Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 12, 2016 | |
Document And Entity Information Abstract | ||
Entity Registrant Name | HAWTHORN BANCSHARES, INC. | |
Entity Central Index Key | 893,847 | |
Trading Symbol | hwbk | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 5,429,485 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 18,184 | $ 20,484 |
Federal funds sold and other overnight interest-bearing deposits | 24,587 | 7,893 |
Cash and cash equivalents | 42,771 | 28,377 |
Investment in available-for-sale securities, at fair value | 245,773 | 235,054 |
Other investments and securities, at cost | 8,080 | 8,037 |
Total investment securities | 253,853 | 243,091 |
Loans | 875,312 | 865,080 |
Allowances for loan losses | (8,631) | (8,604) |
Net loans | 866,681 | 856,476 |
Premises and equipment - net | 36,185 | 36,389 |
Mortgage servicing rights | 2,745 | 2,847 |
Other real estate and repossessed assets - net | 15,471 | 15,992 |
Accrued interest receivable | 4,510 | 4,853 |
Cash surrender value - life insurance | 2,361 | 2,348 |
Other assets | 9,579 | 10,548 |
Total assets | 1,234,156 | 1,200,921 |
Deposits | ||
Non-interest bearing demand | 216,886 | 208,035 |
Savings, interest checking and money market | 485,759 | 441,080 |
Time deposits $100,000 and over | 126,773 | 132,244 |
Other time deposits | 163,142 | 165,838 |
Total deposits | 992,560 | 947,197 |
Federal funds purchased and securities sold under agreements to repurchase | 41,523 | 56,834 |
Subordinated notes | 49,486 | 49,486 |
Federal Home Loan Bank advances | 50,000 | 50,000 |
Accrued interest payable | 379 | 382 |
Other liabilities | 10,355 | 9,736 |
Total liabilities | 1,144,303 | 1,113,635 |
Stockholders' equity: | ||
Common stock, $1 par value, authorized 15,000,000 shares; issued 5,605,202 shares, respectively | 5,605 | 5,605 |
Surplus | 38,554 | 38,549 |
Retained earnings | 50,427 | 48,700 |
Accumulated other comprehensive loss, net of tax | (1,054) | (2,018) |
Treasury stock; 172,647 and 164,013 shares, at cost | (3,679) | (3,550) |
Total stockholders' equity | 89,853 | 87,286 |
Total liabilities and stockholders' equity | $ 1,234,156 | $ 1,200,921 |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parentheticals) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 5,605,202 | 5,605,202 |
Treasury stock, shares | 172,647 | 164,013 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 9,987 | $ 10,074 |
Interest on investment securities: | ||
Taxable | 938 | 902 |
Nontaxable | 143 | 183 |
Federal funds sold and other overnight interest-bearing deposits | 32 | 13 |
Dividends on other securities | 76 | 26 |
Total interest income | 11,176 | 11,198 |
Interest on deposits: | ||
Savings, interest checking and money market | 295 | 250 |
Time deposit accounts $100,000 and over | 209 | 209 |
Other time deposits | 240 | 293 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 23 | 8 |
Interest on subordinated notes | 354 | 313 |
Interest on Federal Home Loan Bank advances | 207 | 147 |
Total interest expense | 1,328 | 1,220 |
Net interest income | 9,848 | 9,978 |
Provision for loan losses | 250 | 0 |
Net interest income after provision for loan losses | 9,598 | 9,978 |
NON-INTEREST INCOME | ||
Service charges and other fees | 834 | 831 |
Bank card income and fees | 634 | 587 |
Trust department income | 218 | 204 |
Real estate servicing fees, net | 54 | (5) |
Gain on sale of mortgage loans, net | 165 | 346 |
Gain on sale of investment securities | 472 | 0 |
Other | 71 | 24 |
Total non-interest income | 2,448 | 1,987 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 5,350 | 5,304 |
Occupancy expense, net | 634 | 663 |
Furniture and equipment expense | 411 | 431 |
Processing, network, and ban card expense | 772 | 789 |
Legal, examination, and professional fees | 333 | 272 |
FDIC insurance assessment | 176 | 240 |
Advertising and promotion | 209 | 237 |
Postage, printing, and supplies | 237 | 271 |
Real estate foreclosure expense (gains), net | 141 | (181) |
Other | 820 | 682 |
Total non-interest expense | 9,083 | 8,708 |
Income before income taxes | 2,963 | 3,257 |
Income tax expense | 965 | 1,119 |
Net income | $ 1,998 | $ 2,138 |
Basic earnings per share (in dollars per share) | $ 0.37 | $ 0.39 |
Diluted earnings per share (in dollars per share) | $ 0.37 | $ 0.39 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statements of Comprehensive Income | ||
Net income | $ 1,998 | $ 2,138 |
Investment securities available-for-sale: | ||
Unrealized gain on investment securities available-for-sale, net of tax | 1,245 | 484 |
Adjustment for gain on sale of investment securities, net of tax | (293) | 0 |
Defined benefit pension plans: | ||
Amortization of prior service cost included in net periodic pension cost, net of tax | 12 | 23 |
Total other comprehensive income | 964 | 507 |
Total comprehensive income | $ 2,962 | $ 2,645 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total |
Balance at Dec. 31, 2014 | $ 5,396 | $ 35,901 | $ 44,016 | $ (1,228) | $ (3,517) | $ 80,568 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 0 | 0 | 2,138 | 0 | 0 | 2,138 |
Other comprehensive income | 0 | 0 | 0 | 507 | 0 | 507 |
Stock based compensation expense | 0 | 4 | 0 | 0 | 0 | 4 |
Cash dividends declared, common stock | 0 | 0 | (261) | 0 | 0 | (261) |
Balance at Mar. 31, 2015 | 5,396 | 35,905 | 45,893 | (721) | (3,517) | 82,956 |
Balance at Dec. 31, 2015 | 5,605 | 38,549 | 48,700 | (2,018) | (3,550) | 87,286 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 0 | 0 | 1,998 | 0 | 0 | 1,998 |
Other comprehensive income | 0 | 0 | 0 | 964 | 0 | 964 |
Stock based compensation expense | 0 | 5 | 0 | 0 | 0 | 5 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (129) | (129) |
Cash dividends declared, common stock | 0 | 0 | (271) | 0 | 0 | (271) |
Balance at Mar. 31, 2016 | $ 5,605 | $ 38,554 | $ 50,427 | $ (1,054) | $ (3,679) | $ 89,853 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 1,998 | $ 2,138 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 250 | 0 |
Depreciation expense | 485 | 452 |
Net amortization of investment securities, premiums, and discounts | 365 | 291 |
Stock based compensation expense | 5 | 4 |
Change in fair value of mortgage servicing rights | 155 | 219 |
Gain on sale of investment securities | (472) | 0 |
Gain on sales and dispositions of premises and equipment | (6) | (10) |
Gain on sales and dispositions of other real estate and repossessed assets | (49) | (140) |
Provision for other real estate owned | 38 | 6 |
Decrease in accrued interest receivable | 343 | 521 |
Increase in cash surrender value -life insurance | (13) | (18) |
Decrease in other assets | 364 | 1,078 |
(Decrease) increase in accrued interest payable | (3) | 3 |
Increase in other liabilities | 619 | 400 |
Origination of mortgage loans for sale | (7,707) | (14,876) |
Proceeds from the sale of mortgage loans | 7,435 | 11,947 |
Gain on sale of mortgage loans, net | (165) | (346) |
Other, net | (52) | (44) |
Net cash provided by operating activities | 3,590 | 1,625 |
Cash flows from investing activities: | ||
Net (increase) decrease in loans | (10,760) | 1,340 |
Purchase of available-for-sale debt securities | (66,459) | (52,626) |
Proceeds from maturities of available-for-sale debt securities | 9,120 | 7,282 |
Proceeds from calls of available-for-sale debt securities | 4,175 | 9,875 |
Proceeds from sales of available-for-sale debt securities | 44,087 | 0 |
Proceeds from sales of FHLB stock | 0 | 120 |
Purchases of FHLB stock | (43) | (35) |
Purchases of premises and equipment | (248) | (253) |
Proceeds from sales of premises and equipment | 6 | 10 |
Proceeds from sales of other real estate and foreclosed assets | 1,274 | 883 |
Net cash used in investing activities | (18,848) | (33,404) |
Cash flows from financing activities: | ||
Net increase (decrease) in demand deposits | 8,851 | (8,045) |
Net increase in interest-bearing transaction accounts | 44,679 | 32,348 |
Net decrease in time deposits | (8,167) | (706) |
Net (decrease) increase in federal funds purchased and securities sold under agreements to repurchase | (15,311) | 4,393 |
Repayment of FHLB advances | 0 | (8,000) |
FHLB advances | 0 | 5,000 |
Purchase of treasury stock | (129) | 0 |
Cash dividends paid - common stock | (271) | (262) |
Net cash provided by financing activities | 29,652 | 24,728 |
Net increase (decrease) in cash and cash equivalents | 14,394 | (7,051) |
Cash and cash equivalents, beginning of period | 28,377 | 42,809 |
Cash and cash equivalents, end of period | 42,771 | 35,758 |
Cash paid during the year for: | ||
Interest | 1,332 | 1,219 |
Income taxes | 430 | 14 |
Noncash investing activities: | ||
Other real estate and repossessed assets acquired in settlement of loans | $ 742 | $ 605 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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, Columbia, Clinton, Warsaw, Springfield, Branson, and the greater Kansas City metropolitan area. 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, 2015. Certain amounts in the 2015 condensed consolidated financial statements have been reclassified to conform to the 2016 condensed consolidated presentation. Such reclassifications have no effect on previously reported net income or stockholders’ equity. 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 The following represents significant new accounting principles adopted in 2016: Consolidation Amendments to the Consolidation Analysis, Intangible Assets Customer's Accounting for Fees Paid in a Cloud Computing Arrangement |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 is as follows: March 31, December 31, (in thousands) 2016 2015 Commercial, financial, and agricultural $ 148,040 $ 149,091 Real estate construction - residential 18,017 16,895 Real estate construction - commercial 36,322 33,943 Real estate mortgage - residential 254,933 256,086 Real estate mortgage - commercial 392,991 385,869 Installment and other consumer 25,009 23,196 Total loans $ 875,312 $ 865,080 The Bank grants real estate, commercial, installment, and other consumer loans to customers located within the communities surrounding Jefferson City, Columbia, Clinton, Warsaw, Springfield, Branson and the greater Kansas City metropolitan area. 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 March 31, 2016, loans with a carrying value of $435.7 million, or $362.4 million fair value, 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 March 31, 2016 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 $ 2,153 $ 59 $ 644 $ 2,439 $ 2,935 $ 273 $ 101 $ 8,604 Additions: Provision for loan losses (12 ) (15 ) 33 32 276 (6 ) (58 ) 250 Deductions: Loans charged off 103 0 1 206 82 56 0 448 Less recoveries on loans (97 ) 0 (11 ) (8 ) (61 ) (48 ) 0 (225 ) Net loans charged off 6 0 (10 ) 198 21 8 0 223 Balance at end of period $ 2,135 $ 44 $ 687 $ 2,273 $ 3,190 $ 259 $ 43 $ 8,631 Three Months Ended March 31, 2015 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 $ 1,779 $ 171 $ 466 $ 2,527 $ 3,846 $ 270 $ 40 $ 9,099 Additions: Provision for loan losses (185 ) (300 ) (92 ) 241 259 (67 ) 144 0 Deductions: Loans charged off 28 0 0 71 24 48 0 171 Less recoveries on loans (575 ) (177 ) 0 (12 ) (34 ) (35 ) 0 (833 ) Net loans charged off (547 ) (177 ) 0 59 (10 ) 13 0 (662 ) Balance at end of period $ 2,141 $ 48 $ 374 $ 2,709 $ 4,115 $ 190 $ 184 $ 9,761 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. Beginning in the first quarter of 2016, the Company began to lengthen its look-back period with the intent to increase such period from three to five years over the next two years. The Company believes that the five-year look-back period, which is consistent with the Company’s practices prior to the start of the economic recession in 2008, provides a representative historical loss period in the current economic environment. The following table provides the balance in the allowance for loan losses at March 31, 2016 and December 31, 2015, 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 March 31, 2016 Allowance for loan losses: Individually evaluated for impairment $ 260 $ 0 $ 8 $ 980 $ 69 $ 31 $ 0 $ 1,348 Collectively evaluated for impairment 1,875 44 679 1,293 3,121 228 43 7,283 Total $ 2,135 $ 44 $ 687 $ 2,273 $ 3,190 $ 259 $ 43 $ 8,631 Loans outstanding: Individually evaluated for impairment $ 941 $ 0 $ 52 $ 5,365 $ 2,435 $ 131 $ 0 $ 8,924 Collectively evaluated for impairment 147,099 18,017 36,270 249,568 390,556 24,878 0 866,388 Total $ 148,040 $ 18,017 $ 36,322 $ 254,933 $ 392,991 $ 25,009 $ 0 $ 875,312 December 31, 2015 Allowance for loan losses: Individually evaluated for impairment $ 285 $ 0 $ 15 $ 955 $ 266 $ 19 $ 0 $ 1,540 Collectively evaluated for impairment 1,868 59 629 1,484 2,669 254 101 7,064 Total $ 2,153 $ 59 $ 644 $ 2,439 $ 2,935 $ 273 $ 101 $ 8,604 Loans outstanding: Individually evaluated for impairment $ 1,005 $ 0 $ 102 $ 5,936 $ 3,081 $ 144 $ 0 $ 10,268 Collectively evaluated for impairment 148,086 16,895 33,841 250,150 382,788 23,052 0 854,812 Total $ 149,091 $ 16,895 $ 33,943 $ 256,086 $ 385,869 $ 23,196 $ 0 $ 865,080 Impaired Loans Loans evaluated under ASC 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 individually evaluated for impairment totaled $8.9 million and $10.3 million at March 31, 2016 and December 31, 2015, respectively, and are comprised of loans on non-accrual status and loans which have been classified as troubled debt restructurings (TDRs). 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 March 31, 2016 and December 31, 2015, $5.5 million and $6.4 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 March 31, 2016, $1.3 million of the Company’s allowance for loan losses was allocated to impaired loans totaling $8.9 million compared to $1.5 million of the Company's allowance for loan losses allocated to impaired loans totaling approximately $10.3 million at December 31, 2015. Management determined that $3.8 million, or 42%, of total impaired loans required no reserve allocation at March 31, 2016 compared to $4.5 million, or 44%, at December 31, 2015 primarily due to adequate collateral values , The categories of impaired loans at March 31, 2016 and December 31, 2015 are as follows: March 31, December 31, (in thousands) 2016 2015 Non-accrual loans $ 3,072 $ 4,418 Performing TDRs 5,852 5,850 Total impaired loans $ 8,924 $ 10,268 The following tables provide additional information about impaired loans at March 31, 2016 and December 31, 2015, 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 March 31, 2016 With no related allowance recorded: Commercial, financial and agricultural $ 433 $ 433 $ 0 Real estate - residential 1,215 1,219 0 Real estate - commercial 2,123 2,523 0 Total $ 3,771 $ 4,175 $ 0 With an allowance recorded: Commercial, financial and agricultural $ 508 $ 526 $ 260 Real estate - construction commercial 52 56 8 Real estate - residential 4,150 4,178 980 Real estate - commercial 312 371 69 Consumer 131 171 31 Total $ 5,153 $ 5,302 $ 1,348 Total impaired loans $ 8,924 $ 9,477 $ 1,348 Unpaid Recorded Principal Specific (in thousands) Investment Balance Reserves December 31, 2015 With no related allowance recorded: Commercial, financial and agricultural $ 448 $ 450 $ 0 Real estate - residential 1,645 1,712 0 Real estate - commercial 2,446 2,572 0 Total $ 4,539 $ 4,734 $ 0 With an allowance recorded: Commercial, financial and agricultural $ 557 $ 572 $ 285 Real estate - construction commercial 102 115 15 Real estate - residential 4,291 4,320 955 Real estate - commercial 635 884 266 Consumer 144 182 19 Total $ 5,729 $ 6,073 $ 1,540 Total impaired loans $ 10,268 $ 10,807 $ 1,540 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 March 31, 2016 2015 Interest Interest Average Recognized Average Recognized Recorded For the Recorded For the (in thousands) Investment Period Ended Investment Period Ended With no related allowance recorded: Commercial, financial and agricultural $ 1,520 $ 15 $ 5,525 $ 20 Real estate - construction residential 0 0 2,143 0 Real estate - construction commercial 118 0 2,319 0 Real estate - residential 1,513 39 3,180 12 Real estate - commercial 2,622 42 10,899 65 Consumer 0 0 28 0 Total $ 5,773 $ 96 $ 24,094 $ 97 With an allowance recorded: Commercial, financial and agricultural $ 984 $ 12 $ 1,798 $ 6 Real estate - construction commercial 65 0 0 0 Real estate - residential 4,553 120 4,457 26 Real estate - commercial 764 0 1,286 0 Consumer 135 0 237 0 Total $ 6,501 $ 132 $ 7,778 $ 32 Total impaired loans $ 12,274 $ 228 $ 31,872 $ 129 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 $228,000 and $129,000, for the three months ended March 31, 2016 and 2015, respectively. The average recorded investment in impaired loans is calculated on a monthly basis during the periods reported. 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 Company’s policy is to discontinue the accrual of interest income on any loan when, in the opinion of management, the ultimate collectibility of interest or principal is no longer probable. In general, loans are placed on non-accrual when they become 90 days or more past due. However, management considers many factors before placing a loan on non-accrual, including the delinquency status of the loan, the overall financial condition of the borrower, the progress of management’s collection efforts and the value of the underlying collateral. Non-accrual loans are returned to accrual status when, in the opinion of management, the financial condition of the borrower indicates that the timely collectibility of interest and principal is probable and the borrower demonstrates the ability to pay under the terms of the note through a sustained period of repayment performance, which is generally six months. The following table provides aging information for the Company’s past due and non-accrual loans at March 31, 2016 and December 31, 2015. 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 March 31, 2016 Commercial, Financial, and Agricultural $ 147,386 $ 395 $ 0 $ 259 $ 148,040 Real Estate Construction - Residential 18,017 0 0 0 18,017 Real Estate Construction - Commercial 36,270 0 0 52 36,322 Real Estate Mortgage - Residential 251,366 1,783 58 1,726 254,933 Real Estate Mortgage - Commercial 391,798 289 0 904 392,991 Installment and Other Consumer 24,766 104 8 131 25,009 Total $ 869,603 $ 2,571 $ 66 $ 3,072 $ 875,312 December 31, 2015 Commercial, Financial, and Agricultural $ 148,597 $ 185 $ 1 $ 308 $ 149,091 Real Estate Construction - Residential 16,830 0 0 0 16,830 Real Estate Construction - Commercial 33,472 65 0 102 33,639 Real Estate Mortgage - Residential 251,253 2,511 0 2,322 256,086 Real Estate Mortgage - Commercial 384,053 643 0 1,542 386,238 Installment and Other Consumer 22,840 207 5 144 23,196 Total $ 857,045 $ 3,611 $ 6 $ 4,418 $ 865,080 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 substandard troubled debt restructuring TDR) non-accrual The following table presents the risk categories by class at March 31, 2016 and December 31, 2015. (in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Installment Total At March 31, 2016 Watch $ 7,152 $ 1,064 $ 1,162 $ 23,291 $ 22,909 $ 0 $ 55,578 Substandard 230 0 37 1,929 1,613 0 3,809 Performing TDRs 683 0 0 3,639 1,530 0 5,852 Non-accrual 259 0 52 1,726 904 131 3,072 Total $ 8,324 $ 1,064 $ 1,251 $ 30,585 $ 26,956 $ 131 $ 68,311 At December 31, 2015 Watch $ 8,663 $ 1,267 $ 1,296 $ 22,191 $ 24,303 $ 186 $ 57,906 Substandard 421 0 37 3,737 1,485 36 5,716 Performing TDRs 697 0 0 3,615 1,538 0 5,850 Non-accrual 308 0 102 2,322 1,542 144 4,418 Total $ 10,089 $ 1,267 $ 1,435 $ 31,865 $ 28,868 $ 366 $ 73,890 Troubled Debt Restructurings At March 31, 2016, loans classified as TDRs totaled $6.0 million, of which $194,000 were classified as nonperforming TDRs and included in non-accrual loans and $5.9 million were classified as performing TDRs. At December 31, 2015, loans classified as TDRs totaled $6.4 million, of which $527,000 were classified as nonperforming TDRs and included in non-accrual loans and $5.9 million were classified as performing TDRs. Both performing and nonperforming TDRs are considered impaired loans. 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 $764,000 and $910,000 related to TDRs were allocated to the allowance for loan losses at March 31, 2016 and December 31, 2015, respectively. The following table summarizes loans that were modified as TDRs during the periods indicated. Three Months Ended March 31, 2016 2015 Recorded Investment (1) Recorded Investment (1) (in thousands) Number of Pre- Post- Number of Pre- Post- Troubled Debt Restructurings Commercial, financial and agricultural 0 $ 0 $ 0 3 $ 250 $ 250 Real estate mortgage - residential 1 78,148 78,148 2 144 144 Real estate mortgage - commercial 0 0 0 3 473 473 Total 1 $ 78,148 $ 78,148 8 $ 867 $ 867 (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 for the borrower given financial condition such as interest rates below the current market rate, deferring principal payments, and extending maturity dates. During the three months ended March 31, 2016, one loan meeting the TDR criteria was modified compared to eight loans during the three months ended March 31, 2015. There were no loans modified as a TDR that defaulted during the three months ended March 31, 2016 and 2015, respectively, and within twelve months of their modification date. See Lending and Credit Management |
Other Real Estate and Repossess
Other Real Estate and Repossessed Assets | 3 Months Ended |
Mar. 31, 2016 | |
Other Real Estate [Abstract] | |
Other Real Estate and Repossessed Assets | (3) Other Real Estate and Repossessed Assets March 31, December 31, (in thousands) 2016 2015 Commercial $ 1,444 $ 1,445 Real estate construction - commercial 12,380 12,380 Real estate mortgage - residential 835 477 Real estate mortgage - commercial 4,037 4,923 Total $ 18,696 $ 19,225 Less valuation allowance for other real estate owned (3,225 ) (3,233 ) Total other real estate and repossessed assets $ 15,471 $ 15,992 Changes in the net carrying amount of other real estate and repossessed assets were as follows for the periods indicated: Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 19,225 $ 15,140 Additions 742 603 Proceeds from sales (1,274 ) (883 ) Charge-offs against the valuation allowance for other real estate owned, net (46 ) (16 ) Net gain on sales 49 140 Total other real estate and repossessed assets $ 18,696 $ 14,984 Less valuation allowance for other real estate owned (3,225 ) (3,233 ) Balance at end of period $ 15,471 $ 11,751 During the three months ended March 31, 2016 and 2015, net charge-offs against the allowance for loan losses at the time of foreclosure were approximately $381,000 and $41,000, respectively. At March 31, 2016 $565,000 of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $390,000 at December 31, 2015. Activity in the valuation allowance for other real estate owned was as follows for the periods indicated: Three Months Ended March 31, (in thousands) 2016 2015 Balance, beginning of period $ 3,233 $ 3,255 Provision for other real estate owned 38 (6 ) Charge-offs (46 ) (16 ) Balance, end of period $ 3,225 $ 3,233 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 were as follows: Gross Gross Amortized Unrealized Unrealized ( in thousands) Cost Gains Losses Fair value March 31, 2016 Government sponsored enterprises $ 42,111 $ 110 $ 9 42,212 Asset-backed securities 175,869 866 892 175,843 Obligations of states and political subdivisions 27,212 523 17 27,718 Total available-for-sale securities $ 245,192 $ 1,499 $ 918 $ 245,773 December 31, 2015 Government sponsored enterprises $ 73,605 $ 127 $ 235 $ 73,497 Asset-backed securities 130,179 440 1,768 128,851 Obligations of states and political subdivisions 32,224 493 11 32,706 Total available-for-sale securities $ 236,008 $ 1,060 $ 2,014 $ 235,054 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 $8.1 and $8.0 million as of March 31, 2016 and December 31, 2015, respectively. Debt securities with carrying values aggregating approximately $202.3 million and $182.7 million at March 31, 2016 and December 31, 2015, 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 March 31, 2016, 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 $ 18,149 $ 18,155 Due after one year through five years 40,630 40,934 Due after five years through ten years 10,013 10,312 Due after ten years 531 529 Total 69,323 69,930 Asset-backed securities 175,869 175,843 Total available-for-sale securities $ 245,192 $ 245,773 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 March 31, 2016 and December 31, 2015 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 March 31, 2016 Government sponsored enterprises $ 17,997 $ (9 ) $ 0 $ 0 $ 17,997 $ (9 ) Asset-backed securities 57,446 (523 ) 40,267 (369 ) 97,713 (892 ) political subdivisions 3,039 (16 ) 251 (1 ) 3,290 (17 ) Total $ 78,482 $ (548 ) $ 40,518 $ (370 ) $ 119,000 $ (918 ) (in thousands) At December 31, 2015 Government sponsored enterprises $ 43,539 $ (222 ) $ 1,002 $ (13 ) $ 44,541 $ (235 ) Asset-backed securities 56,095 (620 ) 43,576 (1,148 ) 99,671 (1,768 ) Obligations of states and political subdivisions 2,571 (6 ) 718 (5 ) 3,289 (11 ) Total $ 102,205 $ (848 ) $ 45,296 $ (1,166 ) $ 147,501 $ (2,014 ) The total available for sale portfolio consisted of approximately 268 securities at March 31, 2016. The portfolio included 67 securities having an aggregate fair value of $119.0 million that were in a loss position at March 31, 2016. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $40.5 million at fair value. The $918,000 aggregate unrealized loss included in accumulated other comprehensive income at March 31, 2016 was caused by interest rate fluctuations The total available for sale portfolio consisted of approximately 316 securities at December 31, 2015. The portfolio included 111 securities having an aggregate fair value of $147.5 million that were in a loss position at December 31, 2015. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $45.3 million at fair value. The $2.0 million aggregate unrealized loss included in accumulated other comprehensive income at December 31, 2015 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 March 31, 2016 and December 31, 2015, 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 presents the components of investment securities gains and losses, which have been recognized in earnings: Three Months Ended March 31, (in thousands) 2016 2015 Gains realized on sales $ 472 $ 0 Losses realized on sales 0 0 Other-than-temporary impairment recognized 0 0 Investment securities gains $ 472 $ 0 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Intangible Assets | |
Intangible Assets | (5) Intangible Assets Mortgage Servicing Rights At March 31, 2016, the Company was servicing approximately $308.1 million of loans sold to the secondary market compared to $312.1 million at December 31, 2015, and $312.3 million at March 31, 2015. Mortgage loan servicing fees, reported as non-interest income, earned on loans sold were $210,000 for the three ended March 31, 2016 compared to $214,000 for the three months ended March 31, 2015, respectively. The table below presents changes in mortgage servicing rights (MSRs) for the periods indicated. Three Months Ended March 31, (in thousands) 2016 2015 Balance at beginning of period $ 2,847 $ 2,762 Originated mortgage servicing rights 53 119 Changes in fair value: Due to change in model inputs and assumptions (1) (3 ) (41 ) Other changes in fair value (2) (152 ) (178 ) Balance at end of period $ 2,745 $ 2,662 (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 three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 Weighted average constant prepayment rate 10.30 % 11.19 % Weighted average note rate 3.91 % 3.94 % Weighted average discount rate 9.19 % 9.26 % Weighted average expected life (in years) 5.70 5.40 |
Federal funds purchased and sec
Federal funds purchased and securities sold under agreements to repurchase | 3 Months Ended |
Mar. 31, 2016 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
Federal funds purchased and securities sold under agreements to repurchase | (6) Federal funds purchased and securities sold under agreements to repurchase March 31, December 31, 2016 2015 Federal funds purchased $ 0 $ 0 Repurchase agreements 41,523 56,834 Total $ 41,523 $ 56,834 The Company offers a sweep account program whereby amounts in excess of an established limit are “swept” from the customer’s demand deposit account on a daily basis into retail repurchase agreements pursuant to individual repurchase agreements between the Company and its customers . . Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight Less Greater and than than (in thousands) continuous 90 days 90 days Total At March 31, 2016 Government sponsored enterprises $ 23,854 $ 0 $ 0 $ 23,854 Asset-backed securities 17,669 0 0 17,669 Total $ 41,523 $ 0 $ 0 $ 41,523 Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight Less Greater and than than (in thousands) continuous 90 days 90 days Total At December 31, 2015 Government sponsored enterprises $ 46,819 $ 0 $ 0 $ 46,819 Asset-backed securities 10,015 0 0 10,015 Total $ 56,834 $ 0 $ 0 $ 56,834 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (7) Income Taxes Income taxes as a percentage of earnings before income taxes as reported in the consolidated financial statements were 32.6% for the three months ended March 31, 2016 compared to 34.4% for the three months ended March 31, 2015. The decrease in tax rates quarter over quarter is primarily due to an immaterial return to provision adjustment. 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, taxable income available in carryback years, 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 March 31, 2016 and, therefore, did not establish a valuation reserve. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | (8) Stockholders’ Equity Accumulated Other Comprehensive (Loss) Income The following details the change in the components of the Company’s accumulated other comprehensive (loss) income for the three months ended March 31, 2016 and 2015: Three months ended March 31, 2016 Accumulated Unrecognized Net Other Unrealized Pension and Comprehensive Gain (Loss) Postretirement (Loss) (in thousands) on Securities (1) Costs (2) Income Balance at beginning of period $ (591 ) $ (1,427 ) $ (2,018 ) Other comprehensive income,before reclassifications 2,006 21 2,027 Amounts reclassified from accumulated other comprehensive income (472 ) 0 (472 ) Current period other comprehensive income, before tax 1,534 21 1,555 Income tax expense (583 ) (8 ) (591 ) Current period other comprehensive income, net of tax 951 13 964 Balance at end of period $ 360 $ (1,414 ) $ (1,054 ) Three months ended March 31, 2015 Accumulated Unrecognized Net Other Unrealized Pension and Comprehensive Gain (Loss) Postretirement (Loss) (in thousands) on Securities (1) Costs (2) Income Balance at beginning of period $ 214 $ (1,442 ) $ (1,228 ) Other comprehensive income, before reclassifications 781 0 781 Amounts reclassified from accumulated other comprehensive income 0 36 36 Current period other comprehensive income, before tax 781 36 817 Income tax expense (297 ) (13 ) (310 ) Current period other comprehensive income, net of tax 484 23 507 Balance at end of period $ 698 $ (1,419 ) $ (721 ) (1) The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in gain on sale of investment securities (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 | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | (9) Employee Benefit Plans Employee Benefits Employee benefits charged to operating expenses are summarized in the table below for the periods indicated. Three Months Ended March 31, (in thousands) 2016 2015 Payroll taxes $ 296 $ 329 Medical plans 512 508 401k match and profit sharing 181 272 Pension plan 307 348 Other 16 19 Total employee benefits $ 1,312 $ 1,476 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. A pension contribution in the amount of $772,000 was made on April 15, 2016. 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) 2016 2015 Service cost - benefits earned during the year $ 1,179 $ 1,325 Interest costs on projected benefit obligations 956 838 Expected return on plan assets (1,057 ) (957 ) Expected administrative expenses 70 40 Amortization of prior service cost 79 79 Amortization of unrecognized net loss 0 66 Net periodic pension expense $ 1,227 $ 1,391 Pension expense - three months ended March 31, (actual) $ 307 $ 348 |
Stock Compensation
Stock Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation | (10) Stock Compensation The Company’s stock option plan provides for the grant of options to purchase up to 592,168 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) ($000) Outstanding, beginning of period 62,745 $ 21.50 Granted 0 0.00 Exercised 0 0.00 Forfeited or expired (20,007 ) 22.77 Outstanding, March 31, 2016 42,738 $ 20.91 1.75 $ 0.00 Exercisable, March 31, 2016 35,255 $ 21.96 1.59 $ 0.00 Options have been adjusted to reflect a 4% stock dividend paid on July 1, 2015. Total stock-based compensation expense was $5,000 and $4,000 for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, the total unrecognized compensation expense related to non-vested stock awards was $15,000 and the related weighted average period over which it is expected to be recognized is approximately 0.47 years. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | (11) Earnings per Share Stock Dividend Basic earnings per share is computed by dividing income available to shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share gives effect to all dilutive potential 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 March 31, (dollars in thousands, except per share data) 2016 2015 Basic earnings per share: Net income available to shareholders $ 1,998 $ 2,138 Basic earnings per share $ 0.37 $ 0.39 Diluted earnings per share: Net income available to shareholders $ 1,998 $ 2,138 Average shares outstanding 5,436,604 5,443,344 Effect of dilutive stock options 0 0 Average shares outstanding including dilutive stock options 5,436,604 5,443,344 Diluted earnings per share $ 0.37 0.39 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 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 42,738 and 84,830 shares during the three months ended March 31, 2016 and 2015, respectively, 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. Repurchase Program The table below shows activity in the outstanding shares of the Company's common stock during the past three years. Shares in the table below are presented on a historical basis and have not been restated for the annual 4% stock dividends. Number of shares March 31, December 31, March 31, 2016 2015 2015 Outstanding, beginning of year 5,441,190 5,233,986 5,233,986 Issuance of stock: 4% stock dividend 0 209,359 209,359 Purchase of treasury stock (8,635 ) (2,155 ) 0 Outstanding, end of year 5,432,555 5,441,190 5,443,344 Except as noted in the above table, all share and per share amounts in this note have been restated for the 4% common stock dividend distributed July 1, 2015. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (12) 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, 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) March 31, 2016 Assets: Government sponsored enterprises $ 42,212 $ 0 $ 42,212 $ 0 Asset-backed securities 175,843 0 175,843 0 Obligations of states and political subdivisions 27,718 0 27,718 0 Mortgage servicing rights 2,745 0 0 2,745 Total $ 248,518 $ 0 $ 245,773 $ 2,745 December 31, 2015 Assets: Government sponsored enterprises $ 73,497 $ 0 73,497 0 Asset-backed securities 128,851 0 128,851 0 Obligations of states and political subdivisions 32,706 0 32,706 0 Mortgage servicing rights 2,847 0 0 2,847 Total $ 237,901 $ 0 $ 235,054 $ 2,847 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 Three Months Ended March 31, (in thousands) 2016 2015 Balance at beginning of period $ 2,847 $ 2,762 Total gains or losses (realized/unrealized): Included in earnings (155 ) (219 ) Included in other comprehensive income 0 0 Purchases 0 0 Sales 0 0 Issues 53 119 Settlements 0 0 Balance at end of period $ 2,745 $ 2,662 The change in valuation of mortgage servicing rights Quantitative Information about Level 3 Fair Value Measurements Valuation Technique Unobservable Inputs Input Value Three Months Ended March 31, 2016 2015 Mortgage servicing rights Discounted cash flows Weighted average constant prepayment rate 10.30 % 11.19 % Weighted average note rate 3.91 % 3.94 % Weighted average discount rate 9.19 % 9.26 % Weighted average expected life (in years) 5.70 5.40 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 March 31, 2016, the Company identified $5.2 million in impaired loans that had specific allowances for losses aggregating $1.3 million. Related to these loans, there was $560,000 in charge-offs recorded during the three months ended March 31, 2016. As of March 31, 2015, the Company identified $7.7 million in impaired loans that had specific allowances for losses aggregating $2.4 million. Related to these loans, there was $95,000 in charge-offs recorded during the three months ended March 31, 2015. 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 in Active Months Markets for Other Significant Ended Identical Observable Unobservable March 31, Total Assets Inputs Inputs Total Gains (in thousands) Fair Value (Level 1) (Level 2) (Level 3) (Losses)* March 31, 2016 Assets: Impaired loans: Commercial, financial, & agricultural $ 248 $ 0 $ 0 $ 248 $ (359 ) Real estate construction - commercial 44 0 0 44 0 Real estate mortgage - residential 3,170 0 0 3,170 (35 ) Real estate mortgage - commercial 243 0 0 243 (154 ) Consumer 100 0 0 100 (12 ) Total $ 3,805 $ 0 $ 0 $ 3,805 $ (560 ) Other real estate and foreclosed assets $ 15,471 $ 0 $ 0 $ 15,471 $ 33 March 31, 2015 Assets: Impaired loans: Commercial, financial, & agricultural $ 1,130 $ 0 $ 0 $ 1,130 $ 0 Real estate mortgage - residential 3,169 0 0 3,169 (71 ) Real estate mortgage - commercial 818 0 0 818 (23 ) Consumer 174 0 0 174 (1 ) Total $ 5,291 $ 0 $ 0 $ 5,291 $ (95 ) Other real estate and foreclosed assets $ 11,751 $ 0 $ 0 $ 11,751 $ 228 * 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 Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Fair Value of Financial Instruments | (13) 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 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, NOW 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 March 31, 2016 and December 31, 2015 is as follows: March 31, 2016 Fair Value Measurements Quoted Prices in Active Net Markets for Other Significant March 31, 2016 Identical Observable Unobservable Carrying Fair Assets Inputs Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Assets: Cash and due from banks $ 18,184 $ 18,184 $ 18,184 $ 0 $ 0 Federal funds sold and overnight interest-bearing deposits 24,587 24,587 24,587 0 0 Investment in available-for-sale securities 245,773 245,773 0 245,773 0 Loans, net 866,681 867,720 0 0 867,720 Investment in FHLB stock 3,433 3,433 0 3,433 0 Mortgage servicing rights 2,745 2,745 0 0 2,745 Cash surrender value - life insurance 2,361 2,361 0 2,361 0 Accrued interest receivable 4,510 4,510 4,510 0 0 $ 1,168,274 $ 1,169,313 $ 47,281 $ 251,567 $ 870,465 Liabilities: Deposits: Non-interest bearing demand $ 216,886 $ 216,886 $ 216,886 $ 0 $ 0 Savings, interest checking and money market 485,759 485,759 485,759 0 0 Time deposits 289,915 289,896 0 0 289,896 Federal funds purchased and securities sold under agreements to repurchase 41,523 41,523 41,523 0 0 Subordinated notes 49,486 33,455 0 33,455 0 Federal Home Loan Bank advances 50,000 50,927 0 50,927 0 Accrued interest payable 379 379 379 0 0 $ 1,133,948 $ 1,118,825 $ 744,547 $ 84,382 $ 289,896 December 31, 2015 Fair Value Measurements Quoted Prices in Active Net Markets for Other Significant December 31, 2015 Identical Observable Unobservable Carrying Fair Assets Inputs Inputs (in thousands) amount value (Level 1) (Level 2) (Level 3) Assets: Cash and due from banks $ 20,484 $ 20,484 $ 20,484 $ 0 $ 0 Federal funds sold and overnight interest-bearing deposits 7,893 7,893 7,893 0 0 Investment in available-for-sale securities 235,054 235,054 0 235,054 0 Loans, net 856,476 854,775 0 0 854,775 Investment in FHLB stock 3,390 3,390 0 3,390 0 Mortgage servicing rights 2,847 2,847 0 0 2,847 Cash surrender value - life insurance 2,348 2,348 0 2,348 0 Accrued interest receivable 4,853 4,853 4,853 0 0 $ 1,133,345 $ 1,131,644 $ 33,230 $ 240,792 $ 857,622 Liabilities: Deposits: Non-interest bearing demand $ 208,035 $ 208,035 $ 208,035 $ 0 $ 0 Savings, interest checking and money market 441,080 441,080 441,080 0 0 Time deposits 298,082 298,323 0 0 298,323 Federal funds purchased and securities sold under agreements to repurchase 56,834 56,834 56,834 0 0 Subordinated notes 49,486 40,821 0 40,821 0 Federal Home Loan Bank advances 50,000 52,340 0 52,340 0 Accrued interest payable 382 382 382 0 0 $ 1,103,899 $ 1,097,815 $ 706,331 $ 93,161 $ 298,323 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 | 3 Months Ended |
Mar. 31, 2016 | |
Repurchase Reserve Liability [Abstract] | |
Repurchase Reserve Liability | (14) Repurchase Reserve Liability The Company’s repurchase reserve liability for estimated losses incurred on sold loans was $160,000 at both March 31, 2016 and December 31, 2015. 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. At March 31, 2015, the Company accrued $39,000 for one repurchase loss that was remitted in April 2015. At March 31, 2016, the Company was servicing 2,986 loans sold to the secondary market with a balance of approximately $308.1 million compared to 3,024 loans sold with a balance of approximately $312.1 million at December 31, 2015. Three Months Ended March 31, (in thousands) 2016 2015 Balance at beginning of year $ 160 $ 160 Provision for repurchase liability 0 40 Reimbursement of expenses 0 (40 ) Balance at end of year $ 160 $ 160 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (15) 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 March 31, 2016, no amounts have been accrued for any estimated losses for these financial instruments. The contractual amount of off-balance-sheet financial instruments were as follows as of the dates indicated: March 31, December 31, (in thousands) 2016 2015 Commitments to extend credit $ 232,687 $ 161,306 Commitments to originate residential first and second mortgage loans 5,611 3,175 Standby letters of credit 1,462 1,466 Total 239,760 165,947 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 March 31, 2016. 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 Accoun23
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Stock Dividend | Stock Dividend |
Consolidation | Consolidation Amendments to the Consolidation Analysis, |
Intangible Assets | Intangible Assets Customer's Accounting for Fees Paid in a Cloud Computing Arrangement |
Loans and Allowance for Loan 24
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of summary of loans, by major class within the Company's loan portfolio | March 31, December 31, (in thousands) 2016 2015 Commercial, financial, and agricultural $ 148,040 $ 149,091 Real estate construction - residential 18,017 16,895 Real estate construction - commercial 36,322 33,943 Real estate mortgage - residential 254,933 256,086 Real estate mortgage - commercial 392,991 385,869 Installment and other consumer 25,009 23,196 Total loans $ 875,312 $ 865,080 |
Schedule of summary of the allowance for loan losses | Three Months Ended March 31, 2016 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 $ 2,153 $ 59 $ 644 $ 2,439 $ 2,935 $ 273 $ 101 $ 8,604 Additions: Provision for loan losses (12 ) (15 ) 33 32 276 (6 ) (58 ) 250 Deductions: Loans charged off 103 0 1 206 82 56 0 448 Less recoveries on loans (97 ) 0 (11 ) (8 ) (61 ) (48 ) 0 (225 ) Net loans charged off 6 0 (10 ) 198 21 8 0 223 Balance at end of period $ 2,135 $ 44 $ 687 $ 2,273 $ 3,190 $ 259 $ 43 $ 8,631 Three Months Ended March 31, 2015 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 $ 1,779 $ 171 $ 466 $ 2,527 $ 3,846 $ 270 $ 40 $ 9,099 Additions: Provision for loan losses (185 ) (300 ) (92 ) 241 259 (67 ) 144 0 Deductions: Loans charged off 28 0 0 71 24 48 0 171 Less recoveries on loans (575 ) (177 ) 0 (12 ) (34 ) (35 ) 0 (833 ) Net loans charged off (547 ) (177 ) 0 59 (10 ) 13 0 (662 ) Balance at end of period $ 2,141 $ 48 $ 374 $ 2,709 $ 4,115 $ 190 $ 184 $ 9,761 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 March 31, 2016 Allowance for loan losses: Individually evaluated for impairment $ 260 $ 0 $ 8 $ 980 $ 69 $ 31 $ 0 $ 1,348 Collectively evaluated for impairment 1,875 44 679 1,293 3,121 228 43 7,283 Total $ 2,135 $ 44 $ 687 $ 2,273 $ 3,190 $ 259 $ 43 $ 8,631 Loans outstanding: Individually evaluated for impairment $ 941 $ 0 $ 52 $ 5,365 $ 2,435 $ 131 $ 0 $ 8,924 Collectively evaluated for impairment 147,099 18,017 36,270 249,568 390,556 24,878 0 866,388 Total $ 148,040 $ 18,017 $ 36,322 $ 254,933 $ 392,991 $ 25,009 $ 0 $ 875,312 December 31, 2015 Allowance for loan losses: Individually evaluated for impairment $ 285 $ 0 $ 15 $ 955 $ 266 $ 19 $ 0 $ 1,540 Collectively evaluated for impairment 1,868 59 629 1,484 2,669 254 101 7,064 Total $ 2,153 $ 59 $ 644 $ 2,439 $ 2,935 $ 273 $ 101 $ 8,604 Loans outstanding: Individually evaluated for impairment $ 1,005 $ 0 $ 102 $ 5,936 $ 3,081 $ 144 $ 0 $ 10,268 Collectively evaluated for impairment 148,086 16,895 33,841 250,150 382,788 23,052 0 854,812 Total $ 149,091 $ 16,895 $ 33,943 $ 256,086 $ 385,869 $ 23,196 $ 0 $ 865,080 |
Schedule of impaired loans | March 31, December 31, (in thousands) 2016 2015 Non-accrual loans $ 3,072 $ 4,418 Performing TDRs 5,852 5,850 Total impaired loans $ 8,924 $ 10,268 Unpaid Recorded Principal Specific (in thousands) Investment Balance Reserves March 31, 2016 With no related allowance recorded: Commercial, financial and agricultural $ 433 $ 433 $ 0 Real estate - residential 1,215 1,219 0 Real estate - commercial 2,123 2,523 0 Total $ 3,771 $ 4,175 $ 0 With an allowance recorded: Commercial, financial and agricultural $ 508 $ 526 $ 260 Real estate - construction commercial 52 56 8 Real estate - residential 4,150 4,178 980 Real estate - commercial 312 371 69 Consumer 131 171 31 Total $ 5,153 $ 5,302 $ 1,348 Total impaired loans $ 8,924 $ 9,477 $ 1,348 Unpaid Recorded Principal Specific (in thousands) Investment Balance Reserves December 31, 2015 With no related allowance recorded: Commercial, financial and agricultural $ 448 $ 450 $ 0 Real estate - residential 1,645 1,712 0 Real estate - commercial 2,446 2,572 0 Total $ 4,539 $ 4,734 $ 0 With an allowance recorded: Commercial, financial and agricultural $ 557 $ 572 $ 285 Real estate - construction commercial 102 115 15 Real estate - residential 4,291 4,320 955 Real estate - commercial 635 884 266 Consumer 144 182 19 Total $ 5,729 $ 6,073 $ 1,540 Total impaired loans $ 10,268 $ 10,807 $ 1,540 Three Months Ended March 31, 2016 2015 Interest Interest Average Recognized Average Recognized Recorded For the Recorded For the (in thousands) Investment Period Ended Investment Period Ended With no related allowance recorded: Commercial, financial and agricultural $ 1,520 $ 15 $ 5,525 $ 20 Real estate - construction residential 0 0 2,143 0 Real estate - construction commercial 118 0 2,319 0 Real estate - residential 1,513 39 3,180 12 Real estate - commercial 2,622 42 10,899 65 Consumer 0 0 28 0 Total $ 5,773 $ 96 $ 24,094 $ 97 With an allowance recorded: Commercial, financial and agricultural $ 984 $ 12 $ 1,798 $ 6 Real estate - construction commercial 65 0 0 0 Real estate - residential 4,553 120 4,457 26 Real estate - commercial 764 0 1,286 0 Consumer 135 0 237 0 Total $ 6,501 $ 132 $ 7,778 $ 32 Total impaired loans $ 12,274 $ 228 $ 31,872 $ 129 |
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 March 31, 2016 Commercial, Financial, and Agricultural $ 147,386 $ 395 $ 0 $ 259 $ 148,040 Real Estate Construction - Residential 18,017 0 0 0 18,017 Real Estate Construction - Commercial 36,270 0 0 52 36,322 Real Estate Mortgage - Residential 251,366 1,783 58 1,726 254,933 Real Estate Mortgage - Commercial 391,798 289 0 904 392,991 Installment and Other Consumer 24,766 104 8 131 25,009 Total $ 869,603 $ 2,571 $ 66 $ 3,072 $ 875,312 December 31, 2015 Commercial, Financial, and Agricultural $ 148,597 $ 185 $ 1 $ 308 $ 149,091 Real Estate Construction - Residential 16,830 0 0 0 16,830 Real Estate Construction - Commercial 33,472 65 0 102 33,639 Real Estate Mortgage - Residential 251,253 2,511 0 2,322 256,086 Real Estate Mortgage - Commercial 384,053 643 0 1,542 386,238 Installment and Other Consumer 22,840 207 5 144 23,196 Total $ 857,045 $ 3,611 $ 6 $ 4,418 $ 865,080 |
Schedule of risk categories by class | (in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Installment Total At March 31, 2016 Watch $ 7,152 $ 1,064 $ 1,162 $ 23,291 $ 22,909 $ 0 $ 55,578 Substandard 230 0 37 1,929 1,613 0 3,809 Performing TDRs 683 0 0 3,639 1,530 0 5,852 Non-accrual 259 0 52 1,726 904 131 3,072 Total $ 8,324 $ 1,064 $ 1,251 $ 30,585 $ 26,956 $ 131 $ 68,311 At December 31, 2015 Watch $ 8,663 $ 1,267 $ 1,296 $ 22,191 $ 24,303 $ 186 $ 57,906 Substandard 421 0 37 3,737 1,485 36 5,716 Performing TDRs 697 0 0 3,615 1,538 0 5,850 Non-accrual 308 0 102 2,322 1,542 144 4,418 Total $ 10,089 $ 1,267 $ 1,435 $ 31,865 $ 28,868 $ 366 $ 73,890 |
Schedule of summary of loans that were modified as TDRs | Three Months Ended March 31, 2016 2015 Recorded Investment (1) Recorded Investment (1) (in thousands) Number of Pre- Post- Number of Pre- Post- Troubled Debt Restructurings Commercial, financial and agricultural 0 $ 0 $ 0 3 $ 250 $ 250 Real estate mortgage - residential 1 78,148 78,148 2 144 144 Real estate mortgage - commercial 0 0 0 3 473 473 Total 1 $ 78,148 $ 78,148 8 $ 867 $ 867 (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 Reposse25
Other Real Estate and Repossessed Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Real Estate [Abstract] | |
Schedule of summary of real estate and other assets acquired in settlement of loans | March 31, December 31, (in thousands) 2016 2015 Commercial $ 1,444 $ 1,445 Real estate construction - commercial 12,380 12,380 Real estate mortgage - residential 835 477 Real estate mortgage - commercial 4,037 4,923 Total $ 18,696 $ 19,225 Less valuation allowance for other real estate owned (3,225 ) (3,233 ) Total other real estate and repossessed assets $ 15,471 $ 15,992 |
Schedule of changes in the net carrying amount of other real estate owned and repossessed assets | Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 19,225 $ 15,140 Additions 742 603 Proceeds from sales (1,274 ) (883 ) Charge-offs against the valuation allowance for other real estate owned, net (46 ) (16 ) Net gain on sales 49 140 Total other real estate and repossessed assets $ 18,696 $ 14,984 Less valuation allowance for other real estate owned (3,225 ) (3,233 ) Balance at end of period $ 15,471 $ 11,751 |
Schedule of summary of activity in valuation allowance for other real estate owned in settlement of loans | Three Months Ended March 31, (in thousands) 2016 2015 Balance, beginning of period $ 3,233 $ 3,255 Provision for other real estate owned 38 (6 ) Charge-offs (46 ) (16 ) Balance, end of period $ 3,225 $ 3,233 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Government sponsored enterprises $ 42,111 $ 110 $ 9 42,212 Asset-backed securities 175,869 866 892 175,843 Obligations of states and political subdivisions 27,212 523 17 27,718 Total available-for-sale securities $ 245,192 $ 1,499 $ 918 $ 245,773 December 31, 2015 Government sponsored enterprises $ 73,605 $ 127 $ 235 $ 73,497 Asset-backed securities 130,179 440 1,768 128,851 Obligations of states and political subdivisions 32,224 493 11 32,706 Total available-for-sale securities $ 236,008 $ 1,060 $ 2,014 $ 235,054 |
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 $ 18,149 $ 18,155 Due after one year through five years 40,630 40,934 Due after five years through ten years 10,013 10,312 Due after ten years 531 529 Total 69,323 69,930 Asset-backed securities 175,869 175,843 Total available-for-sale securities $ 245,192 $ 245,773 |
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 March 31, 2016 Government sponsored enterprises $ 17,997 $ (9 ) $ 0 $ 0 $ 17,997 $ (9 ) Asset-backed securities 57,446 (523 ) 40,267 (369 ) 97,713 (892 ) political subdivisions 3,039 (16 ) 251 (1 ) 3,290 (17 ) Total $ 78,482 $ (548 ) $ 40,518 $ (370 ) $ 119,000 $ (918 ) (in thousands) At December 31, 2015 Government sponsored enterprises $ 43,539 $ (222 ) $ 1,002 $ (13 ) $ 44,541 $ (235 ) Asset-backed securities 56,095 (620 ) 43,576 (1,148 ) 99,671 (1,768 ) Obligations of states and political subdivisions 2,571 (6 ) 718 (5 ) 3,289 (11 ) Total $ 102,205 $ (848 ) $ 45,296 $ (1,166 ) $ 147,501 $ (2,014 ) |
Schedule of components of investment securities gains (losses), which are recognized in earnings | Three Months Ended March 31, (in thousands) 2016 2015 Gains realized on sales $ 472 $ 0 Losses realized on sales 0 0 Other-than-temporary impairment recognized 0 0 Investment securities gains $ 472 $ 0 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Intangible Assets | |
Schedule of changes in mortgage servicing rights (MSRs) | Three Months Ended March 31, (in thousands) 2016 2015 Balance at beginning of period $ 2,847 $ 2,762 Originated mortgage servicing rights 53 119 Changes in fair value: Due to change in model inputs and assumptions (1) (3 ) (41 ) Other changes in fair value (2) (152 ) (178 ) Balance at end of period $ 2,745 $ 2,662 (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 | Three Months Ended March 31, 2016 2015 Weighted average constant prepayment rate 10.30 % 11.19 % Weighted average note rate 3.91 % 3.94 % Weighted average discount rate 9.19 % 9.26 % Weighted average expected life (in years) 5.70 5.40 |
Federal funds purchased and s28
Federal funds purchased and securities sold under agreements to repurchase (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
Schedule of federal funds purchased and securities sold under agreements to repurchase | March 31, December 31, 2016 2015 Federal funds purchased $ 0 $ 0 Repurchase agreements 41,523 56,834 Total $ 41,523 $ 56,834 |
Schedule of repurchase agreements by remaining maturity of the agreements | Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight Less Greater and than than (in thousands) continuous 90 days 90 days Total At March 31, 2016 Government sponsored enterprises $ 23,854 $ 0 $ 0 $ 23,854 Asset-backed securities 17,669 0 0 17,669 Total $ 41,523 $ 0 $ 0 $ 41,523 Repurchase Agreements Remaining Contractual Maturity of the Agreements Overnight Less Greater and than than (in thousands) continuous 90 days 90 days Total At December 31, 2015 Government sponsored enterprises $ 46,819 $ 0 $ 0 $ 46,819 Asset-backed securities 10,015 0 0 10,015 Total $ 56,834 $ 0 $ 0 $ 56,834 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of the change in the components of the accumulated other comprehensive income (loss) | Three months ended March 31, 2016 Accumulated Unrecognized Net Other Unrealized Pension and Comprehensive Gain (Loss) Postretirement (Loss) (in thousands) on Securities (1) Costs (2) Income Balance at beginning of period $ (591 ) $ (1,427 ) $ (2,018 ) Other comprehensive income, before reclassifications 2,006 21 2,027 Amounts reclassified from accumulated other comprehensive income (472 ) 0 (472 ) Current period other comprehensive income, before tax 1,534 21 1,555 Income tax expense (583 ) (8 ) (591 ) Current period other comprehensive income, net of tax 951 13 964 Balance at end of period $ 360 $ (1,414 ) $ (1,054 ) Three months ended March 31, 2015 Accumulated Unrecognized Net Other Unrealized Pension and Comprehensive Gain (Loss) Postretirement (Loss) (in thousands) on Securities (1) Costs (2) Income Balance at beginning of period $ 214 $ (1,442 ) $ (1,228 ) Other comprehensive income,before reclassifications 781 0 781 Amounts reclassified from accumulated other comprehensive income 0 36 36 Current period other comprehensive income, before tax 781 36 817 Income tax expense (297 ) (13 ) (310 ) Current period other comprehensive income, net of tax 484 23 507 Balance at end of period $ 698 $ (1,419 ) $ (721 ) (1) The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in gain on sale of investment securities (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) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of summary of employee benefits charged to operating expenses | Three Months Ended March 31, (in thousands) 2016 2015 Payroll taxes $ 296 $ 329 Medical plans 512 508 401k match and profit sharing 181 272 Pension plan 307 348 Other 16 19 Total employee benefits $ 1,312 $ 1,476 |
Schedule of components of net pension cost | Estimated Actual (in thousands) 2016 2015 Service cost - benefits earned during the year $ 1,179 $ 1,325 Interest costs on projected benefit obligations 956 838 Expected return on plan assets (1,057 ) (957 ) Expected administrative expenses 70 40 Amortization of prior service cost 79 79 Amortization of unrecognized net loss 0 66 Net periodic pension expense $ 1,227 $ 1,391 Pension expense - three months ended March 31, (actual) $ 307 $ 348 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of summary of Company's stock option activity | Weighted Weighted Average Aggregate Number average Contractual Intrinsic of Exercise Term Value Shares Price (in years) ($000) Outstanding, beginning of period 62,745 $ 21.50 Granted 0 0.00 Exercised 0 0.00 Forfeited or expired (20,007 ) 22.77 Outstanding, March 31, 2016 42,738 $ 20.91 1.75 $ 0.00 Exercisable, March 31, 2016 35,255 $ 21.96 1.59 $ 0.00 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of calculations of basic and diluted earnings (loss) per share | Three Months Ended March 31, (dollars in thousands, except per share data) 2016 2015 Basic earnings per share: Net income available to shareholders $ 1,998 $ 2,138 Basic earnings per share $ 0.37 $ 0.39 Diluted earnings per share: Net income available to shareholders $ 1,998 $ 2,138 Average shares outstanding 5,436,604 5,443,344 Effect of dilutive stock options 0 0 Average shares outstanding including dilutive stock options 5,436,604 5,443,344 Diluted earnings per share $ 0.37 0.39 |
Schedule of outstanding shares of the common stock | Number of shares March 31, December 31, March 31, 2016 2015 2015 Outstanding, beginning of year 5,441,190 5,233,986 5,233,986 Issuance of stock: 4% stock dividend 0 209,359 209,359 Purchase of treasury stock (8,635 ) (2,155 ) 0 Outstanding, end of year 5,432,555 5,441,190 5,443,344 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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) March 31, 2016 Assets: Government sponsored enterprises $ 42,212 $ 0 $ 42,212 $ 0 Asset-backed securities 175,843 0 175,843 0 Obligations of states and political subdivisions 27,718 0 27,718 0 Mortgage servicing rights 2,745 0 0 2,745 Total $ 248,518 $ 0 $ 245,773 $ 2,745 December 31, 2015 Assets: Government sponsored enterprises $ 73,497 $ 0 73,497 0 Asset-backed securities 128,851 0 128,851 0 Obligations of states and political subdivisions 32,706 0 32,706 0 Mortgage servicing rights 2,847 0 0 2,847 Total $ 237,901 $ 0 $ 235,054 $ 2,847 |
Schedule of 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 March 31, 2016 2015 Balance at beginning of period $ 2,847 $ 2,762 Total gains or losses (realized/unrealized): Included in earnings (155 ) (219 ) Included in other comprehensive income 0 0 Purchases 0 0 Sales 0 0 Issues 53 119 Settlements 0 0 Balance at end of period $ 2,745 $ 2,662 |
Schedule of quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements Valuation Technique Unobservable Inputs Input Value Three Months Ended March 31, 2016 2015 Mortgage servicing rights Discounted cash flows Weighted average constant prepayment rate 10.30 % 11.19 % Weighted average note rate 3.91 % 3.94 % Weighted average discount rate 9.19 % 9.26 % Weighted average expected life (in years) 5.70 5.40 |
Schedule of valuation methods for instruments measured at fair value on a nonrecurring basis | Fair Value Measurements Using Quoted Prices Three in Active Months Markets for Other Significant Ended Identical Observable Unobservable March 31, Total Assets Inputs Inputs Total Gains (in thousands) Fair Value (Level 1) (Level 2) (Level 3) (Losses)* March 31, 2016 Assets: Impaired loans: Commercial, financial, & agricultural $ 248 $ 0 $ 0 $ 248 $ (359 ) Real estate construction - commercial 44 0 0 44 0 Real estate mortgage - residential 3,170 0 0 3,170 (35 ) Real estate mortgage - commercial 243 0 0 243 (154 ) Consumer 100 0 0 100 (12 ) Total $ 3,805 $ 0 $ 0 $ 3,805 $ (560 ) Other real estate and foreclosed assets $ 15,471 $ 0 $ 0 $ 15,471 $ 33 March 31, 2015 Assets: Impaired loans: Commercial, financial, & agricultural $ 1,130 $ 0 $ 0 $ 1,130 $ 0 Real estate mortgage - residential 3,169 0 0 3,169 (71 ) Real estate mortgage - commercial 818 0 0 818 (23 ) Consumer 174 0 0 174 (1 ) Total $ 5,291 $ 0 $ 0 $ 5,291 $ (95 ) Other real estate and foreclosed assets $ 11,751 $ 0 $ 0 $ 11,751 $ 228 * 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 Instr34
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Schedule of summary of the carrying amounts and fair values of financial instruments | March 31, 2016 Fair Value Measurements Quoted Prices in Active Net Markets for Other Significant March 31, 2016 Identical Observable Unobservable Carrying Fair Assets Inputs Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Assets: Cash and due from banks $ 18,184 $ 18,184 $ 18,184 $ 0 $ 0 Federal funds sold and overnight interest-bearing deposits 24,587 24,587 24,587 0 0 Investment in available-for-sale securities 245,773 245,773 0 245,773 0 Loans, net 866,681 867,720 0 0 867,720 Investment in FHLB stock 3,433 3,433 0 3,433 0 Mortgage servicing rights 2,745 2,745 0 0 2,745 Cash surrender value - life insurance 2,361 2,361 0 2,361 0 Accrued interest receivable 4,510 4,510 4,510 0 0 $ 1,168,274 $ 1,169,313 $ 47,281 $ 251,567 $ 870,465 Liabilities: Deposits: Non-interest bearing demand $ 216,886 $ 216,886 $ 216,886 $ 0 $ 0 Savings, interest checking and money market 485,759 485,759 485,759 0 0 Time deposits 289,915 289,896 0 0 289,896 Federal funds purchased and securities sold under agreements to repurchase 41,523 41,523 41,523 0 0 Subordinated notes 49,486 33,455 0 33,455 0 Federal Home Loan Bank advances 50,000 50,927 0 50,927 0 Accrued interest payable 379 379 379 0 0 $ 1,133,948 $ 1,118,825 $ 744,547 $ 84,382 $ 289,896 December 31, 2015 Fair Value Measurements Quoted Prices in Active Net Markets for Other Significant December 31, 2015 Identical Observable Unobservable Carrying Fair Assets Inputs Inputs (in thousands) amount value (Level 1) (Level 2) (Level 3) Assets: Cash and due from banks $ 20,484 $ 20,484 $ 20,484 $ 0 $ 0 Federal funds sold and overnight interest-bearing deposits 7,893 7,893 7,893 0 0 Investment in available-for-sale securities 235,054 235,054 0 235,054 0 Loans, net 856,476 854,775 0 0 854,775 Investment in FHLB stock 3,390 3,390 0 3,390 0 Mortgage servicing rights 2,847 2,847 0 0 2,847 Cash surrender value - life insurance 2,348 2,348 0 2,348 0 Accrued interest receivable 4,853 4,853 4,853 0 0 $ 1,133,345 $ 1,131,644 $ 33,230 $ 240,792 $ 857,622 Liabilities: Deposits: Non-interest bearing demand $ 208,035 $ 208,035 $ 208,035 $ 0 $ 0 Savings, interest checking and money market 441,080 441,080 441,080 0 0 Time deposits 298,082 298,323 0 0 298,323 Federal funds purchased and securities sold under agreements to repurchase 56,834 56,834 56,834 0 0 Subordinated notes 49,486 40,821 0 40,821 0 Federal Home Loan Bank advances 50,000 52,340 0 52,340 0 Accrued interest payable 382 382 382 0 0 $ 1,103,899 $ 1,097,815 $ 706,331 $ 93,161 $ 298,323 |
Repurchase Reserve Liability (T
Repurchase Reserve Liability (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Repurchase Reserve Liability [Abstract] | |
Schedule of repurchase reserve liability | Three Months Ended March 31, (in thousands) 2016 2015 Balance at beginning of year $ 160 $ 160 Provision for repurchase liability 0 40 Reimbursement of expenses 0 (40 ) Balance at end of year $ 160 $ 160 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual amount of off-balance-sheet financial instruments | March 31, December 31, (in thousands) 2016 2015 Commitments to extend credit $ 232,687 $ 161,306 Commitments to originate residential first and second mortgage loans 5,611 3,175 Standby letters of credit 1,462 1,466 Total 239,760 165,947 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Detail Textuals) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Special stock dividend, payment date | Jul. 1, 2015 | ||
Special stock dividend, rate percent | 4.00% | 4.00% | 4.00% |
Special stock dividend, record date | Jun. 15, 2015 |
Loans and Allowance for Loan 38
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Summary of loans, by major class within Company's loan portfolio | ||
Total loans | $ 875,312 | $ 865,080 |
Loans Receivable | ||
Summary of loans, by major class within Company's loan portfolio | ||
Total loans | 875,312 | 865,080 |
Loans Receivable | Commercial, financial, and agricultural | ||
Summary of loans, by major class within Company's loan portfolio | ||
Total loans | 148,040 | 149,091 |
Loans Receivable | Real estate construction - residential | ||
Summary of loans, by major class within Company's loan portfolio | ||
Total loans | 18,017 | 16,830 |
Loans Receivable | Real estate - construction - commercial | ||
Summary of loans, by major class within Company's loan portfolio | ||
Total loans | 36,322 | 33,943 |
Loans Receivable | Real estate mortgage - residential | ||
Summary of loans, by major class within Company's loan portfolio | ||
Total loans | 254,933 | 256,086 |
Loans Receivable | Real estate mortgage - commercial | ||
Summary of loans, by major class within Company's loan portfolio | ||
Total loans | 392,991 | 385,869 |
Loans Receivable | Installment and other consumer | ||
Summary of loans, by major class within Company's loan portfolio | ||
Total loans | $ 25,009 | $ 23,196 |
Loans and Allowance for Loan 39
Loans and Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Summary of the allowance for loan losses | ||
Balance at beginning of period | $ 8,604 | |
Additions: | ||
Provision for loan losses | 250 | $ 0 |
Deductions: | ||
Balance at end of period | 8,631 | |
Loans Receivable | ||
Summary of the allowance for loan losses | ||
Balance at beginning of period | 8,604 | 9,099 |
Additions: | ||
Provision for loan losses | 250 | 0 |
Deductions: | ||
Loans charged off | 448 | 171 |
Less recoveries on loans | (225) | (833) |
Net loans charged off | 223 | (662) |
Balance at end of period | 8,631 | 9,761 |
Loans Receivable | Commercial, Financial, and Agricultural | ||
Summary of the allowance for loan losses | ||
Balance at beginning of period | 2,153 | 1,779 |
Additions: | ||
Provision for loan losses | (12) | (185) |
Deductions: | ||
Loans charged off | 103 | 28 |
Less recoveries on loans | (97) | (575) |
Net loans charged off | 6 | (547) |
Balance at end of period | 2,135 | 2,141 |
Loans Receivable | Real Estate Construction - Residential | ||
Summary of the allowance for loan losses | ||
Balance at beginning of period | 59 | 171 |
Additions: | ||
Provision for loan losses | (15) | (300) |
Deductions: | ||
Loans charged off | 0 | 0 |
Less recoveries on loans | 0 | (177) |
Net loans charged off | 0 | (177) |
Balance at end of period | 44 | 48 |
Loans Receivable | Real estate - construction - commercial | ||
Summary of the allowance for loan losses | ||
Balance at beginning of period | 644 | 466 |
Additions: | ||
Provision for loan losses | 33 | (92) |
Deductions: | ||
Loans charged off | 1 | 0 |
Less recoveries on loans | (11) | 0 |
Net loans charged off | (10) | 0 |
Balance at end of period | 687 | 374 |
Loans Receivable | Real Estate Mortgage - Residential | ||
Summary of the allowance for loan losses | ||
Balance at beginning of period | 2,439 | 2,527 |
Additions: | ||
Provision for loan losses | 32 | 241 |
Deductions: | ||
Loans charged off | 206 | 71 |
Less recoveries on loans | (8) | (12) |
Net loans charged off | 198 | 59 |
Balance at end of period | 2,273 | 2,709 |
Loans Receivable | Real Estate Mortgage - Commercial | ||
Summary of the allowance for loan losses | ||
Balance at beginning of period | 2,935 | 3,846 |
Additions: | ||
Provision for loan losses | 276 | 259 |
Deductions: | ||
Loans charged off | 82 | 24 |
Less recoveries on loans | (61) | (34) |
Net loans charged off | 21 | (10) |
Balance at end of period | 3,190 | 4,115 |
Loans Receivable | Consumer | ||
Summary of the allowance for loan losses | ||
Balance at beginning of period | 273 | 270 |
Additions: | ||
Provision for loan losses | (6) | (67) |
Deductions: | ||
Loans charged off | 56 | 48 |
Less recoveries on loans | (48) | (35) |
Net loans charged off | 8 | 13 |
Balance at end of period | 259 | 190 |
Loans Receivable | Unallocated | ||
Summary of the allowance for loan losses | ||
Balance at beginning of period | 101 | 40 |
Additions: | ||
Provision for loan losses | (58) | 144 |
Deductions: | ||
Loans charged off | 0 | 0 |
Less recoveries on loans | 0 | 0 |
Net loans charged off | 0 | 0 |
Balance at end of period | $ 43 | $ 184 |
Loans and Allowance for Loan 40
Loans and Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Allowance for loan losses: | ||||
Total | $ 8,631 | $ 8,604 | ||
Loans outstanding: | ||||
Total | 875,312 | 865,080 | ||
Loans Receivable | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 1,348 | 1,540 | ||
Collectively evaluated for impairment | 7,283 | 7,064 | ||
Total | 8,631 | 8,604 | $ 9,761 | $ 9,099 |
Loans outstanding: | ||||
Individually evaluated for impairment | 8,924 | 10,268 | ||
Collectively evaluated for impairment | 866,388 | 854,812 | ||
Total | 875,312 | 865,080 | ||
Loans Receivable | Commercial, Financial, and Agricultural | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 260 | 285 | ||
Collectively evaluated for impairment | 1,875 | 1,868 | ||
Total | 2,135 | 2,153 | 2,141 | 1,779 |
Loans outstanding: | ||||
Individually evaluated for impairment | 941 | 1,005 | ||
Collectively evaluated for impairment | 147,099 | 148,086 | ||
Total | 148,040 | 149,091 | ||
Loans Receivable | Real Estate Construction - Residential | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 44 | 59 | ||
Total | 44 | 59 | 48 | 171 |
Loans outstanding: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 18,017 | 16,895 | ||
Total | 18,017 | 16,830 | ||
Loans Receivable | Real estate - construction - commercial | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 8 | 15 | ||
Collectively evaluated for impairment | 679 | 629 | ||
Total | 687 | 644 | 374 | 466 |
Loans outstanding: | ||||
Individually evaluated for impairment | 52 | 102 | ||
Collectively evaluated for impairment | 36,270 | 33,841 | ||
Total | 36,322 | 33,943 | ||
Loans Receivable | Real Estate Mortgage - Residential | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 980 | 955 | ||
Collectively evaluated for impairment | 1,293 | 1,484 | ||
Total | 2,273 | 2,439 | 2,709 | 2,527 |
Loans outstanding: | ||||
Individually evaluated for impairment | 5,365 | 5,936 | ||
Collectively evaluated for impairment | 249,568 | 250,150 | ||
Total | 254,933 | 256,086 | ||
Loans Receivable | Real Estate Mortgage - Commercial | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 69 | 266 | ||
Collectively evaluated for impairment | 3,121 | 2,669 | ||
Total | 3,190 | 2,935 | 4,115 | 3,846 |
Loans outstanding: | ||||
Individually evaluated for impairment | 2,435 | 3,081 | ||
Collectively evaluated for impairment | 390,556 | 382,788 | ||
Total | 392,991 | 385,869 | ||
Loans Receivable | Consumer | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 31 | 19 | ||
Collectively evaluated for impairment | 228 | 254 | ||
Total | 259 | 273 | 190 | 270 |
Loans outstanding: | ||||
Individually evaluated for impairment | 131 | 144 | ||
Collectively evaluated for impairment | 24,878 | 23,052 | ||
Total | 25,009 | 23,196 | ||
Loans Receivable | Un-allocated | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 43 | 101 | ||
Total | 43 | 101 | $ 184 | $ 40 |
Loans outstanding: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | ||
Total | $ 0 | $ 0 |
Loans and Allowance for Loan 41
Loans and Allowance for Loan Losses (Details 3) - Loans Receivable - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Categories of impaired loans | ||
Non-accrual loans | $ 3,072 | $ 4,418 |
Performing TDRs | 5,852 | 5,850 |
Total impaired loans | $ 8,924 | $ 10,268 |
Loans and Allowance for Loan 42
Loans and Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With an allowance recorded | $ 5,200 | $ 7,700 | |
Specific Reserves, With an allowance recorded | 1,300 | $ 2,400 | |
Loans Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 3,771 | $ 4,539 | |
Unpaid Principal Balance, With no related allowance recorded | 4,175 | 4,734 | |
Recorded Investment, With an allowance recorded | 5,153 | 5,729 | |
Unpaid Principal Balance, With an allowance recorded | 5,302 | 6,073 | |
Specific Reserves, With an allowance recorded | 1,348 | 1,540 | |
Total impaired loans, Recorded Investment | 8,924 | 10,268 | |
Total impaired loans, Unpaid Principal Balance | 9,477 | 10,807 | |
Loans Receivable | Commercial, financial, and agricultural | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 433 | 448 | |
Unpaid Principal Balance, With no related allowance recorded | 433 | 450 | |
Recorded Investment, With an allowance recorded | 508 | 557 | |
Unpaid Principal Balance, With an allowance recorded | 526 | 572 | |
Specific Reserves, With an allowance recorded | 260 | 285 | |
Loans Receivable | Real estate - construction - commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With an allowance recorded | 52 | 102 | |
Unpaid Principal Balance, With an allowance recorded | 56 | 115 | |
Specific Reserves, With an allowance recorded | 8 | 15 | |
Loans Receivable | Real estate - residential | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,215 | 1,645 | |
Unpaid Principal Balance, With no related allowance recorded | 1,219 | 1,712 | |
Recorded Investment, With an allowance recorded | 4,150 | 4,291 | |
Unpaid Principal Balance, With an allowance recorded | 4,178 | 4,320 | |
Specific Reserves, With an allowance recorded | 980 | 955 | |
Loans Receivable | Real estate - commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 2,123 | 2,446 | |
Unpaid Principal Balance, With no related allowance recorded | 2,523 | 2,572 | |
Recorded Investment, With an allowance recorded | 312 | 635 | |
Unpaid Principal Balance, With an allowance recorded | 371 | 884 | |
Specific Reserves, With an allowance recorded | 69 | 266 | |
Loans Receivable | Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With an allowance recorded | 131 | 144 | |
Unpaid Principal Balance, With an allowance recorded | 171 | 182 | |
Specific Reserves, With an allowance recorded | $ 31 | $ 19 |
Loans and Allowance for Loan 43
Loans and Allowance for Loan Losses (Details 5) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
With an allowance recorded: | ||
Total interest income recognized during the period | $ 228 | $ 129 |
Loans Receivable | ||
With no related allowance recorded: | ||
With no related allowance recorded Average Recorded Investment | 5,773 | 24,094 |
With no related allowance recorded Interest Recognized For The Period | 96 | 97 |
With an allowance recorded: | ||
With an allowance recorded Average Recorded Investment | 6,501 | 7,778 |
With an allowance recorded Interest Recognized For The Period | 132 | 32 |
Total average reorded investment | 12,274 | 31,872 |
Total interest income recognized during the period | 228 | 129 |
Loans Receivable | Commercial, financial, and agricultural | ||
With no related allowance recorded: | ||
With no related allowance recorded Average Recorded Investment | 1,520 | 5,525 |
With no related allowance recorded Interest Recognized For The Period | 15 | 20 |
With an allowance recorded: | ||
With an allowance recorded Average Recorded Investment | 984 | 1,798 |
With an allowance recorded Interest Recognized For The Period | 12 | 6 |
Loans Receivable | Real estate - construction residential | ||
With no related allowance recorded: | ||
With no related allowance recorded Average Recorded Investment | 0 | 2,143 |
With no related allowance recorded Interest Recognized For The Period | 0 | 0 |
Loans Receivable | Real estate - construction - commercial | ||
With no related allowance recorded: | ||
With no related allowance recorded Average Recorded Investment | 118 | 2,319 |
With no related allowance recorded Interest Recognized For The Period | 0 | 0 |
With an allowance recorded: | ||
With an allowance recorded Average Recorded Investment | 65 | 0 |
With an allowance recorded Interest Recognized For The Period | 0 | 0 |
Loans Receivable | Real estate - residential | ||
With no related allowance recorded: | ||
With no related allowance recorded Average Recorded Investment | 1,513 | 3,180 |
With no related allowance recorded Interest Recognized For The Period | 39 | 12 |
With an allowance recorded: | ||
With an allowance recorded Average Recorded Investment | 4,553 | 4,457 |
With an allowance recorded Interest Recognized For The Period | 120 | 26 |
Loans Receivable | Real estate - commercial | ||
With no related allowance recorded: | ||
With no related allowance recorded Average Recorded Investment | 2,622 | 10,899 |
With no related allowance recorded Interest Recognized For The Period | 42 | 65 |
With an allowance recorded: | ||
With an allowance recorded Average Recorded Investment | 764 | 1,286 |
With an allowance recorded Interest Recognized For The Period | 0 | 0 |
Loans Receivable | Consumer | ||
With no related allowance recorded: | ||
With no related allowance recorded Average Recorded Investment | 0 | 28 |
With no related allowance recorded Interest Recognized For The Period | 0 | 0 |
With an allowance recorded: | ||
With an allowance recorded Average Recorded Investment | 135 | 237 |
With an allowance recorded Interest Recognized For The Period | $ 0 | $ 0 |
Loans and Allowance for Loan 44
Loans and Allowance for Loan Losses (Details 6) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Aging information for the Company's past due and non-accrual loans | ||
Loans | $ 875,312 | $ 865,080 |
Loans Receivable | ||
Aging information for the Company's past due and non-accrual loans | ||
90 Days Past Due And Still Accruing | 66 | 6 |
Non-Accrual | 3,072 | 4,418 |
Loans | 875,312 | 865,080 |
Loans Receivable | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 869,603 | 857,045 |
Loans Receivable | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 2,571 | 3,611 |
Loans Receivable | Commercial, Financial, and Agricultural | ||
Aging information for the Company's past due and non-accrual loans | ||
90 Days Past Due And Still Accruing | 0 | 1 |
Non-Accrual | 259 | 308 |
Loans | 148,040 | 149,091 |
Loans Receivable | Commercial, Financial, and Agricultural | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 147,386 | 148,597 |
Loans Receivable | Commercial, Financial, and Agricultural | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 395 | 185 |
Loans Receivable | Real Estate Construction - Residential | ||
Aging information for the Company's past due and non-accrual loans | ||
90 Days Past Due And Still Accruing | 0 | 0 |
Non-Accrual | 0 | 0 |
Loans | 18,017 | 16,830 |
Loans Receivable | Real Estate Construction - Residential | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 18,017 | 16,830 |
Loans Receivable | Real Estate Construction - Residential | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Loans Receivable | Real estate - construction - commercial | ||
Aging information for the Company's past due and non-accrual loans | ||
90 Days Past Due And Still Accruing | 0 | 0 |
Non-Accrual | 52 | 102 |
Loans | 36,322 | 33,943 |
Loans Receivable | Real estate - construction - commercial | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 36,270 | 33,472 |
Loans Receivable | Real estate - construction - commercial | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 0 | 65 |
Loans Receivable | Real Estate Mortgage - Residential | ||
Aging information for the Company's past due and non-accrual loans | ||
90 Days Past Due And Still Accruing | 58 | 0 |
Non-Accrual | 1,726 | 2,322 |
Loans | 254,933 | 256,086 |
Loans Receivable | Real Estate Mortgage - Residential | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 251,366 | 251,253 |
Loans Receivable | Real Estate Mortgage - Residential | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 1,783 | 2,511 |
Loans Receivable | Real Estate Mortgage - Commercial | ||
Aging information for the Company's past due and non-accrual loans | ||
90 Days Past Due And Still Accruing | 0 | 0 |
Non-Accrual | 904 | 1,542 |
Loans | 392,991 | 385,869 |
Loans Receivable | Real Estate Mortgage - Commercial | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 391,798 | 384,053 |
Loans Receivable | Real Estate Mortgage - Commercial | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 289 | 643 |
Loans Receivable | Installment and other consumer | ||
Aging information for the Company's past due and non-accrual loans | ||
90 Days Past Due And Still Accruing | 8 | 5 |
Non-Accrual | 131 | 144 |
Loans | 25,009 | 23,196 |
Loans Receivable | Installment and other consumer | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | 24,766 | 22,840 |
Loans Receivable | Installment and other consumer | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Financing receivable, recorded investment, past due | $ 104 | $ 207 |
Loans and Allowance for Loan 45
Loans and Allowance for Loan Losses (Details 7) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | $ 875,312 | $ 865,080 |
Loans Receivable | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 875,312 | 865,080 |
Loans Receivable | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 55,578 | 57,906 |
Loans Receivable | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 3,809 | 5,716 |
Loans Receivable | Performing TDRs | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 5,852 | 5,850 |
Loans Receivable | Non-accrual | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 3,072 | 4,418 |
Loans Receivable | Total | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 68,311 | 73,890 |
Loans Receivable | Commercial, Financial, and Agricultural | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 148,040 | 149,091 |
Loans Receivable | Commercial, Financial, and Agricultural | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 7,152 | 8,663 |
Loans Receivable | Commercial, Financial, and Agricultural | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 230 | 421 |
Loans Receivable | Commercial, Financial, and Agricultural | Performing TDRs | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 683 | 697 |
Loans Receivable | Commercial, Financial, and Agricultural | Non-accrual | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 259 | 308 |
Loans Receivable | Commercial, Financial, and Agricultural | Total | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 8,324 | 10,089 |
Loans Receivable | Real Estate Construction - Residential | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 18,017 | 16,830 |
Loans Receivable | Real Estate Construction - Residential | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 1,064 | 1,267 |
Loans Receivable | Real Estate Construction - Residential | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 0 | 0 |
Loans Receivable | Real Estate Construction - Residential | Performing TDRs | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 0 | 0 |
Loans Receivable | Real Estate Construction - Residential | Non-accrual | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 0 | 0 |
Loans Receivable | Real Estate Construction - Residential | Total | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 1,064 | 1,267 |
Loans Receivable | Real estate - construction - commercial | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 36,322 | 33,943 |
Loans Receivable | Real estate - construction - commercial | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 1,162 | 1,296 |
Loans Receivable | Real estate - construction - commercial | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 37 | 37 |
Loans Receivable | Real estate - construction - commercial | Performing TDRs | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 0 | 0 |
Loans Receivable | Real estate - construction - commercial | Non-accrual | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 52 | 102 |
Loans Receivable | Real estate - construction - commercial | Total | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 1,251 | 1,435 |
Loans Receivable | Real Estate Mortgage - Residential | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 254,933 | 256,086 |
Loans Receivable | Real Estate Mortgage - Residential | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 23,291 | 22,191 |
Loans Receivable | Real Estate Mortgage - Residential | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 1,929 | 3,737 |
Loans Receivable | Real Estate Mortgage - Residential | Performing TDRs | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 3,639 | 3,615 |
Loans Receivable | Real Estate Mortgage - Residential | Non-accrual | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 1,726 | 2,322 |
Loans Receivable | Real Estate Mortgage - Residential | Total | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 30,585 | 31,865 |
Loans Receivable | Real Estate Mortgage - Commercial | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 392,991 | 385,869 |
Loans Receivable | Real Estate Mortgage - Commercial | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 22,909 | 24,303 |
Loans Receivable | Real Estate Mortgage - Commercial | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 1,613 | 1,485 |
Loans Receivable | Real Estate Mortgage - Commercial | Performing TDRs | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 1,530 | 1,538 |
Loans Receivable | Real Estate Mortgage - Commercial | Non-accrual | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 904 | 1,542 |
Loans Receivable | Real Estate Mortgage - Commercial | Total | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 26,956 | 28,868 |
Loans Receivable | Installment and other Consumer | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 0 | 186 |
Loans Receivable | Installment and other Consumer | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 0 | 36 |
Loans Receivable | Installment and other Consumer | Performing TDRs | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 0 | 0 |
Loans Receivable | Installment and other Consumer | Non-accrual | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | 131 | 144 |
Loans Receivable | Installment and other Consumer | Total | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Financing receivable | $ 131 | $ 366 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses (Details 8) - Loans Receivable $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)Securties | Mar. 31, 2015USD ($)Securties | |
Loans that were modified as TDRs | ||
Number of Contracts | Securties | 1 | 8 |
Pre- Modification | $ 78,148 | $ 867 |
Post- Modification | $ 78,148 | $ 867 |
Commercial, financial, and agricultural | ||
Loans that were modified as TDRs | ||
Number of Contracts | Securties | 0 | 3 |
Pre- Modification | $ 0 | $ 250 |
Post- Modification | $ 0 | $ 250 |
Real estate mortgage - residential | ||
Loans that were modified as TDRs | ||
Number of Contracts | Securties | 1 | 2 |
Pre- Modification | $ 78,148 | $ 144 |
Post- Modification | $ 78,148 | $ 144 |
Real estate mortgage - commercial | ||
Loans that were modified as TDRs | ||
Number of Contracts | Securties | 0 | 3 |
Pre- Modification | $ 0 | $ 473 |
Post- Modification | $ 0 | $ 473 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses (Detail Textuals) | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($)Securties | Mar. 31, 2015USD ($)Securties | Dec. 31, 2015USD ($) | |
Financing Receivable, Impaired [Line Items] | ||||
Look back period | 3 years | 5 years | ||
Specific allowance related to impaired loans | $ 1,300,000 | $ 1,300,000 | $ 2,400,000 | |
Interest income recognized on impaired loans | 228,000 | 129,000 | ||
Loans Receivable | ||||
Financing Receivable, Impaired [Line Items] | ||||
Carrying amount of loans pledged as collateral to the Federal Home Loan Bank | 435,700,000 | 435,700,000 | ||
Fair value amount of loans pledged as collateral to the Federal Home Loan Bank | 362,400,000 | 362,400,000 | ||
Impaired loans individually evaluated for impairment | 8,924,000 | 8,924,000 | $ 10,268,000 | |
Impaired loans were evaluated based on the fair value of the loan's collateral | 5,500,000 | 5,500,000 | 6,400,000 | |
Specific allowance related to impaired loans | 1,348,000 | 1,348,000 | 1,540,000 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 3,771,000 | $ 3,771,000 | $ 4,539,000 | |
Impaired Financing Receivable With No Related Allowance Recorded Investment Percentage | 42.00% | 42.00% | 44.00% | |
Interest income recognized on impaired loans | $ 228,000 | $ 129,000 | ||
Troubled debt restructurings | $ 6,000,000 | 6,000,000 | $ 6,400,000 | |
Amount of specific reserves related to TDRs which were allocated to the allowance for loan losses | 764,000 | $ 764,000 | 910,000 | |
Number of contracts modified | Securties | 1 | 8 | ||
Loans Receivable | Performing TDRs | ||||
Financing Receivable, Impaired [Line Items] | ||||
Troubled debt restructurings | 5,900,000 | $ 5,900,000 | 5,900,000 | |
Loans Receivable | Nonperforming TDRs | ||||
Financing Receivable, Impaired [Line Items] | ||||
Troubled debt restructurings | $ 194,000 | $ 194,000 | $ 527,000 |
Other Real Estate and Reposse48
Other Real Estate and Repossessed Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Summary of real estate and other assets acquired in settlement of loans | ||||
Total | $ 18,696 | $ 19,225 | $ 14,984 | $ 15,140 |
Less valuation allowance for other real estate owned | (3,225) | (3,233) | (3,233) | $ (3,255) |
Total other real estate and repossessed assets | 15,471 | 15,992 | $ 11,751 | |
Commercial | ||||
Summary of real estate and other assets acquired in settlement of loans | ||||
Real estate acquired through foreclosure | 1,444 | 1,445 | ||
Real estate - construction - commercial | ||||
Summary of real estate and other assets acquired in settlement of loans | ||||
Real estate acquired through foreclosure | 12,380 | 12,380 | ||
Real estate mortgage - residential | ||||
Summary of real estate and other assets acquired in settlement of loans | ||||
Real estate acquired through foreclosure | 835 | 477 | ||
Real estate mortgage - commercial | ||||
Summary of real estate and other assets acquired in settlement of loans | ||||
Real estate acquired through foreclosure | $ 4,037 | $ 4,923 |
Other Real Estate and Reposse49
Other Real Estate and Repossessed Assets (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of real estate acquired in settlement of loans | ||
Balance at beginning of period | $ 19,225 | $ 15,140 |
Additions | 742 | 603 |
Proceeds from sales | (1,274) | (883) |
Charge-offs against the valuation allowance for other real estate owned, net | (46) | (16) |
Net gain on sales | 49 | 140 |
Total other real estate and repossessed assets | 18,696 | 14,984 |
Less valuation allowance for other real estate owned | (3,225) | (3,233) |
Balance at end of period | $ 15,471 | $ 11,751 |
Other Real Estate and Reposse50
Other Real Estate and Repossessed Assets (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Summary of activity in valuation allowance for other real estate owned in settlement of loans | ||
Balance, beginning of year | $ 3,233 | $ 3,255 |
Provision for other real estate owned | 38 | (6) |
Charge-offs | (46) | (16) |
Balance, end of period | $ 3,225 | $ 3,233 |
Other Real Estate and Reposse51
Other Real Estate and Repossessed Assets (Detail Textuals) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Other Real Estate [Abstract] | |||
Net charge-offs against allowance for loan losses | $ 381,000 | $ 41,000 | |
Consumer mortgage loans in process of foreclosure | $ 565,000 | $ 390,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Amortized cost and fair value of debt securities | ||
Amortized Cost | $ 245,192 | $ 236,008 |
Gross Unrealized Gains | 1,499 | 1,060 |
Gross Unrealized Losses | 918 | 2,014 |
Fair value | 245,773 | 235,054 |
Government sponsored enterprises | ||
Amortized cost and fair value of debt securities | ||
Amortized Cost | 42,111 | 73,605 |
Gross Unrealized Gains | 110 | 127 |
Gross Unrealized Losses | 9 | 235 |
Fair value | 42,212 | 73,497 |
Asset-backed securities | ||
Amortized cost and fair value of debt securities | ||
Amortized Cost | 175,869 | 130,179 |
Gross Unrealized Gains | 866 | 440 |
Gross Unrealized Losses | 892 | 1,768 |
Fair value | 175,843 | 128,851 |
Obligations of states and political subdivisions | ||
Amortized cost and fair value of debt securities | ||
Amortized Cost | 27,212 | 32,224 |
Gross Unrealized Gains | 523 | 493 |
Gross Unrealized Losses | 17 | 11 |
Fair value | $ 27,718 | $ 32,706 |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Amortized Cost | ||
Due in one year or less | $ 18,149 | |
Due after one year through five years | 40,630 | |
Due after five year through ten years | 10,013 | |
Due after ten years | 531 | |
Total | 69,323 | |
Asset-backed securities | 175,869 | |
Amortized Cost | 245,192 | $ 236,008 |
Fair Value | ||
Due in one year or less | 18,155 | |
Due after one year through five years | 40,934 | |
Due after five year through ten years | 10,312 | |
Due after ten years | 529 | |
Total | 69,930 | |
Asset-backed securities | 175,843 | |
Fair value | $ 245,773 | $ 235,054 |
Investment Securities (Detail54
Investment Securities (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value | ||
Less than 12 months | $ 78,482 | $ 102,205 |
12 months or more | 40,518 | 45,296 |
Total | 119,000 | 147,501 |
Unrealized Losses | ||
Less than 12 months | (548) | (848) |
12 months or more | (370) | (1,166) |
Total | (918) | (2,014) |
Government sponsored enterprises | ||
Fair Value | ||
Less than 12 months | 17,997 | 43,539 |
12 months or more | 0 | 1,002 |
Total | 17,997 | 44,541 |
Unrealized Losses | ||
Less than 12 months | (9) | (222) |
12 months or more | 0 | (13) |
Total | (9) | (235) |
Asset-backed securities | ||
Fair Value | ||
Less than 12 months | 57,446 | 56,095 |
12 months or more | 40,267 | 43,576 |
Total | 97,713 | 99,671 |
Unrealized Losses | ||
Less than 12 months | (523) | (620) |
12 months or more | (369) | (1,148) |
Total | (892) | (1,768) |
Obligations of states and political subdivisions | ||
Fair Value | ||
Less than 12 months | 3,039 | 2,571 |
12 months or more | 251 | 718 |
Total | 3,290 | 3,289 |
Unrealized Losses | ||
Less than 12 months | (16) | (6) |
12 months or more | (1) | (5) |
Total | $ (17) | $ (11) |
Investment Securities (Detail55
Investment Securities (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | ||
Gains realized on sales | $ 472 | $ 0 |
Losses realized on sales | 0 | 0 |
Other-than-temporary impairment recognized | 0 | 0 |
Investment securities gains | $ 472 | $ 0 |
Investment Securities (Detail T
Investment Securities (Detail Textuals) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)Security | Dec. 31, 2015USD ($)Security | |
Investments Debt And Equity Securities [Abstract] | ||
Available for sale securities, restricted | $ 8,100,000 | $ 8,000,000 |
Available for sale securities, pledged | $ 202,300,000 | $ 182,700,000 |
Number of securities consisted in portfolio | Security | 268 | 316 |
Number of securities in loss position | Security | 67 | 111 |
Unrealized loss included in other comprehensive | $ 119,000,000 | $ 147,500,000 |
12 months or more | 40,518,000 | 45,296,000 |
Gross Unrealized Losses | $ 918,000 | $ 2,000,000 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Changes in mortgage servicing rights | |||
Balance at beginning of period | $ 2,847 | ||
Changes in fair value: | |||
Balance at end of period | 2,745 | ||
Mortgage servicing rights (MSRs) | |||
Changes in mortgage servicing rights | |||
Balance at beginning of period | 2,847 | $ 2,762 | |
Originated mortgage servicing rights | 53 | 119 | |
Changes in fair value: | |||
Due to change in model inputs and assumptions | [1] | (3) | (41) |
Other changes in fair value | [2] | (152) | (178) |
Balance at end of period | $ 2,745 | $ 2,662 | |
[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 1)
Intangible Assets (Details 1) - Mortgage servicing rights (MSRs) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Assumptions used in estimating the fair value of mortgage service rights | ||
Weighted average constant prepayment rate (as a percent) | 10.30% | 11.19% |
Weighted average note rate (as a percent) | 3.91% | 3.94% |
Weighted average discount rate (as a percent) | 9.19% | 9.26% |
Weighted average expected life (in years) | 5 years 8 months 12 days | 5 years 4 months 24 days |
Intangible Assets (Detail Textu
Intangible Assets (Detail Textuals) - Mortgage servicing rights (MSRs) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Mortgage loans serviced for others | $ 308,100,000 | $ 312,300,000 | $ 312,100,000 |
Mortgage loan servicing fees reported as other non-interest income | $ 210,000 | $ 214,000 |
Federal funds purchased and s60
Federal funds purchased and securities sold under agreements to repurchase (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Federal funds purchased | $ 0 | $ 0 |
Repurchase agreements | 41,523 | 56,834 |
Total | $ 41,523 | $ 56,834 |
Federal funds purchased and s61
Federal funds purchased and securities sold under agreements to repurchase (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | $ 41,523 | $ 56,834 |
Government sponsored enterprises | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 23,854 | 46,819 |
Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 17,669 | 10,015 |
Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 41,523 | 56,834 |
Overnight and continuous | Government sponsored enterprises | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 23,854 | 46,819 |
Overnight and continuous | Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 17,669 | 10,015 |
Less than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | 0 |
Less than 90 days | Government sponsored enterprises | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | 0 |
Less than 90 days | Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | 0 |
Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | 0 |
Greater than 90 days | Government sponsored enterprises | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | 0 |
Greater than 90 days | Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | $ 0 | $ 0 |
Income Taxes (Details Textuals)
Income Taxes (Details Textuals) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate reconciliation, percent | 32.60% | 34.40% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Unrealized Gain (Loss) on Securities | |||
Accumulated Other Comprehensive Income (Loss) | |||
Balance at the beginning | [1] | $ (591) | $ 214 |
Other comprehensive (loss) income, before reclassifications | [1] | 2,006 | 781 |
Amounts reclassified from accumulated other comprehensive income | [1] | (472) | 0 |
Current period other comprehensive income, before tax | [1] | 1,534 | 781 |
Income tax expense | [1] | (583) | (297) |
Current period other comprehensive income, net of tax | [1] | 951 | 484 |
Balance at the end | [1] | 360 | 698 |
Unrecognized Net Pension and Postretirement Costs | |||
Accumulated Other Comprehensive Income (Loss) | |||
Balance at the beginning | [2] | (1,427) | (1,442) |
Other comprehensive (loss) income, before reclassifications | [2] | 21 | 0 |
Amounts reclassified from accumulated other comprehensive income | [2] | 0 | 36 |
Current period other comprehensive income, before tax | [2] | 21 | 36 |
Income tax expense | [2] | (8) | (13) |
Current period other comprehensive income, net of tax | [2] | 13 | 23 |
Balance at the end | [2] | (1,414) | (1,419) |
Accumulated Other Comprehensive (Loss) Income | |||
Accumulated Other Comprehensive Income (Loss) | |||
Balance at the beginning | (2,018) | (1,228) | |
Other comprehensive (loss) income, before reclassifications | 2,027 | 781 | |
Amounts reclassified from accumulated other comprehensive income | (472) | 36 | |
Current period other comprehensive income, before tax | 1,555 | 817 | |
Income tax expense | (591) | (310) | |
Current period other comprehensive income, net of tax | 964 | 507 | |
Balance at the end | (1,054) | (721) | |
Balance at the beginning | (2,018) | ||
Current period other comprehensive income, net of tax | 964 | $ 507 | |
Balance at the end | $ (1,054) | ||
[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 ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Summary of employee benefits charged to operating expenses | ||
Payroll taxes | $ 296 | $ 329 |
Medical plans | 512 | 508 |
401k match and profit sharing | 181 | 272 |
Pension plan | 307 | 348 |
Other | 16 | 19 |
Total employee benefits | $ 1,312 | $ 1,476 |
Employee Benefit Plans (Detai65
Employee Benefit Plans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of net pension cost | ||||
Pension expense - three months ended March 31, (actual) | $ 307 | $ 348 | ||
Pension | ||||
Components of net pension cost | ||||
Service cost - benefits earned during the year | $ 1,325 | |||
Interest costs on projected benefit obligations | 838 | |||
Expected return on plan assets | (957) | |||
Expected administrative expenses | 40 | |||
Amortization of prior service cost | 79 | |||
Amortization of unrecognized net loss | 66 | |||
Net periodic pension expense | 1,391 | |||
Pension expense - three months ended March 31, (actual) | $ 348 | |||
Pension | Estimated | ||||
Components of net pension cost | ||||
Service cost - benefits earned during the year | $ 1,179 | |||
Interest costs on projected benefit obligations | 956 | |||
Expected return on plan assets | (1,057) | |||
Expected administrative expenses | 70 | |||
Amortization of prior service cost | $ 79 | |||
Amortization of unrecognized net loss | ||||
Net periodic pension expense | $ 1,227 | |||
Pension expense - three months ended March 31, (actual) | $ 307 |
Employee Benefit Plans (Detail
Employee Benefit Plans (Detail Textuals) - USD ($) | 1 Months Ended | 3 Months Ended |
Apr. 15, 2016 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure | ||
Employer match (as a percent) | 3.00% | |
Defined benefit plan contributions by employer percent | 6.00% | |
Pension | Subsequent Event | ||
Defined Benefit Plan Disclosure | ||
Contribution to the defined benefit plan for the current plan year | $ 772,000 |
Stock Compensation (Details)
Stock Compensation (Details) | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Number of shares | |
Outstanding, beginning of year (in shares) | shares | 62,745 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 0 |
Forfeited or expired (in shares) | shares | (20,007) |
Outstanding, end of year (in shares) | shares | 42,738 |
Exercisable, end of year (in shares) | shares | 35,255 |
Weighted average exercise price | |
Outstanding, beginning of year (in dollars per share) | $ / shares | $ 21.5 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 0 |
Forfeited or expired (in dollars per share) | $ / shares | 22.77 |
Outstanding, end of year (in dollars per share) | $ / shares | 20.91 |
Exercisable, end of year (in dollars per share) | $ / shares | $ 21.96 |
Weighted average Contractual Term (in years) | |
Outstanding at the end of period | 1 year 9 months |
Exercisable at the end of period | 1 year 7 months 2 days |
Aggregate Intrinsic Value | |
Outstanding, end of year | $ | $ 0 |
Exercisable, end of year | $ | $ 0 |
Stock Compensation (Detail Text
Stock Compensation (Detail Textuals) - USD ($) | Jul. 01, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant of options to purchase (in shares) | 592,168 | ||
Stock dividend (in percent) | 4.00% | ||
Stock based compensation expense | $ 5,000 | $ 4,000 | |
Total unrecognized compensation expense related to non-vested stock awards | $ 15,000 | ||
Weighted average period is expected to be recognized | 5 months 19 days | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average period is expected to be recognized | 5 years | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average period is expected to be recognized | 4 years |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic earnings per share: | ||
Net income available to shareholders | $ 1,998 | $ 2,138 |
Basic earnings per share (in dollars per share) | $ 0.37 | $ 0.39 |
Diluted earnings per share: | ||
Net income available to shareholders | $ 1,998 | $ 2,138 |
Average shares outstanding | 5,436,604 | 5,443,344 |
Effect of dilutive stock options | ||
Average shares outstanding including dilutive stock options | 5,436,604 | 5,443,344 |
Diluted earnings per share (in dollars per share) | $ 0.37 | $ 0.39 |
Earnings per Share (Details 2)
Earnings per Share (Details 2) - shares | Aug. 06, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Schedule Of Common Stock Outstanding [Roll Forward] | ||||
Outstanding, beginning of year | 5,441,190 | 5,233,986 | 5,233,986 | |
Issuance of stock: 4% stock dividend | 0 | 209,359 | 209,359 | |
Purchase of treasury stock | (8,635) | (8,635) | (2,155) | |
Outstanding, end of year | 5,432,555 | 5,443,344 | 5,441,190 |
Earnings per Share (Parenthetic
Earnings per Share (Parentheticals) (Details 2) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Common Stock, Dividend Rate, Percentage | 4.00% | 4.00% | 4.00% |
Earnings per Share (Detail Text
Earnings per Share (Detail Textuals) - USD ($) $ / shares in Units, $ in Millions | Aug. 06, 2015 | Mar. 31, 2016 | Dec. 31, 2015 |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 42,738 | 84,830 | |
Share repurchase plan, Authorized amount | $ 2 | ||
Number of common stock repurchased | 8,635 | 8,635 | 2,155 |
Average price per share of common stock repurchased | $ 14.94 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Available for sale debt securities, fair value | $ 245,773 | $ 235,054 |
Mortgage servicing rights, fair value | 2,745 | 2,847 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Available for sale debt securities, fair value | 0 | 0 |
Mortgage servicing rights, fair value | 0 | 0 |
Other Observable Inputs (Level 2) | ||
Assets: | ||
Available for sale debt securities, fair value | 245,773 | 235,054 |
Mortgage servicing rights, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Available for sale debt securities, fair value | 0 | 0 |
Mortgage servicing rights, fair value | 2,745 | 2,847 |
Recurring | ||
Assets: | ||
Assets, Total | 248,518 | 237,901 |
Recurring | Government sponsored enterprises | ||
Assets: | ||
Available for sale debt securities, fair value | 42,212 | 73,497 |
Recurring | Asset-backed securities | ||
Assets: | ||
Available for sale debt securities, fair value | 175,843 | 128,851 |
Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Available for sale debt securities, fair value | 27,718 | 32,706 |
Recurring | Mortgage servicing rights | ||
Assets: | ||
Mortgage servicing rights, fair value | 2,745 | 2,847 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Assets, Total | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Government sponsored enterprises | ||
Assets: | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities | ||
Assets: | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of states and political subdivisions | ||
Assets: | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage servicing rights | ||
Assets: | ||
Mortgage servicing rights, fair value | 0 | 0 |
Recurring | Other Observable Inputs (Level 2) | ||
Assets: | ||
Assets, Total | 245,773 | 235,054 |
Recurring | Other Observable Inputs (Level 2) | Government sponsored enterprises | ||
Assets: | ||
Available for sale debt securities, fair value | 42,212 | 73,497 |
Recurring | Other Observable Inputs (Level 2) | Asset-backed securities | ||
Assets: | ||
Available for sale debt securities, fair value | 175,843 | 128,851 |
Recurring | Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets: | ||
Available for sale debt securities, fair value | 27,718 | 32,706 |
Recurring | Other Observable Inputs (Level 2) | Mortgage servicing rights | ||
Assets: | ||
Mortgage servicing rights, fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Assets, Total | 2,745 | 2,847 |
Recurring | Significant Unobservable Inputs (Level 3) | Government sponsored enterprises | ||
Assets: | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||
Assets: | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ||
Assets: | ||
Available for sale debt securities, fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | ||
Assets: | ||
Mortgage servicing rights, fair value | $ 2,745 | $ 2,847 |
Fair Value Measurements (Deta74
Fair Value Measurements (Details 1) - Recurring - Significant Unobservable Inputs (Level 3) - Mortgage servicing rights - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair value of assets | ||
Balance at beginning of period | $ 2,847 | $ 2,762 |
Total gains or losses (realized/unrealized) included in earnings | (155) | (219) |
Total gains or losses (realized/unrealized) included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issues | 53 | 119 |
Settlements | 0 | 0 |
Balance at end of period | $ 2,745 | $ 2,662 |
Fair Value Measurements (Deta75
Fair Value Measurements (Details 2) - Recurring - Significant Unobservable Inputs (Level 3) - Mortgage servicing rights | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Quantitative Information | ||
Weighted average constant prepayment rate | 10.30% | 11.19% |
Weighted average note rate (as a percent) | 3.91% | 3.94% |
Weighted average discount rate | 9.19% | 9.26% |
Weighted average expected life (in years) | 5 years 8 months 12 days | 5 years 4 months 24 days |
Fair Value Measurements (Deta76
Fair Value Measurements (Details 3) - Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Total Gains (Losses) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) on impaired loans | [1] | $ (560) | $ (95) |
Gains (losses) on other real estate owned and repossessed assets | [1] | 33 | 228 |
Total Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 3,805 | 5,291 | |
Other real estate owned and repossessed assets | 15,471 | 11,751 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | 0 | |
Other real estate owned and repossessed assets | 0 | 0 | |
Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | 0 | |
Other real estate owned and repossessed assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 3,805 | 5,291 | |
Other real estate owned and repossessed assets | 15,471 | 11,751 | |
Commercial, financial, and agricultural | Total Gains (Losses) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) on impaired loans | [1] | (359) | 0 |
Commercial, financial, and agricultural | Total Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 248 | 1,130 | |
Commercial, financial, and agricultural | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | 0 | |
Commercial, financial, and agricultural | Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | 0 | |
Commercial, financial, and agricultural | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 248 | 1,130 | |
Real estate - construction - commercial | Total Gains (Losses) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) on impaired loans | [1] | 0 | |
Real estate - construction - commercial | Total Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 44 | ||
Real estate - construction - commercial | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | ||
Real estate - construction - commercial | Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | ||
Real estate - construction - commercial | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 44 | ||
Real estate mortgage - residential | Total Gains (Losses) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) on impaired loans | [1] | (35) | (71) |
Real estate mortgage - residential | Total Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 3,170 | 3,169 | |
Real estate mortgage - residential | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | 0 | |
Real estate mortgage - residential | Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | 0 | |
Real estate mortgage - residential | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 3,170 | 3,169 | |
Real estate mortgage - commercial | Total Gains (Losses) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) on impaired loans | [1] | (154) | (23) |
Real estate mortgage - commercial | Total Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 243 | 818 | |
Real estate mortgage - commercial | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | 0 | |
Real estate mortgage - commercial | Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | 0 | |
Real estate mortgage - commercial | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 243 | 818 | |
Consumer | Total Gains (Losses) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) on impaired loans | [1] | (12) | (1) |
Consumer | Total Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 100 | 174 | |
Consumer | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | 0 | |
Consumer | Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | 0 | |
Consumer | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | $ 100 | $ 174 | |
[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 Measurements (Deta77
Fair Value Measurements (Detail Textuals) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Gains included in earnings attributable to change in unrealized gains or losses | $ 3,000 | $ 41,000 |
Impaired loans with a specific allowance | 5,200,000 | 7,700,000 |
Specific allowance related to impaired loans | 1,300,000 | 2,400,000 |
Impaired financing receivable charge offs | $ 560,000 | $ 95,000 |
Fair Value of Financial Instr78
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and due from banks | $ 18,184 | $ 20,484 |
Federal funds sold and overnight interest-bearing deposits | 24,587 | 7,893 |
Investment in available-for-sale securities, at fair value | 245,773 | 235,054 |
Mortgage servicing rights | 2,745 | 2,847 |
Accrued interest receivable | 4,510 | 4,853 |
Deposits: | ||
Non-interest bearing demand | 216,886 | 208,035 |
Savings, interest checking and money market | 485,759 | 441,080 |
Accrued interest payable | 379 | 382 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash and due from banks | 18,184 | 20,484 |
Federal funds sold and overnight interest-bearing deposits | 24,587 | 7,893 |
Investment in available-for-sale securities, at fair value | 0 | 0 |
Loans, net | 0 | 0 |
Investment in FHLB stock | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Cash surrender value - life insurance | 0 | 0 |
Accrued interest receivable | 4,510 | 4,853 |
Assets, Total | 47,281 | 33,230 |
Deposits: | ||
Non-interest bearing demand | 216,886 | 208,035 |
Savings, interest checking and money market | 485,759 | 441,080 |
Time deposits | 0 | 0 |
Federal funds purchased and securities sold under agreements to repurchase | 41,523 | 56,834 |
Subordinated notes | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | 379 | 382 |
Liabilities, Fair Value Disclosure, Total | 744,547 | 706,331 |
Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash and due from banks | 0 | 0 |
Federal funds sold and overnight interest-bearing deposits | 0 | 0 |
Investment in available-for-sale securities, at fair value | 245,773 | 235,054 |
Loans, net | 0 | 0 |
Investment in FHLB stock | 3,433 | 3,390 |
Mortgage servicing rights | 0 | 0 |
Cash surrender value - life insurance | 2,361 | 2,348 |
Accrued interest receivable | 0 | 0 |
Assets, Total | 251,567 | 240,792 |
Deposits: | ||
Non-interest bearing demand | 0 | 0 |
Savings, interest checking and money market | 0 | 0 |
Time deposits | 0 | 0 |
Federal funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Subordinated notes | 33,455 | 40,821 |
Federal Home Loan Bank advances | 50,927 | 52,340 |
Accrued interest payable | 0 | 0 |
Liabilities, Fair Value Disclosure, Total | 84,382 | 93,161 |
Net Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash and due from banks | 0 | 0 |
Federal funds sold and overnight interest-bearing deposits | 0 | 0 |
Investment in available-for-sale securities, at fair value | 0 | 0 |
Loans, net | 867,720 | 854,775 |
Investment in FHLB stock | 0 | 0 |
Mortgage servicing rights | 2,745 | 2,847 |
Cash surrender value - life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Assets, Total | 870,465 | 857,622 |
Deposits: | ||
Non-interest bearing demand | 0 | 0 |
Savings, interest checking and money market | 0 | 0 |
Time deposits | 289,896 | 298,323 |
Federal funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Subordinated notes | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | 0 | 0 |
Liabilities, Fair Value Disclosure, Total | 289,896 | 298,323 |
Carrying Amount | ||
Assets: | ||
Cash and due from banks | 18,184 | 20,484 |
Federal funds sold and overnight interest-bearing deposits | 24,587 | 7,893 |
Investment in available-for-sale securities, at fair value | 245,773 | 235,054 |
Loans, net | 866,681 | 856,476 |
Investment in FHLB stock | 3,433 | 3,390 |
Mortgage servicing rights | 2,745 | 2,847 |
Cash surrender value - life insurance | 2,361 | 2,348 |
Accrued interest receivable | 4,510 | 4,853 |
Assets, Total | 1,168,274 | 1,133,345 |
Deposits: | ||
Non-interest bearing demand | 216,886 | 208,035 |
Savings, interest checking and money market | 485,759 | 441,080 |
Time deposits | 289,915 | 298,082 |
Federal funds purchased and securities sold under agreements to repurchase | 41,523 | 56,834 |
Subordinated notes | 49,486 | 49,486 |
Federal Home Loan Bank advances | 50,000 | 50,000 |
Accrued interest payable | 379 | 382 |
Liabilities, Fair Value Disclosure, Total | 1,133,948 | 1,103,899 |
Fair Value | ||
Assets: | ||
Cash and due from banks | 18,184 | 20,484 |
Federal funds sold and overnight interest-bearing deposits | 24,587 | 7,893 |
Investment in available-for-sale securities, at fair value | 245,773 | 235,054 |
Loans, net | 867,720 | 854,775 |
Investment in FHLB stock | 3,433 | 3,390 |
Mortgage servicing rights | 2,745 | 2,847 |
Cash surrender value - life insurance | 2,361 | 2,348 |
Accrued interest receivable | 4,510 | 4,853 |
Assets, Total | 1,169,313 | 1,131,644 |
Deposits: | ||
Non-interest bearing demand | 216,886 | 208,035 |
Savings, interest checking and money market | 485,759 | 441,080 |
Time deposits | 289,896 | 298,323 |
Federal funds purchased and securities sold under agreements to repurchase | 41,523 | 56,834 |
Subordinated notes | 33,455 | 40,821 |
Federal Home Loan Bank advances | 50,927 | 52,340 |
Accrued interest payable | 379 | 382 |
Liabilities, Fair Value Disclosure, Total | $ 1,118,825 | $ 1,097,815 |
Repurchase Reserve Liability (D
Repurchase Reserve Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Assets Sold Under Agreements To Repurchase [Roll Forward] | ||
Balance at beginning of year | $ 160 | $ 160 |
Provision for repurchase liability | 0 | 40 |
Reimbursement of expenses | 0 | (40) |
Balance at end of year | $ 160 | $ 160 |
Repurchase Reserve Liability 80
Repurchase Reserve Liability (Detail Textuals) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($)Securties | Dec. 31, 2015USD ($)Securties | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Repurchase Reserve Liability [Abstract] | ||||
Repurchase reserve liability | $ 160,000 | $ 160,000 | $ 160,000 | $ 160,000 |
Number of loans sold to the secondary market | Securties | 2,986 | 3,024 | ||
Balance of loans sold to the secondary market | $ 308,100,000 | $ 312,100,000 | ||
Loss on repurchase | $ 39,000 |
Commitments and Contingencies81
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Contractual amount of off-balance-sheet financial instruments | ||
Total contractual amount of off-balance-sheet financial instruments | $ 239,760 | $ 165,947 |
Commitments to extend credit | ||
Contractual amount of off-balance-sheet financial instruments | ||
Total contractual amount of off-balance-sheet financial instruments | 232,687 | 161,306 |
Commitments to originate residential first and second mortgage loans | ||
Contractual amount of off-balance-sheet financial instruments | ||
Total contractual amount of off-balance-sheet financial instruments | 5,611 | 3,175 |
Standby letters of credit | ||
Contractual amount of off-balance-sheet financial instruments | ||
Total contractual amount of off-balance-sheet financial instruments | $ 1,462 | $ 1,466 |
Commitments and Contingencies82
Commitments and Contingencies (Detail Textuals) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Contractual amount of off-balance-sheet financial instruments | |
Amounts accrued for estimated losses for the financial instruments | $ 0 |
Minimum | |
Contractual amount of off-balance-sheet financial instruments | |
Remaining term of standby letters of credit | 1 month |
Maximum | |
Contractual amount of off-balance-sheet financial instruments | |
Remaining term of standby letters of credit | 5 years |