41 54,216 Water and sewer revenues 7,614 172 — 7,786 Lease revenues 8,671 187 1 8,857 Special tax revenues 4,532 72 — 4,604 Other revenues 12,703 290 14 12,979 Total tax-exempt debt securities 86,010 2,488 56 88,442 Equity securities 77 — — 77 Total available for sale securities $ 276,443 $ 5,576 $ 1,227 $ 280,792 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 |
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. December 31, 2015 Amortized Unrealized Estimated Dollars in thousands Cost Gains Losses Fair Value Illinois $ 9,899 $ 302 $ 2 $ 10,199 Texas 9,636 334 — 9,970 West Virginia 7,736 117 — 7,853 Ohio 7,246 114 — 7,360 California 6,139 202 15 6,326 |
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 are as follows: Dollars in thousands Proceeds from Gross realized Calls and Principal Years ended December 31, Sales Maturities Payments Gains Losses 2015 $ 69,632 $ 2,043 $ 38,502 $ 1,732 $ 288 2014 80,914 4,051 34,390 1,037 824 2013 54,340 2,669 62,179 674 434 |
Investments Classified by Contractual Maturity Date | The maturities, amortized cost and estimated fair values of securities at December 31, 2015 , are summarized as follows: Dollars in thousands Amortized Cost Estimated Fair Value Due in one year or less $ 52,801 $ 53,343 Due from one to five years 101,061 101,891 Due from five to ten years 21,248 21,661 Due after ten years 101,256 103,820 Equity securities 77 77 Total $ 276,443 $ 280,792 |
Schedule of Unrealized Loss on Investments | Provided below is a summary of securities available for sale which were in an unrealized loss position at December 31, 2015 and 2014 , including debt securities for which a portion of other-than-temporary impairment has been recognized in other comprehensive income. 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 $ 2,104 $ (2 ) $ 3,151 $ (47 ) $ 5,255 $ (49 ) Residential mortgage-backed securities: Government-sponsored agencies 52,970 (569 ) 8,672 (226 ) 61,642 (795 ) Nongovernment-sponsored entities 2,298 — 2,819 (33 ) 5,117 (33 ) State and political subdivisions: Other revenues 1,702 (26 ) — — 1,702 (26 ) Corporate debt securities 8,367 (268 ) — — 8,367 (268 ) Tax-exempt debt securities State and political subdivisions: General obligations 5,977 (41 ) — — 5,977 (41 ) Lease revenues 576 (1 ) — — 576 (1 ) Other revenues 1,218 (14 ) — — 1,218 (14 ) Total temporarily impaired securities 75,212 (921 ) 14,642 (306 ) 89,854 (1,227 ) Total other-than-temporarily impaired securities — — — — — — Total $ 75,212 $ (921 ) $ 14,642 $ (306 ) $ 89,854 $ (1,227 ) 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 ) Corporate debt securities — — — — — — 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) | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Summary Of Loans, Net Of Unearned Fees | Loans are summarized as follows: Dollars in thousands 2015 2014 Commercial $ 97,201 $ 88,590 Commercial real estate Owner-occupied 203,555 157,783 Non-owner occupied 337,294 317,136 Construction and development Land and land development 65,500 67,881 Construction 9,970 28,591 Residential real estate Non-jumbo 221,750 220,071 Jumbo 50,313 52,879 Home equity 74,300 67,115 Consumer 19,251 19,456 Other 11,669 11,507 Total loans, net of unearned fees 1,090,803 1,031,009 Less allowance for loan losses 11,472 11,167 Loans, net $ 1,079,331 $ 1,019,842 |
Schedule Of Loan Maturities | The following presents loan maturities at December 31, 2015 : Within After 1 but After Dollars in thousands 1 Year within 5 Years 5 Years Commercial $ 39,542 $ 39,968 $ 17,691 Commercial real estate 16,623 56,690 467,536 Construction and development 35,419 8,811 31,239 Residential real estate 7,669 15,344 323,350 Consumer 3,893 12,522 2,836 Other 669 1,312 9,689 $ 103,815 $ 134,647 $ 852,341 Loans due after one year with: Variable rates $ 138,002 Fixed rates 848,986 $ 986,988 |
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 December 31, 2015 and 2014 . At December 31, 2015 Past Due > 90 days and Accruing Dollars in thousands 30-59 days 60-89 days > 90 days Total Current Commercial $ 345 $ 26 $ 632 $ 1,003 $ 96,198 $ — Commercial real estate Owner-occupied 158 386 437 981 202,574 — Non-owner occupied 1 — 856 857 336,437 — Construction and development Land and land development 1,182 194 4,547 5,923 59,577 — Construction — — — — 9,970 — Residential mortgage Non-jumbo 2,276 2,647 1,591 6,514 215,236 — Jumbo — — — — 50,313 — Home equity 374 172 100 646 73,654 — Consumer 155 41 92 288 18,963 9 Other — — — — 11,669 — Total $ 4,491 $ 3,466 $ 8,255 $ 16,212 $ 1,074,591 $ 9 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 $ — |
Schedule of Financing Receivables, Non Accrual Status | Nonaccrual loans: The following table presents the nonaccrual loans included in the net balance of loans at December 31, 2015 and 2014 . Dollars in thousands 2015 2014 Commercial $ 853 $ 392 Commercial real estate Owner-occupied 437 1,218 Non-owner occupied 5,518 626 Construction and development Land & land development 5,623 4,619 Construction — — Residential mortgage Non-jumbo 2,987 2,663 Jumbo — 2,626 Home equity 258 267 Consumer 83 83 Total $ 15,759 $ 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 December 31, Method used to measure impairment Loan Category 2015 2014 Commercial $ 41 $ 132 Fair value of collateral 201 362 Discounted cash flow Commercial real estate Owner-occupied 783 1,683 Fair value of collateral 7,616 9,124 Discounted cash flow Non-owner occupied 5,728 508 Fair value of collateral 7,722 5,999 Discounted cash flow Construction and development Land & land development 6,597 11,998 Fair value of collateral 2,177 2,310 Discounted cash flow Residential mortgage Non-jumbo 1,753 1,676 Fair value of collateral 4,378 5,252 Discounted cash flow Jumbo 3,869 7,594 Fair value of collateral 871 886 Discounted cash flow Home equity 186 285 Fair value of collateral 523 523 Discounted cash flow Consumer — 2 Fair value of collateral 68 82 Discounted cash flow Total $ 42,513 $ 48,416 |
Impaired Financing Receivables | The following tables present loans individually evaluated for impairment at December 31, 2015 and 2014 . December 31, 2015 Dollars in thousands Recorded Investment Unpaid Principal Balance Related Allowance Average Impaired Balance Interest Income Recognized while impaired Without a related allowance Commercial $ 242 $ 242 $ — $ 319 $ 17 Commercial real estate Owner-occupied 5,401 5,402 — 5,438 191 Non-owner occupied 10,740 10,741 — 9,982 310 Construction and development Land & land development 7,635 7,635 — 9,497 263 Construction — — — — — Residential real estate Non-jumbo 3,590 3,600 — 3,316 160 Jumbo 3,871 3,869 — 4,412 181 Home equity 709 709 — 709 32 Consumer 68 68 — 72 6 Total without a related allowance $ 32,256 $ 32,266 $ — $ 33,745 $ 1,160 With a related allowance Commercial $ — $ — $ — $ — $ — Commercial real estate Owner-occupied 2,997 2,997 45 3,003 135 Non-owner occupied 2,709 2,709 386 2,728 72 Construction and development Land & land development 1,139 1,139 85 1,154 — Construction — — — — — Residential real estate Non-jumbo 2,530 2,531 226 2,552 114 Jumbo 871 871 34 878 43 Home equity — — — — — Consumer — — — — — Total with a related allowance $ 10,246 $ 10,247 $ 776 $ 10,315 $ 364 Total Commercial $ 30,863 $ 30,865 $ 516 $ 32,121 $ 988 Residential real estate 11,571 11,580 260 11,867 530 Consumer 68 68 — 72 6 Total $ 42,502 $ 42,513 $ 776 $ 44,060 $ 1,524 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 |
Troubled Debt Restructurings on Financing Receivables | All TDRs are evaluated individually for allowance for loan loss purposes. 2015 2014 Dollars in thousands Number of Modifications Pre-modification Recorded Investment Post-modification Recorded Investment Number of Modifications Pre-modification Recorded Investment Post-modification Recorded Investment Commercial — $ — $ — 3 $ 82 $ 86 Commercial real estate Non-owner occupied — — — 1 2,154 2,154 Construction and development Land & land development 1 1,182 1,182 — — — Residential real estate Non-jumbo 1 25 25 5 1,044 1,080 Home equity — — — 1 411 523 Consumer 1 2 2 1 18 18 Total 3 $ 1,209 $ 1,209 11 $ 3,709 $ 3,861 |
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. 2015 2014 Dollars in thousands Number of Defaults Recorded Investment at Default Date Number of Defaults Recorded Investment at Default Date Commercial — $ — 3 $ 86 Construction and development Land & land development 1 1,182 — — Residential real estate Non-jumbo — — 1 167 Total 1 $ 1,182 4 $ 253 |
Schedule of the Activity Regarding TDRs by Loan Type | The following table details the activity regarding TDRs by loan type during 2015 , and the related allowance on TDRs. 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 $ 85 $ — $ 34,706 Additions 1,182 — — — — 25 — — 2 — 1,209 Charge-offs (168 ) — — — — — — — — — (168 ) Net (paydowns) advances (2,611 ) — (168 ) (187 ) (160 ) (774 ) (1,302 ) — (20 ) — (5,222 ) Transfer into foreclosed properties — — — — — — — — — — — Refinance out of TDR status — — — — — — — — — — — Balance, December 31, 2015 $ 4,189 $ — $ 242 $ 9,314 $ 6,059 $ 5,496 $ 4,635 $ 523 $ 67 $ — $ 30,525 Allowance related to troubled debt restructurings $ — $ — $ — $ 190 $ 12 $ 226 $ 35 $ — $ — $ — $ 463 |
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 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Pass $ 57,155 $ 53,873 $ 9,970 $ 28,591 $ 95,174 $ 86,361 $ 202,226 $ 155,189 $ 329,861 $ 306,710 OLEM (Special Mention) 1,598 1,673 — — 1,295 1,837 546 1,064 1,602 8,933 Substandard 6,747 12,335 — — 732 392 783 1,530 5,831 1,493 Doubtful — — — — — — — — — — Loss — — — — — — — — — — Total $ 65,500 $ 67,881 $ 9,970 $ 28,591 $ 97,201 $ 88,590 $ 203,555 $ 157,783 $ 337,294 $ 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 2015 2014 2015 2014 Residential real estate Non-jumbo $ 218,763 $ 217,408 $ 2,987 $ 2,663 Jumbo 50,313 50,253 — 2,626 Home Equity 74,042 66,848 258 267 Consumer 19,149 19,373 102 83 Other 11,669 11,507 — — Total $ 373,936 $ 365,389 $ 3,347 $ 5,639 |
Schedule of Related Party Loans Aggregating $60,000 or More | The following presents the activity with respect to related party loans aggregating $60,000 or more to any one related party (other changes represent additions to and changes in director and executive officer status): Dollars in thousands 2015 2014 Balance, beginning $ 20,586 $ 18,577 Additions 11,095 13,842 Amounts collected (6,142 ) (11,833 ) Other changes, net (2,565 ) — Balance, ending $ 22,974 $ 20,586 |
Allowance For Loan Losses (Tabl
Allowance For Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2015 , 2014 , and 2013 is as follows: Dollars in thousands 2015 2014 2013 Balance, beginning of year $ 11,167 $ 12,659 $ 17,933 Losses: Commercial 77 390 723 Commercial real estate Owner occupied 559 11 1,031 Non-owner occupied 178 — 9 Construction and development Land and land development 457 3,535 3,596 Construction — — — Residential real estate Non-jumbo 417 435 541 Jumbo 208 65 4,741 Home equity 76 14 77 Consumer 69 265 79 Other 110 118 162 Total 2,151 4,833 10,959 Recoveries: Commercial 10 34 12 Commercial real estate Owner occupied 290 40 8 Non-owner occupied 13 318 674 Construction and development Land and land development 456 298 187 Construction — — — Real estate - mortgage Non-jumbo 107 87 127 Jumbo 96 163 6 Home equity 3 4 5 Consumer 105 74 79 Other 126 73 87 Total 1,206 1,091 1,185 Net losses 945 3,742 9,774 Provision for loan losses 1,250 2,250 4,500 Balance, end of year $ 11,472 $ 11,167 $ 12,659 |
Allowance for Credit Losses on Financing Receivables | Activity in the allowance for loan losses by loan class during 2015 and 2014 is as follows: 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 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 457 — 77 559 178 417 208 76 69 110 2,151 Recoveries 456 — 10 290 13 107 96 3 105 126 1,206 Provision (564 ) (412 ) (356 ) 931 1,826 283 (376 ) 139 (74 ) (147 ) 1,250 Ending balance $ 2,852 $ 15 $ 781 $ 1,589 $ 2,977 $ 1,253 $ 1,593 $ 253 $ 59 $ 100 $ 11,472 Allowance related to: Loans individually evaluated for impairment $ 85 $ — $ — $ 45 $ 386 $ 225 $ 35 $ — $ — $ — $ 776 Loans collectively evaluated for impairment 2,767 15 781 1,544 2,591 1,028 1,558 253 59 100 10,696 Total $ 2,852 $ 15 $ 781 $ 1,589 $ 2,977 $ 1,253 $ 1,593 $ 253 $ 59 $ 100 $ 11,472 Loans Loans individually evaluated for impairment $ 8,774 $ — $ 242 $ 8,399 $ 13,450 $ 6,131 $ 4,740 $ 709 $ 68 $ — $ 42,513 Loans collectively evaluated for impairment 56,726 9,970 96,959 195,156 323,844 215,619 45,573 73,591 19,183 11,669 $ 1,048,290 Total $ 65,500 $ 9,970 $ 97,201 $ 203,555 $ 337,294 $ 221,750 $ 50,313 $ 74,300 $ 19,251 $ 11,669 $ 1,090,803 2014 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 $ 5,455 $ 269 $ 1,324 $ 969 $ 641 $ 1,842 $ 1,888 $ 173 $ 47 $ 51 $ 12,659 Charge-offs 3,535 — 390 11 — 435 65 14 265 118 4,833 Recoveries 298 — 34 40 318 87 163 4 74 73 1,091 Provision 1,199 158 236 (71 ) 357 (214 ) 95 24 241 225 2,250 Ending balance $ 3,417 $ 427 $ 1,204 $ 927 $ 1,316 $ 1,280 $ 2,081 $ 187 $ 97 $ 231 $ 11,167 Allowance related to: Loans individually evaluated for impairment $ 46 $ — $ 81 $ 286 $ 74 $ 282 $ 46 $ — $ — $ — $ 815 Loans collectively evaluated for impairment 3,371 427 1,123 641 1,242 998 2,035 187 97 231 10,352 Total $ 3,417 $ 427 $ 1,204 $ 927 $ 1,316 $ 1,280 $ 2,081 $ 187 $ 97 $ 231 $ 11,167 Loans Loans individually evaluated for impairment $ 14,308 $ — $ 495 $ 10,807 $ 6,507 $ 6,927 $ 8,480 $ 808 $ 84 $ — $ 48,416 Loans collectively evaluated for impairment 53,573 28,591 88,095 146,976 310,629 213,144 44,399 66,307 19,372 11,507 $ 982,593 Total $ 67,881 $ 28,591 $ 88,590 $ 157,783 $ 317,136 $ 220,071 $ 52,879 $ 67,115 $ 19,456 $ 11,507 $ 1,031,009 |
Property Held For Sale (Tables)
Property Held For Sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Schedule Of Activity Of Property Held For Sale | he following table presents the activity of property held for sale during 2015 and 2014 . Dollars in thousands 2015 2014 Beginning balance $ 37,529 $ 53,392 Acquisitions 2,617 2,673 Capitalized improvements 39 87 Dispositions (12,203 ) (14,852 ) Valuation adjustments (2,415 ) (3,771 ) Balance at year end $ 25,567 $ 37,529 |
Premises And Equipment (Tables)
Premises And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The major categories of premises and equipment and accumulated depreciation at December 31, 2015 and 2014 are summarized as follows: Dollars in thousands 2015 2014 Land $ 6,308 $ 6,308 Buildings and improvements 21,461 20,202 Furniture and equipment 14,552 13,223 42,321 39,733 Less accumulated depreciation 20,749 19,673 Total premises and equipment, net $ 21,572 $ 20,060 |
Goodwill And Other Intangible39
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | In addition, at December 31, 2015 and December 31, 2014 , we had $1.30 million and $1.50 million in unamortized identifiable customer intangible assets recorded in accordance with ASC Topic 805, Business Combinations . Goodwill Activity Dollars in thousands Community Banking Insurance Services Total Balance, January 1, 2015 $ 1,488 $ 4,710 $ 6,198 Acquired goodwill, net — — — Balance, December 31, 2015 $ 1,488 $ 4,710 $ 6,198 |
Summary Of Other Intangible Assets | Other Intangible Assets December 31, 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 — 1,700 1,700 — 1,500 1,500 Net carrying amount $ — $ 1,300 $ 1,300 $ — $ 1,500 $ 1,500 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Summary Of Interest Bearing Deposits By Type | The following is a summary of interest bearing deposits by type as of December 31, 2015 and 2014 : Dollars in thousands 2015 2014 Demand deposits, interest bearing $ 215,721 $ 204,030 Savings deposits 266,825 253,578 Time deposits 465,153 488,279 Total $ 947,699 $ 945,887 |
Summary Of Scheduled Maturities For All Time Deposits | A summary of the scheduled maturities for all time deposits as of December 31, 2015 is as follows: Dollars in thousands Amount 2016 $ 219,703 2017 74,574 2018 64,684 2019 35,320 2020 34,628 Thereafter 36,244 Total $ 465,153 |
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 December 31, 2015 : Dollars in thousands Amount Percent Three months or less $ 46,343 13.5 % Three through six months 53,533 15.6 % Six through twelve months 54,127 15.8 % Over twelve months 188,670 55.1 % Total $ 342,673 100.00 % |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | A summary of short-term borrowings is presented below. 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 December 31 $ 167,950 $ 3,444 $ 120,950 $ 2,683 Average balance outstanding for the period 146,412 4,690 94,982 5,804 Maximum balance outstanding at any month end during period 171,160 7,438 136,800 8,976 Weighted average interest rate for the period 0.43 % 0.50 % 0.31 % 0.25 % Weighted average interest rate for balances outstanding at December 31 0.35 % 0.26 % 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 December 31, Dollars in thousands 2015 2014 Long-term FHLB advances $ 873 $ 977 Long-term reverse repurchase agreements 72,000 72,000 Term loan 2,708 4,513 Total $ 75,581 $ 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 owed to unconsolidated subsidiary trusts 2016 $ 28,911 $ — 2017 919 — 2018 45,017 — 2019 18 — 2020 18 — Thereafter 698 19,589 Total $ 75,581 $ 19,589 |
Derivative Financial Instrume42
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | A summary of our derivative financial instruments as of December 31, 2015 and 2014 follows: December 31, 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 $ — $ 5,071 $ — FAIR VALUE HEDGES Pay-fixed/receive-variable interest rate swaps Commercial loans $ 21,250 $ 94 $ 95 $ — 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 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of applicable income tax expense for the years ended December 31, 2015 , 2014 and 2013 , are as follows: Dollars in thousands 2015 2014 2013 Current Federal $ 6,219 $ 3,380 $ 861 State 484 294 41 6,703 3,674 902 Deferred Federal 165 920 1,587 State 25 84 199 190 1,004 1,786 Total $ 6,893 $ 4,678 $ 2,688 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation between the amount of reported income tax expense and the amount computed by multiplying the statutory income tax rates by book pretax income for the years ended December 31, 2015 , 2014 and 2013 is as follows: 2015 2014 2013 Dollars in thousands Amount Percent Amount Percent Amount Percent Computed tax at applicable statutory rate $ 8,048 35 $ 5,612 35 $ 3,765 35 Increase (decrease) in taxes resulting from: Tax-exempt interest and dividends, net (1,047 ) (4 ) (996 ) (6 ) (932 ) (9 ) State income taxes, net of Federal income tax benefit 331 1 245 1 156 1 Other, net (439 ) (2 ) (183 ) (1 ) (301 ) (3 ) Applicable income taxes $ 6,893 30 $ 4,678 29 $ 2,688 24 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences, which give rise to our deferred tax assets and liabilities as of December 31, 2015 and 2014 , are as follows: Dollars in thousands 2015 2014 Deferred tax assets Allowance for loan losses $ 4,245 $ 4,128 Depreciation 168 168 Foreclosed properties 4,506 5,197 Deferred compensation 2,554 2,265 Other deferred costs and accrued expenses 387 349 Other-than-temporarily impaired securities 257 257 Net unrealized loss on interest rate swaps 1,876 1,077 NOL and tax credit carryforwards 25 37 Total 14,018 13,478 Deferred tax liabilities Accretion on tax-exempt securities 3 8 Net unrealized gain on securities available for sale 1,609 2,297 Purchase accounting adjustments and goodwill 743 806 Total 2,355 3,111 Net deferred tax assets $ 11,663 $ 10,367 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefits and Share-based Compensation [Abstract] | |
Employee Stock Ownership Plan (ESOP) Disclosures | The ESOP shares as of December 31 are as follows: ESOP Shares At December 31, 2015 2014 Allocated shares 379,860 321,449 Shares committed to be released 26,511 — Unallocated shares 181,822 — Total ESOP shares 588,193 321,449 Market value of unallocated shares (in thousands) $ 2,160 $ — |
Schedule of Stock Options, Activity | A summary of activity in our Plans during 2013 , 2014 and 2015 is as follows: Options / SARs Weighted- Average Exercise Price (WAEP) Outstanding, December 31, 2012 249,700 $ 18.98 Granted — — Exercised (17,800 ) 5.37 Forfeited (1,750 ) 19.69 Expired (44,740 ) 21.83 Outstanding, December 31, 2013 185,410 $ 19.59 Granted — — Exercised (10,160 ) 6.98 Forfeited (6,500 ) 24.44 Expired (11,580 ) 16.64 Outstanding, December 31, 2014 157,170 $ 20.43 Granted 166,717 12.01 Exercised (6,560 ) 7.87 Forfeited — — Expired (73,180 ) 23.67 Outstanding, December 31, 2015 244,147 $ 14.05 Exercisable Options/SARs: December 31, 2015 77,430 $ 18.43 December 31, 2014 156,170 $ 20.54 December 31, 2013 182,810 $ 19.24 |
Schedule of Shares Authorized under Stock Option Plans, by Exercise Price Range | Other information regarding awards outstanding and exercisable at December 31, 2015 is as follows: Options/SARs Outstanding Options/SARs Exercisable Wted. Avg. Remaining Aggregate Intrinsic Aggregate Intrinsic Range of # of Contractual Value # of Value exercise price awards WAEP Life (yrs) (in thousands) awards WAEP (in thousands) $ 2.54 - $ 6.00 7,750 $ 3.75 5.18 $ 63 7,750 $ 3.75 $ 63 6.01 - 10.00 12,680 8.71 2.65 40 12,680 8.71 40 10.01 - 17.50 166,717 12.01 9.32 — — — — 17.51 - 20.00 23,400 17.80 2.00 — 23,400 17.80 — 20.01 - 25.93 33,600 25.93 2.44 — 33,600 25.93 — 244,147 $ 14.05 $ 103 77,430 $ 18.43 $ 103 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, Commitments to extend credit: Revolving home equity and credit card lines $ 58,008 Construction loans 32,044 Other loans 49,775 Standby letters of credit 5,302 Total $ 145,129 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Our actual capital amounts and ratios as well as our subsidiary, Summit Community Bank’s (“Summit Community”) are presented in the following table. 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 December 31, 2015 CET1 (to risk weighted assets) Summit $ 137,849 11.8 % $ 81,775 7.0 % $ 75,934 6.5 % Summit Community 158,081 13.6 % 81,365 7.0 % 75,553 6.5 % Tier I Capital (to risk weighted assets) Summit 156,849 13.4 % 99,494 8.5 % 93,641 8.0 % Summit Community 158,081 13.6 % 98,801 8.5 % 92,989 8.0 % Total Capital (to risk weighted assets) Summit 168,321 14.4 % 122,734 10.5 % 116,890 10.0 % Summit Community 169,553 14.5 % 122,780 10.5 % 116,933 10.0 % Tier I Capital (to average assets) Summit 156,849 10.7 % 58,635 4.0 % 73,294 5.0 % Summit Community 158,081 10.8 % 58,549 4.0 % 73,186 5.0 % 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) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information for each of our segments is included below: December 31, 2015 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 46,744 $ — $ (728 ) $ — $ 46,016 Provision for loan losses 1,250 — — — 1,250 Net interest income after provision for loan losses 45,494 — (728 ) — 44,766 Other income 7,324 4,537 1,133 (1,133 ) 11,861 Other expenses 28,060 4,315 2,390 (1,133 ) 33,632 Income (loss) before income taxes 24,758 222 (1,985 ) — 22,995 Income tax expense (benefit) 7,542 43 (692 ) — 6,893 Net income (loss) 17,216 179 (1,293 ) — 16,102 Dividends on preferred shares — — — — — Net income (loss) applicable to common shares $ 17,216 $ 179 $ (1,293 ) $ — $ 16,102 Inter-segment revenue (expense) $ (1,047 ) $ (86 ) $ 1,133 $ — $ — Average assets $ 1,496,396 $ 5,923 $ 167,839 $ (203,571 ) $ 1,466,587 December 31, 2014 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 44,209 $ — $ (1,824 ) $ — $ 42,385 Provision for loan losses 2,250 — — — 2,250 Net interest income after provision for loan losses 41,959 — (1,824 ) — 40,135 Other income 6,299 4,882 1,231 (1,189 ) 11,223 Other expenses 30,579 4,188 1,746 (1,189 ) 35,324 Income (loss) before income taxes 17,679 694 (2,339 ) — 16,034 Income tax expense (benefit) 5,191 226 (739 ) — 4,678 Net income (loss) 12,488 468 (1,600 ) — 11,356 Dividends on preferred shares — — 771 — 771 Net income (loss) applicable to common shares $ 12,488 $ 468 $ (2,371 ) $ — $ 10,585 Inter-segment revenue (expense) $ (1,071 ) $ (118 ) $ 1,189 $ — $ — Average assets $ 1,466,521 $ 6,130 $ 164,769 $ (217,418 ) $ 1,420,002 December 31, 2013 Dollars in thousands Community Banking Insurance & Financial Services Parent Eliminations Total Net interest income $ 40,725 $ — $ (1,922 ) $ — $ 38,803 Provision for loan losses 4,500 — — — 4,500 Net interest income after provision for loan losses 36,225 — (1,922 ) — 34,303 Other income 6,375 4,834 1,087 (1,087 ) 11,209 Other expenses 29,534 4,592 1,717 (1,087 ) 34,756 Income (loss) before income taxes 13,066 242 (2,552 ) — 10,756 Income tax expense (benefit) 3,490 92 (894 ) — 2,688 Net income (loss) 9,576 150 (1,658 ) — 8,068 Dividends on preferred shares — — 775 — 775 Net income (loss) applicable to common shares $ 9,576 $ 150 $ (2,433 ) $ — $ 7,293 Inter-segment revenue (expense) $ (979 ) $ (108 ) $ 1,087 $ — $ — Average assets $ 1,431,131 $ 6,176 $ 157,249 $ (211,600 ) $ 1,382,956 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2015 2014 2013 Common Common Common Dollars in thousands, Income Shares Per Income Shares Per Income Shares Per except per share amounts (Numerator) (Denominator) Share (Numerator) (Denominator) Share (Numerator) (Denominator) Share Net income $ 16,102 $ 11,356 $ 8,068 Less preferred stock dividends — (771 ) (775 ) Basic EPS $ 16,102 10,295,434 $ 1.56 $ 10,585 7,539,444 $ 1.40 $ 7,293 7,442,689 $ 0.98 Effect of dilutive securities: Stock options 8,353 9,381 7,532 Stock appreciation rights (SARs) — — — Series 2011 convertible preferred stock — 285,610 476 1,489,735 478 1,496,738 Series 2009 convertible preferred stock — 125,878 295 673,001 297 674,545 Diluted EPS $ 16,102 10,715,275 $ 1.50 $ 11,356 9,711,561 $ 1.17 $ 8,068 9,621,504 $ 0.84 |
Condensed Financial Statement49
Condensed Financial Statements Of Parent Company (Tables) - Parent Company [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheets | Balance Sheets December 31, Dollars in thousands 2015 2014 Assets Cash $ 1,984 $ 13,115 Investment in subsidiaries, eliminated in consolidation 164,787 159,839 Securities available for sale 166 102 Premises and equipment 81 65 Other assets 1,677 1,641 Total assets $ 168,695 $ 174,762 Liabilities and Shareholders' Equity Long-term borrowings $ 2,708 $ 4,513 Subordinated debentures — 16,800 Subordinated debentures owed to unconsolidated subsidiary trusts 19,589 19,589 Other liabilities 2,654 2,216 Total liabilities 24,951 43,118 Preferred stock and related surplus, authorized 250,000 shares: Series 2009, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 3,610 shares — 3,419 Series 2011, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 11,914 shares — 5,764 Common stock and related surplus, $2.50 par value, authorized 20,000,000 shares; issued 2015 - 10,671,744 shares; 2014 - 8,301,746 shares 45,741 32,670 Unallocated common stock held by Employee Stock Ownership Plan - 2015 - 181,822 (1,964 ) — Retained earnings 100,423 87,719 Accumulated other comprehensive income (loss) (456 ) 2,072 Total shareholders' equity 143,744 131,644 Total liabilities and shareholders' equity $ 168,695 $ 174,762 |
Statements of Income | Statements of Income For the Year Ended December 31, Dollars in thousands 2015 2014 2013 Income Dividends from subsidiaries $ 10,000 $ 6,500 $ 2,500 Other dividends and interest income 19 22 26 Realized securities gains — 41 — Management and service fees from subsidiaries 1,133 1,189 1,087 Total income 11,152 7,752 3,613 Expense Interest expense 747 1,845 1,948 Operating expenses 2,390 1,746 1,717 Total expenses 3,137 3,591 3,665 Income (loss) before income taxes and equity in undistributed income of subsidiaries 8,015 4,161 (52 ) Income tax (benefit) (692 ) (739 ) (894 ) Income before equity in undistributed income of subsidiaries 8,707 4,900 842 Equity in (distributed) undistributed income of subsidiaries 7,395 6,456 7,226 Net income 16,102 11,356 8,068 Dividends on preferred shares — 771 775 Net income applicable to common shares $ 16,102 $ 10,585 $ 7,293 |
Statements of Cash Flows | Statements of Cash Flows For the Year Ended December 31, Dollars in thousands 2015 2014 2013 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 16,102 $ 11,356 $ 8,068 Adjustments to reconcile net earnings to net cash provided by operating activities: Equity in (undistributed) distributed net income of subsidiaries (7,395 ) (6,456 ) (7,226 ) Deferred tax expense (benefit) (42 ) 46 (107 ) Depreciation 30 23 2 Realized securities gains — (41 ) — Stock compensation expense 72 1 2 (Increase) decrease in cash surrender value of bank owned life insurance 4 1 (5 ) (Increase) decrease in other assets 5 19 15 Increase (decrease) in other liabilities 943 57 (738 ) Net cash provided by operating activities 9,719 5,006 11 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds sales of available for sale securities — 112 — Principal payments received on available for sale securities — 8 440 Purchase of available for sale securities (70 ) — (199 ) Purchases of premises and equipment (46 ) (6 ) (84 ) Net cash provided by (used in) investing activities (116 ) 114 157 CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid on preferred stock (191 ) (774 ) (776 ) Dividends paid on common stock, net of reinvestment (3,330 ) — — Exercise of stock options 51 71 96 Net proceeds from long-term borrowings — — 3,454 Repayment of long-term borrowings (1,838 ) (4,402 ) (3,159 ) Repayment of subordinated debt (16,800 ) — — Repurchase and retirement of common stock (1,080 ) — — Purchase of unallocated common stock held by ESOP (2,250 ) — — Net proceeds from issuance of common stock 4,704 7,822 — Net cash provided by (used in) financing activities (20,734 ) 2,717 (385 ) Increase (decrease) in cash (11,131 ) 7,837 (217 ) Cash: Beginning 13,115 5,278 5,495 Ending $ 1,984 $ 13,115 $ 5,278 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash payments for: Interest $ 761 $ 1,909 $ 1,942 |
Quarterly Financial Data (Una50
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | A summary of our unaudited selected quarterly financial data is as follows: 2015 First Second Third Fourth Dollars in thousands, except per share amounts Quarter Quarter Quarter Quarter Interest income $ 14,743 $ 14,658 $ 14,531 $ 14,951 Net interest income 11,520 11,458 11,305 11,733 Net income 4,285 4,010 3,661 4,146 Net income applicable to common shares 4,285 4,010 3,661 4,146 Basic earnings per share $ 0.49 $ 0.38 $ 0.34 $ 0.39 Diluted earnings per share $ 0.41 $ 0.38 $ 0.34 $ 0.39 2014 First Second Third Fourth Dollars in thousands, except per share amounts Quarter Quarter Quarter Quarter Interest income $ 14,070 $ 14,344 $ 14,760 $ 14,452 Net interest income 10,038 10,320 11,077 10,951 Net income 2,389 2,432 3,336 3,199 Net income applicable to common shares 2,195 2,239 3,143 3,008 Basic earnings per share $ 0.29 $ 0.30 $ 0.42 $ 0.39 Diluted earnings per share $ 0.25 $ 0.25 $ 0.35 $ 0.32 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Threshold Period for Ordering Appraisal on Impaired Loans, Length of Existing Appraisal | 12 months |
Length of Time Generally Receive New Appraisal Post Impairment | 3 months |
Length of Time Generally Receive New Appraisal 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | $ 280,792 | $ 282,834 |
U.S. Government and agencies and corporations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 21,475 | 23,174 |
Government-sponsored agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 146,734 | 149,777 |
Nongovernment-sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 7,885 | 12,145 |
State and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 1,953 | 8,694 |
Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 14,226 | 3,776 |
Other equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 77 | 7 |
Tax-exempt state and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 88,442 | 85,261 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap | 5,072 | 2,911 |
Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, Level 1 [Member] | U.S. Government and agencies and corporations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, Level 1 [Member] | Government-sponsored agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, Level 1 [Member] | Nongovernment-sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, Level 1 [Member] | State and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, Level 1 [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, Level 1 [Member] | Other equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, Level 1 [Member] | Tax-exempt state and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, 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, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 274,933 | 279,058 |
Fair Value, Level 2 [Member] | U.S. Government and agencies and corporations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 21,475 | 23,174 |
Fair Value, Level 2 [Member] | Government-sponsored agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 146,734 | 149,777 |
Fair Value, Level 2 [Member] | Nongovernment-sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 7,885 | 12,145 |
Fair Value, Level 2 [Member] | State and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 1,953 | 8,694 |
Fair Value, Level 2 [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 8,367 | 0 |
Fair Value, Level 2 [Member] | Other equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 77 | 7 |
Fair Value, Level 2 [Member] | Tax-exempt state and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 88,442 | 85,261 |
Fair Value, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap | 5,072 | 2,911 |
Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 5,859 | 3,776 |
Fair Value, Level 3 [Member] | U.S. Government and agencies and corporations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, Level 3 [Member] | Government-sponsored agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, Level 3 [Member] | Nongovernment-sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, Level 3 [Member] | State and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, Level 3 [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 5,859 | 3,776 |
Fair Value, Level 3 [Member] | Other equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, Level 3 [Member] | Tax-exempt state and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, fair value | 0 | 0 |
Fair Value, 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 |
Fair Value Measurements (Asse53
Fair Value Measurements (Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans held for sale | $ 779 | $ 527 |
Collateral-dependent impaired loans | 1,960 | 1,552 |
Foreclosed properties | 19,894 | 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 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 627 | 344 |
Foreclosed properties | 1,103 | 3,892 |
Construction and development [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 1,054 | 852 |
Foreclosed properties | 18,477 | 20,952 |
Residential real estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 279 | 312 |
Foreclosed properties | 314 | 2,025 |
Fair Value, 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, 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, Level 1 [Member] | Commercial real estate [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, Level 1 [Member] | Construction and development [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, Level 1 [Member] | Residential real estate [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, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans held for sale | 779 | 527 |
Collateral-dependent impaired loans | 279 | 1,508 |
Foreclosed properties | 19,836 | 26,758 |
Fair Value, 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, Level 2 [Member] | Commercial real estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 344 |
Foreclosed properties | 1,103 | 3,892 |
Fair Value, Level 2 [Member] | Construction and development [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 852 |
Foreclosed properties | 18,419 | 20,841 |
Fair Value, Level 2 [Member] | Residential real estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 279 | 312 |
Foreclosed properties | 314 | 2,025 |
Fair Value, 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 | 1,681 | 44 |
Foreclosed properties | 58 | 111 |
Fair Value, 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, Level 3 [Member] | Commercial real estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 627 | 0 |
Foreclosed properties | 0 | 0 |
Fair Value, Level 3 [Member] | Construction and development [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 1,054 | 0 |
Foreclosed properties | 58 | 111 |
Fair Value, Level 3 [Member] | Residential real estate [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 Measurements (Carryi
Fair Value Measurements (Carrying Values And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 280,792 | $ 282,834 |
Loans held for sale, net | 779 | 527 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 9,487 | 12,510 |
Securities available for sale | 280,792 | 282,834 |
Other investments | 8,949 | 6,183 |
Loans held for sale, net | 779 | 527 |
Loans, net | 1,079,331 | 1,019,842 |
Accrued interest receivable | 5,544 | 5,838 |
Total assets | 1,384,882 | 1,327,734 |
Deposits | 1,066,709 | 1,061,314 |
Short-term borrowings | 171,394 | 123,633 |
Long-term borrowings | 75,581 | 77,490 |
Subordinated debentures | 0 | 16,800 |
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589 | 19,589 |
Accrued interest payable | 826 | 812 |
Derivative financial liabilities | 5,072 | 2,911 |
Total liabilities | 1,339,171 | 1,302,549 |
Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 9,487 | 12,510 |
Securities available for sale | 280,792 | 282,834 |
Other investments | 8,949 | 6,183 |
Loans held for sale, net | 779 | 527 |
Loans, net | 1,084,955 | 1,033,890 |
Accrued interest receivable | 5,544 | 5,838 |
Total assets | 1,390,506 | 1,341,782 |
Deposits | 1,077,510 | 1,078,406 |
Short-term borrowings | 171,394 | 123,633 |
Long-term borrowings | 80,506 | 84,732 |
Subordinated debentures | 0 | 16,800 |
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589 | 19,589 |
Accrued interest payable | 826 | 812 |
Derivative financial liabilities | 5,072 | 2,911 |
Total liabilities | $ 1,354,897 | $ 1,326,883 |
Securities (Summary Of Amortize
Securities (Summary Of Amortized Cost, Unrealized Gains, Unrealized Losses And Estimated Fair Values) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | $ 276,443 | $ 276,631 |
Available for sale securities, Unrealized Gains | 5,576 | 7,170 |
Available for sale securities, Unrealized Losses | 1,227 | 967 |
Available for sale securities, Estimated Fair Value | 280,792 | 282,834 |
U.S. Government and agencies and corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 20,461 | 22,153 |
Available for sale securities, Unrealized Gains | 1,063 | 1,073 |
Available for sale securities, Unrealized Losses | 49 | 52 |
Available for sale securities, Estimated Fair Value | 21,475 | 23,174 |
Government-sponsored agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 145,586 | 147,951 |
Available for sale securities, Unrealized Gains | 1,943 | 2,599 |
Available for sale securities, Unrealized Losses | 795 | 773 |
Available for sale securities, Estimated Fair Value | 146,734 | 149,777 |
Nongovernment-sponsored entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 7,836 | 12,051 |
Available for sale securities, Unrealized Gains | 82 | 142 |
Available for sale securities, Unrealized Losses | 33 | 48 |
Available for sale securities, Estimated Fair Value | 7,885 | 12,145 |
State and political subdivisions, General obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 1,975 | |
Available for sale securities, Unrealized Gains | 2 | |
Available for sale securities, Unrealized Losses | 33 | |
Available for sale securities, Estimated Fair Value | 1,944 | |
State and policital subdivisions, Water and sewer revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 250 | 1,976 |
Available for sale securities, Unrealized Gains | 0 | 14 |
Available for sale securities, Unrealized Losses | 0 | 7 |
Available for sale securities, Estimated Fair Value | 250 | 1,983 |
State and policital subdivisions, Other revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 1,729 | 4,696 |
Available for sale securities, Unrealized Gains | 0 | 73 |
Available for sale securities, Unrealized Losses | 26 | 2 |
Available for sale securities, Estimated Fair Value | 1,703 | 4,767 |
Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 14,494 | 3,776 |
Available for sale securities, Unrealized Gains | 0 | 0 |
Available for sale securities, Unrealized Losses | 268 | 0 |
Available for sale securities, Estimated Fair Value | 14,226 | 3,776 |
Total taxable debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 190,356 | 194,578 |
Available for sale securities, Unrealized Gains | 3,088 | 3,903 |
Available for sale securities, Unrealized Losses | 1,171 | 915 |
Available for sale securities, Estimated Fair Value | 192,273 | 197,566 |
State and political subdivisions, General obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 52,490 | 49,515 |
Available for sale securities, Unrealized Gains | 1,767 | 2,338 |
Available for sale securities, Unrealized Losses | 41 | 12 |
Available for sale securities, Estimated Fair Value | 54,216 | 51,841 |
State and political subdivisions, Water and sewer revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 7,614 | 11,258 |
Available for sale securities, Unrealized Gains | 172 | 244 |
Available for sale securities, Unrealized Losses | 0 | 3 |
Available for sale securities, Estimated Fair Value | 7,786 | 11,499 |
State and political subdivisions, Lease revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 8,671 | 4,617 |
Available for sale securities, Unrealized Gains | 187 | 75 |
Available for sale securities, Unrealized Losses | 1 | 10 |
Available for sale securities, Estimated Fair Value | 8,857 | 4,682 |
State and political subdivisions, Lottery/casino revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 3,811 | |
Available for sale securities, Unrealized Gains | 206 | |
Available for sale securities, Unrealized Losses | 9 | |
Available for sale securities, Estimated Fair Value | 4,008 | |
State and Political Subdivisions Special Tax Revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 4,532 | |
Available for sale securities, Unrealized Gains | 72 | |
Available for sale securities, Unrealized Losses | 0 | |
Available for sale securities, Estimated Fair Value | 4,604 | |
State and political subdivisions, Other revenues [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 12,703 | 12,845 |
Available for sale securities, Unrealized Gains | 290 | 404 |
Available for sale securities, Unrealized Losses | 14 | 18 |
Available for sale securities, Estimated Fair Value | 12,979 | 13,231 |
Total tax-exempt debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 86,010 | 82,046 |
Available for sale securities, Unrealized Gains | 2,488 | 3,267 |
Available for sale securities, Unrealized Losses | 56 | 52 |
Available for sale securities, Estimated Fair Value | 88,442 | 85,261 |
Equity securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 77 | 7 |
Available for sale securities, Unrealized Gains | 0 | 0 |
Available for sale securities, Unrealized Losses | 0 | 0 |
Available for sale securities, Estimated Fair Value | $ 77 | $ 7 |
Securities (Summary of Volume o
Securities (Summary of Volume of State and Political Subdivision Securities Held in Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | $ 276,443 | $ 276,631 |
Available for sale securities, Unrealized Gains | 5,576 | 7,170 |
Available for sale securities, Unrealized Losses | 1,227 | 967 |
Available for sale securities, Estimated Fair Value | 280,792 | $ 282,834 |
ILLINOIS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 9,899 | |
Available for sale securities, Unrealized Gains | 302 | |
Available for sale securities, Unrealized Losses | 2 | |
Available for sale securities, Estimated Fair Value | 10,199 | |
TEXAS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 9,636 | |
Available for sale securities, Unrealized Gains | 334 | |
Available for sale securities, Unrealized Losses | 0 | |
Available for sale securities, Estimated Fair Value | 9,970 | |
West Virginia [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 7,736 | |
Available for sale securities, Unrealized Gains | 117 | |
Available for sale securities, Unrealized Losses | 0 | |
Available for sale securities, Estimated Fair Value | 7,853 | |
Ohio [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 7,246 | |
Available for sale securities, Unrealized Gains | 114 | |
Available for sale securities, Unrealized Losses | 0 | |
Available for sale securities, Estimated Fair Value | 7,360 | |
CALIFORNIA | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 6,139 | |
Available for sale securities, Unrealized Gains | 202 | |
Available for sale securities, Unrealized Losses | 15 | |
Available for sale securities, Estimated Fair Value | $ 6,326 |
Securities (Summary Of Proceeds
Securities (Summary Of Proceeds From Sales, Calls And Maturities, Principal Payments, Gains And Losses Of Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Available-for-sale Securities [Abstract] | |||
Securities available for sale, Proceeds from Sales | $ 69,632 | $ 80,914 | $ 54,340 |
Securities available for sale, Proceeds from Calls and Maturities | 2,043 | 4,051 | 2,669 |
Securities available for sale, Proceeds from Principal Payments | 38,502 | 34,390 | 62,179 |
Securities available for sale, Gross realized Gains | 1,732 | 1,037 | 674 |
Securities available for sale, Gross realized Losses | $ 288 | $ 824 | $ 434 |
Securities (Summary Of Maturiti
Securities (Summary Of Maturities, Amortized Cost And Estimated Fair Values Of Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 52,801 | |
Due from one to five years, Amortized Cost | 101,061 | |
Due from five to ten years, Amortized Cost | 21,248 | |
Due after ten years, Amortized Cost | 101,256 | |
Equity securities, Amortized Cost | 77 | |
Total Amortized Cost | 276,443 | $ 276,631 |
Due in one year or less, Estimated Fair Value | 53,343 | |
Due from one to five years, Estimated Fair Value | 101,891 | |
Due from five to ten years, Estimated Fair Value | 21,661 | |
Due after ten years, Estimated Fair Value | 103,820 | |
Equity securities, Estimated Fair Value | 77 | |
Total Estimated Fair Value | $ 280,792 |
Securities (Narrative) (Details
Securities (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)securitystate | Dec. 31, 2014USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | ||
State and Political Subdivisions Securities, Number of States with Highest Volume | state | 5 | |
Securities pledged to secure public deposits and other purposes | $ | $ 131.2 | $ 128.1 |
Securities held with an unrealized loss position | security | 64 | |
Residential Mortgage Backed Securities [Member] | Minimum [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Contractual maturity | 4 years | |
Estimated average life to maturity | 1 year | |
Residential Mortgage Backed Securities [Member] | Maximum [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Contractual maturity | 50 years | |
Estimated average life to maturity | 32 years |
Securities (Summary Of Other-Th
Securities (Summary Of Other-Than-Temporary Impairment Losses On Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Available-for-sale Securities [Abstract] | |||
Total other-than-temporary impairment losses | $ 0 | $ (1) | $ (155) |
Non-credit related other-than-temporary impairment on available for sale debt securities | 0 | 0 | 37 |
Net impairment loss recognized in earnings | $ 0 | $ (1) | $ (118) |
Securities (Summary Of Securiti
Securities (Summary Of Securities Available For Sale In Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | $ 75,212 | $ 49,087 |
Less than 12 months, Unrealized Loss | (921) | (600) |
12 months or more, Estimated Fair Value | 14,642 | 32,701 |
12 months or more, Unrealized Loss | (306) | (367) |
Total Estimated Fair Value | 89,854 | 81,788 |
Total Unrealized Loss | (1,227) | (967) |
Temporarily Impaired Securities Member | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 75,212 | 49,087 |
Less than 12 months, Unrealized Loss | (921) | (600) |
12 months or more, Estimated Fair Value | 14,642 | 32,701 |
12 months or more, Unrealized Loss | (306) | (367) |
Total Estimated Fair Value | 89,854 | 81,788 |
Total Unrealized Loss | (1,227) | (967) |
Temporarily Impaired Securities Member | U.S. Government and agencies and corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 2,104 | 0 |
Less than 12 months, Unrealized Loss | (2) | 0 |
12 months or more, Estimated Fair Value | 3,151 | 3,912 |
12 months or more, Unrealized Loss | (47) | (52) |
Total Estimated Fair Value | 5,255 | 3,912 |
Total Unrealized Loss | (49) | (52) |
Temporarily Impaired Securities Member | Government-sponsored agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 52,970 | 36,825 |
Less than 12 months, Unrealized Loss | (569) | (535) |
12 months or more, Estimated Fair Value | 8,672 | 21,915 |
12 months or more, Unrealized Loss | (226) | (238) |
Total Estimated Fair Value | 61,642 | 58,740 |
Total Unrealized Loss | (795) | (773) |
Temporarily Impaired Securities Member | Nongovernment-sponsored entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 2,298 | 5,488 |
Less than 12 months, Unrealized Loss | 0 | (44) |
12 months or more, Estimated Fair Value | 2,819 | 2,163 |
12 months or more, Unrealized Loss | (33) | (4) |
Total Estimated Fair Value | 5,117 | 7,651 |
Total Unrealized Loss | (33) | (48) |
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 | |
Less than 12 months, Unrealized Loss | 0 | |
12 months or more, Estimated Fair Value | 316 | |
12 months or more, Unrealized Loss | (33) | |
Total Estimated Fair Value | 316 | |
Total Unrealized 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 | |
Less than 12 months, Unrealized Loss | 0 | |
12 months or more, Estimated Fair Value | 817 | |
12 months or more, Unrealized Loss | (7) | |
Total Estimated Fair Value | 817 | |
Total Unrealized 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 | 1,702 | 1,098 |
Less than 12 months, Unrealized Loss | (26) | (2) |
12 months or more, Estimated Fair Value | 0 | 0 |
12 months or more, Unrealized Loss | 0 | 0 |
Total Estimated Fair Value | 1,702 | 1,098 |
Total Unrealized Loss | (26) | (2) |
Temporarily Impaired Securities Member | Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 8,367 | 0 |
Less than 12 months, Unrealized Loss | (268) | 0 |
12 months or more, Estimated Fair Value | 0 | 0 |
12 months or more, Unrealized Loss | 0 | 0 |
Total Estimated Fair Value | 8,367 | 0 |
Total Unrealized Loss | (268) | 0 |
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 | 5,977 | 3,708 |
Less than 12 months, Unrealized Loss | (41) | (8) |
12 months or more, Estimated Fair Value | 0 | 438 |
12 months or more, Unrealized Loss | 0 | (4) |
Total Estimated Fair Value | 5,977 | 4,146 |
Total Unrealized Loss | (41) | (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 | 721 | |
Less than 12 months, Unrealized Loss | (3) | |
12 months or more, Estimated Fair Value | 0 | |
12 months or more, Unrealized Loss | 0 | |
Total Estimated Fair Value | 721 | |
Total Unrealized Loss | (3) | |
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 | 576 | 0 |
Less than 12 months, Unrealized Loss | (1) | 0 |
12 months or more, Estimated Fair Value | 0 | 1,168 |
12 months or more, Unrealized Loss | 0 | (10) |
Total Estimated Fair Value | 576 | 1,168 |
Total Unrealized Loss | (1) | (10) |
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 | 0 | |
Less than 12 months, Unrealized Loss | 0 | |
12 months or more, Estimated Fair Value | 1,126 | |
12 months or more, Unrealized Loss | (9) | |
Total Estimated Fair Value | 1,126 | |
Total Unrealized Loss | (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 | 1,218 | 1,247 |
Less than 12 months, Unrealized Loss | (14) | (8) |
12 months or more, Estimated Fair Value | 0 | 846 |
12 months or more, Unrealized Loss | 0 | (10) |
Total Estimated Fair Value | 1,218 | 2,093 |
Total Unrealized Loss | (14) | (18) |
Other Than Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Estimated Fair Value | 0 | 0 |
Less than 12 months, Unrealized Loss | 0 | 0 |
12 months or more, Estimated Fair Value | 0 | 0 |
12 months or more, Unrealized Loss | 0 | 0 |
Total Estimated Fair Value | 0 | 0 |
Total Unrealized Loss | $ 0 | $ 0 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans and Leases Receivable Disclosure [Abstract] | |||
Threshold Period Past Due for Loans to be Default | 30 days | ||
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 | ||
Average impaired balance | 44,060,000 | $ 46,643,000 | $ 56,900,000 |
Interest income recognized while impaired | 1,524,000 | 1,784,000 | $ 2,000,000 |
Troubled debt restructurings included in impaired loans | 30,500,000 | 34,700,000 | |
Current Troubled debt restructurings included in impaired loans | 28,900,000 | $ 32,200,000 | |
Troubled debt restructuring, aggregate exposure | 2,000,000 | ||
Threshold for related party loans | $ 60,000 |
Loans (Summary Of Loans, Net Of
Loans (Summary Of Loans, Net Of Unearned Fees) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, net of unearned fees | $ 1,090,803 | $ 1,031,009 |
Less allowance for loan losses | 11,472 | 11,167 |
Loans, net | 1,079,331 | 1,019,842 |
Commercial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, net of unearned fees | 97,201 | 88,590 |
Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, net of unearned fees | 203,555 | 157,783 |
Non Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, net of unearned fees | 337,294 | 317,136 |
Land And Land Improvements [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, net of unearned fees | 65,500 | 67,881 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, net of unearned fees | 9,970 | 28,591 |
Non Jumbo [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, net of unearned fees | 221,750 | 220,071 |
Jumbo [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, net of unearned fees | 50,313 | 52,879 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, net of unearned fees | 74,300 | 67,115 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, net of unearned fees | 19,251 | 19,456 |
Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, net of unearned fees | $ 11,669 | $ 11,507 |
Loans (Loan Maturities) (Detail
Loans (Loan Maturities) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan maturities, Within 1 Year | $ 103,815 |
Loan maturities, After 1 but within 5 Years | 134,647 |
Loan maturities, After 5 Years | 852,341 |
Loans due after one year with: Variable rates | 138,002 |
Loans due after one year with: Fixed rates | 848,986 |
Loans due after one year | 986,988 |
Commercial Loan [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan maturities, Within 1 Year | 39,542 |
Loan maturities, After 1 but within 5 Years | 39,968 |
Loan maturities, After 5 Years | 17,691 |
Commercial Real Estate Portfolio Segment [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan maturities, Within 1 Year | 16,623 |
Loan maturities, After 1 but within 5 Years | 56,690 |
Loan maturities, After 5 Years | 467,536 |
Construction Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan maturities, Within 1 Year | 35,419 |
Loan maturities, After 1 but within 5 Years | 8,811 |
Loan maturities, After 5 Years | 31,239 |
Residential Portfolio Segment [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan maturities, Within 1 Year | 7,669 |
Loan maturities, After 1 but within 5 Years | 15,344 |
Loan maturities, After 5 Years | 323,350 |
Consumer Portfolio Segment [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan maturities, Within 1 Year | 3,893 |
Loan maturities, After 1 but within 5 Years | 12,522 |
Loan maturities, After 5 Years | 2,836 |
Other Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan maturities, Within 1 Year | 669 |
Loan maturities, After 1 but within 5 Years | 1,312 |
Loan maturities, After 5 Years | $ 9,689 |
Loans (Schedule Of Contractual
Loans (Schedule Of Contractual Aging Of Recorded Investment In Past Due Loans By Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due, 30-59 days | $ 4,491 | $ 6,372 |
Past Due, 60-89 days | 3,466 | 5,168 |
Past Due, greater than 90 days | 8,255 | 10,060 |
Past Due, Total | 16,212 | 21,600 |
Current | 1,074,591 | 1,009,409 |
Recorded Investment greater then 90 days and Accruing | 9 | 0 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due, 30-59 days | 345 | 328 |
Past Due, 60-89 days | 26 | 117 |
Past Due, greater than 90 days | 632 | 330 |
Past Due, Total | 1,003 | 775 |
Current | 96,198 | 87,815 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 |
Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due, 30-59 days | 158 | 121 |
Past Due, 60-89 days | 386 | 194 |
Past Due, greater than 90 days | 437 | 801 |
Past Due, Total | 981 | 1,116 |
Current | 202,574 | 156,667 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 |
Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due, 30-59 days | 1 | 146 |
Past Due, 60-89 days | 0 | 0 |
Past Due, greater than 90 days | 856 | 406 |
Past Due, Total | 857 | 552 |
Current | 336,437 | 316,584 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 |
Land And Land Improvements [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due, 30-59 days | 1,182 | 346 |
Past Due, 60-89 days | 194 | 2,002 |
Past Due, greater than 90 days | 4,547 | 4,253 |
Past Due, Total | 5,923 | 6,601 |
Current | 59,577 | 61,280 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due, 30-59 days | 0 | 0 |
Past Due, 60-89 days | 0 | 0 |
Past Due, greater than 90 days | 0 | 0 |
Past Due, Total | 0 | 0 |
Current | 9,970 | 28,591 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 |
Non Jumbo [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due, 30-59 days | 2,276 | 4,104 |
Past Due, 60-89 days | 2,647 | 2,719 |
Past Due, greater than 90 days | 1,591 | 1,498 |
Past Due, Total | 6,514 | 8,321 |
Current | 215,236 | 211,750 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 |
Jumbo [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due, 30-59 days | 0 | 0 |
Past Due, 60-89 days | 0 | 0 |
Past Due, greater than 90 days | 0 | 2,626 |
Past Due, Total | 0 | 2,626 |
Current | 50,313 | 50,253 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due, 30-59 days | 374 | 1,067 |
Past Due, 60-89 days | 172 | 94 |
Past Due, greater than 90 days | 100 | 83 |
Past Due, Total | 646 | 1,244 |
Current | 73,654 | 65,871 |
Recorded Investment greater then 90 days and Accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due, 30-59 days | 155 | 260 |
Past Due, 60-89 days | 41 | 42 |
Past Due, greater than 90 days | 92 | 63 |
Past Due, Total | 288 | 365 |
Current | 18,963 | 19,091 |
Recorded Investment greater then 90 days and Accruing | 9 | 0 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due, 30-59 days | 0 | 0 |
Past Due, 60-89 days | 0 | 0 |
Past Due, greater than 90 days | 0 | 0 |
Past Due, Total | 0 | 0 |
Current | 11,669 | 11,507 |
Recorded Investment greater then 90 days and Accruing | $ 0 | $ 0 |
Loans (Schedule Of Nonaccrual L
Loans (Schedule Of Nonaccrual Loans Included In Net Balance Of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 15,759 | $ 12,494 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 853 | 392 |
Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 437 | 1,218 |
Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 5,518 | 626 |
Land And Land Improvements [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 5,623 | 4,619 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Non Jumbo [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 2,987 | 2,663 |
Jumbo [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 0 | 2,626 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 258 | 267 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 83 | $ 83 |
Loans (Schedule Of Method Used
Loans (Schedule Of Method Used To Measure Impairment Of Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | $ 42,513 | $ 48,416 |
Commercial Loan [Member] | Fair Value Of Collateral [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 41 | 132 |
Commercial Loan [Member] | Discounted Cash Flow [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 201 | 362 |
Owner Occupied [Member] | Fair Value Of Collateral [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 783 | 1,683 |
Owner Occupied [Member] | Discounted Cash Flow [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 7,616 | 9,124 |
Non Owner Occupied [Member] | Fair Value Of Collateral [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 5,728 | 508 |
Non Owner Occupied [Member] | Discounted Cash Flow [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 7,722 | 5,999 |
Land And Land Improvements [Member] | Fair Value Of Collateral [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 6,597 | 11,998 |
Land And Land Improvements [Member] | Discounted Cash Flow [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 2,177 | 2,310 |
Non Jumbo [Member] | Fair Value Of Collateral [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 1,753 | 1,676 |
Non Jumbo [Member] | Discounted Cash Flow [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 4,378 | 5,252 |
Jumbo [Member] | Fair Value Of Collateral [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 3,869 | 7,594 |
Jumbo [Member] | Discounted Cash Flow [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 871 | 886 |
Home Equity [Member] | Fair Value Of Collateral [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 186 | 285 |
Home Equity [Member] | Discounted Cash Flow [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 523 | 523 |
Consumer Portfolio Segment [Member] | Fair Value Of Collateral [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 2 |
Consumer Portfolio Segment [Member] | Discounted Cash Flow [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | $ 68 | $ 82 |
Loans (Schedule Of Loans Indivi
Loans (Schedule Of Loans Individually Evaluated For Impairment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | $ 42,502 | $ 48,399 | |
Unpaid Principal Balance | 42,513 | 48,416 | |
Related Allowance | 776 | 816 | |
Average Impaired Balance | 44,060 | 46,643 | $ 56,900 |
Interest Income Recognized while impaired | 1,524 | 1,784 | $ 2,000 |
Commercial Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 242 | 370 | |
Without a related allowance, Unpaid Principal Balance | 242 | 369 | |
Without a related allowance, Average Impaired Balance | 319 | 430 | |
Without a related allowance, Interest Income Recognized while impaired | 17 | 27 | |
With a related allowance, Recorded Investment | 0 | 125 | |
With a related allowance, Unpaid Principal Balance | 0 | 125 | |
With a related allowance, Related Allowance | 0 | 81 | |
With a related allowance, Average Impaired Balance | 0 | 38 | |
With a related allowance, Interest Income Recognized while impaired | 0 | 0 | |
Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 5,401 | 5,362 | |
Without a related allowance, Unpaid Principal Balance | 5,402 | 5,361 | |
Without a related allowance, Average Impaired Balance | 5,438 | 5,309 | |
Without a related allowance, Interest Income Recognized while impaired | 191 | 192 | |
With a related allowance, Recorded Investment | 2,997 | 5,446 | |
With a related allowance, Unpaid Principal Balance | 2,997 | 5,446 | |
With a related allowance, Related Allowance | 45 | 287 | |
With a related allowance, Average Impaired Balance | 3,003 | 5,461 | |
With a related allowance, Interest Income Recognized while impaired | 135 | 216 | |
Non Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 10,740 | 3,645 | |
Without a related allowance, Unpaid Principal Balance | 10,741 | 3,647 | |
Without a related allowance, Average Impaired Balance | 9,982 | 4,420 | |
Without a related allowance, Interest Income Recognized while impaired | 310 | 199 | |
With a related allowance, Recorded Investment | 2,709 | 2,860 | |
With a related allowance, Unpaid Principal Balance | 2,709 | 2,860 | |
With a related allowance, Related Allowance | 386 | 74 | |
With a related allowance, Average Impaired Balance | 2,728 | 1,003 | |
With a related allowance, Interest Income Recognized while impaired | 72 | 40 | |
Land And Land Improvements [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 7,635 | 13,410 | |
Without a related allowance, Unpaid Principal Balance | 7,635 | 13,410 | |
Without a related allowance, Average Impaired Balance | 9,497 | 14,149 | |
Without a related allowance, Interest Income Recognized while impaired | 263 | 483 | |
With a related allowance, Recorded Investment | 1,139 | 898 | |
With a related allowance, Unpaid Principal Balance | 1,139 | 898 | |
With a related allowance, Related Allowance | 85 | 46 | |
With a related allowance, Average Impaired Balance | 1,154 | 933 | |
With a related allowance, Interest Income Recognized while impaired | 0 | 42 | |
Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 0 | 0 | |
Without a related allowance, Unpaid Principal Balance | 0 | 0 | |
Without a related allowance, Average Impaired Balance | 0 | 0 | |
Without a related allowance, Interest Income Recognized while impaired | 0 | 0 | |
With a related allowance, Recorded Investment | 0 | 0 | |
With a related allowance, Unpaid Principal Balance | 0 | 0 | |
With a related allowance, Related Allowance | 0 | 0 | |
With a related allowance, Average Impaired Balance | 0 | 0 | |
With a related allowance, Interest Income Recognized while impaired | 0 | 0 | |
Non Jumbo [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 3,590 | 4,289 | |
Without a related allowance, Unpaid Principal Balance | 3,600 | 4,300 | |
Without a related allowance, Average Impaired Balance | 3,316 | 3,853 | |
Without a related allowance, Interest Income Recognized while impaired | 160 | 185 | |
With a related allowance, Recorded Investment | 2,530 | 2,627 | |
With a related allowance, Unpaid Principal Balance | 2,531 | 2,628 | |
With a related allowance, Related Allowance | 226 | 282 | |
With a related allowance, Average Impaired Balance | 2,552 | 2,093 | |
With a related allowance, Interest Income Recognized while impaired | 114 | 98 | |
Jumbo [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 3,871 | 7,589 | |
Without a related allowance, Unpaid Principal Balance | 3,869 | 7,594 | |
Without a related allowance, Average Impaired Balance | 4,412 | 7,761 | |
Without a related allowance, Interest Income Recognized while impaired | 181 | 241 | |
With a related allowance, Recorded Investment | 871 | 885 | |
With a related allowance, Unpaid Principal Balance | 871 | 886 | |
With a related allowance, Related Allowance | 34 | 46 | |
With a related allowance, Average Impaired Balance | 878 | 892 | |
With a related allowance, Interest Income Recognized while impaired | 43 | 45 | |
Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 709 | 809 | |
Without a related allowance, Unpaid Principal Balance | 709 | 808 | |
Without a related allowance, Average Impaired Balance | 709 | 265 | |
Without a related allowance, Interest Income Recognized while impaired | 32 | 14 | |
With a related allowance, Recorded Investment | 0 | 0 | |
With a related allowance, Unpaid Principal Balance | 0 | 0 | |
With a related allowance, Related Allowance | 0 | 0 | |
With a related allowance, Average Impaired Balance | 0 | 0 | |
With a related allowance, Interest Income Recognized while impaired | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 68 | 84 | |
Without a related allowance, Unpaid Principal Balance | 68 | 84 | |
Without a related allowance, Average Impaired Balance | 72 | 36 | |
Without a related allowance, Interest Income Recognized while impaired | 6 | 2 | |
With a related allowance, Recorded Investment | 0 | 0 | |
With a related allowance, Unpaid Principal Balance | 0 | 0 | |
With a related allowance, Related Allowance | 0 | 0 | |
With a related allowance, Average Impaired Balance | 0 | 0 | |
With a related allowance, Interest Income Recognized while impaired | 0 | 0 | |
Total Without a Related Allowance | |||
Financing Receivable, Impaired [Line Items] | |||
Without a related allowance, Recorded Investment | 32,256 | 35,558 | |
Without a related allowance, Unpaid Principal Balance | 32,266 | 35,573 | |
Without a related allowance, Average Impaired Balance | 33,745 | 36,223 | |
Without a related allowance, Interest Income Recognized while impaired | 1,160 | 1,343 | |
Total With a Related Allowance | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance, Recorded Investment | 10,246 | 12,841 | |
With a related allowance, Unpaid Principal Balance | 10,247 | 12,843 | |
With a related allowance, Related Allowance | 776 | 816 | |
With a related allowance, Average Impaired Balance | 10,315 | 10,420 | |
With a related allowance, Interest Income Recognized while impaired | 364 | 441 | |
Total Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 30,863 | 32,116 | |
Unpaid Principal Balance | 30,865 | 32,116 | |
Related Allowance | 516 | 488 | |
Average Impaired Balance | 32,121 | 31,743 | |
Interest Income Recognized while impaired | 988 | 1,199 | |
Total Residential Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 11,571 | 16,199 | |
Unpaid Principal Balance | 11,580 | 16,216 | |
Related Allowance | 260 | 328 | |
Average Impaired Balance | 11,867 | 14,864 | |
Interest Income Recognized while impaired | 530 | 583 | |
Total Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 68 | 84 | |
Unpaid Principal Balance | 68 | 84 | |
Related Allowance | 0 | 0 | |
Average Impaired Balance | 72 | 36 | |
Interest Income Recognized while impaired | $ 6 | $ 2 |
Loans (Schedule Of Restructured
Loans (Schedule Of Restructured Trouble Debt Restructuring By Class) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)contract | Dec. 31, 2014USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | contract | 3 | 11 |
Pre-modification Recorded Investment | $ 1,209 | $ 3,709 |
Post-modification Recorded Investment | $ 1,209 | $ 3,861 |
Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | contract | 0 | 3 |
Pre-modification Recorded Investment | $ 0 | $ 82 |
Post-modification Recorded Investment | $ 0 | $ 86 |
Non Owner Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | contract | 0 | 1 |
Pre-modification Recorded Investment | $ 0 | $ 2,154 |
Post-modification Recorded Investment | $ 0 | $ 2,154 |
Land And Land Improvements [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | contract | 1 | 0 |
Pre-modification Recorded Investment | $ 1,182 | $ 0 |
Post-modification Recorded Investment | $ 1,182 | $ 0 |
Non Jumbo [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | contract | 1 | 5 |
Pre-modification Recorded Investment | $ 25 | $ 1,044 |
Post-modification Recorded Investment | $ 25 | $ 1,080 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | contract | 0 | 1 |
Pre-modification Recorded Investment | $ 0 | $ 411 |
Post-modification Recorded Investment | $ 0 | $ 523 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | contract | 1 | 1 |
Pre-modification Recorded Investment | $ 2 | $ 18 |
Post-modification Recorded Investment | $ 2 | $ 18 |
Loans (Schedule Of Defaults Dur
Loans (Schedule Of Defaults During Stated Period Of Trouble Debt Restructurings) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)contract | Dec. 31, 2014USD ($)contract | |
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 1 | 4 |
Recorded Investment at Default Date | $ | $ 1,182 | $ 253 |
Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 0 | 3 |
Recorded Investment at Default Date | $ | $ 0 | $ 86 |
Land And Land Improvements [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 1 | 0 |
Recorded Investment at Default Date | $ | $ 1,182 | $ 0 |
Non Jumbo [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of Defaults | contract | 0 | 1 |
Recorded Investment at Default Date | $ | $ 0 | $ 167 |
Loans (Schedule of the Activity
Loans (Schedule of the Activity Regarding TDRs by Loan Type) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Troubled Debt Restructurings [Roll Forward] | |
Troubled debt restructurings, beginning balance | $ 34,706 |
Additions | 1,209 |
Charge-offs | (168) |
Net (paydowns) advances | (5,222) |
Transfer into OREO | 0 |
Refinance out of TDR status | 0 |
Troubled debt restructurings, ending balance | 30,525 |
Allowance related to troubled debt restructurings | 463 |
Land And Land Improvements [Member] | |
Troubled Debt Restructurings [Roll Forward] | |
Troubled debt restructurings, beginning balance | 5,786 |
Additions | 1,182 |
Charge-offs | (168) |
Net (paydowns) advances | (2,611) |
Transfer into OREO | 0 |
Refinance out of TDR status | 0 |
Troubled debt restructurings, ending balance | 4,189 |
Allowance related to troubled debt restructurings | 0 |
Construction [Member] | |
Troubled Debt Restructurings [Roll Forward] | |
Troubled debt restructurings, beginning balance | 0 |
Additions | 0 |
Charge-offs | 0 |
Net (paydowns) advances | 0 |
Transfer into OREO | 0 |
Refinance out of TDR status | 0 |
Troubled debt restructurings, ending balance | 0 |
Allowance related to troubled debt restructurings | 0 |
Commercial Loan [Member] | |
Troubled Debt Restructurings [Roll Forward] | |
Troubled debt restructurings, beginning balance | 410 |
Additions | 0 |
Charge-offs | 0 |
Net (paydowns) advances | (168) |
Transfer into OREO | 0 |
Refinance out of TDR status | 0 |
Troubled debt restructurings, ending balance | 242 |
Allowance related to troubled debt restructurings | 0 |
Owner Occupied [Member] | |
Troubled Debt Restructurings [Roll Forward] | |
Troubled debt restructurings, beginning balance | 9,501 |
Additions | 0 |
Charge-offs | 0 |
Net (paydowns) advances | (187) |
Transfer into OREO | 0 |
Refinance out of TDR status | 0 |
Troubled debt restructurings, ending balance | 9,314 |
Allowance related to troubled debt restructurings | 190 |
Non Owner Occupied [Member] | |
Troubled Debt Restructurings [Roll Forward] | |
Troubled debt restructurings, beginning balance | 6,219 |
Additions | 0 |
Charge-offs | 0 |
Net (paydowns) advances | (160) |
Transfer into OREO | 0 |
Refinance out of TDR status | 0 |
Troubled debt restructurings, ending balance | 6,059 |
Allowance related to troubled debt restructurings | 12 |
Non Jumbo [Member] | |
Troubled Debt Restructurings [Roll Forward] | |
Troubled debt restructurings, beginning balance | 6,245 |
Additions | 25 |
Charge-offs | 0 |
Net (paydowns) advances | (774) |
Transfer into OREO | 0 |
Refinance out of TDR status | 0 |
Troubled debt restructurings, ending balance | 5,496 |
Allowance related to troubled debt restructurings | 226 |
Jumbo [Member] | |
Troubled Debt Restructurings [Roll Forward] | |
Troubled debt restructurings, beginning balance | 5,937 |
Additions | 0 |
Charge-offs | 0 |
Net (paydowns) advances | (1,302) |
Transfer into OREO | 0 |
Refinance out of TDR status | 0 |
Troubled debt restructurings, ending balance | 4,635 |
Allowance related to troubled debt restructurings | 35 |
Home Equity Line of Credit [Member] | |
Troubled Debt Restructurings [Roll Forward] | |
Troubled debt restructurings, beginning balance | 523 |
Additions | 0 |
Charge-offs | 0 |
Net (paydowns) advances | 0 |
Transfer into OREO | 0 |
Refinance out of TDR status | 0 |
Troubled debt restructurings, ending balance | 523 |
Allowance related to troubled debt restructurings | 0 |
Consumer Portfolio Segment [Member] | |
Troubled Debt Restructurings [Roll Forward] | |
Troubled debt restructurings, beginning balance | 85 |
Additions | 2 |
Charge-offs | 0 |
Net (paydowns) advances | (20) |
Transfer into OREO | 0 |
Refinance out of TDR status | 0 |
Troubled debt restructurings, ending balance | 67 |
Allowance related to troubled debt restructurings | 0 |
Other Loans [Member] | |
Troubled Debt Restructurings [Roll Forward] | |
Troubled debt restructurings, beginning balance | 0 |
Additions | 0 |
Charge-offs | 0 |
Net (paydowns) advances | 0 |
Transfer into OREO | 0 |
Refinance out of TDR status | 0 |
Troubled debt restructurings, ending balance | 0 |
Allowance related to troubled debt restructurings | $ 0 |
Loans (Schedule Of Recorded Inv
Loans (Schedule Of Recorded Investment Evaluated Based On Internal Risk Ratings) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,090,803 | $ 1,031,009 |
Land And Land Improvements [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 65,500 | 67,881 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 9,970 | 28,591 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 97,201 | 88,590 |
Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 203,555 | 157,783 |
Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 337,294 | 317,136 |
Pass [Member] | Land And Land Improvements [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 57,155 | 53,873 |
Pass [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 9,970 | 28,591 |
Pass [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 95,174 | 86,361 |
Pass [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 202,226 | 155,189 |
Pass [Member] | Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 329,861 | 306,710 |
Special Mention [Member] | Land And Land Improvements [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,598 | 1,673 |
Special Mention [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Special Mention [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,295 | 1,837 |
Special Mention [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 546 | 1,064 |
Special Mention [Member] | Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,602 | 8,933 |
Substandard [Member] | Land And Land Improvements [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,747 | 12,335 |
Substandard [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Substandard [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 732 | 392 |
Substandard [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 783 | 1,530 |
Substandard [Member] | Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,831 | 1,493 |
Doubtful [Member] | Land And Land Improvements [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Commercial Loan [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 Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial Loan [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 I73
Loans (Schedule Of Recorded Investment Evaluated Based On Aging Status Of Loans And Payment Activity) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 373,936 | $ 365,389 |
Performing Financing Receivable [Member] | Non Jumbo [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 218,763 | 217,408 |
Performing Financing Receivable [Member] | Jumbo [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 50,313 | 50,253 |
Performing Financing Receivable [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 74,042 | 66,848 |
Performing Financing Receivable [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 19,149 | 19,373 |
Performing Financing Receivable [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 11,669 | 11,507 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,347 | 5,639 |
Nonperforming Financing Receivable [Member] | Non Jumbo [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,987 | 2,663 |
Nonperforming Financing Receivable [Member] | Jumbo [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 2,626 |
Nonperforming Financing Receivable [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 258 | 267 |
Nonperforming Financing Receivable [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 102 | 83 |
Nonperforming Financing Receivable [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 0 | $ 0 |
Loans Loans (Activity for Relat
Loans Loans (Activity for Related Party Loans of $60,000 or More) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance, beginning | $ 20,586 | $ 18,577 |
Additions | 11,095 | 13,842 |
Amounts collected | (6,142) | (11,833) |
Other changes, net | (2,565) | 0 |
Balance, ending | $ 22,974 | $ 20,586 |
Allowance For Loan Losses (Narr
Allowance For Loan Losses (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | $ 11,167 | $ 12,659 | $ 17,933 |
Total Losses | 2,151 | 4,833 | 10,959 |
Total Recoveries | 1,206 | 1,091 | 1,185 |
Net losses | 945 | 3,742 | 9,774 |
Provision for loan losses | 1,250 | 2,250 | 4,500 |
Ending balance | 11,472 | 11,167 | 12,659 |
Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 1,204 | 1,324 | |
Total Losses | 77 | 390 | 723 |
Total Recoveries | 10 | 34 | 12 |
Provision for loan losses | (356) | 236 | |
Ending balance | 781 | 1,204 | 1,324 |
Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 927 | 969 | |
Total Losses | 559 | 11 | 1,031 |
Total Recoveries | 290 | 40 | 8 |
Provision for loan losses | 931 | (71) | |
Ending balance | 1,589 | 927 | 969 |
Non Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 1,316 | 641 | |
Total Losses | 178 | 0 | 9 |
Total Recoveries | 13 | 318 | 674 |
Provision for loan losses | 1,826 | 357 | |
Ending balance | 2,977 | 1,316 | 641 |
Land And Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 3,417 | 5,455 | |
Total Losses | 457 | 3,535 | 3,596 |
Total Recoveries | 456 | 298 | 187 |
Provision for loan losses | (564) | 1,199 | |
Ending balance | 2,852 | 3,417 | 5,455 |
Construction Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 427 | 269 | |
Total Losses | 0 | 0 | 0 |
Total Recoveries | 0 | 0 | 0 |
Provision for loan losses | (412) | 158 | |
Ending balance | 15 | 427 | 269 |
Non Jumbo [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 1,280 | 1,842 | |
Total Losses | 417 | 435 | 541 |
Total Recoveries | 107 | 87 | 127 |
Provision for loan losses | 283 | (214) | |
Ending balance | 1,253 | 1,280 | 1,842 |
Jumbo [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 2,081 | 1,888 | |
Total Losses | 208 | 65 | 4,741 |
Total Recoveries | 96 | 163 | 6 |
Provision for loan losses | (376) | 95 | |
Ending balance | 1,593 | 2,081 | 1,888 |
Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 187 | 173 | |
Total Losses | 76 | 14 | 77 |
Total Recoveries | 3 | 4 | 5 |
Provision for loan losses | 139 | 24 | |
Ending balance | 253 | 187 | 173 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 97 | 47 | |
Total Losses | 69 | 265 | 79 |
Total Recoveries | 105 | 74 | 79 |
Provision for loan losses | (74) | 241 | |
Ending balance | 59 | 97 | 47 |
Other | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 231 | 51 | |
Total Losses | 110 | 118 | 162 |
Total Recoveries | 126 | 73 | 87 |
Provision for loan losses | (147) | 225 | |
Ending balance | $ 100 | $ 231 | $ 51 |
Allowance For Loan Losses (Su77
Allowance For Loan Losses (Summary Of Net Unearned Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | $ 11,167 | $ 12,659 | $ 17,933 | ||
Charge-offs | 2,151 | 4,833 | 10,959 | ||
Recoveries | 1,206 | 1,091 | 1,185 | ||
Provision | 1,250 | 2,250 | 4,500 | ||
Ending balance | 11,472 | 11,167 | 12,659 | ||
Allowance related to: Loans individually evaluated for impairment | $ 776 | $ 815 | |||
Allowance related to: Loans collectively evaluated for impairment | 10,696 | 10,352 | |||
Total Allowance | 11,167 | 12,659 | 17,933 | 11,472 | 11,167 |
Loans individually evaluated for impairment | 42,513 | 48,416 | |||
Loans collectively evaluated for impairment | 1,048,290 | 982,593 | |||
Total Loans | 1,090,803 | 1,031,009 | |||
Land And Land Development [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 3,417 | 5,455 | |||
Charge-offs | 457 | 3,535 | 3,596 | ||
Recoveries | 456 | 298 | 187 | ||
Provision | (564) | 1,199 | |||
Ending balance | 2,852 | 3,417 | 5,455 | ||
Allowance related to: Loans individually evaluated for impairment | 85 | 46 | |||
Allowance related to: Loans collectively evaluated for impairment | 2,767 | 3,371 | |||
Total Allowance | 3,417 | 5,455 | 5,455 | 2,852 | 3,417 |
Loans individually evaluated for impairment | 8,774 | 14,308 | |||
Loans collectively evaluated for impairment | 56,726 | 53,573 | |||
Total Loans | 65,500 | 67,881 | |||
Construction Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 427 | 269 | |||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Provision | (412) | 158 | |||
Ending balance | 15 | 427 | 269 | ||
Allowance related to: Loans individually evaluated for impairment | 0 | 0 | |||
Allowance related to: Loans collectively evaluated for impairment | 15 | 427 | |||
Total Allowance | 427 | 269 | 269 | 15 | 427 |
Loans individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 9,970 | 28,591 | |||
Total Loans | 9,970 | 28,591 | |||
Commercial Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 1,204 | 1,324 | |||
Charge-offs | 77 | 390 | 723 | ||
Recoveries | 10 | 34 | 12 | ||
Provision | (356) | 236 | |||
Ending balance | 781 | 1,204 | 1,324 | ||
Allowance related to: Loans individually evaluated for impairment | 0 | 81 | |||
Allowance related to: Loans collectively evaluated for impairment | 781 | 1,123 | |||
Total Allowance | 1,204 | 1,324 | 1,324 | 781 | 1,204 |
Loans individually evaluated for impairment | 242 | 495 | |||
Loans collectively evaluated for impairment | 96,959 | 88,095 | |||
Total Loans | 97,201 | 88,590 | |||
Owner Occupied [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 927 | 969 | |||
Charge-offs | 559 | 11 | 1,031 | ||
Recoveries | 290 | 40 | 8 | ||
Provision | 931 | (71) | |||
Ending balance | 1,589 | 927 | 969 | ||
Allowance related to: Loans individually evaluated for impairment | 45 | 286 | |||
Allowance related to: Loans collectively evaluated for impairment | 1,544 | 641 | |||
Total Allowance | 927 | 969 | 969 | 1,589 | 927 |
Loans individually evaluated for impairment | 8,399 | 10,807 | |||
Loans collectively evaluated for impairment | 195,156 | 146,976 | |||
Total Loans | 203,555 | 157,783 | |||
Non Owner Occupied [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 1,316 | 641 | |||
Charge-offs | 178 | 0 | 9 | ||
Recoveries | 13 | 318 | 674 | ||
Provision | 1,826 | 357 | |||
Ending balance | 2,977 | 1,316 | 641 | ||
Allowance related to: Loans individually evaluated for impairment | 386 | 74 | |||
Allowance related to: Loans collectively evaluated for impairment | 2,591 | 1,242 | |||
Total Allowance | 1,316 | 641 | 641 | 2,977 | 1,316 |
Loans individually evaluated for impairment | 13,450 | 6,507 | |||
Loans collectively evaluated for impairment | 323,844 | 310,629 | |||
Total Loans | 337,294 | 317,136 | |||
Non Jumbo [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 1,280 | 1,842 | |||
Charge-offs | 417 | 435 | 541 | ||
Recoveries | 107 | 87 | 127 | ||
Provision | 283 | (214) | |||
Ending balance | 1,253 | 1,280 | 1,842 | ||
Allowance related to: Loans individually evaluated for impairment | 225 | 282 | |||
Allowance related to: Loans collectively evaluated for impairment | 1,028 | 998 | |||
Total Allowance | 1,280 | 1,842 | 1,842 | 1,253 | 1,280 |
Loans individually evaluated for impairment | 6,131 | 6,927 | |||
Loans collectively evaluated for impairment | 215,619 | 213,144 | |||
Total Loans | 221,750 | 220,071 | |||
Jumbo [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 2,081 | 1,888 | |||
Charge-offs | 208 | 65 | 4,741 | ||
Recoveries | 96 | 163 | 6 | ||
Provision | (376) | 95 | |||
Ending balance | 1,593 | 2,081 | 1,888 | ||
Allowance related to: Loans individually evaluated for impairment | 35 | 46 | |||
Allowance related to: Loans collectively evaluated for impairment | 1,558 | 2,035 | |||
Total Allowance | 2,081 | 1,888 | 1,888 | 1,593 | 2,081 |
Loans individually evaluated for impairment | 4,740 | 8,480 | |||
Loans collectively evaluated for impairment | 45,573 | 44,399 | |||
Total Loans | 50,313 | 52,879 | |||
Home Equity [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 187 | 173 | |||
Charge-offs | 76 | 14 | 77 | ||
Recoveries | 3 | 4 | 5 | ||
Provision | 139 | 24 | |||
Ending balance | 253 | 187 | 173 | ||
Allowance related to: Loans individually evaluated for impairment | 0 | 0 | |||
Allowance related to: Loans collectively evaluated for impairment | 253 | 187 | |||
Total Allowance | 187 | 173 | 173 | 253 | 187 |
Loans individually evaluated for impairment | 709 | 808 | |||
Loans collectively evaluated for impairment | 73,591 | 66,307 | |||
Total Loans | 74,300 | 67,115 | |||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 97 | 47 | |||
Charge-offs | 69 | 265 | 79 | ||
Recoveries | 105 | 74 | 79 | ||
Provision | (74) | 241 | |||
Ending balance | 59 | 97 | 47 | ||
Allowance related to: Loans individually evaluated for impairment | 0 | 0 | |||
Allowance related to: Loans collectively evaluated for impairment | 59 | 97 | |||
Total Allowance | 97 | 47 | 47 | 59 | 97 |
Loans individually evaluated for impairment | 68 | 84 | |||
Loans collectively evaluated for impairment | 19,183 | 19,372 | |||
Total Loans | 19,251 | 19,456 | |||
Other | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 231 | 51 | |||
Charge-offs | 110 | 118 | 162 | ||
Recoveries | 126 | 73 | 87 | ||
Provision | (147) | 225 | |||
Ending balance | 100 | 231 | 51 | ||
Allowance related to: Loans individually evaluated for impairment | 0 | 0 | |||
Allowance related to: Loans collectively evaluated for impairment | 100 | 231 | |||
Total Allowance | $ 231 | $ 51 | $ 51 | 100 | 231 |
Loans individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 11,669 | 11,507 | |||
Total Loans | $ 11,669 | $ 11,507 |
Property Held For Sale (Details
Property Held For Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Activity of Property Held for Sale [Roll Forward] | ||
Beginning balance | $ 37,529 | $ 53,392 |
Acquisitions | 2,617 | 2,673 |
Capitalized improvements | 39 | 87 |
Dispositions | (12,203) | (14,852) |
Valuation adjustments | (2,415) | (3,771) |
Balance at year end | $ 25,567 | $ 37,529 |
Premises And Equipment (Major C
Premises And Equipment (Major Categories Of Premises And Equipment And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 42,321 | $ 39,733 |
Less accumulated depreciation | 20,749 | 19,673 |
Total premises and equipment, net | 21,572 | 20,060 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 6,308 | 6,308 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 21,461 | 20,202 |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 14,552 | $ 13,223 |
Premises And Equipment (Narrati
Premises And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 1,076 | $ 1,074 | $ 1,161 |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 30 years | ||
Furniture and equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Furniture and equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years |
Goodwill And Other Intangible81
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Unidentifiable intangible assets, net carrying amount | $ 0 | $ 0 | |
Finite-lived intangible assets, net | 1,300 | 1,500 | |
Amortization expense | 200 | $ 250 | $ 351 |
Annual amortization, 2016 | 200 | ||
Annual amortization, 2017 | 200 | ||
Annual amortization, 2018 | 200 | ||
Annual amortization, 2019 | 200 | ||
Annual amortization, 2020 | $ 200 |
Goodwill And Other Intangible82
Goodwill And Other Intangible Assets (Summary Of Goodwill Activity) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 6,198 |
Acquired goodwill, net | 0 |
Ending balance | 6,198 |
Community Banking [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 1,488 |
Acquired goodwill, net | 0 |
Ending balance | 1,488 |
Insurance Services [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 4,710 |
Acquired goodwill, net | 0 |
Ending balance | $ 4,710 |
Goodwill And Other Intangible83
Goodwill And Other Intangible Assets (Summary Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Unidentifiable intangible assets [Abstract] | ||
Gross carrying amount | $ 2,268 | $ 2,268 |
Less: accumulated amortization | 2,268 | 2,268 |
Net carrying amount | 0 | 0 |
Identifiable intangible assets [Abstract] | ||
Gross carrying amount | 3,000 | 3,000 |
Less: accumulated amortization | 1,700 | 1,500 |
Net carrying amount | 1,300 | 1,500 |
Community Banking [Member] | ||
Unidentifiable intangible assets [Abstract] | ||
Gross carrying amount | 2,268 | 2,268 |
Less: accumulated amortization | 2,268 | 2,268 |
Net carrying amount | 0 | 0 |
Identifiable intangible assets [Abstract] | ||
Gross carrying amount | 0 | 0 |
Less: accumulated amortization | 0 | 0 |
Net carrying amount | 0 | 0 |
Insurance Services [Member] | ||
Unidentifiable intangible assets [Abstract] | ||
Gross carrying amount | 0 | 0 |
Less: accumulated amortization | 0 | 0 |
Net carrying amount | 0 | 0 |
Identifiable intangible assets [Abstract] | ||
Gross carrying amount | 3,000 | 3,000 |
Less: accumulated amortization | 1,700 | 1,500 |
Net carrying amount | $ 1,300 | $ 1,500 |
Deposits (Summary Of Interest B
Deposits (Summary Of Interest Bearing Deposits By Type) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Demand deposits, interest bearing | $ 215,721 | $ 204,030 |
Savings deposits | 266,825 | 253,578 |
Time deposits | 465,153 | 488,279 |
Total | $ 947,699 | $ 945,887 |
Deposits (Summary Of Scheduled
Deposits (Summary Of Scheduled Maturities For All Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
2,016 | $ 219,703 | |
2,017 | 74,574 | |
2,018 | 64,684 | |
2,019 | 35,320 | |
2,020 | 34,628 | |
Thereafter | 36,244 | |
Total | $ 465,153 | $ 488,279 |
Deposits (Summary Of Maturity D
Deposits (Summary Of Maturity Distribution Of All Certificates Of Deposit) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Three months or less | $ 46,343 | |
Three through six months | 53,533 | |
Six through twelve months | 54,127 | |
Over twelve months | 188,670 | |
Total | $ 342,673 | $ 359,216 |
Three months or less, percentage | 13.50% | |
Three through six months, percentage | 15.60% | |
Six through twelve months, percentage | 15.80% | |
Over twelve months, percentage | 55.10% | |
Total, percentage | 100.00% |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Time Deposits in denominations that meet or exceed the FDIC Insurance limit | $ 154,500 | |
Time deposits acquired through a third party (brokered deposits) | 126,500 | $ 146,900 |
Time Deposits, $100,000 or More | 342,673 | 359,216 |
Related party deposit liabilities | $ 21,200 | $ 21,400 |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)institiution | Dec. 31, 2014institiution | |
Debt Instrument [Line Items] | ||
Reverse Repurchase Agreements, Number of Unaffiliated Institutions | institiution | 2 | 2 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Additional borrowings available from the FHLB | $ 377.8 | |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit | 6 | |
Line of Credit [Member] | Federal Reserve Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit | $ 92 |
Borrowed Funds (Short-term Borr
Borrowed Funds (Short-term Borrowings) (Narrative) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
Borrowing availability through credit lines and Federal funds purchased agreements | $ 98 |
Borrowed Funds (Summary Of Shor
Borrowed Funds (Summary Of Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Balance at December 31 | $ 171,394 | $ 123,633 |
Short-term FHLB Advances [Member] | ||
Debt Instrument [Line Items] | ||
Balance at December 31 | 167,950 | 120,950 |
Average balance outstanding for the period | 146,412 | 94,982 |
Maximum balance outstanding at any month end during period | $ 171,160 | $ 136,800 |
Weighted average interest rate for the period | 0.43% | 0.31% |
Weighted average interest rate for balances outstanding | 0.35% | 0.31% |
Federal Funds Purchased and Lines of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Balance at December 31 | $ 3,444 | $ 2,683 |
Average balance outstanding for the period | 4,690 | 5,804 |
Maximum balance outstanding at any month end during period | $ 7,438 | $ 8,976 |
Weighted average interest rate for the period | 0.50% | 0.25% |
Weighted average interest rate for balances outstanding | 0.26% | 0.25% |
Borrowed Funds (Long-term Borro
Borrowed Funds (Long-term Borrowings) (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)institiution | Dec. 31, 2014USD ($)institiution | Dec. 31, 2008 | |
Debt Disclosure [Abstract] | |||
Reverse Repurchase Agreements, Number of Unaffiliated Institutions | institiution | 2 | 2 | |
Basis spread on variable rate | 0.50% | 2.75% | |
Long-term borrowings | $ | $ 75,581 | $ 77,490 | |
Average interest rate paid on long-term borrowings | 4.39% | 4.16% |
Borrowed Funds (Summary Of Long
Borrowed Funds (Summary Of Long-Term Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Long-term FHLB advances | $ 873 | $ 977 |
Long-term reverse repurchase agreements | 72,000 | 72,000 |
Term loans | 2,708 | 4,513 |
Total | $ 75,581 | $ 77,490 |
Borrowed Funds Borrowed Funds (
Borrowed Funds Borrowed Funds (Subordinated Debentures) (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2009USD ($)loanparty | Dec. 31, 2008USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||||
Subordinated debentures | $ 0 | $ 6,800,000 | $ 10,000,000 | $ 16,800,000 |
Tier 2 capital | 5 years | |||
Tier 2 capital decrease each year until maturity | 20.00% | |||
Number of unrelated parties | party | 2 | |||
Number of issuances | loan | 3 | |||
Interest rate | 10.00% | |||
Number of years subordinated borrowing is not pre-payable | 5 years | |||
Term of subordinated borrowing | 10 years | 7 years 6 months | ||
Basis spread on variable rate | 0.50% | 2.75% | ||
Prepaid subordinated debt | $ 16,800,000 | |||
Director [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated debentures | $ 5,000,000 | |||
Unrelated Party One [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated debentures | 1,000,000 | |||
Unrelated Party Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated debentures | $ 800,000 |
Borrowed Funds (Subordinated De
Borrowed Funds (Subordinated Debentures Owed to Unconsolidated Subsidiary Trusts) (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2005USD ($) | Mar. 31, 2004USD ($) | Oct. 31, 2002USD ($) | Dec. 31, 2015USD ($)trust | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2008 | |
Debt Instrument [Line Items] | |||||||
Number of Statutory Business Trusts | trust | 3 | ||||||
Subordinated debentures owed to unconsolidated subsidiary trusts | $ 19,589 | $ 19,589 | |||||
Ownership percentage | 100.00% | ||||||
Net proceeds from issuance of common stock | $ 4,704 | $ 7,822 | $ 0 | ||||
Basis spread on variable rate | 0.50% | 2.75% | |||||
Trust preferred securities limited to tier one capital elements, Nnt of goodwill | 25.00% | ||||||
Sfg Capital Trust I [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance or sale of equity | $ 3,500 | ||||||
Net proceeds from issuance of common stock | 109 | ||||||
Payments to acquire investments | $ 3,610 | ||||||
Basis spread on variable rate | 3.45% | ||||||
Sfg Capital Trust Ii [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance or sale of equity | $ 7,500 | ||||||
Net proceeds from issuance of common stock | 232 | ||||||
Payments to acquire investments | $ 7,730 | ||||||
Basis spread on variable rate | 2.80% | ||||||
Sfg Capital Trust Iii [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance or sale of equity | $ 8,000 | ||||||
Net proceeds from issuance of common stock | 248 | ||||||
Payments to acquire investments | $ 8,250 | ||||||
Basis spread on variable rate | 1.45% |
Borrowed Funds (Summary Of The
Borrowed Funds (Summary Of The Maturities Of All Long-Term Borrowings And Subordinated Debentures) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total | $ 75,581 | $ 77,490 |
Long-term borrowings [Member] | ||
2,016 | 28,911 | |
2,017 | 919 | |
2,018 | 45,017 | |
2,019 | 18 | |
2,020 | 18 | |
Thereafter | 698 | |
Total | 75,581 | |
Subordinated debentures owed to unconsolidated subsidiary trusts [Member] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 19,589 | |
Total | $ 19,589 |
Derivative Financial Instrume96
Derivative Financial Instruments Derivative Financial Instruments (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)contract | |
Cash Flow Hedging [Member] | |
Derivative [Line Items] | |
Number of instruments held | contract | 3 |
Forward Contracts [Member] | Effective July 18, 2016 [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 40,000 |
Cash flow hedges, notional amount | $ 40,000 |
Swaption interest rate | 2.98% |
Term of contract | 3 years |
Forward Contracts [Member] | Effective April 18, 2016 [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 30,000 |
Cash flow hedges, notional amount | $ 30,000 |
Swaption interest rate | 2.89% |
Term of contract | 4 years 6 months |
Forward Contracts [Member] | Effective October 18, 2016 [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 40,000 |
Cash flow hedges, notional amount | $ 40,000 |
Swaption interest rate | 2.841% |
Term of contract | 3 years |
Fair Value Hedging [Member] | |
Derivative [Line Items] | |
Number of instruments held | contract | 2 |
Fair Value Hedging [Member] | Commercial Loan [Member] | Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 21,250 |
Fair Value Hedging [Member] | Commercial Loan [Member] | Interest Rate Swap [Member] | Effective January 15, 2015 [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 9,950 |
Swaption interest rate | 4.33% |
Term of contract | 10 years |
Fair Value Hedging [Member] | Commercial Loan [Member] | Interest Rate Swap [Member] | Effective December 18, 2015 [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 11,300 |
Swaption interest rate | 4.30% |
Term of contract | 10 years |
Derivative Financial Instrume97
Derivative Financial Instruments (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Long-term Debt [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 110,000 | $ 110,000 |
Fair Value Hedge Assets | 0 | 0 |
Fair Value Hedge Liabilities | 5,071 | 2,911 |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 0 | $ 0 |
Commercial Loan [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 21,250 | |
Fair Value Hedge Assets | 94 | |
Fair Value Hedge Liabilities | 95 | |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 0 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Applicable Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
Federal | $ 6,219 | $ 3,380 | $ 861 |
State | 484 | 294 | 41 |
Total Current | 6,703 | 3,674 | 902 |
Deferred | |||
Federal | 165 | 920 | 1,587 |
State | 25 | 84 | 199 |
Total Deferred | 190 | 1,004 | 1,786 |
Applicable income taxes | $ 6,893 | $ 4,678 | $ 2,688 |
Income Taxes (Reconciliation In
Income Taxes (Reconciliation Income Tax Expense And Statutory Income Tax Rates) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amount | |||
Computed tax at applicable statutory rate | $ 8,048 | $ 5,612 | $ 3,765 |
Tax-exempt interest and dividends, net | (1,047) | (996) | (932) |
State income taxes, net of Federal income tax benefit | 331 | 245 | 156 |
Other, net | (439) | (183) | (301) |
Applicable income taxes | $ 6,893 | $ 4,678 | $ 2,688 |
Percent | |||
Computed tax at applicable statutory rate | 35.00% | 35.00% | 35.00% |
Tax-exempt interest and dividends, net | (4.00%) | (6.00%) | (9.00%) |
State income taxes, net of Federal income tax benefit | 1.00% | 1.00% | 1.00% |
Other, net | (2.00%) | (1.00%) | (3.00%) |
Applicable income taxes | 30.00% | 29.00% | 24.00% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Allowance for loan losses | $ 4,245 | $ 4,128 |
Depreciation | 168 | 168 |
Foreclosed properties | 4,506 | 5,197 |
Deferred compensation | 2,554 | 2,265 |
Other deferred costs and accrued expenses | 387 | 349 |
Other-than-temporarily impaired securities | 257 | 257 |
Net unrealized loss on interest rate swaps | 1,876 | 1,077 |
NOL and tax credit carryforwards | 25 | 37 |
Total | 14,018 | 13,478 |
Deferred tax liabilities | ||
Accretion on tax-exempt securities | 3 | 8 |
Net unrealized gain on securities available for sale | 1,609 | 2,297 |
Purchase accounting adjustments and goodwill | 743 | 806 |
Total | 2,355 | 3,111 |
Net deferred tax assets | $ 11,663 | $ 10,367 |
Employee Benefits (Narrative) (
Employee Benefits (Narrative) (Details) - USD ($) | Jul. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 21, 2015 | May. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Contributions to the plans | $ 360,000 | $ 362,000 | $ 354,000 | ||||
Contributions to the ESOP | $ 429,000 | $ 714,000 | $ 173,000 | ||||
Shares owned by ESOP | 588,193 | 321,449 | |||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 26,511 | ||||||
Stock Issued During Period, Value, Employee Stock Ownership Plan | $ 312,000 | ||||||
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 181,822 | ||||||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 166,717 | 0 | 0 | ||||
Supplemental Employee Retirement Plan [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Accrued liabilities | $ 4,300,000 | $ 3,900,000 | |||||
2014 LTIP [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Common stock, shares authorized | 500,000 | ||||||
Summit Financial Group Inc. Employee Stock Ownership Plan [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 225,000 | ||||||
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased | $ 10.80 | ||||||
Stock Issued During Period, Value, Employee Stock Ownership Plan | $ 2,430,000 | ||||||
Employee Stock Ownership Plan (ESOP), Debt Structure, Indirect Loan, Amount | $ 2,250,000 | ||||||
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 208,333 | ||||||
Stock Appreciation Rights (SARs) [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 166,717 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.96% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.75% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 61.84% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years |
Employee Benefits (Summary Of A
Employee Benefits (Summary Of Activity In Stock Option Plans) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options | |||
Outstanding Options, Beginning Balance | 157,170 | 185,410 | 249,700 |
Outstanding Options, Granted | 166,717 | 0 | 0 |
Outstanding Options, Exercised | (6,560) | (10,160) | (17,800) |
Outstanding Options, Forfeited | 0 | (6,500) | (1,750) |
Outstanding Options, Expired | (73,180) | (11,580) | (44,740) |
Outstanding Options, Ending Balance | 244,147 | 157,170 | 185,410 |
Weighted- Average Exercise Price (WAEP) | |||
Outstanding, Weighted-Average Exercise Price, Beginning Balance | $ 20.43 | $ 19.59 | $ 18.98 |
Outstanding, Weighted-Average Exercise Price, Granted | 12.01 | 0 | 0 |
Outstanding, Weighted-Average Exercise Price, Exercised | 7.87 | 6.98 | 5.37 |
Outstanding, Weighted-Average Exercise Price, Forfeited | 0 | 24.44 | 19.69 |
Outstanding, Weighted-Average Exercise Price, Expired | 23.67 | 16.64 | 21.83 |
Outstanding, Weighted-Average Exercise Price, Ending Balance | $ 14.05 | $ 20.43 | $ 19.59 |
Exercisable Options, Ending Balance | 77,430 | 156,170 | 182,810 |
Exercisable Options, Weighted-Average Exercise Price, Ending Balance | $ 18.43 | $ 20.54 | $ 19.24 |
Employee Benefits (Other Inform
Employee Benefits (Other Information Regarding Options Outstanding And Exercisable) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, number of shares | shares | 244,147 |
Options Outstanding, WAEP | $ 14.05 |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 103 |
Options, Exercisable, number of shares | shares | 77,430 |
Options Exercisable, WAEP | $ 18.43 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 103 |
2.54 to 6.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, Lower | $ 2.54 |
Range of exercise price, Upper | $ 6 |
Options Outstanding, number of shares | shares | 7,750 |
Options Outstanding, WAEP | $ 3.75 |
Options Outstanding, Wted. Avg. Remaining Contractual Life (yrs) | 5 years 2 months 5 days |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 63 |
Options, Exercisable, number of shares | shares | 7,750 |
Options Exercisable, WAEP | $ 3.75 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 63 |
6.01 to 10.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, Lower | $ 6.01 |
Range of exercise price, Upper | $ 10 |
Options Outstanding, number of shares | shares | 12,680 |
Options Outstanding, WAEP | $ 8.71 |
Options Outstanding, Wted. Avg. Remaining Contractual Life (yrs) | 2 years 7 months 24 days |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 40 |
Options, Exercisable, number of shares | shares | 12,680 |
Options Exercisable, WAEP | $ 8.71 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 40 |
10.01 to 17.50 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, Lower | $ 10.01 |
Range of exercise price, Upper | $ 17.50 |
Options Outstanding, number of shares | shares | 166,717 |
Options Outstanding, WAEP | $ 12.01 |
Options Outstanding, Wted. Avg. Remaining Contractual Life (yrs) | 9 years 3 months 26 days |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Options, Exercisable, number of shares | shares | 0 |
Options Exercisable, WAEP | $ 0 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
17.51 to 20.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, Lower | $ 17.51 |
Range of exercise price, Upper | $ 20 |
Options Outstanding, number of shares | shares | 23,400 |
Options Outstanding, WAEP | $ 17.80 |
Options Outstanding, Wted. Avg. Remaining Contractual Life (yrs) | 2 years |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Options, Exercisable, number of shares | shares | 23,400 |
Options Exercisable, WAEP | $ 17.80 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
20.01 to 25.93 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, Lower | $ 20.01 |
Range of exercise price, Upper | $ 25.93 |
Options Outstanding, number of shares | shares | 33,600 |
Options Outstanding, WAEP | $ 25.93 |
Options Outstanding, Wted. Avg. Remaining Contractual Life (yrs) | 2 years 5 months 9 days |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 0 |
Options, Exercisable, number of shares | shares | 33,600 |
Options Exercisable, WAEP | $ 25.93 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Employee Benefits Employee Stoc
Employee Benefits Employee Stock Ownership Plan (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Employee Stock Ownership Plan [Abstract] | ||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 379,860 | 321,449 |
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares | 26,511 | |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 181,822 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 588,193 | 321,449 |
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $ 2,160 |
Commitments and Contingencie105
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Loss Contingencies [Line Items] | |
Total unfunded commitments | $ 145,129 |
Revolving home equity and credit card lines [Member] | |
Loss Contingencies [Line Items] | |
Total unfunded commitments | 58,008 |
Construction loans [Member] | |
Loss Contingencies [Line Items] | |
Total unfunded commitments | 32,044 |
Other loans [Member] | |
Loss Contingencies [Line Items] | |
Total unfunded commitments | 49,775 |
Standby letters of credit [Member] | |
Loss Contingencies [Line Items] | |
Total unfunded commitments | $ 5,302 |
Commitments and Contingencie106
Commitments and Contingencies (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jul. 25, 2014action | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Aggregate minimum annual rental commitments under operating leases in 2016 | $ 256 | |||
Aggregate minimum annual rental commitments under operating leases in 2017 | 215 | |||
Net rent expense | $ 285 | $ 291 | $ 278 | |
Number of causes of action | action | 3 |
Preferred Stock Preferred St107
Preferred Stock Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 12, 2015 | Dec. 31, 2011 | Sep. 30, 2009 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 |
Class of Stock [Line Items] | ||||||
Threshold trading days | 20 days | 20 days | ||||
Conversion threshold consecutive trading days | 30 days | 30 days | ||||
Series 2009 Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued | 3,710 | 0 | 3,610 | |||
Preferred stock, including additional paid in capital | $ 3.7 | |||||
Dividend rate | 8.00% | 8.00% | 0.00% | 8.00% | ||
Par value | $ 1 | $ 1 | $ 0 | $ 1 | ||
Liquidation preference per share | $ 1,000 | 1,000 | ||||
Redemption price per share | $ 5.50 | |||||
Threshold percentage of preferred stock redemption price per share | 135.00% | |||||
Series 2011 Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued | 12,000 | 0 | 11,914 | 12,000 | ||
Preferred stock, including additional paid in capital | $ 6 | $ 6 | ||||
Dividend rate | 8.00% | 8.00% | 0.00% | 8.00% | ||
Par value | $ 1 | $ 1 | $ 0 | $ 1 | $ 1 | |
Liquidation preference per share | $ 500 | 500 | 500 | |||
Redemption price per share | $ 4 | $ 4 | ||||
Threshold percentage of preferred stock redemption price per share | 135.00% | |||||
Preferred Non-Convertible Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Dividend rate | 8.00% |
Common Stock Issuances (Details
Common Stock Issuances (Details) | Mar. 17, 2015USD ($)shares | Nov. 25, 2014USD ($)shares | Aug. 25, 2014USD ($)closing$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) |
Subsidiary or Equity Method Investee [Line Items] | ||||||
Common stock, shares issued | 10,671,744 | 8,301,746 | ||||
Number of shares | 499,665 | 819,384 | ||||
Net proceeds from issuance of common stock | $ | $ 4,704,000 | $ 7,822,000 | $ 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 shares | 237,753 | 819,384 | ||||
Aggregate price | $ | $ 2,318,092 | $ 7,988,994 | ||||
Dividend rate | 8.00% | |||||
Rights Offering [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Number of shares authorized to sell | 256,410 | |||||
Common stock, shares issued | 256,167 | |||||
Share price | $ / shares | $ 9.75 | |||||
Net proceeds from issuance of common stock | $ | $ 2,500,000 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Required reserve balance | $ 629,000 | |
Scenario, Forecast [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements | $ 12,800,000 |
Regulatory Matters (Summary Of
Regulatory Matters (Summary Of Actual Capital Amounts And Ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summit [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Common Equity | $ 137,849 | |
Tier One Common Equity to Risk Weighted Assets | 11.80% | |
Tier One Common Equity Required for Capital Adequacy | $ 81,775 | |
Tier One Common Equity Required for Capital Adequacy to Risk Weighted Assets | 7.00% | |
Tier One Common Equity Required to be Well Capitalized | $ 75,934 | |
Tier One Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | |
Total Capital (to risk weighted assets), Actual Amount | $ 168,321 | $ 158,196 |
Total Capital (to risk weighted assets), Actual Ratio | 14.40% | 14.90% |
Total Capital (to risk weighted assets), Minimum Required Regulatory Capital, Amount | $ 122,734 | $ 84,937 |
Total Capital (to risk weighted assets), Minimum Required Regulatory Capital, Ratio | 10.50% | 8.00% |
Total Capital (to risk weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 116,890 | $ 106,172 |
Total Capital (to risk weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier I Capital (to risk weighted assets ), Actual Amount | $ 156,849 | $ 141,589 |
Tier I Capital (to risk weighted assets), Actual Ratio | 13.40% | 13.30% |
Tier I Capital (to risk weighted assets), Minimum Required Regulatory Capital, Amount | $ 99,494 | $ 42,583 |
Tier I Capital (to risk weighted assets), Minimum Required Regulatory Capital, Ratio | 8.50% | 4.00% |
Tier I Capital (to risk weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 93,641 | $ 63,875 |
Tier I Capital (to risk weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 8.00% | 6.00% |
Tier I Capital (to average assets), Actual Amount | $ 156,849 | $ 141,589 |
Tier I Capital (to average assets), Actual Ratio | 10.70% | 9.90% |
Tier I Capital (to average assets), Minimum Required Regulatory Capital, Amount | $ 58,635 | $ 57,208 |
Tier I Capital (to average assets), Minimum Required Regulatory Capital, Ratio | 4.00% | 4.00% |
Tier I Capital (to average assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 73,294 | $ 71,510 |
Tier I Capital (to average assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Summit Community [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Common Equity | $ 158,081 | |
Tier One Common Equity to Risk Weighted Assets | 13.60% | |
Tier One Common Equity Required for Capital Adequacy | $ 81,365 | |
Tier One Common Equity Required for Capital Adequacy to Risk Weighted Assets | 7.00% | |
Tier One Common Equity Required to be Well Capitalized | $ 75,553 | |
Tier One Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | |
Total Capital (to risk weighted assets), Actual Amount | $ 169,553 | $ 161,820 |
Total Capital (to risk weighted assets), Actual Ratio | 14.50% | 15.30% |
Total Capital (to risk weighted assets), Minimum Required Regulatory Capital, Amount | $ 122,780 | $ 84,612 |
Total Capital (to risk weighted assets), Minimum Required Regulatory Capital, Ratio | 10.50% | 8.00% |
Total Capital (to risk weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 116,933 | $ 105,765 |
Total Capital (to risk weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier I Capital (to risk weighted assets ), Actual Amount | $ 158,081 | $ 150,653 |
Tier I Capital (to risk weighted assets), Actual Ratio | 13.60% | 14.20% |
Tier I Capital (to risk weighted assets), Minimum Required Regulatory Capital, Amount | $ 98,801 | $ 42,437 |
Tier I Capital (to risk weighted assets), Minimum Required Regulatory Capital, Ratio | 8.50% | 4.00% |
Tier I Capital (to risk weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 92,989 | $ 63,656 |
Tier I Capital (to risk weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 8.00% | 6.00% |
Tier I Capital (to average assets), Actual Amount | $ 158,081 | $ 150,653 |
Tier I Capital (to average assets), Actual Ratio | 10.80% | 10.60% |
Tier I Capital (to average assets), Minimum Required Regulatory Capital, Amount | $ 58,549 | $ 56,850 |
Tier I Capital (to average assets), Minimum Required Regulatory Capital, Ratio | 4.00% | 4.00% |
Tier I Capital (to average assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 73,186 | $ 71,063 |
Tier I Capital (to average assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Segment Information Segment Inf
Segment Information Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015segmentoffice | |
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 | office | 3 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 11,733 | $ 11,305 | $ 11,458 | $ 11,520 | $ 10,951 | $ 11,077 | $ 10,320 | $ 10,038 | $ 46,016 | $ 42,385 | $ 38,803 |
Provision for loan losses | 1,250 | 2,250 | 4,500 | ||||||||
Net interest income after provision for loan losses | 44,766 | 40,135 | 34,303 | ||||||||
Other income | 11,861 | 11,223 | 11,209 | ||||||||
Other expenses | 33,632 | 35,324 | 34,756 | ||||||||
Income before income taxes | 22,995 | 16,034 | 10,756 | ||||||||
Income tax expense (benefit) | 6,893 | 4,678 | 2,688 | ||||||||
Net Income | 4,146 | 3,661 | 4,010 | 4,285 | 3,199 | 3,336 | 2,432 | 2,389 | 16,102 | 11,356 | 8,068 |
Dividends on preferred shares | 0 | 771 | 775 | ||||||||
Net income (loss) applicable to common shares | $ 4,146 | $ 3,661 | $ 4,010 | $ 4,285 | $ 3,008 | $ 3,143 | $ 2,239 | $ 2,195 | 16,102 | 10,585 | 7,293 |
Inter-segment revenue (expense) | 0 | 0 | 0 | ||||||||
Average assets | 1,466,587 | 1,420,002 | 1,382,956 | ||||||||
Community Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 46,744 | 44,209 | 40,725 | ||||||||
Provision for loan losses | 1,250 | 2,250 | 4,500 | ||||||||
Net interest income after provision for loan losses | 45,494 | 41,959 | 36,225 | ||||||||
Other income | 7,324 | 6,299 | 6,375 | ||||||||
Other expenses | 28,060 | 30,579 | 29,534 | ||||||||
Income before income taxes | 24,758 | 17,679 | 13,066 | ||||||||
Income tax expense (benefit) | 7,542 | 5,191 | 3,490 | ||||||||
Net Income | 17,216 | 12,488 | 9,576 | ||||||||
Dividends on preferred shares | 0 | 0 | 0 | ||||||||
Net income (loss) applicable to common shares | 17,216 | 12,488 | 9,576 | ||||||||
Inter-segment revenue (expense) | (1,047) | (1,071) | (979) | ||||||||
Average assets | 1,496,396 | 1,466,521 | 1,431,131 | ||||||||
Insurance Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 0 | 0 | 0 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Net interest income after provision for loan losses | 0 | 0 | 0 | ||||||||
Other income | 4,537 | 4,882 | 4,834 | ||||||||
Other expenses | 4,315 | 4,188 | 4,592 | ||||||||
Income before income taxes | 222 | 694 | 242 | ||||||||
Income tax expense (benefit) | 43 | 226 | 92 | ||||||||
Net Income | 179 | 468 | 150 | ||||||||
Dividends on preferred shares | 0 | 0 | 0 | ||||||||
Net income (loss) applicable to common shares | 179 | 468 | 150 | ||||||||
Inter-segment revenue (expense) | (86) | (118) | (108) | ||||||||
Average assets | 5,923 | 6,130 | 6,176 | ||||||||
Parent [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | (728) | (1,824) | (1,922) | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Net interest income after provision for loan losses | (728) | (1,824) | (1,922) | ||||||||
Other income | 1,133 | 1,231 | 1,087 | ||||||||
Other expenses | 2,390 | 1,746 | 1,717 | ||||||||
Income before income taxes | (1,985) | (2,339) | (2,552) | ||||||||
Income tax expense (benefit) | (692) | (739) | (894) | ||||||||
Net Income | (1,293) | (1,600) | (1,658) | ||||||||
Dividends on preferred shares | 0 | 771 | 775 | ||||||||
Net income (loss) applicable to common shares | (1,293) | (2,371) | (2,433) | ||||||||
Inter-segment revenue (expense) | 1,133 | 1,189 | 1,087 | ||||||||
Average assets | 167,839 | 164,769 | 157,249 | ||||||||
Intersegment Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 0 | 0 | 0 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Net interest income after provision for loan losses | 0 | 0 | 0 | ||||||||
Other income | (1,133) | (1,189) | (1,087) | ||||||||
Other expenses | (1,133) | (1,189) | (1,087) | ||||||||
Income before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Net Income | 0 | 0 | 0 | ||||||||
Dividends on preferred shares | 0 | 0 | 0 | ||||||||
Net income (loss) applicable to common shares | 0 | 0 | 0 | ||||||||
Inter-segment revenue (expense) | 0 | 0 | 0 | ||||||||
Average assets | $ (203,571) | $ (217,418) | $ (211,600) |
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 | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Line Items] | |||||||||||
Net income | $ 4,146 | $ 3,661 | $ 4,010 | $ 4,285 | $ 3,199 | $ 3,336 | $ 2,432 | $ 2,389 | $ 16,102 | $ 11,356 | $ 8,068 |
Less preferred stock dividends | 0 | (771) | (775) | ||||||||
Net income (loss) applicable to common shares | $ 4,146 | $ 3,661 | $ 4,010 | $ 4,285 | $ 3,008 | $ 3,143 | $ 2,239 | $ 2,195 | $ 16,102 | $ 10,585 | $ 7,293 |
Basic EPS, Common Shares (Denominator) (in shares) | 10,295,434 | 7,539,444 | 7,442,689 | ||||||||
Basic EPS (in dollars per share) | $ 0.39 | $ 0.34 | $ 0.38 | $ 0.49 | $ 0.39 | $ 0.42 | $ 0.30 | $ 0.29 | $ 1.56 | $ 1.40 | $ 0.98 |
Diluted EPS, Stock options, Common Shares (Denominator) (in shares) | 8,353 | 9,381 | 7,532 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | ||||||||||
Diluted EPS, Income (Numerator) | $ 16,102 | $ 11,356 | $ 8,068 | ||||||||
Diluted EPS, Common Shares (Denominator) (in shares) | 10,715,275 | 9,711,561 | 9,621,504 | ||||||||
Diluted EPS (in dollars per share) | $ 0.39 | $ 0.34 | $ 0.38 | $ 0.41 | $ 0.32 | $ 0.35 | $ 0.25 | $ 0.25 | $ 1.50 | $ 1.17 | $ 0.84 |
Series 2011 Preferred Stock [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Diluted EPS, convertible preferred stock dividend, Income (Numerator) | $ 0 | $ 476 | $ 478 | ||||||||
Diluted EPS, convertible preferred stock, Common Shares (Denominator) (in shares) | 285,610 | 1,489,735 | 1,496,738 | ||||||||
Series 2009 Preferred Stock [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Diluted EPS, convertible preferred stock dividend, Income (Numerator) | $ 0 | $ 295 | $ 297 | ||||||||
Diluted EPS, convertible preferred stock, Common Shares (Denominator) (in shares) | 125,878 | 673,001 | 674,545 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 57,000 | 128,900 | 165,460 |
Stock Appreciation Rights (SARs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 166,717 |
Condensed Financial Statemen115
Condensed Financial Statements Of Parent Company (Balance Sheets) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2008 |
Condensed Financial Statements, Captions [Line Items] | ||||||
Securities available for sale | $ 280,792,000 | $ 282,834,000 | ||||
Premises and equipment | 21,572,000 | 20,060,000 | ||||
Other assets | 15,178,000 | 13,847,000 | ||||
Total assets | 1,492,429,000 | 1,443,568,000 | ||||
Long-term borrowings | 75,581,000 | 77,490,000 | ||||
Subordinated debentures | 0 | 16,800,000 | $ 6,800,000 | $ 10,000,000 | ||
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589,000 | 19,589,000 | ||||
Other liabilities | 15,412,000 | 13,098,000 | ||||
Total liabilities | 1,348,685,000 | 1,311,924,000 | ||||
Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued 2015 - 10,671,744 shares; 2014 - 8,301,746 shares | 45,741,000 | 32,670,000 | ||||
Unearned ESOP Shares | (1,964,000) | 0 | ||||
Retained earnings | 100,423,000 | 87,719,000 | ||||
Accumulated other comprehensive income | (456,000) | 2,072,000 | ||||
Total shareholders' equity | 143,744,000 | 131,644,000 | $ 111,072,000 | $ 108,555,000 | ||
Total liabilities and shareholders' equity | 1,492,429,000 | 1,443,568,000 | ||||
Series 2009 Preferred Stock [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Preferred stock and related surplus - authorized 250,000 shares; Series 2009, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 3,610 shares; 2013 - 3,710 shares and Series 2011, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 11,914; 2013 - 11,938 shares | 0 | 3,419,000 | ||||
Total shareholders' equity | 0 | 3,419,000 | 3,519,000 | 3,519,000 | ||
Series 2011 Preferred Stock [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Preferred stock and related surplus - authorized 250,000 shares; Series 2009, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 3,610 shares; 2013 - 3,710 shares and Series 2011, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 11,914; 2013 - 11,938 shares | 0 | 5,764,000 | ||||
Total shareholders' equity | 0 | 5,764,000 | 5,776,000 | 5,807,000 | ||
Parent Company [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash | 1,984,000 | 13,115,000 | $ 5,278,000 | $ 5,495,000 | ||
Investment in subsidiaries, eliminated in consolidation | 164,787,000 | 159,839,000 | ||||
Securities available for sale | 166,000 | 102,000 | ||||
Premises and equipment | 81,000 | 65,000 | ||||
Other assets | 1,677,000 | 1,641,000 | ||||
Total assets | 168,695,000 | 174,762,000 | ||||
Long-term borrowings | 2,708,000 | 4,513,000 | ||||
Subordinated debentures | 0 | 16,800,000 | ||||
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589,000 | 19,589,000 | ||||
Other liabilities | 2,654,000 | 2,216,000 | ||||
Total liabilities | 24,951,000 | 43,118,000 | ||||
Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued 2015 - 10,671,744 shares; 2014 - 8,301,746 shares | 45,741,000 | 32,670,000 | ||||
Unearned ESOP Shares | (1,964,000) | |||||
Retained earnings | 100,423,000 | 87,719,000 | ||||
Accumulated other comprehensive income | (456,000) | 2,072,000 | ||||
Total shareholders' equity | 143,744,000 | 131,644,000 | ||||
Total liabilities and shareholders' equity | 168,695,000 | 174,762,000 | ||||
Parent Company [Member] | Series 2009 Preferred Stock [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Preferred stock and related surplus - authorized 250,000 shares; Series 2009, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 3,610 shares; 2013 - 3,710 shares and Series 2011, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 11,914; 2013 - 11,938 shares | 0 | 3,419,000 | ||||
Parent Company [Member] | Series 2011 Preferred Stock [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Preferred stock and related surplus - authorized 250,000 shares; Series 2009, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 3,610 shares; 2013 - 3,710 shares and Series 2011, 8% Non-cumulative convertible preferred stock, par value $1.00; issued 2014 - 11,914; 2013 - 11,938 shares | $ 0 | $ 5,764,000 |
Condensed Financial Statemen116
Condensed Financial Statements Of Parent Company (Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Realized securities gains | $ 1,444 | $ 213 | $ 240 | ||||||||
Interest expense | 12,867 | 15,241 | 18,477 | ||||||||
Income before income taxes | 22,995 | 16,034 | 10,756 | ||||||||
Income tax expense | 6,893 | 4,678 | 2,688 | ||||||||
Net Income | $ 4,146 | $ 3,661 | $ 4,010 | $ 4,285 | $ 3,199 | $ 3,336 | $ 2,432 | $ 2,389 | 16,102 | 11,356 | 8,068 |
Dividends on preferred shares | 0 | 771 | 775 | ||||||||
Net income (loss) applicable to common shares | $ 4,146 | $ 3,661 | $ 4,010 | $ 4,285 | $ 3,008 | $ 3,143 | $ 2,239 | $ 2,195 | 16,102 | 10,585 | 7,293 |
Parent Company [Member] | |||||||||||
Dividends from subsidiaries | 10,000 | 6,500 | 2,500 | ||||||||
Other dividends and interest income | 19 | 22 | 26 | ||||||||
Realized securities gains | 0 | 41 | 0 | ||||||||
Management and service fees from subsidiaries | 1,133 | 1,189 | 1,087 | ||||||||
Total income | 11,152 | 7,752 | 3,613 | ||||||||
Interest expense | 747 | 1,845 | 1,948 | ||||||||
Operating expenses | 2,390 | 1,746 | 1,717 | ||||||||
Total expenses | 3,137 | 3,591 | 3,665 | ||||||||
Income before income taxes | 8,015 | 4,161 | (52) | ||||||||
Income tax expense | (692) | (739) | (894) | ||||||||
Income before equity in undistributed income of subsidiaries | 8,707 | 4,900 | 842 | ||||||||
Equity in (distributed) undistributed income of subsidiaries | 7,395 | 6,456 | 7,226 | ||||||||
Net Income | 16,102 | 11,356 | 8,068 | ||||||||
Dividends on preferred shares | 0 | 771 | 775 | ||||||||
Net income (loss) applicable to common shares | $ 16,102 | $ 10,585 | $ 7,293 |
Condensed Financial Statemen117
Condensed Financial Statements Of Parent Company (Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ 4,146 | $ 3,661 | $ 4,010 | $ 4,285 | $ 3,199 | $ 3,336 | $ 2,432 | $ 2,389 | $ 16,102 | $ 11,356 | $ 8,068 |
Adjustments to reconcile net earnings to net cash | |||||||||||
Deferred tax expense (benefit) | 190 | 1,004 | 1,786 | ||||||||
Depreciation | 1,076 | 1,074 | 1,161 | ||||||||
Other-than-temporary impairment of securities | 0 | 1 | 118 | ||||||||
Realized securities gains | (1,444) | (213) | (240) | ||||||||
Stock compensation expense | 151 | 1 | 2 | ||||||||
(Increase) decrease in cash surrender value of bank owned life insurance | 1,032 | 1,088 | 1,058 | ||||||||
(Increase) decrease in other assets | (1,077) | (55) | 2,494 | ||||||||
Increase (decrease) in other liabilities | 657 | 1,520 | 860 | ||||||||
Net cash provided by operating activities | 23,648 | 25,602 | 28,167 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Proceeds from sales of securities available for sale | 69,632 | 80,914 | 54,340 | ||||||||
Principal payments received on securities available for sale | 38,502 | 34,390 | 62,179 | ||||||||
Purchase of available for sale securities | (113,677) | (111,438) | (137,755) | ||||||||
Purchases of premises and equipment | (2,588) | (511) | (677) | ||||||||
Net cash provided by (used in) investing activities | (58,989) | (64,333) | (26,207) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Dividends paid on preferred stock | (191) | (774) | (776) | ||||||||
Payments of Ordinary Dividends, Common Stock | (3,330) | 0 | 0 | ||||||||
Exercise of stock options | 51 | 71 | 96 | ||||||||
Proceeds from long-term borrowings | 0 | 0 | 3,454 | ||||||||
Repayment of long-term borrowings | (1,909) | (86,027) | (43,251) | ||||||||
Repayments of Subordinated Debt | (16,800) | 0 | 0 | ||||||||
Payments for Repurchase of Common Stock | (1,080) | 0 | 0 | ||||||||
Origination of Loans to Employee Stock Ownership Plans | (2,250) | ||||||||||
Net proceeds from issuance of common stock | 4,704 | 7,822 | 0 | ||||||||
Net cash provided by (used in) financing activities | 32,318 | 39,459 | (4,980) | ||||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Interest | 12,854 | 15,862 | 18,920 | ||||||||
Parent Company [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | 16,102 | 11,356 | 8,068 | ||||||||
Adjustments to reconcile net earnings to net cash | |||||||||||
Equity in (undistributed) distributed net income of subsidiaries | (7,395) | (6,456) | (7,226) | ||||||||
Deferred tax expense (benefit) | (42) | 46 | (107) | ||||||||
Depreciation | 30 | 23 | 2 | ||||||||
Realized securities gains | 0 | (41) | 0 | ||||||||
Stock compensation expense | 72 | 1 | 2 | ||||||||
(Increase) decrease in cash surrender value of bank owned life insurance | 4 | 1 | (5) | ||||||||
(Increase) decrease in other assets | 5 | 19 | 15 | ||||||||
Increase (decrease) in other liabilities | 943 | 57 | (738) | ||||||||
Net cash provided by operating activities | 9,719 | 5,006 | 11 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Proceeds from sales of securities available for sale | 0 | 112 | 0 | ||||||||
Principal payments received on securities available for sale | 0 | 8 | 440 | ||||||||
Purchase of available for sale securities | (70) | 0 | (199) | ||||||||
Purchases of premises and equipment | (46) | (6) | (84) | ||||||||
Net cash provided by (used in) investing activities | (116) | 114 | 157 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Dividends paid on preferred stock | (191) | (774) | (776) | ||||||||
Payments of Ordinary Dividends, Common Stock | (3,330) | 0 | 0 | ||||||||
Exercise of stock options | 51 | 71 | 96 | ||||||||
Proceeds from long-term borrowings | 0 | 0 | 3,454 | ||||||||
Repayment of long-term borrowings | (1,838) | (4,402) | (3,159) | ||||||||
Repayments of Subordinated Debt | (16,800) | 0 | 0 | ||||||||
Payments for Repurchase of Common Stock | (1,080) | 0 | 0 | ||||||||
Origination of Loans to Employee Stock Ownership Plans | (2,250) | ||||||||||
Net proceeds from issuance of common stock | 4,704 | 7,822 | 0 | ||||||||
Net cash provided by (used in) financing activities | (20,734) | 2,717 | (385) | ||||||||
Increase (decrease) in cash | (11,131) | 7,837 | (217) | ||||||||
Cash, Beginning Balance | $ 13,115 | $ 5,278 | 13,115 | 5,278 | 5,495 | ||||||
Cash, Ending Balance | $ 1,984 | $ 13,115 | 1,984 | 13,115 | 5,278 | ||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Interest | $ 761 | $ 1,909 | $ 1,942 |
Condensed Financial Statemen118
Condensed Financial Statements Of Parent Company Condensed Financial Statements of Parent Company (Narrative) (Details) - $ / shares | Mar. 12, 2015 | Dec. 31, 2011 | Sep. 30, 2009 | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, shares authorized | 0 | 250,000 | |||
Common stock, par value | $ 2.50 | $ 2.50 | |||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |||
Common stock, shares issued | 10,671,744 | 8,301,746 | |||
Common stock, shares outstanding | 10,671,744 | 8,301,746 | |||
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 181,822 | ||||
Series 2009 Preferred Stock [Member] | |||||
Preferred stock, par value | $ 1 | $ 1 | $ 0 | $ 1 | |
Preferred stock, shares issued | 3,710 | 0 | 3,610 | ||
Preferred stock, dividend rate | 8.00% | 8.00% | 0.00% | 8.00% | |
Series 2011 Preferred Stock [Member] | |||||
Preferred stock, par value | $ 1 | $ 1 | $ 0 | $ 1 | |
Preferred stock, shares issued | 12,000 | 0 | 11,914 | ||
Preferred stock, dividend rate | 8.00% | 8.00% | 0.00% | 8.00% |
Quarterly Financial Data (Un119
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Interest income | $ 14,951 | $ 14,531 | $ 14,658 | $ 14,743 | $ 14,452 | $ 14,760 | $ 14,344 | $ 14,070 | $ 58,883 | $ 57,626 | $ 57,280 |
Net interest income | 11,733 | 11,305 | 11,458 | 11,520 | 10,951 | 11,077 | 10,320 | 10,038 | 46,016 | 42,385 | 38,803 |
Net income | 4,146 | 3,661 | 4,010 | 4,285 | 3,199 | 3,336 | 2,432 | 2,389 | 16,102 | 11,356 | 8,068 |
Net income applicable to common shares | $ 4,146 | $ 3,661 | $ 4,010 | $ 4,285 | $ 3,008 | $ 3,143 | $ 2,239 | $ 2,195 | $ 16,102 | $ 10,585 | $ 7,293 |
Basic earnings per share | $ 0.39 | $ 0.34 | $ 0.38 | $ 0.49 | $ 0.39 | $ 0.42 | $ 0.30 | $ 0.29 | $ 1.56 | $ 1.40 | $ 0.98 |
Diluted earnings per share | $ 0.39 | $ 0.34 | $ 0.38 | $ 0.41 | $ 0.32 | $ 0.35 | $ 0.25 | $ 0.25 | $ 1.50 | $ 1.17 | $ 0.84 |