Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 09, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MIDDLEBURG FINANCIAL CORP | |
Entity Central Index Key | 914,138 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,099,002 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 4,586 | $ 5,489 |
Interest bearing deposits with other banks | 61,135 | 33,739 |
Total cash and cash equivalents | 65,721 | 39,228 |
Securities held to maturity, fair value of $9,209 and $4,163, respectively | 9,227 | 4,207 |
Securities available for sale, at fair value | 377,025 | 374,571 |
Restricted securities, at cost | 6,901 | 6,411 |
Loans, net of allowance for loan losses of $11,330 and $11,046, respectively | 813,221 | 794,635 |
Premises and equipment, net | 19,316 | 19,531 |
Goodwill and identified intangibles, net | 3,593 | 3,636 |
Other real estate owned, net of valuation allowance | 3,727 | 3,345 |
Bank owned life insurance | 23,434 | 23,273 |
Accrued interest receivable and other assets | 25,956 | 26,026 |
TOTAL ASSETS | 1,348,121 | 1,294,863 |
Deposits: | ||
Non-interest bearing demand deposits | 250,915 | 235,897 |
Savings and interest bearing demand deposits | 567,428 | 560,328 |
Time deposits | 265,555 | 244,575 |
Total deposits | 1,083,898 | 1,040,800 |
Securities sold under agreements to repurchase | 25,294 | 26,869 |
Federal Home Loan Bank borrowings | 95,000 | 85,000 |
Subordinated notes | 5,155 | 5,155 |
Accrued interest payable and other liabilities | 13,549 | 13,485 |
TOTAL LIABILITIES | $ 1,222,896 | $ 1,171,309 |
Commitments and contingencies | ||
SHAREHOLDERS' EQUITY | ||
Common stock ($2.50 par value; 20,000,000 shares authorized; 7,099,002 and 7,085,217 issued and outstanding, respectively) | $ 17,304 | $ 17,330 |
Capital surplus | 43,625 | 44,155 |
Retained earnings | 61,529 | 60,392 |
Accumulated other comprehensive income | 2,767 | 1,677 |
TOTAL SHAREHOLDERS' EQUITY | 125,225 | 123,554 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,348,121 | $ 1,294,863 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Securities held to maturity | $ 9,209 | $ 4,163 |
Loans, allowance for loan losses | $ 11,330 | $ 11,046 |
SHAREHOLDERS' EQUITY | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 7,099,002 | 7,085,217 |
Common stock, shares outstanding (in shares) | 7,099,002 | 7,085,217 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 8,230 | $ 8,243 |
Interest and dividends on securities | ||
Taxable | 2,073 | 1,906 |
Tax-exempt | 452 | 461 |
Dividends | 69 | 59 |
Interest on deposits with other banks and federal funds sold | 48 | 30 |
Total interest and dividend income | 10,872 | 10,699 |
INTEREST EXPENSE | ||
Interest on deposits | 871 | 855 |
Interest on securities sold under agreements to repurchase | 1 | 45 |
Interest on FHLB borrowings and other debt | 251 | 168 |
Total interest expense | 1,123 | 1,068 |
NET INTEREST INCOME | 9,749 | 9,631 |
Provision for loan losses | 300 | 450 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 9,449 | 9,181 |
NON-INTEREST INCOME | ||
Service charges on deposit accounts | 279 | 259 |
Trust services income | 1,158 | 1,218 |
ATM fee income | 327 | 299 |
Gains on sales of loans held for sale, net | 9 | 0 |
Gains on sales of securities available for sale, net | 163 | 101 |
Commissions on investment sales | 132 | 129 |
Bank owned life insurance | 161 | 160 |
Other operating income | 221 | 842 |
Total non-interest income | 2,450 | 3,008 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 4,812 | 4,848 |
Occupancy and equipment | 1,315 | 1,339 |
Advertising | 55 | 133 |
Computer operations | 720 | 490 |
Other real estate owned | 167 | 67 |
Other taxes | 235 | 223 |
Federal deposit insurance | 175 | 211 |
ATM expense | 163 | 129 |
Audits and exams | 147 | 105 |
Other operating expenses | 1,467 | 1,355 |
Total non-interest expense | 9,256 | 8,900 |
Income before income taxes | 2,643 | 3,289 |
Income tax expense | 588 | 841 |
NET INCOME | $ 2,055 | $ 2,448 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.29 | $ 0.34 |
Diluted (in dollars per share) | $ 0.29 | $ 0.34 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 2,055 | $ 2,448 |
Other comprehensive income, net of tax: | ||
Unrealized holding gains arising during the period, net of tax, ($693) and ($583), respectively | 1,347 | 1,136 |
Reclassification adjustment for gains included in net income, net of tax, $55 and $34, respectively | (108) | (67) |
Unrealized losses on interest rate swaps, net of tax, $78 and $29, respectively | (149) | (57) |
Reclassification adjustment for gain on interest rate swap ineffectiveness included in net income, net of tax, $0 and $2, respectively | 0 | (4) |
Total other comprehensive income | 1,090 | 1,008 |
Total comprehensive income | $ 3,145 | $ 3,456 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other comprehensive income, net of tax: | ||
Unrealized holding gains (losses), tax | $ (693) | $ (583) |
Reclassification adjustment, tax | 55 | 34 |
Unrealized loss on interest rate swaps tax | 78 | 29 |
Reclassification adjustment, derivative, tax | $ 0 | $ 2 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Balance at Dec. 31, 2014 | $ 122,034 | $ 17,494 | $ 44,892 | $ 55,854 | $ 3,794 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 2,448 | 2,448 | |||
Other comprehensive income, net of tax | 1,008 | 1,008 | |||
Cash dividends ($0.13 for 3 months ended March 31, 2016 and $0.10 declared for 3 months ended March 31, 2015) | (713) | (713) | |||
Restricted stock vesting (29,125 shares for 3 months ended March 31, 2016 and 11,125 shares for the 3 months ended March 31, 2015) | 0 | 28 | (28) | ||
Repurchase of restricted stock (12,914 shares for the 3 months ended March 31, 2016 and 4,538 for the 3 months ended March 31, 2015) | (82) | (11) | (71) | ||
Share-based compensation | 130 | 130 | |||
Balance at Mar. 31, 2015 | 124,825 | 17,511 | 44,923 | 57,589 | 4,802 |
Balance at Dec. 31, 2015 | 123,554 | 17,330 | 44,155 | 60,392 | 1,677 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 2,055 | 2,055 | |||
Other comprehensive income, net of tax | 1,090 | 1,090 | |||
Cash dividends ($0.13 for 3 months ended March 31, 2016 and $0.10 declared for 3 months ended March 31, 2015) | (918) | (918) | |||
Restricted stock vesting (29,125 shares for 3 months ended March 31, 2016 and 11,125 shares for the 3 months ended March 31, 2015) | 0 | 73 | (73) | ||
Repurchase of restricted stock (12,914 shares for the 3 months ended March 31, 2016 and 4,538 for the 3 months ended March 31, 2015) | (256) | (32) | (224) | ||
Share-based compensation | 189 | 189 | |||
Repurchase of common stock (26,800 shares) | (489) | (67) | (422) | ||
Balance at Mar. 31, 2016 | $ 125,225 | $ 17,304 | $ 43,625 | $ 61,529 | $ 2,767 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends, common stock (in dollars per share) | $ 0.13 | $ 0.10 |
Restricted stock vesting (in shares) | 29,125 | 11,125 |
Repurchase of restricted stock (in shares) | 12,914 | 4,538 |
Repurchase of common stock (in shares) | 26,800 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows From Operating Activities | ||
Net income | $ 2,055 | $ 2,448 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 649 | 597 |
Provision for loan losses | 300 | 450 |
Originations of mortgage loans held for sale | (778) | 0 |
Proceeds from the sales of mortgage loans held for sale | 787 | 0 |
Net gains on the sales of mortgage loans held for sale | (9) | 0 |
Gain on sales of securities available for sale, net | (163) | (101) |
Premium amortization on securities, net | 1,106 | 852 |
Share-based compensation | 189 | 130 |
Loss on sale of other real estate owned, net | 0 | 30 |
Valuation adjustments on other real estate owned | 144 | 20 |
Increase in bank owned life insurance cash surrender value | (161) | (160) |
Changes in assets and liabilities: | ||
Increase in other assets | (983) | (942) |
Increase in other liabilities | 64 | 133 |
Net cash provided by operating activities | 3,200 | 3,457 |
Cash Flows from Investing Activities | ||
Proceeds from calls, principal repayments and sales of securities available for sale | 31,263 | 28,550 |
Purchase of securities available for sale | (32,783) | (35,276) |
Purchase of securities held to maturity | (5,020) | 0 |
Purchase of restricted stock, net | (490) | (495) |
Purchase of bank premises and equipment, net | (125) | (151) |
(Loan originations) and principal collections, net | (6,541) | 760 |
Purchases of loans | (15,890) | (8,041) |
Proceeds from sales of loans | 3,019 | 0 |
Proceeds from sale of other real estate owned and repossessed assets | 0 | 661 |
Net cash used in investing activities | (26,567) | (13,992) |
Cash Flows from Financing Activities | ||
Increase in demand, interest-bearing demand and savings deposits | 22,118 | 46,017 |
Increase (decrease) in time deposits | 20,980 | (13,900) |
Decrease in securities sold under agreements to repurchase | (1,575) | (7,511) |
Increase in FHLB borrowings | 10,000 | 15,000 |
Payment of dividends on common stock | (918) | (713) |
Repurchase of common stock | (745) | (82) |
Net cash provided by financing activities | 49,860 | 38,811 |
Increase in cash and cash equivalents | 26,493 | 28,276 |
Cash and cash equivalents at beginning of the period | 39,228 | 55,022 |
Cash and cash equivalents at end of the period | 65,721 | 83,298 |
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 1,140 | 1,073 |
Income taxes | 0 | 270 |
Supplemental Disclosure of Non-Cash Transactions | ||
Unrealized gain on securities available for sale | 1,877 | 1,618 |
Change in fair value of interest rate swaps | (227) | (92) |
Transfer of loans to other real estate owned | $ 526 | $ 0 |
General
General | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General In the opinion of management, the accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position at March 31, 2016 and December 31, 2015 , the results of operations, comprehensive income, for the three month periods ending March 31, 2016 and 2015 and changes in shareholders' equity and cash flows for the three months ended March 31, 2016 and 2015 , in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The statements should be read in conjunction with the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2015 (the “ 2015 Form 10-K”) of Middleburg Financial Corporation (the “Company”). The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. In preparing these financial statements, management has evaluated subsequent events and transactions for potential recognition or disclosure through the date these financial statements were issued. Management has concluded there were no additional material subsequent events to be disclosed. Certain amounts in the 2015 consolidated financial statements have been reclassified to conform to the 2016 presentation. No reclassifications were significant and there was no effect on net income. |
Share-Based Compensation Plan
Share-Based Compensation Plan | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Plan | Share-Based Compensation Plan The Company sponsors one share-based compensation plan, the 2006 Equity Compensation Plan, which provides for the granting of stock options, stock appreciation rights, stock awards, performance share awards, incentive awards, and stock units. The 2006 Equity Compensation Plan was approved by the Company’s shareholders at the Annual Meeting held on April 26, 2006, and has succeeded the Company’s 1997 Stock Incentive Plan. Under the plan, the Company may grant share-based compensation to its directors, officers, employees, and other persons the Company determines have contributed to the profits or growth of the Company. The number of shares reserved for issuance total 430,000 shares. For the three months ended March 31, 2016 and 2015, the Company recorded $189,000 and $130,000 , respectively, in share-based compensation expense. As of March 31, 2016 , there was $2.4 million of total unrecognized compensation expense related to non-vested restricted awards under the 2006 Equity Compensation Plan. For the three months ended March 31, 2016, the Company recorded no compensation expense related to option awards. As of March 31, 2016 all outstanding option awards were previously vested and, accordingly, there was no unrecognized compensation expense as of March 31, 2016 . The aggregate intrinsic value, noted in the option table below, represents the amount by which the current market value of the underlying stock exceeds the exercise price as of March 31, 2016 . Given there is no exercise price for restricted stock, the aggregate value is equal to the current market value of the stock. These amounts change based on changes in the market value of the Company’s common stock. The following table summarizes restricted stock awarded under the 2006 Equity Compensation Plan: March 31, 2016 Shares Weighted-Average Grant Date Fair Value Aggregate Value (in thousands) Non-vested at December 31, 2015 153,399 $ 17.17 Granted 53,500 20.76 Vested (29,125 ) 16.17 Forfeited — — Non-vested at March 31, 2016 177,774 $ 18.41 $ 3,840 The weighted-average remaining contractual term for non-vested restricted stock awards at March 31, 2016 , was 3.03 years. The following table summarizes options outstanding under the 2006 Equity Compensation Plan and remaining outstanding unexercised options under the 1997 Stock Incentive Plan. March 31, 2016 Shares Weighted-Average Exercise Price Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2015 30,012 $ 14.00 $ — Granted — — — Exercised — — — Forfeited — — — Outstanding at March 31, 2016 30,012 $ 14.00 $ 228 Options exercisable at March 31, 2016 30,012 $ 14.00 $ 228 As of March 31, 2016 , options outstanding and exercisable are summarized as follows: Exercise Prices Options Outstanding Weighted-Average Remaining Contractual Life (years) Options Exercisable $ 14.00 25,012 2.95 25,012 $ 14.00 5,000 3.59 5,000 $ 14.00 30,012 3.06 30,012 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Amortized costs and fair values of securities held to maturity are summarized as follows. March 31, 2016 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held to Maturity Obligations of states and political subdivisions $ 6,477 $ — $ (35 ) $ 6,442 Corporate securities 2,750 17 — 2,767 Total $ 9,227 $ 17 $ (35 ) $ 9,209 December 31, 2015 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held to Maturity Obligations of states and political subdivisions $ 1,457 $ — $ (38 ) $ 1,419 Corporate securities 2,750 24 (30 ) 2,744 Total $ 4,207 $ 24 $ (68 ) $ 4,163 The amortized cost and fair value of securities held to maturity as of March 31, 2016 , by contractual maturity are shown below. March 31, 2016 (Dollars in thousands) Amortized Cost Fair Value Held to Maturity Due after five years through ten years $ 2,750 $ 2,767 Due after ten years 6,477 6,442 Total $ 9,227 $ 9,209 Amortized costs and fair values of securities available for sale are summarized as follows: March 31, 2016 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale U.S. government agencies $ 79,817 $ 1,062 $ (93 ) $ 80,786 Obligations of states and political subdivisions 68,920 2,021 (355 ) 70,586 Mortgage-backed securities: Agency 135,239 3,940 (621 ) 138,558 Non-agency 12,062 94 (59 ) 12,097 Other asset backed securities 59,584 405 (893 ) 59,096 Corporate securities 16,688 16 (802 ) 15,902 Total $ 372,310 $ 7,538 $ (2,823 ) $ 377,025 December 31, 2015 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale U.S. government agencies $ 79,005 $ 315 $ (380 ) $ 78,940 Obligations of states and political subdivisions 74,071 1,956 (434 ) 75,593 Mortgage-backed securities: Agency 129,360 3,046 (745 ) 131,661 Non-agency 12,782 33 (38 ) 12,777 Other asset backed securities 58,958 426 (603 ) 58,781 Corporate securities 17,557 22 (760 ) 16,819 Total $ 371,733 $ 5,798 $ (2,960 ) $ 374,571 The amortized cost and fair value of securities available for sale as of March 31, 2016 , by contractual maturity are shown below. Maturities may differ from contractual maturities in corporate and mortgage-backed securities because the securities and mortgages underlying the securities may be called or repaid without any penalties. Therefore, these securities are not included in the maturity categories in the following maturity summary. March 31, 2016 (Dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 482 $ 482 Due after one year through five years 10,142 10,412 Due after five years through ten years 25,249 24,994 Due after ten years 129,552 131,386 Mortgage-backed securities 147,301 150,655 Other asset backed securities 59,584 59,096 Total $ 372,310 $ 377,025 Proceeds from calls, principal repayments and sales of securities available for sale during the three months ended March 31, 2016 , and 2015 were $31.3 million and $28.6 million , respectively. For the three months ended March 31, 2016 and 2015, gross gains of $171,000 and $118,000 and gross losses of $8,000 and $17,000 , respectively, were realized. The tax expense applicable to these net realized gains amounted to $55,000 and $34,000 for the three months ended March 31, 2016 and 2015, respectively. The carrying value of securities pledged to qualify for fiduciary powers, to secure public monies and for other purposes as required by law amounted to $112.8 million and $113.1 million at March 31, 2016 and December 31, 2015 , respectively. Investments in an unrealized loss position that are temporarily impaired are as follows: (Dollars in thousands) Less than Twelve Months Twelve Months or Greater Total March 31, 2016 Fair Value Gross Fair Value Gross Fair Value Gross Held to Maturity Obligations of states and political subdivisions $ 1,422 $ (35 ) $ — $ — $ 1,422 $ (35 ) Total $ 1,422 $ (35 ) $ — $ — $ 1,422 $ (35 ) Available for Sale U.S. government agencies $ 11,671 $ (68 ) $ 2,840 $ (25 ) $ 14,511 $ (93 ) Obligations of states and political subdivisions 4,641 (50 ) 6,589 (305 ) 11,230 (355 ) Mortgage-backed securities: Agency 17,296 (186 ) 10,814 (435 ) 28,110 (621 ) Non-agency 2,069 (26 ) 999 (33 ) 3,068 (59 ) Other asset backed securities 30,654 (541 ) 14,004 (352 ) 44,658 (893 ) Corporate securities 1,450 (100 ) 11,110 (702 ) 12,560 (802 ) Total $ 67,781 $ (971 ) $ 46,356 $ (1,852 ) $ 114,137 $ (2,823 ) (Dollars in thousands) Less than Twelve Months Twelve Months or Greater Total December 31, 2015 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Held to Maturity Obligations of states and political subdivisions $ 1,419 $ (38 ) $ — $ — $ 1,419 $ (38 ) Corporate securities 1,970 (30 ) — — 1,970 (30 ) Total $ 3,389 $ (68 ) $ — $ — $ 3,389 $ (68 ) Available for Sale U.S. government agencies $ 46,000 $ (304 ) $ 4,223 $ (76 ) $ 50,223 $ (380 ) Obligations of states and political subdivisions 16,559 (324 ) 1,082 (110 ) 17,641 (434 ) Mortgage-backed securities: Agency 27,627 (402 ) 9,911 (343 ) 37,538 (745 ) Non-agency 7,842 (37 ) 671 (1 ) 8,513 (38 ) Other asset backed securities 25,399 (276 ) 12,037 (327 ) 37,436 (603 ) Corporate securities 10,740 (378 ) 4,866 (382 ) 15,606 (760 ) Total $ 134,167 $ (1,721 ) $ 32,790 $ (1,239 ) $ 166,957 $ (2,960 ) A total of 137 securities have been identified by the Company as temporarily impaired at March 31, 2016 . Of the 137 securities, 133 are investment grade and four are speculative grade. Mortgage-backed securities, other asset backed securities and corporate securities make up the majority of the gross unrealized losses for temporarily impaired securities at March 31, 2016 . Market prices change daily and are affected by conditions beyond the control of the Company. Although the Company has the ability to hold these securities until the temporary loss is recovered, decisions by management may necessitate a sale before the loss is fully recovered. No such sales were anticipated or required as of March 31, 2016 . Investment decisions reflect the strategic asset/liability objectives of the Company. The investment portfolio is analyzed frequently by the Company and managed to provide an overall positive impact to the Company’s consolidated income statement and balance sheet. At March 31, 2016 , the Company evaluated the investment portfolio for possible other-than-temporary impairment losses and concluded that no adverse change in cash flows occurred and did not consider any portfolio securities to be other-than-temporarily impaired. Based on this analysis and because the Company does not intend to sell securities prior to maturity and it is more likely than not the Company will not be required to sell any securities before recovery of amortized cost basis, which may be at maturity. For debt securities related to corporate securities, the Company determined that there was no other adverse change in the cash flows as viewed by a market participant; therefore, the Company does not consider the investments in these assets to be other-than-temporarily impaired at March 31, 2016 . However, there is a risk that the Company’s continuing reviews could result in recognition of other-than-temporary impairment charges in the future. For the three months ended March 31, 2016 and the year ended December 31, 2015 , no credit related impairment losses were recognized by the Company. Restricted securities The Company’s investment in FHLB stock totaled $5.2 million and $4.7 million at March 31, 2016 and December 31, 2015 , respectively. FHLB stock is generally viewed as a long-term investment and as a restricted security which is carried at cost because there is no market for the stock other than the FHLB or member institutions. Therefore, when evaluating FHLB stock for impairment, its value is based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company does not consider this investment to be other-than-temporarily impaired at March 31, 2016 , and no impairment has been recognized. FHLB stock is shown in restricted securities on the consolidated balance sheets. The Company also has an investment in Federal Reserve Bank (“FRB”) stock which totaled $1.7 million at March 31, 2016 and December 31, 2015, respectively. The investment in FRB stock is a required investment and is carried at cost since there is no ready market. The Company does not consider this investment to be other-than-temporarily impaired at March 31, 2016 , and no impairment has been recognized. FRB stock is shown in restricted securities on the consolidated balance sheets. |
Loans, Net
Loans, Net | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans, Net | Loans, Net The Company segregates its loan portfolio into three primary loan segments: Real Estate Loans, Commercial Loans, and Consumer Loans. Real estate loans are further segregated into the following classes: construction loans, loans secured by farmland, loans secured by 1-4 family residential real estate, and other real estate loans. Other real estate loans include commercial real estate loans. The consolidated loan portfolio was composed of the following: March 31, 2016 December 31, 2015 (Dollars in thousands) Outstanding Balance Percent of Total Portfolio Outstanding Balance Percent of Total Portfolio Real estate loans: Construction $ 43,254 5.3 % $ 39,673 4.9 % Secured by farmland 18,945 2.3 19,062 2.4 Secured by 1-4 family residential 288,855 35.0 280,096 34.8 Other real estate loans 264,456 32.1 258,035 32.0 Commercial loans 189,945 23.0 190,482 23.6 Consumer loans 19,096 2.3 18,333 2.3 Total Gross Loans (1) $ 824,551 100.0 % $ 805,681 100.0 % Less allowance for loan losses 11,330 11,046 Net loans $ 813,221 $ 794,635 (1) Includes net deferred loan costs and premiums of $3.2 million and $3.5 million , respectively. During the three months ended March 31, 2016, the Company received $3.0 million in proceeds on the sale of problem loans. Included in the sales were two loans with a recorded investment of $3.1 million as well as twelve loans with no outstanding recorded investment as they had been fully charged-off in prior periods. Gross charge-offs of $359,000 and gross recoveries of $300,000 were recorded through the allowance for loan losses during the three months ended March 31, 2016, related to the sales of these loans. The following tables present a contractual aging of the recorded investment in past due loans by class of loans: March 31, 2016 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days Or Greater Total Past Due Current Total Loans Real estate loans: Construction $ — $ 31 $ 55 $ 86 $ 43,168 $ 43,254 Secured by farmland — — — — 18,945 18,945 Secured by 1-4 family residential 779 3,084 236 4,099 284,756 288,855 Other real estate loans — 67 377 444 264,012 264,456 Commercial loans 271 199 1,066 1,536 188,409 189,945 Consumer loans 1,928 — — 1,928 17,168 19,096 Total $ 2,978 $ 3,381 $ 1,734 $ 8,093 $ 816,458 $ 824,551 December 31, 2015 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days Or Greater Total Past Due Current Total Loans Real estate loans: Construction $ 69 $ — $ — $ 69 $ 39,604 $ 39,673 Secured by farmland — — — — 19,062 19,062 Secured by 1-4 family residential 259 — 1,117 1,376 278,720 280,096 Other real estate loans 325 — 248 573 257,462 258,035 Commercial loans 1,242 15 31 1,288 189,194 190,482 Consumer loans 4 17 — 21 18,312 18,333 Total $ 1,899 $ 32 $ 1,396 $ 3,327 $ 802,354 $ 805,681 The following table presents the recorded investment in nonaccrual loans and loans past due 90 days or more and still accruing by class of loans: March 31, 2016 December 31, 2015 (Dollars in thousands) Nonaccrual Past due 90 days or more and still accruing Nonaccrual Past due 90 days or more and still accruing Real estate loans: Construction $ 133 $ — $ 204 $ — Secured by 1-4 family residential 3,488 109 4,460 — Other real estate loans 1,179 377 1,186 248 Commercial loans 1,064 25 1,036 30 Consumer loans 1,883 — 1,898 — Total $ 7,747 $ 511 $ 8,784 $ 278 If interest on nonaccrual loans had been accrued, such income would have approximated $127,600 and $342,000 for the three months ended March 31, 2016 and the year ended December 31, 2015 , respectively. The Company utilizes an internal asset classification system as a means of measuring and monitoring credit risk in the loan portfolio. Under the Company’s classification system, problem and potential problem loans are classified as “Special Mention”, “Substandard”, and “Doubtful”. Special Mention: Loans with potential weaknesses that deserve management’s close attention. If left uncorrected, the potential weaknesses may result in the deterioration of the repayment prospects for the credit. Substandard: Loans with well-defined weakness that jeopardize the liquidation of the debt. Either the paying capacity of the borrower or the value of the collateral may be inadequate to protect the Company from potential losses. Doubtful: Loans with a very high possibility of loss. However, because of important and reasonably specific pending factors, classification as a loss is deferred until a more exact status may be determined. Loss: Loans are deemed uncollectible and are charged off immediately. The following tables present the recorded investment in loans by class of loan that have been classified according to the internal classification system: March 31, 2016 (Dollars in thousands) Real Estate Construction Real Estate Secured by Farmland Real Estate Secured by 1-4 Family Residential Other Real Estate Loans Commercial Consumer Total Pass $ 37,533 $ 11,042 $ 281,582 $ 250,266 $ 182,969 $ 17,134 $ 780,526 Special Mention 5,642 — 878 6,988 3,573 35 17,116 Substandard 79 7,903 6,268 6,023 2,362 1,927 24,562 Doubtful — — 127 1,179 1,041 — 2,347 Loss — — — — — — — Ending Balance $ 43,254 $ 18,945 $ 288,855 $ 264,456 $ 189,945 $ 19,096 $ 824,551 December 31, 2015 (Dollars in thousands) Real Estate Construction Real Estate Secured by Farmland Real Estate Secured by 1-4 Family Residential Other Real Estate Loans Commercial Consumer Total Pass $ 30,114 $ 10,566 $ 271,721 $ 243,768 $ 183,532 $ 16,347 $ 756,048 Special Mention 9,024 — 896 7,254 3,638 42 20,854 Substandard 535 8,496 6,818 5,827 2,301 1,943 25,920 Doubtful — — 661 1,186 1,011 — 2,858 Loss — — — — — 1 1 Ending Balance $ 39,673 $ 19,062 $ 280,096 $ 258,035 $ 190,482 $ 18,333 $ 805,681 The following tables present loans individually evaluated for impairment by class of loan: March 31, 2016 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Real estate loans: Construction $ 79 $ 79 $ — $ 126 $ — Secured by farmland 7,903 7,903 — 7,903 59 Secured by 1-4 family residential 242 277 — 242 — Other real estate loans — — — — — Commercial loans 451 487 — 491 4 Consumer loans — — — — — Total with no related allowance $ 8,675 $ 8,746 $ — $ 8,762 $ 63 With an allowance recorded: Real estate loans: Construction $ — $ — $ — $ — $ — Secured by farmland — — — — — Secured by 1-4 family residential 3,860 3,912 1,086 4,004 7 Other real estate loans 4,179 4,179 330 4,285 39 Commercial loans 1,074 4,073 57 1,140 1 Consumer loans 1,883 1,883 787 2,442 — Total with a related allowance $ 10,996 $ 14,047 $ 2,260 $ 11,871 $ 47 Total $ 19,671 $ 22,793 $ 2,260 $ 20,633 $ 110 December 31, 2015 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Real estate loans: Construction $ 100 $ 100 $ — $ 106 $ — Secured by farmland 7,903 7,903 — 7,903 237 Secured by 1-4 family residential 701 736 — 703 — Other real estate loans — — — — — Commercial loans 458 493 — 490 17 Consumer loans — — — — — Total with no related allowance $ 9,162 $ 9,232 $ — $ 9,202 $ 254 With an allowance recorded: Real estate loans: Construction $ 103 $ 103 $ 53 $ 109 $ — Secured by farmland — — — — — Secured by 1-4 family residential 4,426 4,478 1,120 4,547 27 Other real estate loans 4,196 4,196 464 4,224 157 Commercial loans 1,059 4,059 27 2,315 100 Consumer loans 1,898 1,898 1,000 2,449 — Total with a related allowance $ 11,682 $ 14,734 $ 2,664 $ 13,644 $ 284 Total $ 20,844 $ 23,966 $ 2,664 $ 22,846 $ 538 The “Recorded Investment” amounts in the table above represent the outstanding principal balance net of charge-offs and nonaccrual payments to principal on each loan represented in the table. The “Unpaid Principal Balance” represents the outstanding principal balance on each loan represented in the table plus any amounts that have been charged-off on each loan and nonaccrual payments applied to principal. Included in certain loan categories of impaired loans are troubled debt restructurings (“TDRs”). The total balance of TDRs at March 31, 2016 was $15.3 million of which $3.3 million were included in the Company’s nonaccrual loan totals at that date and $12.0 million represented loans performing as agreed according to the restructured terms. This compares with $15.5 million in total restructured loans at December 31, 2015 . The amount of the valuation allowance related to TDRs was $1.2 million and $1.6 million as of March 31, 2016 and December 31, 2015 , respectively. Loan modifications that were classified as TDRs during the three months ended March 31, 2016 and 2015 were as follows: Loans Modified as TDRs For the Three Months Ended March 31, (Dollars in thousands) 2016 2015 Class of Loan Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Real estate loans: Construction — $ — $ — — $ — $ — Secured by farmland — — — — — — Secured by 1-4 family residential — — — — — — Other real estate loans 1 368 367 — — — Total real estate loans 1 $ 368 $ 367 — $ — $ — Commercial loans — — — — — — Consumer loans — — — — — — Total 1 $ 368 $ 367 — $ — $ — There were no outstanding commitments to lend additional amounts to troubled debt restructured borrowers at March 31, 2016 or December 31, 2015. There were no TDR payment defaults during three months ended March 31, 2016 and 2015 . For purposes of this disclosure, a TDR payment default occurs when, within 12 months of the original TDR modification, either a full or partial charge-off occurs or a TDR becomes 90 days or more past due. |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Allowance for Loan Losses [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses The following table presents, the total allowance for loan losses, the allowance by impairment methodology (individually evaluated for impairment or collectively evaluated for impairment), the total loans and loans by impairment methodology (individually evaluated for impairment or collectively evaluated for impairment). March 31, 2016 (Dollars in thousands) Real Estate Construction Real Estate Secured by Farmland Real Estate Secured by 1-4 Family Residential Other Real Estate Loans Commercial Consumer Total Allowance for loan losses: Balance at $ 905 $ 192 $ 3,341 $ 3,761 $ 1,706 $ 1,141 $ 11,046 Charge-offs (359 ) — (7 ) — — (6 ) (372 ) Recoveries 15 — 278 8 5 50 356 Provision 450 (22 ) (238 ) (68 ) 403 (225 ) 300 Balance at $ 1,011 $ 170 $ 3,374 $ 3,701 $ 2,114 $ 960 $ 11,330 Ending allowance: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ 1,086 $ 330 $ 57 $ 787 $ 2,260 Collectively evaluated for impairment 1,011 170 2,288 3,371 2,057 173 9,070 Total ending allowance balance $ 1,011 $ 170 $ 3,374 $ 3,701 $ 2,114 $ 960 $ 11,330 Loans: Individually evaluated for impairment $ 79 $ 7,903 $ 4,102 $ 4,179 $ 1,525 $ 1,883 $ 19,671 Collectively evaluated for impairment 43,175 11,042 284,753 260,277 188,420 17,213 804,880 Total ending loans balance $ 43,254 $ 18,945 $ 288,855 $ 264,456 $ 189,945 $ 19,096 $ 824,551 December 31, 2015 (Dollars in thousands) Real Estate Construction Real Estate Secured by Farmland Real Estate Secured by 1-4 Family Residential Other Real Estate Loans Commercial Consumer Total Allowance for loan losses: Balance at $ 550 $ 179 $ 3,966 $ 3,916 $ 2,354 $ 821 $ 11,786 Charge-offs — — (344 ) (9 ) (3,281 ) (57 ) (3,691 ) Recoveries 246 — 359 28 14 11 658 Provision 109 13 (640 ) (174 ) 2,619 366 2,293 Balance at $ 905 $ 192 $ 3,341 $ 3,761 $ 1,706 $ 1,141 $ 11,046 Ending allowance: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 53 $ — $ 1,120 $ 464 $ 27 $ 1,000 $ 2,664 Collectively evaluated for impairment 852 192 2,221 3,297 1,679 141 8,382 Total ending allowance balance $ 905 $ 192 $ 3,341 $ 3,761 $ 1,706 $ 1,141 $ 11,046 Loans: Individually evaluated for impairment $ 203 $ 7,903 $ 5,127 $ 4,196 $ 1,517 $ 1,898 $ 20,844 Collectively evaluated for impairment 39,470 11,159 274,969 253,839 188,965 16,435 784,837 Total ending loans balance $ 39,673 $ 19,062 $ 280,096 $ 258,035 $ 190,482 $ 18,333 $ 805,681 March 31, 2015 (Dollars in thousands) Real Estate Construction Real Estate Secured by Farmland Real Estate Secured by 1-4 Family Residential Other Real Estate Loans Commercial Consumer Total Allowance for loan losses: Balance at $ 550 $ 179 $ 3,966 $ 3,916 $ 2,354 $ 821 $ 11,786 Charge-offs — — — — (246 ) (20 ) (266 ) Recoveries 9 — 19 15 5 6 54 Provision 8 6 188 (122 ) (4 ) 374 450 Balance at $ 567 $ 185 $ 4,173 $ 3,809 $ 2,109 $ 1,181 $ 12,024 Ending allowance: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 63 $ — $ 1,339 $ 455 $ 50 $ 1,000 $ 2,907 Collectively evaluated for impairment 504 185 2,834 3,354 2,059 181 9,117 Total ending allowance balance $ 567 $ 185 $ 4,173 $ 3,809 $ 2,109 $ 1,181 $ 12,024 Loans: Individually evaluated for impairment $ 235 $ 7,903 $ 5,352 $ 4,510 $ 790 $ 3,000 $ 21,790 Collectively evaluated for impairment 36,467 11,712 261,935 248,736 164,967 16,308 740,125 Total ending loans balance $ 36,702 $ 19,615 $ 267,287 $ 253,246 $ 165,757 $ 19,308 $ 761,915 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following shows the weighted-average number of shares used in computing earnings per share and the effect on weighted-average number of shares of diluted potential common stock. Nonvested restricted shares are included in basic earnings per share because of dividend participation rights. Potential dilutive common stock had no effect on income available to common stockholders. For the Three Months Ended March 31, 2016 2015 Shares Per Share Amount Shares Per Share Amount Earnings per share, basic 7,078,975 $ 0.29 7,127,910 $ 0.34 Effect of dilutive securities: Stock options 9,004 7,052 Warrant 21,601 13,740 Earnings per share, diluted 7,109,580 $ 0.29 7,148,702 $ 0.34 The warrant and none of the stock options were considered anti-dilutive as of March 31, 2016 and 2015 . |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company operates its principal business activities of retail banking services and wealth management services in a decentralized fashion. Revenue from retail banking activity consists primarily of interest and fees earned on loans, including mortgage banking activity, interest earned on investment securities and service charges on deposit accounts. Revenue from the wealth management activities is comprised of fees based upon the market value of the accounts under administration as well as commissions on investment transactions. Middleburg Bank and the Company have assets in custody with Middleburg Trust Company and accordingly pay Middleburg Trust Company a monthly fee. Middleburg Bank also pays interest to Middleburg Trust Company on deposit accounts with Middleburg Bank. Middleburg Trust Company pays rental and other miscellaneous occupancy expenses to Middleburg Bank. Transactions related to these relationships are eliminated to reach consolidated totals. The following tables represent reportable segment information for the three months ended March 31, 2016 and 2015 , respectively: For the Three Months Ended For the Three Months Ended March 31, 2016 March 31, 2015 (In Thousands) Retail Banking Wealth Manage- ment Parent Company Inter- company Eliminations Consolidated Retail Banking Wealth Manage- ment Parent Company Inter- company Eliminations Consolidated Revenues: Interest income $ 10,870 $ 2 $ — $ — $ 10,872 $ 10,696 $ 3 $ — $ — $ 10,699 Trust and investment fee income — 1,201 — (43 ) 1,158 — 1,259 — (41 ) 1,218 Other income 1,319 — — (27 ) 1,292 1,790 — — — 1,790 Total operating income 12,189 1,203 — (70 ) 13,322 12,486 1,262 — (41 ) 13,707 Expenses: Interest expense 1,053 — 70 — 1,123 999 — 69 — 1,068 Salaries and employee benefits 4,017 527 268 — 4,812 4,106 534 208 — 4,848 Provision for loan losses 300 — — — 300 450 — — — 450 Other 4,227 287 — (70 ) 4,444 3,795 281 17 (41 ) 4,052 Total operating expenses 9,597 814 338 (70 ) 10,679 9,350 815 294 (41 ) 10,418 Income (loss) before income taxes 2,592 389 (338 ) — 2,643 3,136 447 (294 ) — 3,289 Income tax expense (benefit) 647 147 (206 ) — 588 828 167 (154 ) — 841 Net Income (loss) $ 1,945 $ 242 $ (132 ) $ — $ 2,055 $ 2,308 $ 280 $ (140 ) $ — $ 2,448 Total assets $ 1,342,502 $ 11,908 $ 126,760 $ (133,049 ) $ 1,348,121 $ 1,259,259 $ 12,145 $ 125,284 $ (131,301 ) $ 1,265,387 Capital expenditures $ 125 $ — $ — $ — $ 125 $ 151 $ — $ — $ — $ 151 Goodwill and other intangibles $ — $ 3,593 $ — $ — $ 3,593 $ — $ 3,765 $ — $ — $ 3,765 |
Capital Purchase Program
Capital Purchase Program | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Capital Purchase Program | Capital Purchase Program On January 30, 2009 , as part of the Capital Purchase Program established by the U.S. Department of the Treasury (the “Treasury”) under the Emergency Economic Stabilization Act of 2008, the Company entered into a Letter Agreement and Securities Purchase Agreement—Standard Terms (collectively, the “Purchase Agreement”) with the Treasury, pursuant to which the Company sold (i) 22,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, par value $2.50 per share, having a liquidation preference of $1,000 per share (the “Preferred Stock”) and (ii) a warrant (the “Warrant”) to purchase 208,202 shares of the Company’s common stock, par value $2.50 per share, at an initial exercise price of $15.85 per share. As a result of the completion of a public stock offering in 2009, the number of shares of common stock underlying the Warrant was reduced by one-half to 104,101 and the Company redeemed all 22,000 shares of Preferred Stock pursuant to the Purchase Agreement. During 2011, the Warrant was sold by the U.S. Treasury at public auction and has not been exercised as of March 31, 2016 . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. U.S. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. U.S. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels. The three levels of the fair value hierarchy are as follows: Level I. Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II. Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III. Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Measured on a recurring basis The following describes the valuation techniques and inputs used by the Company in determining the fair value of certain assets recorded at fair value on a recurring basis in the financial statements. Securities Available for Sale The Company primarily values its investment portfolio using Level II fair value measurements, but may also use Level I or Level III measurements if required by the composition of the portfolio. If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level II). In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified as Level III of the valuation hierarchy. Interest Rate Swaps and Interest Rate Cap Interest rate swaps and caps are recorded at fair value based on third party vendors who compile prices from various sources and may determine fair value of identical or similar instruments by using pricing models that consider observable market data (Level II). The following tables present the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 . (Dollars in thousands) March 31, 2016 Description Total Level I Level II Level III Assets: U.S. government agencies $ 80,786 $ — $ 80,786 $ — Obligations of states and political subdivisions 70,586 — 70,586 — Mortgage-backed securities: Agency 138,558 — 138,558 — Non-agency 12,097 — 12,097 — Other asset backed securities 59,096 — 59,096 — Corporate securities 15,902 — 15,902 — Interest rate swaps 242 — 242 — Interest rate cap 12 — 12 — Liabilities: Interest rate swaps 766 — 766 — (Dollars in thousands) December 31, 2015 Description Total Level I Level II Level III Assets: U.S. government agencies $ 78,940 $ — $ 78,940 $ — Obligations of states and political subdivisions 75,593 — 75,593 — Mortgage-backed securities: Agency 131,661 — 131,661 — Non-agency 12,777 — 12,777 — Other asset backed securities 58,781 — 58,781 — Corporate securities 16,819 — 16,819 Interest rate swaps 73 — 73 — Interest rate cap 39 39 Liabilities: Interest rate swaps 370 — 370 — Measured on nonrecurring basis The Company may be required, from time to time, to measure and recognize certain other assets at fair value on a nonrecurring basis in accordance with U.S. GAAP. The following describes the valuation techniques and inputs used by the Company in determining the fair value of certain assets recorded at fair value on a nonrecurring basis in the financial statements. Impaired Loans Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected when due. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. Any given loan may have multiple types of collateral. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing a market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level II). However, if the collateral value is significantly adjusted due to differences in the comparable properties, or is discounted by the Company because of marketability, then the fair value is considered Level III. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business' financial statements if not considered significant. Likewise, values for inventory and accounts receivable collateral are based on financial statement balances or aging reports (Level III). Impaired loans allocated to the allowance for loan losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the consolidated statements of income. Other Real Estate Owned Other Real Estate Owned (“OREO”) is measured at fair value less estimated costs to sell, based on an appraisal conducted by an independent, licensed appraiser outside of the Company. If the collateral value is significantly adjusted due to differences in the comparable properties, or is discounted by the Company because of marketability, then the fair value is considered Level III. The initial fair value of OREO is based on an appraisal performed at the time of foreclosure. Subsequent fair value adjustments are recorded in the period incurred and included in other non-interest expense on the consolidated statements of income. For the purpose of OREO valuations, appraisals are discounted 10% for selling costs and it is the policy of the Company to obtain annual appraisals for properties held in accordance with the bank's OREO policy. Any fair value adjustments are recorded in the period incurred as loss on other real estate owned on the consolidated statements of income. Repossessed Assets The value of repossessed assets is determined by the Company based on marketability and other factors and is considered Level III. The following table summarizes the Company’s non-financial assets that were measured at fair value on a nonrecurring basis during the period. (Dollars in thousands) March 31, 2016 Total Level I Level II Level III Assets: Impaired loans $ 8,736 $ — $ — $ 8,736 Other real estate owned $ 3,727 $ — $ — $ 3,727 Repossessed assets (1) $ 1,043 $ — $ — $ 1,043 (Dollars in thousands) December 31, 2015 Total Level I Level II Level III Assets: Impaired loans $ 9,018 $ — $ — $ 9,018 Other real estate owned $ 3,345 $ — $ — $ 3,345 Repossessed assets (1) $ 1,043 $ — $ — $ 1,043 (1) Included in other assets on the consolidated balance sheets. The following table presents quantitative information as of March 31, 2016 and December 31, 2015 about Level III fair value measurements for assets measured at fair value on a nonrecurring basis: March 31, 2016 Fair Value (in thousands) Valuation Technique Unobservable Inputs Range (Weighted Average) Impaired loans $ 5,321 Appraisals Discount to reflect current market conditions and estimated selling costs 0% - 100% (14%) Impaired loans $ 3,415 Present value of cash flows Discount rate 6% - 8% (7%) Other real estate owned $ 3,727 Appraisals Discount to reflect current market conditions and estimated selling costs 10% Repossessed assets $ 1,043 Market analysis Historical sales activity 50% December 31, 2015 Fair Value (in thousands) Valuation Technique Unobservable Inputs Range (Weighted Average) Impaired loans $ 5,434 Appraisals Discount to reflect current market conditions and estimated selling costs 0% - 100% (17%) Impaired loans $ 3,584 Present value of cash flows Discount rate 6% - 8% (7%) Other real estate owned $ 3,345 Appraisals Discount to reflect current market conditions and estimated selling costs 10% Repossessed assets $ 1,043 Market analysis Historical sales activity 50% The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. U.S. GAAP excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The following methods and assumptions were used to estimate the fair value of each class of financial instruments (not previously described) for which it is practicable to estimate that value: Cash and Cash Equivalents For cash and cash equivalents, the carrying amount is a reasonable estimate of fair value. Securities held to maturity Certain debt securities that management has the positive intent and ability to hold until maturity are recorded at amortized cost. Fair values are determined in a manner that is consistent with securities available for sale. Restricted securities The restricted security category is comprised of FHLB and Federal Reserve Bank stock. These stocks are classified as restricted securities because their ownership is restricted to certain types of entities and they lack a market. When the FHLB or Federal Reserve Bank repurchases stock, they repurchase at the stock's book value. Therefore, the carrying amounts of restricted securities approximate fair value. Loans, Net For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. For fixed rate loans, the fair value is estimated by discounting future cash flows using current market inputs at which loans with similar terms and qualities would be made to borrowers of similar credit quality. Where quoted market prices were available, primarily for certain residential mortgage loans, such market rates were utilized as estimates for fair value. Fair value for impaired loans is described above. Bank Owned Life Insurance The carrying amount of bank owned life insurance is a reasonable estimate of fair value. Accrued Interest Receivable and Payable The carrying amounts of accrued interest approximate fair values. Deposits The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. For all other deposits, the fair value is determined using the discounted cash flow method. The discount rate is equal to the rate currently offered on similar products. Securities Sold Under Agreements to Repurchase The carrying amounts approximate fair values. FHLB Borrowings and Subordinated Notes For variable rate long-term debt, fair values are based on carrying values. For fixed rate debt, fair values are estimated based on observable market prices and discounted cash flow analysis using interest rates for borrowings of similar remaining maturities and characteristics. The fair values of the Company's Subordinated Notes are estimated using discounted cash flow analysis based on the Company's current incremental borrowing rates for similar types of borrowing arrangements. Off-Balance Sheet Financial Instruments The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of standby letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At March 31, 2016 and December 31, 2015 , the fair values of loan commitments and standby letters of credit were deemed immaterial; therefore, they have not been included in the tables below. Fair Value of Financial Instruments The estimated fair values, and related carrying amounts, of the Company's financial instruments are as follows: (Dollars in thousands) March 31, 2016 Fair value measurements using: Carrying Total Fair Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 65,721 $ 65,721 $ 65,721 $ — $ — Securities held to maturity 9,227 9,209 — 9,209 — Securities available for sale 377,025 377,025 — 377,025 — Loans, net 813,221 823,904 — — 823,904 Bank owned life insurance 23,434 23,434 — 23,434 — Accrued interest receivable 5,172 5,172 — 5,172 — Interest rate swaps 242 242 — 242 — Interest rate cap 12 12 — 12 — Financial liabilities: Deposits $ 1,083,898 $ 1,083,820 $ — $ 1,083,820 $ — Securities sold under agreements to repurchase 25,294 25,294 — 25,294 — FHLB borrowings 95,000 95,155 — 95,155 — Subordinated notes 5,155 5,163 — 5,163 — Accrued interest payable 393 393 — 393 — Interest rate swaps 766 766 — 766 — (Dollars in thousands) December 31, 2015 Fair value measurements using: Carrying Total Fair Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 39,228 $ 39,228 $ 39,228 $ — $ — Securities held to maturity 4,207 4,163 — 4,163 — Securities available for sale 374,571 374,571 — 374,571 — Loans, net 794,635 802,535 — — 802,535 Bank-owned life insurance 23,273 23,273 — 23,273 — Accrued interest receivable 5,204 5,204 — 5,204 — Interest rate swaps 73 73 — 73 — Interest rate cap 39 39 39 Financial liabilities: Deposits $ 1,040,800 $ 1,040,016 $ — $ 1,040,016 $ — Securities sold under agreements to repurchase 26,869 26,869 — 26,869 — FHLB borrowings 85,000 85,033 — 85,033 — Subordinated debt 5,155 5,157 — 5,157 — Accrued interest payable 410 410 — 410 — Interest rate swaps 370 370 — 370 — The Company assumes interest rate risk as a result of its normal operations. The fair values of the Company's financial instruments will change when interest rate levels change, which may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company's overall interest rate risk. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” This update is intended to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01, among other things: 1) Requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. 2) Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 3) Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables). 4) Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-05, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” The amendments in this ASU clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria remain intact. The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-05 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, “Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” The amendments in this ASU eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. In addition, the amendments in this ASU require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company does not expect the adoption of ASU 2016-07 to have a material impact on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The amendments in this ASU simplify several aspects of the accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that ASU 2016-09 will have on its consolidated financial statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income for the three months ended March 31, 2016 and 2015 were: (Dollars in thousands) Unrealized Gains on Securities Cash Flow Hedges Accumulated Other Comprehensive Income Balance December 31, 2014 $ 3,979 $ (185 ) $ 3,794 Unrealized holding gains (net of tax, $583) 1,136 — 1,136 Reclassification adjustment (net of tax, $34) (67 ) — (67 ) Unrealized loss on interest rate swaps (net of tax, $29) — (57 ) (57 ) Reclassification adjustment (net of tax, $2) — (4 ) (4 ) Balance March 31, 2015 $ 5,048 $ (246 ) $ 4,802 Balance December 31, 2015 $ 1,872 $ (195 ) $ 1,677 Unrealized holding gains (net of tax, $693) 1,347 — 1,347 Reclassification adjustment (net of tax, $55) (108 ) — (108 ) Unrealized loss on interest rate swaps (net of tax, $78) — (149 ) (149 ) Balance March 31, 2016 $ 3,111 $ (344 ) $ 2,767 The following table presents information related to reclassifications from accumulated other comprehensive income: Details about Accumulated Other Comprehensive Income Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income For the Three Months Ended March 31, (Dollars in thousands) 2016 2015 Securities available for sale (1) : Net securities gains reclassified into earnings $ (163 ) $ (101 ) Gain on sales of securities available for sale, net Related income tax expense 55 34 Income tax expense Derivatives (2) : Gain on interest rate swap ineffectiveness — (6 ) Other operating expenses Related income tax expense — 2 Income tax expense Net effect on accumulated other comprehensive income for the period (108 ) (71 ) Net of tax Total reclassifications for the period $ (108 ) $ (71 ) Net of tax (1) For more information related to unrealized gains on securities available for sale, see Note 3, "Securities". (2) For more information related to unrealized losses on derivatives, see Note 12, "Derivatives". |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company utilizes derivative instruments as a part of its asset-liability management program to control fluctuation of market values and cash flows to changes in interest rates associated with certain financial instruments. The Company accounts for derivatives in accordance with ASC 815, "Derivatives and Hedging". Under current guidance, derivative transactions are classified as either cash flow hedges or fair value hedges or they are not designated as hedging instruments. The Company designates each derivative instrument at the inception of the derivative transaction in accordance with this guidance. Information concerning each of the Company's categories of derivatives as of March 31, 2016 and December 31, 2015 is presented below. Derivatives designated as cash flow hedges During 2010, the Company entered into an interest rate swap agreement as part of the interest rate risk management process. The swap was designated as a cash flow hedge intended to hedge the variability of cash flows associated with the Company’s trust preferred capital securities. The swap hedges the cash flow associated with the trust preferred capital notes wherein the Company receives a floating rate based on LIBOR from a counterparty and pays a fixed rate of 2.59% to the same counterparty. The swap is calculated on a notional amount of $5.2 million . The term of the swap is 10 years and commenced on October 23, 2010 . The Company has cash collateral reserved for this swap in the amount of $400,000 as of March 31, 2016 and December 31, 2015. The swap was entered into with a counterparty that met the Company’s credit standards and the agreement contains collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in the contract is not significant. During 2013, the Company entered into an interest rate swap agreement as part of the interest rate risk management process. The swap has been designated as a cash flow hedge intended to hedge the variability of cash flows associated with the Company’s FHLB borrowings. The swap hedges the cash flows associated with the FHLB borrowings wherein the Company receives a floating rate based on LIBOR from a counterparty and pays a fixed rate of 1.43% to the same counterparty. The swap is calculated on a notional amount of $10.0 million . The term of the swap is 5 years and commenced on November 25, 2013. The Company has cash collateral reserved for this swap in the amount of $300,000 as of March 31, 2016 and December 31, 2015. The swap was entered into with a counterparty that met the Company’s credit standards and the agreement contains collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in the contract is not significant. Amounts receivable or payable are recognized as accrued under the terms of the agreement, with the effective portion of the derivative’s unrealized gain or loss recorded as a component of other comprehensive income. The ineffective portion of the unrealized gain or loss, if any, would be recorded in other expense. The Company has assessed the effectiveness of the hedging relationship by comparing the changes in cash flows on the designated hedged item. As a result of this assessment, there was no hedge ineffectiveness identified for the three months ended March 31, 2016 and 2015. At December 31, 2015 there was no hedge ineffectiveness identified for this interest rate swap. The amounts included in accumulated other comprehensive income as unrealized losses (fair value, net of tax) were $344,000 and $195,000 as of March 31, 2016 and December 31, 2015 , respectively. Information concerning the derivatives designated as a cash flow hedges at March 31, 2016 and December 31, 2015 is presented in the following tables: March 31, 2016 Positions (#) Notional Amount (in thousands) Asset (in thousands) Liability (in thousands) Receive Rate Pay Rate Life (Years) Pay fixed - receive floating interest rate swap 1 $ 5,155 $ — $ 346 0.62 % 2.59 % 4.5 Pay fixed - receive floating interest rate swap 1 $ 10,000 $ — $ 178 0.43 % 1.43 % 2.7 December 31, 2015 Positions (#) Notional Amount (in thousands) Asset (in thousands) Liability (in thousands) Receive Rate Pay Rate Life (Years) Pay fixed - receive floating interest rate swap 1 $ 5,155 $ — $ 226 0.32 % 2.59 % 4.8 Pay fixed - receive floating interest rate swap 1 $ 10,000 $ — $ 71 0.23 % 1.43 % 3.0 Derivatives not designated as hedging instruments Two-way client loan swaps During the fourth quarter of 2014 and 2012, the Company entered into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which we enter into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on an identical notional amount at a fixed interest rate. At the same time, the Company agrees to pay the counterparty the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our clients to effectively convert a variable rate loan into a fixed rate loan. Because the Company acts as an intermediary for our customers, changes in the fair value of the underlying derivatives contracts offset each other and do not significantly impact our results of operations. Certain additional risks arise from interest rate swap contracts in that the counterparties to the contracts may not be able to meet the terms of the contracts. We do not expect any counterparty to fail to meet its obligations. Information concerning two-way client interest rate swaps not designated as either fair value or cash flow hedges is presented in the following table: March 31, 2016 Positions (#) Notional Amount (in thousands) Asset (in thousands) Liability (in thousands) Receive Rate Pay Life (Years) Pay fixed - receive floating interest rate swap 1 $ 3,698 $ — $ 128 1 month 3.90 % 11.6 Pay fixed - receive floating interest rate swap 1 1,695 — 114 1 month 4.09 % 8.6 Pay floating - receive fixed interest rate swap 1 3,698 128 — 3.90 % 1 month 11.6 Pay floating - receive fixed interest rate swap 1 1,695 114 — 4.09 % 1 month 8.6 Total derivatives not designated $ 10,786 $ 242 $ 242 December 31, 2015 Positions (#) Notional Amount (in thousands) Asset (in thousands) Liability (in thousands) Receive Rate Pay Life (Years) Pay fixed - receive floating interest rate swap 1 $ 3,760 $ — $ 21 1 month 3.90 % 11.9 Pay fixed - receive floating interest rate swap 1 1,706 — 52 1 month 4.09 % 8.9 Pay floating - receive fixed interest rate swap 1 3,760 21 — 3.90 % 1 month 11.9 Pay floating - receive fixed interest rate swap 1 1,706 52 — 4.09 % 1 month 8.9 Total derivatives not designated $ 10,932 $ 73 $ 73 Rate Cap Transaction At March 31, 2016, the Company had one derivative instrument in the form of an interest rate cap agreement with a notional amount of $10.0 million . The notional amount of the financial derivative instrument does not represent exposure to credit loss. The Company is exposed to credit loss only to the extent the counter-party defaults in its responsibility to pay interest under the terms of the agreement. The credit risk in derivative instruments is mitigated by entering into transactions with highly-rated counterparties that management believes to be creditworthy and by limiting the amount of exposure to each counter-party. We do not expect any counterparty to fail to meet its obligations. The details of the interest rate cap agreement as of March 31, 2016 and December 31, 2015 are summarized below: March 31, 2016 (Dollars in thousands) Notional Amount Termination Date 3-Month LIBOR Strike Rate Premium Paid Unamortized Premium at March 31, 2016 Fair Value March 31, 2016 Cumulative Cash Flows Received $ 10,000 September 8, 2018 2.00 % $ 70 $ 70 $ 12 $ — December 31, 2015 (Dollars in thousands) Notional Amount Termination Date 3-Month LIBOR Strike Rate Premium Paid Unamortized Premium at December 31, 2015 Fair Value December 31, 2015 Cumulative Cash Flows Received $ 10,000 September 8, 2018 2.00 % $ 70 $ 70 $ 39 $ — In the third quarter of 2015, the interest rate cap agreement was purchased to limit the Company's exposure to rising interest rates. Under the terms of the agreement, the Company paid a premium of $70,000 for the right to receive cash flow payments if 3-month LIBOR rises above the cap of 2.00% , thus effectively ensuring interest expense is capped at a maximum rate of 2.00% for the duration of the agreement. The interest rate cap agreement is a derivative not designated as a hedging instrument. At March 31, 2016 and December 31, 2015, the total fair value of the interest rate cap agreement was $12,000 and $39,000 , respectively. The fair value of the interest rate cap agreement is included in other assets on the Company's consolidated balance sheets. Changes in fair value are recorded in earnings in other operating expenses. At March 31, 2016 and December 31, 2015, $27,000 and $31,000 was recognized in other operating expenses. There was no interest rate cap at March 31, 2015, therefore there were no changes in fair value and no amounts recognized in other operating expenses. The premium paid on the interest rate cap agreement is recognized as a decrease in interest income over the duration of the agreement using the caplet method. For the three months ended March 31, 2016 and for the year ended December 31, 2015, no premium amortization was required. |
Other Real Estate Assets Owned
Other Real Estate Assets Owned (OREO) | 3 Months Ended |
Mar. 31, 2016 | |
Other Real Estate [Abstract] | |
Other Real Estate Owned (OREO) | Other Real Estate Owned (OREO) At March 31, 2016 and December 31, 2015, OREO balances were $3.7 million and $3.3 million , respectively. OREO is primarily comprised of residential properties and non-residential properties, and are located primarily in the state of Virginia. Changes in the balance for OREO, net of valuation allowances, are as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 Balance at the beginning of year, net $ 3,345 $ 4,051 Transfers from loans and to premises and equipment, net 526 287 Sales proceeds — (814 ) Loss on disposition — (100 ) Less valuation adjustments (144 ) (79 ) Balance at the end of year, net $ 3,727 $ 3,345 Expenses applicable to OREO, were $167,000 and $67,000 during the three months ended March 31, 2016 and 2015, respectively. The major classifications of OREO in the consolidated balance sheets at March 31, 2016 and December 31, 2015 were as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 Real estate loans: Construction $ 880 $ 853 Secured by farmland — — Secured by 1-4 family residential 2,336 1,958 Other real estate loans 511 534 Total real estate loans $ 3,727 $ 3,345 At March 31, 2016, the Company had no consumer mortgage loans secured by residential real estate for which foreclosure was in process. At December 31, 2015, the Company had one consumer mortgage loan secured by residential real estate that totaled $530,000 for which foreclosure was in process and subsequently transfered to OREO. |
Low Income Housing Tax Credits
Low Income Housing Tax Credits | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Low Income Housing Tax Credit | Low Income Housing Tax Credits The Company has invested in four separate housing equity funds at March 31, 2016 and December 31, 2015. The general purpose of these funds is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia, develop and implement strategies to maintain projects as low-income housing, deliver Federal Low Income Housing Credits to investors, allocate tax losses and other possible tax benefits to investors, and to preserve and protect project assets. The investments in these funds were recorded as other assets on the consolidated balance sheets and were $8.87 million and $9.03 million at March 31, 2016 and December 31, 2015, respectively. The expected terms of these investments and the related tax benefits run through 2033. Tax credits and other tax benefits recognized during the three months ended March 31, 2016 and 2015, were $146,000 and $123,000 , respectively, related to these investments. Total projected tax credits to be received for 2016 are $531,000 , which is based on the most recent quarterly estimates received from the funds. Additional capital calls expected for the funds totaled $9.31 million at March 31, 2016 and December 31, 2015, and are included in other liabilities on the consolidated balance sheets. |
Share-Based Compensation Plan (
Share-Based Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted stock service awards awarded under the 2006 Equity Compensation Plan | The following table summarizes restricted stock awarded under the 2006 Equity Compensation Plan: March 31, 2016 Shares Weighted-Average Grant Date Fair Value Aggregate Value (in thousands) Non-vested at December 31, 2015 153,399 $ 17.17 Granted 53,500 20.76 Vested (29,125 ) 16.17 Forfeited — — Non-vested at March 31, 2016 177,774 $ 18.41 $ 3,840 |
Stock options outstanding activity | The following table summarizes options outstanding under the 2006 Equity Compensation Plan and remaining outstanding unexercised options under the 1997 Stock Incentive Plan. March 31, 2016 Shares Weighted-Average Exercise Price Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2015 30,012 $ 14.00 $ — Granted — — — Exercised — — — Forfeited — — — Outstanding at March 31, 2016 30,012 $ 14.00 $ 228 Options exercisable at March 31, 2016 30,012 $ 14.00 $ 228 |
Schedule of options outstanding and exercisable | As of March 31, 2016 , options outstanding and exercisable are summarized as follows: Exercise Prices Options Outstanding Weighted-Average Remaining Contractual Life (years) Options Exercisable $ 14.00 25,012 2.95 25,012 $ 14.00 5,000 3.59 5,000 $ 14.00 30,012 3.06 30,012 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Held to maturity securities | Amortized costs and fair values of securities held to maturity are summarized as follows. March 31, 2016 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held to Maturity Obligations of states and political subdivisions $ 6,477 $ — $ (35 ) $ 6,442 Corporate securities 2,750 17 — 2,767 Total $ 9,227 $ 17 $ (35 ) $ 9,209 December 31, 2015 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held to Maturity Obligations of states and political subdivisions $ 1,457 $ — $ (38 ) $ 1,419 Corporate securities 2,750 24 (30 ) 2,744 Total $ 4,207 $ 24 $ (68 ) $ 4,163 The amortized cost and fair value of securities held to maturity as of March 31, 2016 , by contractual maturity are shown below. March 31, 2016 (Dollars in thousands) Amortized Cost Fair Value Held to Maturity Due after five years through ten years $ 2,750 $ 2,767 Due after ten years 6,477 6,442 Total $ 9,227 $ 9,209 |
Amortized costs and fair values of securities available for sale | Amortized costs and fair values of securities available for sale are summarized as follows: March 31, 2016 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale U.S. government agencies $ 79,817 $ 1,062 $ (93 ) $ 80,786 Obligations of states and political subdivisions 68,920 2,021 (355 ) 70,586 Mortgage-backed securities: Agency 135,239 3,940 (621 ) 138,558 Non-agency 12,062 94 (59 ) 12,097 Other asset backed securities 59,584 405 (893 ) 59,096 Corporate securities 16,688 16 (802 ) 15,902 Total $ 372,310 $ 7,538 $ (2,823 ) $ 377,025 December 31, 2015 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale U.S. government agencies $ 79,005 $ 315 $ (380 ) $ 78,940 Obligations of states and political subdivisions 74,071 1,956 (434 ) 75,593 Mortgage-backed securities: Agency 129,360 3,046 (745 ) 131,661 Non-agency 12,782 33 (38 ) 12,777 Other asset backed securities 58,958 426 (603 ) 58,781 Corporate securities 17,557 22 (760 ) 16,819 Total $ 371,733 $ 5,798 $ (2,960 ) $ 374,571 |
Amortized cost and fair value of securities available for sale by contractual maturity | The amortized cost and fair value of securities available for sale as of March 31, 2016 , by contractual maturity are shown below. Maturities may differ from contractual maturities in corporate and mortgage-backed securities because the securities and mortgages underlying the securities may be called or repaid without any penalties. Therefore, these securities are not included in the maturity categories in the following maturity summary. March 31, 2016 (Dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 482 $ 482 Due after one year through five years 10,142 10,412 Due after five years through ten years 25,249 24,994 Due after ten years 129,552 131,386 Mortgage-backed securities 147,301 150,655 Other asset backed securities 59,584 59,096 Total $ 372,310 $ 377,025 |
Investments in an unrealized loss position | Investments in an unrealized loss position that are temporarily impaired are as follows: (Dollars in thousands) Less than Twelve Months Twelve Months or Greater Total March 31, 2016 Fair Value Gross Fair Value Gross Fair Value Gross Held to Maturity Obligations of states and political subdivisions $ 1,422 $ (35 ) $ — $ — $ 1,422 $ (35 ) Total $ 1,422 $ (35 ) $ — $ — $ 1,422 $ (35 ) Available for Sale U.S. government agencies $ 11,671 $ (68 ) $ 2,840 $ (25 ) $ 14,511 $ (93 ) Obligations of states and political subdivisions 4,641 (50 ) 6,589 (305 ) 11,230 (355 ) Mortgage-backed securities: Agency 17,296 (186 ) 10,814 (435 ) 28,110 (621 ) Non-agency 2,069 (26 ) 999 (33 ) 3,068 (59 ) Other asset backed securities 30,654 (541 ) 14,004 (352 ) 44,658 (893 ) Corporate securities 1,450 (100 ) 11,110 (702 ) 12,560 (802 ) Total $ 67,781 $ (971 ) $ 46,356 $ (1,852 ) $ 114,137 $ (2,823 ) (Dollars in thousands) Less than Twelve Months Twelve Months or Greater Total December 31, 2015 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Held to Maturity Obligations of states and political subdivisions $ 1,419 $ (38 ) $ — $ — $ 1,419 $ (38 ) Corporate securities 1,970 (30 ) — — 1,970 (30 ) Total $ 3,389 $ (68 ) $ — $ — $ 3,389 $ (68 ) Available for Sale U.S. government agencies $ 46,000 $ (304 ) $ 4,223 $ (76 ) $ 50,223 $ (380 ) Obligations of states and political subdivisions 16,559 (324 ) 1,082 (110 ) 17,641 (434 ) Mortgage-backed securities: Agency 27,627 (402 ) 9,911 (343 ) 37,538 (745 ) Non-agency 7,842 (37 ) 671 (1 ) 8,513 (38 ) Other asset backed securities 25,399 (276 ) 12,037 (327 ) 37,436 (603 ) Corporate securities 10,740 (378 ) 4,866 (382 ) 15,606 (760 ) Total $ 134,167 $ (1,721 ) $ 32,790 $ (1,239 ) $ 166,957 $ (2,960 ) |
Loans, Net (Tables)
Loans, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Consolidated loan portfolio | The consolidated loan portfolio was composed of the following: March 31, 2016 December 31, 2015 (Dollars in thousands) Outstanding Balance Percent of Total Portfolio Outstanding Balance Percent of Total Portfolio Real estate loans: Construction $ 43,254 5.3 % $ 39,673 4.9 % Secured by farmland 18,945 2.3 19,062 2.4 Secured by 1-4 family residential 288,855 35.0 280,096 34.8 Other real estate loans 264,456 32.1 258,035 32.0 Commercial loans 189,945 23.0 190,482 23.6 Consumer loans 19,096 2.3 18,333 2.3 Total Gross Loans (1) $ 824,551 100.0 % $ 805,681 100.0 % Less allowance for loan losses 11,330 11,046 Net loans $ 813,221 $ 794,635 (1) Includes net deferred loan costs and premiums of $3.2 million and $3.5 million , respectively. |
Past due loans by class of loans | The following tables present a contractual aging of the recorded investment in past due loans by class of loans: March 31, 2016 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days Or Greater Total Past Due Current Total Loans Real estate loans: Construction $ — $ 31 $ 55 $ 86 $ 43,168 $ 43,254 Secured by farmland — — — — 18,945 18,945 Secured by 1-4 family residential 779 3,084 236 4,099 284,756 288,855 Other real estate loans — 67 377 444 264,012 264,456 Commercial loans 271 199 1,066 1,536 188,409 189,945 Consumer loans 1,928 — — 1,928 17,168 19,096 Total $ 2,978 $ 3,381 $ 1,734 $ 8,093 $ 816,458 $ 824,551 December 31, 2015 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days Or Greater Total Past Due Current Total Loans Real estate loans: Construction $ 69 $ — $ — $ 69 $ 39,604 $ 39,673 Secured by farmland — — — — 19,062 19,062 Secured by 1-4 family residential 259 — 1,117 1,376 278,720 280,096 Other real estate loans 325 — 248 573 257,462 258,035 Commercial loans 1,242 15 31 1,288 189,194 190,482 Consumer loans 4 17 — 21 18,312 18,333 Total $ 1,899 $ 32 $ 1,396 $ 3,327 $ 802,354 $ 805,681 The following table presents the recorded investment in nonaccrual loans and loans past due 90 days or more and still accruing by class of loans: March 31, 2016 December 31, 2015 (Dollars in thousands) Nonaccrual Past due 90 days or more and still accruing Nonaccrual Past due 90 days or more and still accruing Real estate loans: Construction $ 133 $ — $ 204 $ — Secured by 1-4 family residential 3,488 109 4,460 — Other real estate loans 1,179 377 1,186 248 Commercial loans 1,064 25 1,036 30 Consumer loans 1,883 — 1,898 — Total $ 7,747 $ 511 $ 8,784 $ 278 |
Summary of loan classifications by class of loan | The following tables present the recorded investment in loans by class of loan that have been classified according to the internal classification system: March 31, 2016 (Dollars in thousands) Real Estate Construction Real Estate Secured by Farmland Real Estate Secured by 1-4 Family Residential Other Real Estate Loans Commercial Consumer Total Pass $ 37,533 $ 11,042 $ 281,582 $ 250,266 $ 182,969 $ 17,134 $ 780,526 Special Mention 5,642 — 878 6,988 3,573 35 17,116 Substandard 79 7,903 6,268 6,023 2,362 1,927 24,562 Doubtful — — 127 1,179 1,041 — 2,347 Loss — — — — — — — Ending Balance $ 43,254 $ 18,945 $ 288,855 $ 264,456 $ 189,945 $ 19,096 $ 824,551 December 31, 2015 (Dollars in thousands) Real Estate Construction Real Estate Secured by Farmland Real Estate Secured by 1-4 Family Residential Other Real Estate Loans Commercial Consumer Total Pass $ 30,114 $ 10,566 $ 271,721 $ 243,768 $ 183,532 $ 16,347 $ 756,048 Special Mention 9,024 — 896 7,254 3,638 42 20,854 Substandard 535 8,496 6,818 5,827 2,301 1,943 25,920 Doubtful — — 661 1,186 1,011 — 2,858 Loss — — — — — 1 1 Ending Balance $ 39,673 $ 19,062 $ 280,096 $ 258,035 $ 190,482 $ 18,333 $ 805,681 |
Loans identified as impaired by class of loan | The following tables present loans individually evaluated for impairment by class of loan: March 31, 2016 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Real estate loans: Construction $ 79 $ 79 $ — $ 126 $ — Secured by farmland 7,903 7,903 — 7,903 59 Secured by 1-4 family residential 242 277 — 242 — Other real estate loans — — — — — Commercial loans 451 487 — 491 4 Consumer loans — — — — — Total with no related allowance $ 8,675 $ 8,746 $ — $ 8,762 $ 63 With an allowance recorded: Real estate loans: Construction $ — $ — $ — $ — $ — Secured by farmland — — — — — Secured by 1-4 family residential 3,860 3,912 1,086 4,004 7 Other real estate loans 4,179 4,179 330 4,285 39 Commercial loans 1,074 4,073 57 1,140 1 Consumer loans 1,883 1,883 787 2,442 — Total with a related allowance $ 10,996 $ 14,047 $ 2,260 $ 11,871 $ 47 Total $ 19,671 $ 22,793 $ 2,260 $ 20,633 $ 110 December 31, 2015 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Real estate loans: Construction $ 100 $ 100 $ — $ 106 $ — Secured by farmland 7,903 7,903 — 7,903 237 Secured by 1-4 family residential 701 736 — 703 — Other real estate loans — — — — — Commercial loans 458 493 — 490 17 Consumer loans — — — — — Total with no related allowance $ 9,162 $ 9,232 $ — $ 9,202 $ 254 With an allowance recorded: Real estate loans: Construction $ 103 $ 103 $ 53 $ 109 $ — Secured by farmland — — — — — Secured by 1-4 family residential 4,426 4,478 1,120 4,547 27 Other real estate loans 4,196 4,196 464 4,224 157 Commercial loans 1,059 4,059 27 2,315 100 Consumer loans 1,898 1,898 1,000 2,449 — Total with a related allowance $ 11,682 $ 14,734 $ 2,664 $ 13,644 $ 284 Total $ 20,844 $ 23,966 $ 2,664 $ 22,846 $ 538 |
Loans modified in TDR by class of loan | Loan modifications that were classified as TDRs during the three months ended March 31, 2016 and 2015 were as follows: Loans Modified as TDRs For the Three Months Ended March 31, (Dollars in thousands) 2016 2015 Class of Loan Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Real estate loans: Construction — $ — $ — — $ — $ — Secured by farmland — — — — — — Secured by 1-4 family residential — — — — — — Other real estate loans 1 368 367 — — — Total real estate loans 1 $ 368 $ 367 — $ — $ — Commercial loans — — — — — — Consumer loans — — — — — — Total 1 $ 368 $ 367 — $ — $ — |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Allowance for Loan Losses [Abstract] | |
Allowance for loan losses | The following table presents, the total allowance for loan losses, the allowance by impairment methodology (individually evaluated for impairment or collectively evaluated for impairment), the total loans and loans by impairment methodology (individually evaluated for impairment or collectively evaluated for impairment). March 31, 2016 (Dollars in thousands) Real Estate Construction Real Estate Secured by Farmland Real Estate Secured by 1-4 Family Residential Other Real Estate Loans Commercial Consumer Total Allowance for loan losses: Balance at $ 905 $ 192 $ 3,341 $ 3,761 $ 1,706 $ 1,141 $ 11,046 Charge-offs (359 ) — (7 ) — — (6 ) (372 ) Recoveries 15 — 278 8 5 50 356 Provision 450 (22 ) (238 ) (68 ) 403 (225 ) 300 Balance at $ 1,011 $ 170 $ 3,374 $ 3,701 $ 2,114 $ 960 $ 11,330 Ending allowance: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ 1,086 $ 330 $ 57 $ 787 $ 2,260 Collectively evaluated for impairment 1,011 170 2,288 3,371 2,057 173 9,070 Total ending allowance balance $ 1,011 $ 170 $ 3,374 $ 3,701 $ 2,114 $ 960 $ 11,330 Loans: Individually evaluated for impairment $ 79 $ 7,903 $ 4,102 $ 4,179 $ 1,525 $ 1,883 $ 19,671 Collectively evaluated for impairment 43,175 11,042 284,753 260,277 188,420 17,213 804,880 Total ending loans balance $ 43,254 $ 18,945 $ 288,855 $ 264,456 $ 189,945 $ 19,096 $ 824,551 December 31, 2015 (Dollars in thousands) Real Estate Construction Real Estate Secured by Farmland Real Estate Secured by 1-4 Family Residential Other Real Estate Loans Commercial Consumer Total Allowance for loan losses: Balance at $ 550 $ 179 $ 3,966 $ 3,916 $ 2,354 $ 821 $ 11,786 Charge-offs — — (344 ) (9 ) (3,281 ) (57 ) (3,691 ) Recoveries 246 — 359 28 14 11 658 Provision 109 13 (640 ) (174 ) 2,619 366 2,293 Balance at $ 905 $ 192 $ 3,341 $ 3,761 $ 1,706 $ 1,141 $ 11,046 Ending allowance: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 53 $ — $ 1,120 $ 464 $ 27 $ 1,000 $ 2,664 Collectively evaluated for impairment 852 192 2,221 3,297 1,679 141 8,382 Total ending allowance balance $ 905 $ 192 $ 3,341 $ 3,761 $ 1,706 $ 1,141 $ 11,046 Loans: Individually evaluated for impairment $ 203 $ 7,903 $ 5,127 $ 4,196 $ 1,517 $ 1,898 $ 20,844 Collectively evaluated for impairment 39,470 11,159 274,969 253,839 188,965 16,435 784,837 Total ending loans balance $ 39,673 $ 19,062 $ 280,096 $ 258,035 $ 190,482 $ 18,333 $ 805,681 March 31, 2015 (Dollars in thousands) Real Estate Construction Real Estate Secured by Farmland Real Estate Secured by 1-4 Family Residential Other Real Estate Loans Commercial Consumer Total Allowance for loan losses: Balance at $ 550 $ 179 $ 3,966 $ 3,916 $ 2,354 $ 821 $ 11,786 Charge-offs — — — — (246 ) (20 ) (266 ) Recoveries 9 — 19 15 5 6 54 Provision 8 6 188 (122 ) (4 ) 374 450 Balance at $ 567 $ 185 $ 4,173 $ 3,809 $ 2,109 $ 1,181 $ 12,024 Ending allowance: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 63 $ — $ 1,339 $ 455 $ 50 $ 1,000 $ 2,907 Collectively evaluated for impairment 504 185 2,834 3,354 2,059 181 9,117 Total ending allowance balance $ 567 $ 185 $ 4,173 $ 3,809 $ 2,109 $ 1,181 $ 12,024 Loans: Individually evaluated for impairment $ 235 $ 7,903 $ 5,352 $ 4,510 $ 790 $ 3,000 $ 21,790 Collectively evaluated for impairment 36,467 11,712 261,935 248,736 164,967 16,308 740,125 Total ending loans balance $ 36,702 $ 19,615 $ 267,287 $ 253,246 $ 165,757 $ 19,308 $ 761,915 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Weighted-average number of shares used in computing earnings (loss) per share and the effect on weighted-average number of shares of diluted potential common stock | The following shows the weighted-average number of shares used in computing earnings per share and the effect on weighted-average number of shares of diluted potential common stock. Nonvested restricted shares are included in basic earnings per share because of dividend participation rights. Potential dilutive common stock had no effect on income available to common stockholders. For the Three Months Ended March 31, 2016 2015 Shares Per Share Amount Shares Per Share Amount Earnings per share, basic 7,078,975 $ 0.29 7,127,910 $ 0.34 Effect of dilutive securities: Stock options 9,004 7,052 Warrant 21,601 13,740 Earnings per share, diluted 7,109,580 $ 0.29 7,148,702 $ 0.34 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of reportable segments and reconciliation to the consolidated financial statements | The following tables represent reportable segment information for the three months ended March 31, 2016 and 2015 , respectively: For the Three Months Ended For the Three Months Ended March 31, 2016 March 31, 2015 (In Thousands) Retail Banking Wealth Manage- ment Parent Company Inter- company Eliminations Consolidated Retail Banking Wealth Manage- ment Parent Company Inter- company Eliminations Consolidated Revenues: Interest income $ 10,870 $ 2 $ — $ — $ 10,872 $ 10,696 $ 3 $ — $ — $ 10,699 Trust and investment fee income — 1,201 — (43 ) 1,158 — 1,259 — (41 ) 1,218 Other income 1,319 — — (27 ) 1,292 1,790 — — — 1,790 Total operating income 12,189 1,203 — (70 ) 13,322 12,486 1,262 — (41 ) 13,707 Expenses: Interest expense 1,053 — 70 — 1,123 999 — 69 — 1,068 Salaries and employee benefits 4,017 527 268 — 4,812 4,106 534 208 — 4,848 Provision for loan losses 300 — — — 300 450 — — — 450 Other 4,227 287 — (70 ) 4,444 3,795 281 17 (41 ) 4,052 Total operating expenses 9,597 814 338 (70 ) 10,679 9,350 815 294 (41 ) 10,418 Income (loss) before income taxes 2,592 389 (338 ) — 2,643 3,136 447 (294 ) — 3,289 Income tax expense (benefit) 647 147 (206 ) — 588 828 167 (154 ) — 841 Net Income (loss) $ 1,945 $ 242 $ (132 ) $ — $ 2,055 $ 2,308 $ 280 $ (140 ) $ — $ 2,448 Total assets $ 1,342,502 $ 11,908 $ 126,760 $ (133,049 ) $ 1,348,121 $ 1,259,259 $ 12,145 $ 125,284 $ (131,301 ) $ 1,265,387 Capital expenditures $ 125 $ — $ — $ — $ 125 $ 151 $ — $ — $ — $ 151 Goodwill and other intangibles $ — $ 3,593 $ — $ — $ 3,593 $ — $ 3,765 $ — $ — $ 3,765 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at fair value on a recurring basis | The following tables present the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 . (Dollars in thousands) March 31, 2016 Description Total Level I Level II Level III Assets: U.S. government agencies $ 80,786 $ — $ 80,786 $ — Obligations of states and political subdivisions 70,586 — 70,586 — Mortgage-backed securities: Agency 138,558 — 138,558 — Non-agency 12,097 — 12,097 — Other asset backed securities 59,096 — 59,096 — Corporate securities 15,902 — 15,902 — Interest rate swaps 242 — 242 — Interest rate cap 12 — 12 — Liabilities: Interest rate swaps 766 — 766 — (Dollars in thousands) December 31, 2015 Description Total Level I Level II Level III Assets: U.S. government agencies $ 78,940 $ — $ 78,940 $ — Obligations of states and political subdivisions 75,593 — 75,593 — Mortgage-backed securities: Agency 131,661 — 131,661 — Non-agency 12,777 — 12,777 — Other asset backed securities 58,781 — 58,781 — Corporate securities 16,819 — 16,819 Interest rate swaps 73 — 73 — Interest rate cap 39 39 Liabilities: Interest rate swaps 370 — 370 — |
Estimated fair values and related carrying amounts of financial instruments | The estimated fair values, and related carrying amounts, of the Company's financial instruments are as follows: (Dollars in thousands) March 31, 2016 Fair value measurements using: Carrying Total Fair Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 65,721 $ 65,721 $ 65,721 $ — $ — Securities held to maturity 9,227 9,209 — 9,209 — Securities available for sale 377,025 377,025 — 377,025 — Loans, net 813,221 823,904 — — 823,904 Bank owned life insurance 23,434 23,434 — 23,434 — Accrued interest receivable 5,172 5,172 — 5,172 — Interest rate swaps 242 242 — 242 — Interest rate cap 12 12 — 12 — Financial liabilities: Deposits $ 1,083,898 $ 1,083,820 $ — $ 1,083,820 $ — Securities sold under agreements to repurchase 25,294 25,294 — 25,294 — FHLB borrowings 95,000 95,155 — 95,155 — Subordinated notes 5,155 5,163 — 5,163 — Accrued interest payable 393 393 — 393 — Interest rate swaps 766 766 — 766 — (Dollars in thousands) December 31, 2015 Fair value measurements using: Carrying Total Fair Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 39,228 $ 39,228 $ 39,228 $ — $ — Securities held to maturity 4,207 4,163 — 4,163 — Securities available for sale 374,571 374,571 — 374,571 — Loans, net 794,635 802,535 — — 802,535 Bank-owned life insurance 23,273 23,273 — 23,273 — Accrued interest receivable 5,204 5,204 — 5,204 — Interest rate swaps 73 73 — 73 — Interest rate cap 39 39 39 Financial liabilities: Deposits $ 1,040,800 $ 1,040,016 $ — $ 1,040,016 $ — Securities sold under agreements to repurchase 26,869 26,869 — 26,869 — FHLB borrowings 85,000 85,033 — 85,033 — Subordinated debt 5,155 5,157 — 5,157 — Accrued interest payable 410 410 — 410 — Interest rate swaps 370 370 — 370 — The following table summarizes the Company’s non-financial assets that were measured at fair value on a nonrecurring basis during the period. (Dollars in thousands) March 31, 2016 Total Level I Level II Level III Assets: Impaired loans $ 8,736 $ — $ — $ 8,736 Other real estate owned $ 3,727 $ — $ — $ 3,727 Repossessed assets (1) $ 1,043 $ — $ — $ 1,043 (Dollars in thousands) December 31, 2015 Total Level I Level II Level III Assets: Impaired loans $ 9,018 $ — $ — $ 9,018 Other real estate owned $ 3,345 $ — $ — $ 3,345 Repossessed assets (1) $ 1,043 $ — $ — $ 1,043 (1) Included in other assets on the consolidated balance sheets. |
Quantitative information about Level III fair value measurements | The following table presents quantitative information as of March 31, 2016 and December 31, 2015 about Level III fair value measurements for assets measured at fair value on a nonrecurring basis: March 31, 2016 Fair Value (in thousands) Valuation Technique Unobservable Inputs Range (Weighted Average) Impaired loans $ 5,321 Appraisals Discount to reflect current market conditions and estimated selling costs 0% - 100% (14%) Impaired loans $ 3,415 Present value of cash flows Discount rate 6% - 8% (7%) Other real estate owned $ 3,727 Appraisals Discount to reflect current market conditions and estimated selling costs 10% Repossessed assets $ 1,043 Market analysis Historical sales activity 50% December 31, 2015 Fair Value (in thousands) Valuation Technique Unobservable Inputs Range (Weighted Average) Impaired loans $ 5,434 Appraisals Discount to reflect current market conditions and estimated selling costs 0% - 100% (17%) Impaired loans $ 3,584 Present value of cash flows Discount rate 6% - 8% (7%) Other real estate owned $ 3,345 Appraisals Discount to reflect current market conditions and estimated selling costs 10% Repossessed assets $ 1,043 Market analysis Historical sales activity 50% |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Changes in other comprehensive income for the period | Changes in accumulated other comprehensive income for the three months ended March 31, 2016 and 2015 were: (Dollars in thousands) Unrealized Gains on Securities Cash Flow Hedges Accumulated Other Comprehensive Income Balance December 31, 2014 $ 3,979 $ (185 ) $ 3,794 Unrealized holding gains (net of tax, $583) 1,136 — 1,136 Reclassification adjustment (net of tax, $34) (67 ) — (67 ) Unrealized loss on interest rate swaps (net of tax, $29) — (57 ) (57 ) Reclassification adjustment (net of tax, $2) — (4 ) (4 ) Balance March 31, 2015 $ 5,048 $ (246 ) $ 4,802 Balance December 31, 2015 $ 1,872 $ (195 ) $ 1,677 Unrealized holding gains (net of tax, $693) 1,347 — 1,347 Reclassification adjustment (net of tax, $55) (108 ) — (108 ) Unrealized loss on interest rate swaps (net of tax, $78) — (149 ) (149 ) Balance March 31, 2016 $ 3,111 $ (344 ) $ 2,767 |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents information related to reclassifications from accumulated other comprehensive income: Details about Accumulated Other Comprehensive Income Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income For the Three Months Ended March 31, (Dollars in thousands) 2016 2015 Securities available for sale (1) : Net securities gains reclassified into earnings $ (163 ) $ (101 ) Gain on sales of securities available for sale, net Related income tax expense 55 34 Income tax expense Derivatives (2) : Gain on interest rate swap ineffectiveness — (6 ) Other operating expenses Related income tax expense — 2 Income tax expense Net effect on accumulated other comprehensive income for the period (108 ) (71 ) Net of tax Total reclassifications for the period $ (108 ) $ (71 ) Net of tax (1) For more information related to unrealized gains on securities available for sale, see Note 3, "Securities". (2) For more information related to unrealized losses on derivatives, see Note 12, "Derivatives". |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative designated as a cash flow hedge | Information concerning the derivatives designated as a cash flow hedges at March 31, 2016 and December 31, 2015 is presented in the following tables: March 31, 2016 Positions (#) Notional Amount (in thousands) Asset (in thousands) Liability (in thousands) Receive Rate Pay Rate Life (Years) Pay fixed - receive floating interest rate swap 1 $ 5,155 $ — $ 346 0.62 % 2.59 % 4.5 Pay fixed - receive floating interest rate swap 1 $ 10,000 $ — $ 178 0.43 % 1.43 % 2.7 December 31, 2015 Positions (#) Notional Amount (in thousands) Asset (in thousands) Liability (in thousands) Receive Rate Pay Rate Life (Years) Pay fixed - receive floating interest rate swap 1 $ 5,155 $ — $ 226 0.32 % 2.59 % 4.8 Pay fixed - receive floating interest rate swap 1 $ 10,000 $ — $ 71 0.23 % 1.43 % 3.0 |
Two-way client interest rate swaps not designated as either fair value or cash flow hedges | Information concerning two-way client interest rate swaps not designated as either fair value or cash flow hedges is presented in the following table: March 31, 2016 Positions (#) Notional Amount (in thousands) Asset (in thousands) Liability (in thousands) Receive Rate Pay Life (Years) Pay fixed - receive floating interest rate swap 1 $ 3,698 $ — $ 128 1 month 3.90 % 11.6 Pay fixed - receive floating interest rate swap 1 1,695 — 114 1 month 4.09 % 8.6 Pay floating - receive fixed interest rate swap 1 3,698 128 — 3.90 % 1 month 11.6 Pay floating - receive fixed interest rate swap 1 1,695 114 — 4.09 % 1 month 8.6 Total derivatives not designated $ 10,786 $ 242 $ 242 December 31, 2015 Positions (#) Notional Amount (in thousands) Asset (in thousands) Liability (in thousands) Receive Rate Pay Life (Years) Pay fixed - receive floating interest rate swap 1 $ 3,760 $ — $ 21 1 month 3.90 % 11.9 Pay fixed - receive floating interest rate swap 1 1,706 — 52 1 month 4.09 % 8.9 Pay floating - receive fixed interest rate swap 1 3,760 21 — 3.90 % 1 month 11.9 Pay floating - receive fixed interest rate swap 1 1,706 52 — 4.09 % 1 month 8.9 Total derivatives not designated $ 10,932 $ 73 $ 73 |
Summary of interest rate cap agreement | The details of the interest rate cap agreement as of March 31, 2016 and December 31, 2015 are summarized below: March 31, 2016 (Dollars in thousands) Notional Amount Termination Date 3-Month LIBOR Strike Rate Premium Paid Unamortized Premium at March 31, 2016 Fair Value March 31, 2016 Cumulative Cash Flows Received $ 10,000 September 8, 2018 2.00 % $ 70 $ 70 $ 12 $ — December 31, 2015 (Dollars in thousands) Notional Amount Termination Date 3-Month LIBOR Strike Rate Premium Paid Unamortized Premium at December 31, 2015 Fair Value December 31, 2015 Cumulative Cash Flows Received $ 10,000 September 8, 2018 2.00 % $ 70 $ 70 $ 39 $ — |
Other Real Estate Assets Owne33
Other Real Estate Assets Owned (OREO) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Real Estate [Abstract] | |
Other Real Estate Owned Rollforward | Changes in the balance for OREO, net of valuation allowances, are as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 Balance at the beginning of year, net $ 3,345 $ 4,051 Transfers from loans and to premises and equipment, net 526 287 Sales proceeds — (814 ) Loss on disposition — (100 ) Less valuation adjustments (144 ) (79 ) Balance at the end of year, net $ 3,727 $ 3,345 |
Schedule of Other Real Estate Classifications | The major classifications of OREO in the consolidated balance sheets at March 31, 2016 and December 31, 2015 were as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 Real estate loans: Construction $ 880 $ 853 Secured by farmland — — Secured by 1-4 family residential 2,336 1,958 Other real estate loans 511 534 Total real estate loans $ 3,727 $ 3,345 |
Share-Based Compensation Plan -
Share-Based Compensation Plan - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($)share_based_compensation_planshares | Mar. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of plans | share_based_compensation_plan | 1 | |
Share based compensation expense | $ 189,000 | $ 130,000 |
2006 Equity Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized (in shares) | shares | 430,000 | |
2006 Equity Compensation Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense related to nonvested restricted stock awards | $ 2,400,000 | |
Restricted stock nonvested outstanding, weighted average remaining contractual terms | 3 years 10 days | |
2006 Equity Compensation Plan [Member] | Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense related to nonvested restricted stock awards | $ 0 | |
Compensation expense | $ 0 |
Share-Based Compensation Plan35
Share-Based Compensation Plan - Restricted stock service awards and performance awarded under the 2006 Equity Compensation Plan (Details) - 2006 Equity Compensation Plan [Member] - Restricted Stock [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested at beginning of year (in shares) | shares | 153,399 |
Granted (in shares) | shares | 53,500 |
Vested (in shares) | shares | (29,125) |
Forfeited (in shares) | shares | 0 |
Non-vested at end of period (in shares) | shares | 177,774 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested at beginning of year (in dollars per share) | $ / shares | $ 17.17 |
Granted (in dollars per share) | $ / shares | 20.76 |
Vested (in dollars per share) | $ / shares | 16.17 |
Forfeited (in dollars per share) | $ / shares | 0 |
Non-vested at end of period (in dollars per share) | $ / shares | $ 18.41 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | |
Non-vested at end of period | $ | $ 3,840 |
Share-Based Compensation Plan36
Share-Based Compensation Plan - Stock options outstanding activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Shares [Roll Forward] | ||
Outstanding at beginning of year (in shares) | 30,012 | |
Granted (in shares) | 0 | |
Exercised (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Outstanding at end of period (in shares) | 30,012 | |
Options exercisable at year end (in shares) | 30,012 | |
Weighted Average Exercise Price [Roll Forward] | ||
Outstanding at beginning of year (in dollars per share) | $ 14 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 0 | |
Outstanding at end of period (in dollars per share) | 14 | |
Options exercisable at year end (in dollars per share) | $ 14 | |
Aggregate intrinsic value, options outstanding | $ 228 | $ 0 |
Aggregate intrinsic value, options exercisable | $ 228 |
Share-Based Compensation Plan37
Share-Based Compensation Plan - Schedule of options outstanding and exercisable (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Prices (in dollars per share) | $ 14 | $ 14 |
Options Outstanding (in shares) | 30,012 | 30,012 |
Options Exercisable (in shares) | 30,012 | |
14.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Prices (in dollars per share) | $ 14 | |
Options Outstanding (in shares) | 25,012 | |
Weighted average remaining contractual life (years) | 2 years 11 months 12 days | |
Options Exercisable (in shares) | 25,012 | |
14.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Prices (in dollars per share) | $ 14 | |
Options Outstanding (in shares) | 5,000 | |
Weighted average remaining contractual life (years) | 3 years 7 months 2 days | |
Options Exercisable (in shares) | 5,000 | |
14.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Prices (in dollars per share) | $ 14 | |
Options Outstanding (in shares) | 30,012 | |
Weighted average remaining contractual life (years) | 3 years 21 days | |
Options Exercisable (in shares) | 30,012 |
Securities - Amortized costs an
Securities - Amortized costs and fair values of securities held to maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 9,227 | $ 4,207 |
Gross Unrealized Gains | 17 | 24 |
Gross Unrealized Losses | (35) | (68) |
Fair Value | 9,209 | 4,163 |
Obligations of states and political subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 6,477 | 1,457 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (35) | (38) |
Fair Value | 6,442 | 1,419 |
Corporate securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,750 | 2,750 |
Gross Unrealized Gains | 17 | 24 |
Gross Unrealized Losses | 0 | (30) |
Fair Value | $ 2,767 | $ 2,744 |
Securities - Amortized cost and
Securities - Amortized cost and fair value of securities held to maturity by contractual maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Amortized Cost | ||
Due after five years through ten years | $ 2,750 | |
Due after ten years | 6,477 | |
Amortized cost | 9,227 | $ 4,207 |
Fair Value | ||
Due after five years through ten years | 2,767 | |
Due after ten years | 6,442 | |
Securities held to maturity | $ 9,209 | $ 4,163 |
Securities - Amortized costs 40
Securities - Amortized costs and fair values of securities available for sale (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 372,310 | $ 371,733 |
Gross Unrealized Gains | 7,538 | 5,798 |
Gross Unrealized Losses | (2,823) | (2,960) |
Fair Value | 377,025 | 374,571 |
U.S. government agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 79,817 | 79,005 |
Gross Unrealized Gains | 1,062 | 315 |
Gross Unrealized Losses | (93) | (380) |
Fair Value | 80,786 | 78,940 |
Obligations of states and political subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 68,920 | 74,071 |
Gross Unrealized Gains | 2,021 | 1,956 |
Gross Unrealized Losses | (355) | (434) |
Fair Value | 70,586 | 75,593 |
Mortgage-backed securities, Agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 135,239 | 129,360 |
Gross Unrealized Gains | 3,940 | 3,046 |
Gross Unrealized Losses | (621) | (745) |
Fair Value | 138,558 | 131,661 |
Mortgage-backed securities, Non-agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,062 | 12,782 |
Gross Unrealized Gains | 94 | 33 |
Gross Unrealized Losses | (59) | (38) |
Fair Value | 12,097 | 12,777 |
Other asset backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 59,584 | 58,958 |
Gross Unrealized Gains | 405 | 426 |
Gross Unrealized Losses | (893) | (603) |
Fair Value | 59,096 | 58,781 |
Corporate securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 16,688 | 17,557 |
Gross Unrealized Gains | 16 | 22 |
Gross Unrealized Losses | (802) | (760) |
Fair Value | $ 15,902 | $ 16,819 |
Securities - Amortized cost a41
Securities - Amortized cost and fair value of securities available for sale by contractual maturity (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Amortized Cost | |
Due in one year or less | $ 482 |
Due after one year through five years | 10,142 |
Due after five years through ten years | 25,249 |
Due after ten years | 129,552 |
Amortized cost | 372,310 |
Fair Value | |
Due in one year or less | 482 |
Due after one year through five years | 10,412 |
Due after five years through ten years | 24,994 |
Due after ten years | 131,386 |
Fair value | 377,025 |
Mortgage-backed securities [Member] | |
Amortized Cost | |
Amortized cost | 147,301 |
Fair Value | |
Fair value | 150,655 |
Other asset backed securities [Member] | |
Amortized Cost | |
Amortized cost | 59,584 |
Fair Value | |
Fair value | $ 59,096 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)Security | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales of securities | $ 31,300,000 | $ 28,600,000 | |
Gross gains realized on sale of securities | 171,000 | 118,000 | |
Gross loss realized on sale of securities | 8,000 | 17,000 | |
Tax expense related to realized gains | 55,000 | $ 34,000 | |
Carrying value of securities pledged for fiduciary powers | $ 112,800,000 | $ 113,100,000 | |
Number of securities temporarily impaired | Security | 137 | ||
Number of securities temporarily impaired in investment grade | Security | 133 | ||
Number of securities temporarily impaired in speculative grade | Security | 4 | ||
Credit losses recognized in prior period earnings | $ 0 | 0 | |
Investment in FHLB stock | 5,200,000 | 4,700,000 | |
Federal Reserve Bank stock | $ 1,700,000 | $ 1,700,000 |
Securities - Investments in con
Securities - Investments in continuous unrealized loss position (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Held to Maturity, Fair Value, Less than Twelve Months | $ 1,422 | $ 3,389 |
Held to Maturity, Gross Unrealized Losses, Less than Twelve Months | (35) | (68) |
Held to Maturity, Fair Value, Twelve Months or Greater | 0 | 0 |
Held to Maturity, Gross Unrealized Losses, Twelve Months or Greater | 0 | 0 |
Held to Maturity, Fair Value | 1,422 | 3,389 |
Held to Maturity, Gross Unrealized Losses, Total | (35) | (68) |
Fair Value, Less than Twelve Months | 67,781 | 134,167 |
Gross Unrealized Losses, Less than Twelve Months | (971) | (1,721) |
Fair Value, Twelve Months or Greater | 46,356 | 32,790 |
Gross Unrealized Losses, Twelve Months or Greater | (1,852) | (1,239) |
Fair Value, Total | 114,137 | 166,957 |
Gross Unrealized Losses, Total | (2,823) | (2,960) |
U.S. government agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than Twelve Months | 11,671 | 46,000 |
Gross Unrealized Losses, Less than Twelve Months | (68) | (304) |
Fair Value, Twelve Months or Greater | 2,840 | 4,223 |
Gross Unrealized Losses, Twelve Months or Greater | (25) | (76) |
Fair Value, Total | 14,511 | 50,223 |
Gross Unrealized Losses, Total | (93) | (380) |
Obligations of states and political subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held to Maturity, Fair Value, Less than Twelve Months | 1,422 | 1,419 |
Held to Maturity, Gross Unrealized Losses, Less than Twelve Months | (35) | (38) |
Held to Maturity, Fair Value, Twelve Months or Greater | 0 | 0 |
Held to Maturity, Gross Unrealized Losses, Twelve Months or Greater | 0 | 0 |
Held to Maturity, Fair Value | 1,422 | 1,419 |
Held to Maturity, Gross Unrealized Losses, Total | (35) | (38) |
Fair Value, Less than Twelve Months | 4,641 | 16,559 |
Gross Unrealized Losses, Less than Twelve Months | (50) | (324) |
Fair Value, Twelve Months or Greater | 6,589 | 1,082 |
Gross Unrealized Losses, Twelve Months or Greater | (305) | (110) |
Fair Value, Total | 11,230 | 17,641 |
Gross Unrealized Losses, Total | (355) | (434) |
Mortgage-backed securities, Agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than Twelve Months | 17,296 | 27,627 |
Gross Unrealized Losses, Less than Twelve Months | (186) | (402) |
Fair Value, Twelve Months or Greater | 10,814 | 9,911 |
Gross Unrealized Losses, Twelve Months or Greater | (435) | (343) |
Fair Value, Total | 28,110 | 37,538 |
Gross Unrealized Losses, Total | (621) | (745) |
Mortgage-backed securities, Non-agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than Twelve Months | 2,069 | 7,842 |
Gross Unrealized Losses, Less than Twelve Months | (26) | (37) |
Fair Value, Twelve Months or Greater | 999 | 671 |
Gross Unrealized Losses, Twelve Months or Greater | (33) | (1) |
Fair Value, Total | 3,068 | 8,513 |
Gross Unrealized Losses, Total | (59) | (38) |
Other asset backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than Twelve Months | 30,654 | 25,399 |
Gross Unrealized Losses, Less than Twelve Months | (541) | (276) |
Fair Value, Twelve Months or Greater | 14,004 | 12,037 |
Gross Unrealized Losses, Twelve Months or Greater | (352) | (327) |
Fair Value, Total | 44,658 | 37,436 |
Gross Unrealized Losses, Total | (893) | (603) |
Corporate securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held to Maturity, Fair Value, Less than Twelve Months | 1,970 | |
Held to Maturity, Gross Unrealized Losses, Less than Twelve Months | (30) | |
Held to Maturity, Fair Value, Twelve Months or Greater | 0 | |
Held to Maturity, Gross Unrealized Losses, Twelve Months or Greater | 0 | |
Held to Maturity, Fair Value | 1,970 | |
Held to Maturity, Gross Unrealized Losses, Total | (30) | |
Fair Value, Less than Twelve Months | 1,450 | 10,740 |
Gross Unrealized Losses, Less than Twelve Months | (100) | (378) |
Fair Value, Twelve Months or Greater | 11,110 | 4,866 |
Gross Unrealized Losses, Twelve Months or Greater | (702) | (382) |
Fair Value, Total | 12,560 | 15,606 |
Gross Unrealized Losses, Total | $ (802) | $ (760) |
Loans, Net - Narrative (Details
Loans, Net - Narrative (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)loan_segmentloan | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loan segments | loan_segment | 3 | ||
Proceeds from sales of loans | $ 3,019,000 | $ 0 | |
Recorded investment | 816,458,000 | $ 802,354,000 | |
Charge-offs | 372,000 | 266,000 | 3,691,000 |
Recoveries | 356,000 | $ 54,000 | 658,000 |
Interest on non-accrual loans foregone | 127,600 | $ 342,000 | |
Nonperforming Financial Instruments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds from sales of loans | $ 3,000,000 | ||
Number of loans sold | loan | 2 | ||
Recorded investment | $ 3,100,000 | ||
Financing Receivable, No Outstanding Recorded Investment, Number of Loans Sold | loan | 12 | ||
Charge-offs | $ 359,000 | ||
Recoveries | $ 300,000 |
Loans, Net - Consolidated loan
Loans, Net - Consolidated loan portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Consolidated Loan Portfolio [Abstract] | ||||
Outstanding Balance, Gross | $ 824,551 | $ 805,681 | $ 761,915 | |
Less allowance for loan losses | 11,330 | 11,046 | 12,024 | $ 11,786 |
Net loans | $ 813,221 | $ 794,635 | ||
Percent of Total Portfolio | 100.00% | 100.00% | ||
Net of deferred loan costs | $ 3,200 | $ 3,500 | ||
Construction [Member] | ||||
Consolidated Loan Portfolio [Abstract] | ||||
Outstanding Balance, Gross | 43,254 | 39,673 | 36,702 | |
Less allowance for loan losses | $ 1,011 | $ 905 | 567 | 550 |
Percent of Total Portfolio | 5.30% | 4.90% | ||
Secured by farmland [Member] | ||||
Consolidated Loan Portfolio [Abstract] | ||||
Outstanding Balance, Gross | $ 18,945 | $ 19,062 | ||
Percent of Total Portfolio | 2.30% | 2.40% | ||
Secured by 1-4 family residential [Member] | ||||
Consolidated Loan Portfolio [Abstract] | ||||
Outstanding Balance, Gross | $ 288,855 | $ 280,096 | 267,287 | |
Less allowance for loan losses | $ 3,374 | $ 3,341 | 4,173 | 3,966 |
Percent of Total Portfolio | 35.00% | 34.80% | ||
Other real estate loans [Member] | ||||
Consolidated Loan Portfolio [Abstract] | ||||
Outstanding Balance, Gross | $ 264,456 | $ 258,035 | 253,246 | |
Less allowance for loan losses | $ 3,701 | $ 3,761 | 3,809 | 3,916 |
Percent of Total Portfolio | 32.10% | 32.00% | ||
Commercial loans [Member] | ||||
Consolidated Loan Portfolio [Abstract] | ||||
Outstanding Balance, Gross | $ 189,945 | $ 190,482 | 165,757 | |
Less allowance for loan losses | $ 2,114 | $ 1,706 | 2,109 | 2,354 |
Percent of Total Portfolio | 23.00% | 23.60% | ||
Consumer loans [Member] | ||||
Consolidated Loan Portfolio [Abstract] | ||||
Outstanding Balance, Gross | $ 19,096 | $ 18,333 | 19,308 | |
Less allowance for loan losses | $ 960 | $ 1,141 | $ 1,181 | $ 821 |
Percent of Total Portfolio | 2.30% | 2.30% |
Loans, Net - Recorded investmen
Loans, Net - Recorded investment in past due loans by class of loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Past due loans by class of loans [Abstract] | |||
Total Past Due | $ 8,093 | $ 3,327 | |
Current | 816,458 | 802,354 | |
Total Loans | 824,551 | 805,681 | $ 761,915 |
Construction [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 86 | 69 | |
Current | 43,168 | 39,604 | |
Total Loans | 43,254 | 39,673 | |
Secured by farmland [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 0 | 0 | |
Current | 18,945 | 19,062 | |
Total Loans | 18,945 | 19,062 | |
Secured by 1-4 family residential [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 4,099 | 1,376 | |
Current | 284,756 | 278,720 | |
Total Loans | 288,855 | 280,096 | 267,287 |
Other real estate loans [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 444 | 573 | |
Current | 264,012 | 257,462 | |
Total Loans | 264,456 | 258,035 | 253,246 |
Commercial loans [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 1,536 | 1,288 | |
Current | 188,409 | 189,194 | |
Total Loans | 189,945 | 190,482 | 165,757 |
Consumer loans [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 1,928 | 21 | |
Current | 17,168 | 18,312 | |
Total Loans | 19,096 | 18,333 | $ 19,308 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 2,978 | 1,899 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 0 | 69 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Secured by farmland [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Secured by 1-4 family residential [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 779 | 259 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Other real estate loans [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 0 | 325 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial loans [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 271 | 1,242 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer loans [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 1,928 | 4 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 3,381 | 32 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 31 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Secured by farmland [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Secured by 1-4 family residential [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 3,084 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Other real estate loans [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 67 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial loans [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 199 | 15 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer loans [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 0 | 17 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 1,734 | 1,396 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 55 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Secured by farmland [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Secured by 1-4 family residential [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 236 | 1,117 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Other real estate loans [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 377 | 248 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial loans [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | 1,066 | 31 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer loans [Member] | |||
Past due loans by class of loans [Abstract] | |||
Total Past Due | $ 0 | $ 0 |
Loans, Net - Recorded investm47
Loans, Net - Recorded investment in nonaccrual loans and loans past due and still accruing by class of loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 7,747 | $ 8,784 |
Past due 90 days or more and still accruing | 511 | 278 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 133 | 204 |
Past due 90 days or more and still accruing | 0 | 0 |
Secured by 1-4 family residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 3,488 | 4,460 |
Past due 90 days or more and still accruing | 109 | 0 |
Other real estate loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,179 | 1,186 |
Past due 90 days or more and still accruing | 377 | 248 |
Commercial loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,064 | 1,036 |
Past due 90 days or more and still accruing | 25 | 30 |
Consumer loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,883 | 1,898 |
Past due 90 days or more and still accruing | $ 0 | $ 0 |
Loans, Net - Summary of loan cl
Loans, Net - Summary of loan classifications by class of loan (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | $ 824,551 | $ 805,681 | $ 761,915 |
Pass [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 780,526 | 756,048 | |
Special Mention [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 17,116 | 20,854 | |
Substandard [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 24,562 | 25,920 | |
Doubtful [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 2,347 | 2,858 | |
Loss [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 0 | 1 | |
Construction [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 43,254 | 39,673 | 36,702 |
Construction [Member] | Pass [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 37,533 | 30,114 | |
Construction [Member] | Special Mention [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 5,642 | 9,024 | |
Construction [Member] | Substandard [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 79 | 535 | |
Construction [Member] | Doubtful [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 0 | 0 | |
Construction [Member] | Loss [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 0 | 0 | |
Secured by farmland [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 18,945 | 19,062 | |
Secured by farmland [Member] | Pass [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 11,042 | 10,566 | |
Secured by farmland [Member] | Special Mention [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 0 | 0 | |
Secured by farmland [Member] | Substandard [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 7,903 | 8,496 | |
Secured by farmland [Member] | Doubtful [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 0 | 0 | |
Secured by farmland [Member] | Loss [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 0 | 0 | |
Secured by 1-4 family residential [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 288,855 | 280,096 | 267,287 |
Secured by 1-4 family residential [Member] | Pass [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 281,582 | 271,721 | |
Secured by 1-4 family residential [Member] | Special Mention [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 878 | 896 | |
Secured by 1-4 family residential [Member] | Substandard [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 6,268 | 6,818 | |
Secured by 1-4 family residential [Member] | Doubtful [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 127 | 661 | |
Secured by 1-4 family residential [Member] | Loss [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 0 | 0 | |
Other real estate loans [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 264,456 | 258,035 | 253,246 |
Other real estate loans [Member] | Pass [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 250,266 | 243,768 | |
Other real estate loans [Member] | Special Mention [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 6,988 | 7,254 | |
Other real estate loans [Member] | Substandard [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 6,023 | 5,827 | |
Other real estate loans [Member] | Doubtful [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 1,179 | 1,186 | |
Other real estate loans [Member] | Loss [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 0 | 0 | |
Commercial [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 189,945 | 190,482 | 165,757 |
Commercial [Member] | Pass [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 182,969 | 183,532 | |
Commercial [Member] | Special Mention [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 3,573 | 3,638 | |
Commercial [Member] | Substandard [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 2,362 | 2,301 | |
Commercial [Member] | Doubtful [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 1,041 | 1,011 | |
Commercial [Member] | Loss [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 0 | 0 | |
Consumer loans [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 19,096 | 18,333 | $ 19,308 |
Consumer loans [Member] | Pass [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 17,134 | 16,347 | |
Consumer loans [Member] | Special Mention [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 35 | 42 | |
Consumer loans [Member] | Substandard [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 1,927 | 1,943 | |
Consumer loans [Member] | Doubtful [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | 0 | 0 | |
Consumer loans [Member] | Loss [Member] | |||
Summary of loan classifications by class of loan [Abstract] | |||
Summary of loan quality by class of loan | $ 0 | $ 1 |
Loans, Net - Loans identified a
Loans, Net - Loans identified as impaired by class of loan (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Recorded Investment [Abstract] | ||
With no related allowance recorded | $ 8,675 | $ 9,162 |
With an allowance recorded | 10,996 | 11,682 |
Total | 19,671 | 20,844 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 8,746 | 9,232 |
With an allowance recorded | 14,047 | 14,734 |
Total | 22,793 | 23,966 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 2,260 | 2,664 |
Total | 2,260 | 2,664 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 8,762 | 9,202 |
With an allowance recorded | 11,871 | 13,644 |
Total | 20,633 | 22,846 |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 63 | 254 |
With an allowance recorded | 47 | 284 |
Total | 110 | 538 |
Construction [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 79 | 100 |
With an allowance recorded | 0 | 103 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 79 | 100 |
With an allowance recorded | 0 | 103 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 0 | 53 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 126 | 106 |
With an allowance recorded | 0 | 109 |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 0 | 0 |
Secured by farmland [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 7,903 | 7,903 |
With an allowance recorded | 0 | 0 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 7,903 | 7,903 |
With an allowance recorded | 0 | 0 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 0 | 0 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 7,903 | 7,903 |
With an allowance recorded | 0 | 0 |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 59 | 237 |
With an allowance recorded | 0 | 0 |
Secured by 1-4 family residential [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 242 | 701 |
With an allowance recorded | 3,860 | 4,426 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 277 | 736 |
With an allowance recorded | 3,912 | 4,478 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 1,086 | 1,120 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 242 | 703 |
With an allowance recorded | 4,004 | 4,547 |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 7 | 27 |
Other real estate loans [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 4,179 | 4,196 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 4,179 | 4,196 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 330 | 464 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 4,285 | 4,224 |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 39 | 157 |
Commercial loans [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 451 | 458 |
With an allowance recorded | 1,074 | 1,059 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 487 | 493 |
With an allowance recorded | 4,073 | 4,059 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 57 | 27 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 491 | 490 |
With an allowance recorded | 1,140 | 2,315 |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 4 | 17 |
With an allowance recorded | 1 | 100 |
Consumer loans [Member] | ||
Recorded Investment [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 1,883 | 1,898 |
Unpaid Principal Balance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 1,883 | 1,898 |
Related Allowance [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 787 | 1,000 |
Average Recorded Investment [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 2,442 | 2,449 |
Interest Income Recognized [Abstract] | ||
With no related allowance recorded | 0 | 0 |
With an allowance recorded | $ 0 | $ 0 |
Loans, Net - Troubled Debt Rest
Loans, Net - Troubled Debt Restructurings Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | ||
Total TDR | $ 15.3 | $ 15.5 |
TDR included in nonaccrual loans | 3.3 | |
TDR performing as agreed | 12 | |
Valuation allowance related to total TDR | $ 1.2 | $ 1.6 |
Troubled debt restructuring, payment default, past due term (or more) | 90 days | |
Troubled debt restructuring, payment default, term of original modification | 12 months |
Loans, Net - Loans modified in
Loans, Net - Loans modified in TDR by class of loan (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | |
Loans modified in a TDR by class of loan [Abstract] | ||
Number of Contracts | loan | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 368 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 367 | $ 0 |
Real Estate Loans [Member] | ||
Loans modified in a TDR by class of loan [Abstract] | ||
Number of Contracts | loan | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 368 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 367 | $ 0 |
Construction [Member] | ||
Loans modified in a TDR by class of loan [Abstract] | ||
Number of Contracts | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Secured by farmland [Member] | ||
Loans modified in a TDR by class of loan [Abstract] | ||
Number of Contracts | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | |
Secured by 1-4 family residential [Member] | ||
Loans modified in a TDR by class of loan [Abstract] | ||
Number of Contracts | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | |
Other real estate loans [Member] | ||
Loans modified in a TDR by class of loan [Abstract] | ||
Number of Contracts | loan | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 368 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 367 | |
Commercial loans [Member] | ||
Loans modified in a TDR by class of loan [Abstract] | ||
Number of Contracts | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | |
Consumer loans [Member] | ||
Loans modified in a TDR by class of loan [Abstract] | ||
Number of Contracts | loan | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Allowance for loan losses [Roll Forward] | ||||||
Beginning balance | $ 11,046 | $ 11,786 | $ 11,786 | |||
Charge-offs | (372) | (266) | (3,691) | |||
Recoveries | 356 | 54 | 658 | |||
Provision | 300 | 450 | 2,293 | |||
Ending balance | 11,330 | 12,024 | 11,046 | |||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | $ 2,260 | $ 2,664 | $ 2,907 | |||
Collectively evaluated for impairment | 9,070 | 8,382 | 9,117 | |||
Total ending allowance balance | 11,046 | 11,786 | 11,786 | 11,330 | 11,046 | 12,024 |
Loans: | ||||||
Individually evaluated for impairment | 19,671 | 20,844 | 21,790 | |||
Collectively evaluated for impairment | 804,880 | 784,837 | 740,125 | |||
Total Loans | 824,551 | 805,681 | 761,915 | |||
Construction [Member] | ||||||
Allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 905 | 550 | 550 | |||
Charge-offs | (359) | 0 | 0 | |||
Recoveries | 15 | 9 | 246 | |||
Provision | 450 | 8 | 109 | |||
Ending balance | 1,011 | 567 | 905 | |||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 53 | 63 | |||
Collectively evaluated for impairment | 1,011 | 852 | 504 | |||
Total ending allowance balance | 905 | 550 | 550 | 1,011 | 905 | 567 |
Loans: | ||||||
Individually evaluated for impairment | 79 | 203 | 235 | |||
Collectively evaluated for impairment | 43,175 | 39,470 | 36,467 | |||
Total Loans | 43,254 | 39,673 | 36,702 | |||
Real Estate Loans Secured by Farmland [Member] | ||||||
Allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 192 | 179 | 179 | |||
Charge-offs | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | |||
Provision | (22) | 6 | 13 | |||
Ending balance | 170 | 185 | 192 | |||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 170 | 192 | 185 | |||
Total ending allowance balance | 192 | 179 | 179 | 170 | 192 | 185 |
Loans: | ||||||
Individually evaluated for impairment | 7,903 | 7,903 | 7,903 | |||
Collectively evaluated for impairment | 11,042 | 11,159 | 11,712 | |||
Total Loans | 18,945 | 19,062 | 19,615 | |||
Secured by 1-4 family residential [Member] | ||||||
Allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 3,341 | 3,966 | 3,966 | |||
Charge-offs | (7) | 0 | (344) | |||
Recoveries | 278 | 19 | 359 | |||
Provision | (238) | 188 | (640) | |||
Ending balance | 3,374 | 4,173 | 3,341 | |||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 1,086 | 1,120 | 1,339 | |||
Collectively evaluated for impairment | 2,288 | 2,221 | 2,834 | |||
Total ending allowance balance | 3,341 | 3,966 | 3,966 | 3,374 | 3,341 | 4,173 |
Loans: | ||||||
Individually evaluated for impairment | 4,102 | 5,127 | 5,352 | |||
Collectively evaluated for impairment | 284,753 | 274,969 | 261,935 | |||
Total Loans | 288,855 | 280,096 | 267,287 | |||
Other real estate loans [Member] | ||||||
Allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 3,761 | 3,916 | 3,916 | |||
Charge-offs | 0 | 0 | (9) | |||
Recoveries | 8 | 15 | 28 | |||
Provision | (68) | (122) | (174) | |||
Ending balance | 3,701 | 3,809 | 3,761 | |||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 330 | 464 | 455 | |||
Collectively evaluated for impairment | 3,371 | 3,297 | 3,354 | |||
Total ending allowance balance | 3,761 | 3,916 | 3,916 | 3,701 | 3,761 | 3,809 |
Loans: | ||||||
Individually evaluated for impairment | 4,179 | 4,196 | 4,510 | |||
Collectively evaluated for impairment | 260,277 | 253,839 | 248,736 | |||
Total Loans | 264,456 | 258,035 | 253,246 | |||
Commercial [Member] | ||||||
Allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 1,706 | 2,354 | 2,354 | |||
Charge-offs | 0 | (246) | (3,281) | |||
Recoveries | 5 | 5 | 14 | |||
Provision | 403 | (4) | 2,619 | |||
Ending balance | 2,114 | 2,109 | 1,706 | |||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 57 | 27 | 50 | |||
Collectively evaluated for impairment | 2,057 | 1,679 | 2,059 | |||
Total ending allowance balance | 1,706 | 2,354 | 2,354 | 2,114 | 1,706 | 2,109 |
Loans: | ||||||
Individually evaluated for impairment | 1,525 | 1,517 | 790 | |||
Collectively evaluated for impairment | 188,420 | 188,965 | 164,967 | |||
Total Loans | 189,945 | 190,482 | 165,757 | |||
Consumer [Member] | ||||||
Allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 1,141 | 821 | 821 | |||
Charge-offs | (6) | (20) | (57) | |||
Recoveries | 50 | 6 | 11 | |||
Provision | (225) | 374 | 366 | |||
Ending balance | 960 | 1,181 | 1,141 | |||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 787 | 1,000 | 1,000 | |||
Collectively evaluated for impairment | 173 | 141 | 181 | |||
Total ending allowance balance | $ 1,141 | $ 821 | $ 821 | 960 | 1,141 | 1,181 |
Loans: | ||||||
Individually evaluated for impairment | 1,883 | 1,898 | 3,000 | |||
Collectively evaluated for impairment | 17,213 | 16,435 | 16,308 | |||
Total Loans | $ 19,096 | $ 18,333 | $ 19,308 |
Earnings Per Share (Details)
Earnings Per Share (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Shares [Abstract] | ||
Earning per share, basic (in shares) | 7,078,975 | 7,127,910 |
Effect of dilutive securities: | ||
Stock options (in shares) | 9,004 | 7,052 |
Warrant (in shares) | 21,601 | 13,740 |
Earnings per share, diluted (in shares) | 7,109,580 | 7,148,702 |
Per Share Amount [Abstract] | ||
Earnings per share, basic (in dollars per share) | $ 0.29 | $ 0.34 |
Earnings per share, diluted (in dollars per share) | $ 0.29 | $ 0.34 |
Stock options and warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities not included in the calculation of earning per share (in shares) | 0 | 0 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Revenues: | |||
Interest income | $ 10,872 | $ 10,699 | |
Trust and investment fee income | 1,158 | 1,218 | |
Other income | 1,292 | 1,790 | |
Total operating income | 13,322 | 13,707 | |
Expenses: | |||
Interest expense | 1,123 | 1,068 | |
Salaries and employee benefits | 4,812 | 4,848 | |
Provision for loan losses | 300 | 450 | |
Other | 4,444 | 4,052 | |
Total operating expenses | 10,679 | 10,418 | |
Income before income taxes | 2,643 | 3,289 | |
Income tax expense | 588 | 841 | |
NET INCOME | 2,055 | 2,448 | |
Total assets | 1,348,121 | 1,265,387 | $ 1,294,863 |
Capital expenditures | 125 | 151 | |
Goodwill and other intangibles | 3,593 | 3,765 | $ 3,636 |
Operating Segments [Member] | Retail Banking [Member] | |||
Revenues: | |||
Interest income | 10,870 | 10,696 | |
Trust and investment fee income | 0 | 0 | |
Other income | 1,319 | 1,790 | |
Total operating income | 12,189 | 12,486 | |
Expenses: | |||
Interest expense | 1,053 | 999 | |
Salaries and employee benefits | 4,017 | 4,106 | |
Provision for loan losses | 300 | 450 | |
Other | 4,227 | 3,795 | |
Total operating expenses | 9,597 | 9,350 | |
Income before income taxes | 2,592 | 3,136 | |
Income tax expense | 647 | 828 | |
NET INCOME | 1,945 | 2,308 | |
Total assets | 1,342,502 | 1,259,259 | |
Capital expenditures | 125 | 151 | |
Goodwill and other intangibles | 0 | 0 | |
Operating Segments [Member] | Wealth Management [Member] | |||
Revenues: | |||
Interest income | 2 | 3 | |
Trust and investment fee income | 1,201 | 1,259 | |
Other income | 0 | 0 | |
Total operating income | 1,203 | 1,262 | |
Expenses: | |||
Interest expense | 0 | 0 | |
Salaries and employee benefits | 527 | 534 | |
Provision for loan losses | 0 | 0 | |
Other | 287 | 281 | |
Total operating expenses | 814 | 815 | |
Income before income taxes | 389 | 447 | |
Income tax expense | 147 | 167 | |
NET INCOME | 242 | 280 | |
Total assets | 11,908 | 12,145 | |
Capital expenditures | 0 | 0 | |
Goodwill and other intangibles | 3,593 | 3,765 | |
Corporate, Non-Segment [Member] | |||
Revenues: | |||
Interest income | 0 | 0 | |
Trust and investment fee income | 0 | 0 | |
Other income | 0 | 0 | |
Total operating income | 0 | 0 | |
Expenses: | |||
Interest expense | 70 | 69 | |
Salaries and employee benefits | 268 | 208 | |
Provision for loan losses | 0 | 0 | |
Other | 0 | 17 | |
Total operating expenses | 338 | 294 | |
Income before income taxes | (338) | (294) | |
Income tax expense | (206) | (154) | |
NET INCOME | (132) | (140) | |
Total assets | 126,760 | 125,284 | |
Capital expenditures | 0 | 0 | |
Goodwill and other intangibles | 0 | 0 | |
Intercompany Eliminations [Member] | |||
Revenues: | |||
Interest income | 0 | 0 | |
Trust and investment fee income | (43) | (41) | |
Other income | (27) | 0 | |
Total operating income | (70) | (41) | |
Expenses: | |||
Interest expense | 0 | 0 | |
Salaries and employee benefits | 0 | 0 | |
Provision for loan losses | 0 | 0 | |
Other | (70) | (41) | |
Total operating expenses | (70) | (41) | |
Income before income taxes | 0 | 0 | |
Income tax expense | 0 | 0 | |
NET INCOME | 0 | 0 | |
Total assets | (133,049) | (131,301) | |
Capital expenditures | 0 | 0 | |
Goodwill and other intangibles | $ 0 | $ 0 |
Capital Purchase Program (Detai
Capital Purchase Program (Details) - $ / shares | Jan. 30, 2009 | Dec. 31, 2009 | Mar. 31, 2016 | Dec. 31, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||||
Warrants issued under capital repurchase program (in shares) | 208,202 | 104,101 | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 | $ 2.50 | |
Exercise price of warrants (in dollars per share) | $ 15.85 | |||
Series A Cumulative Perpetual Preferred Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred stock issued under capital repurchase program (in shares) | 22,000 | |||
Preferred stock, par value (in dollars per share) | $ 2.50 | |||
Liquidation preference per share (in dollars per shares) | $ 1,000 | |||
Shares redeemed during period (in shares) | 22,000 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Level I [Member] | ||
Assets: | ||
U.S. Treasury securities | $ 65,721 | $ 39,228 |
Mortgage-backed securities: | ||
Interest rate cap | 0 | 0 |
Liabilities: | ||
Interest rate swaps | 0 | 0 |
Level I [Member] | Interest rate cap [Member] | ||
Mortgage-backed securities: | ||
Interest rate cap | 0 | |
Level II [Member] | ||
Assets: | ||
U.S. Treasury securities | 0 | 0 |
Mortgage-backed securities: | ||
Interest rate cap | 242 | 73 |
Liabilities: | ||
Interest rate swaps | 766 | 370 |
Level II [Member] | Interest rate cap [Member] | ||
Mortgage-backed securities: | ||
Interest rate cap | 12 | 39 |
Level III [Member] | ||
Assets: | ||
U.S. Treasury securities | 0 | 0 |
Mortgage-backed securities: | ||
Interest rate cap | 0 | 0 |
Liabilities: | ||
Interest rate swaps | 0 | 0 |
Level III [Member] | Interest rate cap [Member] | ||
Mortgage-backed securities: | ||
Interest rate cap | 0 | |
Recurring [Member] | ||
Assets: | ||
U.S. government agencies | 80,786 | 78,940 |
Obligations of states and political subdivisions | 70,586 | 75,593 |
Mortgage-backed securities: | ||
Agency | 138,558 | 131,661 |
Non-agency | 12,097 | 12,777 |
Other asset backed securities | 59,096 | 58,781 |
Corporate securities | 15,902 | 16,819 |
Liabilities: | ||
Interest rate swaps | 766 | 370 |
Recurring [Member] | Interest Rate Swap [Member] | ||
Mortgage-backed securities: | ||
Interest rate swaps | 242 | 73 |
Recurring [Member] | Interest rate cap [Member] | ||
Mortgage-backed securities: | ||
Interest rate cap | 12 | 39 |
Recurring [Member] | Level I [Member] | ||
Assets: | ||
U.S. government agencies | 0 | 0 |
Obligations of states and political subdivisions | 0 | 0 |
Mortgage-backed securities: | ||
Agency | 0 | 0 |
Non-agency | 0 | 0 |
Other asset backed securities | 0 | 0 |
Corporate securities | 0 | 0 |
Liabilities: | ||
Interest rate swaps | 0 | 0 |
Recurring [Member] | Level I [Member] | Interest Rate Swap [Member] | ||
Mortgage-backed securities: | ||
Interest rate swaps | 0 | 0 |
Recurring [Member] | Level I [Member] | Interest rate cap [Member] | ||
Mortgage-backed securities: | ||
Interest rate cap | 0 | |
Recurring [Member] | Level II [Member] | ||
Assets: | ||
U.S. government agencies | 80,786 | 78,940 |
Obligations of states and political subdivisions | 70,586 | 75,593 |
Mortgage-backed securities: | ||
Agency | 138,558 | 131,661 |
Non-agency | 12,097 | 12,777 |
Other asset backed securities | 59,096 | 58,781 |
Corporate securities | 15,902 | 16,819 |
Liabilities: | ||
Interest rate swaps | 766 | 370 |
Recurring [Member] | Level II [Member] | Interest Rate Swap [Member] | ||
Mortgage-backed securities: | ||
Interest rate swaps | 242 | 73 |
Recurring [Member] | Level II [Member] | Interest rate cap [Member] | ||
Mortgage-backed securities: | ||
Interest rate cap | 12 | 39 |
Recurring [Member] | Level III [Member] | ||
Assets: | ||
U.S. government agencies | 0 | 0 |
Obligations of states and political subdivisions | 0 | 0 |
Mortgage-backed securities: | ||
Agency | 0 | 0 |
Non-agency | 0 | 0 |
Other asset backed securities | 0 | $ 0 |
Corporate securities | 0 | |
Liabilities: | ||
Interest rate swaps | 0 | $ 0 |
Recurring [Member] | Level III [Member] | Interest Rate Swap [Member] | ||
Mortgage-backed securities: | ||
Interest rate swaps | 0 | $ 0 |
Recurring [Member] | Level III [Member] | Interest rate cap [Member] | ||
Mortgage-backed securities: | ||
Interest rate cap | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | Mar. 31, 2016 |
Fair Value Disclosures [Abstract] | |
Percentage at which new appraisals are discounted | 10.00% |
Fair Value Measurements - Fin58
Fair Value Measurements - Financial and non-financial assets measured at fair value on a nonrecurring basis (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 8,736 | $ 9,018 |
Other real estate owned | 3,727 | 3,345 |
Repossessed assets | 1,043 | 1,043 |
Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Repossessed assets | 0 | 0 |
Level II [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Repossessed assets | 0 | 0 |
Level III [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 8,736 | 9,018 |
Other real estate owned | 3,727 | 3,345 |
Repossessed assets | $ 1,043 | $ 1,043 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative information about Level III fair value measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Percentage at which new appraisals are discounted | 10.00% | |
Impaired Loans [Member] | Discounted appraised value [Member] | Minimum [Member] | Level III [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 0.00% | 0.00% |
Impaired Loans [Member] | Discounted appraised value [Member] | Maximum [Member] | Level III [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 100.00% | 100.00% |
Impaired Loans [Member] | Discounted appraised value [Member] | Weighted Average [Member] | Level III [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 14.00% | 17.00% |
Impaired Loans [Member] | Present Value of Cash Flows [Member] | Minimum [Member] | Level III [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 6.00% | 6.00% |
Impaired Loans [Member] | Present Value of Cash Flows [Member] | Maximum [Member] | Level III [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 8.00% | 8.00% |
Impaired Loans [Member] | Present Value of Cash Flows [Member] | Weighted Average [Member] | Level III [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 7.00% | 7.00% |
Other Real Estate Owned [Member] | Discounted appraised value [Member] | Level III [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 10.00% | |
Other Real Estate Owned [Member] | Discounted appraised value [Member] | Weighted Average [Member] | Level III [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 10.00% | |
Repossessed Assets [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | Level III [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 50.00% | 50.00% |
Nonrecurring [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | $ 8,736 | $ 9,018 |
Other real estate owned | 3,727 | 3,345 |
Repossessed assets | 1,043 | 1,043 |
Nonrecurring [Member] | Level III [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 8,736 | 9,018 |
Other real estate owned | 3,727 | 3,345 |
Repossessed assets | 1,043 | 1,043 |
Nonrecurring [Member] | Discounted appraised value [Member] | Level III [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 5,321 | 5,434 |
Other real estate owned | 3,727 | 3,345 |
Nonrecurring [Member] | Present Value of Cash Flows [Member] | Level III [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | $ 3,415 | $ 3,584 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated fair values and related carrying values of financial instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Securities held to maturity | $ 9,209 | $ 4,163 |
Level I [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 65,721 | 39,228 |
Securities held to maturity | 0 | 0 |
Securities available for sale | 0 | 0 |
Loans, net | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Interest rate cap | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
FHLB borrowings | 0 | 0 |
Subordinated notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate swaps | 0 | 0 |
Level I [Member] | Interest rate cap [Member] | ||
Financial assets: | ||
Interest rate cap | 0 | |
Level II [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 9,209 | 4,163 |
Securities available for sale | 377,025 | 374,571 |
Loans, net | 0 | 0 |
Bank owned life insurance | 23,434 | 23,273 |
Accrued interest receivable | 5,172 | 5,204 |
Interest rate cap | 242 | 73 |
Financial liabilities: | ||
Deposits | 1,083,820 | 1,040,016 |
Securities sold under agreements to repurchase | 25,294 | 26,869 |
FHLB borrowings | 95,155 | 85,033 |
Subordinated notes | 5,163 | 5,157 |
Accrued interest payable | 393 | 410 |
Interest rate swaps | 766 | 370 |
Level II [Member] | Interest rate cap [Member] | ||
Financial assets: | ||
Interest rate cap | 12 | 39 |
Level III [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 0 | 0 |
Securities available for sale | 0 | 0 |
Loans, net | 823,904 | 802,535 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Interest rate cap | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
FHLB borrowings | 0 | 0 |
Subordinated notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate swaps | 0 | 0 |
Level III [Member] | Interest rate cap [Member] | ||
Financial assets: | ||
Interest rate cap | 0 | |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 65,721 | 39,228 |
Securities held to maturity | 9,227 | 4,207 |
Securities available for sale | 377,025 | 374,571 |
Loans, net | 813,221 | 794,635 |
Bank owned life insurance | 23,434 | 23,273 |
Accrued interest receivable | 5,172 | 5,204 |
Interest rate cap | 242 | 73 |
Financial liabilities: | ||
Deposits | 1,083,898 | 1,040,800 |
Securities sold under agreements to repurchase | 25,294 | 26,869 |
FHLB borrowings | 95,000 | 85,000 |
Subordinated notes | 5,155 | 5,155 |
Accrued interest payable | 393 | 410 |
Interest rate swaps | 766 | 370 |
Carrying Amount [Member] | Interest rate cap [Member] | ||
Financial assets: | ||
Interest rate cap | 12 | 39 |
Fair Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 65,721 | 39,228 |
Securities held to maturity | 9,209 | 4,163 |
Securities available for sale | 377,025 | 374,571 |
Loans, net | 823,904 | 802,535 |
Bank owned life insurance | 23,434 | 23,273 |
Accrued interest receivable | 5,172 | 5,204 |
Interest rate cap | 242 | 73 |
Financial liabilities: | ||
Deposits | 1,083,820 | 1,040,016 |
Securities sold under agreements to repurchase | 25,294 | 26,869 |
FHLB borrowings | 95,155 | 85,033 |
Subordinated notes | 5,163 | 5,157 |
Accrued interest payable | 393 | 410 |
Interest rate swaps | 766 | 370 |
Fair Value [Member] | Interest rate cap [Member] | ||
Financial assets: | ||
Interest rate cap | $ 12 | $ 39 |
Accumulated Other Comprehensi61
Accumulated Other Comprehensive Income - Change in other comprehensive income for the period (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance beginning of period | $ 1,677 | $ 3,794 |
Unrealized holding gains | 1,347 | 1,136 |
Reclassification adjustment | (108) | (67) |
Unrealized loss on interest rate swaps | (149) | (57) |
Reclassification adjustment | 0 | (4) |
Balance end of period | 2,767 | 4,802 |
Unrealized Gains on Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance beginning of period | 1,872 | 3,979 |
Unrealized holding gains | 1,347 | 1,136 |
Reclassification adjustment | (108) | (67) |
Unrealized loss on interest rate swaps | 0 | 0 |
Reclassification adjustment | 0 | |
Balance end of period | 3,111 | 5,048 |
Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance beginning of period | (195) | (185) |
Unrealized holding gains | 0 | 0 |
Reclassification adjustment | 0 | 0 |
Unrealized loss on interest rate swaps | (149) | (57) |
Reclassification adjustment | (4) | |
Balance end of period | $ (344) | $ (246) |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Income - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on sales of securities available for sale, net | $ (163) | $ (101) |
Income tax expense | 588 | 841 |
Net income | (2,055) | (2,448) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | (108) | (71) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Securities [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on sales of securities available for sale, net | (163) | (101) |
Income tax expense | 55 | 34 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 0 | 2 |
Gain on interest rate swap ineffectiveness | $ 0 | $ (6) |
Accumulated Other Comprehensi63
Accumulated Other Comprehensive Income - Change in other comprehensive income for period (Phantom) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Equity [Abstract] | ||
Unrealized holding gains (losses), tax | $ (693) | $ (583) |
Reclassification adjustment, tax | 55 | 34 |
Unrealized loss on interest rate swaps tax | 78 | 29 |
Reclassification adjustment, derivative, tax | $ 0 | $ 2 |
Derivatives - Designated as cas
Derivatives - Designated as cash flow hedges narrative (Details) - USD ($) | Nov. 25, 2013 | Oct. 23, 2010 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Derivative [Line Items] | |||||
Notional amount | $ 10,786,000 | $ 10,932,000 | |||
Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Pay rate (as a percent) | 2.59% | ||||
Notional amount | $ 5,200,000 | ||||
Term | 10 years | ||||
Collateral reserved for swap | 400,000 | 400,000 | |||
Hedging Instrument [Member] | Operating Expenses [Member] | |||||
Derivative [Line Items] | |||||
Loss on cash flow hedge ineffectiveness | 0 | $ 0 | 0 | ||
Hedging Instrument [Member] | Interest Rate Swap 2 [Member] | |||||
Derivative [Line Items] | |||||
Pay rate (as a percent) | 1.43% | ||||
Notional amount | $ 10,000,000 | ||||
Term | 5 years | ||||
Collateral reserved for swap | $ 300,000 | $ 300,000 | |||
Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Pay rate (as a percent) | 2.59% | 2.59% | |||
Notional amount | $ 5,155,000 | $ 5,155,000 | |||
Amounts included in accumulated other comprehensive income as unrealized losses | $ 344,000 | $ 195,000 |
Derivatives - Designated as a c
Derivatives - Designated as a cash flow hedge (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($)position | Dec. 31, 2015USD ($)position | Nov. 25, 2013USD ($) | Oct. 23, 2010USD ($) | |
Derivative [Line Items] | ||||
Notional amount | $ 10,786 | $ 10,932 | ||
Life (Years) | ||||
Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 5,200 | |||
Pay rate (as a percent) | 2.59% | |||
Hedging Instrument [Member] | Interest Rate Swap 2 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 10,000 | |||
Pay rate (as a percent) | 1.43% | |||
Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Positions | position | 1 | 1 | ||
Notional amount | $ 5,155 | $ 5,155 | ||
Asset | 0 | 0 | ||
Liability | $ 346 | $ 226 | ||
Receive rate (as a percent) | 0.62% | 0.32% | ||
Pay rate (as a percent) | 2.59% | 2.59% | ||
Life (Years) | 4 years 6 months | 4 years 9 months 18 days | ||
Hedging Instrument [Member] | Pay fixed receive floating rate interest rate swap [Member] | ||||
Derivative [Line Items] | ||||
Positions | position | 1 | 1 | ||
Notional amount | $ 10,000 | $ 10,000 | ||
Asset | 0 | 0 | ||
Liability | $ 178 | $ 71 | ||
Receive rate (as a percent) | 0.434% | 0.23% | ||
Pay rate (as a percent) | 1.43% | 1.43% | ||
Life (Years) | 2 years 8 months 12 days | 3 years |
Derivatives - Two-way client in
Derivatives - Two-way client interest rate swaps not designated as either fair value or cash flow hedges (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)position | Dec. 31, 2015USD ($)position | |
Derivative [Line Items] | ||
Notional amount | $ 10,786 | $ 10,932 |
Asset | 242 | 73 |
Liability | $ 242 | $ 73 |
Life (Years) | ||
Interest Rate Swap [Member] | Interest Rate Swap One [Member] | ||
Derivative [Line Items] | ||
Positions | position | 1 | 1 |
Notional amount | $ 3,698 | $ 3,760 |
Asset | 0 | 0 |
Liability | $ 128 | $ 21 |
Rate | 3.90% | 3.90% |
Rate | 2.00% | 2.00% |
Life (Years) | 11 years 7 months 6 days | 11 years 10 months 24 days |
Interest Rate Swap [Member] | Interest Rate Swap Two [Member] | ||
Derivative [Line Items] | ||
Positions | position | 1 | 1 |
Notional amount | $ 1,695 | $ 1,706 |
Asset | 0 | 0 |
Liability | $ 114 | $ 52 |
Rate | 4.09% | 4.09% |
Rate | 1.80% | 1.80% |
Life (Years) | 8 years 7 months 6 days | 8 years 10 months 24 days |
Reverse Interest Rate Swap [Member] | Interest Rate Swap One [Member] | ||
Derivative [Line Items] | ||
Positions | position | 1 | 1 |
Notional amount | $ 3,698 | $ 3,760 |
Asset | 128 | 21 |
Liability | $ 0 | $ 0 |
Rate | 3.90% | 3.90% |
Rate | 2.00% | 2.00% |
Life (Years) | 11 years 7 months 6 days | 11 years 10 months 24 days |
Reverse Interest Rate Swap [Member] | Interest Rate Swap Two [Member] | ||
Derivative [Line Items] | ||
Positions | position | 1 | 1 |
Notional amount | $ 1,695 | $ 1,706 |
Asset | 114 | 52 |
Liability | $ 0 | $ 0 |
Rate | 4.09% | 4.09% |
Rate | 1.80% | 1.80% |
Life (Years) | 8 years 7 months 6 days | 8 years 10 months 24 days |
Derivatives - Rate Cap Transact
Derivatives - Rate Cap Transaction narrative (Details) - Not Designated as Hedging Instrument [Member] - Interest rate cap [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)derivative_instrument | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |||
Number of derivative instruments | derivative_instrument | 1 | ||
Notional amount | $ 10,000,000 | $ 10,000,000 | |
Premium paid | $ 70,000 | 70,000 | |
Fair value | $ 12,000 | $ 39,000 | |
3-Month LIBOR [Member] | |||
Derivative [Line Items] | |||
Strike rate | 2.00% | 2.00% | |
Operating Expenses [Member] | |||
Derivative [Line Items] | |||
Change in fair value of derivative | $ 27,000 | $ 31,000 |
Derivatives - Summary of rate c
Derivatives - Summary of rate cap agreement (Details) - Interest rate cap [Member] - Not Designated as Hedging Instrument [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2015 | Mar. 31, 2016 | |
Derivative [Line Items] | |||
Notional Amount | $ 10,000,000 | $ 10,000,000 | |
Premium Paid | $ 70,000 | 70,000 | |
Unamortized premium | 70,000 | 70,000 | |
Fair value | 39,000 | 12,000 | |
Cumulative Cash Flows Received | $ 0 | $ 0 | |
3-Month LIBOR [Member] | |||
Derivative [Line Items] | |||
3-Month LIBOR Strike Rate | 2.00% | 2.00% |
Other Real Estate Assets Owne69
Other Real Estate Assets Owned (OREO) - Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Other real Estate Assets Owned Rollforward [Roll Forward] | |||
Balance at the beginning of year, net | $ 3,345 | $ 4,051 | $ 4,051 |
Transfer of loans to other real estate owned | 526 | $ 0 | 287 |
Sales proceeds | 0 | (814) | |
Loss on disposition | 0 | (100) | |
Less valuation adjustments | (144) | (79) | |
Balance at the end of year, net | $ 3,727 | $ 3,345 |
Other Real Estate Assets Owne70
Other Real Estate Assets Owned (OREO) Other Real Estate Assets Owned (OREO) - Major Classifications (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other real estate | $ 3,727 | $ 3,345 | $ 4,051 |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other real estate | 880 | 853 | |
Secured by farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other real estate | 0 | 0 | |
Secured by 1-4 family residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other real estate | 2,336 | 1,958 | |
Other real estate loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other real estate | $ 511 | $ 534 |
Other Real Estate Assets Owne71
Other Real Estate Assets Owned (OREO) Other Real Estate Assets Owned (OREO) - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Other Real Estate [Abstract] | ||||
Other real estate | $ 3,727,000 | $ 3,345,000 | $ 4,051,000 | |
Expenses (income) applicable to OREO | 167,000 | $ 67,000 | ||
Consumer mortgage loans, secured by residential real estate, foreclosure in process | $ 0 | $ 530,000 | ||
Consumer mortgage loans, secured by residential real estate, foreclosure in process, number of loans | 1 |
Low Income Housing Tax Credits
Low Income Housing Tax Credits (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)housing_equity_fund | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)housing_equity_fund | |
Schedule of Equity Method Investments [Line Items] | |||
Number of housing equity funds | housing_equity_fund | 4 | 4 | |
Tax credits and other tax benefits | $ 146 | $ 123 | |
Tax credits projected to be received in 2015 | 531 | ||
Other Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in housing equity funds | 8,870 | $ 9,030 | |
Other Liabilities [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Additional capital calls expected | $ 9,310 |