Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 14, 2014 | |
Document And Entity Information Abstract | ' | ' |
Entity Registrant Name | 'HAWTHORN BANCSHARES, INC. | ' |
Entity Central Index Key | '0000893847 | ' |
Trading Symbol | 'hwbk | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 5,233,986 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $27,065 | $27,079 |
Federal funds sold and other overnight interest-bearing deposits | 7,175 | 1,360 |
Cash and cash equivalents | 34,240 | 28,439 |
Investment in available-for-sale securities, at fair value | 215,653 | 205,985 |
Other investments and securities, at cost | 3,962 | 4,001 |
Total investment securities | 219,615 | 209,986 |
Loans | 857,461 | 839,547 |
Allowances for loan losses | -12,150 | -13,719 |
Net loans | 845,311 | 825,828 |
Premises and equipment - net | 37,946 | 38,079 |
Mortgage servicing rights | 2,911 | 3,036 |
Other real estate and foreclosed assets - net | 12,026 | 14,867 |
Accrued interest receivable | 4,751 | 4,999 |
Cash surrender value - life insurance | 2,251 | 2,213 |
Other assets | 11,493 | 12,675 |
Total assets | 1,170,544 | 1,140,122 |
Deposits | ' | ' |
Non-interest bearing demand | 196,171 | 187,382 |
Savings, interest checking and money market | 448,836 | 419,085 |
Time deposits $100,000 and over | 113,063 | 111,667 |
Other time deposits | 230,380 | 238,337 |
Total deposits | 988,450 | 956,471 |
Federal funds purchased and securities sold under agreements to repurchase | 22,849 | 31,084 |
Subordinated notes | 49,486 | 49,486 |
Federal Home Loan Bank advances | 24,000 | 24,000 |
Accrued interest payable | 393 | 426 |
Other liabilities | 5,841 | 4,275 |
Total liabilities | 1,091,019 | 1,065,742 |
Stockholders' equity: | ' | ' |
Common stock, $1 par value, authorized 15,000,000 shares; issued 5,194,537 shares, respectively | 5,195 | 5,195 |
Surplus | 36,092 | 33,385 |
Retained earnings | 40,970 | 40,086 |
Accumulated other comprehensive income (loss), net of tax | 785 | -769 |
Treasury stock; 161,858 shares, at cost | -3,517 | -3,517 |
Total stockholders' equity | 79,525 | 74,380 |
Total liabilities and stockholders' equity | $1,170,544 | $1,140,122 |
Consolidated_Balance_Sheets_un1
Consolidated Balance Sheets (unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 5,194,537 | 5,194,537 |
Treasury stock, shares | 161,858 | 161,858 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
INTEREST INCOME | ' | ' | ' | ' |
Interest and fees on loans | $10,048 | $10,435 | $19,913 | $20,823 |
Interest on investment securities: | ' | ' | ' | ' |
Taxable | 874 | 910 | 1,755 | 1,814 |
Nontaxable | 174 | 213 | 363 | 430 |
Federal funds sold and other overnight interest-bearing deposits | 9 | 15 | 18 | 29 |
Dividends on other securities | 20 | 19 | 40 | 41 |
Total interest income | 11,125 | 11,592 | 22,089 | 23,137 |
Interest on deposits: | ' | ' | ' | ' |
Savings, interest checking and money market | 255 | 253 | 521 | 514 |
Time deposit accounts $100,000 and over | 187 | 233 | 378 | 481 |
Other time deposits | 413 | 857 | 845 | 1,739 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 4 | 5 | 9 | 10 |
Interest on subordinated notes | 315 | 320 | 627 | 641 |
Interest on Federal Home Loan Bank advances | 104 | 109 | 208 | 208 |
Total interest expense | 1,278 | 1,777 | 2,588 | 3,593 |
Net interest income | 9,847 | 9,815 | 19,501 | 19,544 |
Provision for loan losses | 0 | 1,000 | 0 | 2,000 |
Net interest income after provision for loan losses | 9,847 | 8,815 | 19,501 | 17,544 |
NON-INTEREST INCOME | ' | ' | ' | ' |
Service charges on deposit accounts | 1,343 | 1,391 | 2,573 | 2,749 |
Trust department income | 228 | 209 | 431 | 418 |
Real estate servicing fees, net | 22 | 263 | 199 | 422 |
Gain on sale of mortgage loans, net | 257 | 620 | 448 | 1,340 |
Gain on sale of investment securities | 0 | 260 | 0 | 554 |
Other | 333 | 345 | 618 | 613 |
Total non-interest income | 2,183 | 3,088 | 4,269 | 6,096 |
NON-INTEREST EXPENSE | ' | ' | ' | ' |
Salaries and employee benefits | 4,960 | 4,822 | 9,991 | 9,733 |
Occupancy expense, net | 672 | 642 | 1,292 | 1,277 |
Furniture and equipment expense | 453 | 530 | 896 | 965 |
FDIC insurance assessment | 242 | 257 | 480 | 499 |
Legal, examination, and professional fees | 282 | 294 | 508 | 520 |
Advertising and promotion | 256 | 316 | 546 | 597 |
Postage, printing, and supplies | 280 | 291 | 545 | 547 |
Processing expense | 761 | 734 | 1,520 | 2,009 |
Other real estate expense, net | 172 | 351 | 296 | 3,173 |
Other | 733 | 1,044 | 1,444 | 1,896 |
Total non-interest expense | 8,811 | 9,281 | 17,518 | 21,216 |
Income before income taxes | 3,219 | 2,622 | 6,252 | 2,424 |
Income tax expense | 1,121 | 810 | 2,167 | 748 |
Net income | 2,098 | 1,812 | 4,085 | 1,676 |
Preferred stock dividends and accretion of discount | 0 | 320 | 0 | 615 |
Net income available to common shareholders | $2,098 | $1,492 | $4,085 | $1,061 |
Basic earnings per share (in dollars per share) | $0.40 | $0.29 | $0.78 | $0.20 |
Diluted earnings per share (in dollars per share) | $0.40 | $0.29 | $0.78 | $0.20 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements of Comprehensive Income (Loss) | ' | ' | ' | ' |
Net income | $2,098 | $1,812 | $4,085 | $1,676 |
Investment securities available-for-sale: | ' | ' | ' | ' |
Unrealized gain (loss) on investment securities available-for-sale, net of tax | 981 | -2,722 | 1,530 | -3,262 |
Adjustment for gain on sale of investment securities, net of tax | 0 | -161 | 0 | -343 |
Defined benefit pension plans: | ' | ' | ' | ' |
Amortization of prior service cost included in net periodic pension cost, net of tax | 12 | 17 | 24 | 33 |
Total other comprehensive income (loss) | 993 | -2,866 | 1,554 | -3,572 |
Total comprehensive income (loss) | $3,091 | ($1,054) | $5,639 | ($1,896) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (unaudited) (USD $) | Preferred Stock | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2012 | $17,977 | $5,001 | $31,816 | $39,118 | $1,825 | ($3,517) | $92,220 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 1,676 | 0 | 0 | 1,676 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | -3,572 | 0 | -3,572 |
Stock based compensation expense | 0 | 0 | 7 | 0 | 0 | 0 | 7 |
Accretion of preferred stock discount | 278 | 0 | 0 | -278 | 0 | 0 | 0 |
Redemption of 18,255 shares of preferred stock | -18,255 | 0 | ' | ' | ' | ' | -18,255 |
Redemption of common stock warrant | 0 | 0 | -540 | 0 | 0 | 0 | -540 |
Stock dividend | 0 | 0 | 2,284 | -2,284 | ' | ' | 0 |
Cash dividends declared, preferred stock | 0 | 0 | 0 | -456 | 0 | 0 | -456 |
Cash dividends declared, common stock | 0 | 0 | 0 | -484 | 0 | 0 | -484 |
Balance at Jun. 30, 2013 | 0 | 5,001 | 33,567 | 37,292 | -1,747 | -3,517 | 70,596 |
Balance at Dec. 31, 2013 | 0 | 5,195 | 33,385 | 40,086 | -769 | -3,517 | 74,380 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | 4,085 | 0 | 0 | 4,085 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 1,554 | 0 | 1,554 |
Stock based compensation expense | 0 | 0 | 10 | 0 | 0 | 0 | 10 |
Stock dividend | 0 | 0 | 2,697 | -2,697 | 0 | 0 | 0 |
Cash dividends declared, common stock | 0 | 0 | 0 | -504 | 0 | 0 | -504 |
Balance at Jun. 30, 2014 | $0 | $5,195 | $36,092 | $40,970 | $785 | ($3,517) | $79,525 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (unaudited) (Parentheticals) (Preferred Stock) | 6 Months Ended |
Jun. 30, 2013 | |
Preferred Stock | ' |
Redemption of preferred shares | 18,255,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $4,085 | $1,676 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 0 | 2,000 |
Depreciation expense | 867 | 803 |
Net amortization of investment securities, premiums, and discounts | 543 | 679 |
Amortization of intangible assets | 0 | 135 |
Stock based compensation expense | 10 | 7 |
Change in fair value of mortgage servicing rights | 247 | 37 |
Gain on sale of investment securities | 0 | -554 |
Gain on sales and dispositions of premises and equipment | -39 | 0 |
Gain on sales and dispositions of other real estate and foreclosed assets | -153 | -34 |
Provision for other real estate owned | 174 | 2,185 |
Decrease in accrued interest receivable | 248 | 90 |
Increase in cash surrender value -life insurance | -38 | -39 |
Decrease in other assets | 231 | 2,391 |
(Decrease) increase in accrued interest payable | -33 | 407 |
Increase in other liabilities | 1,565 | 1,083 |
Origination of mortgage loans for sale | -14,214 | -48,943 |
Proceeds from the sale of mortgage loans | 14,538 | 52,152 |
Gain on sale of mortgage loans, net | -448 | -1,340 |
Other, net | -83 | -306 |
Net cash provided by operating activities | 7,500 | 12,429 |
Cash flows from investing activities: | ' | ' |
Net (increase) decrease in loans | -19,664 | 1,671 |
Purchase of available-for-sale debt securities | -39,607 | -73,922 |
Proceeds from maturities of available-for-sale debt securities | 12,364 | 20,116 |
Proceeds from calls of available-for-sale debt securities | 19,500 | 5,255 |
Proceeds from sales of available-for-sale debt securities | 0 | 22,115 |
Proceeds from sales of FHLB stock | 39 | 4 |
Purchases of FHLB stock | 0 | -412 |
Purchases of premises and equipment | -738 | -991 |
Proceeds from sales of premises and equipment | 43 | 0 |
Proceeds from sales of other real estate and foreclosed assets | 3,124 | 6,233 |
Net cash used in investing activities | -24,939 | -19,931 |
Cash flows from financing activities: | ' | ' |
Net increase (decrease) in demand deposits | 8,789 | -11,810 |
Net increase in interest-bearing transaction accounts | 29,751 | 22,040 |
Net decrease in time deposits | -6,561 | -15,513 |
Net decrease (increase) in federal funds purchased and securities sold under agreements to repurchase | -8,235 | 441 |
Repayment of FHLB advances | -10,000 | -93 |
FHLB advances | 10,000 | 9,000 |
Redemption of 18,255 shares of preferred stock | 0 | -18,255 |
Warrant redemption | 0 | -540 |
Cash dividends paid - preferred stock | 0 | -456 |
Cash dividends paid - common stock | -504 | -484 |
Net cash provided by (used) in financing activities | 23,240 | -15,670 |
Net increase (decrease) in cash and cash equivalents | 5,801 | -23,172 |
Cash and cash equivalents, beginning of period | 28,439 | 58,877 |
Cash and cash equivalents, end of period | 34,240 | 35,705 |
Cash paid during the year for: | ' | ' |
Interest | 2,621 | 3,186 |
Income taxes | 1,320 | 131 |
Noncash investing activities: | ' | ' |
Other real estate and foreclosed assets acquired in settlement of loans | $305 | $2,970 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (unaudited) (Parentheticals) (Preferred Stock) | 6 Months Ended |
Jun. 30, 2013 | |
Preferred Stock | ' |
Redemption of preferred shares | 18,255,000 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
-1 | Summary of Significant Accounting Policies | ||
Hawthorn Bancshares, Inc. (the Company) through its subsidiary, Hawthorn Bank (the Bank), provides a broad range of banking services to individual and corporate customers located within the communities in and surrounding Jefferson City, Clinton, Warsaw, Springfield, Branson, and Lee’s Summit, Missouri. The Company is subject to competition from other financial and nonfinancial institutions providing financial products. Additionally, the Company and its subsidiaries are subject to the regulations of certain regulatory agencies and undergo periodic examinations by those regulatory agencies. | |||
The accompanying unaudited consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q, and Rule 10-01 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||
The preparation of the consolidated financial statements includes all adjustments that, in the opinion of management, are necessary in order to make those statements not misleading. Management is required to make estimates and assumptions, including the determination of the allowance for loan losses, real estate acquired in connection with foreclosure or in satisfaction of loans, and fair values of investment securities available-for-sale that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s management has evaluated and did not identify any subsequent events or transactions requiring recognition or disclosure in the consolidated financial statements. | |||
Stock Dividend On July 1, 2014, the Company paid a special stock dividend of four percent to shareholders of record at the close of business on June 15, 2014. For all periods presented, share information, including basic and diluted earnings per share, has been adjusted retroactively to reflect this change. | |||
Preferred Stock On December 19, 2008, the Company announced its participation in the U.S. Treasury Department’s Capital Purchase Program (CPP), a voluntary program that provides capital to financially healthy banks. Participation in this program included the Company’s issuance of 30,255 shares of senior preferred stock (with a par value of $1,000 per share) and a ten year warrant to purchase approximately 287,133 shares of common stock. On May 9, 2012, the Company redeemed 12,000 of the 30,255 shares of preferred stock issued under the U.S. Treasury’s CPP program, and on May 15, 2013, the remaining 18,255 shares were redeemed. | |||
On June 11, 2013, the common stock warrant issued under the U.S. Treasury Department’s CPP program was repurchased by the Company pursuant to a letter agreement between the Treasury and the Company for a total repurchase price of $540,000, or $1.88 per warrant share. The repurchase price was based on the fair market value of the warrant as agreed upon by the Company and the Treasury. The repurchase of the warrant ends the Company’s participation in the U.S. Treasury Department’s CPP. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
-2 | Loans and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
A summary of loans, by major class within the Company’s loan portfolio, at June 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 136,772 | $ | 133,717 | |||||||||||||||||||||||||||||
Real estate construction - residential | 23,608 | 21,008 | |||||||||||||||||||||||||||||||
Real estate construction – commercial | 63,298 | 55,076 | |||||||||||||||||||||||||||||||
Real estate mortgage - residential | 233,671 | 225,541 | |||||||||||||||||||||||||||||||
Real estate mortgage - commercial | 381,024 | 382,550 | |||||||||||||||||||||||||||||||
Installment and other consumer | 19,088 | 21,655 | |||||||||||||||||||||||||||||||
Total loans | $ | 857,461 | $ | 839,547 | |||||||||||||||||||||||||||||
The Bank grants real estate, commercial, installment, and other consumer loans to customers located within the communities surrounding Jefferson City, Clinton, Warsaw, Springfield, Branson and Lee’s Summit, Missouri. As such, the Bank is susceptible to changes in the economic environment in these communities. The Bank does not have a concentration of credit in any one economic sector. Installment and other consumer loans consist primarily of the financing of automotive vehicles. At June 30, 2014, loans with a carrying value of $385.4 million were pledged to the Federal Home Loan Bank as collateral for borrowings and letters of credit. | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
The following is a summary of the allowance for loan losses during the periods indicated. | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial, | Real Estate | Real Estate | Real Estate | Real Estate | Installment | ||||||||||||||||||||||||||||
Financial, & | Construction - | Construction - | Mortgage - | Mortgage - | Loans to | Un- | |||||||||||||||||||||||||||
(in thousands) | Agricultural | Residential | Commercial | Residential | Commercial | Individuals | allocated | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 2,452 | $ | 479 | $ | 550 | $ | 3,090 | $ | 6,019 | $ | 255 | $ | 0 | $ | 12,845 | |||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||
Provision for loan losses | (566 | ) | (65 | ) | 145 | (624 | ) | 1,037 | 64 | 9 | 0 | ||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||
Loans charged off | 54 | 0 | 77 | 75 | 705 | 114 | 0 | 1,025 | |||||||||||||||||||||||||
Less recoveries on loans | (111 | ) | (59 | ) | 0 | (14 | ) | (77 | ) | (69 | ) | 0 | (330 | ) | |||||||||||||||||||
Net loans charged off | (57 | ) | (59 | ) | 77 | 61 | 628 | 45 | 0 | 695 | |||||||||||||||||||||||
Balance at end of period | $ | 1,943 | $ | 473 | $ | 618 | $ | 2,405 | $ | 6,428 | $ | 274 | $ | 9 | $ | 12,150 | |||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial, | Real Estate | Real Estate | Real Estate | Real Estate | Installment | ||||||||||||||||||||||||||||
Financial, & | Construction - | Construction - | Mortgage - | Mortgage - | Loans to | Un- | |||||||||||||||||||||||||||
(in thousands) | Agricultural | Residential | Commercial | Residential | Commercial | Individuals | allocated | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 2,374 | $ | 931 | $ | 631 | $ | 2,959 | $ | 6,523 | $ | 294 | $ | 7 | $ | 13,719 | |||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||
Provision for loan losses | (472 | ) | (458 | ) | 478 | (486 | ) | 885 | 51 | 2 | 0 | ||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||
Loans charged off | 186 | 60 | 491 | 194 | 1,073 | 198 | 0 | 2,202 | |||||||||||||||||||||||||
Less recoveries on loans | (227 | ) | (60 | ) | 0 | (126 | ) | (93 | ) | (127 | ) | 0 | (633 | ) | |||||||||||||||||||
Net loans charged off | (41 | ) | 0 | 491 | 68 | 980 | 71 | 0 | 1,569 | ||||||||||||||||||||||||
Balance at end of period | $ | 1,943 | $ | 473 | $ | 618 | $ | 2,405 | $ | 6,428 | $ | 274 | $ | 9 | $ | 12,150 | |||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial, | Real Estate | Real Estate | Real Estate | Real Estate | Installment | ||||||||||||||||||||||||||||
Financial, & | Construction - | Construction - | Mortgage - | Mortgage - | Loans to | Un- | |||||||||||||||||||||||||||
(in thousands) | Agricultural | Residential | Commercial | Residential | Commercial | Individuals | allocated | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 1,828 | $ | 899 | $ | 1,811 | $ | 2,921 | $ | 6,840 | $ | 243 | $ | 3 | $ | 14,545 | |||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||
Provision for loan losses | 370 | 33 | 389 | (399 | ) | 591 | 18 | (2 | ) | 1,000 | |||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||
Loans charged off | 101 | 0 | 0 | 95 | 28 | 70 | 0 | 294 | |||||||||||||||||||||||||
Less recoveries on loans | (22 | ) | 0 | (2 | ) | (29 | ) | (12 | ) | (42 | ) | 0 | (107 | ) | |||||||||||||||||||
Net loans charged off | 79 | 0 | (2 | ) | 66 | 16 | 28 | 0 | 187 | ||||||||||||||||||||||||
Balance at end of period | $ | 2,119 | $ | 932 | $ | 2,202 | $ | 2,456 | $ | 7,415 | $ | 233 | $ | 1 | $ | 15,358 | |||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial, | Real Estate | Real Estate | Real Estate | Real Estate | Installment | ||||||||||||||||||||||||||||
Financial, & | Construction - | Construction - | Mortgage - | Mortgage - | Loans to | Un- | |||||||||||||||||||||||||||
(in thousands) | Agricultural | Residential | Commercial | Residential | Commercial | Individuals | allocated | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 1,937 | $ | 732 | $ | 1,711 | $ | 3,387 | $ | 6,834 | $ | 239 | $ | 2 | $ | 14,842 | |||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||
Provision for loan losses | 279 | 320 | 489 | (588 | ) | 1,436 | 65 | (1 | ) | 2,000 | |||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||
Loans charged off | 162 | 120 | 0 | 387 | 1,027 | 179 | 0 | 1,875 | |||||||||||||||||||||||||
Less recoveries on loans | (65 | ) | 0 | (2 | ) | (44 | ) | (172 | ) | (108 | ) | 0 | (391 | ) | |||||||||||||||||||
Net loans charged off | 97 | 120 | (2 | ) | 343 | 855 | 71 | 0 | 1,484 | ||||||||||||||||||||||||
Balance at end of period | $ | 2,119 | $ | 932 | $ | 2,202 | $ | 2,456 | $ | 7,415 | $ | 233 | $ | 1 | $ | 15,358 | |||||||||||||||||
Loans, or portions of loans, are charged off to the extent deemed uncollectible or a loss is confirmed. Loan charge-offs reduce the allowance for loan losses, and recoveries of loans previously charged off are added back to the allowance. If management determines that it is probable that all amounts due on a loan will not be collected under the original terms of the loan agreement, the loan is considered to be impaired. These loans are evaluated individually for impairment, and in conjunction with current economic conditions and loss experience, specific reserves are estimated as further discussed below. Loans not individually evaluated are aggregated by risk characteristics and reserves are recorded using a consistent methodology that considers historical loan loss experience by loan type, delinquencies, current economic conditions, loan risk ratings and industry concentration. | |||||||||||||||||||||||||||||||||
The following table provides the balance in the allowance for loan losses at June 30, 2014 and December 31, 2013, and the related loan balance by impairment methodology. | |||||||||||||||||||||||||||||||||
Commercial, | Real Estate | Real Estate | Real Estate | Real Estate | Installment | ||||||||||||||||||||||||||||
Financial, and | Construction - | Construction - | Mortgage - | Mortgage - | Loans to | Un- | |||||||||||||||||||||||||||
(in thousands) | Agricultural | Residential | Commercial | Residential | Commercial | Individuals | allocated | Total | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 656 | $ | 316 | $ | 21 | $ | 1,353 | $ | 1,894 | $ | 66 | $ | 0 | $ | 4,306 | |||||||||||||||||
Collectively evaluated for impairment | 1,287 | 157 | 597 | 1,052 | 4,534 | 208 | 9 | 7,844 | |||||||||||||||||||||||||
Total | $ | 1,943 | $ | 473 | $ | 618 | $ | 2,405 | $ | 6,428 | $ | 274 | $ | 9 | $ | 12,150 | |||||||||||||||||
Loans outstanding: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,500 | $ | 2,088 | $ | 5,832 | $ | 7,875 | $ | 16,217 | $ | 287 | $ | 0 | $ | 36,799 | |||||||||||||||||
Collectively evaluated for impairment | 132,272 | 21,520 | 57,466 | 225,796 | 364,807 | 18,801 | 0 | 820,662 | |||||||||||||||||||||||||
Total | $ | 136,772 | $ | 23,608 | $ | 63,298 | $ | 233,671 | $ | 381,024 | $ | 19,088 | $ | 0 | $ | 857,461 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 721 | $ | 392 | $ | 304 | $ | 1,374 | $ | 1,989 | $ | 16 | $ | 0 | $ | 4,796 | |||||||||||||||||
Collectively evaluated for impairment | 1,653 | 539 | 327 | 1,585 | 4,534 | 278 | 7 | 8,923 | |||||||||||||||||||||||||
Total | $ | 2,374 | $ | 931 | $ | 631 | $ | 2,959 | $ | 6,523 | $ | 294 | $ | 7 | $ | 13,719 | |||||||||||||||||
Loans outstanding: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,015 | $ | 2,204 | $ | 6,615 | $ | 6,517 | $ | 15,422 | $ | 43 | $ | 0 | $ | 34,816 | |||||||||||||||||
Collectively evaluated for impairment | 129,702 | 18,804 | 48,461 | 219,024 | 367,128 | 21,612 | 0 | 804,731 | |||||||||||||||||||||||||
Total | $ | 133,717 | $ | 21,008 | $ | 55,076 | $ | 225,541 | $ | 382,550 | $ | 21,655 | $ | 0 | $ | 839,547 | |||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
Loans evaluated under the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 310-10-35 include loans which are individually evaluated for impairment. All other loans are collectively evaluated for impairment under ASC 450-20. Impaired loans totaled $36.8 million and $35.1 million at June 30, 2014 and December 31, 2013, respectively, and are comprised of loans on non-accrual status and loans which have been classified as troubled debt restructurings. Total impaired loans of $36.8 million at June 30, 2014 were individually evaluated for impairment compared to $34.8 million of impaired loans individually evaluated for impairment and $259,000 of non-accrual consumer loans that were collectively evaluated for impairment at December 31, 2013. Beginning in 2014, consumer non-accrual loans were included in the individually evaluated impairment calculations. | |||||||||||||||||||||||||||||||||
The net carrying value of impaired loans is generally based on the fair values of collateral obtained through independent appraisals or internal evaluations, or by discounting the total expected future cash flows. At June 30, 2014 and December 31, 2013, $12.5 million and $21.8 million, respectively, of impaired loans were evaluated based on the fair value less estimated selling costs of the loan’s collateral. Once the impairment amount is calculated, a specific reserve allocation is recorded. At June 30, 2014, $4.3 million of the Company’s allowance for loan losses was allocated to impaired loans totaling $36.8 million compared to $4.8 million of the Company's allowance for loan losses allocated to impaired loans totaling approximately $35.1 million at December 31, 2013. Management determined that $22.4 million, or 61%, of total impaired loans required no reserve allocation at June 30, 2014 compared to $18.8 million, or 54%, at December 31, 2013 primarily due to adequate collateral values, acceptable payment history and adequate cash flow ability. | |||||||||||||||||||||||||||||||||
The categories of impaired loans at June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Non-accrual loans | $ | 25,685 | $ | 23,680 | |||||||||||||||||||||||||||||
Troubled debt restructurings continuing to accrue interest | 11,114 | 11,395 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 36,799 | $ | 35,075 | |||||||||||||||||||||||||||||
The following tables provide additional information about impaired loans at June 30, 2014 and December 31, 2013, respectively, segregated between loans for which an allowance has been provided and loans for which no allowance has been provided. | |||||||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||||||
Recorded | Principal | Specific | |||||||||||||||||||||||||||||||
(in thousands) | Investment | Balance | Reserves | ||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,432 | $ | 2,557 | $ | 0 | |||||||||||||||||||||||||||
Real estate - construction residential | 23 | 57 | 0 | ||||||||||||||||||||||||||||||
Real estate - construction commercial | 5,772 | 6,524 | 0 | ||||||||||||||||||||||||||||||
Real estate - residential | 2,824 | 3,242 | 0 | ||||||||||||||||||||||||||||||
Real estate - commercial | 11,350 | 12,613 | 0 | ||||||||||||||||||||||||||||||
Total | $ | 22,401 | $ | 24,993 | $ | 0 | |||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,068 | $ | 2,124 | $ | 656 | |||||||||||||||||||||||||||
Real estate - construction residential | 2,065 | 2,260 | 316 | ||||||||||||||||||||||||||||||
Real estate - construction commercial | 60 | 62 | 21 | ||||||||||||||||||||||||||||||
Real estate - residential | 5,051 | 5,196 | 1,353 | ||||||||||||||||||||||||||||||
Real estate - commercial | 4,867 | 5,062 | 1,894 | ||||||||||||||||||||||||||||||
Consumer | 287 | 321 | 66 | ||||||||||||||||||||||||||||||
Total | $ | 14,398 | $ | 15,025 | $ | 4,306 | |||||||||||||||||||||||||||
Total impaired loans | $ | 36,799 | $ | 40,018 | $ | 4,306 | |||||||||||||||||||||||||||
  | |||||||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||||||
Recorded | Principal | Specific | |||||||||||||||||||||||||||||||
(in thousands) | Investment | Balance | Reserves | ||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,467 | $ | 2,593 | $ | 0 | |||||||||||||||||||||||||||
Real estate - construction residential | 44 | 80 | 0 | ||||||||||||||||||||||||||||||
Real estate - construction commercial | 6,101 | 7,148 | 0 | ||||||||||||||||||||||||||||||
Real estate - residential | 2,121 | 2,654 | 0 | ||||||||||||||||||||||||||||||
Real estate - commercial | 7,817 | 8,056 | 0 | ||||||||||||||||||||||||||||||
Consumer | 259 | 282 | 0 | ||||||||||||||||||||||||||||||
Total | $ | 18,809 | $ | 20,813 | $ | 0 | |||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,548 | $ | 1,607 | $ | 721 | |||||||||||||||||||||||||||
Real estate - construction residential | 2,160 | 2,331 | 392 | ||||||||||||||||||||||||||||||
Real estate - construction commercial | 514 | 514 | 304 | ||||||||||||||||||||||||||||||
Real estate - residential | 4,396 | 4,570 | 1,374 | ||||||||||||||||||||||||||||||
Real estate - commercial | 7,605 | 7,925 | 1,989 | ||||||||||||||||||||||||||||||
Consumer | 43 | 45 | 16 | ||||||||||||||||||||||||||||||
Total | $ | 16,266 | $ | 16,992 | $ | 4,796 | |||||||||||||||||||||||||||
Total impaired loans | $ | 35,075 | $ | 37,805 | $ | 4,796 | |||||||||||||||||||||||||||
The following table presents by class, information related to the average recorded investment and interest income recognized on impaired loans during the periods indicated. | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Interest | Interest | Interest | Interest | ||||||||||||||||||||||||||||||
Average | Recognized | Average | Recognized | Average | Recognized | Average | Recognized | ||||||||||||||||||||||||||
Recorded | For the | Recorded | For the | Recorded | For the | Recorded | For the | ||||||||||||||||||||||||||
(in thousands) | Investment | Period Ended | Investment | Period Ended | Investment | Period Ended | Investment | Period Ended | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,663 | $ | 26 | $ | 2,434 | $ | 23 | $ | 2,579 | $ | 47 | $ | 2,449 | $ | 47 | |||||||||||||||||
Real estate - construction residential | 64 | 0 | 216 | 0 | 90 | 0 | 293 | 0 | |||||||||||||||||||||||||
Real estate - construction commercial | 6,688 | 0 | 3,227 | 0 | 6,844 | 0 | 3,242 | 1 | |||||||||||||||||||||||||
Real estate - residential | 3,281 | 8 | 2,084 | 0 | 3,091 | 14 | 2,087 | 0 | |||||||||||||||||||||||||
Real estate - commercial | 12,614 | 106 | 3,628 | 28 | 12,212 | 172 | 3,701 | 57 | |||||||||||||||||||||||||
Consumer | 8 | 0 | 248 | 1 | 16 | 0 | 254 | 2 | |||||||||||||||||||||||||
Total | $ | 25,318 | $ | 140 | $ | 11,837 | $ | 52 | $ | 24,832 | $ | 233 | $ | 12,026 | $ | 107 | |||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,103 | $ | 7 | $ | 2,042 | $ | 20 | $ | 2,222 | $ | 15 | $ | 2,049 | $ | 32 | |||||||||||||||||
Real estate - construction residential | 2,260 | 0 | 2,273 | 0 | 2,265 | 0 | 2,273 | 0 | |||||||||||||||||||||||||
Real estate - construction commercial | 62 | 0 | 5,327 | 0 | 84 | 0 | 5,558 | 0 | |||||||||||||||||||||||||
Real estate - residential | 5,215 | 25 | 4,331 | 16 | 5,347 | 65 | 4,354 | 39 | |||||||||||||||||||||||||
Real estate - commercial | 4,904 | 0 | 16,143 | 46 | 4,749 | 0 | 16,506 | 96 | |||||||||||||||||||||||||
Consumer | 318 | 0 | 44 | 0 | 330 | 0 | 44 | 0 | |||||||||||||||||||||||||
Total | $ | 14,862 | $ | 32 | $ | 30,160 | $ | 82 | $ | 14,997 | $ | 80 | $ | 30,784 | $ | 167 | |||||||||||||||||
Total impaired loans | $ | 40,180 | $ | 172 | $ | 41,997 | $ | 134 | $ | 39,829 | $ | 313 | $ | 42,810 | $ | 274 | |||||||||||||||||
The recorded investment varies from the unpaid principal balance primarily due to partial charge-offs taken resulting from current appraisals received. The amount recognized as interest income on impaired loans continuing to accrue interest, primarily related to troubled debt restructurings, was $172,000 and $313,000 for the three months and six months ended June 30, 2014, respectively, compared to $134,000 and $274,000 for the three and six months ended June 30, 2013, respectively. The average recorded investment in impaired loans is calculated on a monthly basis during the periods reported. Contractual interest lost on loans in non-accrual status was $304,000 and $594,000 for the three and six months ended June 30, 2014, respectively, compared to $297,000 and $660,000 for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||||||||||||||||
Delinquent and Non-Accrual Loans | |||||||||||||||||||||||||||||||||
The delinquency status of loans is determined based on the contractual terms of the notes. Borrowers are generally classified as delinquent once payments become 30 days or more past due. | |||||||||||||||||||||||||||||||||
The following table provides aging information for the Company’s past due and non-accrual loans at June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||
Current or | 90 Days | ||||||||||||||||||||||||||||||||
Less Than | Past Due | ||||||||||||||||||||||||||||||||
30 Days | 30 - 89 Days | And Still | |||||||||||||||||||||||||||||||
(in thousands) | Past Due | Past Due | Accruing | Non-Accrual | Total | ||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | $ | 133,981 | $ | 440 | $ | 79 | $ | 2,272 | $ | 136,772 | |||||||||||||||||||||||
Real Estate Construction - Residential | 21,015 | 439 | 66 | 2,088 | 23,608 | ||||||||||||||||||||||||||||
Real Estate Construction - Commercial | 57,327 | 83 | 56 | 5,832 | 63,298 | ||||||||||||||||||||||||||||
Real Estate Mortgage - Residential | 226,321 | 2,606 | 355 | 4,389 | 233,671 | ||||||||||||||||||||||||||||
Real Estate Mortgage - Commercial | 368,599 | 1,608 | 0 | 10,817 | 381,024 | ||||||||||||||||||||||||||||
Installment and Other Consumer | 18,607 | 194 | 0 | 287 | 19,088 | ||||||||||||||||||||||||||||
Total | $ | 825,850 | $ | 5,370 | $ | 556 | $ | 25,685 | $ | 857,461 | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | $ | 131,091 | $ | 942 | $ | 0 | $ | 1,684 | $ | 133,717 | |||||||||||||||||||||||
Real Estate Construction - Residential | 18,738 | 66 | 0 | 2,204 | 21,008 | ||||||||||||||||||||||||||||
Real Estate Construction - Commercial | 48,230 | 595 | 0 | 6,251 | 55,076 | ||||||||||||||||||||||||||||
Real Estate Mortgage - Residential | 217,179 | 4,068 | 129 | 4,165 | 225,541 | ||||||||||||||||||||||||||||
Real Estate Mortgage - Commercial | 372,651 | 725 | 100 | 9,074 | 382,550 | ||||||||||||||||||||||||||||
Installment and Other Consumer | 21,048 | 291 | 14 | 302 | 21,655 | ||||||||||||||||||||||||||||
Total | $ | 808,937 | $ | 6,687 | $ | 243 | $ | 23,680 | $ | 839,547 | |||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||||||||||||
The Company categorizes loans into risk categories based upon an internal rating system reflecting management’s risk assessment. Loans are placed on watch status when (1) one or more weaknesses that could jeopardize timely liquidation exits; or (2) the margin or liquidity of an asset is sufficiently tenuous that adverse trends could result in a collection problem. Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans so classified may have a well defined weakness or weaknesses that jeopardize the repayment of the debt. Such loans are characterized by the distinct possibility that the Company may sustain some loss if the deficiencies are not corrected. It is the Company's policy to discontinue the accrual of interest income on loans when management believes that the collection of interest or principal is doubtful. Loans are placed on non-accrual status when (1) deterioration in the financial condition of the borrower exists for which payment of full principal and interest is not expected, or (2) payment of principal or interest has been in default for a period of 90 days or more and the asset is not both well secured and in the process of collection. Subsequent interest payments received on such loans are applied to principal if any doubt exists as to the collectability of such principal; otherwise, such receipts are recorded as interest income on a cash basis. | |||||||||||||||||||||||||||||||||
The following table presents the risk categories by class at June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||
(in thousands) | Commercial, | Real Estate | Real Estate | Real Estate | Real Estate | Installment | Total | ||||||||||||||||||||||||||
Financial, & | Construction - | Construction - | Mortgage - | Mortgage - | and other | ||||||||||||||||||||||||||||
Agricultural | Residential | Commercial | Residential | Commercial | Consumer | ||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||
Watch | $ | 17,633 | 1,178 | $ | 5,437 | $ | 27,151 | $ | 22,844 | $ | 250 | $ | 74,493 | ||||||||||||||||||||
Substandard | 5,546 | 91 | 1,020 | 9,226 | 10,850 | 194 | 26,927 | ||||||||||||||||||||||||||
Non-accrual | 2,272 | 2,088 | 5,832 | 4,389 | 10,817 | 287 | 25,685 | ||||||||||||||||||||||||||
Total | $ | 25,451 | $ | 3,357 | $ | 12,289 | $ | 40,766 | $ | 44,511 | $ | 731 | $ | 127,105 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Watch | $ | 15,016 | $ | 2,007 | $ | 6,111 | $ | 26,331 | $ | 23,662 | $ | 388 | $ | 73,515 | |||||||||||||||||||
Substandard | 7,553 | 92 | 1,403 | 8,579 | 14,510 | 281 | 32,418 | ||||||||||||||||||||||||||
Non-accrual | 1,684 | 2,204 | 6,251 | 4,165 | 9,074 | 302 | 23,680 | ||||||||||||||||||||||||||
Total | $ | 24,253 | $ | 4,303 | $ | 13,765 | $ | 39,075 | $ | 47,246 | $ | 971 | $Â Â | 129,613 | |||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
At June 30, 2014, loans classified as troubled debt restructurings (TDRs) totaled $21.4 million, of which $10.3 million were on non-accrual status and $11.1 million were on accrual status. At December 31, 2013, TDRs totaled $21.5 million, of which $10.1 million were on non-accrual status and $11.4 million were on accrual status. When an individual loan is determined to be a TDR, the amount of impairment is based upon the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the underlying collateral less applicable selling costs. Accordingly, specific reserves of $1.6 million and $2.2 million related to TDRs were allocated to the allowance for loan losses at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
The following table summarizes loans that were modified as TDRs during the periods indicated. | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Recorded Investment (1) | Recorded Investment (1) | ||||||||||||||||||||||||||||||||
(in thousands) | Number of | Pre- | Post- | Number of | Pre- | Post- | |||||||||||||||||||||||||||
Contracts | Modification | Modification | Contracts | Modification | Modification | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | 1 | $ | 72 | $ | 72 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Total | 1 | $ | 72 | $ | 72 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Recorded Investment (1) | Recorded Investment (1) | ||||||||||||||||||||||||||||||||
(in thousands) | Number of | Pre- | Post- | Number of | Pre- | Post- | |||||||||||||||||||||||||||
Contracts | Modification | Modification | Contracts | Modification | Modification | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | 3 | $ | 244 | $ | 244 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Real estate mortgage - residential | 1 | 1,256 | 1,185 | 1 | 619 | 619 | |||||||||||||||||||||||||||
Total | 4 | $ | 1,500 | $ | 1,429 | 1 | $ | 619 | $ | 619 | |||||||||||||||||||||||
(1) The amounts reported post-modification are inclusive of all partial pay-downs and charge-offs, and no portion of the debt was forgiven. Loans modified as a TDR that were fully paid down, charged-off or foreclosed upon during the period ended are not reported. | |||||||||||||||||||||||||||||||||
The Company’s portfolio of loans classified as TDRs include concessions such as interest rates below the current market rate for the borrower given financial condition, deferring principal payments, and extending maturity dates. Once a loan becomes a TDR, it will continue to be reported as a TDR until it is ultimately repaid in full, charged-off, or the collateral for the loan is foreclosed and sold. The Company considers a loan in TDR status in default when the borrower’s payment according to the modified terms is at least 90 days past due or has defaulted due to expiration of the loan’s maturity date. During the three months ended June 30, 2014 one loan meeting the TDR criteria was modified compared to no loans during the three months ended June 30, 2013. During the six months ended June 30, 2014, four loans meeting the TDR criteria were modified compared to one loan during the six months ended June 30, 2013. There were no loans modified as a TDR that defaulted during the three and six months ended June 30, 2014 and 2013, respectively, and within twelve months of their modification date. |
Other_Real_Estate_and_Foreclos
Other Real Estate and Foreclosed Assets | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Other Real Estate [Abstract] | ' | ||||||||||||||||
Other Real Estate and Foreclosed Assets | ' | ||||||||||||||||
-3 | Other Real Estate and Foreclosed Assets | ||||||||||||||||
June 30, | December 31, | ||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Real estate construction - residential | $ | 17 | $ | 114 | |||||||||||||
Real estate construction - commercial | 9,866 | 10,020 | |||||||||||||||
Real estate mortgage - residential | 281 | 830 | |||||||||||||||
Real estate mortgage - commercial | 5,058 | 8,537 | |||||||||||||||
Foreclosed assets | 9 | 41 | |||||||||||||||
Total | $ | 15,231 | $ | 19,542 | |||||||||||||
Less valuation allowance for other real estate owned | (3,205 | ) | (4,675 | ) | |||||||||||||
Total other real estate and foreclosed assets | $ | 12,026 | $ | 14,867 | |||||||||||||
Changes in the net carrying amount of other real estate and foreclosed assets during the periods indicated were as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 18,696 | $ | 31,472 | $ | 19,542 | $ | 29,729 | |||||||||
Additions | 46 | 500 | 305 | 2,970 | |||||||||||||
Proceeds from sales | (2,030 | ) | (5,629 | ) | (3,124 | ) | (6,233 | ) | |||||||||
Charge-offs against the valuation allowance for other real estate owned | (1,488 | ) | (4,187 | ) | (1,644 | ) | (4,323 | ) | |||||||||
Foreclosed assets impairment write-downs | 0 | (200 | ) | 0 | (200 | ) | |||||||||||
Net gain on sales | 7 | 21 | 152 | 34 | |||||||||||||
Total other real estate and foreclosed assets | $ | 15,231 | $ | 21,977 | $ | 15,231 | $ | 21,977 | |||||||||
Less valuation allowance for other real estate owned | (3,205 | ) | (3,999 | ) | (3,205 | ) | (3,999 | ) | |||||||||
Balance at end of period | $ | 12,026 | $ | 17,978 | $ | 12,026 | $ | 17,978 | |||||||||
Net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $66,000 and $228,000 during the three and six months ended June 30, 2014, respectively, compared to $162,000 and $374,000, during the three and six months ended June 30, 2013, respectively. | |||||||||||||||||
Activity in the valuation allowance for other real estate owned during the periods indicated was as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 4,642 | $ | 8,344 | $ | 4,675 | $ | 6,137 | |||||||||
Provision for other real estate owned | 51 | (158 | ) | 174 | 2,185 | ||||||||||||
Charge-offs | (1,488 | ) | (4,187 | ) | (1,644 | ) | (4,323 | ) | |||||||||
Balance, end of period | $ | 3,205 | $ | 3,999 | $ | 3,205 | $ | 3,999 | |||||||||
Investment_Securities
Investment Securities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities Abstract | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
-4 | Investment Securities | ||||||||||||||||||||||||
The amortized cost and fair value of debt securities classified as available-for-sale at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||||
(in thousands) | Cost | Gains | Losses | Fair value | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 67,943 | $ | 352 | $ | 247 | $ | 68,048 | |||||||||||||||||
Asset-backed securities | 115,389 | 1,026 | 1,677 | 114,738 | |||||||||||||||||||||
Obligations of states and political subdivisions | 32,259 | 679 | 71 | 32,867 | |||||||||||||||||||||
Total available-for-sale securities | $ | 215,591 | $ | 2,057 | $ | 1,995 | $ | 215,653 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
U.S. Treasury | $ | 1,000 | $ | 3 | $ | 0 | $ | 1,003 | |||||||||||||||||
Government sponsored enterprises | 61,006 | 377 | 767 | 60,616 | |||||||||||||||||||||
Asset-backed securities | 112,747 | 817 | 3,191 | 110,373 | |||||||||||||||||||||
Obligations of states and political subdivisions | 33,637 | 568 | 212 | 33,993 | |||||||||||||||||||||
Total available-for-sale securities | $ | 208,390 | $ | 1,765 | $ | 4,170 | $ | 205,985 | |||||||||||||||||
All of the Company’s investment securities are classified as available for sale. Agency bonds and notes, agency mortgage-backed securities and agency collateralized mortgage obligations (CMO) include securities issued by the Government National Mortgage Association (GNMA), a U.S. government agency, and the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal Home Loan Bank (FHLB), which are U.S. government-sponsored enterprises. | |||||||||||||||||||||||||
Other investments and securities primarily consist of Federal Home Loan Bank stock and the Company’s interest in statutory trusts. These securities are reported at cost in the amount of $4.0 million as of both June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||
Debt securities with carrying values aggregating approximately $186.9 million and $145.8 million at June 30, 2014 and December 31, 2013, respectively, were pledged to secure public funds, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. | |||||||||||||||||||||||||
The amortized cost and fair value of debt securities classified as available-for-sale at June 30, 2014, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties. | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
(in thousands) | Cost | Value | |||||||||||||||||||||||
Due in one year or less | $ | 4,673 | $ | 4,720 | |||||||||||||||||||||
Due after one year through five years | 53,518 | 54,053 | |||||||||||||||||||||||
Due after five years through ten years | 40,716 | 40,878 | |||||||||||||||||||||||
Due after ten years | 1,295 | 1,264 | |||||||||||||||||||||||
Total | 100,202 | 100,915 | |||||||||||||||||||||||
Asset-backed securities | 115,389 | 114,738 | |||||||||||||||||||||||
Total available-for-sale securities | $ | 215,591 | $ | 215,653 | |||||||||||||||||||||
Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
(in thousands) | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 3,473 | $ | (13 | ) | $ | 24,280 | $ | (234 | ) | $ | 27,753 | $ | (247 | ) | ||||||||||
Asset-backed securities | 12,035 | (74 | ) | 50,745 | (1,603 | ) | 62,780 | (1,677 | ) | ||||||||||||||||
Obligations of states and political subdivisions | 3,093 | (13 | ) | 3,203 | (58 | ) | 6,296 | (71 | ) | ||||||||||||||||
Total | $ | 18,601 | $ | (100 | ) | $ | 78,228 | $ | (1,895 | ) | $ | 96,829 | $ | (1,995 | ) | ||||||||||
(in thousands) | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 25,771 | $ | (767 | ) | $ | 0 | $ | 0 | $ | 25,771 | $ | (767 | ) | |||||||||||
Asset-backed securities | 76,048 | (2,940 | ) | 5,941 | (251 | ) | 81,989 | (3,191 | ) | ||||||||||||||||
Obligations of states and political subdivisions | 6,907 | (159 | ) | 450 | (53 | ) | 7,357 | (212 | ) | ||||||||||||||||
Total | $ | 108,726 | $ | (3,866 | ) | $ | 6,391 | $ | (304 | ) | $ | 115,117 | $ | (4,170 | ) | ||||||||||
The total available for sale portfolio consisted of approximately 302 securities at June 30, 2014. The portfolio included 86 securities having an aggregate fair value of $96.8 million that were in a loss position at June 30, 2014. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $78.2 million at fair value. The $2.0 million aggregate unrealized loss included in accumulated other comprehensive income at June 30, 2014 was caused by interest rate fluctuations. | |||||||||||||||||||||||||
The total available for sale portfolio consisted of approximately 348 securities at December 31, 2013. The portfolio included 96 securities having an aggregate fair value of $115.1 million that were in a loss position at December 31, 2013. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $6.4 million at fair value. The $4.2 million aggregate unrealized loss included in accumulated other comprehensive income at December 31, 2013 was caused by interest rate fluctuations. | |||||||||||||||||||||||||
Because the decline in fair value is attributable to changes in interest rates and not credit quality these investments were not considered other-than-temporarily impaired at June 30, 2014 and December 31, 2013, respectively. In addition, the Company does not have the intent to sell these investments over the period of recovery, and it is not more likely than not that it will be required to sell such investment securities. | |||||||||||||||||||||||||
The table below presents the components of investment securities gains and losses which have been recognized in earnings. | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Gains realized on sales | $ | 0 | $ | 260 | $ | 0 | $ | 554 | |||||||||||||||||
Losses realized on sales | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other-than-temporary impairment recognized | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Investment securities gains | $ | 0 | $ | 260 | $ | 0 | $ | 554 | |||||||||||||||||
Intangible_Assets
Intangible Assets | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Intangible Assets | ' | ||||||||||||||||
Intangible Assets | ' | ||||||||||||||||
-5 | Intangible Assets | ||||||||||||||||
Core Deposit Intangible Asset | |||||||||||||||||
Core deposit intangible assets in the amount of $4.8 million were fully amortized as of December 31, 2013. Changes in the net carrying amount of core deposit intangible assets for the three and six months June 30, 2013 are as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
(in thousands) | 30-Jun-13 | 30-Jun-13 | |||||||||||||||
Balance at beginning of period | $ | 34 | $ | 135 | |||||||||||||
Additions | 0 | 0 | |||||||||||||||
Amortization | (34 | ) | (135 | ) | |||||||||||||
Balance at end of period | $ | 0 | $ | 0 | |||||||||||||
Mortgage Servicing Rights | |||||||||||||||||
At June 30, 2014, the Company was servicing approximately $315.3 million of loans sold to the secondary market compared to $322.5 million at December 31, 2013, and $323.2 million at June 30, 2013. Mortgage loan servicing fees, reported as non-interest income, earned on loans sold were $223,000 and $446,000 for the three and six months ended June 30, 2014, respectively, compared to $243,000 and $459,000 for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||
The table below presents changes in mortgage servicing rights (MSRs) for the periods indicated. | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance at beginning of period | $ | 3,040 | $ | 2,689 | $ | 3,036 | $ | 2,549 | |||||||||
Originated mortgage servicing rights | 72 | 163 | 122 | 361 | |||||||||||||
Changes in fair value: | |||||||||||||||||
Due to change in model inputs and assumptions (1) | (36 | ) | 229 | 70 | 382 | ||||||||||||
Other changes in fair value (2) | (165 | ) | (208 | ) | (317 | ) | (419 | ) | |||||||||
Balance at end of period | $ | 2,911 | $ | 2,873 | $ | 2,911 | $ | 2,873 | |||||||||
-1 | The change in fair value resulting from changes in valuation inputs or assumptions used in the valuation model reflects the change in discount rates and prepayment speed assumptions primarily due to changes in interest rates. | ||||||||||||||||
-2 | Other changes in fair value reflect changes due to customer payments and passage of time. | ||||||||||||||||
The following key data and assumptions were used in estimating the fair value of the Company’s MSRs as of the six months ended June 30, 2014 and 2013: | |||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted average constant prepayment rate | 9.69 | % | 16.02 | % | |||||||||||||
Weighted average note rate | 4 | % | 4.04 | % | |||||||||||||
Weighted average discount rate | 9.15 | % | 8.05 | % | |||||||||||||
Weighted average expected life (in years) | 6 | 4.3 | |||||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended | ||
Jun. 30, 2014 | |||
Income Tax Disclosure [Abstract] | ' | ||
Income Taxes | ' | ||
-6 | Income Taxes | ||
Income taxes as a percentage of earnings before income taxes as reported in the consolidated financial statements were 34.8% for the three months ended June 30, 2014 compared to 30.9% for the three months ended June 30, 2013. Income taxes as a percentage of earnings before income taxes as reported in the consolidated financial statements were 34.7% for the six months ended June 30, 2014 compared to 30.9% for the six months ended June 30, 2013. | |||
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 projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these temporary differences at June 30, 2014 and, therefore, did not establish a valuation reserve. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Stockholders' Equity | ' | ||||||||||||
-7 | Stockholders’ Equity | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The following details the change in the components of the Company’s accumulated other comprehensive income (loss) for the six months ended June 30, 2014 and 2013: | |||||||||||||
Accumulated | |||||||||||||
Unrecognized Net | Other | ||||||||||||
Unrealized | Pension and | Comprehensive | |||||||||||
Gain (Loss) | Postretirement | (Loss) | |||||||||||
(in thousands) | on Securities (1) | Costs (2) | Income | ||||||||||
Balance, December 31, 2013 | $ | (1,491 | ) | $ | 722 | $ | (769 | ) | |||||
Other comprehensive income, before reclassifications | 2,468 | 0 | 2,468 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 39 | 39 | ||||||||||
Current period other comprehensive income, before tax | 2,468 | 39 | 2,507 | ||||||||||
Income tax expense | (938 | ) | (15 | ) | (953 | ) | |||||||
Current period other comprehensive income, net of tax | 1,530 | 24 | 1,554 | ||||||||||
Balance, June 30, 2014 | $ | 39 | $ | 746 | $ | 785 | |||||||
Balance, December 31, 2012 | $ | 3,265 | $ | (1,440 | ) | $ | 1,825 | ||||||
Other comprehensive (loss) income, before reclassifications | (5,347 | ) | 0 | (5,347 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | (554 | ) | 54 | (500 | ) | ||||||||
Current period other comprehensive (loss) income, before tax | (5,901 | ) | 54 | (5,847 | ) | ||||||||
Income tax benefit (expense) | 2,296 | (21 | ) | 2,275 | |||||||||
Current period other comprehensive (loss) income, net of tax | (3,605 | ) | 33 | (3,572 | ) | ||||||||
Balance, June 30, 2013 | $ | (340 | ) | $ | (1,407 | ) | $ | (1,747 | ) | ||||
(1) The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in gain on sale of investment securities in the consolidated statements of income. | |||||||||||||
(2) The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in the computation of net periodic pension cost. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
-8 | Employee Benefit Plans | ||||||||||||||||
Employee Benefits | |||||||||||||||||
Employee benefits charged to operating expenses are summarized in the table below for the periods indicated. | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Payroll taxes | $ | 275 | $ | 262 | $ | 568 | $ | 566 | |||||||||
Medical plans | 484 | 469 | 1,002 | 960 | |||||||||||||
401k match and profit sharing | 176 | 115 | 329 | 190 | |||||||||||||
Pension plan | 236 | 286 | 472 | 572 | |||||||||||||
Other | 28 | 33 | 39 | 80 | |||||||||||||
Total employee benefits | $ | 1,199 | $ | 1,165 | $ | 2,410 | $ | 2,368 | |||||||||
The Company’s profit-sharing plan includes a matching 401k portion, in which the Company matches the first 3% of eligible employee contributions. The Company made annual contributions in an amount up to 6% of income before income taxes and before contributions to the profit-sharing and pension plans for all participants, limited to the maximum amount deductible for federal income tax purposes, for each of the periods shown. In addition, employees were able to make additional tax-deferred contributions. | |||||||||||||||||
Pension | |||||||||||||||||
The Company provides a noncontributory defined benefit pension plan for all full-time employees. An employer is required to recognize the funded status of a defined benefit postretirement plan as an asset or liability in its balance sheet and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. Under the Company’s funding policy for the defined benefit pension plan, contributions are made to a trust as necessary to provide for current service and for any unfunded accrued actuarial liabilities over a reasonable period. To the extent that these requirements are fully covered by assets in the trust, a contribution might not be made in a particular year. The Company has made a $172,000 contribution to the defined benefit plan for the current plan year. The minimum required contribution for the 2014 plan year is estimated to be $1.3 million. The Company has not determined whether it will make any contributions other than the minimum required funding contribution for 2014. | |||||||||||||||||
Components of Net Pension Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income | |||||||||||||||||
The following items are components of net pension cost for the periods indicated: | |||||||||||||||||
Estimated | Actual | ||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Service cost - benefits earned during the year | $ | 981 | $ | 1,174 | |||||||||||||
Interest costs on projected benefit obligations | 732 | 646 | |||||||||||||||
Expected return on plan assets | (887 | ) | (797 | ) | |||||||||||||
Expected administrative expenses | 40 | 40 | |||||||||||||||
Amortization of prior service cost | 79 | 79 | |||||||||||||||
Amortization of unrecognized net loss | 0 | 31 | |||||||||||||||
Net periodic pension expense | $ | 945 | $ | 1,173 | |||||||||||||
Pension expense - three months ended June 30, (actual) | $ | 236 | $ | 286 | |||||||||||||
Pension expense - six months ended June 30, (actual) | $ | 472 | $ | 572 |
Stock_Compensation
Stock Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock Compensation | ' | ||||||||||||||||
-9 | Stock Compensation | ||||||||||||||||
The Company’s stock option plan provides for the grant of options to purchase up to 569,392 shares of the Company’s common stock to officers and other key employees of the Company and its subsidiaries. All options have been granted at exercise prices equal to fair value and vest over periods ranging from four to five years. | |||||||||||||||||
The following table summarizes the Company’s stock option activity: | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | Aggregate | |||||||||||||||
Number | average | Contractual | Intrinsic | ||||||||||||||
of | Exercise | Term | Value | ||||||||||||||
Shares | Price | (in years) | $0 | ||||||||||||||
Outstanding, beginning of period | 126,286 | $ | 23.21 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | 0 | 0 | |||||||||||||||
Forfeited | (9,884 | ) | 22.57 | ||||||||||||||
Expired | (18,990 | ) | 27.86 | ||||||||||||||
Outstanding, June 30, 2014 | 97,412 | $ | 22.37 | 2.5 | $ | 0 | |||||||||||
Exercisable, June 30, 2014 | 86,091 | $ | 22.76 | 2.3 | $ | 0 | |||||||||||
Options have been adjusted to reflect a 4% stock dividend paid on July 1, 2014. | |||||||||||||||||
Total stock-based compensation expense was $5,000 and $10,000 for the three and six months ended June 30, 2014, respectively, and $5,000 and $7,000 for the three and six months ended June 30, 2013, respectively. As of June 30, 2014, the total unrecognized compensation expense related to non-vested stock awards was $40,000 and the related weighted average period over which it is expected to be recognized is approximately 1.5 years. |
Earnings_per_Share
Earnings per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
-10 | Earnings per Share | ||||||||||||||||
Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share gives effect to all dilutive potential common shares that were outstanding during the year. The calculations of basic and diluted earnings per share are as follows for the periods indicated: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(dollars in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings per common share: | |||||||||||||||||
Net income | $ | 2,098 | $ | 1,812 | $ | 4,085 | $ | 1,676 | |||||||||
Less: | |||||||||||||||||
Preferred stock dividends and accretion of discount | 0 | 320 | 0 | 615 | |||||||||||||
Net income available to common shareholders | $ | 2,098 | $ | 1,492 | $ | 4,085 | $ | 1,061 | |||||||||
Basic earnings per share | $ | 0.4 | $ | 0.29 | $ | 0.78 | $ | 0.2 | |||||||||
Diluted earnings per common share: | |||||||||||||||||
Net income | $ | 2,098 | $ | 1,812 | $ | 4,085 | $ | 1,676 | |||||||||
Less: | |||||||||||||||||
Preferred stock dividends and accretion of discount | 0 | 320 | 0 | 615 | |||||||||||||
Net income available to common shareholders | $ | 2,098 | $ | 1,492 | $ | 4,085 | $ | 1,061 | |||||||||
Average shares outstanding | 5,233,986 | 5,233,986 | 5,233,986 | 5,233,986 | |||||||||||||
Effect of dilutive stock options | 0 | 0 | 0 | 0 | |||||||||||||
Average shares outstanding including dilutive stock options | 5,233,986 | 5,233,986 | 5,233,986 | 5,233,986 | |||||||||||||
Diluted earnings per share | $ | 0.4 | 0.29 | 0.78 | $ | 0.2 | |||||||||||
Under the treasury stock method, outstanding stock options are dilutive when the average market price of the Company’s common stock, when combined with the effect of any unamortized compensation expense, exceeds the option price during the period, except when the Company has a loss from continuing operations available to common shareholders. In addition, proceeds from the assumed exercise of dilutive options along with the related tax benefit are assumed to be used to repurchase common shares at the average market price of such stock during the period. | |||||||||||||||||
Options to purchase 97,412 shares during the three and six months ended June 30, 2014, and 196,063 shares during the three and six months ended June 30, 2013 were not included in the respective computations of diluted earnings per share because the exercise price of the option, when combined with the effect of the unamortized compensation expense, was greater than the average market price of the common shares and were considered anti-dilutive. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
-11 | Fair Value Measurements | ||||||||||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain financial and nonfinancial assets and liabilities. The FASB ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for the measurement of fair value, and enhances disclosures about fair value measurements. The standard applies whenever other standards require (permit) assets or liabilities to be measured at fair value but does not expand the use of fair value in any new circumstances. In this standard, FASB clarified the principle that fair value should be based on the assumptions market participants would use when pricing the asset or liability. In support of this principle, the standard establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. As of June 30, 2014 and December 31, 2013, respectively, there were no transfers into or out of Levels 1-3. | |||||||||||||||||||||||||
The fair value hierarchy is as follows: | |||||||||||||||||||||||||
Level 1 – Inputs are unadjusted quoted prices for identical assets or liabilities in active markets. | |||||||||||||||||||||||||
Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets and liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals. | |||||||||||||||||||||||||
Level 3 – Inputs are unobservable inputs for the asset or liability and significant to the fair value. These may be internally developed using the Company’s best information and assumptions that a market participant would consider. | |||||||||||||||||||||||||
ASC Topic 820 also provides guidance on determining fair value when the volume and level of activity for the asset or liability have significantly decreased and on identifying circumstances when a transaction may not be considered orderly. | |||||||||||||||||||||||||
The Company is required to disclose assets and liabilities measured at fair value on a recurring basis separate from those measured at fair value on a nonrecurring basis. Nonfinancial assets measured at fair value on a nonrecurring basis would include foreclosed real estate, long-lived assets, and core deposit intangible assets, which are reviewed when circumstances or other events indicate that impairment may have occurred. | |||||||||||||||||||||||||
Valuation Methods for Instruments Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
Following is a description of the Company’s valuation methodologies used for assets and liabilities recorded at fair value on a recurring basis: | |||||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||
The fair value measurements of the Company’s investment securities are determined by a third party pricing service which considers observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The fair value measurements are subject to independent verification to another pricing source by management each quarter for reasonableness. Securities classified as available-for-sale are reported at fair value utilizing Level 2 inputs. | |||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||
The fair value of mortgage servicing rights is based on the discounted value of estimated future cash flows utilizing contractual cash flows, servicing rate, constant prepayment rate, servicing cost, and discount rate factors. Accordingly, the fair value is estimated based on a valuation model that calculates the present value of estimated future net servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds, market discount rates, cost to service, float earnings rates, and other ancillary income, including late fees. The valuation models estimate the present value of estimated future net servicing income. The Company classifies its servicing rights as Level 3. | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||
in Active | |||||||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||
(in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 68,048 | $ | 0 | $ | 68,048 | $ | 0 | |||||||||||||||||
Asset-backed securities | 114,738 | 0 | 114,738 | 0 | |||||||||||||||||||||
Obligations of states and political subdivisions | 32,867 | 0 | 32,867 | 0 | |||||||||||||||||||||
Mortgage servicing rights | 2,911 | 0 | 0 | 2,911 | |||||||||||||||||||||
Total | $ | 218,564 | $ | 0 | $ | 215,653 | $ | 2,911 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
U.S. Treasury | $ | 1,003 | $ | 1,003 | $ | 0 | $ | 0 | |||||||||||||||||
Government sponsored enterprises | 60,616 | 0 | 60,616 | 0 | |||||||||||||||||||||
Asset-backed securities | 110,373 | 0 | 110,373 | 0 | |||||||||||||||||||||
Obligations of states and political subdivisions | 33,993 | 0 | 33,993 | 0 | |||||||||||||||||||||
Mortgage servicing rights | 3,036 | 0 | 0 | 3,036 | |||||||||||||||||||||
Total | $ | 209,021 | $ | 1,003 | $ | 204,982 | $ | 3,036 | |||||||||||||||||
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Significant Unobservable Inputs | |||||||||||||||||||||||||
(Level 3) | |||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||
(in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Balance at beginning of period | $ | 3,040 | $ | 2,689 | $ | 3,036 | $ | 2,549 | |||||||||||||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||||||||
Included in earnings | (201 | ) | 21 | (247 | ) | (37 | ) | ||||||||||||||||||
Included in other comprehensive income | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Purchases | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Sales | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Issues | 72 | 163 | 122 | 361 | |||||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Balance at end of period | $ | 2,911 | $ | 2,873 | $ | 2,911 | $ | 2,873 | |||||||||||||||||
Total gains included in earnings attributable to the change in unrealized gains or losses related to assets still held were $(36,000) and $70,000 for the three and six months ended June 30, 2014, respectively, and $228,000 and $382,000 for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||||||
Valuation Technique | Unobservable Inputs | Input Value | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Mortgage servicing rights | Â Discounted cash flows | Weighted average constant prepayment rate | 9.69 | % | 16.02 | % | |||||||||||||||||||
Weighted average discount rate | 9.15 | % | 8.05 | % | |||||||||||||||||||||
Weighted average expected life (in years) | 6 | 4.3 | |||||||||||||||||||||||
Valuation methods for instruments measured at fair value on a nonrecurring basis | |||||||||||||||||||||||||
Following is a description of the Company’s valuation methodologies used for assets and liabilities recorded at fair value on a nonrecurring basis: | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
The Company does not record loans at fair value on a recurring basis other than loans that are considered impaired. The net carrying value of impaired loans is generally based on fair values of the underlying collateral obtained through independent appraisals or internal evaluations, or by discounting the total expected future cash flows. Once the fair value of the collateral has been determined and any impairment amount calculated, a specific reserve allocation is made. Because many of these inputs are not observable, the measurements are classified as Level 3. As of June 30, 2014, the Company identified $14.4 million in impaired loans that had specific allowances for losses aggregating $4.3 million. Related to these loans, there was $2.0 million in charge-offs recorded during the six months ended June 30, 2014. As of June 30, 2013, the Company identified $27.9 million in impaired loans that had specific allowances for losses aggregating $5.9 million. Related to these loans, there was $1.4 million in charge-offs recorded during the six months ended June 30, 2013. | |||||||||||||||||||||||||
Other Real Estate and Foreclosed Assets | |||||||||||||||||||||||||
Other real estate and foreclosed assets consisted of loan collateral that has been repossessed through foreclosure. This collateral is comprised of commercial and residential real estate and other non-real estate property, including autos, manufactured homes, and construction equipment. Other real estate assets are recorded as held for sale initially at the lower of the loan balance or fair value of the collateral less estimated selling costs. The Company relies on external appraisals and assessment of property values by internal staff. In the case of non-real estate collateral, reliance is placed on a variety of sources, including external estimates of value and judgment based on experience and expertise of internal specialists. Subsequent to foreclosure, valuations are updated periodically, and the assets may be written down to reflect a new cost basis. Because many of these inputs are not observable, the measurements are classified as Level 3. | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Prices | Three | Six | |||||||||||||||||||||||
in Active | Months | Months | |||||||||||||||||||||||
Markets for | Other | Significant | Ended | Ended | |||||||||||||||||||||
Identical | Observable | Unobservable | June 30, | June 30, | |||||||||||||||||||||
Total | Assets | Inputs | Inputs | Total Gains | Total Gains | ||||||||||||||||||||
(in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | (Losses)* | (Losses)* | |||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||
Commercial, financial, & agricultural | $ | 1,412 | $ | 0 | $ | 0 | $ | 1,412 | $ | (19 | ) | $ | (122 | ) | |||||||||||
Real estate construction - residential | 1,749 | 0 | 0 | 1,749 | 0 | (60 | ) | ||||||||||||||||||
Real estate construction - commercial | 39 | 0 | 0 | 39 | (77 | ) | (491 | ) | |||||||||||||||||
Real estate mortgage - residential | 3,698 | 0 | 0 | 3,698 | (44 | ) | (138 | ) | |||||||||||||||||
Real estate mortgage - commercial | 2,973 | 0 | 0 | 2,973 | (704 | ) | (1,069 | ) | |||||||||||||||||
Consumer | 221 | 0 | 0 | 221 | (52 | ) | (70 | ) | |||||||||||||||||
Total | $ | 10,092 | $ | 0 | $ | 0 | $ | 10,092 | $ | (896 | ) | $ | (1,950 | ) | |||||||||||
Other real estate and foreclosed assets | $ | 12,026 | $ | 0 | $ | 0 | $ | 12,026 | $ | (1,499 | ) | $ | (1,530 | ) | |||||||||||
30-Jun-13 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||
Commercial, financial, & agricultural | $ | 1,380 | $ | 0 | $ | 0 | $ | 1,380 | $ | (75 | ) | $ | (85 | ) | |||||||||||
Real estate construction - residential | 1,927 | 0 | 0 | 1,927 | 0 | (119 | ) | ||||||||||||||||||
Real estate construction - commercial | 4,121 | 0 | 0 | 4,121 | 0 | 0 | |||||||||||||||||||
Real estate mortgage - residential | 2,993 | 0 | 0 | 2,993 | (11 | ) | (246 | ) | |||||||||||||||||
Real estate mortgage - commercial | 11,598 | 0 | 0 | 11,598 | 0 | (987 | ) | ||||||||||||||||||
Consumer | 38 | 0 | 0 | 38 | 0 | 0 | |||||||||||||||||||
Total | $ | 22,057 | $ | 0 | $ | 0 | $ | 22,057 | $ | (86 | ) | $ | (1,437 | ) | |||||||||||
Other real estate and foreclosed assets | $ | 23,128 | $ | 0 | $ | 0 | $ | 24,793 | $ | (4,485 | ) | $ | (4,686 | ) | |||||||||||
* Total gains (losses) reported for other real estate and foreclosed assets includes charge-offs, valuation write downs, and net losses taken during the periods reported. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
-12 | Fair Value of Financial Instruments | ||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate such value: | |||||||||||||||||||||
Loans | |||||||||||||||||||||
The fair values of loans are estimated by discounting the expected future cash flows using the current rates at which similar loans could be made to borrowers with similar credit ratings and for the same remaining maturities. The net carrying amount of impaired loans is generally based on the fair values of collateral obtained through independent appraisals or internal evaluations, or by discounting the total expected future cash flows. This method of estimating fair value does not incorporate the exit-price concept of fair value prescribed by ASC Topic 820. | |||||||||||||||||||||
Investment Securities | |||||||||||||||||||||
A detailed description of the fair value measurement of the debt instruments in the available-for-sale sections of the investment security portfolio is provided in the Fair Value Measurement section above. A schedule of investment securities by category and maturity is provided in the notes on Investment Securities. | |||||||||||||||||||||
Federal Home Loan Bank (FHLB) Stock | |||||||||||||||||||||
Ownership of equity securities of FHLB is restricted and there is no established market for their resale. The carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||
Federal Funds Sold, Cash, and Due from Banks | |||||||||||||||||||||
The carrying amounts of short-term federal funds sold and securities purchased under agreements to resell, interest earning deposits with banks, and cash and due from banks approximate fair value. Federal funds sold and securities purchased under agreements to resell classified as short-term generally mature in 90 days or less. | |||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||
The fair value of mortgage servicing rights is based on the discounted value of estimated future cash flows utilizing contractual cash flows, servicing rate, constant prepayment rate, servicing cost, and discount rate factors. Accordingly, the fair value is estimated based on a valuation model that calculates the present value of estimated future net servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds, market discount rates, cost to service, float earnings rates, and other ancillary income, including late fees. | |||||||||||||||||||||
Cash Surrender Value - Life Insurance | |||||||||||||||||||||
The fair value of Bank owned life insurance (BOLI) approximates the carrying amount. Upon liquidation of these investments, the Company would receive the cash surrender value which equals the carrying amount. | |||||||||||||||||||||
Accrued Interest Receivable and Payable | |||||||||||||||||||||
For accrued interest receivable and payable, the carrying amount is a reasonable estimate of fair value because of the short maturity for these financial instruments. | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
The fair value of deposits with no stated maturity, such as noninterest-bearing demand, NOWÂ accounts, savings, and money market, is equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||||||
Securities Sold under Agreements to Repurchase and Interest-bearing Demand Notes to U.S. Treasury | |||||||||||||||||||||
For securities sold under agreements to repurchase and interest-bearing demand notes to U.S. Treasury, the carrying amount is a reasonable estimate of fair value, as such instruments reprice in a short time period. | |||||||||||||||||||||
Subordinated Notes and Other Borrowings | |||||||||||||||||||||
The fair value of subordinated notes and other borrowings is based on the discounted value of contractual cashflows. The discount rate is estimated using the rates currently offered for other borrowed money of similar remaining maturities. | |||||||||||||||||||||
A summary of the carrying amounts and fair values of the Company’s financial instruments at June 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||
in Active | Net | ||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||
30-Jun-14 | Identical | Observable | Unobservable | ||||||||||||||||||
Carrying | Fair | Assets | Inputs | Inputs | |||||||||||||||||
(in thousands) | Amount | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 27,065 | $ | 27,065 | $ | 27,065 | $ | 0 | $ | 0 | |||||||||||
Federal funds sold and overnight interest-bearing deposits | 7,175 | 7,175 | 7,175 | 0 | 0 | ||||||||||||||||
Investment in available-for-sale securities | 215,653 | 215,653 | 0 | 215,653 | 0 | ||||||||||||||||
Loans, net | 845,311 | 847,244 | 0 | 0 | 847,244 | ||||||||||||||||
Investment in FHLB stock | 2,315 | 2,315 | 0 | 2,315 | 0 | ||||||||||||||||
Mortgage servicing rights | 2,911 | 2,911 | 0 | 0 | 2,911 | ||||||||||||||||
Cash surrender value - life insurance | 2,251 | 2,251 | 2,251 | 0 | |||||||||||||||||
Accrued interest receivable | 4,751 | 4,751 | 4,751 | 0 | 0 | ||||||||||||||||
$ | 1,107,432 | $ | 1,109,365 | $ | 38,991 | $ | 220,219 | $ | 850,155 | ||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Non-interest bearing demand | $ | 196,171 | $ | 196,171 | $ | 196,171 | $ | 0 | $ | 0 | |||||||||||
Savings, interest checking and money market | 448,836 | 448,836 | 448,836 | 0 | 0 | ||||||||||||||||
Time deposits | 343,443 | 345,485 | 0 | 0 | 345,485 | ||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 22,849 | 22,849 | 22,849 | 0 | 0 | ||||||||||||||||
Subordinated notes | 49,486 | 33,583 | 0 | 33,583 | 0 | ||||||||||||||||
Federal Home Loan Bank advances | 24,000 | 25,081 | 0 | 25,081 | 0 | ||||||||||||||||
Accrued interest payable | 393 | 393 | 393 | 0 | 0 | ||||||||||||||||
$ | 1,085,178 | $ | 1,072,398 | $ | 668,249 | $ | 58,664 | $ | 345,485 | ||||||||||||
  | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||
in Active | Net | ||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||
31-Dec-13 | Identical | Observable | Unobservable | ||||||||||||||||||
Carrying | Fair | Assets | Inputs | Inputs | |||||||||||||||||
(in thousands) | Amount | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 27,079 | $ | 27,079 | $ | 27,079 | $ | 0 | $ | 0 | |||||||||||
Federal funds sold and overnight interest-bearing deposits | 1,360 | 1,360 | 1,360 | 0 | 0 | ||||||||||||||||
Investment in available-for-sale securities | 205,985 | 205,985 | 1,003 | 204,982 | 0 | ||||||||||||||||
Loans, net | 825,828 | 829,223 | 0 | 0 | 829,223 | ||||||||||||||||
Investment in FHLB stock | 2,354 | 2,354 | 0 | 2,354 | 0 | ||||||||||||||||
Mortgage servicing rights | 3,036 | 3,036 | 0 | 0 | 3,036 | ||||||||||||||||
Cash surrender value - life insurance | 2,213 | 2,213 | 2,213 | 0 | |||||||||||||||||
Accrued interest receivable | 4,999 | 4,999 | 4,999 | 0 | 0 | ||||||||||||||||
$ | 1,072,854 | $ | 1,076,249 | $ | 34,441 | $ | 209,549 | $ | 832,259 | ||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Non-interest bearing demand | $ | 187,382 | $ | 187,382 | $ | 187,382 | $ | 0 | $ | 0 | |||||||||||
Savings, interest checking and money market | 419,085 | 419,085 | 419,085 | 0 | 0 | ||||||||||||||||
Time deposits | 350,004 | 352,432 | 0 | 0 | 352,432 | ||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 31,084 | 31,084 | 31,084 | 0 | 0 | ||||||||||||||||
Subordinated notes | 49,486 | 32,048 | 0 | 32,048 | 0 | ||||||||||||||||
Federal Home Loan Bank advances | 24,000 | 25,366 | 0 | 25,366 | 0 | ||||||||||||||||
Accrued interest payable | 426 | 426 | 426 | 0 | 0 | ||||||||||||||||
$ | 1,061,467 | $ | 1,047,823 | $ | 637,977 | $ | 57,414 | $ | 352,432 | ||||||||||||
Off-Balance Sheet Financial Instruments | |||||||||||||||||||||
The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements, the likelihood of the counterparties drawing on such financial instruments, and the present creditworthiness of such counterparties. The Company believes such commitments have been made on terms that are competitive in the markets in which it operates. | |||||||||||||||||||||
Limitations | |||||||||||||||||||||
The fair value estimates provided are made at a point in time based on market information and information about the financial instruments. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the fair value estimates. |
Repurchase_Reserve_Liability
Repurchase Reserve Liability | 6 Months Ended | ||
Jun. 30, 2014 | |||
Repurchase Reserve Liability [Abstract] | ' | ||
Repurchase Reserve Liability | ' | ||
-13 | Repurchase Reserve Liability | ||
The Company’s repurchase reserve liability for estimated losses incurred on sold loans was $160,000 at June 30, 2014. This liability represents management’s estimate of the potential repurchase or make-whole liability for residential mortgage loans originated for sale that may arise from representation and warranty claims that could relate to a variety of issues, including but not limited to, misrepresentation of facts, appraisal issues, or program requirements that may not meet investor guidelines. Although the Company has not experienced any historical repurchase losses, it was notified during the third quarter of 2013 by one of its two investors, Freddie Mac, that fifteen loans which were foreclosed upon from 2007 to the present, are being reviewed for quality control purposes and may result in loss indemnification payments to the investor as reimbursement for losses. The balance of these loans at foreclosure date totaled $1.5 million. During the fourth quarter of 2013 and through June 30, 2014, the Company settled these loan foreclosures resulting in payments totaling $119,000 for reimbursement of costs incurred by Freddie Mac on three of these foreclosures. The remaining twelve foreclosures were settled without incurring any additional costs. At June 30, 2014, the Company was servicing 3,066 loans sold to the secondary market with a balance of approximately $315.3 million compared to 3,114 loans sold with a balance of approximately $322.5 million at December 31, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
-14 | Commitments and Contingencies | ||||||||
The Company issues financial instruments with off-balance-sheet risk in the normal course of business of meeting the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments may involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. | |||||||||
The Company’s extent of involvement and maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for financial instruments included on its consolidated balance sheets. At June 30, 2014, no amounts have been accrued for any estimated losses for these financial instruments. | |||||||||
The contractual amount of off-balance-sheet financial instruments as of the periods indicated: | |||||||||
June 30, | December 31, | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Commitments to extend credit | $ | 118,986 | $ | 117,880 | |||||
Commitments to originate residential first and second mortgage loans | 4,307 | 1,852 | |||||||
Standby letters of credit | 1,445 | 1,826 | |||||||
Commitments | |||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since certain of the commitments and letters of credit are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, furniture and equipment, and real estate. | |||||||||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These standby letters of credit are primarily issued to support contractual obligations of the Company’s customers. The approximate remaining term of standby letters of credit range from one month to five years at June 30, 2014. | |||||||||
Pending Litigation | |||||||||
The Company and its subsidiaries are defendants in various legal actions incidental to the Company’s past and current business activities. Based on the Company’s analysis, and considering the inherent uncertainties associated with litigation, management does not believe that it is reasonably possible that these legal actions will materially adversely affect the Company’s consolidated financial condition or results of operations in the near term. The Company records a loss accrual for all legal matters for which it deems a loss is probable and can be reasonably estimated. Some legal matters, which are at early stages in the legal process, have not yet progressed to the point where a loss is deemed probable or an amount can be estimated. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Stock Dividend | ' |
Stock Dividend On July 1, 2014, the Company paid a special stock dividend of four percent to shareholders of record at the close of business on June 15, 2014. For all periods presented, share information, including basic and diluted earnings per share, has been adjusted retroactively to reflect this change. | |
Preferred Stock | ' |
Preferred Stock On December 19, 2008, the Company announced its participation in the U.S. Treasury Department’s Capital Purchase Program (CPP), a voluntary program that provides capital to financially healthy banks. Participation in this program included the Company’s issuance of 30,255 shares of senior preferred stock (with a par value of $1,000 per share) and a ten year warrant to purchase approximately 287,133 shares of common stock. On May 9, 2012, the Company redeemed 12,000 of the 30,255 shares of preferred stock issued under the U.S. Treasury’s CPP program, and on May 15, 2013, the remaining 18,255 shares were redeemed. | |
On June 11, 2013, the common stock warrant issued under the U.S. Treasury Department’s CPP program was repurchased by the Company pursuant to a letter agreement between the Treasury and the Company for a total repurchase price of $540,000, or $1.88 per warrant share. The repurchase price was based on the fair market value of the warrant as agreed upon by the Company and the Treasury. The repurchase of the warrant ends the Company’s participation in the U.S. Treasury Department’s CPP. |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of loans, by major class within the Company's loan portfolio | ' | ||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 136,772 | $ | 133,717 | |||||||||||||||||||||||||||||
Real estate construction - residential | 23,608 | 21,008 | |||||||||||||||||||||||||||||||
Real estate construction – commercial | 63,298 | 55,076 | |||||||||||||||||||||||||||||||
Real estate mortgage - residential | 233,671 | 225,541 | |||||||||||||||||||||||||||||||
Real estate mortgage - commercial | 381,024 | 382,550 | |||||||||||||||||||||||||||||||
Installment and other consumer | 19,088 | 21,655 | |||||||||||||||||||||||||||||||
Total loans | $ | 857,461 | $ | 839,547 | |||||||||||||||||||||||||||||
Summary of the allowance for loan losses | ' | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial, | Real Estate | Real Estate | Real Estate | Real Estate | Installment | ||||||||||||||||||||||||||||
Financial, & | Construction - | Construction - | Mortgage - | Mortgage - | Loans to | Un- | |||||||||||||||||||||||||||
(in thousands) | Agricultural | Residential | Commercial | Residential | Commercial | Individuals | allocated | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 2,452 | $ | 479 | $ | 550 | $ | 3,090 | $ | 6,019 | $ | 255 | $ | 0 | $ | 12,845 | |||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||
Provision for loan losses | (566 | ) | (65 | ) | 145 | (624 | ) | 1,037 | 64 | 9 | 0 | ||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||
Loans charged off | 54 | 0 | 77 | 75 | 705 | 114 | 0 | 1,025 | |||||||||||||||||||||||||
Less recoveries on loans | (111 | ) | (59 | ) | 0 | (14 | ) | (77 | ) | (69 | ) | 0 | (330 | ) | |||||||||||||||||||
Net loans charged off | (57 | ) | (59 | ) | 77 | 61 | 628 | 45 | 0 | 695 | |||||||||||||||||||||||
Balance at end of period | $ | 1,943 | $ | 473 | $ | 618 | $ | 2,405 | $ | 6,428 | $ | 274 | $ | 9 | $ | 12,150 | |||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial, | Real Estate | Real Estate | Real Estate | Real Estate | Installment | ||||||||||||||||||||||||||||
Financial, & | Construction - | Construction - | Mortgage - | Mortgage - | Loans to | Un- | |||||||||||||||||||||||||||
(in thousands) | Agricultural | Residential | Commercial | Residential | Commercial | Individuals | allocated | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 2,374 | $ | 931 | $ | 631 | $ | 2,959 | $ | 6,523 | $ | 294 | $ | 7 | $ | 13,719 | |||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||
Provision for loan losses | (472 | ) | (458 | ) | 478 | (486 | ) | 885 | 51 | 2 | 0 | ||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||
Loans charged off | 186 | 60 | 491 | 194 | 1,073 | 198 | 0 | 2,202 | |||||||||||||||||||||||||
Less recoveries on loans | (227 | ) | (60 | ) | 0 | (126 | ) | (93 | ) | (127 | ) | 0 | (633 | ) | |||||||||||||||||||
Net loans charged off | (41 | ) | 0 | 491 | 68 | 980 | 71 | 0 | 1,569 | ||||||||||||||||||||||||
Balance at end of period | $ | 1,943 | $ | 473 | $ | 618 | $ | 2,405 | $ | 6,428 | $ | 274 | $ | 9 | $ | 12,150 | |||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial, | Real Estate | Real Estate | Real Estate | Real Estate | Installment | ||||||||||||||||||||||||||||
Financial, & | Construction - | Construction - | Mortgage - | Mortgage - | Loans to | Un- | |||||||||||||||||||||||||||
(in thousands) | Agricultural | Residential | Commercial | Residential | Commercial | Individuals | allocated | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 1,828 | $ | 899 | $ | 1,811 | $ | 2,921 | $ | 6,840 | $ | 243 | $ | 3 | $ | 14,545 | |||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||
Provision for loan losses | 370 | 33 | 389 | (399 | ) | 591 | 18 | (2 | ) | 1,000 | |||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||
Loans charged off | 101 | 0 | 0 | 95 | 28 | 70 | 0 | 294 | |||||||||||||||||||||||||
Less recoveries on loans | (22 | ) | 0 | (2 | ) | (29 | ) | (12 | ) | (42 | ) | 0 | (107 | ) | |||||||||||||||||||
Net loans charged off | 79 | 0 | (2 | ) | 66 | 16 | 28 | 0 | 187 | ||||||||||||||||||||||||
Balance at end of period | $ | 2,119 | $ | 932 | $ | 2,202 | $ | 2,456 | $ | 7,415 | $ | 233 | $ | 1 | $ | 15,358 | |||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial, | Real Estate | Real Estate | Real Estate | Real Estate | Installment | ||||||||||||||||||||||||||||
Financial, & | Construction - | Construction - | Mortgage - | Mortgage - | Loans to | Un- | |||||||||||||||||||||||||||
(in thousands) | Agricultural | Residential | Commercial | Residential | Commercial | Individuals | allocated | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 1,937 | $ | 732 | $ | 1,711 | $ | 3,387 | $ | 6,834 | $ | 239 | $ | 2 | $ | 14,842 | |||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||
Provision for loan losses | 279 | 320 | 489 | (588 | ) | 1,436 | 65 | (1 | ) | 2,000 | |||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||
Loans charged off | 162 | 120 | 0 | 387 | 1,027 | 179 | 0 | 1,875 | |||||||||||||||||||||||||
Less recoveries on loans | (65 | ) | 0 | (2 | ) | (44 | ) | (172 | ) | (108 | ) | 0 | (391 | ) | |||||||||||||||||||
Net loans charged off | 97 | 120 | (2 | ) | 343 | 855 | 71 | 0 | 1,484 | ||||||||||||||||||||||||
Balance at end of period | $ | 2,119 | $ | 932 | $ | 2,202 | $ | 2,456 | $ | 7,415 | $ | 233 | $ | 1 | $ | 15,358 | |||||||||||||||||
Commercial, | Real Estate | Real Estate | Real Estate | Real Estate | Installment | ||||||||||||||||||||||||||||
Financial, and | Construction - | Construction - | Mortgage - | Mortgage - | Loans to | Un- | |||||||||||||||||||||||||||
(in thousands) | Agricultural | Residential | Commercial | Residential | Commercial | Individuals | allocated | Total | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 656 | $ | 316 | $ | 21 | $ | 1,353 | $ | 1,894 | $ | 66 | $ | 0 | $ | 4,306 | |||||||||||||||||
Collectively evaluated for impairment | 1,287 | 157 | 597 | 1,052 | 4,534 | 208 | 9 | 7,844 | |||||||||||||||||||||||||
Total | $ | 1,943 | $ | 473 | $ | 618 | $ | 2,405 | $ | 6,428 | $ | 274 | $ | 9 | $ | 12,150 | |||||||||||||||||
Loans outstanding: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,500 | $ | 2,088 | $ | 5,832 | $ | 7,875 | $ | 16,217 | $ | 287 | $ | 0 | $ | 36,799 | |||||||||||||||||
Collectively evaluated for impairment | 132,272 | 21,520 | 57,466 | 225,796 | 364,807 | 18,801 | 0 | 820,662 | |||||||||||||||||||||||||
Total | $ | 136,772 | $ | 23,608 | $ | 63,298 | $ | 233,671 | $ | 381,024 | $ | 19,088 | $ | 0 | $ | 857,461 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 721 | $ | 392 | $ | 304 | $ | 1,374 | $ | 1,989 | $ | 16 | $ | 0 | $ | 4,796 | |||||||||||||||||
Collectively evaluated for impairment | 1,653 | 539 | 327 | 1,585 | 4,534 | 278 | 7 | 8,923 | |||||||||||||||||||||||||
Total | $ | 2,374 | $ | 931 | $ | 631 | $ | 2,959 | $ | 6,523 | $ | 294 | $ | 7 | $ | 13,719 | |||||||||||||||||
Loans outstanding: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,015 | $ | 2,204 | $ | 6,615 | $ | 6,517 | $ | 15,422 | $ | 43 | $ | 0 | $ | 34,816 | |||||||||||||||||
Collectively evaluated for impairment | 129,702 | 18,804 | 48,461 | 219,024 | 367,128 | 21,612 | 0 | 804,731 | |||||||||||||||||||||||||
Total | $ | 133,717 | $ | 21,008 | $ | 55,076 | $ | 225,541 | $ | 382,550 | $ | 21,655 | $ | 0 | $ | 839,547 | |||||||||||||||||
Schedule of impaired loans | ' | ||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Non-accrual loans | $ | 25,685 | $ | 23,680 | |||||||||||||||||||||||||||||
Troubled debt restructurings continuing to accrue interest | 11,114 | 11,395 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 36,799 | $ | 35,075 | |||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||||||
Recorded | Principal | Specific | |||||||||||||||||||||||||||||||
(in thousands) | Investment | Balance | Reserves | ||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,432 | $ | 2,557 | $ | 0 | |||||||||||||||||||||||||||
Real estate - construction residential | 23 | 57 | 0 | ||||||||||||||||||||||||||||||
Real estate - construction commercial | 5,772 | 6,524 | 0 | ||||||||||||||||||||||||||||||
Real estate - residential | 2,824 | 3,242 | 0 | ||||||||||||||||||||||||||||||
Real estate - commercial | 11,350 | 12,613 | 0 | ||||||||||||||||||||||||||||||
Total | $ | 22,401 | $ | 24,993 | $ | 0 | |||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,068 | $ | 2,124 | $ | 656 | |||||||||||||||||||||||||||
Real estate - construction residential | 2,065 | 2,260 | 316 | ||||||||||||||||||||||||||||||
Real estate - construction commercial | 60 | 62 | 21 | ||||||||||||||||||||||||||||||
Real estate - residential | 5,051 | 5,196 | 1,353 | ||||||||||||||||||||||||||||||
Real estate - commercial | 4,867 | 5,062 | 1,894 | ||||||||||||||||||||||||||||||
Consumer | 287 | 321 | 66 | ||||||||||||||||||||||||||||||
Total | $ | 14,398 | $ | 15,025 | $ | 4,306 | |||||||||||||||||||||||||||
Total impaired loans | $ | 36,799 | $ | 40,018 | $ | 4,306 | |||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||||||
Recorded | Principal | Specific | |||||||||||||||||||||||||||||||
(in thousands) | Investment | Balance | Reserves | ||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,467 | $ | 2,593 | $ | 0 | |||||||||||||||||||||||||||
Real estate - construction residential | 44 | 80 | 0 | ||||||||||||||||||||||||||||||
Real estate - construction commercial | 6,101 | 7,148 | 0 | ||||||||||||||||||||||||||||||
Real estate - residential | 2,121 | 2,654 | 0 | ||||||||||||||||||||||||||||||
Real estate - commercial | 7,817 | 8,056 | 0 | ||||||||||||||||||||||||||||||
Consumer | 259 | 282 | 0 | ||||||||||||||||||||||||||||||
Total | $ | 18,809 | $ | 20,813 | $ | 0 | |||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,548 | $ | 1,607 | $ | 721 | |||||||||||||||||||||||||||
Real estate - construction residential | 2,160 | 2,331 | 392 | ||||||||||||||||||||||||||||||
Real estate - construction commercial | 514 | 514 | 304 | ||||||||||||||||||||||||||||||
Real estate - residential | 4,396 | 4,570 | 1,374 | ||||||||||||||||||||||||||||||
Real estate - commercial | 7,605 | 7,925 | 1,989 | ||||||||||||||||||||||||||||||
Consumer | 43 | 45 | 16 | ||||||||||||||||||||||||||||||
Total | $ | 16,266 | $ | 16,992 | $ | 4,796 | |||||||||||||||||||||||||||
Total impaired loans | $ | 35,075 | $ | 37,805 | $ | 4,796 | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Interest | Interest | Interest | Interest | ||||||||||||||||||||||||||||||
Average | Recognized | Average | Recognized | Average | Recognized | Average | Recognized | ||||||||||||||||||||||||||
Recorded | For the | Recorded | For the | Recorded | For the | Recorded | For the | ||||||||||||||||||||||||||
(in thousands) | Investment | Period Ended | Investment | Period Ended | Investment | Period Ended | Investment | Period Ended | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,663 | $ | 26 | $ | 2,434 | $ | 23 | $ | 2,579 | $ | 47 | $ | 2,449 | $ | 47 | |||||||||||||||||
Real estate - construction residential | 64 | 0 | 216 | 0 | 90 | 0 | 293 | 0 | |||||||||||||||||||||||||
Real estate - construction commercial | 6,688 | 0 | 3,227 | 0 | 6,844 | 0 | 3,242 | 1 | |||||||||||||||||||||||||
Real estate - residential | 3,281 | 8 | 2,084 | 0 | 3,091 | 14 | 2,087 | 0 | |||||||||||||||||||||||||
Real estate - commercial | 12,614 | 106 | 3,628 | 28 | 12,212 | 172 | 3,701 | 57 | |||||||||||||||||||||||||
Consumer | 8 | 0 | 248 | 1 | 16 | 0 | 254 | 2 | |||||||||||||||||||||||||
Total | $ | 25,318 | $ | 140 | $ | 11,837 | $ | 52 | $ | 24,832 | $ | 233 | $ | 12,026 | $ | 107 | |||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 2,103 | $ | 7 | $ | 2,042 | $ | 20 | $ | 2,222 | $ | 15 | $ | 2,049 | $ | 32 | |||||||||||||||||
Real estate - construction residential | 2,260 | 0 | 2,273 | 0 | 2,265 | 0 | 2,273 | 0 | |||||||||||||||||||||||||
Real estate - construction commercial | 62 | 0 | 5,327 | 0 | 84 | 0 | 5,558 | 0 | |||||||||||||||||||||||||
Real estate - residential | 5,215 | 25 | 4,331 | 16 | 5,347 | 65 | 4,354 | 39 | |||||||||||||||||||||||||
Real estate - commercial | 4,904 | 0 | 16,143 | 46 | 4,749 | 0 | 16,506 | 96 | |||||||||||||||||||||||||
Consumer | 318 | 0 | 44 | 0 | 330 | 0 | 44 | 0 | |||||||||||||||||||||||||
Total | $ | 14,862 | $ | 32 | $ | 30,160 | $ | 82 | $ | 14,997 | $ | 80 | $ | 30,784 | $ | 167 | |||||||||||||||||
Total impaired loans | $ | 40,180 | $ | 172 | $ | 41,997 | $ | 134 | $ | 39,829 | $ | 313 | $ | 42,810 | $ | 274 | |||||||||||||||||
Schedule of aging information for the Company's past due and non-accrual loans | ' | ||||||||||||||||||||||||||||||||
Current or | 90 Days | ||||||||||||||||||||||||||||||||
Less Than | Past Due | ||||||||||||||||||||||||||||||||
30 Days | 30 - 89 Days | And Still | |||||||||||||||||||||||||||||||
(in thousands) | Past Due | Past Due | Accruing | Non-Accrual | Total | ||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | $ | 133,981 | $ | 440 | $ | 79 | $ | 2,272 | $ | 136,772 | |||||||||||||||||||||||
Real Estate Construction - Residential | 21,015 | 439 | 66 | 2,088 | 23,608 | ||||||||||||||||||||||||||||
Real Estate Construction - Commercial | 57,327 | 83 | 56 | 5,832 | 63,298 | ||||||||||||||||||||||||||||
Real Estate Mortgage - Residential | 226,321 | 2,606 | 355 | 4,389 | 233,671 | ||||||||||||||||||||||||||||
Real Estate Mortgage - Commercial | 368,599 | 1,608 | 0 | 10,817 | 381,024 | ||||||||||||||||||||||||||||
Installment and Other Consumer | 18,607 | 194 | 0 | 287 | 19,088 | ||||||||||||||||||||||||||||
Total | $ | 825,850 | $ | 5,370 | $ | 556 | $ | 25,685 | $ | 857,461 | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | $ | 131,091 | $ | 942 | $ | 0 | $ | 1,684 | $ | 133,717 | |||||||||||||||||||||||
Real Estate Construction - Residential | 18,738 | 66 | 0 | 2,204 | 21,008 | ||||||||||||||||||||||||||||
Real Estate Construction - Commercial | 48,230 | 595 | 0 | 6,251 | 55,076 | ||||||||||||||||||||||||||||
Real Estate Mortgage - Residential | 217,179 | 4,068 | 129 | 4,165 | 225,541 | ||||||||||||||||||||||||||||
Real Estate Mortgage - Commercial | 372,651 | 725 | 100 | 9,074 | 382,550 | ||||||||||||||||||||||||||||
Installment and Other Consumer | 21,048 | 291 | 14 | 302 | 21,655 | ||||||||||||||||||||||||||||
Total | $ | 808,937 | $ | 6,687 | $ | 243 | $ | 23,680 | $ | 839,547 | |||||||||||||||||||||||
Schedule of risk categories by class | ' | ||||||||||||||||||||||||||||||||
(in thousands) | Commercial, | Real Estate | Real Estate | Real Estate | Real Estate | Installment | Total | ||||||||||||||||||||||||||
Financial, & | Construction - | Construction - | Mortgage - | Mortgage - | and other | ||||||||||||||||||||||||||||
Agricultural | Residential | Commercial | Residential | Commercial | Consumer | ||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||
Watch | $ | 17,633 | 1,178 | $ | 5,437 | $ | 27,151 | $ | 22,844 | $ | 250 | $ | 74,493 | ||||||||||||||||||||
Substandard | 5,546 | 91 | 1,020 | 9,226 | 10,850 | 194 | 26,927 | ||||||||||||||||||||||||||
Non-accrual | 2,272 | 2,088 | 5,832 | 4,389 | 10,817 | 287 | 25,685 | ||||||||||||||||||||||||||
Total | $ | 25,451 | $ | 3,357 | $ | 12,289 | $ | 40,766 | $ | 44,511 | $ | 731 | $ | 127,105 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Watch | $ | 15,016 | $ | 2,007 | $ | 6,111 | $ | 26,331 | $ | 23,662 | $ | 388 | $ | 73,515 | |||||||||||||||||||
Substandard | 7,553 | 92 | 1,403 | 8,579 | 14,510 | 281 | 32,418 | ||||||||||||||||||||||||||
Non-accrual | 1,684 | 2,204 | 6,251 | 4,165 | 9,074 | 302 | 23,680 | ||||||||||||||||||||||||||
Total | $ | 24,253 | $ | 4,303 | $ | 13,765 | $ | 39,075 | $ | 47,246 | $ | 971 | $Â Â | 129,613 | |||||||||||||||||||
Summary of loans that were modified as TDRs | ' | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Recorded Investment (1) | Recorded Investment (1) | ||||||||||||||||||||||||||||||||
(in thousands) | Number of | Pre- | Post- | Number of | Pre- | Post- | |||||||||||||||||||||||||||
Contracts | Modification | Modification | Contracts | Modification | Modification | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | 1 | $ | 72 | $ | 72 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Total | 1 | $ | 72 | $ | 72 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Recorded Investment (1) | Recorded Investment (1) | ||||||||||||||||||||||||||||||||
(in thousands) | Number of | Pre- | Post- | Number of | Pre- | Post- | |||||||||||||||||||||||||||
Contracts | Modification | Modification | Contracts | Modification | Modification | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | 3 | $ | 244 | $ | 244 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Real estate mortgage - residential | 1 | 1,256 | 1,185 | 1 | 619 | 619 | |||||||||||||||||||||||||||
Total | 4 | $ | 1,500 | $ | 1,429 | 1 | $ | 619 | $ | 619 | |||||||||||||||||||||||
(1) The amounts reported post-modification are inclusive of all partial pay-downs and charge-offs, and no portion of the debt was forgiven. Loans modified as a TDR that were fully paid down, charged-off or foreclosed upon during the period ended are not reported. |
Other_Real_Estate_and_Foreclos1
Other Real Estate and Foreclosed Assets (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Other Real Estate [Abstract] | ' | ||||||||||||||||
Summary of real estate and other assets acquired in settlement of loans | ' | ||||||||||||||||
June 30, | December 31, | ||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Real estate construction - residential | $ | 17 | $ | 114 | |||||||||||||
Real estate construction - commercial | 9,866 | 10,020 | |||||||||||||||
Real estate mortgage - residential | 281 | 830 | |||||||||||||||
Real estate mortgage - commercial | 5,058 | 8,537 | |||||||||||||||
Foreclosed assets | 9 | 41 | |||||||||||||||
Total | $ | 15,231 | $ | 19,542 | |||||||||||||
Less valuation allowance for other real estate owned | (3,205 | ) | (4,675 | ) | |||||||||||||
Total other real estate and foreclosed assets | $ | 12,026 | $ | 14,867 | |||||||||||||
Schedule of changes in the net carrying amount of other real estate owned and repossessed assets | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 18,696 | $ | 31,472 | $ | 19,542 | $ | 29,729 | |||||||||
Additions | 46 | 500 | 305 | 2,970 | |||||||||||||
Proceeds from sales | (2,030 | ) | (5,629 | ) | (3,124 | ) | (6,233 | ) | |||||||||
Charge-offs against the valuation allowance for other real estate owned | (1,488 | ) | (4,187 | ) | (1,644 | ) | (4,323 | ) | |||||||||
Foreclosed assets impairment write-downs | 0 | (200 | ) | 0 | (200 | ) | |||||||||||
Net gain on sales | 7 | 21 | 152 | 34 | |||||||||||||
Total other real estate and foreclosed assets | $ | 15,231 | $ | 21,977 | $ | 15,231 | $ | 21,977 | |||||||||
Less valuation allowance for other real estate owned | (3,205 | ) | (3,999 | ) | (3,205 | ) | (3,999 | ) | |||||||||
Balance at end of period | $ | 12,026 | $ | 17,978 | $ | 12,026 | $ | 17,978 | |||||||||
Summary of activity in valuation allowance for other real estate owned in settlement of loans | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 4,642 | $ | 8,344 | $ | 4,675 | $ | 6,137 | |||||||||
Provision for other real estate owned | 51 | (158 | ) | 174 | 2,185 | ||||||||||||
Charge-offs | (1,488 | ) | (4,187 | ) | (1,644 | ) | (4,323 | ) | |||||||||
Balance, end of period | $ | 3,205 | $ | 3,999 | $ | 3,205 | $ | 3,999 |
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities Abstract | ' | ||||||||||||||||||||||||
Schedule of amortized cost and fair value of debt securities classified as available-for-sale | ' | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||||
(in thousands) | Cost | Gains | Losses | Fair value | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 67,943 | $ | 352 | $ | 247 | $ | 68,048 | |||||||||||||||||
Asset-backed securities | 115,389 | 1,026 | 1,677 | 114,738 | |||||||||||||||||||||
Obligations of states and political subdivisions | 32,259 | 679 | 71 | 32,867 | |||||||||||||||||||||
Total available-for-sale securities | $ | 215,591 | $ | 2,057 | $ | 1,995 | $ | 215,653 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
U.S. Treasury | $ | 1,000 | $ | 3 | $ | 0 | $ | 1,003 | |||||||||||||||||
Government sponsored enterprises | 61,006 | 377 | 767 | 60,616 | |||||||||||||||||||||
Asset-backed securities | 112,747 | 817 | 3,191 | 110,373 | |||||||||||||||||||||
Obligations of states and political subdivisions | 33,637 | 568 | 212 | 33,993 | |||||||||||||||||||||
Total available-for-sale securities | $ | 208,390 | $ | 1,765 | $ | 4,170 | $ | 205,985 | |||||||||||||||||
Schedule of amortized cost and fair value of debt securities classified as available-for-sale by contractual maturity | ' | ||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
(in thousands) | Cost | Value | |||||||||||||||||||||||
Due in one year or less | $ | 4,673 | $ | 4,720 | |||||||||||||||||||||
Due after one year through five years | 53,518 | 54,053 | |||||||||||||||||||||||
Due after five years through ten years | 40,716 | 40,878 | |||||||||||||||||||||||
Due after ten years | 1,295 | 1,264 | |||||||||||||||||||||||
Total | 100,202 | 100,915 | |||||||||||||||||||||||
Asset-backed securities | 115,389 | 114,738 | |||||||||||||||||||||||
Total available-for-sale securities | $ | 215,591 | $ | 215,653 | |||||||||||||||||||||
Schedule of gross unrealized losses on debt securities and fair value of related securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position | ' | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
(in thousands) | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 3,473 | $ | (13 | ) | $ | 24,280 | $ | (234 | ) | $ | 27,753 | $ | (247 | ) | ||||||||||
Asset-backed securities | 12,035 | (74 | ) | 50,745 | (1,603 | ) | 62,780 | (1,677 | ) | ||||||||||||||||
Obligations of states and political subdivisions | 3,093 | (13 | ) | 3,203 | (58 | ) | 6,296 | (71 | ) | ||||||||||||||||
Total | $ | 18,601 | $ | (100 | ) | $ | 78,228 | $ | (1,895 | ) | $ | 96,829 | $ | (1,995 | ) | ||||||||||
(in thousands) | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 25,771 | $ | (767 | ) | $ | 0 | $ | 0 | $ | 25,771 | $ | (767 | ) | |||||||||||
Asset-backed securities | 76,048 | (2,940 | ) | 5,941 | (251 | ) | 81,989 | (3,191 | ) | ||||||||||||||||
Obligations of states and political subdivisions | 6,907 | (159 | ) | 450 | (53 | ) | 7,357 | (212 | ) | ||||||||||||||||
Total | $ | 108,726 | $ | (3,866 | ) | $ | 6,391 | $ | (304 | ) | $ | 115,117 | $ | (4,170 | ) | ||||||||||
Schedule of components of investment securities gains (losses), which are recognized in earnings | ' | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Gains realized on sales | $ | 0 | $ | 260 | $ | 0 | $ | 554 | |||||||||||||||||
Losses realized on sales | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other-than-temporary impairment recognized | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Investment securities gains | $ | 0 | $ | 260 | $ | 0 | $ | 554 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Intangible Assets | ' | ||||||||||||||||
Schedule of changes in the net carrying amount of core deposit intangible assets | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
(in thousands) | 30-Jun-13 | 30-Jun-13 | |||||||||||||||
Balance at beginning of period | $ | 34 | $ | 135 | |||||||||||||
Additions | 0 | 0 | |||||||||||||||
Amortization | (34 | ) | (135 | ) | |||||||||||||
Balance at end of period | $ | 0 | $ | 0 | |||||||||||||
Schedule of changes in mortgage servicing rights (MSRs) | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance at beginning of period | $ | 3,040 | $ | 2,689 | $ | 3,036 | $ | 2,549 | |||||||||
Originated mortgage servicing rights | 72 | 163 | 122 | 361 | |||||||||||||
Changes in fair value: | |||||||||||||||||
Due to change in model inputs and assumptions (1) | (36 | ) | 229 | 70 | 382 | ||||||||||||
Other changes in fair value (2) | (165 | ) | (208 | ) | (317 | ) | (419 | ) | |||||||||
Balance at end of period | $ | 2,911 | $ | 2,873 | $ | 2,911 | $ | 2,873 | |||||||||
-1 | The change in fair value resulting from changes in valuation inputs or assumptions used in the valuation model reflects the change in discount rates and prepayment speed assumptions primarily due to changes in interest rates. | ||||||||||||||||
-2 | Other changes in fair value reflect changes due to customer payments and passage of time. | ||||||||||||||||
Schedule of key data and assumptions used in estimating the fair value of the Company's MSRs | ' | ||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted average constant prepayment rate | 9.69 | % | 16.02 | % | |||||||||||||
Weighted average note rate | 4 | % | 4.04 | % | |||||||||||||
Weighted average discount rate | 9.15 | % | 8.05 | % | |||||||||||||
Weighted average expected life (in years) | 6 | 4.3 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Schedule of the change in the components of the accumulated other comprehensive income (loss) | ' | ||||||||||||
Accumulated | |||||||||||||
Unrecognized Net | Other | ||||||||||||
Unrealized | Pension and | Comprehensive | |||||||||||
Gain (Loss) | Postretirement | (Loss) | |||||||||||
(in thousands) | on Securities (1) | Costs (2) | Income | ||||||||||
Balance, December 31, 2013 | $ | (1,491 | ) | $ | 722 | $ | (769 | ) | |||||
Other comprehensive income, before reclassifications | 2,468 | 0 | 2,468 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 39 | 39 | ||||||||||
Current period other comprehensive income, before tax | 2,468 | 39 | 2,507 | ||||||||||
Income tax expense | (938 | ) | (15 | ) | (953 | ) | |||||||
Current period other comprehensive income, net of tax | 1,530 | 24 | 1,554 | ||||||||||
Balance, June 30, 2014 | $ | 39 | $ | 746 | $ | 785 | |||||||
Balance, December 31, 2012 | $ | 3,265 | $ | (1,440 | ) | $ | 1,825 | ||||||
Other comprehensive (loss) income, before reclassifications | (5,347 | ) | 0 | (5,347 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | (554 | ) | 54 | (500 | ) | ||||||||
Current period other comprehensive (loss) income, before tax | (5,901 | ) | 54 | (5,847 | ) | ||||||||
Income tax benefit (expense) | 2,296 | (21 | ) | 2,275 | |||||||||
Current period other comprehensive (loss) income, net of tax | (3,605 | ) | 33 | (3,572 | ) | ||||||||
Balance, June 30, 2013 | $ | (340 | ) | $ | (1,407 | ) | $ | (1,747 | ) | ||||
(1) The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in gain on sale of investment securities in the consolidated statements of income. | |||||||||||||
(2) The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in the computation of net periodic pension cost. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Summary of employee benefits charged to operating expenses | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Payroll taxes | $ | 275 | $ | 262 | $ | 568 | $ | 566 | |||||||||
Medical plans | 484 | 469 | 1,002 | 960 | |||||||||||||
401k match and profit sharing | 176 | 115 | 329 | 190 | |||||||||||||
Pension plan | 236 | 286 | 472 | 572 | |||||||||||||
Other | 28 | 33 | 39 | 80 | |||||||||||||
Total employee benefits | $ | 1,199 | $ | 1,165 | $ | 2,410 | $ | 2,368 | |||||||||
Schedule of components of net pension cost | ' | ||||||||||||||||
Estimated | Actual | ||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Service cost - benefits earned during the year | $ | 981 | $ | 1,174 | |||||||||||||
Interest costs on projected benefit obligations | 732 | 646 | |||||||||||||||
Expected return on plan assets | (887 | ) | (797 | ) | |||||||||||||
Expected administrative expenses | 40 | 40 | |||||||||||||||
Amortization of prior service cost | 79 | 79 | |||||||||||||||
Amortization of unrecognized net loss | 0 | 31 | |||||||||||||||
Net periodic pension expense | $ | 945 | $ | 1,173 | |||||||||||||
Pension expense - three months ended June 30, (actual) | $ | 236 | $ | 286 | |||||||||||||
Pension expense - six months ended June 30, (actual) | $ | 472 | $ | 572 | |||||||||||||
Stock_Compensation_Tables
Stock Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Summary of Company's stock option activity | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | Aggregate | |||||||||||||||
Number | average | Contractual | Intrinsic | ||||||||||||||
of | Exercise | Term | Value | ||||||||||||||
Shares | Price | (in years) | $0 | ||||||||||||||
Outstanding, beginning of period | 126,286 | $ | 23.21 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | 0 | 0 | |||||||||||||||
Forfeited | (9,884 | ) | 22.57 | ||||||||||||||
Expired | (18,990 | ) | 27.86 | ||||||||||||||
Outstanding, June 30, 2014 | 97,412 | $ | 22.37 | 2.5 | $ | 0 | |||||||||||
Exercisable, June 30, 2014 | 86,091 | $ | 22.76 | 2.3 | $ | 0 |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of calculations of basic and diluted earnings (loss) per share | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(dollars in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings per common share: | |||||||||||||||||
Net income | $ | 2,098 | $ | 1,812 | $ | 4,085 | $ | 1,676 | |||||||||
Less: | |||||||||||||||||
Preferred stock dividends and accretion of discount | 0 | 320 | 0 | 615 | |||||||||||||
Net income available to common shareholders | $ | 2,098 | $ | 1,492 | $ | 4,085 | $ | 1,061 | |||||||||
Basic earnings per share | $ | 0.4 | $ | 0.29 | $ | 0.78 | $ | 0.2 | |||||||||
Diluted earnings per common share: | |||||||||||||||||
Net income | $ | 2,098 | $ | 1,812 | $ | 4,085 | $ | 1,676 | |||||||||
Less: | |||||||||||||||||
Preferred stock dividends and accretion of discount | 0 | 320 | 0 | 615 | |||||||||||||
Net income available to common shareholders | $ | 2,098 | $ | 1,492 | $ | 4,085 | $ | 1,061 | |||||||||
Average shares outstanding | 5,233,986 | 5,233,986 | 5,233,986 | 5,233,986 | |||||||||||||
Effect of dilutive stock options | 0 | 0 | 0 | 0 | |||||||||||||
Average shares outstanding including dilutive stock options | 5,233,986 | 5,233,986 | 5,233,986 | 5,233,986 | |||||||||||||
Diluted earnings per share | $ | 0.4 | 0.29 | 0.78 | $ | 0.2 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Schedule of assets and liabilities recorded at fair value on a recurring basis | ' | ||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||
in Active | |||||||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||
(in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 68,048 | $ | 0 | $ | 68,048 | $ | 0 | |||||||||||||||||
Asset-backed securities | 114,738 | 0 | 114,738 | 0 | |||||||||||||||||||||
Obligations of states and political subdivisions | 32,867 | 0 | 32,867 | 0 | |||||||||||||||||||||
Mortgage servicing rights | 2,911 | 0 | 0 | 2,911 | |||||||||||||||||||||
Total | $ | 218,564 | $ | 0 | $ | 215,653 | $ | 2,911 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
U.S. Treasury | $ | 1,003 | $ | 1,003 | $ | 0 | $ | 0 | |||||||||||||||||
Government sponsored enterprises | 60,616 | 0 | 60,616 | 0 | |||||||||||||||||||||
Asset-backed securities | 110,373 | 0 | 110,373 | 0 | |||||||||||||||||||||
Obligations of states and political subdivisions | 33,993 | 0 | 33,993 | 0 | |||||||||||||||||||||
Mortgage servicing rights | 3,036 | 0 | 0 | 3,036 | |||||||||||||||||||||
Total | $ | 209,021 | $ | 1,003 | $ | 204,982 | $ | 3,036 | |||||||||||||||||
Summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Significant Unobservable Inputs | |||||||||||||||||||||||||
(Level 3) | |||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||
(in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Balance at beginning of period | $ | 3,040 | $ | 2,689 | $ | 3,036 | $ | 2,549 | |||||||||||||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||||||||
Included in earnings | (201 | ) | 21 | (247 | ) | (37 | ) | ||||||||||||||||||
Included in other comprehensive income | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Purchases | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Sales | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Issues | 72 | 163 | 122 | 361 | |||||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Balance at end of period | $ | 2,911 | $ | 2,873 | $ | 2,911 | $ | 2,873 | |||||||||||||||||
Schedule of quantitative Information about Level 3 Fair Value Measurements | ' | ||||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||||||
Valuation Technique | Unobservable Inputs | Input Value | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Mortgage servicing rights | Â Discounted cash flows | Weighted average constant prepayment rate | 9.69 | % | 16.02 | % | |||||||||||||||||||
Weighted average discount rate | 9.15 | % | 8.05 | % | |||||||||||||||||||||
Weighted average expected life (in years) | 6 | 4.3 | |||||||||||||||||||||||
Schedule of valuation methods for instruments measured at fair value on a nonrecurring basis | ' | ||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Prices | Three | Six | |||||||||||||||||||||||
in Active | Months | Months | |||||||||||||||||||||||
Markets for | Other | Significant | Ended | Ended | |||||||||||||||||||||
Identical | Observable | Unobservable | June 30, | June 30, | |||||||||||||||||||||
Total | Assets | Inputs | Inputs | Total Gains | Total Gains | ||||||||||||||||||||
(in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | (Losses)* | (Losses)* | |||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||
Commercial, financial, & agricultural | $ | 1,412 | $ | 0 | $ | 0 | $ | 1,412 | $ | (19 | ) | $ | (122 | ) | |||||||||||
Real estate construction - residential | 1,749 | 0 | 0 | 1,749 | 0 | (60 | ) | ||||||||||||||||||
Real estate construction - commercial | 39 | 0 | 0 | 39 | (77 | ) | (491 | ) | |||||||||||||||||
Real estate mortgage - residential | 3,698 | 0 | 0 | 3,698 | (44 | ) | (138 | ) | |||||||||||||||||
Real estate mortgage - commercial | 2,973 | 0 | 0 | 2,973 | (704 | ) | (1,069 | ) | |||||||||||||||||
Consumer | 221 | 0 | 0 | 221 | (52 | ) | (70 | ) | |||||||||||||||||
Total | $ | 10,092 | $ | 0 | $ | 0 | $ | 10,092 | $ | (896 | ) | $ | (1,950 | ) | |||||||||||
Other real estate and foreclosed assets | $ | 12,026 | $ | 0 | $ | 0 | $ | 12,026 | $ | (1,499 | ) | $ | (1,530 | ) | |||||||||||
30-Jun-13 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||
Commercial, financial, & agricultural | $ | 1,380 | $ | 0 | $ | 0 | $ | 1,380 | $ | (75 | ) | $ | (85 | ) | |||||||||||
Real estate construction - residential | 1,927 | 0 | 0 | 1,927 | 0 | (119 | ) | ||||||||||||||||||
Real estate construction - commercial | 4,121 | 0 | 0 | 4,121 | 0 | 0 | |||||||||||||||||||
Real estate mortgage - residential | 2,993 | 0 | 0 | 2,993 | (11 | ) | (246 | ) | |||||||||||||||||
Real estate mortgage - commercial | 11,598 | 0 | 0 | 11,598 | 0 | (987 | ) | ||||||||||||||||||
Consumer | 38 | 0 | 0 | 38 | 0 | 0 | |||||||||||||||||||
Total | $ | 22,057 | $ | 0 | $ | 0 | $ | 22,057 | $ | (86 | ) | $ | (1,437 | ) | |||||||||||
Other real estate and foreclosed assets | $ | 23,128 | $ | 0 | $ | 0 | $ | 24,793 | $ | (4,485 | ) | $ | (4,686 | ) | |||||||||||
* Total gains (losses) reported for other real estate and foreclosed assets includes charge-offs, valuation write downs, and net losses taken during the periods reported. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | ' | ||||||||||||||||||||
Summary of the carrying amounts and fair values of financial instruments | ' | ||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||
in Active | Net | ||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||
30-Jun-14 | Identical | Observable | Unobservable | ||||||||||||||||||
Carrying | Fair | Assets | Inputs | Inputs | |||||||||||||||||
(in thousands) | Amount | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 27,065 | $ | 27,065 | $ | 27,065 | $ | 0 | $ | 0 | |||||||||||
Federal funds sold and overnight interest-bearing deposits | 7,175 | 7,175 | 7,175 | 0 | 0 | ||||||||||||||||
Investment in available-for-sale securities | 215,653 | 215,653 | 0 | 215,653 | 0 | ||||||||||||||||
Loans, net | 845,311 | 847,244 | 0 | 0 | 847,244 | ||||||||||||||||
Investment in FHLB stock | 2,315 | 2,315 | 0 | 2,315 | 0 | ||||||||||||||||
Mortgage servicing rights | 2,911 | 2,911 | 0 | 0 | 2,911 | ||||||||||||||||
Cash surrender value - life insurance | 2,251 | 2,251 | 2,251 | 0 | |||||||||||||||||
Accrued interest receivable | 4,751 | 4,751 | 4,751 | 0 | 0 | ||||||||||||||||
$ | 1,107,432 | $ | 1,109,365 | $ | 38,991 | $ | 220,219 | $ | 850,155 | ||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Non-interest bearing demand | $ | 196,171 | $ | 196,171 | $ | 196,171 | $ | 0 | $ | 0 | |||||||||||
Savings, interest checking and money market | 448,836 | 448,836 | 448,836 | 0 | 0 | ||||||||||||||||
Time deposits | 343,443 | 345,485 | 0 | 0 | 345,485 | ||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 22,849 | 22,849 | 22,849 | 0 | 0 | ||||||||||||||||
Subordinated notes | 49,486 | 33,583 | 0 | 33,583 | 0 | ||||||||||||||||
Federal Home Loan Bank advances | 24,000 | 25,081 | 0 | 25,081 | 0 | ||||||||||||||||
Accrued interest payable | 393 | 393 | 393 | 0 | 0 | ||||||||||||||||
$ | 1,085,178 | $ | 1,072,398 | $ | 668,249 | $ | 58,664 | $ | 345,485 | ||||||||||||
  | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||
in Active | Net | ||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||
31-Dec-13 | Identical | Observable | Unobservable | ||||||||||||||||||
Carrying | Fair | Assets | Inputs | Inputs | |||||||||||||||||
(in thousands) | Amount | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 27,079 | $ | 27,079 | $ | 27,079 | $ | 0 | $ | 0 | |||||||||||
Federal funds sold and overnight interest-bearing deposits | 1,360 | 1,360 | 1,360 | 0 | 0 | ||||||||||||||||
Investment in available-for-sale securities | 205,985 | 205,985 | 1,003 | 204,982 | 0 | ||||||||||||||||
Loans, net | 825,828 | 829,223 | 0 | 0 | 829,223 | ||||||||||||||||
Investment in FHLB stock | 2,354 | 2,354 | 0 | 2,354 | 0 | ||||||||||||||||
Mortgage servicing rights | 3,036 | 3,036 | 0 | 0 | 3,036 | ||||||||||||||||
Cash surrender value - life insurance | 2,213 | 2,213 | 2,213 | 0 | |||||||||||||||||
Accrued interest receivable | 4,999 | 4,999 | 4,999 | 0 | 0 | ||||||||||||||||
$ | 1,072,854 | $ | 1,076,249 | $ | 34,441 | $ | 209,549 | $ | 832,259 | ||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Non-interest bearing demand | $ | 187,382 | $ | 187,382 | $ | 187,382 | $ | 0 | $ | 0 | |||||||||||
Savings, interest checking and money market | 419,085 | 419,085 | 419,085 | 0 | 0 | ||||||||||||||||
Time deposits | 350,004 | 352,432 | 0 | 0 | 352,432 | ||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 31,084 | 31,084 | 31,084 | 0 | 0 | ||||||||||||||||
Subordinated notes | 49,486 | 32,048 | 0 | 32,048 | 0 | ||||||||||||||||
Federal Home Loan Bank advances | 24,000 | 25,366 | 0 | 25,366 | 0 | ||||||||||||||||
Accrued interest payable | 426 | 426 | 426 | 0 | 0 | ||||||||||||||||
$ | 1,061,467 | $ | 1,047,823 | $ | 637,977 | $ | 57,414 | $ | 352,432 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of contractual amount of off-balance-sheet financial instruments | ' | ||||||||
June 30, | December 31, | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Commitments to extend credit | $ | 118,986 | $ | 117,880 | |||||
Commitments to originate residential first and second mortgage loans | 4,307 | 1,852 | |||||||
Standby letters of credit | 1,445 | 1,826 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 0 Months Ended |
Jul. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Percentage of special stock dividend paid to shareholders | 4.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details 1) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 11, 2013 | Dec. 19, 2008 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 19, 2008 | 15-May-13 | 9-May-12 | Dec. 19, 2008 |
Common Stock | Preferred Stock | Preferred Stock | Preferred Stock | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued | ' | ' | ' | ' | ' | ' | ' | 30,255 |
Par value of share issued (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $1,000 |
Term of warrants | ' | '10 years | ' | ' | ' | ' | ' | ' |
Number of common shares called per warrant | ' | ' | ' | ' | 287,133 | ' | ' | ' |
Number of shares redeemed | ' | ' | ' | ' | ' | 18,255 | 12,000 | ' |
Repurchase price of warrant | $540 | ' | $0 | $540 | ' | ' | ' | ' |
Repurchase price of warrant (in dollars per share) | $1.88 | ' | ' | ' | ' | ' | ' | ' |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of loans, by major class within Company's loan portfolio | ' | ' |
Total loans | $857,461 | $839,547 |
Commercial, financial, and agricultural | ' | ' |
Summary of loans, by major class within Company's loan portfolio | ' | ' |
Total loans | 136,772 | 133,717 |
Real estate construction - residential | ' | ' |
Summary of loans, by major class within Company's loan portfolio | ' | ' |
Total loans | 23,608 | 21,008 |
Real estate construction - commercial | ' | ' |
Summary of loans, by major class within Company's loan portfolio | ' | ' |
Total loans | 63,298 | 55,076 |
Real estate mortgage - residential | ' | ' |
Summary of loans, by major class within Company's loan portfolio | ' | ' |
Total loans | 233,671 | 225,541 |
Real estate mortgage - commercial | ' | ' |
Summary of loans, by major class within Company's loan portfolio | ' | ' |
Total loans | 381,024 | 382,550 |
Installment and other consumer | ' | ' |
Summary of loans, by major class within Company's loan portfolio | ' | ' |
Total loans | $19,088 | $21,655 |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Summary of the allowance for loan losses | ' | ' | ' | ' |
Balance at beginning of period | $12,845 | $14,545 | $13,719 | $14,842 |
Additions: | ' | ' | ' | ' |
Provision for loan losses | 0 | 1,000 | 0 | 2,000 |
Deductions: | ' | ' | ' | ' |
Loans charged off | 1,025 | 294 | 2,202 | 1,875 |
Less recoveries on loans | -330 | -107 | -633 | -391 |
Net loans charged off | 695 | 187 | 1,569 | 1,484 |
Balance at end of period | 12,150 | 15,358 | 12,150 | 15,358 |
Commercial, Financial, and Agricultural | ' | ' | ' | ' |
Summary of the allowance for loan losses | ' | ' | ' | ' |
Balance at beginning of period | 2,452 | 1,828 | 2,374 | 1,937 |
Additions: | ' | ' | ' | ' |
Provision for loan losses | -566 | 370 | -472 | 279 |
Deductions: | ' | ' | ' | ' |
Loans charged off | 54 | 101 | 186 | 162 |
Less recoveries on loans | -111 | -22 | -227 | -65 |
Net loans charged off | -57 | 79 | -41 | 97 |
Balance at end of period | 1,943 | 2,119 | 1,943 | 2,119 |
Real Estate Construction - Residential | ' | ' | ' | ' |
Summary of the allowance for loan losses | ' | ' | ' | ' |
Balance at beginning of period | 479 | 899 | 931 | 732 |
Additions: | ' | ' | ' | ' |
Provision for loan losses | -65 | 33 | -458 | 320 |
Deductions: | ' | ' | ' | ' |
Loans charged off | 0 | 0 | 60 | 120 |
Less recoveries on loans | -59 | 0 | -60 | 0 |
Net loans charged off | -59 | 0 | 0 | 120 |
Balance at end of period | 473 | 932 | 473 | 932 |
Real Estate Construction - Commercial | ' | ' | ' | ' |
Summary of the allowance for loan losses | ' | ' | ' | ' |
Balance at beginning of period | 550 | 1,811 | 631 | 1,711 |
Additions: | ' | ' | ' | ' |
Provision for loan losses | 145 | 389 | 478 | 489 |
Deductions: | ' | ' | ' | ' |
Loans charged off | 77 | 0 | 491 | 0 |
Less recoveries on loans | 0 | -2 | 0 | -2 |
Net loans charged off | 77 | -2 | 491 | -2 |
Balance at end of period | 618 | 2,202 | 618 | 2,202 |
Real Estate Mortgage - Residential | ' | ' | ' | ' |
Summary of the allowance for loan losses | ' | ' | ' | ' |
Balance at beginning of period | 3,090 | 2,921 | 2,959 | 3,387 |
Additions: | ' | ' | ' | ' |
Provision for loan losses | -624 | -399 | -486 | -588 |
Deductions: | ' | ' | ' | ' |
Loans charged off | 75 | 95 | 194 | 387 |
Less recoveries on loans | -14 | -29 | -126 | -44 |
Net loans charged off | 61 | 66 | 68 | 343 |
Balance at end of period | 2,405 | 2,456 | 2,405 | 2,456 |
Real Estate Mortgage - Commercial | ' | ' | ' | ' |
Summary of the allowance for loan losses | ' | ' | ' | ' |
Balance at beginning of period | 6,019 | 6,840 | 6,523 | 6,834 |
Additions: | ' | ' | ' | ' |
Provision for loan losses | 1,037 | 591 | 885 | 1,436 |
Deductions: | ' | ' | ' | ' |
Loans charged off | 705 | 28 | 1,073 | 1,027 |
Less recoveries on loans | -77 | -12 | -93 | -172 |
Net loans charged off | 628 | 16 | 980 | 855 |
Balance at end of period | 6,428 | 7,415 | 6,428 | 7,415 |
Installment Loans to Individuals | ' | ' | ' | ' |
Summary of the allowance for loan losses | ' | ' | ' | ' |
Balance at beginning of period | 255 | 243 | 294 | 239 |
Additions: | ' | ' | ' | ' |
Provision for loan losses | 64 | 18 | 51 | 65 |
Deductions: | ' | ' | ' | ' |
Loans charged off | 114 | 70 | 198 | 179 |
Less recoveries on loans | -69 | -42 | -127 | -108 |
Net loans charged off | 45 | 28 | 71 | 71 |
Balance at end of period | 274 | 233 | 274 | 233 |
Unallocated | ' | ' | ' | ' |
Summary of the allowance for loan losses | ' | ' | ' | ' |
Balance at beginning of period | 0 | 3 | 7 | 2 |
Additions: | ' | ' | ' | ' |
Provision for loan losses | 9 | -2 | 2 | -1 |
Deductions: | ' | ' | ' | ' |
Loans charged off | 0 | 0 | 0 | 0 |
Less recoveries on loans | 0 | 0 | 0 | 0 |
Net loans charged off | 0 | 0 | 0 | 0 |
Balance at end of period | $9 | $1 | $9 | $1 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses (Details 2) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | $4,306 | ' | $4,796 | ' | ' | ' |
Collectively evaluated for impairment | 7,844 | ' | 8,923 | ' | ' | ' |
Total | 12,150 | 12,845 | 13,719 | 15,358 | 14,545 | 14,842 |
Loans outstanding: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 36,799 | ' | 34,816 | ' | ' | ' |
Collectively evaluated for impairment | 820,662 | ' | 804,731 | ' | ' | ' |
Total | 857,461 | ' | 839,547 | ' | ' | ' |
Commercial, Financial, and Agricultural | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 656 | ' | 721 | ' | ' | ' |
Collectively evaluated for impairment | 1,287 | ' | 1,653 | ' | ' | ' |
Total | 1,943 | 2,452 | 2,374 | 2,119 | 1,828 | 1,937 |
Loans outstanding: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 4,500 | ' | 4,015 | ' | ' | ' |
Collectively evaluated for impairment | 132,272 | ' | 129,702 | ' | ' | ' |
Total | 136,772 | ' | 133,717 | ' | ' | ' |
Real Estate Construction - Residential | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 316 | ' | 392 | ' | ' | ' |
Collectively evaluated for impairment | 157 | ' | 539 | ' | ' | ' |
Total | 473 | 479 | 931 | 932 | 899 | 732 |
Loans outstanding: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 2,088 | ' | 2,204 | ' | ' | ' |
Collectively evaluated for impairment | 21,520 | ' | 18,804 | ' | ' | ' |
Total | 23,608 | ' | 21,008 | ' | ' | ' |
Real Estate Construction - Commercial | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 21 | ' | 304 | ' | ' | ' |
Collectively evaluated for impairment | 597 | ' | 327 | ' | ' | ' |
Total | 618 | 550 | 631 | 2,202 | 1,811 | 1,711 |
Loans outstanding: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 5,832 | ' | 6,615 | ' | ' | ' |
Collectively evaluated for impairment | 57,466 | ' | 48,461 | ' | ' | ' |
Total | 63,298 | ' | 55,076 | ' | ' | ' |
Real Estate Mortgage - Residential | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 1,353 | ' | 1,374 | ' | ' | ' |
Collectively evaluated for impairment | 1,052 | ' | 1,585 | ' | ' | ' |
Total | 2,405 | 3,090 | 2,959 | 2,456 | 2,921 | 3,387 |
Loans outstanding: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 7,875 | ' | 6,517 | ' | ' | ' |
Collectively evaluated for impairment | 225,796 | ' | 219,024 | ' | ' | ' |
Total | 233,671 | ' | 225,541 | ' | ' | ' |
Real Estate Mortgage - Commercial | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 1,894 | ' | 1,989 | ' | ' | ' |
Collectively evaluated for impairment | 4,534 | ' | 4,534 | ' | ' | ' |
Total | 6,428 | 6,019 | 6,523 | 7,415 | 6,840 | 6,834 |
Loans outstanding: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 16,217 | ' | 15,422 | ' | ' | ' |
Collectively evaluated for impairment | 364,807 | ' | 367,128 | ' | ' | ' |
Total | 381,024 | ' | 382,550 | ' | ' | ' |
Installment Loans to Individuals | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 66 | ' | 16 | ' | ' | ' |
Collectively evaluated for impairment | 208 | ' | 278 | ' | ' | ' |
Total | 274 | 255 | 294 | 233 | 243 | 239 |
Loans outstanding: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 287 | ' | 43 | ' | ' | ' |
Collectively evaluated for impairment | 18,801 | ' | 21,612 | ' | ' | ' |
Total | 19,088 | ' | 21,655 | ' | ' | ' |
Unallocated | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Collectively evaluated for impairment | 9 | ' | 7 | ' | ' | ' |
Total | 9 | 0 | 7 | 1 | 3 | 2 |
Loans outstanding: | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Collectively evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Total | $0 | ' | $0 | ' | ' | ' |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Categories of impaired loans | ' | ' |
Non-accrual loans | $25,685 | $23,680 |
Troubled debt restructurings continuing to accrue interest | 11,114 | 11,395 |
Total impaired loans | $36,799 | $35,075 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses (Details 4) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | $22,401 | $18,809 | ' |
Unpaid Principal Balance, With no related allowance recorded | 24,993 | 20,813 | ' |
Recorded Investment, With an allowance recorded | 14,398 | 16,266 | 27,900 |
Unpaid Principal Balance, With an allowance recorded | 15,025 | 16,992 | ' |
Specific Reserves, With an allowance recorded | 4,306 | 4,796 | 5,900 |
Total impaired loans, Recorded Investment | 36,799 | 35,075 | ' |
Total impaired loans, Unpaid Principal Balance | 40,018 | 37,805 | ' |
Commercial, financial, and agricultural | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 2,432 | 2,467 | ' |
Unpaid Principal Balance, With no related allowance recorded | 2,557 | 2,593 | ' |
Recorded Investment, With an allowance recorded | 2,068 | 1,548 | ' |
Unpaid Principal Balance, With an allowance recorded | 2,124 | 1,607 | ' |
Specific Reserves, With an allowance recorded | 656 | 721 | ' |
Real estate - construction residential | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 23 | 44 | ' |
Unpaid Principal Balance, With no related allowance recorded | 57 | 80 | ' |
Recorded Investment, With an allowance recorded | 2,065 | 2,160 | ' |
Unpaid Principal Balance, With an allowance recorded | 2,260 | 2,331 | ' |
Specific Reserves, With an allowance recorded | 316 | 392 | ' |
Real estate - construction commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 5,772 | 6,101 | ' |
Unpaid Principal Balance, With no related allowance recorded | 6,524 | 7,148 | ' |
Recorded Investment, With an allowance recorded | 60 | 514 | ' |
Unpaid Principal Balance, With an allowance recorded | 62 | 514 | ' |
Specific Reserves, With an allowance recorded | 21 | 304 | ' |
Real estate - residential | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 2,824 | 2,121 | ' |
Unpaid Principal Balance, With no related allowance recorded | 3,242 | 2,654 | ' |
Recorded Investment, With an allowance recorded | 5,051 | 4,396 | ' |
Unpaid Principal Balance, With an allowance recorded | 5,196 | 4,570 | ' |
Specific Reserves, With an allowance recorded | 1,353 | 1,374 | ' |
Real estate - commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 11,350 | 7,817 | ' |
Unpaid Principal Balance, With no related allowance recorded | 12,613 | 8,056 | ' |
Recorded Investment, With an allowance recorded | 4,867 | 7,605 | ' |
Unpaid Principal Balance, With an allowance recorded | 5,062 | 7,925 | ' |
Specific Reserves, With an allowance recorded | 1,894 | 1,989 | ' |
Consumer | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | ' | 259 | ' |
Unpaid Principal Balance, With no related allowance recorded | ' | 282 | ' |
Recorded Investment, With an allowance recorded | 287 | 43 | ' |
Unpaid Principal Balance, With an allowance recorded | 321 | 45 | ' |
Specific Reserves, With an allowance recorded | $66 | $16 | ' |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses (Details 5) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Average Recorded Investment | ' | ' | ' | ' |
With no related allowance recorded | $25,318 | $11,837 | $24,832 | $12,026 |
With an allowance recorded | 14,862 | 30,160 | 14,997 | 30,784 |
Total impaired loans | 40,180 | 41,997 | 39,829 | 42,810 |
Interest Recognized For the Period Ended | ' | ' | ' | ' |
With no related allowance recorded | 140 | 52 | 233 | 107 |
With an allowance recorded | 32 | 82 | 80 | 167 |
Total impaired loans | 172 | 134 | 313 | 274 |
Commercial, financial, and agricultural | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
With no related allowance recorded | 2,663 | 2,434 | 2,579 | 2,449 |
With an allowance recorded | 2,103 | 2,042 | 2,222 | 2,049 |
Interest Recognized For the Period Ended | ' | ' | ' | ' |
With no related allowance recorded | 26 | 23 | 47 | 47 |
With an allowance recorded | 7 | 20 | 15 | 32 |
Real estate - construction residential | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
With no related allowance recorded | 64 | 216 | 90 | 293 |
With an allowance recorded | 2,260 | 2,273 | 2,265 | 2,273 |
Interest Recognized For the Period Ended | ' | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 0 | 0 |
With an allowance recorded | 0 | 0 | 0 | 0 |
Real estate - construction commercial | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
With no related allowance recorded | 6,688 | 3,227 | 6,844 | 3,242 |
With an allowance recorded | 62 | 5,327 | 84 | 5,558 |
Interest Recognized For the Period Ended | ' | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 0 | 1 |
With an allowance recorded | 0 | 0 | 0 | 0 |
Real estate - residential | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
With no related allowance recorded | 3,281 | 2,084 | 3,091 | 2,087 |
With an allowance recorded | 5,215 | 4,331 | 5,347 | 4,354 |
Interest Recognized For the Period Ended | ' | ' | ' | ' |
With no related allowance recorded | 8 | 0 | 14 | 0 |
With an allowance recorded | 25 | 16 | 65 | 39 |
Real estate - commercial | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
With no related allowance recorded | 12,614 | 3,628 | 12,212 | 3,701 |
With an allowance recorded | 4,904 | 16,143 | 4,749 | 16,506 |
Interest Recognized For the Period Ended | ' | ' | ' | ' |
With no related allowance recorded | 106 | 28 | 172 | 57 |
With an allowance recorded | 0 | 46 | 0 | 96 |
Consumer | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
With no related allowance recorded | 8 | 248 | 16 | 254 |
With an allowance recorded | 318 | 44 | 330 | 44 |
Interest Recognized For the Period Ended | ' | ' | ' | ' |
With no related allowance recorded | 0 | 1 | 0 | 2 |
With an allowance recorded | $0 | $0 | $0 | $0 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses (Details 6) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Aging information for the Company's past due and non-accrual loans | ' | ' |
Current or Less Than 30 Days Past Due | $825,850 | $808,937 |
30 - 89 Days Past Due | 5,370 | 6,687 |
90 Days Past Due And Still Accruing | 556 | 243 |
Non-Accrual | 25,685 | 23,680 |
Total | 857,461 | 839,547 |
Commercial, Financial, and Agricultural | ' | ' |
Aging information for the Company's past due and non-accrual loans | ' | ' |
Current or Less Than 30 Days Past Due | 133,981 | 131,091 |
30 - 89 Days Past Due | 440 | 942 |
90 Days Past Due And Still Accruing | 79 | 0 |
Non-Accrual | 2,272 | 1,684 |
Total | 136,772 | 133,717 |
Real Estate Construction - Residential | ' | ' |
Aging information for the Company's past due and non-accrual loans | ' | ' |
Current or Less Than 30 Days Past Due | 21,015 | 18,738 |
30 - 89 Days Past Due | 439 | 66 |
90 Days Past Due And Still Accruing | 66 | 0 |
Non-Accrual | 2,088 | 2,204 |
Total | 23,608 | 21,008 |
Real Estate Construction - Commercial | ' | ' |
Aging information for the Company's past due and non-accrual loans | ' | ' |
Current or Less Than 30 Days Past Due | 57,327 | 48,230 |
30 - 89 Days Past Due | 83 | 595 |
90 Days Past Due And Still Accruing | 56 | 0 |
Non-Accrual | 5,832 | 6,251 |
Total | 63,298 | 55,076 |
Real Estate Mortgage - Residential | ' | ' |
Aging information for the Company's past due and non-accrual loans | ' | ' |
Current or Less Than 30 Days Past Due | 226,321 | 217,179 |
30 - 89 Days Past Due | 2,606 | 4,068 |
90 Days Past Due And Still Accruing | 355 | 129 |
Non-Accrual | 4,389 | 4,165 |
Total | 233,671 | 225,541 |
Real Estate Mortgage - Commercial | ' | ' |
Aging information for the Company's past due and non-accrual loans | ' | ' |
Current or Less Than 30 Days Past Due | 368,599 | 372,651 |
30 - 89 Days Past Due | 1,608 | 725 |
90 Days Past Due And Still Accruing | 0 | 100 |
Non-Accrual | 10,817 | 9,074 |
Total | 381,024 | 382,550 |
Installment and other consumer | ' | ' |
Aging information for the Company's past due and non-accrual loans | ' | ' |
Current or Less Than 30 Days Past Due | 18,607 | 21,048 |
30 - 89 Days Past Due | 194 | 291 |
90 Days Past Due And Still Accruing | 0 | 14 |
Non-Accrual | 287 | 302 |
Total | $19,088 | $21,655 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses (Details 7) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | $857,461 | $839,547 |
Watch | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 74,493 | 73,515 |
Substandard | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 26,927 | 32,418 |
Non-accrual | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 25,685 | 23,680 |
Total Watch, Substandard, and Non-Accrual Loans | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 127,105 | 129,613 |
Commercial, Financial, and Agricultural | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 136,772 | 133,717 |
Commercial, Financial, and Agricultural | Watch | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 17,633 | 15,016 |
Commercial, Financial, and Agricultural | Substandard | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 5,546 | 7,553 |
Commercial, Financial, and Agricultural | Non-accrual | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 2,272 | 1,684 |
Commercial, Financial, and Agricultural | Total Watch, Substandard, and Non-Accrual Loans | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 25,451 | 24,253 |
Real Estate Construction - Residential | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 23,608 | 21,008 |
Real Estate Construction - Residential | Watch | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 1,178 | 2,007 |
Real Estate Construction - Residential | Substandard | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 91 | 92 |
Real Estate Construction - Residential | Non-accrual | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 2,088 | 2,204 |
Real Estate Construction - Residential | Total Watch, Substandard, and Non-Accrual Loans | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 3,357 | 4,303 |
Real Estate Construction - Commercial | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 63,298 | 55,076 |
Real Estate Construction - Commercial | Watch | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 5,437 | 6,111 |
Real Estate Construction - Commercial | Substandard | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 1,020 | 1,403 |
Real Estate Construction - Commercial | Non-accrual | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 5,832 | 6,251 |
Real Estate Construction - Commercial | Total Watch, Substandard, and Non-Accrual Loans | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 12,289 | 13,765 |
Real Estate Mortgage - Residential | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 233,671 | 225,541 |
Real Estate Mortgage - Residential | Watch | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 27,151 | 26,331 |
Real Estate Mortgage - Residential | Substandard | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 9,226 | 8,579 |
Real Estate Mortgage - Residential | Non-accrual | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 4,389 | 4,165 |
Real Estate Mortgage - Residential | Total Watch, Substandard, and Non-Accrual Loans | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 40,766 | 39,075 |
Real Estate Mortgage - Commercial | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 381,024 | 382,550 |
Real Estate Mortgage - Commercial | Watch | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 22,844 | 23,662 |
Real Estate Mortgage - Commercial | Substandard | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 10,850 | 14,510 |
Real Estate Mortgage - Commercial | Non-accrual | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 10,817 | 9,074 |
Real Estate Mortgage - Commercial | Total Watch, Substandard, and Non-Accrual Loans | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 44,511 | 47,246 |
Installment and other Consumer | Watch | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 250 | 388 |
Installment and other Consumer | Substandard | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 194 | 281 |
Installment and other Consumer | Non-accrual | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | 287 | 302 |
Installment and other Consumer | Total Watch, Substandard, and Non-Accrual Loans | ' | ' |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ' | ' |
Financing receivable | $731 | $971 |
Recovered_Sheet1
Loans and Allowance for Loan Losses (Details 8) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Contract | Contract | Contract | Contract | |||||
Loans that were modified as TDRs | ' | ' | ' | ' | ||||
Number of Contracts | 1 | [1] | 0 | [1] | 4 | [1] | 1 | [1] |
Pre- Modification | $72 | [1] | $0 | [1] | $1,500 | [1] | $619 | [1] |
Post- Modification | 72 | [1] | 0 | [1] | 1,429 | [1] | 619 | [1] |
Commercial, financial, and agricultural | ' | ' | ' | ' | ||||
Loans that were modified as TDRs | ' | ' | ' | ' | ||||
Number of Contracts | 1 | [1] | 0 | [1] | 3 | [1] | 0 | [1] |
Pre- Modification | 72 | [1] | 0 | [1] | 244 | [1] | 0 | [1] |
Post- Modification | 72 | [1] | 0 | [1] | 244 | [1] | 0 | [1] |
Real estate mortgage - residential | ' | ' | ' | ' | ||||
Loans that were modified as TDRs | ' | ' | ' | ' | ||||
Number of Contracts | ' | ' | 1 | [1] | 1 | [1] | ||
Pre- Modification | ' | ' | 1,256 | [1] | 619 | [1] | ||
Post- Modification | ' | ' | $1,185 | [1] | $619 | [1] | ||
[1] | The amounts reported post-modification are inclusive of all partial pay-downs and charge-offs, and no portion of the debt was forgiven. Loans modified as a TDR that were fully paid down, charged-off or foreclosed upon during the period ended are not reported. |
Recovered_Sheet2
Loans and Allowance for Loan Losses (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||||
Contract | Contract | Contract | Contract | ||||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Impaired loans individually evaluated for impairment | $36,799,000 | ' | $36,799,000 | ' | $34,816,000 | ||||
Percentage of impaired loans for which no reserve allocation required | 61.00% | ' | 61.00% | ' | 54.00% | ||||
Impaired loans were evaluated based on the fair value of the loan's collateral | 12,500,000 | ' | 12,500,000 | ' | 21,800,000 | ||||
Carrying amount of loans pledged as collateral to the Federal Home Loan Bank | 385,400,000 | ' | 385,400,000 | ' | ' | ||||
Specific allowance related to impaired loans | 4,306,000 | 5,900,000 | 4,306,000 | 5,900,000 | 4,796,000 | ||||
Impaired loans with no reserve allocation | 22,401,000 | ' | 22,401,000 | ' | 18,809,000 | ||||
Contractual interest lost on nonaccrual loans | 304,000 | 297,000 | 594,000 | 660,000 | ' | ||||
Interest income on impaired loans continuing to accrue interest | 172,000 | 134,000 | 313,000 | 274,000 | ' | ||||
Troubled debt restructurings | 21,400,000 | ' | 21,400,000 | ' | 21,500,000 | ||||
Troubled debt restructurings, non-accrual status | 10,300,000 | ' | 10,300,000 | ' | 10,100,000 | ||||
Troubled debt restructurings, accrual status | 11,114,000 | ' | 11,114,000 | ' | 11,395,000 | ||||
Amount of specific reserves related to TDRs which were allocated to the allowance for loan losses | 1,600,000 | ' | 1,600,000 | ' | 2,200,000 | ||||
Number of contracts modified | 1 | [1] | 0 | [1] | 4 | [1] | 1 | [1] | ' |
Consumer | ' | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ||||
Non-accrual loans that were collectively evaluated for impairment | ' | ' | ' | ' | 259,000 | ||||
Specific allowance related to impaired loans | 66,000 | ' | 66,000 | ' | 16,000 | ||||
Impaired loans with no reserve allocation | ' | ' | ' | ' | $259,000 | ||||
[1] | The amounts reported post-modification are inclusive of all partial pay-downs and charge-offs, and no portion of the debt was forgiven. Loans modified as a TDR that were fully paid down, charged-off or foreclosed upon during the period ended are not reported. |
Other_Real_Estate_and_Foreclos2
Other Real Estate and Foreclosed Assets (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Summary of real estate and other assets acquired in settlement of loans | ' | ' | ' | ' | ' | ' |
Foreclosed assets | $9 | ' | $41 | ' | ' | ' |
Total | 15,231 | 18,696 | 19,542 | 21,977 | 31,472 | 29,729 |
Less valuation allowance for other real estate owned | -3,205 | -4,642 | -4,675 | -3,999 | -8,344 | -6,137 |
Total other real estate and foreclosed assets | 12,026 | ' | 14,867 | 17,978 | ' | ' |
Real estate construction - residential | ' | ' | ' | ' | ' | ' |
Summary of real estate and other assets acquired in settlement of loans | ' | ' | ' | ' | ' | ' |
Real estate acquired through foreclosure | 17 | ' | 114 | ' | ' | ' |
Real estate construction - commercial | ' | ' | ' | ' | ' | ' |
Summary of real estate and other assets acquired in settlement of loans | ' | ' | ' | ' | ' | ' |
Real estate acquired through foreclosure | 9,866 | ' | 10,020 | ' | ' | ' |
Real estate mortgage - residential | ' | ' | ' | ' | ' | ' |
Summary of real estate and other assets acquired in settlement of loans | ' | ' | ' | ' | ' | ' |
Real estate acquired through foreclosure | 281 | ' | 830 | ' | ' | ' |
Real estate mortgage - commercial | ' | ' | ' | ' | ' | ' |
Summary of real estate and other assets acquired in settlement of loans | ' | ' | ' | ' | ' | ' |
Real estate acquired through foreclosure | $5,058 | ' | $8,537 | ' | ' | ' |
Other_Real_Estate_and_Foreclos3
Other Real Estate and Foreclosed Assets (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Schedule of real estate acquired in settlement of loans | ' | ' | ' | ' | ' |
Balance at beginning of period | $18,696 | $31,472 | $19,542 | $29,729 | ' |
Additions | 46 | 500 | 305 | 2,970 | ' |
Proceeds from sales | -2,030 | -5,629 | -3,124 | -6,233 | ' |
Charge-offs against the valuation allowance for other real estate owned | -1,488 | -4,187 | -1,644 | -4,323 | ' |
Foreclosed assets impairment write-downs | 0 | -200 | 0 | -200 | ' |
Net gain on sales | 7 | 21 | 152 | 34 | ' |
Total other real estate and foreclosed assets | 15,231 | 21,977 | 15,231 | 21,977 | ' |
Less valuation allowance for other real estate owned | -3,205 | -3,999 | -3,205 | -3,999 | ' |
Balance at end of period | $12,026 | $17,978 | $12,026 | $17,978 | $14,867 |
Other_Real_Estate_and_Foreclos4
Other Real Estate and Foreclosed Assets (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Summary of activity in valuation allowance for other real estate owned in settlement of loans | ' | ' | ' | ' |
Balance, beginning of period | $4,642 | $8,344 | $4,675 | $6,137 |
Provision for other real estate owned | 51 | -158 | 174 | 2,185 |
Charge-offs | -1,488 | -4,187 | -1,644 | -4,323 |
Balance, end of period | $3,205 | $3,999 | $3,205 | $3,999 |
Other_Real_Estate_and_Foreclos5
Other Real Estate and Foreclosed Assets (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Other Real Estate [Abstract] | ' | ' | ' | ' |
Repossessed assets impairment write-downs | $66,000 | $162,000 | $228,000 | $374,000 |
Investment_Securities_Details
Investment Securities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized cost and fair value of debt securities | ' | ' |
Amortized Cost | $215,591 | $208,390 |
Gross Unrealized Gains | 2,057 | 1,765 |
Gross Unrealized Losses | 1,995 | 4,170 |
Fair value, Total | 215,653 | 205,985 |
U.S. Treasury | ' | ' |
Amortized cost and fair value of debt securities | ' | ' |
Amortized Cost | ' | 1,000 |
Gross Unrealized Gains | ' | 3 |
Gross Unrealized Losses | ' | 0 |
Fair value, Total | ' | 1,003 |
Government sponsored enterprises | ' | ' |
Amortized cost and fair value of debt securities | ' | ' |
Amortized Cost | 67,943 | 61,006 |
Gross Unrealized Gains | 352 | 377 |
Gross Unrealized Losses | 247 | 767 |
Fair value, Total | 68,048 | 60,616 |
Asset-backed securities | ' | ' |
Amortized cost and fair value of debt securities | ' | ' |
Amortized Cost | 115,389 | 112,747 |
Gross Unrealized Gains | 1,026 | 817 |
Gross Unrealized Losses | 1,677 | 3,191 |
Fair value, Total | 114,738 | 110,373 |
Obligations of states and political subdivisions | ' | ' |
Amortized cost and fair value of debt securities | ' | ' |
Amortized Cost | 32,259 | 33,637 |
Gross Unrealized Gains | 679 | 568 |
Gross Unrealized Losses | 71 | 212 |
Fair value, Total | $32,867 | $33,993 |
Investment_Securities_Details_
Investment Securities (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Due in one year or less | $4,673 | ' |
Due after one year through five years | 53,518 | ' |
Due after five year through ten years | 40,716 | ' |
Due after ten years | 1,295 | ' |
Total | 100,202 | ' |
Asset-backed securities | 115,389 | ' |
Total available for sale securities | 215,591 | ' |
Fair Value | ' | ' |
Due in one year or less | 4,720 | ' |
Due after one year through five years | 54,053 | ' |
Due after five year through ten years | 40,878 | ' |
Due after ten years | 1,264 | ' |
Total | 100,915 | ' |
Asset-backed securities | 114,738 | ' |
Fair value, Total | $215,653 | $205,985 |
Investment_Securities_Details_1
Investment Securities (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value | ' | ' |
Less than 12 months | $18,601 | $108,726 |
12 months or more | 78,228 | 6,391 |
Total | 96,829 | 115,117 |
Unrealized Losses | ' | ' |
Less than 12 months | -100 | -3,866 |
12 months or more | -1,895 | -304 |
Total | -1,995 | -4,170 |
Government sponsored enterprises | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 3,473 | 25,771 |
12 months or more | 24,280 | 0 |
Total | 27,753 | 25,771 |
Unrealized Losses | ' | ' |
Less than 12 months | -13 | -767 |
12 months or more | -234 | 0 |
Total | -247 | -767 |
Asset-backed securities | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 12,035 | 76,048 |
12 months or more | 50,745 | 5,941 |
Total | 62,780 | 81,989 |
Unrealized Losses | ' | ' |
Less than 12 months | -74 | -2,940 |
12 months or more | -1,603 | -251 |
Total | -1,677 | -3,191 |
Obligations of states and political subdivisions | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 3,093 | 6,907 |
12 months or more | 3,203 | 450 |
Total | 6,296 | 7,357 |
Unrealized Losses | ' | ' |
Less than 12 months | -13 | -159 |
12 months or more | -58 | -53 |
Total | ($71) | ($212) |
Investment_Securities_Details_2
Investment Securities (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments Debt And Equity Securities Abstract | ' | ' | ' | ' |
Gains realized on sales | $0 | $260 | $0 | $554 |
Losses realized on sales | 0 | 0 | 0 | 0 |
Other-than-temporary impairment recognized | 0 | 0 | 0 | 0 |
Investment securities gains | $0 | $260 | $0 | $554 |
Investment_Securities_Detail_T
Investment Securities (Detail Textuals) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Security | Security | |
Investments Debt And Equity Securities Abstract | ' | ' |
Available-for-sale Securities, Restricted | $4,000,000 | $4,000,000 |
Pledged Financial Instruments, Not Separately Reported, Securities | 186,900,000 | 145,800,000 |
Number of securities consisted in portfolio | 302 | 348 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 86 | 96 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 96,800,000 | 115,100,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 78,228,000 | 6,391,000 |
Available for Sale Equity Securities Accumulated Gross Unrealized Loss before Tax | $1,995,000 | $4,170,000 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
Core Deposit Intangible Asset | Core Deposit Intangible Asset | |||
Changes in the net carrying amount of core deposit intangible assets | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | $34 | $135 |
Additions | ' | ' | 0 | 0 |
Amortization | 0 | -135 | -34 | -135 |
Balance at end of period | ' | ' | $0 | $0 |
Intangible_Assets_Details_1
Intangible Assets (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
In Thousands, unless otherwise specified | Mortgage Service Rights | Mortgage Service Rights | Mortgage Service Rights | Mortgage Service Rights | ||||||
Changes in mortgage servicing rights | ' | ' | ' | ' | ' | ' | ||||
Balance at beginning of period | $2,911 | $3,036 | $3,040 | $2,689 | $3,036 | $2,549 | ||||
Originated mortgage servicing rights | ' | ' | 72 | 163 | 122 | 361 | ||||
Changes in fair value: | ' | ' | ' | ' | ' | ' | ||||
Due to change in model inputs and assumptions | ' | ' | -36 | [1] | 229 | [1] | 70 | [1] | 382 | [1] |
Other changes in fair value | ' | ' | -165 | [2] | -208 | [2] | -317 | [2] | -419 | [2] |
Balance at end of period | $2,911 | $3,036 | $2,911 | $2,873 | $2,911 | $2,873 | ||||
[1] | The change in fair value resulting from changes in valuation inputs or assumptions used in the valuation model reflects the change in discount rates and prepayment speed assumptions primarily due to changes in interest rates. | |||||||||
[2] | Other changes in fair value reflect changes due to customer payments and passage of time. |
Intangible_Assets_Details_2
Intangible Assets (Details 2) (Mortgage Service Rights) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Mortgage Service Rights | ' | ' |
Assumptions used in estimating the fair value of mortgage service rights | ' | ' |
Weighted average constant prepayment rate (as a percent) | 9.69% | 16.02% |
Weighted average note rate (as a percent) | 4.00% | 4.04% |
Weighted average discount rate (as a percent) | 9.15% | 8.05% |
Weighted average expected life (in years) | '6 years | '4 years 3 months 18 days |
Intangible_Assets_Detail_Textu
Intangible Assets (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Mortgage Servicing Rights | ' | ' | ' | ' | ' |
Gross Carrying Amount | ' | ' | ' | ' | $4,800,000 |
Mortgage Service Rights | ' | ' | ' | ' | ' |
Mortgage Servicing Rights | ' | ' | ' | ' | ' |
Mortgage loans serviced for others | 315,300,000 | 323,200,000 | 315,300,000 | 323,200,000 | 322,500,000 |
Mortgage loan servicing fees reported as other non-interest income | $223,000 | $243,000 | $446,000 | $459,000 | ' |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate continuing operation (as a percent) | 34.80% | 30.90% | 34.70% | 30.90% |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | Unrealized Gain on Securities | Unrecognized Net Pension and Postretirement Costs | Total | ||
In Thousands, unless otherwise specified | |||||
Balance at the beginning at Dec. 31, 2012 | $3,265 | ($1,440) | $1,825 | ||
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ||
Other comprehensive (loss) income, before reclassifications | -5,347 | [1] | 0 | [2] | -5,347 |
Amounts reclassified from accumulated other comprehensive income | -554 | [1] | 54 | [2] | -500 |
Current period other comprehensive (loss) income, before tax | -5,901 | [1] | 54 | [2] | -5,847 |
Income tax benefit (expense) | 2,296 | [1] | -21 | [2] | 2,275 |
Total other comprehensive income (loss) | -3,605 | [1] | 33 | [2] | -3,572 |
Balance at the end at Jun. 30, 2013 | -340 | -1,407 | -1,747 | ||
Balance at the beginning at Dec. 31, 2013 | -1,491 | 722 | -769 | ||
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ||
Other comprehensive (loss) income, before reclassifications | 2,468 | [1] | 0 | [2] | 2,468 |
Amounts reclassified from accumulated other comprehensive income | 0 | [1] | 39 | [2] | 39 |
Current period other comprehensive (loss) income, before tax | 2,468 | [1] | 39 | [2] | 2,507 |
Income tax benefit (expense) | -938 | [1] | -15 | [2] | -953 |
Total other comprehensive income (loss) | 1,530 | [1] | 24 | [2] | 1,554 |
Balance at the end at Jun. 30, 2014 | $39 | $746 | $785 | ||
[1] | The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in gain on sale of investment securities in the consolidated statements of income. | ||||
[2] | The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in the computation of net periodic pension cost. |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Summary of employee benefits charged to operating expenses | ' | ' | ' | ' |
Payroll taxes | $275 | $262 | $568 | $566 |
Medical plans | 484 | 469 | 1,002 | 960 |
401k match and profit sharing | 176 | 115 | 329 | 190 |
Pension plan | 236 | 286 | 472 | 572 |
Other | 28 | 33 | 39 | 80 |
Total employee benefits | $1,199 | $1,165 | $2,410 | $2,368 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Components of net pension cost | ' | ' | ' | ' |
Pension expense | $236 | $286 | $472 | $572 |
Pension | ' | ' | ' | ' |
Components of net pension cost | ' | ' | ' | ' |
Service cost - benefits earned during the year | ' | ' | ' | 1,174 |
Interest costs on projected benefit obligations | ' | ' | ' | 646 |
Expected return on plan assets | ' | ' | ' | -797 |
Expected administrative expenses | ' | ' | ' | 40 |
Amortization of prior service cost | ' | ' | ' | 79 |
Amortization of unrecognized net loss | ' | ' | ' | 31 |
Net periodic pension expense | ' | ' | ' | 1,173 |
Pension expense | 236 | 286 | 472 | 572 |
Pension | Estimated | ' | ' | ' | ' |
Components of net pension cost | ' | ' | ' | ' |
Service cost - benefits earned during the year | ' | ' | 981 | ' |
Interest costs on projected benefit obligations | ' | ' | 732 | ' |
Expected return on plan assets | ' | ' | -887 | ' |
Expected administrative expenses | ' | ' | 40 | ' |
Amortization of prior service cost | ' | ' | 79 | ' |
Amortization of unrecognized net loss | ' | ' | 0 | ' |
Net periodic pension expense | ' | ' | $945 | ' |
Employee_Benefit_Plans_Detail_
Employee Benefit Plans (Detail Textuals) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Defined Benefit Plan Disclosure | ' |
Employer match (as a percent) | 3.00% |
Defined benefit plan contributions by employer percent | 6.00% |
Pension | ' |
Defined Benefit Plan Disclosure | ' |
Contribution to the defined benefit plan for the current plan year | 172,000 |
Minimum required contribution for the 2014 plan year | 1,300,000 |
Stock_Compensation_Details
Stock Compensation (Details) (USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
Number of shares | ' |
Outstanding at the beginning of period (in shares) | 126,286 |
Granted (in shares) | 0 |
Exercised (in shares) | 0 |
Forfeited (in shares) | -9,884 |
Expired (in shares) | -18,990 |
Outstanding at the end of period (in shares) | 97,412 |
Exercisable at the end of period (in shares) | 86,091 |
Weighted average exercise price | ' |
Outstanding at the beginning of period (in dollars per share) | $23.21 |
Granted (in dollars per share) | $0 |
Exercised (in dollars per share) | $0 |
Forfeited (in dollars per share) | $22.57 |
Expired (in dollars per share) | $27.86 |
Outstanding at the end of period (in dollars per share) | $22.37 |
Exercisable at the end of period (in dollars per share) | $22.76 |
Weighted Average Contractual Term (in years) | ' |
Outstanding at the end of period | '2 years 6 months |
Exercisable at the end of period | '2 years 3 months 18 days |
Aggregate Intrinsic Value | ' |
Outstanding at the end of period | $0 |
Exercisable at the end of period | $0 |
Stock_Compensation_Detail_Text
Stock Compensation (Detail Textuals) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock compensation | ' | ' | ' | ' | ' |
Grant of options to purchase (in shares) | ' | 569,392 | ' | 569,392 | ' |
Stock dividend (as a percent) | 4.00% | ' | ' | ' | ' |
Stock based compensation expense | ' | $5,000 | $5,000 | $10,000 | $7,000 |
Total unrecognized compensation expense related to non-vested stock awards | ' | $40,000 | ' | $40,000 | ' |
Weighted average period is expected to be recognized | ' | ' | ' | '1 year 6 months | ' |
Minimum | ' | ' | ' | ' | ' |
Stock compensation | ' | ' | ' | ' | ' |
Options vest over periods | ' | ' | ' | '4 years | ' |
Maximum | ' | ' | ' | ' | ' |
Stock compensation | ' | ' | ' | ' | ' |
Options vest over periods | ' | ' | ' | '5 years | ' |
Earnings_Loss_per_Share_Detail
Earnings (Loss) per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Basic earnings per common share: | ' | ' | ' | ' |
Net income | $2,098 | $1,812 | $4,085 | $1,676 |
Less:Preferred stock dividends and accretion of discount | 0 | 320 | 0 | 615 |
Net income available to common shareholders | 2,098 | 1,492 | 4,085 | 1,061 |
Basic earnings (loss) per share (in dollars per share) | $0.40 | $0.29 | $0.78 | $0.20 |
Diluted earnings per common share: | ' | ' | ' | ' |
Net income | 2,098 | 1,812 | 4,085 | 1,676 |
Preferred stock dividends and accretion of discount | 0 | 320 | 0 | 615 |
Net income available to common shareholders | $2,098 | $1,492 | $4,085 | $1,061 |
Average shares outstanding | 5,233,986 | 5,233,986 | 5,233,986 | 5,233,986 |
Effect of dilutive stock options (in shares) | 0 | 0 | 0 | 0 |
Average shares outstanding including dilutive stock options (in shares) | 5,233,986 | 5,233,986 | 5,233,986 | 5,233,986 |
Diluted earnings (loss) per share | $0.40 | $0.29 | $0.78 | $0.20 |
Earnings_Loss_per_Share_Detail1
Earnings (Loss) per Share (Details 2) (Option shares) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Option shares | ' | ' | ' | ' |
Summary of anti-dilutive shares | ' | ' | ' | ' |
Anti-dilutive shares | 97,412 | 196,063 | 97,412 | 196,063 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Transfers into or out of Levels 1-3 | $0 | $0 |
Assets: | ' | ' |
Available for sale debt securities, fair value | 215,653 | 205,985 |
Mortgage servicing rights, fair value | 2,911 | 3,036 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Assets: | ' | ' |
Available for sale debt securities, fair value | ' | 1,003 |
Assets, Total | 38,991 | 34,441 |
Other Observable Inputs (Level 2) | ' | ' |
Assets: | ' | ' |
Available for sale debt securities, fair value | 215,653 | 204,982 |
Assets, Total | 220,219 | 209,549 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Assets: | ' | ' |
Mortgage servicing rights, fair value | 2,911 | 3,036 |
Assets, Total | 850,155 | 832,259 |
Recurring | ' | ' |
Assets: | ' | ' |
Assets, Total | 218,564 | 209,021 |
Recurring | U.S. Treasury | ' | ' |
Assets: | ' | ' |
Assets, Total | ' | 1,003 |
Recurring | Government sponsored enterprises | ' | ' |
Assets: | ' | ' |
Available for sale debt securities, fair value | 68,048 | 60,616 |
Recurring | Asset-backed securities | ' | ' |
Assets: | ' | ' |
Available for sale debt securities, fair value | 114,738 | 110,373 |
Recurring | Obligations of states and political subdivisions | ' | ' |
Assets: | ' | ' |
Available for sale debt securities, fair value | 32,867 | 33,993 |
Recurring | Mortgage servicing rights | ' | ' |
Assets: | ' | ' |
Mortgage servicing rights, fair value | 2,911 | 3,036 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Assets: | ' | ' |
Assets, Total | ' | 1,003 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury | ' | ' |
Assets: | ' | ' |
Assets, Total | ' | 1,003 |
Recurring | Other Observable Inputs (Level 2) | ' | ' |
Assets: | ' | ' |
Assets, Total | ' | 204,982 |
Recurring | Other Observable Inputs (Level 2) | Government sponsored enterprises | ' | ' |
Assets: | ' | ' |
Available for sale debt securities, fair value | 68,048 | 60,616 |
Recurring | Other Observable Inputs (Level 2) | Asset-backed securities | ' | ' |
Assets: | ' | ' |
Available for sale debt securities, fair value | 114,738 | 110,373 |
Recurring | Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ' | ' |
Assets: | ' | ' |
Available for sale debt securities, fair value | 32,867 | 33,993 |
Recurring | Significant Unobservable Inputs (Level 3) | ' | ' |
Assets: | ' | ' |
Assets, Total | ' | 3,036 |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | ' | ' |
Assets: | ' | ' |
Mortgage servicing rights, fair value | $2,911 | $3,036 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (Recurring, Significant Unobservable Inputs (Level 3), Mortgage servicing rights, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | ' | ' | ' | ' |
Fair value of assets | ' | ' | ' | ' |
Balance at beginning of period | $3,040 | $2,689 | $3,036 | $2,549 |
Total gains or losses (realized/unrealized) Included in earnings | -201 | 21 | -247 | -37 |
Issues | 72 | 163 | 122 | 361 |
Balance at end of period | $2,911 | $2,873 | $2,911 | $2,873 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (Recurring, Significant Unobservable Inputs (Level 3), Mortgage servicing rights) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | ' | ' |
Quantitative Information | ' | ' |
Weighted average constant prepayment rate (as a percent) | 9.69% | 16.02% |
Weighted average discount rate (as a percent) | 9.15% | 8.05% |
Weighted average expected life (in years) | '6 years | '4 years 3 months 18 days |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 4) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Impaired loans with a specific allowance | $14,398,000 | $27,900,000 | $16,266,000 |
Specific allowance related to impaired loans | 4,306,000 | 5,900,000 | 4,796,000 |
Impaired financing receivable charge offs | $2,000,000 | $1,400,000 | ' |
Fair_Value_Measurements_Detail4
Fair Value Measurements (Details 5) (Nonrecurring, USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |||||||||||||||||||||
In Thousands, unless otherwise specified | Total Fair Value | Total Fair Value | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Total Gains (Losses) | Total Gains (Losses) | Total Gains (Losses) | Commercial, financial, and agricultural | Commercial, financial, and agricultural | Commercial, financial, and agricultural | Commercial, financial, and agricultural | Commercial, financial, and agricultural | Commercial, financial, and agricultural | Commercial, financial, and agricultural | Commercial, financial, and agricultural | Real estate construction - residential | Real estate construction - residential | Real estate construction - residential | Real estate construction - residential | Real estate construction - residential | Real estate construction - residential | Real estate construction - commercial | Real estate construction - commercial | Real estate construction - commercial | Real estate construction - commercial | Real estate construction - commercial | Real estate construction - commercial | Real estate mortgage - residential | Real estate mortgage - residential | Real estate mortgage - residential | Real estate mortgage - residential | Real estate mortgage - residential | Real estate mortgage - residential | Real estate mortgage - residential | Real estate mortgage - residential | Real estate mortgage - commercial | Real estate mortgage - commercial | Real estate mortgage - commercial | Real estate mortgage - commercial | Real estate mortgage - commercial | Real estate mortgage - commercial | Real estate mortgage - commercial | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | |||||||||||||||||||||
Total Fair Value | Total Fair Value | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Total Gains (Losses) | Total Gains (Losses) | Total Gains (Losses) | Total Fair Value | Total Fair Value | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Total Gains (Losses) | Total Fair Value | Total Fair Value | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Total Gains (Losses) | Total Fair Value | Total Fair Value | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Total Gains (Losses) | Total Gains (Losses) | Total Gains (Losses) | Total Fair Value | Total Fair Value | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Total Gains (Losses) | Total Gains (Losses) | Total Fair Value | Total Fair Value | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | Total Gains (Losses) | ||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Impaired loans | $10,092 | $22,057 | $10,092 | $22,057 | ' | ' | ' | ' | $1,412 | $1,380 | $1,412 | $1,380 | ' | ' | ' | ' | $1,749 | $1,927 | $1,749 | $1,927 | ' | ' | $39 | $4,121 | $39 | $4,121 | ' | ' | $3,698 | $2,993 | $3,698 | $2,993 | ' | ' | ' | ' | $2,973 | $11,598 | $2,973 | $11,598 | ' | ' | ' | $221 | $38 | $221 | $38 | ' | ' | |||||||||||||||||||||
Other real estate owned and repossessed assets | 12,026 | 23,128 | 12,026 | 24,793 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Gains (losses) on impaired loans | ' | ' | ' | ' | -896 | [1] | -86 | [1] | -1,950 | [1] | -1,437 | [1] | ' | ' | ' | ' | -19 | [1] | -75 | [1] | -122 | [1] | -85 | [1] | ' | ' | ' | ' | -60 | [1] | -119 | [1] | ' | ' | ' | ' | -77 | [1] | -491 | [1] | ' | ' | ' | ' | -44 | [1] | -11 | [1] | -138 | [1] | -246 | [1] | ' | ' | ' | ' | -704 | [1] | -1,069 | [1] | -987 | [1] | ' | ' | ' | ' | -52 | [1] | -70 | [1] |
Gains (losses) on other real estate owned and repossessed assets | ' | ' | ' | ' | ($1,499) | [1] | ($4,485) | [1] | ($1,530) | [1] | ($4,686) | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
[1] | Total gains (losses) reported for other real estate and foreclosed assets includes charge-offs, valuation write downs, and net losses taken during the periods reported. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash and due from banks | $27,065 | $27,079 |
Federal funds sold and overnight interest-bearing deposits | 7,175 | 1,360 |
Investment in available-for-sale securities, at fair value | 215,653 | 205,985 |
Mortgage servicing rights | 2,911 | 3,036 |
Accrued interest receivable | 4,751 | 4,999 |
Deposits: | ' | ' |
Non-interest bearing demand | 196,171 | 187,382 |
Savings, interest checking and money market | 448,836 | 419,085 |
Accrued interest payable | 393 | 426 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Assets: | ' | ' |
Cash and due from banks | 27,065 | 27,079 |
Federal funds sold and overnight interest-bearing deposits | 7,175 | 1,360 |
Investment in available-for-sale securities, at fair value | ' | 1,003 |
Accrued interest receivable | 4,751 | 4,999 |
Assets, Total | 38,991 | 34,441 |
Deposits: | ' | ' |
Non-interest bearing demand | 196,171 | 187,382 |
Savings, interest checking and money market | 448,836 | 419,085 |
Federal funds purchased and securities sold under agreements to repurchase | 22,849 | 31,084 |
Accrued interest payable | 393 | 426 |
Liabilities, Fair Value Disclosure, Total | 668,249 | 637,977 |
Other Observable Inputs (Level 2) | ' | ' |
Assets: | ' | ' |
Investment in available-for-sale securities, at fair value | 215,653 | 204,982 |
Investment in FHLB stock | 2,315 | 2,354 |
Cash surrender value - life insurance | 2,251 | 2,213 |
Assets, Total | 220,219 | 209,549 |
Deposits: | ' | ' |
Subordinated notes | 33,583 | 32,048 |
Federal Home Loan Bank advances | 25,081 | 25,366 |
Liabilities, Fair Value Disclosure, Total | 58,664 | 57,414 |
Net Significant Unobservable Inputs (Level 3) | ' | ' |
Assets: | ' | ' |
Loans, net | 847,244 | 829,223 |
Mortgage servicing rights | 2,911 | 3,036 |
Assets, Total | 850,155 | 832,259 |
Deposits: | ' | ' |
Time deposits | 345,485 | 352,432 |
Liabilities, Fair Value Disclosure, Total | 345,485 | 352,432 |
Carrying Amount | ' | ' |
Assets: | ' | ' |
Cash and due from banks | 27,065 | 27,079 |
Federal funds sold and overnight interest-bearing deposits | 7,175 | 1,360 |
Investment in available-for-sale securities, at fair value | 215,653 | 205,985 |
Loans, net | 845,311 | 825,828 |
Investment in FHLB stock | 2,315 | 2,354 |
Mortgage servicing rights | 2,911 | 3,036 |
Cash surrender value - life insurance | 2,251 | 2,213 |
Accrued interest receivable | 4,751 | 4,999 |
Assets, Total | 1,107,432 | 1,072,854 |
Deposits: | ' | ' |
Non-interest bearing demand | 196,171 | 187,382 |
Savings, interest checking and money market | 448,836 | 419,085 |
Time deposits | 343,443 | 350,004 |
Federal funds purchased and securities sold under agreements to repurchase | 22,849 | 31,084 |
Subordinated notes | 49,486 | 49,486 |
Federal Home Loan Bank advances | 24,000 | 24,000 |
Accrued interest payable | 393 | 426 |
Liabilities, Fair Value Disclosure, Total | 1,085,178 | 1,061,467 |
Fair Value | ' | ' |
Assets: | ' | ' |
Cash and due from banks | 27,065 | 27,079 |
Federal funds sold and overnight interest-bearing deposits | 7,175 | 1,360 |
Investment in available-for-sale securities, at fair value | 215,653 | 205,985 |
Loans, net | 847,244 | 829,223 |
Investment in FHLB stock | 2,315 | 2,354 |
Mortgage servicing rights | 2,911 | 3,036 |
Cash surrender value - life insurance | 2,251 | 2,213 |
Accrued interest receivable | 4,751 | 4,999 |
Assets, Total | 1,109,365 | 1,076,249 |
Deposits: | ' | ' |
Non-interest bearing demand | 196,171 | 187,382 |
Savings, interest checking and money market | 448,836 | 419,085 |
Time deposits | 345,485 | 352,432 |
Federal funds purchased and securities sold under agreements to repurchase | 22,849 | 31,084 |
Subordinated notes | 33,583 | 32,048 |
Federal Home Loan Bank advances | 25,081 | 25,366 |
Accrued interest payable | 393 | 426 |
Liabilities, Fair Value Disclosure, Total | $1,072,398 | $1,047,823 |
Repurchase_Reserve_Liability_D
Repurchase Reserve Liability (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Investor | Loans | Loans | |
Loans | |||
Repurchase Reserve Liability [Abstract] | ' | ' | ' |
Repurchase reserve liability | ' | $160,000 | ' |
Number of investors notifying foreclosed loans | 1 | ' | ' |
Number of investors | 2 | ' | ' |
Numbers of loans foreclosed | 15 | ' | ' |
Balance of foreclosed loans | ' | 1,500,000 | ' |
Payment for reimbursement of costs incurred by Freddie Mac on loan foreclosures | ' | 119,000 | ' |
Numbers of loans foreclosed whose costs have been reimbursed to Freddie Mac | ' | 3 | ' |
Numbers of loans foreclosed for which no additional costs have been incurred | ' | 12 | ' |
Number of loans sold to the secondary market | ' | 3,066 | 3,114 |
Balance of loans sold to the secondary market | ' | $315,300,000 | $322,500,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Minimum | Maximum | Commitments to extend credit | Commitments to extend credit | Commitments to originate residential first and second mortgage loans | Commitments to originate residential first and second mortgage loans | Standby letters of credit | Standby letters of credit | |
Contractual amount of off-balance-sheet financial instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts accrued for estimated losses for the financial instruments | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Total contractual amount of off-balance-sheet financial instruments | ' | ' | ' | $118,986 | $117,880 | $4,307 | $1,852 | $1,445 | $1,826 |
Remaining term of standby letters of credit | ' | '1 month | '5 years | ' | ' | ' | ' | ' | ' |