Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 24, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Stock Yards Bancorp, Inc. | ||
Trading Symbol | sybt | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 14,921,250 | ||
Entity Public Float | $ 502,112,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 835,324 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 35,895 | $ 42,216 |
Federal funds sold and interest bearing due from banks | 67,938 | 32,025 |
Cash and cash equivalents | 103,833 | 74,241 |
Mortgage loans held for sale | 6,800 | 3,747 |
Securities available-for-sale (amortized cost of $564,391 in 2015and $509,276 in 2014) | 565,876 | 513,056 |
Federal Home Loan Bank stock and other securities | 6,347 | 6,347 |
Loans | 2,033,007 | 1,868,550 |
Less allowance for loan losses | 22,441 | 24,920 |
Net loans | 2,010,566 | 1,843,630 |
Premises and equipment, net | 39,557 | 39,088 |
Bank owned life insurance | 30,996 | 30,107 |
Accrued interest receivable | 6,610 | 5,980 |
Other assets | 46,216 | 47,672 |
Total assets | 2,816,801 | 2,563,868 |
Deposits | ||
Non-interest bearing | 583,768 | 523,947 |
Interest bearing | 1,787,934 | 1,599,680 |
Total deposits | 2,371,702 | 2,123,627 |
Securities sold under agreements to repurchase | 64,526 | 69,559 |
Federal funds purchased | 22,477 | 47,390 |
Accrued interest payable | 127 | 131 |
Other liabilities | 27,982 | 26,434 |
Federal Home Loan Bank advances | 43,468 | 36,832 |
Total liabilities | $ 2,530,282 | $ 2,303,973 |
Stockholders’ equity | ||
Preferred stock, no par value; 1,000,000 shares authorized; no sharesissued or outstanding | ||
Common stock, no par value; 40,000,000 and 20,000,000 shares authorizedin 2015 and 2014, respectively; issued and outstanding 14,919,351 and14,744,684 shares in 2015 and 2014, respectively | $ 10,616 | $ 10,035 |
Additional paid-in capital | 44,180 | 38,191 |
Retained earnings | 231,091 | 209,584 |
Accumulated other comprehensive income | 632 | 2,085 |
Total stockholders’ equity | 286,519 | 259,895 |
Total liabilities and stockholders’ equity | $ 2,816,801 | $ 2,563,868 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities available for sale, amortized cost (in Dollars) | $ 564,391 | $ 509,276 |
Preferred stock, par value (in Dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 20,000,000 |
Common stock, shares issued | 14,919,351 | 14,744,684 |
Common stock, shares outstanding | 14,919,351 | 14,744,684 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income | |||
Loans | $ 83,371 | $ 79,884 | $ 78,703 |
Federal funds sold | 263 | 292 | 295 |
Mortgage loans held for sale | 249 | 174 | 219 |
Securities | |||
Taxable | 8,120 | 7,565 | 6,099 |
Tax-exempt | 1,167 | 1,172 | 1,148 |
Total interest income | 93,170 | 89,087 | 86,464 |
Interest expense | |||
Deposits | 3,739 | 4,321 | 5,011 |
Securities sold under agreements to repurchase | 149 | 140 | 146 |
Federal funds purchased | 25 | 29 | 32 |
Federal Home Loan Bank advances | 939 | 840 | 887 |
Subordinated debentures | 3,090 | ||
Total interest expense | 4,852 | 5,330 | 9,166 |
Net interest income | 88,318 | 83,757 | 77,298 |
Provision (credit) for loan losses | 750 | (400) | 6,550 |
Net interest income after provision for loan losses | 87,568 | 84,157 | 70,748 |
Non-interest income | |||
Investment management and trust services | 18,026 | 18,212 | 16,287 |
Service charges on deposit accounts | 8,906 | 8,883 | 8,986 |
Bankcard transaction revenue | 4,876 | 4,673 | 4,378 |
Mortgage banking revenue | 3,488 | 2,653 | 3,978 |
Loss on sales of securities available-for-sal eand 2013, repectively. | (9) | (5) | |
Brokerage commissions and fees | 1,994 | 2,060 | 2,159 |
Bank owned life insurance income | 889 | 927 | 1,031 |
Gain on acquisition | 449 | ||
Other | 1,771 | 1,756 | 1,739 |
Total non-interest income | 39,950 | 39,155 | 39,002 |
Non-interest expenses | |||
Salaries and employee benefits | 44,709 | 44,687 | 41,145 |
Net occupancy expense | 5,912 | 5,963 | 5,615 |
Data processing expense | 6,348 | 6,393 | 6,319 |
Furniture and equipment expense | 1,074 | 1,016 | 1,126 |
FDIC insurance | 1,258 | 1,314 | 1,431 |
Acquisition costs | 1,548 | ||
Loss (gain) on other real estate owned | 147 | (271) | 652 |
Amortization of investment in tax credit partnerships | 634 | 1,095 | |
Other | 13,316 | 13,012 | 13,516 |
Total non-interest expenses | 73,398 | 73,209 | 71,352 |
Income before income taxes | 54,120 | 50,103 | 38,398 |
Income tax expense | 16,933 | 15,281 | 11,228 |
Net income | $ 37,187 | $ 34,822 | $ 27,170 |
Net income per share, basic (in Dollars per share) | $ 2.53 | $ 2.39 | $ 1.91 |
Net income per share, diluted (in Dollars per share) | $ 2.48 | $ 2.36 | $ 1.89 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 37,187 | $ 34,822 | $ 27,170 |
Unrealized (losses) gains on securities available-for-sale: | |||
Unrealized (losses) gains arising during the period(net of tax of $(840), $2,383, and $(4,234), respectively) | (1,558) | 4,423 | (7,863) |
Unrealized (losses) gains on hedging instruments: | |||
Unrealized (losses) gains arising during the period (net of tax of $(41), $0, and $8, respectively) | (76) | 16 | |
Minimum pension liability adjustment (net of tax of$61, ($69), and $111, respectively) | 114 | (127) | 206 |
Reclassification adjustment for impairment of equity security realized in income (net of tax of $36, $0, and $0, respectively) | 67 | ||
Reclassification adjustment for securities losses reclassified out of other comprehensive income into loss on sale of securities available-for-sale (net of tax of $0, $3, and $2, respectively) | 6 | 3 | |
Other comprehensive (loss) income | (1,453) | 4,302 | (7,638) |
Comprehensive income | $ 35,734 | $ 39,124 | $ 19,532 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrealized (losses) gains arising during the period, tax | $ (840) | $ 2,383 | $ (4,234) |
Unrealized gains arising during the period, tax | (41) | 0 | 8 |
Minimum pension liability adjustment, tax | 61 | (69) | 111 |
Reclassification adjustment for impairment of equity security realized in income, tax | 36 | 0 | 0 |
Reclassification adjustment for securities losses reclassified out of other comprehensive income into loss on sale of securities available-for-sale, tax | $ 0 | $ 3 | $ 2 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2012 | $ 7,273 | $ 17,731 | $ 174,650 | $ 5,421 | $ 205,075 |
Balance (in Shares) at Dec. 31, 2012 | 13,915 | ||||
Net income | 27,170 | 27,170 | |||
Other comprehensive income (loss), net of tax | (7,638) | (7,638) | |||
Stock compensation expense | 1,940 | 1,940 | |||
Stock issued for exercise of stock options, net of withholdings to satisfy employee tax obligations upon vesting of stock awards | $ 503 | 3,041 | (169) | 3,375 | |
Stock issued for exercise of stock options, net of withholdings to satisfy employee tax obligations upon vesting of stock awards (in Shares) | 151 | ||||
Stock issued for non-vested restricted stock | $ 184 | 1,083 | (1,267) | ||
Stock issued for non-vested restricted stock (in Shares) | 55 | ||||
Stock issued for acquisition | $ 1,769 | 10,429 | 12,198 | ||
Stock issued for acquisition (in Shares) | 531 | ||||
Cash dividends declared | (11,670) | (11,670) | |||
Shares repurchased or cancelled | $ (148) | (969) | 111 | (1,006) | |
Shares repurchased or cancelled (in Shares) | (43) | ||||
Balance at Dec. 31, 2013 | $ 9,581 | 33,255 | 188,825 | (2,217) | 229,444 |
Balance (in Shares) at Dec. 31, 2013 | 14,609 | ||||
Net income | 34,822 | 34,822 | |||
Other comprehensive income (loss), net of tax | 4,302 | 4,302 | |||
Stock compensation expense | 2,016 | 2,016 | |||
Stock issued for exercise of stock options, net of withholdings to satisfy employee tax obligations upon vesting of stock awards | $ 380 | 2,585 | (114) | 2,851 | |
Stock issued for exercise of stock options, net of withholdings to satisfy employee tax obligations upon vesting of stock awards (in Shares) | 114 | ||||
Stock issued for non-vested restricted stock | $ 133 | 1,022 | (1,155) | ||
Stock issued for non-vested restricted stock (in Shares) | 40 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee employee tax obligations | $ 18 | (112) | (94) | ||
Stock issued for share-based awards, net of withholdings to satisfy employee employee tax obligations (in Shares) | 5 | ||||
Cash dividends declared | (12,924) | (12,924) | |||
Shares repurchased or cancelled | $ (77) | (575) | 130 | (522) | |
Shares repurchased or cancelled (in Shares) | (23) | ||||
Balance at Dec. 31, 2014 | $ 10,035 | 38,191 | 209,584 | 2,085 | 259,895 |
Balance (in Shares) at Dec. 31, 2014 | 14,745 | ||||
Net income | 37,187 | 37,187 | |||
Other comprehensive income (loss), net of tax | (1,453) | (1,453) | |||
Stock compensation expense | 2,134 | 2,134 | |||
Stock issued for exercise of stock options, net of withholdings to satisfy employee tax obligations upon vesting of stock awards | $ 477 | 3,652 | (220) | 3,909 | |
Stock issued for exercise of stock options, net of withholdings to satisfy employee tax obligations upon vesting of stock awards (in Shares) | 143 | ||||
Stock issued for non-vested restricted stock | $ 117 | 1,099 | (1,216) | ||
Stock issued for non-vested restricted stock (in Shares) | 35 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee employee tax obligations | $ 61 | (256) | (128) | (323) | |
Stock issued for share-based awards, net of withholdings to satisfy employee employee tax obligations (in Shares) | 18 | ||||
Cash dividends declared | (14,248) | (14,248) | |||
Shares repurchased or cancelled | $ (74) | (640) | 132 | (582) | |
Shares repurchased or cancelled (in Shares) | (22) | ||||
Balance at Dec. 31, 2015 | $ 10,616 | $ 44,180 | $ 231,091 | $ 632 | $ 286,519 |
Balance (in Shares) at Dec. 31, 2015 | 14,919 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders’ Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash dividends | $ 0.96 | $ 0.88 | $ 0.81 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 37,187,000 | $ 34,822,000 | $ 27,170,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision (credit) for loan losses | 750,000 | (400,000) | 6,550,000 |
Depreciation, amortization and accretion, net | 6,902,000 | 7,413,000 | 7,969,000 |
Deferred income tax expense (benefit) | 847,000 | (318,000) | 570,000 |
Loss on sale of securities available-for-sale | 9,000 | 5,000 | |
Impairment loss on available-for-sale securities | 103,000 | ||
Gains on sales of mortgage loans held for sale | (2,167,000) | (1,576,000) | (2,657,000) |
Origination of mortgage loans held for sale | (116,385,000) | (89,069,000) | (149,745,000) |
Proceeds from sale of mortgage loans held for sale | 115,499,000 | 88,655,000 | 164,692,000 |
Bank owned life insurance income | (889,000) | (927,000) | (1,031,000) |
Loss (gain) on other real estate owned | 147,000 | (271,000) | 652,000 |
Loss on the disposal of premises and equipment | (51,000) | 33,000 | 51,000 |
Gain on acquisition | (449,000) | ||
Stock compensation expense | 2,134,000 | 2,016,000 | 1,940,000 |
Excess tax benefits from share-based compensation arrangements | (673,000) | (378,000) | (265,000) |
(Increase) decrease in accrued interest receivable and other assets | (2,540,000) | (235,000) | 736,000 |
Increase in accrued interest payable and other liabilities | 2,307,000 | 112,000 | 2,141,000 |
Net cash provided by operating activities | 43,171,000 | 39,886,000 | 58,329,000 |
Investing activities | |||
Purchases of securities available-for-sale | (384,260,000) | (328,894,000) | (443,969,000) |
Proceeds from sale of securities available-for-sale | 5,934,000 | 7,732,000 | 696,000 |
Proceeds from maturities of securities available-for-sale | 320,952,000 | 304,078,000 | 406,385,000 |
Net increase in loans | (168,832,000) | (156,200,000) | (112,156,000) |
Purchases of premises and equipment | (3,459,000) | (2,525,000) | (2,365,000) |
Acquisition, net of cash acquired | 8,963,000 | ||
Proceeds from disposal of equipment | 344,000 | ||
Proceeds from sale of other real estate owned | 2,541,000 | 5,507,000 | 6,578,000 |
Net cash used in investing activities | (227,124,000) | (169,958,000) | (135,868,000) |
Financing activities | |||
Net increase in deposits | 248,075,000 | 142,690,000 | 78,809,000 |
Net (decrease) increase in securities sold under agreements to repurchase and federal funds purchased | (29,946,000) | (961,000) | 39,551,000 |
Proceeds from Federal Home Loan Bank advances | 108,200,000 | 42,740,000 | 12,510,000 |
Repayments of Federal Home Loan Bank advances | (101,564,000) | (40,237,000) | (10,063,000) |
Repayments of subordinated debentures | (30,900,000) | ||
Issuance of common stock for options and dividend reinvestment plan | 3,249,000 | 2,473,000 | 2,435,000 |
Excess tax benefits from share-based compensation arrangements | 673,000 | 378,000 | 265,000 |
Common stock repurchases | (918,000) | (616,000) | (331,000) |
Cash dividends paid | (14,224,000) | (12,924,000) | (11,670,000) |
Net cash provided by financing activities | 213,545,000 | 133,543,000 | 80,606,000 |
Net increase in cash and cash equivalents | 29,592,000 | 3,471,000 | 3,067,000 |
Cash and cash equivalents at beginning of year | 74,241,000 | 70,770,000 | 67,703,000 |
Cash and cash equivalents at end of period | $ 103,833,000 | $ 74,241,000 | $ 70,770,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | (1) Summary of Significant Accounting Policies Principles of Consolidation and Nature of Operations The consolidated financial statements include accounts of Stock Yards Bancorp, Inc. (“Bancorp”) and its wholly owned subsidiary, Stock Yards Bank & Trust Company (“the Bank”). Significant intercompany transactions and accounts have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to 2015 presentation. Bancorp has evaluated subsequent events for recognition or disclosure up to the date on which financial statements were issued and determined there were none. In addition to traditional commercial and personal banking activities, Bancorp has an investment management and trust department offering a wide range of investment management, retirement planning, trust and estate administration and financial planning services. Bancorp’s primary market area is Louisville, Kentucky and surrounding communities including southern Indiana. Other markets include Indianapolis, Indiana and Cincinnati, Ohio. Basis of Financial Statement Presentation and Use of Estimates The consolidated financial statements of Bancorp and its subsidiaries have been prepared in conformity with U.S. generally accepted accounting principles (“US GAAP”) and conform to predominant practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of related revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for loan losses, valuation of other real estate owned, and estimated income tax assets, liabilities and expense. Cash Equivalents and Cash Flows Cash and cash equivalents include cash and due from banks and Federal funds sold as segregated in the accompanying consolidated balance sheets. The following supplemental cash flow information addresses certain cash payments and noncash transactions for each of the years in the three-year period ended December 31, 2015 as follows: (in thousands) Years ended December 31, 2015 2014 2013 Cash payments: Income tax payments $ 13,831 $ 13,042 $ 8,350 Cash paid for interest 4,856 5,327 9,210 Non-cash transactions: Transfers from loans to other real estate owned $ 1,146 $ 5,798 $ 5,246 Securities Securities available-for-sale include securities that may be sold in response to changes in interest rates, resultant prepayment risk and other factors related to interest rate and prepayment risk changes. Securities available-for-sale are carried at fair value with unrealized gains or losses, net of tax effect, included in stockholders’ equity. Amortization of premiums and accretion of discounts are recorded using the interest method over the life of the security. Gains or losses on sales of securities are computed on a specific identification basis. Declines in fair value of investment securities available-for-sale (with certain exceptions for debt securities noted below) that are deemed to be other-than-temporary are charged to earnings as a realized loss, and a new cost basis for the securities is established. In evaluating other-than-temporary impairment, management considers the length of time and extent to which fair value has been less than cost, financial condition and near-term prospects of the issuer, and the intent and ability of Bancorp to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term. Declines in fair value of debt securities below amortized cost are deemed to be other-than-temporary in circumstances where: (1) Bancorp has the intent to sell a security; (2) it is more likely than not that Bancorp will be required to sell the security before recovery of its amortized cost basis; or (3) Bancorp does not expect to recover the entire amortized cost basis of the security. If Bancorp intends to sell a security or if it is more likely than not that Bancorp will be required to sell the security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If Bancorp does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the other-than-temporary impairment write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income. Declines in value judged to be other-than-temporary are included in other non-interest expense in the consolidated statements of income. See Note 4 to Bancorp’s consolidated financial statements for additional information on investment securities. Mortgage Loans Held for Sale Mortgage loans held for sale are initially recorded at the lower of cost or market value on an individual loan basis. The purchase price of all of these loans are covered by investor commitments. Loans Loans are stated at the unpaid principal balance plus deferred loan origination fees, net of deferred loan costs. Loan fees, net of any costs, are deferred and amortized over the life of the related loan on an effective yield basis. Interest income on loans is recorded on the accrual basis except for those loans in a non-accrual income status. Loans are placed in a non-accrual income status when prospects for recovering both principal and accrued interest are considered doubtful or when a default of principal or interest has existed for 90 days or more unless such loan is well secured and in the process of collection. When a loan is placed on non-accrual status, any interest previously accrued but not yet collected is reversed against current income. Interest income is recorded on a cash basis during the period a loan is on non-accrual status so long as the recovery of principal is reasonably assured. Non-accrual loans may be returned to accrual status once prospects for recovering both principal and accrued interest are reasonably assured. Loans are accounted for as troubled debt restructuring when Bancorp, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. If a loan is restructured at a market rate for a new loan with comparable risk, no principal forgiveness has been granted, and the loan is not impaired based on the terms specified by the restructuring agreement, it shall be removed from restructured status generally after six months of performance. Loans are classified as impaired when it is probable Bancorp will be unable to collect interest and principal according to the terms of the loan agreement. These loans are measured based on the present value of future cash flows discounted at the loans’ effective interest rate or at the estimated fair value of the loans’ collateral, if applicable. Impaired loans consist of loans in non-accrual status or loans accounted for as troubled debt restructuring. Allowance for Loan Losses The allowance for loan losses is management’s estimate of probable losses inherent in the loan portfolio as of the balance sheet date. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Bancorp’s allowance methodology is driven by risk ratings, historical losses, and qualitative factors. Assumptions include many factors such as changes in borrowers’ financial condition which can change quickly or historical loss ratios related to certain loan portfolios which may or may not be indicative of future losses. To the extent that management’s assumptions prove incorrect, the results from operations could be materially affected by a higher or lower provision for loan losses. In the second quarter of 2015, Bancorp extended the historical period used to capture Bancorp’s historical loss ratios from 12 quarters to 24 quarters. Management believes the extension of the look-back period is appropriate to capture the impact of a full economic cycle and provides sufficient loss observations to develop a reliable estimate. Bancorp’s allowance calculation includes allocations to loan portfolio segments for qualitative factors including, among other factors, local economic and business conditions, the quality and experience of lending staff and management, exceptions to lending policies, levels of and trends in past due loans and loan classifications, concentrations of credit such as collateral type, trends in portfolio growth, changes in the value of underlying collateral for collateral-dependent loans, effect of other external factors such as the national economic and business trends, and the quality and depth of the loan review function. Bancorp utilizes the sum of all allowance amounts derived as described above as the appropriate level of allowance for loan and lease losses. Changes in the criteria used in this evaluation or the availability of new information could cause the allowance to be increased or decreased in future periods. Based on this quantitative and qualitative analysis, provisions (credits) are made to the allowance for loan losses. Such provisions (credits) are reflected as a charge against (benefit to) current earnings in Bancorp’s consolidated statements of income. The adequacy of the allowance for loan losses is monitored by Executive Management and reported quarterly to the Audit Committee of the Board of Directors. This committee has approved the overall methodology. Various regulatory agencies, as an integral part of their examination process, periodically review the adequacy of Bancorp’s allowance for loan losses. Such agencies may require Bancorp to make additional provisions to the allowance based upon their judgments about information available to them at the time of their examinations. The accounting policy related to the allowance for loan losses is applicable to the commercial banking segment of Bancorp. Acquired loans Bancorp acquired loans in 2013 as part of the acquisition referenced in Note 3 to the consolidated financial statements. Acquired loans were initially recorded at their acquisition date fair values. Credit losses in the loans are included in the determination of the fair value of the loans at the acquisition date. Fair values for acquired loans were based on a discounted cash flow methodology that involves assumptions and judgments as to credit risk, default rates, loss severity, collateral values, discount rates, payment speeds, prepayment risk, and liquidity risk at the time of acquisition. Acquired loans that had evidence of deterioration in credit quality since origination and for which it was probable, at acquisition, that Bancorp would be unable to collect all contractually required payments were specifically identified and analyzed. The excess of cash flows expected at acquisition over the estimated fair value is referred to as accretable discount and will be recognized as interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as non-accretable discount. Subsequent decreases to the expected cash flows require Bancorp to evaluate the need for an allowance for loan losses on these loans. Charge-offs of the principal amount on credit-impaired acquired loans would be first applied to non-accretable discount. For acquired loans that are not deemed impaired at acquisition, the methods used to estimate the required allowance for loan losses for acquired loans is the same for originated loans except that any initial fair value adjustment is taken into consideration when calculating any required allowance. Premises and Equipment Premises and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation of premises and equipment is computed using straight-line methods over the estimated useful lives of the assets ranging from 3 to 40 years. Leasehold improvements are amortized on the straight-line method over the terms of the related leases, including expected renewals, or over the useful lives of the improvements, whichever is shorter. Maintenance and repairs are expensed as incurred while major additions and improvements are capitalized. Other Assets Bank-owned life insurance (“BOLI”) is carried at net realizable value, which considers any applicable surrender charges. Also, Bancorp maintains life insurance policies other than BOLI in conjunction with its non-qualified defined benefit and non-qualified compensation plans. Other real estate is carried at the lower of cost or estimated fair value minus estimated selling costs. Any write downs to fair value at the date of acquisition are charged to the allowance for loan losses. In certain situations, improvements to prepare assets for sale are capitalized if those costs increase the estimated fair value of the asset. Expenses incurred in maintaining assets, write downs to reflect subsequent declines in value, and realized gains or losses are reflected in operations and are included in non-interest income and expense. MSRs are amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. MSRs are evaluated quarterly for impairment by comparing the carrying value to the fair value. Goodwill is measured and evaluated at least annually for impairment. No impairment charges have been deemed necessary or recorded to date, as the fair value is substantially in excess of the carrying value. Securities Sold Under Agreements to Repurchase Bancorp enters into sales of securities under agreement to repurchase at a specified future date. Such repurchase agreements are considered financing agreements and, accordingly, the obligation to repurchase assets sold is reflected as a liability in the consolidated balance sheets of Bancorp. Repurchase agreements are collateralized by debt securities which are owned and under the control of Bancorp. These agreements are used in conjunction with collateralized corporate cash management accounts. Income Taxes Bancorp accounts for income taxes using the asset and liability method. The objective of the asset and liability method is to establish deferred tax assets and liabilities for temporary differences between the financial reporting and the tax bases of Bancorp’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of income in the period that includes the enactment date. Realization of deferred tax assets associated with the investment in partnerships is dependent upon generating sufficient taxable capital gain income prior to their expiration. A valuation allowance to reflect management’s estimate of the temporary deductible differences that may expire prior to their utilization has been recorded at year-end 2015 and 2014. To the extent unrecognized income tax benefits become realized or the related accrued interest is no longer necessary, Bancorp’s provision for income taxes would be favorably impacted. As of December 31, 2015 and 2014, the gross amount of unrecognized tax benefits was $40,000. If recognized, the tax benefits would reduce tax expense and accordingly, increase net income. The amount of unrecognized tax benefits may increase or decrease in the future for various reasons including adding amounts for current tax year positions, expiration of open income tax returns due to statutes of limitation, changes in management’s judgment about the level of uncertainty, status of examination, litigation and legislative activity and the addition or elimination of uncertain tax positions. Stock Yards Bancorp, Inc. and its wholly-owned subsidiary file consolidated income tax returns in applicable jurisdictions. Bancorp’s policy is to report interest and penalties, if any, related to unrecognized tax benefits in income tax expense. As of December 31, 2015 and 2014, the amount accrued for the potential payment of interest and penalties was $2,000. Bancorp invests in certain partnerships that yield low-income housing, historic and new market tax credits as well as tax deductible losses. Prior to 2014, the tax benefits and related investment amortization expenses for low-income housing credits were recognized in income tax expense using an effective yield method over the life of the investment. Beginning with periods after 2013, the tax benefits and related investment amortization expenses for low-income housing credits are recognized in income tax expense using a proportional method which amortizes the investment in proportion to the tax credits and other tax benefits received. In 2014, the amortization method for investments in new markets and historic tax credit partnerships was changed from the effective yield method to the cost method, which matches the amortization period with the time frame over which the credits are realized and amortization expense is recorded as other non-interest expense. Net Income Per Share Basic net income per common share is determined by dividing net income by the weighted average number of shares of common stock outstanding. Diluted net income per share is determined by dividing net income by the weighted average number of shares of common stock outstanding plus the weighted average number of shares that would be issued upon exercise of dilutive options and stock appreciation rights, assuming proceeds are used to repurchase shares under the treasury stock method. Comprehensive Income Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For Bancorp, this includes net income, changes in unrealized gains and losses on available-for-sale investment securities and cash flow hedging instruments, net of reclassification adjustments and taxes, and minimum pension liability adjustments, net of taxes. Segment Information Bancorp provides a broad range of financial services to individuals, corporations and others through its 37 full service banking locations as of December 31, 2015. These services include loan and deposit services, cash management services, securities brokerage activities, mortgage origination and investment management and trust activities. Bancorp’s operations are considered by management to be aggregated in two reportable operating segments: commercial banking and investment management and trust. Stock-Based Compensation For all awards, stock-based compensation expense is recognized over the period in which it is earned based on the fair value of the portion of stock-based payment awards that are ultimately expected to vest, reduced for estimated forfeitures. US GAAP requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Derivatives Bancorp uses derivative financial instruments as part of its interest rate risk management, including interest rate swaps. US GAAP establishes accounting and reporting standards for derivative instruments and hedging activities. As required by US GAAP, Bancorp’s interest rate swaps are recognized as other assets and liabilities in the consolidated balance sheet at fair value. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. To qualify for hedge accounting, Bancorp must comply with detailed rules and documentation requirements at inception of the hedge, and hedge effectiveness is assessed at inception and periodically throughout the life of each hedging relationship. Hedge ineffectiveness, if any, is measured periodically throughout the life of the hedging relationship. For derivatives designated as cash flow hedges, the effective portion of changes in fair value of the derivative is initially reported in other comprehensive income and subsequently reclassified to interest income or expense when the hedged transaction affects earnings, while the ineffective portion of changes in fair value of derivative, if any, is recognized immediately in other noninterest income. Bancorp assesses effectiveness of each hedging relationship by comparing the cumulative changes in cash flows of the derivative hedging instrument with the cumulative changes in cash flows of the designated hedged item or transaction. No component of the change in the fair value of the hedging instrument is excluded from the assessment of hedge effectiveness. Bancorp offers interest rate swaps to customers desiring long-term fixed rate lending whereby Bancorp receives interest at a fixed rate and pays interest at a variable rate. Simultaneously, Bancorp enters into an interest rate swap agreement with an unrelated counterparty whereby Bancorp pays interest at a fixed rate and receives interest at a variable rate. Because of matching terms of offsetting contracts and the collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition have an insignificant effect on earnings. Because these derivative instruments have not been designated as hedging instruments, the derivative instruments are recognized on the consolidated balance sheet at fair value, with changes in fair value, due to changes in prevailing interest rates, recorded in other noninterest income. Bancorp had no fair value hedging relationships at December 31, 2015 or 2014. Bancorp does not use derivatives for trading or speculative purposes. See Note 22 to the consolidated financial statement for more information regarding derivatives. |
Note 2 - Restrictions on Cash a
Note 2 - Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2015 | |
Restrictions On Cash And Due From Banks Disclosure [Abstract] | |
Restrictions On Cash And Due From Banks Disclosure [Text Block] | (2) Restrictions on Cash and Due from Banks Bancorp is required to maintain an average reserve balance in cash or with the Federal Reserve Bank relating to customer deposits. The amount of those required reserve balances was approximately $3,679,000 and $1,720,000 at December 31, 2015 and 2014, respectively, and is included in federal funds sold and interest bearing due from banks in the consolidated balance sheet. |
Note 3 - Acquisition
Note 3 - Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | (3) Acquisition In 2013, Bancorp completed the acquisition of 100% of the outstanding shares of THE BANCorp, Inc. (“Oldham”), parent company of THE BANK – Oldham County, Inc. As a result of the transaction, THE BANK – Oldham County merged into Stock Yards Bank & Trust Company. Since the acquisition date, results of operations acquired in the Oldham transaction have been included in Bancorp’s financial results. The Oldham transaction has been accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration transferred were recorded at estimated fair value on the acquisition date. Assets acquired totaled approximately $146.0 million, including $39.8 million of loans. Liabilities assumed totaled $125.1 million, including $120.4 million of deposits. Fair value adjustments resulted in net assets acquired in excess of the consideration paid. Accordingly, a non-taxable gain of $449 thousand was recognized. Bancorp recorded a core deposit intangible of $2.5 million which is being amortized using methods that anticipate the life of the underlying deposits to which the intangible is attributable. At December 31, 2015, the unamortized core deposit intangible was $1.6 million. See Note 7 for details on the core deposit intangible. In connection with the Oldham acquisition, Bancorp incurred expenses totaling $1.5 million related to executing the transaction and integrating and conforming acquired operations with and into Bancorp. Those expenses consisted largely of third party costs for conversion of systems and/or integration of operations. |
Note 4 - Securities
Note 4 - Securities | 12 Months Ended |
Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | (4) Securities The amortized cost, unrealized gains and losses, and fair value of securities available-for-sale follow: (in thousands) Amortized Unrealized December 31, 2015 cost Gains Losses Fair value U.S. Treasury and other U.S. government obligations $ 79,999 $ 1 $ - $ 80,000 Government sponsored enterprise obligations 251,190 1,468 765 251,893 Mortgage-backed securities - government agencies 170,139 1,143 1,654 169,628 Obligations of states and political subdivisions 62,410 1,342 50 63,702 Corporate equity securities 653 - - 653 Total securities available-for-sale $ 564,391 $ 3,954 $ 2,469 $ 565,876 (in thousands) Amortized Unrealized December 31, 2014 cost Gains Losses Fair value U.S. Treasury and other U.S. government obligations $ 70,000 $ - $ - $ 70,000 Government sponsored enterprise obligations 203,531 2,017 562 204,986 Mortgage-backed securities - government agencies 173,573 2,042 1,345 174,270 Obligations of states and political subdivisions 61,416 1,560 142 62,834 Corporate equity securities 756 210 - 966 Total securities available-for-sale $ 509,276 $ 5,829 $ 2,049 $ 513,056 There were no securities held-to-maturity as of December 31, 2015 or 2014. Corporate equity securities, included in the available-for-sale portfolio at December 31, 2015 and 2014, consisted of common stock in a publicly-traded small business investment company. In 2015, Bancorp sold securities with total fair market value of $5.9 million, generating no gain or loss. These securities consisted of agency and mortgage-backed securities with small remaining balances and agency securities. In 2014, Bancorp sold securities with total fair market value of $7.7 million, generating a net loss of $9 thousand. These securities consisted of mortgage-backed securities with small remaining balances, obligations of state and political subdivisions, and agency securities. In 2013, Bancorp sold obligations of state and political subdivisions with total fair market value of $696 thousand, generating a loss of $5 thousand. These sales were made in the ordinary course of portfolio management. Management has the intent and ability to hold all remaining investment securities available-for-sale for the foreseeable future. A summary of the available-for-sale investment securities by maturity groupings as of December 31, 2015 is shown below. (in thousands) Securities available-for-sale Amortized cost Fair value Due within 1 year $ 121,784 $ 121,877 Due after 1 but within 5 years 141,714 142,875 Due after 5 but within 10 years 21,610 21,810 Due after 10 years 108,491 109,033 Corporate equity securities 653 653 Mortgage-backed securities - government agencies 170,139 169,628 Total securities available for sale $ 564,391 $ 565,876 Actual maturities may differ from contractual maturities because some issuers have the right to call or prepay obligations. In addition to equity securities, the investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as the FHLMC, FNMA, and GNMA. These securities differ from traditional debt securities primarily in that they may have uncertain principal payment dates and are priced based on estimated prepayment rates on the underlying collateral. Securities with a carrying value of approximately $380.7 million at December 31, 2015 and $263.1 million at December 31, 2014 were pledged to secure accounts of commercial depositors in cash management accounts, public deposits, and cash balances for certain investment management and trust accounts. At year end 2015 and 2014, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. Securities with unrealized losses not recognized in the statements of income are as follows: (in thousands) Less than 12 months 12 months or more Total December 31, 2015 Fair Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Government sponsored enterprise obligations $ 102,098 $ 500 $ 8,469 $ 265 $ 110,567 $ 765 Mortgage-backed securities - government agencies 49,774 662 29,936 992 79,710 1,654 Obligations of states and political subdivisions 13,225 31 1,955 19 15,180 50 Total temporarily impaired securities $ 165,097 $ 1,193 $ 40,360 $ 1,276 $ 205,457 $ 2,469 December 31, 2014 Government sponsored enterprise obligations $ 36,979 $ 30 $ 26,848 $ 532 $ 63,827 $ 562 Mortgage-backed securities - government agencies 4,038 77 49,325 1,268 53,363 1,345 Obligations of states and political subdivisions 12,655 67 6,297 75 18,952 142 Total temporarily impaired securities $ 53,672 $ 174 $ 82,470 $ 1,875 $ 136,142 $ 2,049 The applicable dates for determining when securities are in an unrealized loss position are December 31, 2015 and 2014. As such, it is possible that a security had a market value lower than its amortized cost on other days during the past twelve months, but is not in the “Investments with an unrealized loss of less than 12 months” category above. At December 31, 2015, Bancorp recorded an other-than-temporary impairment charge of $103,000, in other non-interest expense, on the corporate equity security. This security, the only equity security in available-for-sale securities, exhibited characteristics which indicated the fair value was not likely to recover to a level equal to its carrying value within a reasonable period of time. Unrealized losses on Bancorp’s remaining investment securities portfolio have not been recognized as expense because the securities are of high credit quality, and the decline in fair values is largely due to changes in the prevailing interest rate environment since the purchase date. Fair value is expected to recover as securities reach their maturity date and/or the interest rate environment returns to conditions similar to when these securities were purchased. These investments consist of 70 and 80 separate investment positions as of December 31, 2015 and 2014, respectively. Because management does not intend to sell the investments, and it is not likely that Bancorp will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, Bancorp does not consider these securities to be other-than-temporarily impaired at December 31, 2015. FHLB stock and other securities are investments held by Bancorp which are not readily marketable and are carried at cost. This category includes holdings of Federal Home Loan Bank of Cincinnati (“FHLB”) stock which are required for access to FHLB borrowing, and are classified as restricted securities. |
Note 5 - Loans
Note 5 - Loans | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | (5) Loans The composition of loans by primary loan portfolio class follows: December 31, (in thousands) 2015 2014 Commercial and industrial $ 644,398 $ 571,754 Construction and development, excluding undeveloped land 134,482 95,733 Undeveloped land 21,185 21,268 Real estate mortgage: Commercial investment 482,639 487,822 Owner occupied commercial 375,016 340,982 1-4 family residential 226,575 211,548 Home equity - first lien 50,115 43,779 Home equity - junior lien 63,066 66,268 Subtotal: Real estate mortgage 1,197,411 1,150,399 Consumer 35,531 29,396 Total loans $ 2,033,007 $ 1,868,550 Bancorp’s credit exposure is diversified with secured and unsecured loans to individuals and businesses. No specific industry concentration exceeds ten percent of loans. While Bancorp has a diversified loan portfolio, a customer’s ability to honor contracts is somewhat dependent upon the economic stability and/or industry in which that customer does business. Loans outstanding and related unfunded commitments are primarily concentrated within Bancorp’s current market areas, which encompass the Louisville, Indianapolis and Cincinnati metropolitan markets. Bancorp occasionally enters into loan participation agreements with other banks in the ordinary course of business to diversify credit risk. For certain sold participation loans, Bancorp has retained effective control of the loans, typically by restricting the participating institutions from pledging or selling their share of the loan without permission from Bancorp. US GAAP requires the participated portion of these loans to be recorded as secured borrowings. The participated portions of these loans are included in the commercial and industrial loan totals above, and a corresponding liability is reflected in other liabilities. At December 31, 2015 and 2014, the total participated portions of loans of this nature were $7.2 million and $8.1 million respectively. Loans to directors and their associates, including loans to companies for which directors are principal owners, and executive officers are presented in the following table. (in thousands) Year ended December 31, Loans to directors and executive officers 2015 2014 Balance as of January 1 $ 11,790 $ 8,667 New loans - - Repayment of term loans (560 ) (1,222 ) Changes in balances of revolving lines of credit 562 4,345 Adjustment for Board member resignation (10,926 ) - Balance as of December 31 $ 866 $ 11,790 None of the loans to directors and executive officers were past due or considered potential problem loans during 2015 or 2014. The following tables present the balances in the recorded investment in loans and allowance for loan losses by portfolio segment and based on impairment evaluation method as of December 31, 2015, 2014 and 2013. (in thousands) Type of loan December 31, 2015 Commercial Construction and development excluding undeveloped Undeveloped land Real estate mortgage Consumer Total Loans $ 644,398 $ 134,482 $ 21,185 $ 1,197,411 $ 35,531 $ 2,033,007 Loans individually evaluated for impairment $ 4,635 $ - $ - $ 4,050 $ 68 $ 8,753 Loans collectively evaluated for impairment $ 639,760 $ 134,160 $ 21,185 $ 1,192,864 $ 35,463 $ 2,023,432 Loans acquired with deteriorated credit quality $ 3 $ 322 $ - $ 497 $ - $ 822 Commercial Construction excluding undeveloped land Undeveloped Real estate Consumer Unallocated Total Allowance for loan losses At December 31, 2014 $ 11,819 $ 721 $ 1,545 $ 10,541 $ 294 $ - $ 24,920 Provision (credit) 793 1,065 (2,131 ) 872 151 - 750 Charge-offs (4,065 ) (26 ) - (693 ) (597 ) - (5,381 ) Recoveries 98 - 1,400 155 499 - 2,152 At December 31, 2015 $ 8,645 $ 1,760 $ 814 $ 10,875 $ 347 $ - $ 22,441 Allowance for loans individually evaluated for impairment $ 268 $ - $ - $ 208 $ 68 $ - $ 544 Allowance for loans collectively evaluated for impairment $ 8,377 $ 1,760 $ 814 $ 10,667 $ 279 $ - $ 21,897 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - (in thousands) Type of loan December 31, 2014 Commercial and industrial Construction and development excluding undeveloped land Undeveloped land Real estate mortgage Consumer Total Loans $ 571,754 $ 95,733 $ 21,268 $ 1,150,399 $ 29,396 $ 1,868,550 Loans individually evaluated for impairment $ 7,239 $ 516 $ - $ 3,720 $ 76 $ 11,551 Loans collectively evaluated for impairment $ 564,443 $ 94,603 $ 21,268 $ 1,146,212 $ 29,311 $ 1,855,837 Loans acquired with deteriorated credit quality $ 72 $ 614 $ - $ 467 $ 9 $ 1,162 Commercial and industrial Construction and development excluding undeveloped land Undeveloped land Real estate mortgage Consumer Unallocated Total Allowance for loan losses At December 31, 2013 $ 7,644 $ 2,555 $ 5,376 $ 12,604 $ 343 $ - $ 28,522 Provision (credit) 4,593 (1,584 ) (2,244 ) (1,190 ) 25 - (400 ) Charge-offs (661 ) (250 ) (1,753 ) (993 ) (587 ) - (4,244 ) Recoveries 243 - 166 120 513 - 1,042 At December 31, 2014 $ 11,819 $ 721 $ 1,545 $ 10,541 $ 294 $ - $ 24,920 Allowance for loans individually evaluated for impairment $ 1,029 $ 15 $ - $ 256 $ 76 $ - $ 1,376 Allowance for loans collectively evaluated for impairment $ 10,790 $ 706 $ 1,545 $ 10,285 $ 218 $ - $ 23,544 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - (in thousands) Type of loan December 31, 2013 Commercial and industrial Construction and development excluding undeveloped land Undeveloped land Real estate mortgage Consumer Total Loans $ 510,739 $ 99,719 $ 29,871 $ 1,046,823 $ 34,198 $ 1,721,350 Loans individually evaluated for impairment $ 7,579 $ 26 $ 7,340 $ 7,478 $ 84 $ 22,507 Loans collectively evaluated for impairment $ 502,535 $ 98,428 $ 22,531 $ 1,038,824 $ 34,095 $ 1,696,413 Loans acquired with deteriorated credit quality $ 625 $ 1,265 $ - $ 521 $ 19 $ 2,430 Commercial and industrial Construction and development excluding undeveloped land Undeveloped land Real estate mortgage Consumer Unallocated Total Allowance for loan losses At December 31, 2012 $ 5,949 $ 1,638 $ 2,898 $ 14,288 $ 362 $ 6,746 $ 31,881 Provision 1,583 779 10,358 490 86 (6,746 ) 6,550 Charge-offs (457 ) (25 ) (7,961 ) (2,758 ) (763 ) - (11,964 ) Recoveries 569 163 81 584 658 - 2,055 At December 31, 2013 $ 7,644 $ 2,555 $ 5,376 $ 12,604 $ 343 $ - $ 28,522 Allowance for loans individually evaluated for impairment $ 762 $ - $ - $ 606 $ 84 $ - $ 1,452 Allowance for loans collectively evaluated for impairment $ 6,882 $ 2,555 $ 5,376 $ 11,998 $ 259 $ - $ 27,070 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - The considerations by Bancorp in computing its allowance for loan losses are determined based on the various risk characteristics of each loan segment. Relevant risk characteristics are as follows: ● Commercial and industrial loans: Loans in this category are made to businesses. Generally these loans are secured by assets of the business and repayment is expected from the cash flows of the business. A weakened economy and resultant decreased consumer and/or business spending will have an effect on the credit quality in this loan category. ● Construction and development, excluding undeveloped land: Loans in this category primarily include owner-occupied and investment construction loans and commercial development projects. In most cases, construction loans require only interest to be paid during construction. Upon completion or stabilization, the construction loan may convert to permanent financing in the real estate mortgage segment, requiring principal amortization. Repayment of development loans is derived from sale of lots or units including any pre-sold units. Credit risk is affected by construction delays, cost overruns, market conditions and availability of permanent financing, to the extent such permanent financing is not being provided by Bancorp. ● Undeveloped land: Loans in this category are secured by land initially acquired for development by the borrower, but for which no development has yet taken place. Credit risk is affected by market conditions and time to sell lots at an adequate price. Credit risk is also affected by availability of permanent financing, to the extent such permanent financing is not being provided by Bancorp. ● Real estate mortgage: Loans in this category are made to and secured by owner-occupied residential real estate, owner-occupied real estate used for business purposes, and income-producing investment properties. Repayment is dependent on credit quality of the individual borrower. Underlying properties are generally located in Bancorp's primary market area. Cash flows of income producing investment properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on credit quality. Overall health of the economy, including unemployment rates and real estate prices, has an effect on credit quality in this loan category. ● Consumer: Loans in this category may be either secured or unsecured and repayment is dependent on credit quality of the individual borrower and, if applicable, sale of collateral securing the loan. Therefore, overall health of the economy, including unemployment rates and stock prices, will have a significant effect on credit quality in this loan category. Bancorp has loans that were acquired in a 2013 acquisition, for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is included in the balance sheet amounts of loans at December 31, 2015 and 2014. Changes in the interest component of the fair value adjustment for acquired impaired loans for the years ended December 31, 2014 and 2015 are shown in the following table: (in thousands) Accretable discount Non- accretable discount Balance at December 31, 2013 $ - $ - Additions due to Oldham acquisition 137 369 Accretion (75 ) (103 ) Reclassifications from (to) non-accretable difference - - Disposals - - Balance at December 31, 2014 62 266 Accretion (59 ) (77 ) Reclassifications from (to) non-accretable difference - - Disposals - Balance at December 31, 2015 $ 3 $ 189 Accretion in the non-accretable discount column represents accretion recorded upon payoff of loans. The following tables present loans individually evaluated for impairment as of December 31, 2015 and 2014. (in thousands) Unpaid Average December 31, 2015 Recorded investment principal balance Related allowance recorded investment Loans with no related allowance recorded: Commercial and industrial $ 3,119 $ 3,859 $ - $ 1,414 Construction and development, excluding undeveloped land - 151 - 21 Undeveloped land - - - - Real estate mortgage Commercial investment 278 278 - 178 Owner occupied commercial 1,743 2,713 - 1,622 1-4 family residential 906 906 - 661 Home equity - first lien 13 13 - 37 Home equity - junior lien 92 92 - 69 Subtotal: Real estate mortgage 3,032 4,002 - 2,567 Consumer - - - 3 Subtotal $ 6,151 $ 8,012 $ - $ 4,005 Loans with an allowance recorded: Commercial and industrial $ 1,516 $ 3,087 $ 268 $ 4,612 Construction and development, excluding undeveloped land - - - 368 Undeveloped land - - - - Real estate mortgage Commercial investment - - - 92 Owner occupied commercial 1,018 1,018 208 1,266 1-4 family residential - - - 188 Home equity - first lien - - - - Home equity - junior lien - - - - Subtotal: Real estate mortgage 1,018 1,018 208 1,546 Consumer 68 68 68 72 Subtotal $ 2,602 $ 4,173 $ 544 $ 6,598 Total: Commercial and industrial $ 4,635 $ 6,946 $ 268 $ 6,026 Construction and development, excluding undeveloped land - 151 - 389 Undeveloped land - - - - Real estate mortgage - - - - Commercial investment 278 278 - 270 Owner occupied commercial 2,761 3,731 208 2,888 1-4 family residential 906 906 - 849 Home equity - first lien 13 13 - 37 Home equity - junior lien 92 92 - 69 Subtotal: Real estate mortgage 4,050 5,020 208 4,113 Consumer 68 68 68 75 Total $ 8,753 $ 12,185 $ 544 $ 10,603 (in thousands) Unpaid Average December 31, 2014 Recorded investment principal balance Related allowance recorded investment Loans with no related allowance recorded: Commercial and industrial $ 896 $ 3,596 $ - $ 996 Construction and development, excluding undeveloped land 26 151 - 26 Undeveloped land - - - 5,608 Real estate mortgage Commercial investment 113 113 - 198 Owner occupied commercial 1,784 2,221 - 1,939 1-4 family residential 870 870 - 782 Home equity - first lien - - - 11 Home equity - junior lien 36 36 - 69 Subtotal: Real estate mortgage 2,803 3,240 - 2,999 Consumer - - - - Subtotal $ 3,725 $ 6,987 $ - $ 9,629 Loans with an allowance recorded: Commercial and industrial $ 6,343 $ 7,914 $ 1,029 $ 6,797 Construction and development, excluding undeveloped land 490 490 15 196 Undeveloped land - - - - Real estate mortgage Commercial investment 122 122 - 640 Owner occupied commercial 716 716 112 704 1-4 family residential 79 79 144 651 Home equity - first lien - - - - Home equity - junior lien - - - - Subtotal: Real estate mortgage 917 917 256 1,995 Consumer 76 76 76 80 Subtotal $ 7,826 $ 9,397 $ 1,376 $ 9,068 Total: Commercial and industrial $ 7,239 $ 11,510 $ 1,029 $ 7,793 Construction and development, excluding undeveloped land 516 641 15 222 Undeveloped land - - - 5,608 Real estate mortgage - - - - Commercial investment 235 235 - 838 Owner occupied commercial 2,500 2,937 112 2,643 1-4 family residential 949 949 144 1,433 Home equity - first lien - - - 11 Home equity - junior lien 36 36 - 69 Subtotal: Real estate mortgage 3,720 4,157 256 4,994 Consumer 76 76 76 80 Total $ 11,551 $ 16,384 $ 1,376 $ 18,697 Differences between recorded investment amounts and unpaid principal balance amounts less related allowance are due to partial charge-offs which have occurred over the life of loans and fair value adjustments recorded for loans acquired. Interest income on impaired or non-accrual loans (cash basis) was $521 thousand, $284 thousand and $185 thousand in 2015, 2014, and 2013, respectively. Interest income that would have been recorded if non-accrual loans were on a current basis in accordance with their original terms was $465 thousand, $376 thousand and $1.2 million in 2015, 2014 and 2013, respectively. Impaired loans include non-accrual loans and loans accounted for as troubled debt restructurings (TDR), which continue to accrue interest. Non-performing loans include the balance of impaired loans plus any loans over 90 days past due and still accruing interest. Loans past due more than 90 days or more and still accruing interest amounted to $176 thousand and $329 thousand at December 31, 2015 and 2014, respectively. The following table presents the recorded investment in non-accrual loans as of December 31, 2015 and 2014. December 31, (in thousands) 2015 2014 Commercial and industrial $ 3,643 $ 1,381 Construction and development, excluding undeveloped land - 516 Undeveloped land - - Real estate mortgage Commercial investment 278 235 Owner occupied commercial 2,761 2,081 1-4 family residential 906 950 Home equity - first lien 13 - Home equity - junior lien 92 36 Subtotal: Real estate mortgage 4,050 3,302 Consumer - - Total $ 7,693 $ 5,199 On December 31, 2015 and 2014, Bancorp had $1.1 million and $6.4 million of accruing loans classified as TDR, respectively. Bancorp did not modify and classify any additional loans as TDR during the years ended December 31, 2015 and 2014. Bancorp did not have any loans accounted for as TDR that were restructured and experienced a subsequent payment default during the years ended December 31, 2015 or 2014. Loans accounted for as TDR include modifications from original terms such as those due to bankruptcy proceedings, certain modifications of amortization periods or extended suspension of principal payments due to customer financial difficulties. Loans accounted for as TDR, which have not defaulted, are individually evaluated for impairment and, at December 31, 2015, had a total allowance allocation of $177 thousand, compared to $703 thousand at December 31, 2014. At December 31, 2015 and 2014, Bancorp had outstanding commitments to lend additional funds totaling $0 and $458 thousand, respectively, to borrowers whose loans have been modified as TDR. The following table presents the aging of the recorded investment in loans as of December 31, 2015 and 2014. (in thousands) 30-59 days 60-89 days 90 or more days past due (includes) Total Total Recorded investment and December 31, 2015 past due past due non-accrual) past due Current loans accruing Commercial and industrial $ 238 $ 327 $ 3,643 $ 4,208 $ 640,190 $ 644,398 $ - Construction and development, excluding undeveloped land - - - - 134,482 134,482 - Undeveloped land - - - - 21,185 21,185 - Real estate mortgage Commercial investment 290 140 278 708 481,931 482,639 - Owner occupied commercial - - 2,761 2,761 372,255 375,016 - 1-4 family residential 1,147 94 1,082 2,323 224,252 226,575 176 Home equity - first lien 35 51 13 99 50,016 50,115 - Home equity - junior lien 285 173 92 550 62,516 63,066 - Subtotal: Real estate mortgage 1,757 458 4,226 6,441 1,190,970 1,197,411 176 Consumer 343 8 - 351 35,180 35,531 - Total $ 2,338 $ 793 $ 7,869 $ 11,000 $ 2,022,007 $ 2,033,007 $ 176 December 31, 2014 Commercial and industrial $ 3,860 $ 3 $ 1,382 $ 5,245 $ 566,509 $ 571,754 $ 1 Construction and development, excluding undeveloped land 69 - 757 826 94,907 95,733 241 Undeveloped land - - - - 21,268 21,268 - Real estate mortgage Commercial investment 993 249 235 1,477 486,345 487,822 - Owner occupied commercial 1,272 920 2,081 4,273 336,709 340,982 - 1-4 family residential 1,801 285 1,023 3,109 208,439 211,548 73 Home equity - first lien - - 14 14 43,765 43,779 14 Home equity - junior lien 470 78 36 584 65,684 66,268 Subtotal: Real estate mortgage 4,536 1,532 3,389 9,457 1,140,942 1,150,399 87 Consumer 43 18 - 61 29,335 29,396 - Total $ 8,508 $ 1,553 $ 5,528 $ 15,589 $ 1,852,961 $ 1,868,550 $ 329 Consistent with regulatory guidance, Bancorp categorizes loans into credit 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. Pass-rated loans included all risk-rated loans other than those classified as other assets especially mentioned, substandard, and doubtful, which are defined below: ● Other assets especially mentioned (“OAEM”): Loans classified as OAEM have a potential weakness that deserves management's close attention. These potential weaknesses may result in deterioration of repayment prospects for the loan or of Bancorp's credit position at some future date. ● Substandard: Loans classified as substandard are inadequately protected by the paying capacity of the obligor or of collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize repayment of the debt. Default is a distinct possibility if the deficiencies are not corrected. ● Substandard non-performing: Loans classified as substandard non-performing have all the characteristics of substandard loans and have been placed on non-accrual status or have been accounted for as troubled debt restructurings. ● Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. As of December 31, 2015 and 2014, the internally assigned risk grades of loans by category were as follows: (in thousands) Substandard Total December 31, 2015 Pass OAEM Substandard non-performing Doubtful loans Commercial and industrial $ 612,853 $ 19,672 $ 7,238 $ 4,635 $ - $ 644,398 Construction and development, excluding undeveloped land 133,342 773 367 - - 134,482 Undeveloped land 20,513 517 155 - - 21,185 Real estate mortgage Commercial investment 480,178 2,183 - 278 - 482,639 Owner occupied commercial 351,707 17,135 3,413 2,761 - 375,016 1-4 family residential 224,645 848 - 1,082 - 226,575 Home equity - first lien 50,102 - - 13 - 50,115 Home equity - junior lien 62,924 50 - 92 - 63,066 Subtotal: Real estate mortgage 1,169,556 20,216 3,413 4,226 - 1,197,411 Consumer 35,463 - - 68 - 35,531 Total $ 1,971,727 $ 41,178 $ 11,173 $ 8,929 $ - $ 2,033,007 December 31, 2014 Commercial and industrial $ 546,582 $ 6,215 $ 11,717 $ 7,240 $ - $ 571,754 Construction and development, excluding undeveloped land 88,389 4,867 1,720 757 - 95,733 Undeveloped land 20,578 530 160 - - 21,268 Real estate mortgage Commercial investment 482,415 4,991 181 235 - 487,822 Owner occupied commercial 328,385 6,942 3,156 2,499 - 340,982 1-4 family residential 209,396 1,129 - 1,023 - 211,548 Home equity - first lien 43,765 - - 14 - 43,779 Home equity - junior lien 66,182 50 - 36 - 66,268 Subtotal: Real estate mortgage 1,130,143 13,112 3,337 3,807 - 1,150,399 Consumer 29,244 76 - 76 - 29,396 Total $ 1,814,936 $ 24,800 $ 16,934 $ 11,880 $ - $ 1,868,550 |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | (6) Premises and Equipment A summary of premises and equipment follows: December 31, (in thousands) 2015 2014 Land $ 7,118 $ 6,733 Buildings and improvements 44,959 43,818 Furniture and equipment 18,497 18,426 Construction in progress 377 305 70,951 69,282 Accumulated depreciation and amortization (31,394 ) (30,194 ) Total premises and equipment $ 39,557 $ 39,088 Depreciation expense related to premises and equipment was $3.0 million in 2015, $2.9 million in 2014 and $3.0 million in 2013. |
Note 7 - Other Assets
Note 7 - Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | (7) Other Assets A summary of major components of other assets follows: December 31, (in thousands) 2015 2014 Cash surrender value of life insurance other than BOLI $ 12,473 $ 12,019 Net deferred tax asset 12,365 12,377 Investments in tax credit related ventures 5,289 5,090 Other real estate owned and other foreclosed property 4,541 5,977 Other short term receivables 1,921 2,149 Core deposit intangible 1,601 1,820 Mortgage servicing rights (MSRs) 1,018 1,131 Goodwill 682 682 Investment in bank in expansion market 520 520 Other 5,806 5,907 Total $ 46,216 $ 47,672 Bancorp maintains life insurance policies other than BOLI in conjunction with its non-qualified defined benefit retirement and non-qualified compensation plans. Mortgage servicing rights (MSRs) are initially recognized at fair value when mortgage loans are sold and amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. MSRs are evaluated quarterly for impairment by comparing carrying value to fair value. Estimated fair values of MSRs at December 31, 2015 and 2014 were $3.1 million and $3.4 million, respectively. Total outstanding principal balances of loans serviced for others were $410.8 million and $421.1 million at December 31, 2015, and 2014 respectively. Changes in the net carrying amount of MSRs are shown in the following table. (in thousands) 2015 2014 Balance at January 1 $ 1,131 $ 1,832 Originations 528 258 Amortization (641 ) (959 ) Balance at December 31 $ 1,018 $ 1,131 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | (8) Income Taxes Components of income tax expense (benefit) from operations were as follows: (In thousands) 2015 2014 2013 Current tax expense Federal $ 15,478 $ 14,958 $ 10,322 State 608 641 336 Total current tax expense 16,086 15,599 10,658 Deferred tax expense (benefit) Federal 748 (385 ) 450 State 54 26 120 Total deferred tax expense (benefit) 802 (359 ) 570 Change in valuation allowance 45 41 - Total income tax expense $ 16,933 $ 15,281 $ 11,228 Components of income tax expense (benefit) recorded directly to stockholders' equity were as follows: (In thousands) 2015 2014 2013 Unrealized (loss) gain on securities available for sale $ (839 ) $ 2,383 $ (4,234 ) Reclassification adjustment for securities losses realized in income - 3 2 Reclassification adjustment for securities impairment realized in income 36 - - Unrealized (loss) gain on derivatives (41 ) - 8 Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes (673 ) (378 ) (265 ) Minimum pension liability adjustment 61 (69 ) 111 Total income tax (benefit) expense recorded directly to stockholders' equity $ (1,456 ) $ 1,939 $ (4,378 ) An analysis of the difference between the statutory and effective tax rates from operations follows: 2015 2014 2013 U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Tax exempt interest income (1.4 ) (1.5 ) (2.1 ) Tax credits (2.5 ) (3.1 ) (2.5 ) Cash surrender value of life insurance (0.8 ) (1.4 ) (2.0 ) State income taxes 0.8 0.9 0.8 Nontaxable gain on acquisition - - (0.4 ) Nondeductible acquisition costs - - 0.2 Other, net 0.2 0.6 0.2 31.3 % 30.5 % 29.2 % The increase in the effective tax rate from 2014 to 2015 was the result of lower nontaxable income from municipal securities. The increase in the effective tax rate from 2013 to 2014 arose from lower nontaxable income from the increase in cash value of life insurance and municipal securities. This was partially offset by the effect of reclassifying amortization of tax credit investments to other non-interest expense in 2014. The reduction of tax expense attributable to tax credits arises from inclusion of tax credits and, in some cases, the amortization of related investments in income tax expense. Prior to 2014, all tax credit investment amortization was included in income tax expense using the effective yield method. In 2014, Bancorp began using the flow through method of amortization for investments not qualifying as affordable housing projects. The effects of temporary differences that gave rise to significant portions of deferred tax assets and deferred tax liabilities follows: December 31, (In thousands) 2015 2014 Allowance for loan loss $ 8,029 $ 8,929 Deferred compensation 5,730 5,442 Accrued expenses 1,515 1,854 Investments in partnerships 1,177 1,031 Write-downs and costs associated with other real estate owned 435 491 Loans 659 678 Other-than-temporary impairment 347 310 Other assets 187 219 Total deferred tax assets 18,079 18,954 Securities 1,655 2,594 Property and equipment 1,158 1,250 Loan costs 843 756 Prepayment penalty on modification of FHLB advances - 76 Mortgage servicing rights 315 356 Leases 611 422 Core deposit intangible 573 652 Other liabilities 473 430 Total deferred tax liabilities 5,628 6,536 Valuation allowance 86 41 Net deferred tax asset $ 12,365 $ 12,377 A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more-likely-than-not that some portion of the entire deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projection for future taxable income over the periods which the temporary differences resulting in the remaining deferred tax assets are deductible, management believes it is more-likely-than-not that Bancorp will realize the benefits of these deductible differences, net of the valuation allowance, at December 31, 2015. Realization of deferred tax assets associated with the investment in tax credit partnerships is dependent upon generating sufficient taxable capital gain income prior to their expiration. A valuation allowance to reflect management’s estimate of the temporary deductible differences that may expire prior to their utilization has been recorded as of December 31, 2015 and 2014. US GAAP provides guidance on financial statement recognition and measurement of tax positions taken, or expected to be taken, in tax returns. As December 31, 2015 and 2014, the gross amount of unrecognized tax benefits, including penalties and interest, was $42 thousand. If recognized, tax benefits would reduce tax expense and accordingly, increase net income. The amount of unrecognized tax benefits may increase or decrease in the future for various reasons including adding amounts for current year tax positions, expiration of open income tax returns due to statutes of limitation, changes in management’s judgment about the level of uncertainty, status of examination, litigation and legislative activity and addition or elimination of uncertain tax positions. Federal and state income tax returns are subject to examination for the years after 2011. A reconciliation of the amount of unrecognized tax benefits follows: (In thousands) 2015 2014 Balance as of January 1 $ 40 $ 40 Increases - current year tax positions 11 11 Increases - prior year tax positions - - Settlements - - Lapse of statute of limitations (11 ) (11 ) Balance as of December 31 $ 40 $ 40 |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | (9) Deposits The composition of interest bearing deposits follows: December 31, (In thousands) 2015 2014 Interest bearing demand $ 737,347 $ 502,801 Savings 127,496 111,624 Money market 655,729 673,925 Time deposits greater than $250,000 38,988 41,137 Other time deposits 228,374 270,193 Total interest bearing deposits $ 1,787,934 $ 1,599,680 Interest expense related to certificates of deposit and other time deposits in denominations of $250 thousand or more was $313 thousand, $437 thousand, and $657 thousand, respectively, for the years ended December 31, 2015, 2014 and 2013. At December 31, 2015, the scheduled maturities of time deposits were as follows: (In thousands) 2016 $ 186,594 2017 52,936 2018 14,063 2019 7,547 2020 and thereafter 6,222 $ 267,362 Deposits of directors and their associates, including deposits of companies for which directors are principal owners, and executive officers were $25.5 million and $19.8 million at December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, Bancorp had $774 thousand and $654 thousand, respectively, of deposits accounts in overdraft status and thus have been reclassified to loans on the accompanying consolidated balance sheets. |
Note 10 - Securities Sold Under
Note 10 - Securities Sold Under Agreements to Repurchase and Other Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings Disclosure [Abstract] | |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings Disclosure [Text Block] | (10) Securities Sold Under Agreements to Repurchase and Other Short-Term Borrowings Securities sold under agreements to repurchase are a funding source of Bancorp and are primarily used by commercial customers in conjunction with collateralized corporate cash management accounts. Such repurchase agreements are considered financing agreements and generally mature within one business day from the transaction date. At December 31, 2015, all of these financing arrangements had overnight maturities and were secured by government sponsored enterprise obligations and government agency mortgage-backed securities which were owned and under the control of Bancorp. Information concerning securities sold under agreements to repurchase is summarized as follows: (Dollars in thousands) 2015 2014 Average balance during the year $ 65,140 $ 61,748 Average interest rate during the year 0.23 % 0.23 % Maximum month-end balance during the year $ 82,467 $ 69,559 |
Note 11 - Advances from the Fed
Note 11 - Advances from the Federal Home Loan Bank | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | (11) Advances from the Federal Home Loan Bank Bancorp had outstanding borrowings of $43.5 million at December 31, 2015, via 12 separate fixed-rate advances. For two advances totaling $30 million, both of which are non-callable, interest payments are due monthly, with principal due at maturity. For the remaining advances totaling $13.5 million, principal and interest payments are due monthly based on an amortization schedule. The following is a summary of the contractual maturities and average effective rates of outstanding advances: (In thousands) December 31, 2015 December 31, 2014 Year Advance Fixed Rate Advance Fixed Rate 2015 $ - - $ 30,000 2.30 % 2016 30,000 0.55 % - - 2020 1,838 2.23 1,885 2.23 2021 429 2.12 497 2.12 2024 2,865 2.36 3,064 2.36 2025 6,991 2.44 - - 2028 1,345 1.48 1,386 1.47 Total $ 43,468 1.09 % $ 36,832 2.27 % Advances from the FHLB are collateralized by certain commercial and residential real estate mortgage loans under a blanket mortgage collateral agreement and FHLB stock. Bancorp views the borrowings as an effective alternative to higher cost time deposits to fund loan growth. At December 31, 2015, the amount of available credit from the FHLB totaled $393.0 million. |
Note 12 - Other Comprehensive I
Note 12 - Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | (12) Other Comprehensive Income (Loss) The following table illustrates activity within the balances in accumulated other comprehensive income (loss) by component, and is shown for the years ended December 31, 2015, 2014, and 2013. (in thousands) Net unrealized gains (losses) on securities available-for-sale Net unrealized gains (losses) on cash flow hedges Minimum pension liability adjustment Total Balance at December 31, 2012 $ 5,887 $ - $ (466 ) $ 5,421 Other comprehensive (loss) income before reclassifications (7,863 ) - 206 (7,657 ) Amounts reclassified from accumulated other comprehensive income 3 16 - 19 Net current period other comprehensive (loss) income (7,860 ) 16 206 (7,638 ) Balance at December 31, 2013 $ (1,973 ) $ 16 $ (260 ) $ (2,217 ) Other comprehensive income before reclassifications 4,423 - (127 ) 4,296 Amounts reclassified from accumulated other comprehensive income 6 - - 6 Net current period other comprehensive income (loss) 4,429 - (127 ) 4,302 Balance at December 31, 2014 $ 2,456 $ 16 $ (387 ) $ 2,085 Other comprehensive (loss) income before reclassifications (1,558 ) (76 ) 114 (1,520 ) Amounts reclassified from accumulated other comprehensive income 67 - - 67 Net current period other comprehensive (loss) income (1,491 ) (76 ) 114 (1,453 ) Balance at December 31, 2015 $ 965 $ (60 ) $ (273 ) $ 632 The following table illustrates activity within the reclassifications out of accumulated other comprehensive income (loss), for the years ended December 31, 2015, 2014 and 2013. Details about Accumulated Other Other Comprehensive Income (Loss) Components Amount reclassified from Accumulated Other Comprehensive Income (Loss) Affected line item in the Consolidated Statements of Income For the years ended December 31, (in thousands) 2015 2014 2013 Unrealized gains (losses) on Realized loss on sale of available-for-sale securities $ - $ (9 ) $ (5 ) Loss on sale of securities OTTI impairment of equity security (103 ) - - Other non-interest expense Effect of income taxes 36 3 2 Income tax expense Reclassifications, net of income taxes $ (67 ) $ (6 ) $ (3 ) |
Note 13 - Subordinated Debentur
Note 13 - Subordinated Debentures | 12 Months Ended |
Dec. 31, 2015 | |
Subordinated Borrowings [Abstract] | |
Subordinated Borrowings Disclosure [Text Block] | (1 3 ) Subordinated Debentures In 2008, Bancorp formed S.Y. Bancorp Capital Trust II (“the Trust”), a Delaware statutory trust and 100%-owned finance subsidiary. S.Y. Bancorp Capital Trust II issued $30.0 million of 10% fixed rate cumulative trust preferred securities and invested the proceeds, along with $900,000 received from the purchase of its common equity securities, in $30.9 million of a fixed rate subordinated debenture of Bancorp. The principal asset of S.Y. Bancorp Capital Trust II was a $30.9 million subordinated debenture of Bancorp. The interest rate on both the trust preferred securities and the subordinated debentures was fixed at 10.00%. The trust preferred securities, the assets of the Trust, and the common securities issued by the Trust were redeemable in whole or in part on or after December 31, 2013, or at any time in whole, but not in part, from the date of issuance upon the occurrence of certain events. On December 31, 2013, Bancorp redeemed all of these securities at par value. Remaining unamortized issuance costs of $1.3 million were recognized as non-interest expense in the fourth quarter of 2013. The Trust has subsequently been dissolved. |
Note 14 - Preferred Stock and C
Note 14 - Preferred Stock and Common Stock | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | (14) Preferred Stock and Common Stock Bancorp has a class of preferred stock (no par value; 1,000,000 shares authorized); the relative rights, preferences and other terms of the class or any series within the class will be determined by the Board of Directors prior to any issuance. None of this stock has been issued to date. At Bancorp's 2015 Annual Meeting of Shareholders, shareholders approved increasing the number of authorized common shares from 20,000,000 to 40,000,000. |
Note 15 - Net Income Per Share
Note 15 - Net Income Per Share and Common Stock Dividends | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | (15) Net Income per Share and Common Stock Dividends The following table reflects the numerators (net income) and denominators (average shares outstanding) for the basic and diluted net income per share computations: (In thousands, except per share data) 2015 2014 2013 Net income, basic and diluted $ 37,187 $ 34,822 $ 27,170 Average shares outstanding, basic 14,725 14,559 14,223 Effect of dilutive securities 248 203 130 Average shares outstanding including dilutive securities 14,973 14,762 14,353 Net income per share, basic $ 2.53 $ 2.39 $ 1.91 Net income per share, diluted $ 2.48 $ 2.36 $ 1.89 |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | (16) Employee Benefit Plans Bancorp has a combined employee stock ownership and profit sharing plan (“KSOP”). The plan is a defined contribution plan and is available to all employees meeting certain eligibility requirements. In general, for employees who work more than 1,000 hours per year, Bancorp matches employee contributions up to 6% of the employee’s salary, and contributes an amount of Bancorp stock equal to 2% of the employee’s salary. Employer matching expenses related to contributions to the plan for 2015, 2014, and 2013 were $1.8 million, $1.7 million, and $1.7 million, respectively, and are recorded within salaries and employee benefits. Employee and employer contributions are made in accordance with the terms of the plan. As of December 31, 2015 and 2014, the KSOP held 433,400 and 489,005, respectively, shares of Bancorp stock. In addition Bancorp has non-qualified plans into which directors and certain senior officers may defer director fees or salary/incentives. Bancorp matched certain executives’ deferrals into the senior officers’ plan amounting to approximately $171 thousand, $228 thousand, and $205 thousand in 2015, 2014 and 2013 respectively. At December 31, 2015 and 2014, the amounts included in other liabilities in the consolidated financial statements for this plan were $4.9 million and $4.7 million, were comprised primarily of participants’ contributions, and represented the fair value of mutual fund investments directed by participants. Bancorp sponsors an unfunded non-qualified defined benefit retirement plan for three key officers (two current and one retired), and has no plans to increase the number of or the benefits to participants. Benefits vest based on 25 years of service. The former officer and one current officer are fully vested, and one current officer will be fully vested in 2017. Bancorp uses a December 31 measurement date for this plan. At December 31, 2015 and 2014, the accumulated benefit obligation for the plan included in other liabilities in the consolidated financial statements was $2.1 million and $2.2 million, respectively. Discount rates of 4.28% and 3.85% were used in 2015 and 2014, respectively, in determining the actuarial present value of the projected benefit obligation. The actuarially determined pension costs are expensed and accrued over the service period, and benefits are paid from Bancorp’s assets. Bancorp maintains life insurance policies, for which it is the ultimate beneficiary, on certain current and former executives. The income from these policies helps offset the cost of benefits. The liability for Bancorp’s plan met the benefit obligation as of December 31, 2015 and 2014. Information about the components of the net periodic benefit cost of the defined benefit plan, recorded in salaries and employee benefits, is as follows: Year ended December 31, (in thousands) 2015 2014 2013 Components of net periodic benefit cost: Service cost $ - $ - $ - Interest cost 83 90 83 Expected return on plan assets - - - Amortization of prior service cost - - - Amortization of net losses 59 36 60 Net periodic benefit cost $ 142 $ 126 $ 143 The benefits expected to be paid in each year from 2016 to 2020 and beyond are listed in the table below. (In thousands) Benefits 2016 $ 84 2017 84 2018 84 2019 84 2020 84 Beyond 2020 3,278 Total future payments $ 3,698 The expected benefits to be paid are based on the same assumptions used to measure Bancorp’s benefit obligation at December 31, 2015. There are no obligations for other post-retirement and post-employment benefits. |
Note 17 - Stock-Based Compensat
Note 17 - Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (17) Stock-Based Compensation The fair value of all awards granted, net of estimated forfeitures, is recognized as compensation expense over the respective service period. Bancorp currently has one stock-based compensation plan. At Bancorp's 2015 Annual Meeting of Shareholders, shareholders approved the 2015 Omnibus Equity Compensation Plan and authorized the shares available from the expiring 2005 plan for future awards under the 2015 plan. No additional shares were made available. As of December 31, 2015, there were 364,280 shares available for future awards. The 2005 Stock Incentive Plan expired in April 2015; however, options and SARs granted under this plan expire as late as 2025. Options, which have not been granted since 2007, generally had a vesting schedule of 20% per year. Stock appreciation rights (“SARs”) granted have a vesting schedule of 20% per year. Options and SARs expire ten years after the grant date unless forfeited due to employment termination. Restricted shares granted to officers vest over five years. All restricted shares have been granted at a price equal to the market value of common stock at the time of grant. For all grants prior to 2015, grantees are entitled to dividend payments during the vesting period. For grants in 2015, forfeitable dividends are deferred until shares are vested. Fair value of restricted shares is equal to the market value of the shares on the date of grant. Grants of performance stock units (“PSUs”) vest based upon service and a single three-year performance period which begins January 1 of the first year of the performance period. Because grantees are not entitled to dividend payments during the performance period, the fair value of these PSUs is estimated based upon the fair value of the underlying shares on the date of grant, adjusted for non-payment of dividends. Beginning in 2015, grants require a one year post-vesting holding periods and the fair value of such grants incorporates a liquidity discount of 4.50% related to the holding period. Grants of restricted stock units (“RSUs”) to directors are time-based and vest 12 months after grant date. Because grantees are entitled to deferred dividend payments at the end of the vesting period, fair value of the RSUs is estimated based on fair value of underlying shares on the date of grant. Bancorp has recognized stock-based compensation expense, within salaries and employee benefits for employees, and within other non-interest expense for directors, in the consolidated statements of income as follows: (in thousands) 2015 2014 2013 Stock-based compensation expense before income taxes $ 2,134 $ 2,016 $ 1,940 Less: deferred tax benefit (747 ) (706 ) (679 ) Reduction of net income $ 1,387 $ 1,310 $ 1,261 As of December 31, 2015 Bancorp has $3.6 million of unrecognized stock-based compensation expense that will be recorded as compensation expense over the next five years as awards vest. Bancorp received cash of $3.3 million, $2.5 million and $2.4 million from the exercise of options during 2015, 2014 and 2013, respectively. Fair values of Bancorp’s stock options and SARs are estimated at the date of grant using the Black-Scholes option pricing model, a leading formula for calculating the value of stock options and SARs. This model requires the input of assumptions, changes to which can materially affect the fair value estimate. Fair value of restricted shares is determined by Bancorp’s closing stock price on the date of grant. The following assumptions were used in SAR valuations at the grant date in each year: Assumptions 2015 2014 2013 Dividend yield 2.97 % 2.94 % 2.80 % Expected volatility 22.81 % 23.66 % 22.54 % Risk free interest rate 1.91 % 2.22 % 1.26 % Expected life of SARs ( 7.5 7.0 6.6 Dividend yield and expected volatility are based on historical information for Bancorp corresponding to the expected life of options and SARs granted. Expected volatility is the volatility of the underlying shares for the expected term on a monthly basis. The risk free interest rate is the implied yield currently available on U.S. Treasury issues with a remaining term equal to the expected life of the options. The expected life of SARs is based on actual experience of past like-term SARs and options. Bancorp evaluates historical exercise and post-vesting termination behavior when determining the expected life. A summary of stock option and SARs activity and related information for the year ended December 31, 2015 follows. Options and SARs (in thousands) Exercise price Weighted average exercise price Aggregate intrinsic value (in thousands) Weighted average fair value Weighted average remaining contractual life (in years) At December 31, 2014 Vested and exercisable 524 $ 21.03-26.83 $ 23.84 $ 4,981 $ 5.35 3.5 Unvested 194 21.03-29.16 24.83 1,650 4.57 7.7 Total outstanding 718 21.03-29.16 24.11 6,631 5.14 4.6 Activity during 2015 SARs granted 50 34.43-36.83 34.48 167 5.95 Exercised (154 ) 21.03-26.83 24.40 1,970 5.78 Forfeited - - - - - At December 31, 2015 Vested and exercisable 437 21.03-29.16 23.62 6,191 5.09 3.7 Unvested 177 22.86-36.83 27.99 1,733 4.93 7.7 Total outstanding 614 21.03-36.83 24.88 $ 7,924 5.04 4.8 Vested year-to-date 67 $ 21.03-29.16 $ 23.77 $ 939 $ 4.65 The aggregate intrinsic value of stock options and SARs exercised in 2015, 2014 and 2013 was $2.0 million, $1.1 million and $1.1 million, respectively. The aggregate intrinsic value of stock options and SARs exercised was calculated as the difference in the closing price of Bancorp’s common shares on the date of exercise and the exercise price, multiplied by the number of shares exercised. The weighted average Black-Scholes fair values of SARs granted in 2015, 2014 and 2013 were $5.95, $5.37 and $3.61, respectively. Options and SARs outstanding, stated in thousands, at December 31, 2015 were as follows: Expiration Number of options and SARs outstanding Options and SARs exercisable Weighted average exercise price of options and SARs outstanding 2016 6 6 $ 24.07 2017 91 91 26.80 2018 64 64 23.37 2019 65 65 22.14 2020 74 74 21.03 2021 57 46 23.78 2022 90 54 22.87 2023 54 25 22.89 2024 62 12 29.05 2025 51 - 34.48 614 437 $ 24.88 For the three year period ending December 31, 2015, Bancorp granted shares of restricted common stock as outlined in the following table: Number Grant date weighted- average cost Unvested at December 31, 2012 113,910 $ 22.55 Shares awarded 55,275 22.93 Restrictions lapsed and shares released to employees/directors (39,909 ) 22.29 Shares forfeited (4,720 ) 23.45 Unvested at December 31, 2013 124,556 $ 22.77 Shares awarded 39,730 29.12 Restrictions lapsed and shares released to employees/directors (44,724 ) 22.69 Shares forfeited (5,469 ) 23.77 Unvested at December 31, 2014 114,093 $ 24.95 Shares awarded 35,265 34.48 Restrictions lapsed and shares released to employees/directors (40,510 ) 23.84 Shares forfeited (4,649 ) 28.46 Unvested at December 31, 2015 104,199 $ 28.46 Bancorp awarded performance-based restricted stock units (“PSUs”) to executive officers of Bancorp, the single three-year performance period for which began January 1 of the award year. The following table outlines the PSU grants. Grant year Vesting period in years Fair value at grant date Expected shares to be awarded 2013 3 $ 20.38 36,792 2014 3 26.42 33,349 2015 3 30.03 19,774 In the first quarter of 2015, Bancorp awarded 6,080 RSUs to directors of Bancorp with a grant date fair value of $200 thousand. In the second quarter of 2015, 760 RSUs were cancelled in conjunction with a director’s resignation, leaving 5,320 RSUs outstanding with a grant date fair value of $175 thousand. Bancorp has no equity compensation plans which have not been approved by shareholders. The following table provides detail of the number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance under all the Bancorp’s equity compensation plans as of December 31, 2015. Plan category Number of shares to be issued upon exercise Weighted average exercise price Shares available for future issuance (a) Equity compensation plans approved by security holders: Stock options 97 $ 26.62 364 Stock appreciation rights (SARs) (b) (b) (a) Restricted common stock 104 N/A (a) Performance stock units (c) N/A (a) Restricted stock units 5 N/A (a) Total shares 206 364 (a) Under the 2015 Omnibus Equity Compensation Plan, shares of stock are authorized for issuance as incentive and nonqualified stock options, SARs, restricted stock, and restricted stock units (b) At December 31, 2015, approximately 517,000 SARs were outstanding at a weighted average grant price of $24.56. The number of shares to be issued upon exercise will be determined based on the difference between the grant price and the market price at the date of exercise. (c) The number of shares to be issued is dependent upon Bancorp achieving certain predefined performance targets and ranges from zero shares to approximately 120,000 shares. As of December 31, 2015, the expected shares to be awarded are 89,915. |
Note 18 - Dividend Restriction
Note 18 - Dividend Restriction | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Restrictions on Dividends, Loans and Advances [Text Block] | (18) Dividend Restriction Bancorp’s principal source of cash revenues is dividends paid to it as the sole shareholder of the Bank. At any balance sheet date, the Bank’s regulatory dividend restriction represents the Bank’s net income of the prior two years less any dividends paid for the same two years. At December 31, 2015, the Bank may pay an amount equal to $57.2 million in dividends to Bancorp without regulatory approval subject to the ongoing capital requirements of the Bank. |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | (19) Commitments and Contingent Liabilities As of December 31, 2015, Bancorp had various commitments outstanding that arose in the normal course of business, including standby letters of credit and commitments to extend credit, which are properly not reflected in the consolidated financial statements. In management’s opinion, commitments to extend credit of $636.9 million including standby letters of credit of $12.8 million represent normal banking transactions. Commitments to extend credit were $463.0 million, including letters of credit of $11.0 million, as of December 31, 2014. Commitments to extend credit are agreements to lend to a customer as long as collateral is available and there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses. Commitments to extend credit are mainly comprised of commercial lines of credit, construction and home equity credit lines and credit cards issued to commercial customers. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Bancorp uses the same credit and collateral policies in making commitments and conditional guarantees as for on-balance sheet instruments. Bancorp evaluates each customer’s creditworthiness on a case by case basis. The amount of collateral obtained is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, equipment, and real estate. However, should the commitments be drawn upon and should our customers default on their resulting obligation to us, our maximum exposure to credit loss, without consideration of collateral, is represented by the contractual amount of those instruments. At December 31, 2015, Bancorp has accrued $432 thousand in other liabilities for inherent risks related to unfunded credit commitments. Standby letters of credit and financial guarantees written are conditional commitments issued by Bancorp to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support private commercial transactions. Standby letters of credit generally have maturities of one to two years. Bancorp leases certain facilities under non-cancelable operating leases. Future minimum lease commitments for these leases are outlined in the table below. Year Total amount 2016 $ 1,856,000 2017 1,860,000 2018 1,404,000 2019 1,180,000 2020 874,000 Thereafter 2,937,000 Total $ 10,111,000 Rent expense, net of sublease income, was $1.7 million in 2015, $1.8 million in 2014, and $1.7 million in 2013. Certain commercial customers require confirmation of Bancorp’s letters of credit by other banks since Bancorp does not have a rating by a national rating agency. The terms of the agreements range from 4 to 18 months. The maximum potential future exposure to Bancorp at December 31, 2014 was $3.7 million. If an event of default on all contracts had occurred at December 31, 2015, Bancorp would have been required to make payments of approximately $3.2 million. No payments have ever been required as a result of default on these contracts. These agreements are normally secured by collateral acceptable to Bancorp, which limits credit risk associated with the agreements. Also, as of December 31, 2015, in the normal course of business, there were pending legal actions and proceedings in which claims for damages are asserted. Management, after discussion with legal counsel, believes the ultimate result of these legal actions and proceedings will not have a material adverse effect on the consolidated financial position or results of operations of Bancorp. |
Note 20 - Assets and Liabilitie
Note 20 - Assets and Liabilities Measured and Reported at Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | (20) Assets and Liabilities Measured and Reported at Fair Value Bancorp follows the provisions of authoritative guidance for fair value measurements. This guidance is definitional and disclosure oriented and addresses how companies should approach measuring fair value when required by US GAAP. The guidance also prescribes various disclosures about financial statement categories and amounts which are measured at fair value, if such disclosures are not already specified elsewhere in US GAAP. Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement date. The guidance also establishes a hierarchy to group assets and liabilities carried at fair value in three levels based upon the markets in which the assets and liabilities trade and the reliability of assumptions used to determine fair value. These levels are: ● Level 1: Valuation is based upon quoted prices for identical instruments traded in active markets. ● Level 2: Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. ● Level 3: Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions would reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques could include pricing models, discounted cash flows and other similar techniques. Authoritative guidance requires maximization of use of observable inputs and minimization of use of unobservable inputs in fair value measurements. Where there exists limited or no observable market data, Bancorp derives its own estimates by generally considering characteristics of the asset/liability, the current economic and competitive environment and other factors. For this reason, results cannot be determined with precision and may not be realized on an actual sale or immediate settlement of the asset or liability. Bancorp’s investment securities available-for-sale and interest rate swaps are recorded at fair value on a recurring basis. Other accounts including mortgage servicing rights, impaired loans and other real estate owned may be recorded at fair value on a non-recurring basis, generally in the application of lower of cost or market adjustments or write-downs of specific assets. The portfolio of investment securities available-for-sale is comprised of U.S. Treasury and other U.S. government obligations, debt securities of U.S. government-sponsored corporations (including mortgage-backed securities), obligations of state and political subdivisions and corporate equity securities. U.S. Treasury and corporate equity securities are priced using quoted prices of identical securities in an active market. These measurements are classified as Level 1 in the hierarchy above. All other securities are priced using standard industry models or matrices with various assumptions such as yield curves, volatility, prepayment speeds, default rates, time value, credit rating and market prices for similar instruments. These assumptions are generally observable in the market place and can be derived from or supported by observable data. These measurements are classified as Level 2 in the hierarchy above. Interest rate swaps are valued using primarily Level 2 inputs. Fair value measurements generally based on benchmark forward yield curves and other relevant observable market data. For purposes of potential valuation adjustments to derivative positions, Bancorp evaluates the credit risk of its counterparties as well as its own credit risk. To date, Bancorp has not realized any losses due to a counterparty’s inability to perform and the change in value of derivative assets and liabilities attributable to credit risk was not significant during 2015. Below are carrying values of assets measured at fair value on a recurring basis. (in thousands) Fair value at December 31, 2015 Total Level 1 Level 2 Level 3 Assets Investment securities available-for-sale U.S. Treasury and other U.S. government obligations $ 80,000 $ 80,000 $ - $ - Government sponsored enterprise obligations 251,893 - 251,893 - Mortgage-backed securities - government agencies 169,628 - 169,628 - Obligations of states and political subdivisions 63,702 - 63,702 - Corporate equity securities 653 653 - - Total investment securities available-for-sale 565,876 80,653 485,223 - Interest rate swaps 461 - 461 - Total assets $ 566,337 $ 80,653 $ 485,684 $ - Liabilities Interest rate swaps $ 554 $ - $ 554 $ - (in thousands) Fair value at December 31, 2014 Total Level 1 Level 2 Level 3 Assets Investment securities available-for-sale U.S. Treasury and other U.S. government obligations $ 70,000 $ 70,000 $ - $ - Government sponsored enterprise obligations 204,986 - 204,986 - Mortgage-backed securities - government agencies 174,270 - 174,270 - Obligations of states and political subdivisions 62,834 - 62,834 - Corporate equity securities 966 966 - - Total investment securities available-for-sale 513,056 70,966 442,090 - Interest rate swaps 425 - 425 - Total assets $ 513,481 $ 70,966 $ 442,515 $ - Liabilities Interest rate swaps $ 401 $ - $ 401 $ - Bancorp had no financial instruments classified within Level 3 of the valuation hierarchy for assets and liabilities measured at fair value on a recurring basis at December 31, 2015 or 2014. MSRs are recorded at fair value upon capitalization, are amortized to correspond with estimated servicing income, and are periodically assessed for impairment based on fair value at the reporting date. Fair value is based on a valuation model that calculates the present value of estimated net servicing income. The model incorporates assumptions that market participants would use in estimating future net servicing income. These measurements are classified as Level 3. At December 31, 2015 and 2014 there was no valuation allowance for the mortgage servicing rights, as the fair value exceeded the cost. Accordingly, MSRs are not included in either table below for December 31, 2015 or 2014. See Note 7 for more information regarding MSRs. For impaired loans in the table below, the fair value is calculated as the carrying value of only loans with a specific valuation allowance, less the specific allowance. Fair value of impaired loans was primarily measured based on the value of the collateral securing these loans. Impaired loans are classified within Level 3 of the fair value hierarchy. Collateral may be real estate and/or business assets including equipment, inventory, and/or accounts receivable. Bancorp determines the value of the collateral based on independent appraisals performed by qualified licensed appraisers. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Appraised values are discounted for costs to sell and may be discounted further based on management’s historical knowledge, changes in market conditions from the date of the most recent appraisal, and/or management’s expertise and knowledge of the customer and the customer’s business. Such discounts by management are subjective and are typically significant unobservable inputs for determining fair value. As of December 31, 2015, total impaired loans with a valuation allowance were $2.6 million, and the specific allowance totaled $544 thousand, resulting in a fair value of $2.1 million, compared to total impaired loans with a valuation allowance of $7.8 million, and the specific allowance allocation totaling $1.4 million, resulting in a fair value of $6.4 million at December 31, 2014. Losses represent the change in specific allowances for the period indicated. Other real estate owned (“OREO”), which is carried at the lower of cost or fair value, is periodically assessed for impairment based on fair value at the reporting date. Fair value is based on appraisals performed by external parties which use judgments and assumptions that are property-specific and sensitive to changes in the overall economic environment. Appraisals may be further discounted based on management’s historical knowledge and/or changes in market conditions from the date of the most recent appraisal. Many of these inputs are not observable and, accordingly, these measurements are classified as Level 3. For OREO in the table below, fair value is the carrying value of only parcels of OREO which have a carrying value equal to appraised value. Losses represent write-downs which occurred during the period indicated. At December 31, 2015 and 2014, carrying value of all other real estate owned was $4.5 million and $6.0 million, respectively. Below are carrying values of assets measured at fair value on a non-recurring basis. (in thousands) Fair value at December 31, 2015 Total Level 1 Level 2 Level 3 Total losses Impaired loans $ 2,058 $ - $ - $ 2,058 $ (208 ) Other real estate owned 3,782 - - 3,782 (2 ) Total $ 5,840 $ - $ - $ 5,840 $ (210 ) (in thousands) Fair value at December 31, 2014 Total Level 1 Level 2 Level 3 Total losses Impaired loans $ 6,449 $ - $ - $ 6,449 $ (405 ) Other real estate owned 5,032 - - 5,032 (42 ) Total $ 11,481 $ - $ - $ 11,481 $ (447 ) In the case of the securities portfolio, Bancorp monitors the valuation technique utilized by pricing agencies to ascertain when transfers between levels have occurred. The nature of the remaining assets and liabilities is such that transfers in and out of any level are expected to be rare. For the years ended December 31, 2015, 2014 and 2013, there were no transfers between Levels 1, 2, or 3. For Level 3 assets measured at fair value on a non-recurring basis as of December 31, 2015, the significant unobservable inputs used in the fair value measurements are presented below. (Dollars in thousands) Carrying amount Valuation technique Significant unobservable input Weighted average of input Impaired loans - collateral dependent $ 2,058 Appraisal Appraisal discounts (%) 8.4 % Other real estate owned 3,782 Appraisal Appraisal discounts (%) 18.6 % |
Note 21 - Disclosure of Financi
Note 21 - Disclosure of Financial Instruments Not Reported at Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (21) Disclosure of Financial Instruments Not Reported at Fair Value US GAAP requires disclosure of the fair value of financial assets and liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. Carrying amounts, estimated fair values, and placement in the fair value hierarchy of Bancorp’s financial instruments are as follows: (in thousands) Carrying December 31, 2015 amount Fair value Level 1 Level 2 Level 3 Financial assets Cash and short-term investments $ 103,833 $ 103,833 $ 103,833 $ - $ - Mortgage loans held for sale 6,800 7,112 - 7,112 - Federal Home Loan Bank stock and other securities 6,347 6,347 - 6,347 - Loans, net 2,010,566 2,021,776 - - 2,021,776 Accrued interest receivable 6,610 6,610 6,610 - - Financial liabilities Deposits $ 2,371,702 $ 2,371,300 $ - $ - $ 2,371,300 Short-term borrowings 87,003 87,003 - 87,003 - FHLB Advances 43,468 43,647 - 43,647 - Accrued interest payable 127 127 127 - - December 31, 2014 Financial assets Cash and short-term investments $ 74,241 $ 74,241 $ 74,241 $ - $ - Mortgage loans held for sale 3,747 3,876 - 3,876 - Federal Home Loan Bank stock and other securities 6,347 6,347 - 6,347 - Loans, net 1,843,630 1,863,568 - - 1,863,568 Accrued interest receivable 5,980 5,980 5,980 - - Financial liabilities Deposits $ 2,123,627 $ 2,124,904 $ - $ - $ 2,124,904 Short-term borrowings 116,949 116,949 - 116,949 - FHLB Advances 36,832 37,714 - 37,714 - Accrued interest payable 131 131 131 - - Management used the following methods and assumptions to estimate the fair value of each class of financial instrument for which it is practicable to estimate the value. Cash, short-term investments, accrued interest receivable/payable and short-term borrowings For these short-term instruments, carrying amount is a reasonable estimate of fair value. Mortgage loans held for sale Mortgage loans held for sale are initially recorded at the lower of cost or market value. The portfolio is comprised of residential real estate loans and fair value is determined by market quotes for similar loans based on loan type, term, rate, size and the borrower’s credit score. Federal Home Loan Bank stock and other securities For these securities without readily available market values, carrying amount is a reasonable estimate of fair value as it equals the amount due from FHLB or other issuer at upon redemption. Loans, net US GAAP prescribes the exit price concept for estimating fair value of loans. Because there is not an active market (exit price) for trading virtually all types of loans in Bancorp’s portfolio, fair value of loans is estimated by discounting future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (entrance price). Deposits Fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. Fair value of fixed-rate certificates of deposits is estimated by discounting future cash flows using the rates currently offered for deposits of similar remaining maturities. Federal Home Loan Bank advances Fair value of FHLB advances is estimated by discounting future cash flows using estimates of current market rate for instruments with similar terms and remaining maturities. Commitments to extend credit and standby letters of credit Fair values of commitments to extend credit are estimated using fees currently charged to enter into similar agreements and the creditworthiness of the customers. Fair values of standby letters of credit are based on fees currently charged for similar agreements or estimated cost to terminate them or otherwise settle obligations with counterparties at the reporting date. Fair value of commitments to extend credit, letters of credit and lines of credit is not presented since management believes the fair value to be insignificant. Limitations Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. Because no market exists for a significant portion of Bancorp’s financial instruments, fair value estimates are based on judgments regarding future expected losses, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Therefore, calculated fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not be realizable in a current sale of the instrument. Changes in assumptions could significantly affect estimates. |
Note 22 - Derivative Financial
Note 22 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | (22) Derivative Financial Instruments Occasionally, Bancorp enters into free-standing interest rate swaps for the benefit of its commercial customers who desire to hedge their exposure to changing interest rates. Bancorp offsets its interest rate exposure on these transactions by entering into offsetting swap agreements with substantially matching terms with approved reputable independent counterparties. These undesignated derivative instruments are recognized on the consolidated balance sheet at fair value. Because of matching terms of offsetting contracts and collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition are expected to have an insignificant effect on earnings. Exchanges of cash flows related to the undesignated interest rate swap agreements for 2015 were offsetting and therefore had no net effect on Bancorp’s earnings or cash flows. Interest rate swap agreements derive their value from underlying interest rates. These transactions involve both credit and market risk. Notional amounts are amounts on which calculations, payments, and the value of the derivative are based. Notional amounts do not represent direct credit exposures. Direct credit exposure is limited to the net difference between the calculated amounts to be received and paid, if any. Bancorp is exposed to credit-related losses in the event of nonperformance by counterparties to these agreements. Bancorp mitigates the credit risk of its financial contracts through credit approvals, limits and monitoring procedures, and does not expect any counterparties to fail their obligations. At December 31, 2015 and 2014, Bancorp had outstanding undesignated interest rate swap contracts as follows: (dollar amounts in thousands) Receiving Paying December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Notional amount $ 10,788 $ 7,217 $ 10,788 $ 7,217 Weighted average maturity (years) 6.9 6.8 6.9 6.8 Fair value $ (461 ) $ (401 ) $ 461 $ 401 In 2013, Bancorp entered into an interest rate swap to hedge cash flows of a $10 million rolling fixed-rate three-month FHLB borrowing. The swap began December 6, 2013 and ends December 6, 2016. In 2015, Bancorp entered into an interest rate swap to hedge cash flows of a $20 million rolling fixed-rate three-month FHLB borrowing. The swap began December 9, 2015 and matures December 6, 2020. For purposes of hedging, the rolling fixed rate advances are considered to be floating rate liabilities. The interest rate swaps involve exchange of Bancorp’s floating rate interest payments for fixed rate swap payments on underlying principal amounts. These swaps were designated, and qualified, for cash-flow hedge accounting. For derivative instruments that are designated and qualify as cash flow hedging instruments, the effective portion of gains or losses is reported as a component of other comprehensive income, and is subsequently reclassified into earnings as an adjustment to interest expense in periods in which the hedged forecasted transaction affects earnings. The following table details Bancorp’s derivative position designated as a cash flow hedge, and the fair values as of December 31, 2015 and 2014. (dollars in thousands) Notional amount Maturity date Receive (variable) index Pay fixed swap rate Fair value December 31, 2015 Fair value December 31, 2014 $ 10,000 12/6/2016 US 3 Month LIBOR 0.72 % $ 8 $ 24 20,000 12/6/2020 US 3 Month LIBOR 1.79 (101 ) NA $ 30,000 1.43 % $ (93 ) $ 24 |
Note 23 - Regulatory Matters
Note 23 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | (23) Regulatory Matters Bancorp and the Bank are subject to various capital requirements prescribed by banking regulations and administered by state and federal banking agencies. Under these requirements, Bancorp and the Bank must meet minimum amounts and percentages of Tier 1, common equity Tier 1, and total capital, as defined, to risk weighted assets and Tier 1 capital to average assets. Risk weighted assets are determined by applying certain risk weightings prescribed by the regulations to various categories of assets and off-balance sheet commitments. Capital and risk weighted assets may be further subject to qualitative judgments by regulators as to components, risk weighting and other factors. Failure to meet the capital requirements can result in certain mandatory, and possibly discretionary, corrective actions prescribed by the regulations or determined to be necessary by the regulators, which could materially affect the unaudited consolidated financial statements. In 2013, the Federal Reserve Board and the FDIC approved rules that substantially amended the regulatory risk-based capital rules applicable to Bancorp and Bank. The rules implemented the regulatory capital reforms of the Basel Committee on Banking Supervision reflected in "Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems" (“Basel III”) and changes required by the Dodd-Frank Act. The Basel III regulatory capital reforms became effective for Bancorp and Bank on January 1, 2015, and included new minimum risk-based capital and leverage ratios. Capital ratios for December 31, 2014 were calculated using the former rules and for December 31, 2015 ratios were calculated using the new Basel III rules. For Bancorp, key differences under Basel III include risk weighting for loan commitments under one year and higher risk weighting for certain commercial real estate and construction loans. These differences resulted in higher risk-weighted assets, and therefore, somewhat lower risk-based capital ratios. Bancorp and the Bank met all capital requirements to which they were subject as of December 31, 2015 and 2014. The following table sets forth consolidated Bancorp’s and the Bank’s risk based capital amounts and ratios as of December 31, 2015 and 2014 follows: (dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2015 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 307,666 13.31 % $ 184,923 8.00 % NA NA Bank 298,129 12.91 184,743 8.00 $ 230,929 10.00 % Common Equity Tier 1 risk-based capital (2) Consolidated 284,793 12.32 104,023 4.50 NA NA Bank 275,256 11.92 103,914 4.50 138,552 6.00 Tier 1 risk-based capital (1) Consolidated 284,793 12.32 138,698 6.00 NA NA Bank 275,256 11.92 138,552 6.00 138,552 6.00 Leverage (3) Consolidated 284,793 10.53 108,183 4.00 NA NA Bank 275,256 10.19 108,049 4.00 135,062 5.00 Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2014 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 280,228 13.86 % $ 161,748 8.00 % NA NA Bank 274,345 13.59 161,498 8.00 $ 201,873 10.00 % Tier 1 risk-based capital (1) Consolidated 255,308 12.63 80,858 4.00 NA NA Bank 249,425 12.36 80,720 4.00 121,080 6.00 Leverage (3) Consolidated 255,308 10.26 74,651 3.00 NA NA Bank 249,425 10.04 74,529 3.00 124,216 5.00 (1) Ratio is computed in relation to risk-weighted assets. (2) Ratio became effective January 2015. (3) Ratio is computed in relation to average assets. NA –Not applicable. Regulatory framework does not define well capitalized for holding companies. |
Note 24 - Stock Yards Bancorp,
Note 24 - Stock Yards Bancorp, Inc. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | (24) Stock Yards Bancorp, Inc. (parent company only) Condensed Balance Sheets December 31, (in thousands) 2015 2014 Assets Cash on deposit with subsidiary bank $ 5,722 $ 2,926 Investment in and receivable from subsidiaries 276,981 254,011 Other assets 3,840 2,981 Total assets $ 286,543 $ 259,918 Liabilities and stockholders' equity Other liabilities $ 24 $ 23 Total stockholders’ equity 286,519 259,895 Total liabilities and stockholders’ equity $ 286,543 $ 259,918 Condensed Statements of Income Years ended December 31, (in thousands) 2015 2014 2013 Income - dividends and interest from subsidiaries $ 14,244 $ 3,300 $ 30,090 Income - interest income from securities - - 27 Other income 15 183 174 Expenses 2,511 2,472 7,260 Income before income taxes and equity in undistributed net income of subsidiary 11,748 1,011 23,031 Income tax benefit (1,016 ) (1,018 ) (2,583 ) Income before equity in undistributed net income of subsidiary 12,764 2,029 25,614 Equity in undistributed net income of subsidiary 24,423 32,793 1,556 Net income $ 37,187 $ 34,822 $ 27,170 Condensed Statements of Cash Flows Years ended December 31 (in thousands) 2015 2014 2013 Operating activities Net income $ 37,187 $ 34,822 $ 27,170 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (24,423 ) (32,793 ) (1,556 ) (Increase) decrease in receivable from subsidiaries (842 ) 2,514 (21,896 ) Stock compensation expense 2,134 2,016 1,940 Excess tax benefits from share- based compensation arrangements (673 ) (378 ) (265 ) Depreciation, amortization and accretion, net 11 45 1,396 Decrease (increase) in other assets 531 (179 ) 4,453 Increase in other liabilities 91 115 545 Net cash provided by operating activities 14,016 6,162 11,787 Investing activities Proceeds from maturities of securities available for sale — — 1,000 Cash for acquisition, net of cash acquired — — 8,963 Net cash provided by investing activities — — 9,963 Financing activities Repayments of subordinated debentures - - (30,900 ) Proceeds from stock options 3,249 2,473 2,435 Excess tax benefit from share-based compensation arrangements 673 378 265 Common stock repurchases (918 ) (616 ) (331 ) Cash dividends paid (14,224 ) (12,924 ) (11,670 ) Net cash used in financing activities (11,220 ) (10,689 ) (40,201 ) Net increase (decrease) in cash 2,796 (4,527 ) (18,451 ) Cash at beginning of year 2,926 7,453 25,904 Cash at end of year $ 5,722 $ 2,926 $ 7,453 |
Note 25 - Segments
Note 25 - Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | (25) Segments Bancorp’s principal activities include commercial banking and investment management and trust. Commercial banking provides a full range of loan and deposit products to individual consumers and businesses. Commercial banking also includes Bancorp’s mortgage origination and securities brokerage activity. Investment management and trust provides wealth management services including investment management, trust and estate administration, and retirement plan services. Financial information for each business segment reflects that which is specifically identifiable or allocated based on an internal allocation method. Income taxes are allocated based on the effective federal income tax rate adjusted for any tax exempt activity. All tax exempt activity and provision for loan losses have been allocated to the commercial banking segment. Measurement of the performance of the business segments is based on the management structure of Bancorp and is not necessarily comparable with similar information for any other financial institution. Information presented is also not necessarily indicative of the segments’ operations if they were independent entities. Principally, all of the net assets of Stock Yards Bancorp, Inc. are involved in the commercial banking segment. Bancorp has goodwill of $682,000 related to the 1996 purchase of a bank in southern Indiana. This purchase facilitated Bancorp’s expansion in southern Indiana. Goodwill has been assigned to the commercial banking segment. Selected financial information by business segment follows: (In thousands) Commercial banking Investment management and trust Total Year ended December 31, 2015 Net interest income $ 88,124 $ 194 $ 88,318 Provision for loan losses 750 - 750 Investment management and trust services - 18,026 18,026 All other non-interest income 21,924 - 21,924 Non-interest expense 62,748 10,650 73,398 Income before income taxes 46,550 7,570 54,120 Tax expense 14,238 2,695 16,933 Net income $ 32,312 $ 4,875 $ 37,187 Year ended December 31, 2014 Net interest income $ 83,570 $ 187 $ 83,757 Credit for loan losses (400 ) - (400 ) Investment management and trust services - 18,212 18,212 All other non-interest income 20,913 30 20,943 Non-interest expense 62,523 10,686 73,209 Income before income taxes 42,360 7,743 50,103 Tax expense 12,527 2,754 15,281 Net income $ 29,833 $ 4,989 $ 34,822 Year ended December 31, 2013 Net interest income $ 77,144 $ 154 $ 77,298 Provision for loan losses 6,550 - 6,550 Investment management and trust services - 16,287 16,287 All other non-interest income 22,654 61 22,715 Non-interest expense 61,891 9,461 71,352 Income before income taxes 31,357 7,041 38,398 Tax expense 8,740 2,488 11,228 Net income $ 22,617 $ 4,553 $ 27,170 |
Note 26 - Quarterly Operating R
Note 26 - Quarterly Operating Results (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | (26) Quarterly Operating Results (unaudited) Following is a summary of quarterly operating results (unaudited) for 2015, 2014 and 2013: 2015 (In thousands, except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 24,039 $ 23,284 $ 23,000 $ 22,847 Interest expense 1,217 1,203 1,199 1,233 Net interest income 22,822 22,081 21,801 21,614 Provision for loan losses 750 - - - Net interest income after provision 22,072 22,081 21,801 21,614 Non-interest income 10,073 9,985 10,219 9,673 Non-interest expenses 18,322 18,430 18,867 17,779 Income before income taxes 13,823 13,636 13,153 13,508 Income tax expense 4,177 4,352 4,151 4,253 Net income $ 9,646 $ 9,284 $ 9,002 $ 9,255 Basic earnings per share $ 0.65 $ 0.63 $ 0.61 $ 0.63 Diluted earnings per share 0.64 0.62 0.60 0.62 2014 (In thousands, except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 22,778 $ 22,692 $ 22,013 $ 21,604 Interest expense 1,267 1,329 1,358 1,376 Net interest income 21,511 21,363 20,655 20,228 (Credit) provision for loan losses - (2,100 ) 1,350 350 Net interest income after provision 21,511 23,463 19,305 19,878 Non-interest income 9,773 9,850 10,057 9,475 Non-interest expenses 19,255 18,709 17,701 17,544 Income before income taxes 12,029 14,604 11,661 11,809 Income tax expense 3,307 4,715 3,627 3,632 Net income $ 8,722 $ 9,889 $ 8,034 $ 8,177 Basic earnings per share $ 0.60 $ 0.68 $ 0.55 $ 0.56 Diluted earnings per share 0.59 0.67 0.55 0.56 2013 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 22,069 $ 22,267 $ 21,293 $ 20,835 Interest expense 2,226 2,250 2,318 2,372 Net interest income 19,843 20,017 18,975 18,463 Provision for loan losses 1,575 1,325 1,325 2,325 Net interest income after provision 18,268 18,692 17,650 16,138 Non-interest income 9,811 9,652 10,311 9,228 Non-interest expenses 19,380 17,571 18,822 15,579 Income before income taxes 8,699 10,773 9,139 9,787 Income tax expense 2,386 3,091 2,732 3,019 Net income $ 6,313 $ 7,682 $ 6,407 $ 6,768 Basic earnings per share $ 0.44 $ 0.53 $ 0.45 $ 0.49 Diluted earnings per share 0.43 0.53 0.45 0.49 Note: The sum of earnings per share of each of the quarters in 2015, 2014 and 2013 may not add to the year-to-date amount reported in Bancorp’s consolidated financial statements due to rounding. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Nature of Operations The consolidated financial statements include accounts of Stock Yards Bancorp, Inc. (“Bancorp”) and its wholly owned subsidiary, Stock Yards Bank & Trust Company (“the Bank”). Significant intercompany transactions and accounts have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to 2015 presentation. Bancorp has evaluated subsequent events for recognition or disclosure up to the date on which financial statements were issued and determined there were none. In addition to traditional commercial and personal banking activities, Bancorp has an investment management and trust department offering a wide range of investment management, retirement planning, trust and estate administration and financial planning services. Bancorp’s primary market area is Louisville, Kentucky and surrounding communities including southern Indiana. Other markets include Indianapolis, Indiana and Cincinnati, Ohio. |
Basis of Financial Statement Presentation and Use of Estimates [Policy Text Block] | Basis of Financial Statement Presentation and Use of Estimates The consolidated financial statements of Bancorp and its subsidiaries have been prepared in conformity with U.S. generally accepted accounting principles (“US GAAP”) and conform to predominant practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of related revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for loan losses, valuation of other real estate owned, and estimated income tax assets, liabilities and expense. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents and Cash Flows Cash and cash equivalents include cash and due from banks and Federal funds sold as segregated in the accompanying consolidated balance sheets. The following supplemental cash flow information addresses certain cash payments and noncash transactions for each of the years in the three-year period ended December 31, 2015 as follows: (in thousands) Years ended December 31, 2015 2014 2013 Cash payments: Income tax payments $ 13,831 $ 13,042 $ 8,350 Cash paid for interest 4,856 5,327 9,210 Non-cash transactions: Transfers from loans to other real estate owned $ 1,146 $ 5,798 $ 5,246 |
Investment, Policy [Policy Text Block] | Securities Securities available-for-sale include securities that may be sold in response to changes in interest rates, resultant prepayment risk and other factors related to interest rate and prepayment risk changes. Securities available-for-sale are carried at fair value with unrealized gains or losses, net of tax effect, included in stockholders’ equity. Amortization of premiums and accretion of discounts are recorded using the interest method over the life of the security. Gains or losses on sales of securities are computed on a specific identification basis. Declines in fair value of investment securities available-for-sale (with certain exceptions for debt securities noted below) that are deemed to be other-than-temporary are charged to earnings as a realized loss, and a new cost basis for the securities is established. In evaluating other-than-temporary impairment, management considers the length of time and extent to which fair value has been less than cost, financial condition and near-term prospects of the issuer, and the intent and ability of Bancorp to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term. Declines in fair value of debt securities below amortized cost are deemed to be other-than-temporary in circumstances where: (1) Bancorp has the intent to sell a security; (2) it is more likely than not that Bancorp will be required to sell the security before recovery of its amortized cost basis; or (3) Bancorp does not expect to recover the entire amortized cost basis of the security. If Bancorp intends to sell a security or if it is more likely than not that Bancorp will be required to sell the security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If Bancorp does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the other-than-temporary impairment write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income. Declines in value judged to be other-than-temporary are included in other non-interest expense in the consolidated statements of income. See Note 4 to Bancorp’s consolidated financial statements for additional information on investment securities. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Mortgage Loans Held for Sale Mortgage loans held for sale are initially recorded at the lower of cost or market value on an individual loan basis. The purchase price of all of these loans are covered by investor commitments. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Loans are stated at the unpaid principal balance plus deferred loan origination fees, net of deferred loan costs. Loan fees, net of any costs, are deferred and amortized over the life of the related loan on an effective yield basis. Interest income on loans is recorded on the accrual basis except for those loans in a non-accrual income status. Loans are placed in a non-accrual income status when prospects for recovering both principal and accrued interest are considered doubtful or when a default of principal or interest has existed for 90 days or more unless such loan is well secured and in the process of collection. When a loan is placed on non-accrual status, any interest previously accrued but not yet collected is reversed against current income. Interest income is recorded on a cash basis during the period a loan is on non-accrual status so long as the recovery of principal is reasonably assured. Non-accrual loans may be returned to accrual status once prospects for recovering both principal and accrued interest are reasonably assured. Loans are accounted for as troubled debt restructuring when Bancorp, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. If a loan is restructured at a market rate for a new loan with comparable risk, no principal forgiveness has been granted, and the loan is not impaired based on the terms specified by the restructuring agreement, it shall be removed from restructured status generally after six months of performance. Loans are classified as impaired when it is probable Bancorp will be unable to collect interest and principal according to the terms of the loan agreement. These loans are measured based on the present value of future cash flows discounted at the loans’ effective interest rate or at the estimated fair value of the loans’ collateral, if applicable. Impaired loans consist of loans in non-accrual status or loans accounted for as troubled debt restructuring. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is management’s estimate of probable losses inherent in the loan portfolio as of the balance sheet date. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Bancorp’s allowance methodology is driven by risk ratings, historical losses, and qualitative factors. Assumptions include many factors such as changes in borrowers’ financial condition which can change quickly or historical loss ratios related to certain loan portfolios which may or may not be indicative of future losses. To the extent that management’s assumptions prove incorrect, the results from operations could be materially affected by a higher or lower provision for loan losses. In the second quarter of 2015, Bancorp extended the historical period used to capture Bancorp’s historical loss ratios from 12 quarters to 24 quarters. Management believes the extension of the look-back period is appropriate to capture the impact of a full economic cycle and provides sufficient loss observations to develop a reliable estimate. Bancorp’s allowance calculation includes allocations to loan portfolio segments for qualitative factors including, among other factors, local economic and business conditions, the quality and experience of lending staff and management, exceptions to lending policies, levels of and trends in past due loans and loan classifications, concentrations of credit such as collateral type, trends in portfolio growth, changes in the value of underlying collateral for collateral-dependent loans, effect of other external factors such as the national economic and business trends, and the quality and depth of the loan review function. Bancorp utilizes the sum of all allowance amounts derived as described above as the appropriate level of allowance for loan and lease losses. Changes in the criteria used in this evaluation or the availability of new information could cause the allowance to be increased or decreased in future periods. Based on this quantitative and qualitative analysis, provisions (credits) are made to the allowance for loan losses. Such provisions (credits) are reflected as a charge against (benefit to) current earnings in Bancorp’s consolidated statements of income. The adequacy of the allowance for loan losses is monitored by Executive Management and reported quarterly to the Audit Committee of the Board of Directors. This committee has approved the overall methodology. Various regulatory agencies, as an integral part of their examination process, periodically review the adequacy of Bancorp’s allowance for loan losses. Such agencies may require Bancorp to make additional provisions to the allowance based upon their judgments about information available to them at the time of their examinations. The accounting policy related to the allowance for loan losses is applicable to the commercial banking segment of Bancorp. |
Certain Loans and Debt Securities Acquired in Transfer, Recognizing Interest Income on Impaired Loans, Policy [Policy Text Block] | Acquired loans Bancorp acquired loans in 2013 as part of the acquisition referenced in Note 3 to the consolidated financial statements. Acquired loans were initially recorded at their acquisition date fair values. Credit losses in the loans are included in the determination of the fair value of the loans at the acquisition date. Fair values for acquired loans were based on a discounted cash flow methodology that involves assumptions and judgments as to credit risk, default rates, loss severity, collateral values, discount rates, payment speeds, prepayment risk, and liquidity risk at the time of acquisition. Acquired loans that had evidence of deterioration in credit quality since origination and for which it was probable, at acquisition, that Bancorp would be unable to collect all contractually required payments were specifically identified and analyzed. The excess of cash flows expected at acquisition over the estimated fair value is referred to as accretable discount and will be recognized as interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as non-accretable discount. Subsequent decreases to the expected cash flows require Bancorp to evaluate the need for an allowance for loan losses on these loans. Charge-offs of the principal amount on credit-impaired acquired loans would be first applied to non-accretable discount. For acquired loans that are not deemed impaired at acquisition, the methods used to estimate the required allowance for loan losses for acquired loans is the same for originated loans except that any initial fair value adjustment is taken into consideration when calculating any required allowance. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation of premises and equipment is computed using straight-line methods over the estimated useful lives of the assets ranging from 3 to 40 years. Leasehold improvements are amortized on the straight-line method over the terms of the related leases, including expected renewals, or over the useful lives of the improvements, whichever is shorter. Maintenance and repairs are expensed as incurred while major additions and improvements are capitalized. |
Other Assets [Policy Text Block] | Other Assets Bank-owned life insurance (“BOLI”) is carried at net realizable value, which considers any applicable surrender charges. Also, Bancorp maintains life insurance policies other than BOLI in conjunction with its non-qualified defined benefit and non-qualified compensation plans. Other real estate is carried at the lower of cost or estimated fair value minus estimated selling costs. Any write downs to fair value at the date of acquisition are charged to the allowance for loan losses. In certain situations, improvements to prepare assets for sale are capitalized if those costs increase the estimated fair value of the asset. Expenses incurred in maintaining assets, write downs to reflect subsequent declines in value, and realized gains or losses are reflected in operations and are included in non-interest income and expense. MSRs are amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. MSRs are evaluated quarterly for impairment by comparing the carrying value to the fair value. Goodwill is measured and evaluated at least annually for impairment. No impairment charges have been deemed necessary or recorded to date, as the fair value is substantially in excess of the carrying value. |
Repurchase and Resale Agreements Policy [Policy Text Block] | Securities Sold Under Agreements to Repurchase Bancorp enters into sales of securities under agreement to repurchase at a specified future date. Such repurchase agreements are considered financing agreements and, accordingly, the obligation to repurchase assets sold is reflected as a liability in the consolidated balance sheets of Bancorp. Repurchase agreements are collateralized by debt securities which are owned and under the control of Bancorp. These agreements are used in conjunction with collateralized corporate cash management accounts. |
Income Tax, Policy [Policy Text Block] | Income Taxes Bancorp accounts for income taxes using the asset and liability method. The objective of the asset and liability method is to establish deferred tax assets and liabilities for temporary differences between the financial reporting and the tax bases of Bancorp’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of income in the period that includes the enactment date. Realization of deferred tax assets associated with the investment in partnerships is dependent upon generating sufficient taxable capital gain income prior to their expiration. A valuation allowance to reflect management’s estimate of the temporary deductible differences that may expire prior to their utilization has been recorded at year-end 2015 and 2014. To the extent unrecognized income tax benefits become realized or the related accrued interest is no longer necessary, Bancorp’s provision for income taxes would be favorably impacted. As of December 31, 2015 and 2014, the gross amount of unrecognized tax benefits was $40,000. If recognized, the tax benefits would reduce tax expense and accordingly, increase net income. The amount of unrecognized tax benefits may increase or decrease in the future for various reasons including adding amounts for current tax year positions, expiration of open income tax returns due to statutes of limitation, changes in management’s judgment about the level of uncertainty, status of examination, litigation and legislative activity and the addition or elimination of uncertain tax positions. Stock Yards Bancorp, Inc. and its wholly-owned subsidiary file consolidated income tax returns in applicable jurisdictions. Bancorp’s policy is to report interest and penalties, if any, related to unrecognized tax benefits in income tax expense. As of December 31, 2015 and 2014, the amount accrued for the potential payment of interest and penalties was $2,000. Bancorp invests in certain partnerships that yield low-income housing, historic and new market tax credits as well as tax deductible losses. Prior to 2014, the tax benefits and related investment amortization expenses for low-income housing credits were recognized in income tax expense using an effective yield method over the life of the investment. Beginning with periods after 2013, the tax benefits and related investment amortization expenses for low-income housing credits are recognized in income tax expense using a proportional method which amortizes the investment in proportion to the tax credits and other tax benefits received. In 2014, the amortization method for investments in new markets and historic tax credit partnerships was changed from the effective yield method to the cost method, which matches the amortization period with the time frame over which the credits are realized and amortization expense is recorded as other non-interest expense. |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share Basic net income per common share is determined by dividing net income by the weighted average number of shares of common stock outstanding. Diluted net income per share is determined by dividing net income by the weighted average number of shares of common stock outstanding plus the weighted average number of shares that would be issued upon exercise of dilutive options and stock appreciation rights, assuming proceeds are used to repurchase shares under the treasury stock method. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For Bancorp, this includes net income, changes in unrealized gains and losses on available-for-sale investment securities and cash flow hedging instruments, net of reclassification adjustments and taxes, and minimum pension liability adjustments, net of taxes. |
Segment Reporting, Policy [Policy Text Block] | Segment Information Bancorp provides a broad range of financial services to individuals, corporations and others through its 37 full service banking locations as of December 31, 2015. These services include loan and deposit services, cash management services, securities brokerage activities, mortgage origination and investment management and trust activities. Bancorp’s operations are considered by management to be aggregated in two reportable operating segments: commercial banking and investment management and trust. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation For all awards, stock-based compensation expense is recognized over the period in which it is earned based on the fair value of the portion of stock-based payment awards that are ultimately expected to vest, reduced for estimated forfeitures. US GAAP requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Derivatives, Policy [Policy Text Block] | Derivatives Bancorp uses derivative financial instruments as part of its interest rate risk management, including interest rate swaps. US GAAP establishes accounting and reporting standards for derivative instruments and hedging activities. As required by US GAAP, Bancorp’s interest rate swaps are recognized as other assets and liabilities in the consolidated balance sheet at fair value. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. To qualify for hedge accounting, Bancorp must comply with detailed rules and documentation requirements at inception of the hedge, and hedge effectiveness is assessed at inception and periodically throughout the life of each hedging relationship. Hedge ineffectiveness, if any, is measured periodically throughout the life of the hedging relationship. For derivatives designated as cash flow hedges, the effective portion of changes in fair value of the derivative is initially reported in other comprehensive income and subsequently reclassified to interest income or expense when the hedged transaction affects earnings, while the ineffective portion of changes in fair value of derivative, if any, is recognized immediately in other noninterest income. Bancorp assesses effectiveness of each hedging relationship by comparing the cumulative changes in cash flows of the derivative hedging instrument with the cumulative changes in cash flows of the designated hedged item or transaction. No component of the change in the fair value of the hedging instrument is excluded from the assessment of hedge effectiveness. Bancorp offers interest rate swaps to customers desiring long-term fixed rate lending whereby Bancorp receives interest at a fixed rate and pays interest at a variable rate. Simultaneously, Bancorp enters into an interest rate swap agreement with an unrelated counterparty whereby Bancorp pays interest at a fixed rate and receives interest at a variable rate. Because of matching terms of offsetting contracts and the collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition have an insignificant effect on earnings. Because these derivative instruments have not been designated as hedging instruments, the derivative instruments are recognized on the consolidated balance sheet at fair value, with changes in fair value, due to changes in prevailing interest rates, recorded in other noninterest income. Bancorp had no fair value hedging relationships at December 31, 2015 or 2014. Bancorp does not use derivatives for trading or speculative purposes. See Note 22 to the consolidated financial statement for more information regarding derivatives. |
Note 1 - Summary of Significa37
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | (in thousands) Years ended December 31, 2015 2014 2013 Cash payments: Income tax payments $ 13,831 $ 13,042 $ 8,350 Cash paid for interest 4,856 5,327 9,210 Non-cash transactions: Transfers from loans to other real estate owned $ 1,146 $ 5,798 $ 5,246 |
Note 4 - Securities (Tables)
Note 4 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | (in thousands) Amortized Unrealized December 31, 2015 cost Gains Losses Fair value U.S. Treasury and other U.S. government obligations $ 79,999 $ 1 $ - $ 80,000 Government sponsored enterprise obligations 251,190 1,468 765 251,893 Mortgage-backed securities - government agencies 170,139 1,143 1,654 169,628 Obligations of states and political subdivisions 62,410 1,342 50 63,702 Corporate equity securities 653 - - 653 Total securities available-for-sale $ 564,391 $ 3,954 $ 2,469 $ 565,876 (in thousands) Amortized Unrealized December 31, 2014 cost Gains Losses Fair value U.S. Treasury and other U.S. government obligations $ 70,000 $ - $ - $ 70,000 Government sponsored enterprise obligations 203,531 2,017 562 204,986 Mortgage-backed securities - government agencies 173,573 2,042 1,345 174,270 Obligations of states and political subdivisions 61,416 1,560 142 62,834 Corporate equity securities 756 210 - 966 Total securities available-for-sale $ 509,276 $ 5,829 $ 2,049 $ 513,056 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (in thousands) Securities available-for-sale Amortized cost Fair value Due within 1 year $ 121,784 $ 121,877 Due after 1 but within 5 years 141,714 142,875 Due after 5 but within 10 years 21,610 21,810 Due after 10 years 108,491 109,033 Corporate equity securities 653 653 Mortgage-backed securities - government agencies 170,139 169,628 Total securities available for sale $ 564,391 $ 565,876 |
Schedule of Unrealized Loss on Investments [Table Text Block] | (in thousands) Less than 12 months 12 months or more Total December 31, 2015 Fair Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Government sponsored enterprise obligations $ 102,098 $ 500 $ 8,469 $ 265 $ 110,567 $ 765 Mortgage-backed securities - government agencies 49,774 662 29,936 992 79,710 1,654 Obligations of states and political subdivisions 13,225 31 1,955 19 15,180 50 Total temporarily impaired securities $ 165,097 $ 1,193 $ 40,360 $ 1,276 $ 205,457 $ 2,469 December 31, 2014 Government sponsored enterprise obligations $ 36,979 $ 30 $ 26,848 $ 532 $ 63,827 $ 562 Mortgage-backed securities - government agencies 4,038 77 49,325 1,268 53,363 1,345 Obligations of states and political subdivisions 12,655 67 6,297 75 18,952 142 Total temporarily impaired securities $ 53,672 $ 174 $ 82,470 $ 1,875 $ 136,142 $ 2,049 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, (in thousands) 2015 2014 Commercial and industrial $ 644,398 $ 571,754 Construction and development, excluding undeveloped land 134,482 95,733 Undeveloped land 21,185 21,268 Real estate mortgage: Commercial investment 482,639 487,822 Owner occupied commercial 375,016 340,982 1-4 family residential 226,575 211,548 Home equity - first lien 50,115 43,779 Home equity - junior lien 63,066 66,268 Subtotal: Real estate mortgage 1,197,411 1,150,399 Consumer 35,531 29,396 Total loans $ 2,033,007 $ 1,868,550 |
Schedule of Loans and Leases Receivable, Related Parties [Table Text Block] | (in thousands) Year ended December 31, Loans to directors and executive officers 2015 2014 Balance as of January 1 $ 11,790 $ 8,667 New loans - - Repayment of term loans (560 ) (1,222 ) Changes in balances of revolving lines of credit 562 4,345 Adjustment for Board member resignation (10,926 ) - Balance as of December 31 $ 866 $ 11,790 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (in thousands) Type of loan December 31, 2015 Commercial Construction and development excluding undeveloped Undeveloped land Real estate mortgage Consumer Total Loans $ 644,398 $ 134,482 $ 21,185 $ 1,197,411 $ 35,531 $ 2,033,007 Loans individually evaluated for impairment $ 4,635 $ - $ - $ 4,050 $ 68 $ 8,753 Loans collectively evaluated for impairment $ 639,760 $ 134,160 $ 21,185 $ 1,192,864 $ 35,463 $ 2,023,432 Loans acquired with deteriorated credit quality $ 3 $ 322 $ - $ 497 $ - $ 822 Commercial Construction excluding undeveloped land Undeveloped Real estate Consumer Unallocated Total Allowance for loan losses At December 31, 2014 $ 11,819 $ 721 $ 1,545 $ 10,541 $ 294 $ - $ 24,920 Provision (credit) 793 1,065 (2,131 ) 872 151 - 750 Charge-offs (4,065 ) (26 ) - (693 ) (597 ) - (5,381 ) Recoveries 98 - 1,400 155 499 - 2,152 At December 31, 2015 $ 8,645 $ 1,760 $ 814 $ 10,875 $ 347 $ - $ 22,441 Allowance for loans individually evaluated for impairment $ 268 $ - $ - $ 208 $ 68 $ - $ 544 Allowance for loans collectively evaluated for impairment $ 8,377 $ 1,760 $ 814 $ 10,667 $ 279 $ - $ 21,897 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - (in thousands) Type of loan December 31, 2014 Commercial and industrial Construction and development excluding undeveloped land Undeveloped land Real estate mortgage Consumer Total Loans $ 571,754 $ 95,733 $ 21,268 $ 1,150,399 $ 29,396 $ 1,868,550 Loans individually evaluated for impairment $ 7,239 $ 516 $ - $ 3,720 $ 76 $ 11,551 Loans collectively evaluated for impairment $ 564,443 $ 94,603 $ 21,268 $ 1,146,212 $ 29,311 $ 1,855,837 Loans acquired with deteriorated credit quality $ 72 $ 614 $ - $ 467 $ 9 $ 1,162 Commercial and industrial Construction and development excluding undeveloped land Undeveloped land Real estate mortgage Consumer Unallocated Total Allowance for loan losses At December 31, 2013 $ 7,644 $ 2,555 $ 5,376 $ 12,604 $ 343 $ - $ 28,522 Provision (credit) 4,593 (1,584 ) (2,244 ) (1,190 ) 25 - (400 ) Charge-offs (661 ) (250 ) (1,753 ) (993 ) (587 ) - (4,244 ) Recoveries 243 - 166 120 513 - 1,042 At December 31, 2014 $ 11,819 $ 721 $ 1,545 $ 10,541 $ 294 $ - $ 24,920 Allowance for loans individually evaluated for impairment $ 1,029 $ 15 $ - $ 256 $ 76 $ - $ 1,376 Allowance for loans collectively evaluated for impairment $ 10,790 $ 706 $ 1,545 $ 10,285 $ 218 $ - $ 23,544 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - (in thousands) Type of loan December 31, 2013 Commercial and industrial Construction and development excluding undeveloped land Undeveloped land Real estate mortgage Consumer Total Loans $ 510,739 $ 99,719 $ 29,871 $ 1,046,823 $ 34,198 $ 1,721,350 Loans individually evaluated for impairment $ 7,579 $ 26 $ 7,340 $ 7,478 $ 84 $ 22,507 Loans collectively evaluated for impairment $ 502,535 $ 98,428 $ 22,531 $ 1,038,824 $ 34,095 $ 1,696,413 Loans acquired with deteriorated credit quality $ 625 $ 1,265 $ - $ 521 $ 19 $ 2,430 Commercial and industrial Construction and development excluding undeveloped land Undeveloped land Real estate mortgage Consumer Unallocated Total Allowance for loan losses At December 31, 2012 $ 5,949 $ 1,638 $ 2,898 $ 14,288 $ 362 $ 6,746 $ 31,881 Provision 1,583 779 10,358 490 86 (6,746 ) 6,550 Charge-offs (457 ) (25 ) (7,961 ) (2,758 ) (763 ) - (11,964 ) Recoveries 569 163 81 584 658 - 2,055 At December 31, 2013 $ 7,644 $ 2,555 $ 5,376 $ 12,604 $ 343 $ - $ 28,522 Allowance for loans individually evaluated for impairment $ 762 $ - $ - $ 606 $ 84 $ - $ 1,452 Allowance for loans collectively evaluated for impairment $ 6,882 $ 2,555 $ 5,376 $ 11,998 $ 259 $ - $ 27,070 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - |
Schedule of Certain Loans Acquired in Transfer Not Accounted for As Debt Securities, Accretable Yield Movement [Table Text Block] | (in thousands) Accretable discount Non- accretable discount Balance at December 31, 2013 $ - $ - Additions due to Oldham acquisition 137 369 Accretion (75 ) (103 ) Reclassifications from (to) non-accretable difference - - Disposals - - Balance at December 31, 2014 62 266 Accretion (59 ) (77 ) Reclassifications from (to) non-accretable difference - - Disposals - Balance at December 31, 2015 $ 3 $ 189 |
Impaired Financing Receivables [Table Text Block] | (in thousands) Unpaid Average December 31, 2015 Recorded investment principal balance Related allowance recorded investment Loans with no related allowance recorded: Commercial and industrial $ 3,119 $ 3,859 $ - $ 1,414 Construction and development, excluding undeveloped land - 151 - 21 Undeveloped land - - - - Real estate mortgage Commercial investment 278 278 - 178 Owner occupied commercial 1,743 2,713 - 1,622 1-4 family residential 906 906 - 661 Home equity - first lien 13 13 - 37 Home equity - junior lien 92 92 - 69 Subtotal: Real estate mortgage 3,032 4,002 - 2,567 Consumer - - - 3 Subtotal $ 6,151 $ 8,012 $ - $ 4,005 Loans with an allowance recorded: Commercial and industrial $ 1,516 $ 3,087 $ 268 $ 4,612 Construction and development, excluding undeveloped land - - - 368 Undeveloped land - - - - Real estate mortgage Commercial investment - - - 92 Owner occupied commercial 1,018 1,018 208 1,266 1-4 family residential - - - 188 Home equity - first lien - - - - Home equity - junior lien - - - - Subtotal: Real estate mortgage 1,018 1,018 208 1,546 Consumer 68 68 68 72 Subtotal $ 2,602 $ 4,173 $ 544 $ 6,598 Total: Commercial and industrial $ 4,635 $ 6,946 $ 268 $ 6,026 Construction and development, excluding undeveloped land - 151 - 389 Undeveloped land - - - - Real estate mortgage - - - - Commercial investment 278 278 - 270 Owner occupied commercial 2,761 3,731 208 2,888 1-4 family residential 906 906 - 849 Home equity - first lien 13 13 - 37 Home equity - junior lien 92 92 - 69 Subtotal: Real estate mortgage 4,050 5,020 208 4,113 Consumer 68 68 68 75 Total $ 8,753 $ 12,185 $ 544 $ 10,603 (in thousands) Unpaid Average December 31, 2014 Recorded investment principal balance Related allowance recorded investment Loans with no related allowance recorded: Commercial and industrial $ 896 $ 3,596 $ - $ 996 Construction and development, excluding undeveloped land 26 151 - 26 Undeveloped land - - - 5,608 Real estate mortgage Commercial investment 113 113 - 198 Owner occupied commercial 1,784 2,221 - 1,939 1-4 family residential 870 870 - 782 Home equity - first lien - - - 11 Home equity - junior lien 36 36 - 69 Subtotal: Real estate mortgage 2,803 3,240 - 2,999 Consumer - - - - Subtotal $ 3,725 $ 6,987 $ - $ 9,629 Loans with an allowance recorded: Commercial and industrial $ 6,343 $ 7,914 $ 1,029 $ 6,797 Construction and development, excluding undeveloped land 490 490 15 196 Undeveloped land - - - - Real estate mortgage Commercial investment 122 122 - 640 Owner occupied commercial 716 716 112 704 1-4 family residential 79 79 144 651 Home equity - first lien - - - - Home equity - junior lien - - - - Subtotal: Real estate mortgage 917 917 256 1,995 Consumer 76 76 76 80 Subtotal $ 7,826 $ 9,397 $ 1,376 $ 9,068 Total: Commercial and industrial $ 7,239 $ 11,510 $ 1,029 $ 7,793 Construction and development, excluding undeveloped land 516 641 15 222 Undeveloped land - - - 5,608 Real estate mortgage - - - - Commercial investment 235 235 - 838 Owner occupied commercial 2,500 2,937 112 2,643 1-4 family residential 949 949 144 1,433 Home equity - first lien - - - 11 Home equity - junior lien 36 36 - 69 Subtotal: Real estate mortgage 3,720 4,157 256 4,994 Consumer 76 76 76 80 Total $ 11,551 $ 16,384 $ 1,376 $ 18,697 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | December 31, (in thousands) 2015 2014 Commercial and industrial $ 3,643 $ 1,381 Construction and development, excluding undeveloped land - 516 Undeveloped land - - Real estate mortgage Commercial investment 278 235 Owner occupied commercial 2,761 2,081 1-4 family residential 906 950 Home equity - first lien 13 - Home equity - junior lien 92 36 Subtotal: Real estate mortgage 4,050 3,302 Consumer - - Total $ 7,693 $ 5,199 |
Past Due Financing Receivables [Table Text Block] | (in thousands) 30-59 days 60-89 days 90 or more days past due (includes) Total Total Recorded investment and December 31, 2015 past due past due non-accrual) past due Current loans accruing Commercial and industrial $ 238 $ 327 $ 3,643 $ 4,208 $ 640,190 $ 644,398 $ - Construction and development, excluding undeveloped land - - - - 134,482 134,482 - Undeveloped land - - - - 21,185 21,185 - Real estate mortgage Commercial investment 290 140 278 708 481,931 482,639 - Owner occupied commercial - - 2,761 2,761 372,255 375,016 - 1-4 family residential 1,147 94 1,082 2,323 224,252 226,575 176 Home equity - first lien 35 51 13 99 50,016 50,115 - Home equity - junior lien 285 173 92 550 62,516 63,066 - Subtotal: Real estate mortgage 1,757 458 4,226 6,441 1,190,970 1,197,411 176 Consumer 343 8 - 351 35,180 35,531 - Total $ 2,338 $ 793 $ 7,869 $ 11,000 $ 2,022,007 $ 2,033,007 $ 176 December 31, 2014 Commercial and industrial $ 3,860 $ 3 $ 1,382 $ 5,245 $ 566,509 $ 571,754 $ 1 Construction and development, excluding undeveloped land 69 - 757 826 94,907 95,733 241 Undeveloped land - - - - 21,268 21,268 - Real estate mortgage Commercial investment 993 249 235 1,477 486,345 487,822 - Owner occupied commercial 1,272 920 2,081 4,273 336,709 340,982 - 1-4 family residential 1,801 285 1,023 3,109 208,439 211,548 73 Home equity - first lien - - 14 14 43,765 43,779 14 Home equity - junior lien 470 78 36 584 65,684 66,268 Subtotal: Real estate mortgage 4,536 1,532 3,389 9,457 1,140,942 1,150,399 87 Consumer 43 18 - 61 29,335 29,396 - Total $ 8,508 $ 1,553 $ 5,528 $ 15,589 $ 1,852,961 $ 1,868,550 $ 329 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (in thousands) Substandard Total December 31, 2015 Pass OAEM Substandard non-performing Doubtful loans Commercial and industrial $ 612,853 $ 19,672 $ 7,238 $ 4,635 $ - $ 644,398 Construction and development, excluding undeveloped land 133,342 773 367 - - 134,482 Undeveloped land 20,513 517 155 - - 21,185 Real estate mortgage Commercial investment 480,178 2,183 - 278 - 482,639 Owner occupied commercial 351,707 17,135 3,413 2,761 - 375,016 1-4 family residential 224,645 848 - 1,082 - 226,575 Home equity - first lien 50,102 - - 13 - 50,115 Home equity - junior lien 62,924 50 - 92 - 63,066 Subtotal: Real estate mortgage 1,169,556 20,216 3,413 4,226 - 1,197,411 Consumer 35,463 - - 68 - 35,531 Total $ 1,971,727 $ 41,178 $ 11,173 $ 8,929 $ - $ 2,033,007 December 31, 2014 Commercial and industrial $ 546,582 $ 6,215 $ 11,717 $ 7,240 $ - $ 571,754 Construction and development, excluding undeveloped land 88,389 4,867 1,720 757 - 95,733 Undeveloped land 20,578 530 160 - - 21,268 Real estate mortgage Commercial investment 482,415 4,991 181 235 - 487,822 Owner occupied commercial 328,385 6,942 3,156 2,499 - 340,982 1-4 family residential 209,396 1,129 - 1,023 - 211,548 Home equity - first lien 43,765 - - 14 - 43,779 Home equity - junior lien 66,182 50 - 36 - 66,268 Subtotal: Real estate mortgage 1,130,143 13,112 3,337 3,807 - 1,150,399 Consumer 29,244 76 - 76 - 29,396 Total $ 1,814,936 $ 24,800 $ 16,934 $ 11,880 $ - $ 1,868,550 |
Note 6 - Premises and Equipme40
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, (in thousands) 2015 2014 Land $ 7,118 $ 6,733 Buildings and improvements 44,959 43,818 Furniture and equipment 18,497 18,426 Construction in progress 377 305 70,951 69,282 Accumulated depreciation and amortization (31,394 ) (30,194 ) Total premises and equipment $ 39,557 $ 39,088 |
Note 7 - Other Assets (Tables)
Note 7 - Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets [Table Text Block] | December 31, (in thousands) 2015 2014 Cash surrender value of life insurance other than BOLI $ 12,473 $ 12,019 Net deferred tax asset 12,365 12,377 Investments in tax credit related ventures 5,289 5,090 Other real estate owned and other foreclosed property 4,541 5,977 Other short term receivables 1,921 2,149 Core deposit intangible 1,601 1,820 Mortgage servicing rights (MSRs) 1,018 1,131 Goodwill 682 682 Investment in bank in expansion market 520 520 Other 5,806 5,907 Total $ 46,216 $ 47,672 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (in thousands) 2015 2014 Balance at January 1 $ 1,131 $ 1,832 Originations 528 258 Amortization (641 ) (959 ) Balance at December 31 $ 1,018 $ 1,131 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) 2015 2014 2013 Current tax expense Federal $ 15,478 $ 14,958 $ 10,322 State 608 641 336 Total current tax expense 16,086 15,599 10,658 Deferred tax expense (benefit) Federal 748 (385 ) 450 State 54 26 120 Total deferred tax expense (benefit) 802 (359 ) 570 Change in valuation allowance 45 41 - Total income tax expense $ 16,933 $ 15,281 $ 11,228 |
Schedule of Income Tax Expense (Benefit) Recorded Directly to Stockholders' Equity [Table Text Block] | (In thousands) 2015 2014 2013 Unrealized (loss) gain on securities available for sale $ (839 ) $ 2,383 $ (4,234 ) Reclassification adjustment for securities losses realized in income - 3 2 Reclassification adjustment for securities impairment realized in income 36 - - Unrealized (loss) gain on derivatives (41 ) - 8 Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes (673 ) (378 ) (265 ) Minimum pension liability adjustment 61 (69 ) 111 Total income tax (benefit) expense recorded directly to stockholders' equity $ (1,456 ) $ 1,939 $ (4,378 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Tax exempt interest income (1.4 ) (1.5 ) (2.1 ) Tax credits (2.5 ) (3.1 ) (2.5 ) Cash surrender value of life insurance (0.8 ) (1.4 ) (2.0 ) State income taxes 0.8 0.9 0.8 Nontaxable gain on acquisition - - (0.4 ) Nondeductible acquisition costs - - 0.2 Other, net 0.2 0.6 0.2 31.3 % 30.5 % 29.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, (In thousands) 2015 2014 Allowance for loan loss $ 8,029 $ 8,929 Deferred compensation 5,730 5,442 Accrued expenses 1,515 1,854 Investments in partnerships 1,177 1,031 Write-downs and costs associated with other real estate owned 435 491 Loans 659 678 Other-than-temporary impairment 347 310 Other assets 187 219 Total deferred tax assets 18,079 18,954 Securities 1,655 2,594 Property and equipment 1,158 1,250 Loan costs 843 756 Prepayment penalty on modification of FHLB advances - 76 Mortgage servicing rights 315 356 Leases 611 422 Core deposit intangible 573 652 Other liabilities 473 430 Total deferred tax liabilities 5,628 6,536 Valuation allowance 86 41 Net deferred tax asset $ 12,365 $ 12,377 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (In thousands) 2015 2014 Balance as of January 1 $ 40 $ 40 Increases - current year tax positions 11 11 Increases - prior year tax positions - - Settlements - - Lapse of statute of limitations (11 ) (11 ) Balance as of December 31 $ 40 $ 40 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Deposits [Table Text Block] | December 31, (In thousands) 2015 2014 Interest bearing demand $ 737,347 $ 502,801 Savings 127,496 111,624 Money market 655,729 673,925 Time deposits greater than $250,000 38,988 41,137 Other time deposits 228,374 270,193 Total interest bearing deposits $ 1,787,934 $ 1,599,680 |
Schedule of Time Deposit Contractual Maturities [Table Text Block] | (In thousands) 2016 $ 186,594 2017 52,936 2018 14,063 2019 7,547 2020 and thereafter 6,222 $ 267,362 |
Note 10 - Securities Sold Und44
Note 10 - Securities Sold Under Agreements to Repurchase and Other Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | (Dollars in thousands) 2015 2014 Average balance during the year $ 65,140 $ 61,748 Average interest rate during the year 0.23 % 0.23 % Maximum month-end balance during the year $ 82,467 $ 69,559 |
Note 11 - Advances from the F45
Note 11 - Advances from the Federal Home Loan Bank (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Maturities and Average Effective Interest Rates of Federal Home Loan Bank Advances [Table Text Block] | (In thousands) December 31, 2015 December 31, 2014 Year Advance Fixed Rate Advance Fixed Rate 2015 $ - - $ 30,000 2.30 % 2016 30,000 0.55 % - - 2020 1,838 2.23 1,885 2.23 2021 429 2.12 497 2.12 2024 2,865 2.36 3,064 2.36 2025 6,991 2.44 - - 2028 1,345 1.48 1,386 1.47 Total $ 43,468 1.09 % $ 36,832 2.27 % |
Note 12 - Other Comprehensive46
Note 12 - Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) Net unrealized gains (losses) on securities available-for-sale Net unrealized gains (losses) on cash flow hedges Minimum pension liability adjustment Total Balance at December 31, 2012 $ 5,887 $ - $ (466 ) $ 5,421 Other comprehensive (loss) income before reclassifications (7,863 ) - 206 (7,657 ) Amounts reclassified from accumulated other comprehensive income 3 16 - 19 Net current period other comprehensive (loss) income (7,860 ) 16 206 (7,638 ) Balance at December 31, 2013 $ (1,973 ) $ 16 $ (260 ) $ (2,217 ) Other comprehensive income before reclassifications 4,423 - (127 ) 4,296 Amounts reclassified from accumulated other comprehensive income 6 - - 6 Net current period other comprehensive income (loss) 4,429 - (127 ) 4,302 Balance at December 31, 2014 $ 2,456 $ 16 $ (387 ) $ 2,085 Other comprehensive (loss) income before reclassifications (1,558 ) (76 ) 114 (1,520 ) Amounts reclassified from accumulated other comprehensive income 67 - - 67 Net current period other comprehensive (loss) income (1,491 ) (76 ) 114 (1,453 ) Balance at December 31, 2015 $ 965 $ (60 ) $ (273 ) $ 632 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Other Other Comprehensive Income (Loss) Components Amount reclassified from Accumulated Other Comprehensive Income (Loss) Affected line item in the Consolidated Statements of Income For the years ended December 31, (in thousands) 2015 2014 2013 Unrealized gains (losses) on Realized loss on sale of available-for-sale securities $ - $ (9 ) $ (5 ) Loss on sale of securities OTTI impairment of equity security (103 ) - - Other non-interest expense Effect of income taxes 36 3 2 Income tax expense Reclassifications, net of income taxes $ (67 ) $ (6 ) $ (3 ) |
Note 15 - Net Income Per Shar47
Note 15 - Net Income Per Share and Common Stock Dividends (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) 2015 2014 2013 Net income, basic and diluted $ 37,187 $ 34,822 $ 27,170 Average shares outstanding, basic 14,725 14,559 14,223 Effect of dilutive securities 248 203 130 Average shares outstanding including dilutive securities 14,973 14,762 14,353 Net income per share, basic $ 2.53 $ 2.39 $ 1.91 Net income per share, diluted $ 2.48 $ 2.36 $ 1.89 |
Note 16 - Employee Benefit Pl48
Note 16 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Year ended December 31, (in thousands) 2015 2014 2013 Components of net periodic benefit cost: Service cost $ - $ - $ - Interest cost 83 90 83 Expected return on plan assets - - - Amortization of prior service cost - - - Amortization of net losses 59 36 60 Net periodic benefit cost $ 142 $ 126 $ 143 |
Schedule of Expected Benefit Payments [Table Text Block] | (In thousands) Benefits 2016 $ 84 2017 84 2018 84 2019 84 2020 84 Beyond 2020 3,278 Total future payments $ 3,698 |
Note 17 - Stock-Based Compens49
Note 17 - Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | (in thousands) 2015 2014 2013 Stock-based compensation expense before income taxes $ 2,134 $ 2,016 $ 1,940 Less: deferred tax benefit (747 ) (706 ) (679 ) Reduction of net income $ 1,387 $ 1,310 $ 1,261 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award Fair Value Assumptions and Methodology [Table Text Block] | Assumptions 2015 2014 2013 Dividend yield 2.97 % 2.94 % 2.80 % Expected volatility 22.81 % 23.66 % 22.54 % Risk free interest rate 1.91 % 2.22 % 1.26 % Expected life of SARs ( 7.5 7.0 6.6 |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | Options and SARs (in thousands) Exercise price Weighted average exercise price Aggregate intrinsic value (in thousands) Weighted average fair value Weighted average remaining contractual life (in years) At December 31, 2014 Vested and exercisable 524 $ 21.03-26.83 $ 23.84 $ 4,981 $ 5.35 3.5 Unvested 194 21.03-29.16 24.83 1,650 4.57 7.7 Total outstanding 718 21.03-29.16 24.11 6,631 5.14 4.6 Activity during 2015 SARs granted 50 34.43-36.83 34.48 167 5.95 Exercised (154 ) 21.03-26.83 24.40 1,970 5.78 Forfeited - - - - - At December 31, 2015 Vested and exercisable 437 21.03-29.16 23.62 6,191 5.09 3.7 Unvested 177 22.86-36.83 27.99 1,733 4.93 7.7 Total outstanding 614 21.03-36.83 24.88 $ 7,924 5.04 4.8 Vested year-to-date 67 $ 21.03-29.16 $ 23.77 $ 939 $ 4.65 |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Expiration Period [Table Text Block] | Expiration Number of options and SARs outstanding Options and SARs exercisable Weighted average exercise price of options and SARs outstanding 2016 6 6 $ 24.07 2017 91 91 26.80 2018 64 64 23.37 2019 65 65 22.14 2020 74 74 21.03 2021 57 46 23.78 2022 90 54 22.87 2023 54 25 22.89 2024 62 12 29.05 2025 51 - 34.48 614 437 $ 24.88 |
Schedule of Nonvested Share Activity [Table Text Block] | Number Grant date weighted- average cost Unvested at December 31, 2012 113,910 $ 22.55 Shares awarded 55,275 22.93 Restrictions lapsed and shares released to employees/directors (39,909 ) 22.29 Shares forfeited (4,720 ) 23.45 Unvested at December 31, 2013 124,556 $ 22.77 Shares awarded 39,730 29.12 Restrictions lapsed and shares released to employees/directors (44,724 ) 22.69 Shares forfeited (5,469 ) 23.77 Unvested at December 31, 2014 114,093 $ 24.95 Shares awarded 35,265 34.48 Restrictions lapsed and shares released to employees/directors (40,510 ) 23.84 Shares forfeited (4,649 ) 28.46 Unvested at December 31, 2015 104,199 $ 28.46 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Grant year Vesting period in years Fair value at grant date Expected shares to be awarded 2013 3 $ 20.38 36,792 2014 3 26.42 33,349 2015 3 30.03 19,774 |
Share-based Compensation Arrangement by Share-based Payment Award Number of Shares to Be Issued Upon Exercise and Remaining Shares Available for Future Issuance [Table Text Block] | Plan category Number of shares to be issued upon exercise Weighted average exercise price Shares available for future issuance (a) Equity compensation plans approved by security holders: Stock options 97 $ 26.62 364 Stock appreciation rights (SARs) (b) (b) (a) Restricted common stock 104 N/A (a) Performance stock units (c) N/A (a) Restricted stock units 5 N/A (a) Total shares 206 364 |
Note 19 - Commitments and Con50
Note 19 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Total amount 2016 $ 1,856,000 2017 1,860,000 2018 1,404,000 2019 1,180,000 2020 874,000 Thereafter 2,937,000 Total $ 10,111,000 |
Note 20 - Assets and Liabilit51
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | (in thousands) Fair value at December 31, 2015 Total Level 1 Level 2 Level 3 Assets Investment securities available-for-sale U.S. Treasury and other U.S. government obligations $ 80,000 $ 80,000 $ - $ - Government sponsored enterprise obligations 251,893 - 251,893 - Mortgage-backed securities - government agencies 169,628 - 169,628 - Obligations of states and political subdivisions 63,702 - 63,702 - Corporate equity securities 653 653 - - Total investment securities available-for-sale 565,876 80,653 485,223 - Interest rate swaps 461 - 461 - Total assets $ 566,337 $ 80,653 $ 485,684 $ - Liabilities Interest rate swaps $ 554 $ - $ 554 $ - (in thousands) Fair value at December 31, 2014 Total Level 1 Level 2 Level 3 Assets Investment securities available-for-sale U.S. Treasury and other U.S. government obligations $ 70,000 $ 70,000 $ - $ - Government sponsored enterprise obligations 204,986 - 204,986 - Mortgage-backed securities - government agencies 174,270 - 174,270 - Obligations of states and political subdivisions 62,834 - 62,834 - Corporate equity securities 966 966 - - Total investment securities available-for-sale 513,056 70,966 442,090 - Interest rate swaps 425 - 425 - Total assets $ 513,481 $ 70,966 $ 442,515 $ - Liabilities Interest rate swaps $ 401 $ - $ 401 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | (in thousands) Fair value at December 31, 2015 Total Level 1 Level 2 Level 3 Total losses Impaired loans $ 2,058 $ - $ - $ 2,058 $ (208 ) Other real estate owned 3,782 - - 3,782 (2 ) Total $ 5,840 $ - $ - $ 5,840 $ (210 ) (in thousands) Fair value at December 31, 2014 Total Level 1 Level 2 Level 3 Total losses Impaired loans $ 6,449 $ - $ - $ 6,449 $ (405 ) Other real estate owned 5,032 - - 5,032 (42 ) Total $ 11,481 $ - $ - $ 11,481 $ (447 ) |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | (Dollars in thousands) Carrying amount Valuation technique Significant unobservable input Weighted average of input Impaired loans - collateral dependent $ 2,058 Appraisal Appraisal discounts (%) 8.4 % Other real estate owned 3,782 Appraisal Appraisal discounts (%) 18.6 % |
Note 21 - Disclosure of Finan52
Note 21 - Disclosure of Financial Instruments Not Reported at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | (in thousands) Carrying December 31, 2015 amount Fair value Level 1 Level 2 Level 3 Financial assets Cash and short-term investments $ 103,833 $ 103,833 $ 103,833 $ - $ - Mortgage loans held for sale 6,800 7,112 - 7,112 - Federal Home Loan Bank stock and other securities 6,347 6,347 - 6,347 - Loans, net 2,010,566 2,021,776 - - 2,021,776 Accrued interest receivable 6,610 6,610 6,610 - - Financial liabilities Deposits $ 2,371,702 $ 2,371,300 $ - $ - $ 2,371,300 Short-term borrowings 87,003 87,003 - 87,003 - FHLB Advances 43,468 43,647 - 43,647 - Accrued interest payable 127 127 127 - - December 31, 2014 Financial assets Cash and short-term investments $ 74,241 $ 74,241 $ 74,241 $ - $ - Mortgage loans held for sale 3,747 3,876 - 3,876 - Federal Home Loan Bank stock and other securities 6,347 6,347 - 6,347 - Loans, net 1,843,630 1,863,568 - - 1,863,568 Accrued interest receivable 5,980 5,980 5,980 - - Financial liabilities Deposits $ 2,123,627 $ 2,124,904 $ - $ - $ 2,124,904 Short-term borrowings 116,949 116,949 - 116,949 - FHLB Advances 36,832 37,714 - 37,714 - Accrued interest payable 131 131 131 - - |
Note 22 - Derivative Financia53
Note 22 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Not Designated as Hedging Instrument [Member] | |
Note 22 - Derivative Financial Instruments (Tables) [Line Items] | |
Schedule of Interest Rate Derivatives [Table Text Block] | (dollar amounts in thousands) Receiving Paying December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Notional amount $ 10,788 $ 7,217 $ 10,788 $ 7,217 Weighted average maturity (years) 6.9 6.8 6.9 6.8 Fair value $ (461 ) $ (401 ) $ 461 $ 401 |
Designated as Hedging Instrument [Member] | |
Note 22 - Derivative Financial Instruments (Tables) [Line Items] | |
Schedule of Interest Rate Derivatives [Table Text Block] | (dollars in thousands) Notional amount Maturity date Receive (variable) index Pay fixed swap rate Fair value December 31, 2015 Fair value December 31, 2014 $ 10,000 12/6/2016 US 3 Month LIBOR 0.72 % $ 8 $ 24 20,000 12/6/2020 US 3 Month LIBOR 1.79 (101 ) NA $ 30,000 1.43 % $ (93 ) $ 24 |
Note 23 - Regulatory Matters (T
Note 23 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2015 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 307,666 13.31 % $ 184,923 8.00 % NA NA Bank 298,129 12.91 184,743 8.00 $ 230,929 10.00 % Common Equity Tier 1 risk-based capital (2) Consolidated 284,793 12.32 104,023 4.50 NA NA Bank 275,256 11.92 103,914 4.50 138,552 6.00 Tier 1 risk-based capital (1) Consolidated 284,793 12.32 138,698 6.00 NA NA Bank 275,256 11.92 138,552 6.00 138,552 6.00 Leverage (3) Consolidated 284,793 10.53 108,183 4.00 NA NA Bank 275,256 10.19 108,049 4.00 135,062 5.00 Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2014 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 280,228 13.86 % $ 161,748 8.00 % NA NA Bank 274,345 13.59 161,498 8.00 $ 201,873 10.00 % Tier 1 risk-based capital (1) Consolidated 255,308 12.63 80,858 4.00 NA NA Bank 249,425 12.36 80,720 4.00 121,080 6.00 Leverage (3) Consolidated 255,308 10.26 74,651 3.00 NA NA Bank 249,425 10.04 74,529 3.00 124,216 5.00 |
Note 24 - Stock Yards Bancorp55
Note 24 - Stock Yards Bancorp, Inc. (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets December 31, (in thousands) 2015 2014 Assets Cash on deposit with subsidiary bank $ 5,722 $ 2,926 Investment in and receivable from subsidiaries 276,981 254,011 Other assets 3,840 2,981 Total assets $ 286,543 $ 259,918 Liabilities and stockholders' equity Other liabilities $ 24 $ 23 Total stockholders’ equity 286,519 259,895 Total liabilities and stockholders’ equity $ 286,543 $ 259,918 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Income Years ended December 31, (in thousands) 2015 2014 2013 Income - dividends and interest from subsidiaries $ 14,244 $ 3,300 $ 30,090 Income - interest income from securities - - 27 Other income 15 183 174 Expenses 2,511 2,472 7,260 Income before income taxes and equity in undistributed net income of subsidiary 11,748 1,011 23,031 Income tax benefit (1,016 ) (1,018 ) (2,583 ) Income before equity in undistributed net income of subsidiary 12,764 2,029 25,614 Equity in undistributed net income of subsidiary 24,423 32,793 1,556 Net income $ 37,187 $ 34,822 $ 27,170 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows Years ended December 31 (in thousands) 2015 2014 2013 Operating activities Net income $ 37,187 $ 34,822 $ 27,170 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (24,423 ) (32,793 ) (1,556 ) (Increase) decrease in receivable from subsidiaries (842 ) 2,514 (21,896 ) Stock compensation expense 2,134 2,016 1,940 Excess tax benefits from share- based compensation arrangements (673 ) (378 ) (265 ) Depreciation, amortization and accretion, net 11 45 1,396 Decrease (increase) in other assets 531 (179 ) 4,453 Increase in other liabilities 91 115 545 Net cash provided by operating activities 14,016 6,162 11,787 Investing activities Proceeds from maturities of securities available for sale — — 1,000 Cash for acquisition, net of cash acquired — — 8,963 Net cash provided by investing activities — — 9,963 Financing activities Repayments of subordinated debentures - - (30,900 ) Proceeds from stock options 3,249 2,473 2,435 Excess tax benefit from share-based compensation arrangements 673 378 265 Common stock repurchases (918 ) (616 ) (331 ) Cash dividends paid (14,224 ) (12,924 ) (11,670 ) Net cash used in financing activities (11,220 ) (10,689 ) (40,201 ) Net increase (decrease) in cash 2,796 (4,527 ) (18,451 ) Cash at beginning of year 2,926 7,453 25,904 Cash at end of year $ 5,722 $ 2,926 $ 7,453 |
Note 25 - Segments (Tables)
Note 25 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In thousands) Commercial banking Investment management and trust Total Year ended December 31, 2015 Net interest income $ 88,124 $ 194 $ 88,318 Provision for loan losses 750 - 750 Investment management and trust services - 18,026 18,026 All other non-interest income 21,924 - 21,924 Non-interest expense 62,748 10,650 73,398 Income before income taxes 46,550 7,570 54,120 Tax expense 14,238 2,695 16,933 Net income $ 32,312 $ 4,875 $ 37,187 Year ended December 31, 2014 Net interest income $ 83,570 $ 187 $ 83,757 Credit for loan losses (400 ) - (400 ) Investment management and trust services - 18,212 18,212 All other non-interest income 20,913 30 20,943 Non-interest expense 62,523 10,686 73,209 Income before income taxes 42,360 7,743 50,103 Tax expense 12,527 2,754 15,281 Net income $ 29,833 $ 4,989 $ 34,822 Year ended December 31, 2013 Net interest income $ 77,144 $ 154 $ 77,298 Provision for loan losses 6,550 - 6,550 Investment management and trust services - 16,287 16,287 All other non-interest income 22,654 61 22,715 Non-interest expense 61,891 9,461 71,352 Income before income taxes 31,357 7,041 38,398 Tax expense 8,740 2,488 11,228 Net income $ 22,617 $ 4,553 $ 27,170 |
Note 26 - Quarterly Operating57
Note 26 - Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2015 (In thousands, except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 24,039 $ 23,284 $ 23,000 $ 22,847 Interest expense 1,217 1,203 1,199 1,233 Net interest income 22,822 22,081 21,801 21,614 Provision for loan losses 750 - - - Net interest income after provision 22,072 22,081 21,801 21,614 Non-interest income 10,073 9,985 10,219 9,673 Non-interest expenses 18,322 18,430 18,867 17,779 Income before income taxes 13,823 13,636 13,153 13,508 Income tax expense 4,177 4,352 4,151 4,253 Net income $ 9,646 $ 9,284 $ 9,002 $ 9,255 Basic earnings per share $ 0.65 $ 0.63 $ 0.61 $ 0.63 Diluted earnings per share 0.64 0.62 0.60 0.62 2014 (In thousands, except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 22,778 $ 22,692 $ 22,013 $ 21,604 Interest expense 1,267 1,329 1,358 1,376 Net interest income 21,511 21,363 20,655 20,228 (Credit) provision for loan losses - (2,100 ) 1,350 350 Net interest income after provision 21,511 23,463 19,305 19,878 Non-interest income 9,773 9,850 10,057 9,475 Non-interest expenses 19,255 18,709 17,701 17,544 Income before income taxes 12,029 14,604 11,661 11,809 Income tax expense 3,307 4,715 3,627 3,632 Net income $ 8,722 $ 9,889 $ 8,034 $ 8,177 Basic earnings per share $ 0.60 $ 0.68 $ 0.55 $ 0.56 Diluted earnings per share 0.59 0.67 0.55 0.56 2013 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 22,069 $ 22,267 $ 21,293 $ 20,835 Interest expense 2,226 2,250 2,318 2,372 Net interest income 19,843 20,017 18,975 18,463 Provision for loan losses 1,575 1,325 1,325 2,325 Net interest income after provision 18,268 18,692 17,650 16,138 Non-interest income 9,811 9,652 10,311 9,228 Non-interest expenses 19,380 17,571 18,822 15,579 Income before income taxes 8,699 10,773 9,139 9,787 Income tax expense 2,386 3,091 2,732 3,019 Net income $ 6,313 $ 7,682 $ 6,407 $ 6,768 Basic earnings per share $ 0.44 $ 0.53 $ 0.45 $ 0.49 Diluted earnings per share 0.43 0.53 0.45 0.49 |
Note 1 - Summary of Significa58
Note 1 - Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Period Look-back | 36 months | ||
Period Look-back, Extended | 72 months | ||
Goodwill, Impairment Loss | $ 0 | ||
Unrecognized Tax Benefits | 40,000 | $ 40,000 | $ 40,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 2,000 | $ 2,000 | |
Aggregate Number of Full Service Branches Locations | 37 | ||
Number of Operating Segments | 2 | ||
Fair Value Hedging [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Derivative, Number of Instruments Held | 0 | 0 | |
Minimum [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years |
Note 1 - Summary of Significa59
Note 1 - Summary of Significant Accounting Policies (Details) - Supplemental Cash Flow Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash payments: | |||
Income tax payments | $ 13,831 | $ 13,042 | $ 8,350 |
Cash paid for interest | 4,856 | 5,327 | 9,210 |
Non-cash transactions: | |||
Transfers from loans to other real estate owned | $ 1,146 | $ 5,798 | $ 5,246 |
Note 2 - Restrictions on Cash60
Note 2 - Restrictions on Cash and Due from Banks (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Restrictions On Cash And Due From Banks Disclosure [Abstract] | ||
Restricted Cash and Cash Equivalents | $ 3,679,000 | $ 1,720,000 |
Note 3 - Acquisition (Details)
Note 3 - Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | |
Note 3 - Acquisition (Details) [Line Items] | ||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 449 | |
Business Combination, Acquisition Related Costs | $ 1,548 | |
THE BANCorp [Member] | ||
Note 3 - Acquisition (Details) [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 146,000 | |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Loans | 39,800 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 125,100 | |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Deposits | 120,400 | |
Business Combination, Bargain Purchase, Gain Recognized, Amount | 449 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,500 | $ 1,600 |
Business Combination, Acquisition Related Costs | $ 1,500 |
Note 4 - Securities (Details)
Note 4 - Securities (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Held-to-maturity Securities | $ 0 | $ 0 | |
Proceeds from Sale of Available-for-sale Securities | 5,934,000 | 7,732,000 | $ 696,000 |
Available-for-sale Securities, Gross Realized Gains | 0 | ||
Available-for-sale Securities, Gross Realized Losses | 0 | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | (9,000) | $ (5,000) | |
Available-for-sale Securities Pledged as Collateral | $ 380,700,000 | $ 263,100,000 | |
Number of Holdings of Pooled Security That Consisted of Security Issued by One Institution | 0 | 0 | |
Maximum Percentage of Pooled Security That Consisted of Security Issued by One Institution | 10.00% | 10.00% | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 103,000 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 70 | 80 |
Note 4 - Securities (Details) -
Note 4 - Securities (Details) - Available-for-sale Securities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 4 - Securities (Details) - Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 564,391 | $ 509,276 |
Unrealized gains | 3,954 | 5,829 |
Unrealized losses | 2,469 | 2,049 |
Fair value | 565,876 | 513,056 |
US Treasury Securities [Member] | ||
Note 4 - Securities (Details) - Available-for-sale Securities [Line Items] | ||
Amortized cost | 79,999 | 70,000 |
Unrealized gains | 1 | |
Fair value | 80,000 | 70,000 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Note 4 - Securities (Details) - Available-for-sale Securities [Line Items] | ||
Amortized cost | 251,190 | 203,531 |
Unrealized gains | 1,468 | 2,017 |
Unrealized losses | 765 | 562 |
Fair value | 251,893 | 204,986 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Note 4 - Securities (Details) - Available-for-sale Securities [Line Items] | ||
Amortized cost | 170,139 | 173,573 |
Unrealized gains | 1,143 | 2,042 |
Unrealized losses | 1,654 | 1,345 |
Fair value | 169,628 | 174,270 |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 4 - Securities (Details) - Available-for-sale Securities [Line Items] | ||
Amortized cost | 62,410 | 61,416 |
Unrealized gains | 1,342 | 1,560 |
Unrealized losses | 50 | 142 |
Fair value | 63,702 | 62,834 |
Common Stock [Member] | ||
Note 4 - Securities (Details) - Available-for-sale Securities [Line Items] | ||
Amortized cost | 653 | 756 |
Unrealized gains | 210 | |
Fair value | $ 653 | $ 966 |
Note 4 - Securities (Details)64
Note 4 - Securities (Details) - Available-for-sale Securities by Contractual Maturity - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale Securities by Contractual Maturity [Abstract] | ||
Due within 1 year | $ 121,784 | |
Due within 1 year | 121,877 | |
Due after 1 but within 5 years | 141,714 | |
Due after 1 but within 5 years | 142,875 | |
Due after 5 but within 10 years | 21,610 | |
Due after 5 but within 10 years | 21,810 | |
Due after 10 years | 108,491 | |
Due after 10 years | 109,033 | |
Corporate equity securities | 653 | |
Corporate equity securities | 653 | |
Mortgage-backed securities - government agencies | 170,139 | |
Mortgage-backed securities - government agencies | 169,628 | |
Total securities available for sale | 564,391 | $ 509,276 |
Total securities available for sale | $ 565,876 | $ 513,056 |
Note 4 - Securities (Details)65
Note 4 - Securities (Details) - Securities With Unrealized Losses - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 4 - Securities (Details) - Securities With Unrealized Losses [Line Items] | ||
Less than 12 months, fair value | $ 165,097 | $ 53,672 |
Less than 12 months, unrealized losses | 1,193 | 174 |
12 months or more, fair value | 40,360 | 82,470 |
12 months or more, unrealized losses | 1,276 | 1,875 |
Fair value | 205,457 | 136,142 |
Unrealized losses | 2,469 | 2,049 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Note 4 - Securities (Details) - Securities With Unrealized Losses [Line Items] | ||
Less than 12 months, fair value | 102,098 | 36,979 |
Less than 12 months, unrealized losses | 500 | 30 |
12 months or more, fair value | 8,469 | 26,848 |
12 months or more, unrealized losses | 265 | 532 |
Fair value | 110,567 | 63,827 |
Unrealized losses | 765 | 562 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Note 4 - Securities (Details) - Securities With Unrealized Losses [Line Items] | ||
Less than 12 months, fair value | 49,774 | 4,038 |
Less than 12 months, unrealized losses | 662 | 77 |
12 months or more, fair value | 29,936 | 49,325 |
12 months or more, unrealized losses | 992 | 1,268 |
Fair value | 79,710 | 53,363 |
Unrealized losses | 1,654 | 1,345 |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 4 - Securities (Details) - Securities With Unrealized Losses [Line Items] | ||
Less than 12 months, fair value | 13,225 | 12,655 |
Less than 12 months, unrealized losses | 31 | 67 |
12 months or more, fair value | 1,955 | 6,297 |
12 months or more, unrealized losses | 19 | 75 |
Fair value | 15,180 | 18,952 |
Unrealized losses | $ 50 | $ 142 |
Note 5 - Loans (Details)
Note 5 - Loans (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 5 - Loans (Details) [Line Items] | |||
Loans and Leases Receivable Deferred Expense Income | $ (520,000) | $ (331,000) | |
Loans and Leases Receivable, Collateral for Secured Borrowings | 7,200,000 | 8,100,000 | |
Loans and Leases Receivable, Related Parties | 866,000 | 11,790,000 | $ 8,667,000 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 521,000 | 284,000 | 185,000 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 465,000 | 376,000 | $ 1,200,000 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 176,000 | 329,000 | |
Financing Receivable, Modifications, Recorded Investment | $ 1,100,000 | $ 6,400,000 | |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Allowance for Credit Losses, Change in Method of Calculating Impairment | $ 177,000 | $ 703,000 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | 0 | 458,000 | |
Nonperforming Financial Instruments [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Loans and Leases Receivable, Related Parties | $ 0 | $ 0 |
Note 5 - Loans (Details) - Loan
Note 5 - Loans (Details) - Loans by Loan Portfolio Class - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 2,033,007 | $ 1,868,550 | $ 1,721,350 |
Commercial and Industrial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 644,398 | 571,754 | 510,739 |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 134,482 | 95,733 | |
Undevelopment Land Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 21,185 | 21,268 | 29,871 |
Real Estate Mortgage Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,197,411 | 1,150,399 | 1,046,823 |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 482,639 | 487,822 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 375,016 | 340,982 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 226,575 | 211,548 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 50,115 | 43,779 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 63,066 | 66,268 | |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 35,531 | $ 29,396 | $ 34,198 |
Note 5 - Loans (Details) - Lo68
Note 5 - Loans (Details) - Loans to Directors and Their Associates - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loans to Directors and Their Associates [Abstract] | ||
Balance as of January 1 | $ 11,790 | $ 8,667 |
New loans | 0 | 0 |
Repayment of term loans | (560) | (1,222) |
Changes in balances of revolving lines of credit | 562 | 4,345 |
Adjustment for Board member resignation | (10,926) | 0 |
Balance as of December 31 | $ 866 | $ 11,790 |
Note 5 - Loans (Details) - Allo
Note 5 - Loans (Details) - Allowance for Loan Losses by Portfolio Segment and Based On Impairment Evaluation Method - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 2,033,007 | $ 1,868,550 | $ 1,721,350 |
Loans individually evaluated for impairment | 8,753 | 11,551 | 22,507 |
Loans collectively evaluated for impairment | 2,023,432 | 1,855,837 | 1,696,413 |
Allowance for loan losses | |||
Allowance for loan losses, beginning balance | 24,920 | 28,522 | 31,881 |
Provision (credit) | 750 | (400) | 6,550 |
Charge-offs | (5,381) | (4,244) | (11,964) |
Recoveries | 2,152 | 1,042 | 2,055 |
Allowance for loan losses, ending balance | 22,441 | 24,920 | 28,522 |
Allowance for loans individually evaluated for impairment | 544 | 1,376 | 1,452 |
Allowance for loans collectively evaluated for impairment | 21,897 | 23,544 | 27,070 |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 822 | 1,162 | 2,430 |
Allowance for loan losses | |||
Allowance for loans acquired with deteriorated credit quality | 0 | 0 | 0 |
Commercial and Industrial Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 644,398 | 571,754 | 510,739 |
Loans individually evaluated for impairment | 4,635 | 7,239 | 7,579 |
Loans collectively evaluated for impairment | 639,760 | 564,443 | 502,535 |
Allowance for loan losses | |||
Allowance for loan losses, beginning balance | 11,819 | 7,644 | 5,949 |
Provision (credit) | 793 | 4,593 | 1,583 |
Charge-offs | (4,065) | (661) | (457) |
Recoveries | 98 | 243 | 569 |
Allowance for loan losses, ending balance | 8,645 | 11,819 | 7,644 |
Allowance for loans individually evaluated for impairment | 268 | 1,029 | 762 |
Allowance for loans collectively evaluated for impairment | 8,377 | 10,790 | 6,882 |
Commercial and Industrial Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 3 | 72 | 625 |
Allowance for loan losses | |||
Allowance for loans acquired with deteriorated credit quality | 0 | 0 | 0 |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 134,482 | 95,733 | |
Loans individually evaluated for impairment | 516 | ||
Loans collectively evaluated for impairment | 134,160 | 94,603 | |
Allowance for loan losses | |||
Allowance for loan losses, beginning balance | 721 | 2,555 | 1,638 |
Provision (credit) | 1,065 | (1,584) | 779 |
Charge-offs | (26) | (250) | (25) |
Recoveries | 0 | 163 | |
Allowance for loan losses, ending balance | 1,760 | 721 | 2,555 |
Allowance for loans individually evaluated for impairment | 15 | 0 | |
Allowance for loans collectively evaluated for impairment | 1,760 | 706 | 2,555 |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 322 | 614 | |
Allowance for loan losses | |||
Allowance for loans acquired with deteriorated credit quality | 0 | 0 | 0 |
Undevelopment Land Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 21,185 | 21,268 | 29,871 |
Loans individually evaluated for impairment | 7,340 | ||
Loans collectively evaluated for impairment | 21,185 | 21,268 | 22,531 |
Allowance for loan losses | |||
Allowance for loan losses, beginning balance | 1,545 | 5,376 | 2,898 |
Provision (credit) | (2,131) | (2,244) | 10,358 |
Charge-offs | (1,753) | (7,961) | |
Recoveries | 1,400 | 166 | 81 |
Allowance for loan losses, ending balance | 814 | 1,545 | 5,376 |
Allowance for loans individually evaluated for impairment | 0 | 0 | |
Allowance for loans collectively evaluated for impairment | 814 | 1,545 | 5,376 |
Undevelopment Land Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 0 | ||
Allowance for loan losses | |||
Allowance for loans acquired with deteriorated credit quality | 0 | 0 | 0 |
Real Estate Mortgage Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 1,197,411 | 1,150,399 | 1,046,823 |
Loans individually evaluated for impairment | 4,050 | 3,720 | 7,478 |
Loans collectively evaluated for impairment | 1,192,864 | 1,146,212 | 1,038,824 |
Allowance for loan losses | |||
Allowance for loan losses, beginning balance | 10,541 | 12,604 | 14,288 |
Provision (credit) | 872 | (1,190) | 490 |
Charge-offs | (693) | (993) | (2,758) |
Recoveries | 155 | 120 | 584 |
Allowance for loan losses, ending balance | 10,875 | 10,541 | 12,604 |
Allowance for loans individually evaluated for impairment | 208 | 256 | 606 |
Allowance for loans collectively evaluated for impairment | 10,667 | 10,285 | 11,998 |
Real Estate Mortgage Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 497 | 467 | 521 |
Allowance for loan losses | |||
Allowance for loans acquired with deteriorated credit quality | 0 | 0 | 0 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 35,531 | 29,396 | 34,198 |
Loans individually evaluated for impairment | 68 | 76 | 84 |
Loans collectively evaluated for impairment | 35,463 | 29,311 | 34,095 |
Allowance for loan losses | |||
Allowance for loan losses, beginning balance | 294 | 343 | 362 |
Provision (credit) | 151 | 25 | 86 |
Charge-offs | (597) | (587) | (763) |
Recoveries | 499 | 513 | 658 |
Allowance for loan losses, ending balance | 347 | 294 | 343 |
Allowance for loans individually evaluated for impairment | 68 | 76 | 84 |
Allowance for loans collectively evaluated for impairment | 279 | 218 | 259 |
Consumer Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 9 | 19 | |
Allowance for loan losses | |||
Allowance for loans acquired with deteriorated credit quality | 0 | 0 | 0 |
Unallocated Financing Receivables [Member] | |||
Allowance for loan losses | |||
Allowance for loan losses, beginning balance | 0 | 0 | 6,746 |
Provision (credit) | 0 | (6,746) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Allowance for loan losses, ending balance | 0 | 0 | |
Allowance for loans individually evaluated for impairment | 0 | 0 | |
Allowance for loans collectively evaluated for impairment | 0 | 0 | |
Unallocated Financing Receivables [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowance for loan losses | |||
Allowance for loans acquired with deteriorated credit quality | $ 0 | $ 0 | 0 |
Construction and Development Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 99,719 | ||
Loans individually evaluated for impairment | 26 | ||
Loans collectively evaluated for impairment | 98,428 | ||
Construction and Development Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,265 |
Note 5 - Loans (Details) - Acqu
Note 5 - Loans (Details) - Acquired Impaired Loans - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 5 - Loans (Details) - Acquired Impaired Loans [Line Items] | ||
Accretable discount | $ 62 | $ 0 |
Non- accretable discount | 266 | 0 |
Accretable discount | (59) | (75) |
Non- accretable discount | (77) | (103) |
Accretable discount | 3 | 62 |
Non- accretable discount | $ 189 | 266 |
THE BANCorp [Member] | Impaired Loans [Member] | ||
Note 5 - Loans (Details) - Acquired Impaired Loans [Line Items] | ||
Additions due to Oldham acquisition | 137 | |
Additions due to Oldham acquisition | $ 369 |
Note 5 - Loans (Details) - Lo71
Note 5 - Loans (Details) - Loans Individually Evaluated for Impairment - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loans with no related allowance recorded: | ||
Loans with no related allowance recorded, recorded investment | $ 6,151 | $ 3,725 |
Loans with no related allowance recorded, unpaid principal balance | 8,012 | 6,987 |
Loans with no related allowance recorded, average recorded investment | 4,005 | 9,629 |
Loans with an allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 2,602 | 7,826 |
Loans with an allowance recorded, unpaid principal balance | 4,173 | 9,397 |
Related allowance | 544 | 1,376 |
Loans with an allowance recorded, average recorded investment | 6,598 | 9,068 |
Total: | ||
Recorded investment | 8,753 | 11,551 |
Unpaid principal balance | 12,185 | 16,384 |
Related allowance | 544 | 1,376 |
Average recorded investment | 10,603 | 18,697 |
Commercial and Industrial Portfolio Segment [Member] | ||
Loans with no related allowance recorded: | ||
Loans with no related allowance recorded, recorded investment | 3,119 | 896 |
Loans with no related allowance recorded, unpaid principal balance | 3,859 | 3,596 |
Loans with no related allowance recorded, average recorded investment | 1,414 | 996 |
Loans with an allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 1,516 | 6,343 |
Loans with an allowance recorded, unpaid principal balance | 3,087 | 7,914 |
Related allowance | 268 | 1,029 |
Loans with an allowance recorded, average recorded investment | 4,612 | 6,797 |
Total: | ||
Recorded investment | 4,635 | 7,239 |
Unpaid principal balance | 6,946 | 11,510 |
Related allowance | 268 | 1,029 |
Average recorded investment | 6,026 | 7,793 |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | ||
Loans with no related allowance recorded: | ||
Loans with no related allowance recorded, recorded investment | 0 | 26 |
Loans with no related allowance recorded, unpaid principal balance | 151 | 151 |
Loans with no related allowance recorded, average recorded investment | 21 | 26 |
Loans with an allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 0 | 490 |
Loans with an allowance recorded, unpaid principal balance | 0 | 490 |
Related allowance | 0 | 15 |
Loans with an allowance recorded, average recorded investment | 368 | 196 |
Total: | ||
Recorded investment | 0 | 516 |
Unpaid principal balance | 151 | 641 |
Related allowance | 0 | 15 |
Average recorded investment | 389 | 222 |
Undevelopment Land Portfolio Segment [Member] | ||
Loans with no related allowance recorded: | ||
Loans with no related allowance recorded, recorded investment | 0 | 0 |
Loans with no related allowance recorded, unpaid principal balance | 0 | 0 |
Loans with no related allowance recorded, average recorded investment | 0 | 5,608 |
Loans with an allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 0 | 0 |
Loans with an allowance recorded, unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Loans with an allowance recorded, average recorded investment | 0 | 0 |
Total: | ||
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 5,608 |
Real Estate Mortgage Portfolio Segment [Member] | ||
Loans with no related allowance recorded: | ||
Loans with no related allowance recorded, recorded investment | 3,032 | 2,803 |
Loans with no related allowance recorded, unpaid principal balance | 4,002 | 3,240 |
Loans with no related allowance recorded, average recorded investment | 2,567 | 2,999 |
Loans with an allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 1,018 | 917 |
Loans with an allowance recorded, unpaid principal balance | 1,018 | 917 |
Related allowance | 208 | 256 |
Loans with an allowance recorded, average recorded investment | 1,546 | 1,995 |
Total: | ||
Recorded investment | 4,050 | 3,720 |
Unpaid principal balance | 5,020 | 4,157 |
Related allowance | 208 | 256 |
Average recorded investment | 4,113 | 4,994 |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | ||
Loans with no related allowance recorded: | ||
Loans with no related allowance recorded, recorded investment | 278 | 113 |
Loans with no related allowance recorded, unpaid principal balance | 278 | 113 |
Loans with no related allowance recorded, average recorded investment | 178 | 198 |
Loans with an allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 0 | 122 |
Loans with an allowance recorded, unpaid principal balance | 0 | 122 |
Related allowance | 0 | 0 |
Loans with an allowance recorded, average recorded investment | 92 | 640 |
Total: | ||
Recorded investment | 278 | 235 |
Unpaid principal balance | 278 | 235 |
Related allowance | 0 | 0 |
Average recorded investment | 270 | 838 |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | ||
Loans with no related allowance recorded: | ||
Loans with no related allowance recorded, recorded investment | 1,743 | 1,784 |
Loans with no related allowance recorded, unpaid principal balance | 2,713 | 2,221 |
Loans with no related allowance recorded, average recorded investment | 1,622 | 1,939 |
Loans with an allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 1,018 | 716 |
Loans with an allowance recorded, unpaid principal balance | 1,018 | 716 |
Related allowance | 208 | 112 |
Loans with an allowance recorded, average recorded investment | 1,266 | 704 |
Total: | ||
Recorded investment | 2,761 | 2,500 |
Unpaid principal balance | 3,731 | 2,937 |
Related allowance | 208 | 112 |
Average recorded investment | 2,888 | 2,643 |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Loans with no related allowance recorded: | ||
Loans with no related allowance recorded, recorded investment | 906 | 870 |
Loans with no related allowance recorded, unpaid principal balance | 906 | 870 |
Loans with no related allowance recorded, average recorded investment | 661 | 782 |
Loans with an allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 0 | 79 |
Loans with an allowance recorded, unpaid principal balance | 0 | 79 |
Related allowance | 0 | 144 |
Loans with an allowance recorded, average recorded investment | 188 | 651 |
Total: | ||
Recorded investment | 906 | 949 |
Unpaid principal balance | 906 | 949 |
Related allowance | 0 | 144 |
Average recorded investment | 849 | 1,433 |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | ||
Loans with no related allowance recorded: | ||
Loans with no related allowance recorded, recorded investment | 13 | 0 |
Loans with no related allowance recorded, unpaid principal balance | 13 | 0 |
Loans with no related allowance recorded, average recorded investment | 37 | 11 |
Loans with an allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 0 | 0 |
Loans with an allowance recorded, unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Loans with an allowance recorded, average recorded investment | 0 | 0 |
Total: | ||
Recorded investment | 13 | 0 |
Unpaid principal balance | 13 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 37 | 11 |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | ||
Loans with no related allowance recorded: | ||
Loans with no related allowance recorded, recorded investment | 92 | 36 |
Loans with no related allowance recorded, unpaid principal balance | 92 | 36 |
Loans with no related allowance recorded, average recorded investment | 69 | 69 |
Loans with an allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 0 | 0 |
Loans with an allowance recorded, unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Loans with an allowance recorded, average recorded investment | 0 | 0 |
Total: | ||
Recorded investment | 92 | 36 |
Unpaid principal balance | 92 | 36 |
Related allowance | 0 | 0 |
Average recorded investment | 69 | 69 |
Consumer Portfolio Segment [Member] | ||
Loans with no related allowance recorded: | ||
Loans with no related allowance recorded, recorded investment | 0 | 0 |
Loans with no related allowance recorded, unpaid principal balance | 0 | 0 |
Loans with no related allowance recorded, average recorded investment | 3 | 0 |
Loans with an allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 68 | 76 |
Loans with an allowance recorded, unpaid principal balance | 68 | 76 |
Related allowance | 68 | 76 |
Loans with an allowance recorded, average recorded investment | 72 | 80 |
Total: | ||
Recorded investment | 68 | 76 |
Unpaid principal balance | 68 | 76 |
Related allowance | 68 | 76 |
Average recorded investment | $ 75 | $ 80 |
Note 5 - Loans (Details) - Non-
Note 5 - Loans (Details) - Non-accrual Loans - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 5 - Loans (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | $ 7,693 | $ 5,199 |
Commercial and Industrial Portfolio Segment [Member] | ||
Note 5 - Loans (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 3,643 | 1,381 |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | ||
Note 5 - Loans (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 0 | 516 |
Undevelopment Land Portfolio Segment [Member] | ||
Note 5 - Loans (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 0 | 0 |
Real Estate Mortgage Portfolio Segment [Member] | ||
Note 5 - Loans (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 4,050 | 3,302 |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | ||
Note 5 - Loans (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 278 | 235 |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | ||
Note 5 - Loans (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 2,761 | 2,081 |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Note 5 - Loans (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 906 | 950 |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | ||
Note 5 - Loans (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 13 | 0 |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | ||
Note 5 - Loans (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | 92 | 36 |
Consumer Portfolio Segment [Member] | ||
Note 5 - Loans (Details) - Non-accrual Loans [Line Items] | ||
Non-accrual loans | $ 0 | $ 0 |
Note 5 - Loans (Details) - Agin
Note 5 - Loans (Details) - Aging of the Recorded Investment in Loans - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 11,000 | $ 15,589 | |
Current | 2,022,007 | 1,852,961 | |
Loans | 2,033,007 | 1,868,550 | $ 1,721,350 |
Recorded investment greater than 90 days and accruing | 176 | 329 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 2,338 | 8,508 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 793 | 1,553 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 7,869 | 5,528 | |
Commercial and Industrial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 4,208 | 5,245 | |
Current | 640,190 | 566,509 | |
Loans | 644,398 | 571,754 | 510,739 |
Recorded investment greater than 90 days and accruing | 0 | 1 | |
Commercial and Industrial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 238 | 3,860 | |
Commercial and Industrial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 327 | 3 | |
Commercial and Industrial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 3,643 | 1,382 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 0 | 826 | |
Current | 134,482 | 94,907 | |
Loans | 134,482 | 95,733 | |
Recorded investment greater than 90 days and accruing | 0 | 241 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 0 | 69 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 0 | 0 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 0 | 757 | |
Undevelopment Land Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 0 | 0 | |
Current | 21,185 | 21,268 | |
Loans | 21,185 | 21,268 | 29,871 |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Undevelopment Land Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 0 | 0 | |
Undevelopment Land Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 0 | 0 | |
Undevelopment Land Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 6,441 | 9,457 | |
Current | 1,190,970 | 1,140,942 | |
Loans | 1,197,411 | 1,150,399 | 1,046,823 |
Recorded investment greater than 90 days and accruing | 176 | 87 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 1,757 | 4,536 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 458 | 1,532 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 4,226 | 3,389 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 708 | 1,477 | |
Current | 481,931 | 486,345 | |
Loans | 482,639 | 487,822 | |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 290 | 993 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 140 | 249 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 278 | 235 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 2,761 | 4,273 | |
Current | 372,255 | 336,709 | |
Loans | 375,016 | 340,982 | |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 0 | 1,272 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 0 | 920 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 2,761 | 2,081 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 2,323 | 3,109 | |
Current | 224,252 | 208,439 | |
Loans | 226,575 | 211,548 | |
Recorded investment greater than 90 days and accruing | 176 | 73 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 1,147 | 1,801 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 94 | 285 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 1,082 | 1,023 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 99 | 14 | |
Current | 50,016 | 43,765 | |
Loans | 50,115 | 43,779 | |
Recorded investment greater than 90 days and accruing | 0 | 14 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 35 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 51 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 13 | 14 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 550 | 584 | |
Current | 62,516 | 65,684 | |
Loans | 63,066 | 66,268 | |
Recorded investment greater than 90 days and accruing | 0 | ||
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 285 | 470 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 173 | 78 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 92 | 36 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 351 | 61 | |
Current | 35,180 | 29,335 | |
Loans | 35,531 | 29,396 | $ 34,198 |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 343 | 43 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 8 | 18 | |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 0 | $ 0 |
Note 5 - Loans (Details) - Inte
Note 5 - Loans (Details) - Internally Assigned Risk Grades of Loans - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 2,033,007 | $ 1,868,550 | $ 1,721,350 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,971,727 | 1,814,936 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 41,178 | 24,800 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Performing Financial Instruments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 11,173 | 16,934 | |
Nonperforming Financial Instruments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 8,929 | 11,880 | |
Commercial and Industrial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 644,398 | 571,754 | 510,739 |
Commercial and Industrial Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 612,853 | 546,582 | |
Commercial and Industrial Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 19,672 | 6,215 | |
Commercial and Industrial Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Commercial and Industrial Portfolio Segment [Member] | Performing Financial Instruments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 7,238 | 11,717 | |
Commercial and Industrial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4,635 | 7,240 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 134,482 | 95,733 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 133,342 | 88,389 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 773 | 4,867 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Performing Financial Instruments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 367 | 1,720 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 757 | |
Undevelopment Land Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 21,185 | 21,268 | 29,871 |
Undevelopment Land Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 20,513 | 20,578 | |
Undevelopment Land Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 517 | 530 | |
Undevelopment Land Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Undevelopment Land Portfolio Segment [Member] | Performing Financial Instruments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 155 | 160 | |
Undevelopment Land Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,197,411 | 1,150,399 | 1,046,823 |
Real Estate Mortgage Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,169,556 | 1,130,143 | |
Real Estate Mortgage Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 20,216 | 13,112 | |
Real Estate Mortgage Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 482,639 | 487,822 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 480,178 | 482,415 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,183 | 4,991 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 375,016 | 340,982 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 351,707 | 328,385 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 17,135 | 6,942 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 226,575 | 211,548 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 224,645 | 209,396 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 848 | 1,129 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 50,115 | 43,779 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 50,102 | 43,765 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 63,066 | 66,268 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 62,924 | 66,182 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 50 | 50 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,413 | 3,337 | |
Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Commercial Investment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 181 | |
Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Owner Occupied Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,413 | 3,156 | |
Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | One to Four Family Residential [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Home Equity First Lien [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Home Equity Junior Lien [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4,226 | 3,807 | |
Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Commercial Investment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 278 | 235 | |
Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,761 | 2,499 | |
Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | One to Four Family Residential [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,082 | 1,023 | |
Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Home Equity First Lien [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 13 | 14 | |
Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Home Equity Junior Lien [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 92 | 36 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 35,531 | 29,396 | $ 34,198 |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 35,463 | 29,244 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 76 | |
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 68 | $ 76 |
Note 6 - Premises and Equipme75
Note 6 - Premises and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 3 | $ 2.9 | $ 3 |
Note 6 - Premises and Equipme76
Note 6 - Premises and Equipment (Details) - Summary of Premises and Equipment - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 70,951 | $ 69,282 |
Accumulated depreciation and amortization | (31,394) | (30,194) |
Total premises and equipment | 39,557 | 39,088 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 7,118 | 6,733 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 44,959 | 43,818 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 18,497 | 18,426 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 377 | $ 305 |
Note 7 - Other Assets (Details)
Note 7 - Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure Text Block Supplement [Abstract] | ||
Servicing Asset at Fair Value, Amount | $ 3.1 | $ 3.4 |
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $ 410.8 | $ 421.1 |
Note 7 - Other Assets (Detail78
Note 7 - Other Assets (Details) - Summary of Major Components of Other Assets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of Major Components of Other Assets [Abstract] | |||
Cash surrender value of life insurance other than BOLI | $ 12,473 | $ 12,019 | |
Net deferred tax asset | 12,365 | 12,377 | |
Investments in tax credit related ventures | 5,289 | 5,090 | |
Other real estate owned and other foreclosed property | 4,541 | 5,977 | |
Other short term receivables | 1,921 | 2,149 | |
Core deposit intangible | 1,601 | 1,820 | |
Mortgage servicing rights (MSRs) | 1,018 | 1,131 | $ 1,832 |
Goodwill | 682 | 682 | |
Investment in bank in expansion market | 520 | 520 | |
Other | 5,806 | 5,907 | |
Total | $ 46,216 | $ 47,672 |
Note 7 - Other Assets (Detail79
Note 7 - Other Assets (Details) - Changes in the Net Carrying Amount of MSRs - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in the Net Carrying Amount of MSRs [Abstract] | ||
Balance at January 1 | $ 1,131 | $ 1,832 |
Originations | 528 | 258 |
Amortization | (641) | (959) |
Balance at December 31 | $ 1,018 | $ 1,131 |
Note 8 - Income Taxes (Details)
Note 8 - Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits, Including Penalties and Interest | $ 42 | $ 42 |
Note 8 - Income Taxes (Detail81
Note 8 - Income Taxes (Details) - Components of Income Tax Expense (Benefit) from Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current tax expense | |||
Federal | $ 15,478 | $ 14,958 | $ 10,322 |
State | 608 | 641 | 336 |
Total current tax expense | 16,086 | 15,599 | 10,658 |
Deferred tax expense (benefit) | |||
Federal | 748 | (385) | 450 |
State | 54 | 26 | 120 |
Total deferred tax expense (benefit) | 847 | (318) | 570 |
Change in valuation allowance | 45 | 41 | 0 |
Total income tax expense | $ 16,933 | $ 15,281 | $ 11,228 |
Note 8 - Income Taxes (Detail82
Note 8 - Income Taxes (Details) - Components of Income Tax (Benefit) Expense Recorded Directly to Stockholders’ Equity - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Income Tax (Benefit) Expense Recorded Directly to Stockholders’ Equity [Abstract] | |||
Unrealized (loss) gain on securities available for sale | $ (840) | $ 2,383 | $ (4,234) |
Reclassification adjustment for securities losses realized in income | 0 | 3 | 2 |
Reclassification adjustment for securities impairment realized in income | 36 | 0 | 0 |
Unrealized (loss) gain on derivatives | (41) | 0 | 8 |
Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes | (673) | (378) | (265) |
Minimum pension liability adjustment | 61 | (69) | 111 |
Total income tax (benefit) expense recorded directly to stockholders' equity | $ (1,456) | $ 1,939 | $ (4,378) |
Note 8 - Income Taxes (Detail83
Note 8 - Income Taxes (Details) - Difference Between Statutory and Effective Tax Rates | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Difference Between Statutory and Effective Tax Rates [Abstract] | |||
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Tax exempt interest income | (1.40%) | (1.50%) | (2.10%) |
Tax credits | (2.50%) | (3.10%) | (2.50%) |
Cash surrender value of life insurance | (0.80%) | (1.40%) | (2.00%) |
State income taxes | 0.80% | 0.90% | 0.80% |
Nontaxable gain on acquisition | (0.40%) | ||
Nondeductible acquisition costs | 0.20% | ||
Other, net | 0.20% | 0.60% | 0.20% |
31.30% | 30.50% | 29.20% |
Note 8 - Income Taxes (Detail84
Note 8 - Income Taxes (Details) - Deferred Tax Assets and Deferred Tax Liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets and Deferred Tax Liabilities [Abstract] | ||
Allowance for loan loss | $ 8,029 | $ 8,929 |
Deferred compensation | 5,730 | 5,442 |
Accrued expenses | 1,515 | 1,854 |
Investments in partnerships | 1,177 | 1,031 |
Write-downs and costs associated with other real estate owned | 435 | 491 |
Loans | 659 | 678 |
Other-than-temporary impairment | 347 | 310 |
Other assets | 187 | 219 |
Total deferred tax assets | 18,079 | 18,954 |
Securities | 1,655 | 2,594 |
Property and equipment | 1,158 | 1,250 |
Loan costs | 843 | 756 |
Prepayment penalty on modification of FHLB advances | 76 | |
Mortgage servicing rights | 315 | 356 |
Leases | 611 | 422 |
Core deposit intangible | 573 | 652 |
Other liabilities | 473 | 430 |
Total deferred tax liabilities | 5,628 | 6,536 |
Valuation allowance | 86 | 41 |
Net deferred tax asset | $ 12,365 | $ 12,377 |
Note 8 - Income Taxes (Detail85
Note 8 - Income Taxes (Details) - Reconciliation of the Amount of Unrecognized Tax Benefits - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of the Amount of Unrecognized Tax Benefits [Abstract] | ||
Balance as of January 1 | $ 40,000 | $ 40,000 |
Increases - current year tax positions | 11,000 | 11,000 |
Lapse of statute of limitations | (11,000) | (11,000) |
Balance as of December 31 | $ 40,000 | $ 40,000 |
Note 9 - Deposits (Details)
Note 9 - Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | |||
Interest Expense, Time Deposits, $250,000 or More | $ 313 | $ 437 | $ 657 |
Related Party Deposit Liabilities | 25,500 | 19,800 | |
Deposit Liabilities Reclassified as Loans Receivable | $ 774 | $ 654 |
Note 9 - Deposits (Details) - C
Note 9 - Deposits (Details) - Composition of Interest Bearing Deposits - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Composition of Interest Bearing Deposits [Abstract] | ||
Interest bearing demand | $ 737,347 | $ 502,801 |
Savings | 127,496 | 111,624 |
Money market | 655,729 | 673,925 |
Time deposits greater than $250,000 | 38,988 | 41,137 |
Other time deposits | 228,374 | 270,193 |
Total interest bearing deposits | $ 1,787,934 | $ 1,599,680 |
Note 9 - Deposits (Details) - M
Note 9 - Deposits (Details) - Maturities of Time Deposits $ in Thousands | Dec. 31, 2015USD ($) |
Maturities of Time Deposits [Abstract] | |
2,016 | $ 186,594 |
2,017 | 52,936 |
2,018 | 14,063 |
2,019 | 7,547 |
2020 and thereafter | 6,222 |
$ 267,362 |
Note 10 - Securities Sold Und89
Note 10 - Securities Sold Under Agreements to Repurchase and Other Short-Term Borrowings (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings Disclosure [Abstract] | |
Short Term Debt Maturity Period | 1 day |
Note 10 - Securities Sold Und90
Note 10 - Securities Sold Under Agreements to Repurchase and Other Short-Term Borrowings (Details) - Securities Sold Under Agreements to Repurchase - Securities Sold under Agreements to Repurchase [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | ||
Average balance during the year | $ 65,140 | $ 61,748 |
Average interest rate during the year | 0.23% | 0.23% |
Maximum month-end balance during the year | $ 82,467 | $ 69,559 |
Note 11 - Advances from the F91
Note 11 - Advances from the Federal Home Loan Bank (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Disclosure Text Block [Abstract] | ||
Advances from Federal Home Loan Banks | $ 43,468 | $ 36,832 |
Federal Home Loan Bank, Number of Separate Advances | 12 | |
Federal Home Loan Bank, Number of Separate Advances Principal Due at Maturity | 2 | |
Advances From Federal Home Loan Banks, Principal Due at Maturity | $ 30,000 | |
Final Advances from Federal Home Loan Banks, Principal Paid Monthly | 13,500 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 393,000 |
Note 11 - Advances from the F92
Note 11 - Advances from the Federal Home Loan Bank (Details) - Contractual Maturities and Average Effective Rates of Outstanding Advances - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Contractual Maturities and Average Effective Rates of Outstanding Advances [Abstract] | ||
$ 30,000 | ||
2.30% | ||
$ 30,000 | ||
0.55% | ||
$ 1,838 | $ 1,885 | |
2.23% | 2.23% | |
$ 429 | $ 497 | |
2.12% | 2.12% | |
$ 2,865 | $ 3,064 | |
2.36% | 2.36% | |
$ 6,991 | ||
2.44% | ||
$ 1,345 | $ 1,386 | |
1.48% | 1.47% | |
$ 43,468 | $ 36,832 | |
1.09% | 2.27% |
Note 12 - Other Comprehensive93
Note 12 - Other Comprehensive Income (Loss) (Details) - Accumulated Other Comprehensive Income (Loss) by Component - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | $ 2,085 | $ (2,217) | $ 5,421 |
Other comprehensive income (loss) before reclassifications | (1,520) | 4,296 | (7,657) |
Amounts reclassified from accumulated other comprehensive income | 67 | 6 | 19 |
Net current period other comprehensive income (loss) | (1,453) | 4,302 | (7,638) |
Accumulated other comprehensive income (loss) | 632 | 2,085 | (2,217) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | 2,456 | (1,973) | 5,887 |
Other comprehensive income (loss) before reclassifications | (1,558) | 4,423 | (7,863) |
Amounts reclassified from accumulated other comprehensive income | 67 | 6 | 3 |
Net current period other comprehensive income (loss) | (1,491) | 4,429 | (7,860) |
Accumulated other comprehensive income (loss) | 965 | 2,456 | (1,973) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | 16 | 16 | |
Other comprehensive income (loss) before reclassifications | (76) | ||
Amounts reclassified from accumulated other comprehensive income | 16 | ||
Net current period other comprehensive income (loss) | (76) | 16 | |
Accumulated other comprehensive income (loss) | (60) | 16 | 16 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | (387) | (260) | (466) |
Other comprehensive income (loss) before reclassifications | 114 | (127) | 206 |
Net current period other comprehensive income (loss) | 114 | (127) | 206 |
Accumulated other comprehensive income (loss) | $ (273) | $ (387) | $ (260) |
Note 12 - Other Comprehensive94
Note 12 - Other Comprehensive Income (Loss) (Details) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrealized gains (losses) on securities available-for-sale: | |||
Realized loss on sale of available-for-sale securities | $ 0 | ||
OTTI impairment of equity security | (13,316,000) | $ (13,012,000) | $ (13,516,000) |
Effect of income taxes | (16,933,000) | (15,281,000) | (11,228,000) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Unrealized gains (losses) on securities available-for-sale: | |||
Realized loss on sale of available-for-sale securities | (9,000) | (5,000) | |
OTTI impairment of equity security | (103,000) | ||
Effect of income taxes | 36,000 | 3,000 | 2,000 |
Reclassifications, net of income taxes | $ (67,000) | $ (6,000) | $ (3,000) |
Note 13 - Subordinated Debent95
Note 13 - Subordinated Debentures (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2008 | Dec. 31, 2013 | |
Note 13 - Subordinated Debentures (Details) [Line Items] | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% | |
Proceeds from Issuance of Trust Preferred Securities | $ 30,000,000 | |
Trust Preferred Securities Rate of Interest | 10.00% | |
Proceeds from Contributions from Parent | $ 900,000 | |
Marketable Securities, Fixed Maturities | 30,900,000 | |
Debt Instrument, Face Amount | $ 1,300,000 | |
Subordinated Debt Maturing 2038 [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Note 13 - Subordinated Debentures (Details) [Line Items] | ||
Debt Instrument, Face Amount | $ 30,900,000 | |
Subordinated Borrowing, Interest Rate | 10.00% |
Note 14 - Preferred Stock and96
Note 14 - Preferred Stock and Common Stock (Details) - $ / shares | Dec. 31, 2015 | Dec. 30, 2015 | Dec. 31, 2014 |
Stockholders' Equity Note [Abstract] | |||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0 | ||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Common Stock, Shares Authorized | 40,000,000 | 20,000,000 | 20,000,000 |
Note 15 - Net Income Per Shar97
Note 15 - Net Income Per Share and Common Stock Dividends (Details) - Basic and Diluted Net Income Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 15 - Net Income Per Share and Common Stock Dividends (Details) - Basic and Diluted Net Income Per Share [Line Items] | |||
Net income, basic and diluted (in Dollars) | $ 37,187 | $ 34,822 | $ 27,170 |
Average shares outstanding, basic | 14,725 | 14,559 | 14,223 |
Effect of dilutive securities | 248 | 203 | 130 |
Average shares outstanding including dilutive securities | 14,973 | 14,762 | 14,353 |
Net income per share, basic (in Dollars per share) | $ 2.53 | $ 2.39 | $ 1.91 |
Net income per share, diluted (in Dollars per share) | $ 2.48 | $ 2.36 | $ 1.89 |
Parent Company [Member] | |||
Note 15 - Net Income Per Share and Common Stock Dividends (Details) - Basic and Diluted Net Income Per Share [Line Items] | |||
Net income, basic and diluted (in Dollars) | $ 37,187 | $ 34,822 | $ 27,170 |
Note 16 - Employee Benefit Pl98
Note 16 - Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 16 - Employee Benefit Plans (Details) [Line Items] | |||
Number of Employee Work Hours | 1000 hours | ||
Defined Benefit Plan Employer Additional Contribution of Stock Percent | 2.00% | ||
Defined Contribution Plan, Cost Recognized | $ 1,800,000 | $ 1,700,000 | $ 1,700,000 |
Defined Contribution Plan Shares Held in Employee Stock Ownership and Profit Sharing Plan (in Shares) | 433,400 | 489,005 | |
Deferred Compensation Arrangement with Individual, Employer Contribution | $ 171,000 | $ 228,000 | $ 205,000 |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 4,900,000 | 4,700,000 | |
Defined Benefit Plan, Number of Employees Covered | 3 | ||
Defined Benefit Plan, Number of Present Employees Covered | 2 | ||
Defined Benefit Plan, Number of Retired Employees Covered | 1 | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 25 years | ||
Defined Benefit Plan, Number of Current Officers Fully Vested | 1 | ||
Defined Benefit Plan, Number of Current Officers That Will Be Fully Vested in Year 2017 | 1 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 2,100,000 | $ 2,200,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.28% | 3.85% | |
Post-Retirement and Post-Employment Benefits Liability, Other | $ 0 | ||
Maximum [Member] | |||
Note 16 - Employee Benefit Plans (Details) [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% |
Note 16 - Employee Benefit Pl99
Note 16 - Employee Benefit Plans (Details) - Components of the Net Periodic Benefit Cost of the Defined Benefit Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of net periodic benefit cost: | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 83 | 90 | 83 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net losses | 59 | 36 | 60 |
Net periodic benefit cost | $ 142 | $ 126 | $ 143 |
Note 16 - Employee Benefit P100
Note 16 - Employee Benefit Plans (Details) - Benefits Expected to Be Paid $ in Thousands | Dec. 31, 2015USD ($) |
Benefits Expected to Be Paid [Abstract] | |
2,016 | $ 84 |
2,017 | 84 |
2,018 | 84 |
2,019 | 84 |
2,020 | 84 |
Beyond 2,020 | 3,278 |
Total future payments | $ 3,698 |
Note 17 - Stock-Based Compen101
Note 17 - Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2015USD ($)shares | Mar. 31, 2015USD ($)shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2012shares | ||
Note 17 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Plans | 1 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 364,280 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 3,600 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | ||||||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ | $ 3,300 | $ 2,500 | $ 2,400 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 206,000 | ||||||
Employee Stock Option [Member] | |||||||
Note 17 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 364,000 | ||||||
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 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 97,000 | ||||||
Stock Appreciation Rights (SARs) [Member] | |||||||
Note 17 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | [1] | ||||||
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, Non-Option Equity Instruments, Outstanding, Number | 517,000 | ||||||
Share-based Compensation Arrangement by Share Based Payment Award Non-option Equity Instruments Weighted Average Grant Price | $ / shares | $ 24.56 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | [2] | ||||||
Restricted Stock [Member] | |||||||
Note 17 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | [1] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 35,265 | 39,730 | 55,275 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 104,199 | 114,093 | 124,556 | 113,910 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 104,000 | ||||||
Performance Shares [Member] | |||||||
Note 17 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | [1] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Post-Vesting Holding Period | 1 year | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Liquidity Discount | 4.50% | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | [3] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expected Shares to Be Awarded | 89,915 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Note 17 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | [1] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 12 months | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 5,000 | ||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||
Note 17 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,080 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Fair Value Granted | $ | $ 175 | $ 200 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | 760 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 5,320 | ||||||
Stock Options and Stock Appreciation Rights SARs [Member] | |||||||
Note 17 - Stock-Based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and SARs, Exercisable, Intrinsic Value | $ | $ 2,000 | $ 1,100 | $ 1,100 | ||||
undefined | $ / shares | $ 5.95 | $ 5.37 | $ 3.61 | ||||
Minimum [Member] | Performance Shares [Member] | |||||||
Note 17 - Stock-Based Compensation (Details) [Line Items] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 0 | ||||||
Maximum [Member] | Performance Shares [Member] | |||||||
Note 17 - Stock-Based Compensation (Details) [Line Items] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 120,000 | ||||||
[1] | Under the 2015 Omnibus Equity Compensation Plan, shares of stock are authorized for issuance as incentive and nonqualified stock options, SARs, restricted stock, and restricted stock units | ||||||
[2] | At December 31, 2015, approximately 517,000 SARs were outstanding at a weighted average grant price of $24.56. The number of shares to be issued upon exercise will be determined based on the difference between the grant price and the market price at the date of exercise. | ||||||
[3] | The number of shares to be issued is dependent upon Bancorp achieving certain predefined performance targets and ranges from zero shares to approximately120,000 shares. As of December 31, 2015, the expected shares to be awarded are 89,915. |
Note 17 - Stock-Based Compen102
Note 17 - Stock-Based Compensation (Details) - Stock-based Compensation Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-based Compensation Expense [Abstract] | |||
Stock-based compensation expense before income taxes | $ 2,134 | $ 2,016 | $ 1,940 |
Less: deferred tax benefit | (747) | (706) | (679) |
Reduction of net income | $ 1,387 | $ 1,310 | $ 1,261 |
Note 17 - Stock-Based Compen103
Note 17 - Stock-Based Compensation (Details) - Fair Value Assumptions - Stock Options and Stock Appreciation Rights SARs [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 17 - Stock-Based Compensation (Details) - Fair Value Assumptions [Line Items] | ||
Dividend yield | 2.97% | 2.80% |
Expected volatility | 22.81% | 22.54% |
Risk free interest rate | 1.91% | 1.26% |
Expected life of SARs (years) | 7 years 6 months | 6 years 219 days |
Note 17 - Stock-Based Compen104
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 31, 2014 | Dec. 31, 2015 |
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Options and SARs, vested and exercisable (in Shares) | 437 | |
Options and SARs, total outstanding (in Shares) | 614 | |
Weighted average exercise price, total outstanding | $ 24.88 | |
Award Vested and Exercisable [Member] | ||
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Options and SARs, vested and exercisable (in Shares) | 524 | 437 |
Weighted average exercise price, vested and exercisable | $ 23.84 | $ 23.62 |
Aggregate intrinsic value, vested and exercisable (in Dollars) | $ 4,981 | $ 6,191 |
Weighted average fair value, vested and exercisable | $ 5.35 | $ 5.09 |
Weighted average remaining contractual life, vested and exercisable | 3 years 6 months | 3 years 255 days |
Award Unvested [Member] | ||
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Options and SARs, unvested (in Shares) | 194 | 177 |
Weighted average exercise price, unvested | $ 24.83 | $ 27.99 |
Aggregate intrinsic value, unvested (in Dollars) | $ 1,650 | $ 1,733 |
Weighted average fair value, unvested | $ 4.57 | $ 4.93 |
Weighted average remaining contractual life, unvested | 7 years 255 days | 7 years 255 days |
Award Outstanding [Member] | ||
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Options and SARs, total outstanding (in Shares) | 718 | 614 |
Weighted average exercise price, total outstanding | $ 24.11 | $ 24.88 |
Aggregate intrinsic value, total outstanding (in Dollars) | $ 6,631 | $ 7,924 |
Weighted average fair value, total outstanding | $ 5.14 | $ 5.04 |
Weighted average remaining contractual life, total outstanding | 4 years 219 days | 4 years 292 days |
Award Granted [Member] | ||
Activity during 2015 | ||
SARs granted (in Shares) | 50 | |
SARs granted | $ 34.48 | |
SARs granted (in Dollars) | $ 167 | |
SARs granted | $ 5.95 | |
Award Exercised [Member] | ||
Activity during 2015 | ||
Exercised (in Shares) | (154) | |
Exercised | $ 24.40 | |
Exercised (in Dollars) | $ 1,970 | |
Exercised | $ 5.78 | |
Award Vested [Member] | ||
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Vested year-to-date (in Shares) | 67 | |
Vested year-to-date | $ 23.77 | |
Vested year-to-date (in Dollars) | $ 939 | |
Vested year-to-date | $ 4.65 | |
Minimum [Member] | Award Vested and Exercisable [Member] | ||
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Exercise price, vested and exercisable | $ 21.03 | 21.03 |
Minimum [Member] | Award Unvested [Member] | ||
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Exercise price, unvested | 21.03 | 22.86 |
Minimum [Member] | Award Outstanding [Member] | ||
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Exercise price, total outstanding | 21.03 | 21.03 |
Minimum [Member] | Award Granted [Member] | ||
Activity during 2015 | ||
SARs granted | 34.43 | |
Minimum [Member] | Award Exercised [Member] | ||
Activity during 2015 | ||
Exercised | 21.03 | |
Minimum [Member] | Award Vested [Member] | ||
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Vested year-to-date | 21.03 | |
Maximum [Member] | Award Vested and Exercisable [Member] | ||
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Exercise price, vested and exercisable | 26.83 | 29.16 |
Maximum [Member] | Award Unvested [Member] | ||
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Exercise price, unvested | 29.16 | 36.83 |
Maximum [Member] | Award Outstanding [Member] | ||
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Exercise price, total outstanding | $ 29.16 | 36.83 |
Maximum [Member] | Award Granted [Member] | ||
Activity during 2015 | ||
SARs granted | 36.83 | |
Maximum [Member] | Award Exercised [Member] | ||
Activity during 2015 | ||
Exercised | 26.83 | |
Maximum [Member] | Award Vested [Member] | ||
Note 17 - Stock-Based Compensation (Details) - Stock Option and SARs Activity [Line Items] | ||
Vested year-to-date | $ 29.16 |
Note 17 - Stock-Based Compen105
Note 17 - Stock-Based Compensation (Details) - Options and SARS Outstanding shares in Thousands | Dec. 31, 2015$ / sharesshares |
Note 17 - Stock-Based Compensation (Details) - Options and SARS Outstanding [Line Items] | |
Number of options and SARs outstanding | 614 |
Options and SARs exercisable | 437 |
Weighted average exercise price of options and SARs outstanding (in Dollars per share) | $ / shares | $ 24.88 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2016 [Member] | |
Note 17 - Stock-Based Compensation (Details) - Options and SARS Outstanding [Line Items] | |
Number of options and SARs outstanding | 6 |
Options and SARs exercisable | 6 |
Weighted average exercise price of options and SARs outstanding (in Dollars per share) | $ / shares | $ 24.07 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2017 [Member] | |
Note 17 - Stock-Based Compensation (Details) - Options and SARS Outstanding [Line Items] | |
Number of options and SARs outstanding | 91 |
Options and SARs exercisable | 91 |
Weighted average exercise price of options and SARs outstanding (in Dollars per share) | $ / shares | $ 26.80 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2018 [Member] | |
Note 17 - Stock-Based Compensation (Details) - Options and SARS Outstanding [Line Items] | |
Number of options and SARs outstanding | 64 |
Options and SARs exercisable | 64 |
Weighted average exercise price of options and SARs outstanding (in Dollars per share) | $ / shares | $ 23.37 |
Stock Options and Stock Appreciation Rights SARs Expiriing in 2019 [Member] | |
Note 17 - Stock-Based Compensation (Details) - Options and SARS Outstanding [Line Items] | |
Number of options and SARs outstanding | 65 |
Options and SARs exercisable | 65 |
Weighted average exercise price of options and SARs outstanding (in Dollars per share) | $ / shares | $ 22.14 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2020 [Member] | |
Note 17 - Stock-Based Compensation (Details) - Options and SARS Outstanding [Line Items] | |
Number of options and SARs outstanding | 74 |
Options and SARs exercisable | 74 |
Weighted average exercise price of options and SARs outstanding (in Dollars per share) | $ / shares | $ 21.03 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2021 [Member] | |
Note 17 - Stock-Based Compensation (Details) - Options and SARS Outstanding [Line Items] | |
Number of options and SARs outstanding | 57 |
Options and SARs exercisable | 46 |
Weighted average exercise price of options and SARs outstanding (in Dollars per share) | $ / shares | $ 23.78 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2022 [Member] | |
Note 17 - Stock-Based Compensation (Details) - Options and SARS Outstanding [Line Items] | |
Number of options and SARs outstanding | 90 |
Options and SARs exercisable | 54 |
Weighted average exercise price of options and SARs outstanding (in Dollars per share) | $ / shares | $ 22.87 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2023 [Member] | |
Note 17 - Stock-Based Compensation (Details) - Options and SARS Outstanding [Line Items] | |
Number of options and SARs outstanding | 54 |
Options and SARs exercisable | 25 |
Weighted average exercise price of options and SARs outstanding (in Dollars per share) | $ / shares | $ 22.89 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2024 [Member] | |
Note 17 - Stock-Based Compensation (Details) - Options and SARS Outstanding [Line Items] | |
Number of options and SARs outstanding | 62 |
Options and SARs exercisable | 12 |
Weighted average exercise price of options and SARs outstanding (in Dollars per share) | $ / shares | $ 29.05 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2025 [Member] | |
Note 17 - Stock-Based Compensation (Details) - Options and SARS Outstanding [Line Items] | |
Number of options and SARs outstanding | 51 |
Weighted average exercise price of options and SARs outstanding (in Dollars per share) | $ / shares | $ 34.48 |
Note 17 - Stock-Based Compen106
Note 17 - Stock-Based Compensation (Details) - Restricted Stock - Restricted Stock [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 17 - Stock-Based Compensation (Details) - Restricted Stock [Line Items] | ||||
Number of shares, unvested | 104,199 | 114,093 | 124,556 | 113,910 |
Grant due weighted-average cost, unvested | $ 28.46 | $ 24.95 | $ 22.77 | $ 22.55 |
Number of shares, awarded | 35,265 | 39,730 | 55,275 | |
Grant due weighted-average cost, awarded | $ 34.48 | $ 29.12 | $ 22.93 | |
Number of shares, restrictions lapsed and shares released | (40,510) | (44,724) | (39,909) | |
Grant due weighted-average cost, restrictions lapsed and shares released | $ 23.84 | $ 22.69 | $ 22.29 | |
Number of shares, forfeited | (4,649) | (5,469) | (4,720) | |
Grant due weighted-average cost, forfeited | $ 28.46 | $ 23.77 | $ 23.45 |
Note 17 - Stock-Based Compen107
Note 17 - Stock-Based Compensation (Details) - Performance-based Restricted Stock Units - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 17 - Stock-Based Compensation (Details) - Performance-based Restricted Stock Units [Line Items] | ||||
Expected shares to be awarded | 364,280 | |||
Performance Shares [Member] | ||||
Note 17 - Stock-Based Compensation (Details) - Performance-based Restricted Stock Units [Line Items] | ||||
Vesting period | 3 years | |||
Expected shares to be awarded | [1] | |||
Performance Shares [Member] | Executive Officer [Member] | ||||
Note 17 - Stock-Based Compensation (Details) - Performance-based Restricted Stock Units [Line Items] | ||||
Vesting period | 3 years | 3 years | 3 years | |
Fair value | $ 30.03 | $ 26.42 | $ 20.38 | |
Expected shares to be awarded | 19,774 | 33,349 | 36,792 | |
[1] | Under the 2015 Omnibus Equity Compensation Plan, shares of stock are authorized for issuance as incentive and nonqualified stock options, SARs, restricted stock, and restricted stock units |
Note 17 - Stock-Based Compen108
Note 17 - Stock-Based Compensation (Details) - Number of Shares to Be Issued Upon Exercise of Outstanding Stock-based Awards | Dec. 31, 2015$ / sharesshares | |
Equity compensation plans approved by security holders: | ||
Number of shares to be issued upon exercise | 206,000 | |
Shares available for future issuance | 364,280 | |
Employee Stock Option [Member] | ||
Equity compensation plans approved by security holders: | ||
Number of shares to be issued upon exercise | 97,000 | |
Weighted average exercise price (in Dollars per share) | $ / shares | $ 26.62 | |
Shares available for future issuance | 364,000 | |
Stock Appreciation Rights (SARs) [Member] | ||
Equity compensation plans approved by security holders: | ||
Number of shares to be issued upon exercise | [1] | |
Weighted average exercise price (in Dollars per share) | $ / shares | [1] | |
Shares available for future issuance | [2] | |
Restricted Stock [Member] | ||
Equity compensation plans approved by security holders: | ||
Number of shares to be issued upon exercise | 104,000 | |
Weighted average exercise price (in Dollars per share) | $ / shares | ||
Shares available for future issuance | [2] | |
Performance Shares [Member] | ||
Equity compensation plans approved by security holders: | ||
Number of shares to be issued upon exercise | [3] | |
Weighted average exercise price (in Dollars per share) | $ / shares | ||
Shares available for future issuance | [2] | |
Restricted Stock Units (RSUs) [Member] | ||
Equity compensation plans approved by security holders: | ||
Number of shares to be issued upon exercise | 5,000 | |
Weighted average exercise price (in Dollars per share) | $ / shares | ||
Shares available for future issuance | [2] | |
[1] | At December 31, 2015, approximately 517,000 SARs were outstanding at a weighted average grant price of $24.56. The number of shares to be issued upon exercise will be determined based on the difference between the grant price and the market price at the date of exercise. | |
[2] | Under the 2015 Omnibus Equity Compensation Plan, shares of stock are authorized for issuance as incentive and nonqualified stock options, SARs, restricted stock, and restricted stock units | |
[3] | The number of shares to be issued is dependent upon Bancorp achieving certain predefined performance targets and ranges from zero shares to approximately120,000 shares. As of December 31, 2015, the expected shares to be awarded are 89,915. |
Note 18 - Dividend Restriction
Note 18 - Dividend Restriction (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Note 18 - Dividend Restriction (Details) [Line Items] | |
Regulatory Dividend Restrictions Prior Period Considered for Net Income | 2 years |
Regulatory Dividend Restrictions Period Considered for Deduction of Dividend Already Paid From Net Income | 2 years |
Subsidiaries [Member] | |
Note 18 - Dividend Restriction (Details) [Line Items] | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval (in Dollars) | $ 57.2 |
Note 19 - Commitments and Co110
Note 19 - Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||
Loss Contingency Accrual | $ 432 | ||
Operating Leases, Rent Expense, Net | 1,700 | $ 1,800 | $ 1,700 |
Commitments to Extend Credit and Standby Letters of Credit [Member] | |||
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 636,900 | 463,000 | |
Performance Guarantee [Member] | |||
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 3,700 | ||
Guarantee Obligations Estimated Payment Under Default on Contract | 3,200 | ||
Standby Letters of Credit [Member] | |||
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 12,800 | $ 11,000 | |
Minimum [Member] | |||
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||
Guarantee Obligations Agreement Term | 4 months | ||
Minimum [Member] | Standby Letters of Credit [Member] | |||
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||
Guarantee Obligations Agreement Term | 1 year | ||
Maximum [Member] | |||
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||
Guarantee Obligations Agreement Term | 18 months | ||
Maximum [Member] | Standby Letters of Credit [Member] | |||
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||
Guarantee Obligations Agreement Term | 2 years |
Note 19 - Commitments and Co111
Note 19 - Commitments and Contingent Liabilities (Details) - Future Minimum Lease Commitments | Dec. 31, 2015USD ($) |
Future Minimum Lease Commitments [Abstract] | |
2,016 | $ 1,856,000 |
2,017 | 1,860,000 |
2,018 | 1,404,000 |
2,019 | 1,180,000 |
2,020 | 874,000 |
Thereafter | 2,937,000 |
Total | $ 10,111,000 |
Note 20 - Assets and Liabili112
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) [Line Items] | ||
Impaired Financing Receivable, Related Allowance | $ 544,000 | $ 1,376,000 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,602,000 | 7,826,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 4,541,000 | 5,977,000 |
Appraisal Discount Method [Member] | Impaired Loans [Member] | ||
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) [Line Items] | ||
Assets, Fair Value Disclosure | 2,100,000 | 6,400,000 |
Mortgage Servicing Rights [Member] | ||
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) [Line Items] | ||
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Appraisal Discount Method [Member] | Impaired Loans [Member] | ||
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) [Line Items] | ||
Assets, Fair Value Disclosure | $ 2,058,000 |
Note 20 - Assets and Liabili113
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - Assets Measured at Fair Value On a Recurring Basis - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Investment securities available-for-sale | ||
Investment securities available for sale | $ 565,876,000 | $ 513,056,000 |
Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 565,876,000 | 513,056,000 |
Interest rate swaps | 461,000 | 425,000 |
Total assets | 566,337,000 | 513,481,000 |
Liabilities | ||
Interest rate swaps | 554,000 | 401,000 |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 80,000,000 | 70,000,000 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 251,893,000 | 204,986,000 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 251,893,000 | 204,986,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 169,628,000 | 174,270,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 169,628,000 | 174,270,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 63,702,000 | 62,834,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 63,702,000 | 62,834,000 |
Common Stock [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 653,000 | 966,000 |
Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 653,000 | 966,000 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 80,653,000 | 70,966,000 |
Total assets | 80,653,000 | 70,966,000 |
Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 80,000,000 | 70,000,000 |
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 653,000 | 966,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 485,223,000 | 442,090,000 |
Interest rate swaps | 461,000 | 425,000 |
Total assets | 485,684,000 | 442,515,000 |
Liabilities | ||
Interest rate swaps | 554,000 | 401,000 |
Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 251,893,000 | 204,986,000 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 169,628,000 | 174,270,000 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available-for-sale | ||
Investment securities available for sale | 63,702,000 | 62,834,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available-for-sale | ||
Total assets | $ 0 | $ 0 |
Note 20 - Assets and Liabili114
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - Assets Measured at Fair Value On a Non-recurring Basis - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - Assets Measured at Fair Value On a Non-recurring Basis [Line Items] | |||
Other real estate owned | $ (147) | $ 271 | $ (652) |
Fair Value, Measurements, Nonrecurring [Member] | |||
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - Assets Measured at Fair Value On a Non-recurring Basis [Line Items] | |||
Impaired loans | 2,058 | 6,449 | |
Impaired loans | (208) | (405) | |
Other real estate owned | 3,782 | 5,032 | |
Other real estate owned | (2) | (42) | |
Total | 5,840 | 11,481 | |
Total | (210) | (447) | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - Assets Measured at Fair Value On a Non-recurring Basis [Line Items] | |||
Impaired loans | 2,058 | 6,449 | |
Other real estate owned | 3,782 | 5,032 | |
Total | $ 5,840 | $ 11,481 |
Note 20 - Assets and Liabili115
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - Significant Unobservable Inputs - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Appraisal Discount Method [Member] | Impaired Loans [Member] | ||
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - Significant Unobservable Inputs [Line Items] | ||
Carrying amount | $ 2,100,000 | $ 6,400,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - Significant Unobservable Inputs [Line Items] | ||
Carrying amount | 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - Significant Unobservable Inputs [Line Items] | ||
Carrying amount | 3,782,000 | |
Fair Value, Inputs, Level 3 [Member] | Appraisal Discount Method [Member] | Impaired Loans [Member] | ||
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - Significant Unobservable Inputs [Line Items] | ||
Carrying amount | $ 2,058,000 | |
Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - Significant Unobservable Inputs [Line Items] | ||
Weighted average of input | 18.60% | |
Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Discount Method [Member] | Impaired Loans [Member] | ||
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details) - Significant Unobservable Inputs [Line Items] | ||
Weighted average of input | 8.40% |
Note 21 - Disclosure of Fina116
Note 21 - Disclosure of Financial Instruments Not Reported at Fair Value (Details) - Financial Assets and Financial Liabilities That Are Not Measured and Reported at Fair Value - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets | ||
Cash and short-term investments | $ 103,833 | $ 74,241 |
Accrued interest receivable | 6,610 | 5,980 |
Financial liabilities | ||
Accrued interest payable | 127 | 131 |
Reported Value Measurement [Member] | ||
Financial assets | ||
Cash and short-term investments | 103,833 | 74,241 |
Mortgage loans held for sale | 6,800 | 3,747 |
Federal Home Loan Bank stock and other securities | 6,347 | 6,347 |
Loans, net | 2,010,566 | 1,843,630 |
Accrued interest receivable | 6,610 | 5,980 |
Financial liabilities | ||
Deposits | 2,371,702 | 2,123,627 |
Short-term borrowings | 87,003 | 116,949 |
FHLB advances | 43,468 | 36,832 |
Accrued interest payable | 127 | 131 |
Estimate of Fair Value Measurement [Member] | ||
Financial assets | ||
Cash and short-term investments | 103,833 | 74,241 |
Mortgage loans held for sale | 7,112 | 3,876 |
Federal Home Loan Bank stock and other securities | 6,347 | 6,347 |
Loans, net | 2,021,776 | 1,863,568 |
Accrued interest receivable | 6,610 | 5,980 |
Financial liabilities | ||
Deposits | 2,371,300 | 2,124,904 |
Short-term borrowings | 87,003 | 116,949 |
FHLB advances | 43,647 | 37,714 |
Accrued interest payable | 127 | 131 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets | ||
Cash and short-term investments | 103,833 | 74,241 |
Accrued interest receivable | 6,610 | 5,980 |
Financial liabilities | ||
Accrued interest payable | 127 | 131 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets | ||
Mortgage loans held for sale | 7,112 | 3,876 |
Federal Home Loan Bank stock and other securities | 6,347 | 6,347 |
Financial liabilities | ||
Short-term borrowings | 87,003 | 116,949 |
FHLB advances | 43,647 | 37,714 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets | ||
Loans, net | 2,021,776 | 1,863,568 |
Financial liabilities | ||
Deposits | $ 2,371,300 | $ 2,124,904 |
Note 22 - Derivative Financi117
Note 22 - Derivative Financial Instruments (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2013 |
Note 22 - Derivative Financial Instruments (Details) [Line Items] | ||
Derivative, Notional Amount | $ 30,000 | |
Derivative Maturing 12/6/2016 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Note 22 - Derivative Financial Instruments (Details) [Line Items] | ||
Derivative, Notional Amount | 10,000 | $ 10,000 |
Derivative Maturing 12/6/2020 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Note 22 - Derivative Financial Instruments (Details) [Line Items] | ||
Derivative, Notional Amount | $ 20,000 |
Note 22 - Derivative Financi118
Note 22 - Derivative Financial Instruments (Details) - Outstanding Undesignated Interest Rate Swap Contracts - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Receiving [Member] | ||
Note 22 - Derivative Financial Instruments (Details) - Outstanding Undesignated Interest Rate Swap Contracts [Line Items] | ||
Notional amount | $ 10,788 | $ 7,217 |
Weighted average maturity (years) | 6 years 328 days | 6 years 292 days |
Fair value | $ (461) | $ (401) |
Paying [Member] | ||
Note 22 - Derivative Financial Instruments (Details) - Outstanding Undesignated Interest Rate Swap Contracts [Line Items] | ||
Notional amount | $ 10,788 | $ 7,217 |
Weighted average maturity (years) | 6 years 328 days | 6 years 292 days |
Fair value | $ 461 | $ 401 |
Note 22 - Derivative Financi119
Note 22 - Derivative Financial Instruments (Details) - Derivative Position Designated As a Cash Flow Hedge - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 22 - Derivative Financial Instruments (Details) - Derivative Position Designated As a Cash Flow Hedge [Line Items] | |||
Fair value | $ 24 | ||
Interest Rate Swap [Member] | |||
Note 22 - Derivative Financial Instruments (Details) - Derivative Position Designated As a Cash Flow Hedge [Line Items] | |||
Notional amount | $ 30,000 | ||
Fair value | $ (93) | ||
Paying [Member] | |||
Note 22 - Derivative Financial Instruments (Details) - Derivative Position Designated As a Cash Flow Hedge [Line Items] | |||
Pay fixed swap rate | 1.43% | ||
Derivative Maturing 12/6/2016 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Note 22 - Derivative Financial Instruments (Details) - Derivative Position Designated As a Cash Flow Hedge [Line Items] | |||
Fair value | $ 24 | ||
Derivative Maturing 12/6/2016 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Note 22 - Derivative Financial Instruments (Details) - Derivative Position Designated As a Cash Flow Hedge [Line Items] | |||
Notional amount | $ 10,000 | $ 10,000 | |
Fair value | $ 8 | ||
Derivative Maturing 12/6/2016 [Member] | Designated as Hedging Instrument [Member] | Receiving [Member] | London Interbank Offered Rate (LIBOR) [Member] | Cash Flow Hedging [Member] | |||
Note 22 - Derivative Financial Instruments (Details) - Derivative Position Designated As a Cash Flow Hedge [Line Items] | |||
Receive (variable) index | US 3 Month LIBOR | ||
Derivative Maturing 12/6/2016 [Member] | Designated as Hedging Instrument [Member] | Paying [Member] | Cash Flow Hedging [Member] | |||
Note 22 - Derivative Financial Instruments (Details) - Derivative Position Designated As a Cash Flow Hedge [Line Items] | |||
Pay fixed swap rate | 0.72% | ||
Derivative Maturing 12/6/2020 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Note 22 - Derivative Financial Instruments (Details) - Derivative Position Designated As a Cash Flow Hedge [Line Items] | |||
Notional amount | $ 20,000 | ||
Fair value | $ (101) | ||
Derivative Maturing 12/6/2020 [Member] | Designated as Hedging Instrument [Member] | Receiving [Member] | London Interbank Offered Rate (LIBOR) [Member] | Cash Flow Hedging [Member] | |||
Note 22 - Derivative Financial Instruments (Details) - Derivative Position Designated As a Cash Flow Hedge [Line Items] | |||
Receive (variable) index | US 3 Month LIBOR | ||
Derivative Maturing 12/6/2020 [Member] | Designated as Hedging Instrument [Member] | Paying [Member] | Cash Flow Hedging [Member] | |||
Note 22 - Derivative Financial Instruments (Details) - Derivative Position Designated As a Cash Flow Hedge [Line Items] | |||
Pay fixed swap rate | 1.79% |
Note 23 - Regulatory Matters (D
Note 23 - Regulatory Matters (Details) - Risk Based Capital Amounts and Ratios - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Total risk-based capital (1) | |||
Total risk-based capital, actual amount | [1] | $ 307,666 | $ 280,228 |
Total risk-based capital, actual ratio | [1] | 13.31% | 13.86% |
Total risk-based capital, minimum for adequately capitalized amount | [1] | $ 184,923 | $ 161,748 |
Total risk-based capital, minimum for adequately capitalized ratio | [1] | 8.00% | 8.00% |
Total risk-based capital, minimum for well capitalized amount | [2] | ||
Total risk-based capital, minimum for well capitalized ratio | [2] | ||
Common Equity Tier 1 risk-based capital (2) | |||
Common equity tier 1 risk-based capital, actual amount | [3] | $ 284,793 | |
Common equity tier 1 risk-based capital, actual ratio | [3] | 12.32% | |
Common equity tier 1 risk-based capital, minimum for adequately capitalized amount | [3] | $ 104,023 | |
Common equity tier 1 risk-based capital, minimum for adequately capitalized ratio | [3] | 4.50% | |
Common equity tier 1 risk-based capital, minimum for well capitalized amount | [2] | ||
Common equity tier 1 risk-based capital, minimum for well capitalized ratio | [2] | ||
Tier 1 risk-based capital (1) | |||
Tier 1 risk-based capital, actual amount | [1] | $ 284,793 | $ 255,308 |
Tier 1 risk-based capital, actual ratio | [1] | 12.32% | 12.63% |
Tier 1 risk-based capital, minimum for adequately capitalized amount | [1] | $ 138,698 | $ 80,858 |
Tier 1 risk-based capital, minimum for adequately capitalized ratio | [1] | 6.00% | 4.00% |
Tier 1 risk-based capital, minimum for well capitalized amount | [2] | ||
Tier 1 risk-based capital, minimum for well capitalized ratio | [2] | ||
Leverage (3) | |||
Leverage, actual amount | [4] | $ 284,793 | $ 255,308 |
Leverage, actual ratio | [4] | 10.53% | 10.26% |
Leverage, minimum for adequately capitalized amount | [4] | $ 108,183 | $ 74,651 |
Leverage, minimum for adequately capitalized ratio | [4] | 4.00% | 3.00% |
Leverage, minimum for well capitalized amount | [2] | ||
Leverage, minimum for well capitalized ratio | [2] | ||
Subsidiaries [Member] | |||
Total risk-based capital (1) | |||
Total risk-based capital, actual amount | [1] | $ 298,129 | $ 274,345 |
Total risk-based capital, actual ratio | [1] | 12.91% | 13.59% |
Total risk-based capital, minimum for adequately capitalized amount | [1] | $ 184,743 | $ 161,498 |
Total risk-based capital, minimum for adequately capitalized ratio | [1] | 8.00% | 8.00% |
Total risk-based capital, minimum for well capitalized amount | [1] | $ 230,929 | $ 201,873 |
Total risk-based capital, minimum for well capitalized ratio | [1] | 10.00% | 10.00% |
Common Equity Tier 1 risk-based capital (2) | |||
Common equity tier 1 risk-based capital, actual amount | [3] | $ 275,256 | |
Common equity tier 1 risk-based capital, actual ratio | [3] | 11.92% | |
Common equity tier 1 risk-based capital, minimum for adequately capitalized amount | [3] | $ 103,914 | |
Common equity tier 1 risk-based capital, minimum for adequately capitalized ratio | [3] | 4.50% | |
Common equity tier 1 risk-based capital, minimum for well capitalized amount | [3] | $ 138,552 | |
Common equity tier 1 risk-based capital, minimum for well capitalized ratio | [3] | 6.00% | |
Tier 1 risk-based capital (1) | |||
Tier 1 risk-based capital, actual amount | [1] | $ 275,256 | $ 249,425 |
Tier 1 risk-based capital, actual ratio | [1] | 11.92% | 12.36% |
Tier 1 risk-based capital, minimum for adequately capitalized amount | [1] | $ 138,552 | $ 80,720 |
Tier 1 risk-based capital, minimum for adequately capitalized ratio | [1] | 6.00% | 4.00% |
Tier 1 risk-based capital, minimum for well capitalized amount | [1] | $ 138,552 | $ 121,080 |
Tier 1 risk-based capital, minimum for well capitalized ratio | [1] | 6.00% | 6.00% |
Leverage (3) | |||
Leverage, actual amount | [4] | $ 275,256 | $ 249,425 |
Leverage, actual ratio | [4] | 10.19% | 10.04% |
Leverage, minimum for adequately capitalized amount | [4] | $ 108,049 | $ 74,529 |
Leverage, minimum for adequately capitalized ratio | [4] | 4.00% | 3.00% |
Leverage, minimum for well capitalized amount | [4] | $ 135,062 | $ 124,216 |
Leverage, minimum for well capitalized ratio | [4] | 5.00% | 5.00% |
[1] | Ratio is computed in relation to risk-weighted assets. | ||
[2] | Not applicable. Regulatory framework does not define well capitalized for holding companies. | ||
[3] | Ratio became effective January 2015. | ||
[4] | Ratio is computed in relation to average assets. |
Note 24 - Stock Yards Bancor121
Note 24 - Stock Yards Bancorp, Inc. (Parent Company Only) (Details) - Condensed Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash on deposit with subsidiary bank | $ 35,895 | $ 42,216 | ||
Other assets | 46,216 | 47,672 | ||
Total assets | 2,816,801 | 2,563,868 | ||
Liabilities and stockholders' equity | ||||
Other liabilities | 27,982 | 26,434 | ||
Total stockholders’ equity | 286,519 | 259,895 | $ 229,444 | $ 205,075 |
Total liabilities and stockholders’ equity | 2,816,801 | 2,563,868 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash on deposit with subsidiary bank | 5,722 | 2,926 | $ 7,453 | $ 25,904 |
Investment in and receivable from subsidiaries | 276,981 | 254,011 | ||
Other assets | 3,840 | 2,981 | ||
Total assets | 286,543 | 259,918 | ||
Liabilities and stockholders' equity | ||||
Other liabilities | 24 | 23 | ||
Total stockholders’ equity | 286,519 | 259,895 | ||
Total liabilities and stockholders’ equity | $ 286,543 | $ 259,918 |
Note 24 - Stock Yards Bancor122
Note 24 - Stock Yards Bancorp, Inc. (Parent Company Only) (Details) - Condensed Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||
Income - interest income from securities | $ 8,120 | $ 7,565 | $ 6,099 |
Income before income taxes and equity in undistributed net income of subsidiary | 54,120 | 50,103 | 38,398 |
Income tax benefit | 16,933 | 15,281 | 11,228 |
Net income | 37,187 | 34,822 | 27,170 |
Parent Company [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Income - dividends and interest from subsidiaries | 14,244 | 3,300 | 30,090 |
Income - interest income from securities | 27 | ||
Other income | 15 | 183 | 174 |
Expenses | 2,511 | 2,472 | 7,260 |
Income before income taxes and equity in undistributed net income of subsidiary | 11,748 | 1,011 | 23,031 |
Income tax benefit | (1,016) | (1,018) | (2,583) |
Income before equity in undistributed net income of subsidiary | 12,764 | 2,029 | 25,614 |
Equity in undistributed net income of subsidiary | 24,423 | 32,793 | 1,556 |
Net income | $ 37,187 | $ 34,822 | $ 27,170 |
Note 24 - Stock Yards Bancor123
Note 24 - Stock Yards Bancorp, Inc. (Parent Company Only) (Details) - Condensed Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 37,187 | $ 34,822 | $ 27,170 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock compensation expense | 2,134 | 2,016 | 1,940 |
Excess tax benefits from share- based compensation arrangements | (673) | (378) | (265) |
Depreciation, amortization and accretion, net | 6,902 | 7,413 | 7,969 |
Net cash provided by operating activities | 43,171 | 39,886 | 58,329 |
Investing activities | |||
Proceeds from maturities of securities available for sale | 320,952 | 304,078 | 406,385 |
Cash for acquisition, net of cash acquired | 8,963 | ||
Net cash provided by investing activities | (227,124) | (169,958) | (135,868) |
Financing activities | |||
Repayments of subordinated debentures | (30,900) | ||
Excess tax benefit from share-based compensation arrangements | 673 | 378 | 265 |
Common stock repurchases | (918) | (616) | (331) |
Cash dividends paid | (14,224) | (12,924) | (11,670) |
Net cash used in financing activities | 213,545 | 133,543 | 80,606 |
Cash at beginning of year | 42,216 | ||
Cash at end of year | 35,895 | 42,216 | |
Parent Company [Member] | |||
Operating activities | |||
Net income | 37,187 | 34,822 | 27,170 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed net income of subsidiaries | (24,423) | (32,793) | (1,556) |
(Increase) decrease in receivable from subsidiaries | (842) | 2,514 | (21,896) |
Stock compensation expense | 2,134 | 2,016 | 1,940 |
Excess tax benefits from share- based compensation arrangements | (673) | (378) | (265) |
Depreciation, amortization and accretion, net | 11 | 45 | 1,396 |
Decrease (increase) in other assets | 531 | (179) | 4,453 |
Increase in other liabilities | 91 | 115 | 545 |
Net cash provided by operating activities | 14,016 | 6,162 | 11,787 |
Investing activities | |||
Proceeds from maturities of securities available for sale | 1,000 | ||
Cash for acquisition, net of cash acquired | 8,963 | ||
Net cash provided by investing activities | 9,963 | ||
Financing activities | |||
Repayments of subordinated debentures | (30,900) | ||
Proceeds from stock options | 3,249 | 2,473 | 2,435 |
Excess tax benefit from share-based compensation arrangements | 673 | 378 | 265 |
Common stock repurchases | (918) | (616) | (331) |
Cash dividends paid | (14,224) | (12,924) | (11,670) |
Net cash used in financing activities | (11,220) | (10,689) | (40,201) |
Net increase (decrease) in cash | 2,796 | (4,527) | (18,451) |
Cash at beginning of year | 2,926 | 7,453 | 25,904 |
Cash at end of year | $ 5,722 | $ 2,926 | $ 7,453 |
Note 25 - Segments (Details)
Note 25 - Segments (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 25 - Segments (Details) [Line Items] | ||
Goodwill | $ 682,000 | $ 682,000 |
Commercial Banking [Member] | Operating Segments [Member] | ||
Note 25 - Segments (Details) [Line Items] | ||
Goodwill | $ 682,000 |
Note 25 - Segments (Details) -
Note 25 - Segments (Details) - Financial Information by Business Segment - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 88,318 | $ 83,757 | $ 77,298 |
Provision for loan losses | 750 | (400) | 6,550 |
Investment management and trust services | 18,026 | 18,212 | 16,287 |
All other non-interest income | 21,924 | 20,943 | 22,715 |
Non-interest expense | 73,398 | 73,209 | 71,352 |
Income before income taxes | 54,120 | 50,103 | 38,398 |
Tax expense | 16,933 | 15,281 | 11,228 |
Net income | 37,187 | 34,822 | 27,170 |
Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 88,124 | 83,570 | 77,144 |
Provision for loan losses | 750 | (400) | 6,550 |
All other non-interest income | 21,924 | 20,913 | 22,654 |
Non-interest expense | 62,748 | 62,523 | 61,891 |
Income before income taxes | 46,550 | 42,360 | 31,357 |
Tax expense | 14,238 | 12,527 | 8,740 |
Net income | 32,312 | 29,833 | 22,617 |
Investment Management and Trust [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 194 | 187 | 154 |
Investment management and trust services | 18,026 | 18,212 | 16,287 |
All other non-interest income | 30 | 61 | |
Non-interest expense | 10,650 | 10,686 | 9,461 |
Income before income taxes | 7,570 | 7,743 | 7,041 |
Tax expense | 2,695 | 2,754 | 2,488 |
Net income | $ 4,875 | $ 4,989 | $ 4,553 |
Note 26 - Quarterly Operatin126
Note 26 - Quarterly Operating Results (Unaudited) (Details) - Quarterly Operating Results - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 26 - Quarterly Operating Results (Unaudited) (Details) - Quarterly Operating Results [Line Items] | |||
Interest income | $ 93,170 | $ 89,087 | $ 86,464 |
Interest expense | 4,852 | 5,330 | 9,166 |
Net interest income | 88,318 | 83,757 | 77,298 |
Provision for loan losses | 750 | (400) | 6,550 |
Net interest income after provision | 87,568 | 84,157 | 70,748 |
Non-interest income | 39,950 | 39,155 | 39,002 |
Non-interest expenses | 73,398 | 73,209 | 71,352 |
Income before income taxes | 54,120 | 50,103 | 38,398 |
Income tax expense | $ 16,933 | $ 15,281 | $ 11,228 |
Basic earnings per share (in Dollars per share) | $ 2.53 | $ 2.39 | $ 1.91 |
Diluted earnings per share (in Dollars per share) | $ 2.48 | $ 2.36 | $ 1.89 |
Fourth Quarter [Member] | |||
Note 26 - Quarterly Operating Results (Unaudited) (Details) - Quarterly Operating Results [Line Items] | |||
Interest income | $ 24,039 | $ 22,778 | $ 22,069 |
Interest expense | 1,217 | 1,267 | 2,226 |
Net interest income | 22,822 | 21,511 | 19,843 |
Provision for loan losses | 750 | 1,575 | |
Net interest income after provision | 22,072 | 21,511 | 18,268 |
Non-interest income | 10,073 | 9,773 | 9,811 |
Non-interest expenses | 18,322 | 19,255 | 19,380 |
Income before income taxes | 13,823 | 12,029 | 8,699 |
Income tax expense | 4,177 | 3,307 | 2,386 |
Net income | $ 9,646 | $ 8,722 | $ 6,313 |
Basic earnings per share (in Dollars per share) | $ 0.65 | $ 0.60 | $ 0.44 |
Diluted earnings per share (in Dollars per share) | $ 0.64 | $ 0.59 | $ 0.43 |
Third Quarter [Member] | |||
Note 26 - Quarterly Operating Results (Unaudited) (Details) - Quarterly Operating Results [Line Items] | |||
Interest income | $ 23,284 | $ 22,692 | $ 22,267 |
Interest expense | 1,203 | 1,329 | 2,250 |
Net interest income | 22,081 | 21,363 | 20,017 |
Provision for loan losses | (2,100) | 1,325 | |
Net interest income after provision | 22,081 | 23,463 | 18,692 |
Non-interest income | 9,985 | 9,850 | 9,652 |
Non-interest expenses | 18,430 | 18,709 | 17,571 |
Income before income taxes | 13,636 | 14,604 | 10,773 |
Income tax expense | 4,352 | 4,715 | 3,091 |
Net income | $ 9,284 | $ 9,889 | $ 7,682 |
Basic earnings per share (in Dollars per share) | $ 0.63 | $ 0.68 | $ 0.53 |
Diluted earnings per share (in Dollars per share) | $ 0.62 | $ 0.67 | $ 0.53 |
Second Quarter [Member] | |||
Note 26 - Quarterly Operating Results (Unaudited) (Details) - Quarterly Operating Results [Line Items] | |||
Interest income | $ 23,000 | $ 22,013 | $ 21,293 |
Interest expense | 1,199 | 1,358 | 2,318 |
Net interest income | 21,801 | 20,655 | 18,975 |
Provision for loan losses | 1,350 | 1,325 | |
Net interest income after provision | 21,801 | 19,305 | 17,650 |
Non-interest income | 10,219 | 10,057 | 10,311 |
Non-interest expenses | 18,867 | 17,701 | 18,822 |
Income before income taxes | 13,153 | 11,661 | 9,139 |
Income tax expense | 4,151 | 3,627 | 2,732 |
Net income | $ 9,002 | $ 8,034 | $ 6,407 |
Basic earnings per share (in Dollars per share) | $ 0.61 | $ 0.55 | $ 0.45 |
Diluted earnings per share (in Dollars per share) | $ 0.60 | $ 0.55 | $ 0.45 |
First Quarter [Member] | |||
Note 26 - Quarterly Operating Results (Unaudited) (Details) - Quarterly Operating Results [Line Items] | |||
Interest income | $ 22,847 | $ 21,604 | $ 20,835 |
Interest expense | 1,233 | 1,376 | 2,372 |
Net interest income | 21,614 | 20,228 | 18,463 |
Provision for loan losses | 350 | 2,325 | |
Net interest income after provision | 21,614 | 19,878 | 16,138 |
Non-interest income | 9,673 | 9,475 | 9,228 |
Non-interest expenses | 17,779 | 17,544 | 15,579 |
Income before income taxes | 13,508 | 11,809 | 9,787 |
Income tax expense | 4,253 | 3,632 | 3,019 |
Net income | $ 9,255 | $ 8,177 | $ 6,768 |
Basic earnings per share (in Dollars per share) | $ 0.63 | $ 0.56 | $ 0.49 |
Diluted earnings per share (in Dollars per share) | $ 0.62 | $ 0.56 | $ 0.49 |