Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 06, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | civb | |
Entity Registrant Name | CIVISTA BANCSHARES, INC. | |
Entity Central Index Key | 944,745 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,887,457 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from financial institutions | $ 214,407 | $ 35,561 |
Securities available for sale | 201,786 | 196,249 |
Loans held for sale | 2,193 | 2,698 |
Loans, net of allowance of $14,433 and $14,361 | 991,370 | 987,166 |
Other securities | 13,550 | 13,452 |
Premises and equipment, net | 16,773 | 16,944 |
Accrued interest receivable | 4,395 | 3,902 |
Goodwill | 27,095 | 27,095 |
Other intangibles | 2,242 | 2,409 |
Bank owned life insurance | 23,218 | 20,104 |
Other assets | 9,867 | 9,461 |
Total assets | 1,506,896 | 1,315,041 |
Deposits | ||
Noninterest-bearing | 511,024 | 300,615 |
Interest-bearing | 768,756 | 751,418 |
Total deposits | 1,279,780 | 1,052,033 |
Federal Home Loan Bank advances | 17,500 | 71,200 |
Securities sold under agreements to repurchase | 24,272 | 25,040 |
Subordinated debentures | 29,427 | 29,427 |
Accrued expenses and other liabilities | 25,377 | 12,168 |
Total liabilities | 1,376,356 | 1,189,868 |
SHAREHOLDERS' EQUITY | ||
Common shares, no par value, 20,000,000 shares authorized, 8,623,136 shares issued at March 31, 2016 and 8,591,542 shares issued at December 31, 2015 | 115,442 | 115,330 |
Retained earnings | 9,242 | 5,300 |
Treasury shares, 747,964 shares at cost | (17,235) | (17,235) |
Accumulated other comprehensive income (loss) | 818 | (495) |
Total shareholders' equity | 130,540 | 125,173 |
Total liabilities and shareholders' equity | 1,506,896 | 1,315,041 |
Series B Preferred Stock [Member] | ||
SHAREHOLDERS' EQUITY | ||
Preferred shares, no par value, 200,000 shares authorized, Series B Preferred stock, $1,000 liquidation preference, 24,072 shares issued at March 31, 2016 and December 31, 2015, net of issuance costs | $ 22,273 | $ 22,273 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Allowance for loan losses | $ 14,433 | $ 14,361 |
Preferred shares, no par value | ||
Preferred shares, shares authorized | 200,000 | 200,000 |
Common stock, no par value | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 8,623,136 | 8,591,542 |
Treasury stock, shares | 747,964 | 747,964 |
Series B Preferred Stock [Member] | ||
Preferred shares, liquidation preference | $ 1,000 | $ 1,000 |
Preferred shares, shares issued | 24,072 | 24,072 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and dividend income | ||
Loans, including fees | $ 11,317 | $ 10,246 |
Taxable securities | 801 | 832 |
Tax-exempt securities | 655 | 624 |
Federal funds sold and other | 280 | 60 |
Total interest income | 13,053 | 11,762 |
Interest expense | ||
Deposits | 490 | 542 |
Federal Home Loan Bank advances | 110 | 121 |
Subordinated debentures | 212 | 179 |
Other | 6 | 5 |
Total interest expense | 818 | 847 |
Net interest income | 12,235 | 10,915 |
Provision for loan losses | 400 | |
Net interest income after provision for loan losses | 12,235 | 10,515 |
Noninterest income | ||
Service charges | 1,129 | 1,055 |
Net loss on securities available for sale | (5) | |
Net gain on sale of loans | 394 | 204 |
ATM fees | 508 | 449 |
Trust fees | 634 | 767 |
Bank owned life insurance | 114 | 117 |
Tax refund processing fees | 2,200 | 1,600 |
Other | 286 | 210 |
Total noninterest income | 5,260 | 4,402 |
Noninterest expense | ||
Salaries, wages and benefits | 6,324 | 5,899 |
Net occupancy expense | 631 | 624 |
Equipment expense | 296 | 363 |
Contracted data processing | 355 | 448 |
FDIC assessment | 252 | 237 |
State franchise tax | 218 | 239 |
Professional services | 501 | 456 |
Amortization of intangible assets | 183 | 142 |
ATM expense | 121 | 283 |
Marketing | 287 | 236 |
Other operating expenses | 1,739 | 1,676 |
Total noninterest expense | 10,907 | 10,603 |
Income before taxes | 6,588 | 4,314 |
Income tax expense | 1,863 | 1,143 |
Net Income | 4,725 | 3,171 |
Preferred stock dividends | 391 | 404 |
Net income available to common shareholders | $ 4,334 | $ 2,767 |
Earnings per common share, basic | $ 0.55 | $ 0.36 |
Earnings per common share, diluted | $ 0.43 | $ 0.29 |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income Statements (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 4,725 | $ 3,171 |
Other comprehensive income: | ||
Unrealized holding gains on available for sale securities | 1,906 | 886 |
Tax effect | (648) | (301) |
Pension liability adjustment | 83 | 70 |
Tax effect | (28) | (24) |
Total other comprehensive income | 1,313 | 631 |
Comprehensive income | $ 6,038 | $ 3,802 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Shares [Member] | Common Shares [Member] | Retained Earnings [Member] | Treasury Shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Accumulated other comprehensive income(loss), beginning balance at Dec. 31, 2014 | $ (47) | |||||
Net income | $ 3,171 | |||||
Other comprehensive income | 631 | 631 | ||||
Accumulated other comprehensive income(loss), ending balance at Mar. 31, 2015 | 584 | |||||
Accumulated other comprehensive income(loss), beginning balance at Dec. 31, 2015 | 125,173 | $ 22,273 | $ 115,330 | $ 5,300 | $ (17,235) | (495) |
Balance, shares at Dec. 31, 2015 | 24,072 | 7,843,578 | ||||
Net income | 4,725 | 4,725 | ||||
Other comprehensive income | 1,313 | 1,313 | ||||
Stock-based compensation | 112 | $ 112 | ||||
Stock-based compensation, shares | 31,594 | |||||
Common stock dividends ($0.05 per share) | (392) | (392) | ||||
Preferred stock dividend | (391) | (391) | ||||
Accumulated other comprehensive income(loss), ending balance at Mar. 31, 2016 | $ 130,540 | $ 22,273 | $ 115,442 | $ 9,242 | $ (17,235) | $ 818 |
Balance, shares at Mar. 31, 2016 | 24,072 | 7,875,172 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2016$ / shares | |
Common stock dividends per share | $ 0.05 |
Retained Earnings [Member] | |
Common stock dividends per share | $ 0.05 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net cash from operating activities | $ 17,632 | $ 13,001 |
Cash flows used for investing activities: | ||
Maturities and calls of securities, available-for-sale | 6,035 | 3,371 |
Purchases of securities, available-for-sale | (10,043) | (8,137) |
Sale of securities available for sale | 3,518 | |
Purchase of Federal Reserve stock | (98) | (97) |
Purchase of bank owned life insurance | (3,000) | |
Net loan originations | (3,076) | 7,869 |
Loans purchased, installment | (1,060) | (635) |
Proceeds from sale of other real estate owned properties | 86 | 35 |
Net cash from acquisition | 926 | |
Premises and equipment purchases | (126) | (285) |
Net cash (used for) provided by investing activities | (11,282) | 6,565 |
Cash flows from financing activities: | ||
Repayment of long-term FHLB advances | (5,000) | |
Net change in short-term FHLB advances | (53,700) | (42,700) |
Increase in deposits | 227,747 | 141,529 |
Decrease in securities sold under repurchase agreements | (768) | (125) |
Common dividends paid | (392) | (385) |
Preferred dividends paid | (391) | (404) |
Net cash provided by financing activities | 172,496 | 92,915 |
Increase in cash and due from financial institutions | 178,846 | 112,481 |
Cash and due from financial institutions at beginning of period | 35,561 | 29,858 |
Cash and due from financial institutions at end of period | 214,407 | 142,339 |
Cash paid during the period for: | ||
Interest | 814 | 837 |
Income taxes | 0 | 0 |
Supplemental cash flow information: | ||
Transfer of loans from portfolio to other real estate owned | $ 9 | 9 |
Conversion of preferred shares to common shares | 823 | |
Noncash assets acquired: | ||
Loans receivable | 76,444 | |
Other securities | 716 | |
Accrued interest receivable | 194 | |
Premises and equipment, net | 1,738 | |
Core deposit intangible | 1,009 | |
Other assets | 472 | |
Total non cash assets acquired | 80,573 | |
Liabilities assumed: | ||
Deposits | 86,869 | |
Other liabilities | 5 | |
Total liabilities assumed | 86,874 | |
Net noncash liabilities acquired | $ 6,301 |
Consolidated Financial Statemen
Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated Financial Statements | (1) Consolidated Financial Statements Nature of Operations and Principles of Consolidation The Consolidated Financial Statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position as of March 31, 2016 and its results of operations and changes in cash flows for the periods ended March 31, 2016 and 2015 have been made. The accompanying Consolidated Financial Statements have been prepared in accordance with instructions of Form 10-Q, and therefore certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been omitted. The results of operations for the period ended March 31, 2016 are not necessarily indicative of the operating results for the full year. Reference is made to the accounting policies of the Company described in the notes to the audited financial statements contained in the Company’s 2015 annual report. The Company has consistently followed these policies in preparing this Form 10-Q. The Company provides financial services through its offices in the Ohio counties of Erie, Crawford, Champaign, Franklin, Logan, Madison, Summit, Huron, Ottawa, Richland, Montgomery and Cuyahoga. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential mortgage, commercial, and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and commercial and residential real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. The bank has two concentrations, one is to Lessors of Non-Residential Buildings and Dwellings totaling $232,196, or 23.0% of total loans, as of March 31, 2016 and the other is to Lessors of Residential Buildings and Dwellings totaling $124,209, or 12.3% of total loans, as of March 31, 2016. These segments of the portfolio are stable and have been conservatively underwritten, monitored and managed by experienced commercial bankers. However, the customers’ ability to repay their loans is dependent on the real estate market and general economic conditions in the area. Other financial instruments that potentially represent concentrations of credit risk include deposit accounts in other financial institutions and Federal Funds sold that are in excess of federally insured limits. First Citizens Insurance Agency, Inc. was formed to allow the Company to participate in commission revenue generated through its third party insurance agreement. Insurance commission revenue was less than 1.0% of total revenue through March 31, 2016. Revenue from Water St. was less than 1.0% of total revenue through March 31, 2016. Management considers the Company to operate primarily in one reportable segment, banking. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | (2) Significant Accounting Policies Use of Estimates Income Taxes Business Combinations: Reclassifications: Derivative Instruments and Hedging Activities Derivatives and Hedging Adoption of New Accounting Standards: In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force). In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items, In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) In April 2015, the FASB issued ASU 2015-04, Compensation-Retirement Benefits (Topic 715), In April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) In April 2015, the FASB issued ASU 2015-06, Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions. Earnings Per Share Application of the Two-Class Method Under FASB Statement No. 128 to Master Limited Partnerships In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015, the FASB issued ASU 2015-09, Financial Services – Insurance (Topic 944): Disclosure About Short-Duration Contracts Financial Services – Insurance In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). Effect of Newly Issued but Not Yet Effective Accounting Standards: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14, Revenue from Contract with Customers In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-04, Liabilities – Extinguishments of Liabilities (Subtopic 405-20). In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) . In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815) In March 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323) In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) Share-Based Payment In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | (3) Securities The amortized cost and fair market value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: March 31, 2016 Amortized Gross Gross Fair Value U.S. Treasury securities and obligations of U.S. government agencies $ 41,586 $ 264 $ (22 ) $ 41,828 Obligations of states and political subdivisions 87,251 5,947 (23 ) 93,175 Mortgage-backed securities in government sponsored entities 65,176 1,064 (46 ) 66,194 Total debt securities 194,013 7,275 (91 ) 201,197 Equity securities in financial institutions 481 108 — 589 Total $ 194,494 $ 7,383 $ (91 ) $ 201,786 December 31, 2015 Amortized Gross Gross Fair Value U.S. Treasury securities and obligations of U.S. government agencies $ 40,992 $ 74 $ (129 ) $ 40,937 Obligations of states and political subdivisions 87,255 4,959 (62 ) 92,152 Mortgage-backed securities in government sponsored entities 62,135 681 (243 ) 62,573 Total debt securities 190,382 5,714 (434 ) 195,662 Equity securities in financial institutions 481 106 — 587 Total $ 190,863 $ 5,820 $ (434 ) $ 196,249 The amortized cost and fair value of securities at March 31, 2016, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities and equity securities are shown separately. Available for sale Amortized Cost Fair Value Due in one year or less $ 8,062 $ 8,071 Due after one year through five years 28,108 28,431 Due after five years through ten years 32,459 34,512 Due after ten years 60,208 63,989 Mortgage-backed securities 65,176 66,194 Equity securities 481 589 Total securities available for sale $ 194,494 $ 201,786 Proceeds from sales of securities, gross realized gains and gross realized losses were as follows: Three months ended 2016 2015 Sale proceeds $ — $ 3,518 Gross realized gains — — Gross realized losses — — Gains (losses) from securities called or settled by the issuer (5 ) — Securities were pledged to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $144,646 and $142,888 as of March 31, 2016 and December 31, 2015, respectively. Securities with unrealized losses at March 31, 2016 and December 31, 2015 not recognized in income are as follows: March 31, 2016 12 Months or less More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss U.S. Treasury securities and obligations of U.S. government agencies $ 9,258 $ (5 ) $ 1,058 $ (17 ) $ 10,316 $ (22 ) Obligations of states and political subdivisions — — 1,079 (23 ) 1,079 (23 ) Mortgage-backed securities in gov’t sponsored entities 5,083 (18 ) 4,930 (28 ) 10,013 (46 ) Total temporarily impaired $ 14,341 $ (23 ) $ 7,067 $ (68 ) $ 21,408 $ (91 ) December 31, 2015 12 Months or less More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss U.S. Treasury securities and obligations of U.S. government agencies $ 25,464 $ (112 ) $ 1,132 $ (17 ) $ 26,596 $ (129 ) Obligations of states and political subdivisions 2,932 (20 ) 1,469 (42 ) 4,401 (62 ) Mortgage-backed securities in gov’t sponsored entities 27,263 (172 ) 5,041 (71 ) 32,304 (243 ) Total temporarily impaired $ 55,659 $ (304 ) $ 7,642 $ (130 ) $ 63,301 $ (434 ) At March 31, 2016, there were eighteen securities in the portfolio with unrealized losses mainly due to higher market rates when compared to the time of purchase. Unrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to market yields increasing across the municipal sector. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans | (4) Loans Loan balances were as follows: March 31, December 31, Commercial and agriculture $ 122,207 $ 124,402 Commercial real estate- owner occupied 166,859 167,897 Commercial real estate- non-owner occupied 344,717 348,439 Residential real estate 243,835 236,338 Real estate construction 64,176 58,898 Farm Real Estate 44,960 46,993 Consumer and other 19,049 18,560 Total loans 1,005,803 1,001,527 Allowance for loan losses (14,433 ) (14,361 ) Net loans $ 991,370 $ 987,166 Included in total loans above are deferred loan fees of $1 at March 31, 2016 and $78 at December 31, 2015. |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Allowance for Loan Losses | (5) Allowance for Loan Losses Management has an established methodology to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. For purposes of determining the allowance for loan and lease losses, the Company has segmented certain loans in the portfolio by product type. Loss migration rates for each risk category are calculated and used as the basis for calculating loan loss allowance allocations. Loss migration rates are calculated over a three-year period for all portfolio segments, except for the segment consisting of purchased automobile loans which is calculated over a two and one-half year period. The use of a three-year period for loss migration analysis is a change in methodology as of the third quarter of 2015. Previously, a two-year loss migration analysis had been used for the entire portfolio. With continued improvement and stability in economic conditions, regulatory guidance recommends a longer look-back period. In addition, Civista made significant changes to consumer and commercial lending policies in the first quarter of 2012. Combined, the stable economy and now seasoned policy changes indicate a three-year period is more reflective of future expectations. Management also considers certain economic factors for trends that management uses to account for the qualitative and environmental changes in risk, which affects the level of the reserve. The following economic factors are analyzed: • Changes in lending policies and procedures • Changes in experience and depth of lending and management staff • Changes in quality of Civista’s credit review system • Changes in nature and volume of the loan portfolio • Changes in past due, classified and nonaccrual loans and TDRs • Changes in economic and business conditions • Changes in competition or legal and regulatory requirements • Changes in concentrations within the loan portfolio • Changes in the underlying collateral for collateral dependent loans The total allowance reflects management’s estimate of loan losses inherent in the loan portfolio at the balance sheet date. The Company considers the allowance for loan losses of $14,433 adequate to cover loan losses inherent in the loan portfolio, at March 31, 2016. The following tables present, by portfolio segment, the changes in the allowance for loan losses for the three months ended March 31, 2016 and 2015. Allowance for loan losses: March 31, 2016 Beginning Charge- Recoveries Provision Ending Commercial & Agriculture $ 1,478 $ (22 ) $ 5 $ (15 ) $ 1,446 Commercial Real Estate: Owner Occupied 2,467 — 49 (144 ) 2,372 Non-Owner Occupied 4,657 — 40 14 4,711 Residential Real Estate 4,086 (96 ) 89 35 4,114 Real Estate Construction 371 — 1 36 408 Farm Real Estate 538 — — (42 ) 496 Consumer and Other 382 (8 ) 14 (30 ) 358 Unallocated 382 — — 146 528 Total $ 14,361 $ (126 ) $ 198 $ — $ 14,433 For the three months ended March 31, 2016, the allowance for Commercial & Agriculture loans was reduced by a decrease in loan balances outstanding and by a decrease in the specific reserves required for this type, offset by an increase in general reserves as a result of higher loss rates. The result of these changes was represented as a decrease in the provision. The allowance for Commercial Real Estate – Owner Occupied loans was reduced not only by a decrease in specific reserves required for this type, but also by decreases in past due, classified and non-accrual loans for this type. The result of these changes was represented as a decrease in the provision. The allowance for Farm Real Estate loans was reduced by a decrease in general reserves required for this type as a result of lower outstanding loan balances and a decrease in loss rates. The result of these changes was represented as a decrease in the provision. The allowance for Consumer and Other loans was reduced by a decrease in general reserves required for this type as a result of lower loss rates. While criticized loans have increased slightly, we have seen significant improvement in nonperforming loan balances resulting in a decline in specific reserves for impaired loans. Management feels that the unallocated amount is appropriate and within the relevant range for the allowance that is reflective of the risk in the portfolio. Allowance for loan losses: March 31, 2015 Beginning Charge- Recoveries Provision Ending Commercial & Agriculture $ 1,819 $ — $ 19 $ (43 ) $ 1,795 Commercial Real Estate: Owner Occupied 2,221 (198 ) 2 (217 ) 1,808 Non-Owner Occupied 4,334 (9 ) 14 587 4,926 Residential Real Estate 3,747 (328 ) 131 116 3,666 Real Estate Construction 428 — 1 69 498 Farm Real Estate 822 — 51 (74 ) 799 Consumer and Other 200 (50 ) 14 26 190 Unallocated 697 — — (64 ) 633 Total $ 14,268 $ (585 ) $ 232 $ 400 $ 14,315 For the quarter ended March 31, 2015, the allowance for Commercial and Agriculture loans was reduced due to decreases in general reserve balances. While loan balances increased, these increases were from loans acquired which do not have an associated allowance allocation at acquisition. The acquired loans had very little impact on the provision. The result was represented as a decrease in the provision. The increase in the allowance for Commercial Real Estate—Non-Owner Occupied loans was the result of increasing loan balances. The ending reserve balance for Residential Real Estate loans declined from the end of the previous year due to charge-offs of loans that had a specific reserve previously applied. The allowance for Real Estate Construction loans increased as a result of a significant increase in loan balances. The allowance for Consumer and Other loans decreased slightly during the year. While loan balances are up, loss rates continue to decrease resulting in the allowance being slightly lower. While we have seen improvement in asset quality, given the uncertainty in the economy, management determined that it was appropriate to reduce unallocated reserves at this time. The following tables present, by portfolio segment, the allocation of the allowance for loan losses and related loan balances as of March 31, 2016 and December 31, 2015. March 31, 2016 Loans acquired Loans Loans Total Allowance for loan losses: Commercial & Agriculture $ — $ — $ 1,446 $ 1,446 Commercial Real Estate: Owner Occupied — 4 2,368 2,372 Non-Owner Occupied — 23 4,688 4,711 Residential Real Estate 113 163 3,838 4,114 Real Estate Construction — — 408 408 Farm Real Estate — — 496 496 Consumer and Other — — 358 358 Unallocated — — 528 528 Total $ 113 $ 190 $ 14,130 $ 14,433 Outstanding loan balances: Commercial & Agriculture $ 131 $ 2,521 $ 119,555 $ 122,207 Commercial Real Estate: Owner Occupied — 1,650 165,209 166,859 Non-Owner Occupied — 1,982 342,735 344,717 Residential Real Estate 193 1,865 241,777 243,835 Real Estate Construction — — 64,176 64,176 Farm Real Estate — 1,398 43,562 44,960 Consumer and Other — 3 19,046 19,049 Total $ 324 $ 9,419 $ 996,060 $ 1,005,803 December 31, 2015 Loans acquired Loans Loans Total Allowance for loan losses: Commercial & Agriculture $ — $ 23 $ 1,455 $ 1,478 Commercial Real Estate: Owner Occupied — 103 2,364 2,467 Non-Owner Occupied — — 4,657 4,657 Residential Real Estate 123 137 3,826 4,086 Real Estate Construction — — 371 371 Farm Real Estate — — 538 538 Consumer and Other — — 382 382 Unallocated — — 382 382 Total $ 123 $ 263 $ 13,975 $ 14,361 Outstanding loan balances: Commercial & Agriculture $ 132 $ 873 $ 123,397 $ 124,402 Commercial Real Estate: Owner Occupied — 2,141 165,756 167,897 Non-Owner Occupied — 1,742 346,697 348,439 Residential Real Estate 131 1,642 234,565 236,338 Real Estate Construction — — 58,898 58,898 Farm Real Estate — 953 46,040 46,993 Consumer and Other — 3 18,557 18,560 Total $ 263 $ 7,354 $ 993,910 $ 1,001,527 The following tables present credit exposures by internally assigned grades for the periods ended March 31, 2016 and December 31, 2015. The risk rating analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled or at all. The Company’s internal credit risk grading system is based on experiences with similarly graded loans. The Company’s internally assigned grades are as follows: • Pass • Special Mention • Substandard • Doubtful • Loss Generally, Residential Real Estate, Real Estate Construction and Consumer loans are not risk-graded, except when collateral is used for a business purpose. March 31, 2016 Pass Special Substandard Doubtful Ending Commercial & Agriculture $ 115,464 $ 3,510 $ 3,233 $ — $ 122,207 Commercial Real Estate: Owner Occupied 157,323 4,363 5,173 — 166,859 Non-Owner Occupied 335,107 6,095 3,515 — 344,717 Residential Real Estate 60,528 1,640 7,574 — 69,742 Real Estate Construction 60,024 308 28 — 60,360 Farm Real Estate 36,407 5,664 2,889 — 44,960 Consumer and Other 2,006 2 122 — 2,130 Total $ 766,859 $ 21,582 $ 22,534 $ — $ 810,975 December 31, 2015 Pass Special Substandard Doubtful Ending Commercial & Agriculture $ 117,739 $ 3,090 $ 3,573 $ — $ 124,402 Commercial Real Estate: Owner Occupied 156,622 5,571 5,704 — 167,897 Non-Owner Occupied 339,734 6,100 2,605 — 348,439 Residential Real Estate 62,147 1,671 7,435 — 71,253 Real Estate Construction 52,399 216 29 — 52,644 Farm Real Estate 39,787 4,024 3,182 — 46,993 Consumer and Other 1,987 3 111 — 2,101 Total $ 770,415 $ 20,675 $ 22,639 $ — $ 813,729 The following tables present performing and nonperforming loans based solely on payment activity for the periods ended March 31, 2016 and December 31, 2015 that have not been assigned an internal risk grade. The types of loans presented here are not assigned a risk grade unless there is evidence of a problem. Payment activity is reviewed by management on a monthly basis to evaluate performance. Loans are considered to be nonperforming when they become 90 days past due or if management thinks that we may not collect all of our principal and interest. Nonperforming loans also include certain loans that have been modified in Troubled Debt Restructurings (TDRs) where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions due to economic status. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. Residential Real Estate Consumer Total March 31, 2016 Performing $ 174,057 $ 3,816 $ 16,919 $ 194,792 Nonperforming 36 — — 36 Total $ 174,093 $ 3,816 $ 16,919 $ 194,828 Residential Real Estate Consumer Total December 31, 2015 Performing $ 165,048 $ 6,254 $ 16,458 $ 187,760 Nonperforming 37 — 1 38 Total $ 165,085 $ 6,254 $ 16,459 $ 187,798 The following tables include an aging analysis of the recorded investment of past due loans outstanding as of March 31, 2016 and December 31, 2015. March 31, 2016 30-59 60-89 90 Days Total Past Current Total Loans Past Due Commercial & Agriculture $ 274 $ — $ 1,264 $ 1,538 $ 120,669 $ 122,207 $ — Commercial Real Estate: Owner Occupied 245 216 590 1,051 165,808 166,859 — Non-Owner Occupied 144 1,213 340 1,697 343,020 344,717 — Residential Real Estate 2,720 70 1,482 4,272 239,563 243,835 — Real Estate Construction — — — — 64,176 64,176 — Farm Real Estate 525 — — 525 44,435 44,960 — Consumer and Other 62 9 3 74 18,975 19,049 — Total $ 3,970 $ 1,508 $ 3,679 $ 9,157 $ 996,646 $ 1,005,803 $ — December 31, 2015 30-59 60-89 90 Days Total Past Current Total Loans Past Due Commercial & Agriculture $ 9 $ 32 $ 37 $ 78 $ 124,324 $ 124,402 $ — Commercial Real Estate: Owner Occupied 982 36 284 1,302 166,595 167,897 — Non-Owner Occupied 269 330 123 722 347,717 348,439 — Residential Real Estate 2,845 404 1,725 4,974 231,364 236,338 — Real Estate Construction 8 — — 8 58,890 58,898 — Farm Real Estate — — — — 46,993 46,993 — Consumer and Other 98 68 8 174 18,386 18,560 — Total $ 4,211 $ 870 $ 2,177 $ 7,258 $ 994,269 $ 1,001,527 $ — The following table presents loans on nonaccrual status as of March 31, 2016 and December 31, 2015. 2016 2015 Commercial & Agriculture $ 2,390 $ 1,185 Commercial Real Estate: Owner Occupied 1,465 1,645 Non-Owner Occupied 1,939 1,428 Residential Real Estate 4,529 4,542 Real Estate Construction 28 29 Farm Real Estate 790 961 Consumer and Other 111 100 Total $ 11,252 $ 9,890 Nonaccrual Loans: Modifications: Loans modified in a TDR are typically already on non-accrual status and partial charge-offs have in some cases already been taken against the outstanding loan balance. As a result, loans modified in a TDR may have the financial effect of increasing the specific allowance associated with the loan. An allowance for impaired loans that have been modified in a TDR are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the estimated fair value of the collateral, less any selling costs, if the loan is collateral dependent. Management exercises significant judgment in developing these estimates. As of March 31, 2016, TDRs accounted for $246 of the allowance for loan losses. As of December 31, 2015, TDRs accounted for $286 of the allowance for loan losses. Loan modifications that are considered TDRs completed during the three-month periods ended March 31, 2016 and March 31, 2015 were as follows: For the Three-Month Period Ended March Number Pre- Post- Commercial & Agriculture 3 $ 483 $ 483 Commercial Real Estate - Owner Occupied — — — Commercial Real Estate - Non-Owner Occupied — — — Residential Real Estate 1 232 232 Real Estate Construction — — — Farm Real Estate 2 614 614 Consumer and Other — — — Total Loan Modifications 6 $ 1,329 $ 1,329 For the Three-Month Period Ended March Number Pre- Post- Commercial & Agriculture 1 $ 6 $ 6 Commercial Real Estate - Owner Occupied — — — Commercial Real Estate - Non-Owner Occupied — — — Residential Real Estate 3 374 374 Real Estate Construction 1 41 41 Farm Real Estate — — — Consumer and Other — — — Total Loan Modifications 5 $ 421 $ 421 Recidivism, or the borrower defaulting on its obligation pursuant to a modified loan, results in the loan once again becoming a non-accrual loan. Recidivism occurs at a notably higher rate than do defaults on new origination loans, so modified loans present a higher risk of loss than do new origination loans. During both the three-month periods ended March 31, 2016 and March 31, 2015, there were no defaults on loans that were modified and considered TDRs during the respective twelve previous months. Impaired Loans: The following tables include the recorded investment and unpaid principal balances for impaired loans with the related allowance amount, if applicable, as of March 31, 2016 and December 31, 2015. March 31, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related With no related allowance recorded: Commercial & Agriculture $ 2,521 $ 3,071 $ 851 $ 1,034 Commercial Real Estate: Owner Occupied 1,399 1,434 1,224 1,343 Non-Owner Occupied 1,921 1,924 1,742 1,826 Residential Real Estate 1,373 2,010 965 1,591 Farm Real Estate 1,398 1,398 953 1,026 Consumer and Other 3 3 3 3 Total 8,615 9,840 5,738 6,823 With an allowance recorded: Commercial & Agriculture — 22 $ — 22 23 $ 23 Commercial Real Estate: Owner Occupied 251 251 4 917 999 103 Non-Owner Occupied 61 61 23 — — — Residential Real Estate 492 511 163 808 683 260 Farm Real Estate — — — — — — Total 804 845 190 1,747 1,705 386 Total: Commercial & Agriculture 2,521 3,093 — 873 1,057 23 Commercial Real Estate: Owner Occupied 1,650 1,685 4 2,141 2,342 103 Non-Owner Occupied 1,982 1,985 23 1,742 1,826 — Residential Real Estate 1,865 2,521 163 1,773 2,274 260 Farm Real Estate 1,398 1,398 — 953 1,026 — Consumer and Other 3 3 — 3 3 — Total $ 9,419 $ 10,685 $ 190 $ 7,485 $ 8,528 $ 386 The following table includes the average recorded investment and interest income recognized for impaired financing receivables for the three-month periods ended March 31, 2016 and 2015. For the three months ended: March 31, 2016 March 31, 2015 Average Interest Average Interest Commercial & Agriculture $ 1,697 $ 39 $ 2,303 $ 26 Commercial Real Estate - Owner Occupied 1,895 26 3,328 47 Commercial Real Estate - Non-Owner Occupied 1,862 13 2,123 9 Residential Real Estate 1,753 31 2,628 27 Real Estate Construction — — 20 — Farm Real Estate 1,175 16 626 14 Consumer and Other 3 — 5 — Total $ 8,385 $ 125 $ 11,033 $ 123 Changes in the amortizable yield for purchased credit-impaired loans were as follows, since acquisition, for the three-month periods ended March 31, 2016 and 2015: At March 31, 2016 At March 31, 2015 (In Thousands) (In Thousands) Balance at beginning of period $ 80 $ — Acquisition of impaired loans — 140 Accretion (6 ) — Balance at end of period $ 74 $ 140 The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30: At March 31, 2016 At December 31, 2015 Acquired Loans with Acquired Loans with (In Thousands) Outstanding balance $ 943 $ 965 Carrying amount 324 263 There has been $113 in allowance for loan losses recorded for acquired loans with or without specific evidence of deterioration in credit quality as of March 31, 2016. Foreclosed Assets Held For Sale Foreclosed assets acquired in settlement of loans are carried at fair value less estimated costs to sell and are included in other assets on the Consolidated Balance Sheet. As of March 31, 2016 and December 31, 2015, a total of $57 and $116, respectively of foreclosed assets were included with other assets. As of March 31, 2016, included within the foreclosed assets is $57 of consumer residential mortgages that were foreclosed on or received via a deed in lieu transaction prior to the period end. As of March 31, 2016, the Company had initiated formal foreclosure procedures on $608 of consumer residential mortgages. |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Other Comprehensive Income | (6) Other Comprehensive Income The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the three-month periods ended March 31, 2016 and 2015. For the Three-Month Period Ended For the Three-Month Period Ended March 31, 2016 March 31, 2015 Unrealized Available-for- Defined Total Unrealized Available-for- Defined Total Beginning balance $ 3,554 $ (4,049 ) $ (495 ) $ 3,730 $ (3,777 ) $ (47 ) Other comprehensive income (loss) before reclassifications 1,261 — 1,261 585 — 585 Amounts reclassified from accumulated other comprehensive income (loss) (3 ) 55 52 — 46 46 Net current-period other comprehensive income (loss) 1,258 55 1,313 585 46 631 Ending balance $ 4,812 $ (3,994 ) $ 818 $ 4,315 $ (3,731 ) $ 584 Amounts in parentheses indicate debits on the consolidated balance sheets. The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three-month periods ended March 31, 2016 and 2015. Amout Reclassified from (a) Details about Accumulated Other Comprehensive (Loss) Components For the three For the three Affected Line Item in the Unrealized gains and losses on available-for-sale securities $ 5 $ — Net loss on securities available for sale Tax effect (2 ) — Income tax expense 3 — Net of tax Amortization of defined benefit pension items Actuarial gains/(losses) (83 ) (b) (70 ) (b) Salaries, wages and benefits Tax effect 28 24 Income tax expense (55 ) (46 ) Net of tax Total reclassifications for the period $ (52 ) $ (46 ) Net of tax (a) Amounts in parentheses indicate expenses and other amounts indicate income. (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | (7) Goodwill and Intangible Assets The balance of goodwill was $27,095 at March 31, 2016 and December 31, 2015. Management performs an annual evaluation of goodwill for impairment, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Management last performed an evaluation of the Company’s goodwill during the fourth quarter of 2015 and concluded that the Company’s goodwill was not impaired at December 31, 2015. The change in the carrying amount of goodwill for the periods ended March 31, 2016 and 2015 is as follows: Three months ended 2016 2015 Beginning of year $ 27,095 $ 21,720 Acquired goodwill — 5,121 Impairment — — Other adjustments — — End of period $ 27,095 $ 26,841 Acquired intangible assets as of March 31, 2016 and March 31, 2015 were as follows: 2016 2015 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Core deposit and other intangibles $ 7,274 $ 5,636 $ 7,697 $ 5,306 Aggregate amortization expense was $183 and $142 for March 31, 2016 and 2015, respectively. Estimated amortization expense for each of the next five years and thereafter is as follows: 2016 $ 516 2017 587 2018 111 2019 88 2020 71 Thereafter 265 $ 1,638 |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | (8) Short-Term Borrowings Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are included in Federal Home Loan Bank advances on the Consolidated Balance Sheets and are summarized as follows: At March 31, 2016 At December 31, 2015 Federal Federal Funds Short-term Funds Short-term Purchased Borrowings Purchased Borrowings Outstanding balance $ — $ — $ — $ 53,700 Maximum indebtedness — 70,400 — 64,700 Average balance — 20,571 69 26,880 Average rate paid — 0.39 % 0.53 % 0.20 % Interest rate on balance — — — 0.35 % Outstanding during the year represent daily averages. Average rate paid represents interest expense divided by the related average balances. These borrowing transactions can range from overnight to six months in maturity. The average maturity was one day at March 31, 2016 and December 31, 2015. Securities sold under agreements to repurchase are used to facilitate the needs of our customers as well as to facilitate our short-term funding needs. Securities sold under repurchase agreements are carried at the amount of cash received in association with the agreement. We continuously monitor the collateral levels and may be required, from time to time, to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of March 31, 2016 and December 31, 2015. All of the repurchase agreements are overnight agreements. March 31, 2016 December 31, 2015 Securities pledged for repurchase agreements: U.S. Treasury securities $ 900 $ 894 Obligations of U.S. government agencies 23,372 24,146 Total securities pledged $ 24,272 $ 25,040 Gross amount of recognized liabilities for repurchase agreements $ 24,272 $ 25,040 Amounts related to agreements not included in offsetting disclosures above $ — $ — |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | (9) Earnings per Common Share Basic earnings per common share are computed as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under the equity incentive plan, computed using the treasury stock method, and the impact of the Company’s convertible preferred stock using the “if converted” method. Three months ended March 31, 2016 2015 Basic Net income $ 4,725 $ 3,171 Preferred stock dividends 391 404 Net income available to common shareholders - basic $ 4,334 $ 2,767 Weighted average common shares outstanding - basic 7,860,716 7,758,998 Basic earnings per common share $ 0.55 $ 0.36 Diluted Net income available to common shareholders - basic $ 4,334 $ 2,767 Preferred stock dividends 391 404 Net income available to common shareholders - diluted $ 4,725 $ 3,171 Weighted average common shares outstanding for basic earnings per common share basic 7,860,716 7,758,998 Add: Dilutive effects of convertible perferred shares 3,078,245 3,148,676 Average shares and dilutive potential common shares outstanding - diluted 10,938,961 10,907,674 Diluted earnings per common share $ 0.43 $ 0.29 At March 31, 2016 and March 31, 2015 there were 3,078,245 and 3,148,676 dilutive shares related to the Company’s convertible preferred stock. Under the “if converted” method, all convertible preferred shares are assumed to be converted into common shares at the corresponding conversion rate. These additional shares are then added to the common shares outstanding to calculate diluted earnings per share. |
Commitments, Contingencies and
Commitments, Contingencies and Off-Balance Sheet Risk | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Off-Balance Sheet Risk | (10) Commitments, Contingencies and Off-Balance Sheet Risk Some financial instruments, such as loan commitments, credit lines, letters of credit and overdraft protection, are issued to meet customers’ financing needs. These are agreements to provide credit or to support the credit of others, as long as the conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance-sheet risk of credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of commitment. The contractual amounts of financial instruments with off-balance-sheet risk were as follows for March 31, 2016 and December 31, 2015: Contract Amount March 31, 2016 December 31, 2015 Fixed Variable Fixed Variable Rate Rate Rate Rate Commitment to extend credit: Lines of credit and construction loans $ 7,385 $ 204,379 $ 9,416 $ 195,732 Overdraft protection 5 26,399 5 22,122 Letters of credit 600 497 200 750 $ 7,990 $ 231,275 $ 9,621 $ 218,604 Commitments to make loans are generally made for a period of one year or less. Fixed rate loan commitments included in the table above had interest rates ranging from 3.25% to 8.75% at March 31, 2016 and December 31, 2015, respectively. Maturities extend up to 30 years. Civista is required to maintain certain reserve balances on hand in accordance with the Federal Reserve Board requirements. The average reserve balance maintained in accordance with such requirements was $31,889 on March 31, 2016 and $2,448 on December 31, 2015. |
Pension Information
Pension Information | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Information | (11) Pension Information The Company also sponsors a pension plan which is a noncontributory defined benefit retirement plan. Annual payments, subject to the maximum amount deductible for federal income tax purposes, are made to a pension trust fund. In 2006, the Company amended the pension plan to provide that no employee could be added as a participant to the pension plan after December 31, 2006. In 2014, the Company amended the pension plan again to provide that no additional benefits would accrue beyond April 30, 2014. Net periodic pension expense (benefit) was as follows: Three months ended 2016 2015 Service cost $ — $ — Interest cost 170 156 Expected return on plan assets (274 ) (283 ) Other components 83 70 Net periodic pension cost (benefit) $ (21 ) $ (57 ) The total amount of pension contributions expected to be paid by the Company in 2016 is $500, compared to $700 in 2015. |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plan | (12) Equity Incentive Plan At the Company’s 2014 annual meeting, the shareholders adopted the Company’s 2014 Incentive Plan (“2014 Incentive Plan”). The 2014 Incentive Plan authorizes the Company to grant options, stock awards, stock units and other awards for up to 375,000 common shares of the Company. There were 326,423 shares available for future grants under this plan at March 31, 2016. During each of the last two years, the Board of Directors has awarded restricted common shares to senior officers of the Company. The restricted shares vest ratably over a three-year period following the grant date. The product of the number of restricted shares granted and the grant date market price of the Company’s common shares determines the fair value of restricted shares under the Company’s 2014 Incentive Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period for the entire award. Senior officers were awarded an aggregate of 16,130 restricted common shares on March 11, 2016. The 2016 restricted shares vest over a 3-year service period, with one third each vesting on January 2 of 2017, 2018 and 2019. On March 17, 2015, certain officers were awarded an aggregate of 16,983 restricted common shares, of which 5,657 shares vested on January 2, 2016. On January 15, 2016, certain of the company’s lending officers were awarded an aggregate of 12,734 restricted common shares under the 2014 Incentive Plan. These restricted shares vest over a 5-year service period, with 20% each vesting on January 2 of 2017, 2018, 2019, 2020 and 2021. Finally, on January 4, 2016 directors of the Company’s banking subsidiary, Civista, were paid a retainer in the form of non-restricted common shares of the Company. The aggregate of 2,730 shares were issued to Civista directors as payment of their retainer for their service on the Civista Board of Directors covering the period up to the 2017 Annual Meeting. No options had been granted under the 2014 Incentive Plan as of March 31, 2016 and 2015. The Company classifies share-based compensation for employees with “Salaries, wages and benefits” in the consolidated statements of operations. Additionally, generally accepted accounting principles require the Company to report: (1) the expense associated with the grants as an adjustment to operating cash flows, and (2) any benefits of realized tax deductions in excess of previously recognized tax benefits on compensation expense as a financing cash flow. The following is a summary of the status of the Company’s restricted shares as of March 31, 2016, and changes therein during the three months ended: Three months ended March 31, 2016 Weighted Number of Average Restricted Grant Date Shares Fair Value Nonvested at beginning of period 16,983 $ 10.82 Granted 28,864 10.75 Vested (5,657 ) 10.82 Forfeited — — Nonvested at March 31, 2016 40,190 10.77 During the three months ended March 31, 2016, the Company recorded $112 of share-based compensation expense for restricted shares granted under the 2014 Incentive Plan. At March 31, 2016, the expected future compensation expense relating to the 16,983 restricted shares awarded in 2015 is $67 over the remaining vesting period of 1.75 years. The expected future compensation expense relating to the 16,130 restricted shares awarded in 2016 is $105 over the remaining vesting period of 2.75 years. The expected future compensation expense relating to the 12,734 restricted common shares awarded to lending officers of the Company in 2016 is $136 over the remaining vesting period of 4.75 years. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | (13) Fair Value Measurement The Company uses a fair value hierarchy to measure fair value. This hierarchy describes three levels of inputs that may be used to measure fair value. Level 1: Quoted prices for identical assets in active markets that are identifiable on the measurement date; Level 2: Significant other observable inputs, such as quoted prices for similar assets, quoted prices in markets that are not active and other inputs that are observable or can be corroborated by observable market data; Level 3: Significant unobservable inputs that reflect the Company’s own view about the assumptions that market participants would use in pricing an asset. Debt securities: Equity securities: The fair value of the swap asset/liability: Impaired loans: Other real estate owned: Assets measured at fair value are summarized below. Fair Value Measurements at March 31, 2016 Using: (Level 1) (Level 2) (Level 3) Assets: Assets measured at fair value on a recurring basis: U.S. Treasury securities and obligations of U.S. Government agencies $ — $ 41,828 $ — Obligations of states and political subdivisions — 93,175 — Mortgage-backed securities in government sponsored entities — 66,194 — Equity securities in financial institutions — 589 — Swap asset — 2,958 — Liabilities: Swap liability — 2,958 — Assets measured at fair value on a nonrecurring basis: Impaired loans $ — $ — $ 391 Other real estate owned — — 9 Fair Value Measurements at December 31, 2015 Using: (Level 1) (Level 2) (Level 3) Assets: Assets measured at fair value on a recurring basis: U.S. Treasury securities and obligations of U.S. Government agencies $ — $ 40,937 $ — Obligations of states and political subdivisions — 92,152 — Mortgage-backed securities in government sponsored entities — 62,573 — Equity securities in financial institutions — 587 — Swap asset — 1,962 — Liabilities: Swap liability — 1,962 — Assets measured at fair value on a nonrecurring basis: Impaired loans $ — $ — $ 759 Other real estate owned — — 109 The following table presents quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2016. Quantitative Information about Level 3 Fair Value Measurements March 31, 2016 Fair Value Valuation Technique Unobservable Input Range Weighted Impaired loans $ 391 Appraisal of collateral Appraisal adjustments 10% - 30% 10% Liquidation expense 0% - 10% 10% Holding period 0 - 30 months 18 months Other real estate owned $ 9 Appraisal of collateral Appraisal adjustments 10% - 30% 10% Liquidation expense 0% - 10% 10% The following table presents quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2015. Quantitative Information about Level 3 Fair Value Measurements December 31, 2015 Fair Value Valuation Technique Unobservable Input Range Weighted Impaired loans $ 759 Appraisal of collateral Appraisal adjustments 10% - 30% 10% Liquidation expense 0% - 10% 10% Holding period 0 - 30 months 17 months Other real estate owned $ 109 Appraisal of collateral Appraisal adjustments 10% - 30% 10% Liquidation expense 0% - 10% 10% The carrying amount and fair values of financial instruments are as follows: Carrying Total March 31, 2016 Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from financial institutions $ 214,407 $ 214,407 $ 214,407 $ — $ — Securities available for sale 201,786 201,786 — 201,786 — Other securities 13,550 13,550 13,550 — — Loans, held for sale 2,193 2,193 2,193 — — Loans, net of allowance for loan losses 991,370 990,310 — — 990,310 Bank owned life insurance 23,218 23,218 23,218 — — Accrued interest receivable 4,395 4,395 4,395 — — Swap asset 2,958 2,958 — 2,958 — Financial Liabilities: Nonmaturing deposits 1,075,229 1,074,909 1,074,909 — — Time deposits 204,551 205,118 — — 205,118 Short-term FHLB advances — — — — — Long-term FHLB advances 17,500 17,724 — — 17,724 Securities sold under agreement to repurchase 24,272 24,272 24,272 — — Subordinated debentures 29,427 27,484 — — 27,484 Accrued interest payable 124 124 124 — — Swap liability 2,958 2,958 — 2,958 — Carrying Total December 31, 2015 Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from financial institutions $ 35,561 $ 35,561 $ 35,561 $ — $ — Securities available for sale 196,249 196,249 — 196,249 — Loans, held for sale 2,698 2,698 2,698 — — Loans, net of allowance for loan losses 987,166 986,848 — — 986,848 Other securities 13,452 13,452 13,452 — — Bank owned life insurance 20,104 20,104 20,104 — — Accrued interest receivable 3,902 3,902 3,902 — — Swap asset 1,962 1,962 — 1,962 — Financial Liabilities: Nonmaturing deposits 840,984 840,984 840,984 — — Time deposits 211,049 212,006 — — 212,006 Short-term FHLB advances 53,700 52,906 52,906 — — Long-term FHLB advances 17,500 17,687 — — 17,687 Securities sold under agreement to repurchase 25,040 25,040 25,040 — — Subordinated debentures 29,427 25,572 — — 25,572 Accrued interest payable 120 120 120 — — Swap liability 1,962 1,962 — 1,962 — Cash and due from financial institutions: Securities available for sale: Other securities: Loans, held-for-sale: Loans, net of allowance for loan losses: Bank owned life insurance: Accrued interest receivable and payable and securities sold under agreements to repurchase Deposits: The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the current market rates currently offered for deposits of similar remaining maturities. The deposits’ fair value estimates do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market, commonly referred to as the core deposit intangible. Federal Home Loan Bank (“FHLB”) advances: Subordinated debentures: Fair value swap asset and liability: |
Derivative Hedging Instruments
Derivative Hedging Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Hedging Instruments | (14) Derivative Hedging Instruments To accommodate customer need and to support the Company’s asset/liability positioning, on occasion we enter into interest rate swaps with a customer and a bank counterparty. The Company enters into a floating rate loan and a fixed rate swap with our customer. Simultaneously, the Company enters into an offsetting fixed rate swap with a bank counterparty. 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 the same notional amount at a fixed interest rate. At the same time, the Company agrees to pay a bank counterparty the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. These transactions allow the Company’s customer to effectively convert variable rate loans to fixed rate loans. Since the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not significantly impact the Company’s results of operations. The following table summarizes the Company’s interest rate swap positions and the impact of a 1 basis point change in interest rates as of March 31, 2016. Notional Weighted Impact of a Repricing Derivative Assets $ 36,444 5.29 % $ 20 Monthly Derivative Liabilities (36,444 ) -5.29 % (20 ) Monthly Net Exposure $ — $ — The following table summarizes the Company’s interest rate swap positions and the impact of a 1 basis point change in interest rates as of December 31, 2015. Notional Weighted Impact of a Repricing Derivative Assets $ 35,534 5.31 % $ 20 Monthly Derivative Liabilities (35,534 ) -5.31 % (20 ) Monthly Net Exposure $ — $ — The Company monitors and controls all derivative products with a comprehensive Board of Director approved commercial loan swap policy. All hedge transactions must be approved in advance by the Lenders Loan Committee or the Directors Loan Committee of the Board of Directors. |
Qualified Affordable Housing Pr
Qualified Affordable Housing Project Investments | 3 Months Ended |
Mar. 31, 2016 | |
Federal Home Loan Banks [Abstract] | |
Qualified Affordable Housing Project Investments | (15) Qualified Affordable Housing Project Investments The Company invests in qualified affordable housing projects. At March 31, 2016 and December 31, 2015, the balance of the investment for qualified affordable housing projects was $2,267 and $2,177, respectively. These balances are reflected in the other assets line on the consolidated balance sheet. The unfunded commitments related to the investments in qualified affordable housing projects totaled $2,027 and $2,195 at March 31, 2016 and December 31, 2015, respectively. During the quarters ended March 31, 2016 and 2015, the Company recognized amortization expense with respect to its investments in qualified affordable housing projects of $77 and $69, respectively, which was included within pretax income on the consolidated statements of operations. Additionally, during the quarters ended March 31, 2016 and 2015, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $147 and $117, respectively. During the quarters ended March 31, 2016 and 2015, the Company did not incur impairment losses related to its investment in qualified affordable housing projects. |
Significant Accounting Polici24
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates |
Income Taxes | Income Taxes |
Business Combinations | Business Combinations: |
Reclassifications | Reclassifications: |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Derivatives and Hedging |
Adoption of New Accounting Standards | Adoption of New Accounting Standards: In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force). In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items, In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) In April 2015, the FASB issued ASU 2015-04, Compensation-Retirement Benefits (Topic 715), In April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) In April 2015, the FASB issued ASU 2015-06, Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions. Earnings Per Share Application of the Two-Class Method Under FASB Statement No. 128 to Master Limited Partnerships In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015, the FASB issued ASU 2015-09, Financial Services – Insurance (Topic 944): Disclosure About Short-Duration Contracts Financial Services – Insurance In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). |
Effect of Newly Issued but Not Yet Effective Accounting Standards | Effect of Newly Issued but Not Yet Effective Accounting Standards: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14, Revenue from Contract with Customers In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-04, Liabilities – Extinguishments of Liabilities (Subtopic 405-20). In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) . In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815) In March 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323) In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) Share-Based Payment In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Available for Sale Securities | The amortized cost and fair market value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: March 31, 2016 Amortized Gross Gross Fair Value U.S. Treasury securities and obligations of U.S. government agencies $ 41,586 $ 264 $ (22 ) $ 41,828 Obligations of states and political subdivisions 87,251 5,947 (23 ) 93,175 Mortgage-backed securities in government sponsored entities 65,176 1,064 (46 ) 66,194 Total debt securities 194,013 7,275 (91 ) 201,197 Equity securities in financial institutions 481 108 — 589 Total $ 194,494 $ 7,383 $ (91 ) $ 201,786 December 31, 2015 Amortized Gross Gross Fair Value U.S. Treasury securities and obligations of U.S. government agencies $ 40,992 $ 74 $ (129 ) $ 40,937 Obligations of states and political subdivisions 87,255 4,959 (62 ) 92,152 Mortgage-backed securities in government sponsored entities 62,135 681 (243 ) 62,573 Total debt securities 190,382 5,714 (434 ) 195,662 Equity securities in financial institutions 481 106 — 587 Total $ 190,863 $ 5,820 $ (434 ) $ 196,249 |
Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities at March 31, 2016, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities and equity securities are shown separately. Available for sale Amortized Cost Fair Value Due in one year or less $ 8,062 $ 8,071 Due after one year through five years 28,108 28,431 Due after five years through ten years 32,459 34,512 Due after ten years 60,208 63,989 Mortgage-backed securities 65,176 66,194 Equity securities 481 589 Total securities available for sale $ 194,494 $ 201,786 |
Proceeds from Sales of Securities, Gross Realized Gains and Losses | Proceeds from sales of securities, gross realized gains and gross realized losses were as follows: Three months ended 2016 2015 Sale proceeds $ — $ 3,518 Gross realized gains — — Gross realized losses — — Gains (losses) from securities called or settled by the issuer (5 ) — |
Securities with Unrealized Losses Not Recognized in Income | Securities with unrealized losses at March 31, 2016 and December 31, 2015 not recognized in income are as follows: March 31, 2016 12 Months or less More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss U.S. Treasury securities and obligations of U.S. government agencies $ 9,258 $ (5 ) $ 1,058 $ (17 ) $ 10,316 $ (22 ) Obligations of states and political subdivisions — — 1,079 (23 ) 1,079 (23 ) Mortgage-backed securities in gov’t sponsored entities 5,083 (18 ) 4,930 (28 ) 10,013 (46 ) Total temporarily impaired $ 14,341 $ (23 ) $ 7,067 $ (68 ) $ 21,408 $ (91 ) December 31, 2015 12 Months or less More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss U.S. Treasury securities and obligations of U.S. government agencies $ 25,464 $ (112 ) $ 1,132 $ (17 ) $ 26,596 $ (129 ) Obligations of states and political subdivisions 2,932 (20 ) 1,469 (42 ) 4,401 (62 ) Mortgage-backed securities in gov’t sponsored entities 27,263 (172 ) 5,041 (71 ) 32,304 (243 ) Total temporarily impaired $ 55,659 $ (304 ) $ 7,642 $ (130 ) $ 63,301 $ (434 ) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loan Balances | Loan balances were as follows: March 31, December 31, Commercial and agriculture $ 122,207 $ 124,402 Commercial real estate- owner occupied 166,859 167,897 Commercial real estate- non-owner occupied 344,717 348,439 Residential real estate 243,835 236,338 Real estate construction 64,176 58,898 Farm Real Estate 44,960 46,993 Consumer and other 19,049 18,560 Total loans 1,005,803 1,001,527 Allowance for loan losses (14,433 ) (14,361 ) Net loans $ 991,370 $ 987,166 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Changes in the Allowance for Loan Losses and Loan Balances Outstanding | The following tables present, by portfolio segment, the changes in the allowance for loan losses for the three months ended March 31, 2016 and 2015. Allowance for loan losses: March 31, 2016 Beginning Charge- Recoveries Provision Ending Commercial & Agriculture $ 1,478 $ (22 ) $ 5 $ (15 ) $ 1,446 Commercial Real Estate: Owner Occupied 2,467 — 49 (144 ) 2,372 Non-Owner Occupied 4,657 — 40 14 4,711 Residential Real Estate 4,086 (96 ) 89 35 4,114 Real Estate Construction 371 — 1 36 408 Farm Real Estate 538 — — (42 ) 496 Consumer and Other 382 (8 ) 14 (30 ) 358 Unallocated 382 — — 146 528 Total $ 14,361 $ (126 ) $ 198 $ — $ 14,433 Allowance for loan losses: March 31, 2015 Beginning Charge- Recoveries Provision Ending Commercial & Agriculture $ 1,819 $ — $ 19 $ (43 ) $ 1,795 Commercial Real Estate: Owner Occupied 2,221 (198 ) 2 (217 ) 1,808 Non-Owner Occupied 4,334 (9 ) 14 587 4,926 Residential Real Estate 3,747 (328 ) 131 116 3,666 Real Estate Construction 428 — 1 69 498 Farm Real Estate 822 — 51 (74 ) 799 Consumer and Other 200 (50 ) 14 26 190 Unallocated 697 — — (64 ) 633 Total $ 14,268 $ (585 ) $ 232 $ 400 $ 14,315 The following tables present, by portfolio segment, the allocation of the allowance for loan losses and related loan balances as of March 31, 2016 and December 31, 2015. March 31, 2016 Loans acquired Loans Loans Total Allowance for loan losses: Commercial & Agriculture $ — $ — $ 1,446 $ 1,446 Commercial Real Estate: Owner Occupied — 4 2,368 2,372 Non-Owner Occupied — 23 4,688 4,711 Residential Real Estate 113 163 3,838 4,114 Real Estate Construction — — 408 408 Farm Real Estate — — 496 496 Consumer and Other — — 358 358 Unallocated — — 528 528 Total $ 113 $ 190 $ 14,130 $ 14,433 Outstanding loan balances: Commercial & Agriculture $ 131 $ 2,521 $ 119,555 $ 122,207 Commercial Real Estate: Owner Occupied — 1,650 165,209 166,859 Non-Owner Occupied — 1,982 342,735 344,717 Residential Real Estate 193 1,865 241,777 243,835 Real Estate Construction — — 64,176 64,176 Farm Real Estate — 1,398 43,562 44,960 Consumer and Other — 3 19,046 19,049 Total $ 324 $ 9,419 $ 996,060 $ 1,005,803 December 31, 2015 Loans acquired Loans Loans Total Allowance for loan losses: Commercial & Agriculture $ — $ 23 $ 1,455 $ 1,478 Commercial Real Estate: Owner Occupied — 103 2,364 2,467 Non-Owner Occupied — — 4,657 4,657 Residential Real Estate 123 137 3,826 4,086 Real Estate Construction — — 371 371 Farm Real Estate — — 538 538 Consumer and Other — — 382 382 Unallocated — — 382 382 Total $ 123 $ 263 $ 13,975 $ 14,361 Outstanding loan balances: Commercial & Agriculture $ 132 $ 873 $ 123,397 $ 124,402 Commercial Real Estate: Owner Occupied — 2,141 165,756 167,897 Non-Owner Occupied — 1,742 346,697 348,439 Residential Real Estate 131 1,642 234,565 236,338 Real Estate Construction — — 58,898 58,898 Farm Real Estate — 953 46,040 46,993 Consumer and Other — 3 18,557 18,560 Total $ 263 $ 7,354 $ 993,910 $ 1,001,527 |
Credit Exposures by Internally Assigned Grades | March 31, 2016 Pass Special Substandard Doubtful Ending Commercial & Agriculture $ 115,464 $ 3,510 $ 3,233 $ — $ 122,207 Commercial Real Estate: Owner Occupied 157,323 4,363 5,173 — 166,859 Non-Owner Occupied 335,107 6,095 3,515 — 344,717 Residential Real Estate 60,528 1,640 7,574 — 69,742 Real Estate Construction 60,024 308 28 — 60,360 Farm Real Estate 36,407 5,664 2,889 — 44,960 Consumer and Other 2,006 2 122 — 2,130 Total $ 766,859 $ 21,582 $ 22,534 $ — $ 810,975 December 31, 2015 Pass Special Substandard Doubtful Ending Commercial & Agriculture $ 117,739 $ 3,090 $ 3,573 $ — $ 124,402 Commercial Real Estate: Owner Occupied 156,622 5,571 5,704 — 167,897 Non-Owner Occupied 339,734 6,100 2,605 — 348,439 Residential Real Estate 62,147 1,671 7,435 — 71,253 Real Estate Construction 52,399 216 29 — 52,644 Farm Real Estate 39,787 4,024 3,182 — 46,993 Consumer and Other 1,987 3 111 — 2,101 Total $ 770,415 $ 20,675 $ 22,639 $ — $ 813,729 |
Performing and Nonperforming Loans | Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. Residential Real Estate Consumer Total March 31, 2016 Performing $ 174,057 $ 3,816 $ 16,919 $ 194,792 Nonperforming 36 — — 36 Total $ 174,093 $ 3,816 $ 16,919 $ 194,828 Residential Real Estate Consumer Total December 31, 2015 Performing $ 165,048 $ 6,254 $ 16,458 $ 187,760 Nonperforming 37 — 1 38 Total $ 165,085 $ 6,254 $ 16,459 $ 187,798 |
Aging Analysis of Past Due Loans | The following tables include an aging analysis of the recorded investment of past due loans outstanding as of March 31, 2016 and December 31, 2015. March 31, 2016 30-59 60-89 90 Days Total Past Current Total Loans Past Due Commercial & Agriculture $ 274 $ — $ 1,264 $ 1,538 $ 120,669 $ 122,207 $ — Commercial Real Estate: Owner Occupied 245 216 590 1,051 165,808 166,859 — Non-Owner Occupied 144 1,213 340 1,697 343,020 344,717 — Residential Real Estate 2,720 70 1,482 4,272 239,563 243,835 — Real Estate Construction — — — — 64,176 64,176 — Farm Real Estate 525 — — 525 44,435 44,960 — Consumer and Other 62 9 3 74 18,975 19,049 — Total $ 3,970 $ 1,508 $ 3,679 $ 9,157 $ 996,646 $ 1,005,803 $ — December 31, 2015 30-59 60-89 90 Days Total Past Current Total Loans Past Due Commercial & Agriculture $ 9 $ 32 $ 37 $ 78 $ 124,324 $ 124,402 $ — Commercial Real Estate: Owner Occupied 982 36 284 1,302 166,595 167,897 — Non-Owner Occupied 269 330 123 722 347,717 348,439 — Residential Real Estate 2,845 404 1,725 4,974 231,364 236,338 — Real Estate Construction 8 — — 8 58,890 58,898 — Farm Real Estate — — — — 46,993 46,993 — Consumer and Other 98 68 8 174 18,386 18,560 — Total $ 4,211 $ 870 $ 2,177 $ 7,258 $ 994,269 $ 1,001,527 $ — |
Summary of Nonaccrual Loans | The following table presents loans on nonaccrual status as of March 31, 2016 and December 31, 2015. 2016 2015 Commercial & Agriculture $ 2,390 $ 1,185 Commercial Real Estate: Owner Occupied 1,465 1,645 Non-Owner Occupied 1,939 1,428 Residential Real Estate 4,529 4,542 Real Estate Construction 28 29 Farm Real Estate 790 961 Consumer and Other 111 100 Total $ 11,252 $ 9,890 |
Schedule of Troubled Debt Restructurings | Loan modifications that are considered TDRs completed during the three-month periods ended March 31, 2016 and March 31, 2015 were as follows: For the Three-Month Period Ended March Number Pre- Post- Commercial & Agriculture 3 $ 483 $ 483 Commercial Real Estate - Owner Occupied — — — Commercial Real Estate - Non-Owner Occupied — — — Residential Real Estate 1 232 232 Real Estate Construction — — — Farm Real Estate 2 614 614 Consumer and Other — — — Total Loan Modifications 6 $ 1,329 $ 1,329 For the Three-Month Period Ended March Number Pre- Post- Commercial & Agriculture 1 $ 6 $ 6 Commercial Real Estate - Owner Occupied — — — Commercial Real Estate - Non-Owner Occupied — — — Residential Real Estate 3 374 374 Real Estate Construction 1 41 41 Farm Real Estate — — — Consumer and Other — — — Total Loan Modifications 5 $ 421 $ 421 |
Impaired Financing Receivables | The following tables include the recorded investment and unpaid principal balances for impaired loans with the related allowance amount, if applicable, as of March 31, 2016 and December 31, 2015. March 31, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related With no related allowance recorded: Commercial & Agriculture $ 2,521 $ 3,071 $ 851 $ 1,034 Commercial Real Estate: Owner Occupied 1,399 1,434 1,224 1,343 Non-Owner Occupied 1,921 1,924 1,742 1,826 Residential Real Estate 1,373 2,010 965 1,591 Farm Real Estate 1,398 1,398 953 1,026 Consumer and Other 3 3 3 3 Total 8,615 9,840 5,738 6,823 With an allowance recorded: Commercial & Agriculture — 22 $ — 22 23 $ 23 Commercial Real Estate: Owner Occupied 251 251 4 917 999 103 Non-Owner Occupied 61 61 23 — — — Residential Real Estate 492 511 163 808 683 260 Farm Real Estate — — — — — — Total 804 845 190 1,747 1,705 386 Total: Commercial & Agriculture 2,521 3,093 — 873 1,057 23 Commercial Real Estate: Owner Occupied 1,650 1,685 4 2,141 2,342 103 Non-Owner Occupied 1,982 1,985 23 1,742 1,826 — Residential Real Estate 1,865 2,521 163 1,773 2,274 260 Farm Real Estate 1,398 1,398 — 953 1,026 — Consumer and Other 3 3 — 3 3 — Total $ 9,419 $ 10,685 $ 190 $ 7,485 $ 8,528 $ 386 The following table includes the average recorded investment and interest income recognized for impaired financing receivables for the three-month periods ended March 31, 2016 and 2015. For the three months ended: March 31, 2016 March 31, 2015 Average Interest Average Interest Commercial & Agriculture $ 1,697 $ 39 $ 2,303 $ 26 Commercial Real Estate - Owner Occupied 1,895 26 3,328 47 Commercial Real Estate - Non-Owner Occupied 1,862 13 2,123 9 Residential Real Estate 1,753 31 2,628 27 Real Estate Construction — — 20 — Farm Real Estate 1,175 16 626 14 Consumer and Other 3 — 5 — Total $ 8,385 $ 125 $ 11,033 $ 123 |
Schedule of Changes in Amortized Yield for Purchased Credit Impaired Loans | Changes in the amortizable yield for purchased credit-impaired loans were as follows, since acquisition, for the three-month periods ended March 31, 2016 and 2015: At March 31, 2016 At March 31, 2015 (In Thousands) (In Thousands) Balance at beginning of period $ 80 $ — Acquisition of impaired loans — 140 Accretion (6 ) — Balance at end of period $ 74 $ 140 |
Schedule of Loans Acquired and Accounted | The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30: At March 31, 2016 At December 31, 2015 Acquired Loans with Acquired Loans with (In Thousands) Outstanding balance $ 943 $ 965 Carrying amount 324 263 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Changes in Each Component of Accumulated Other Comprehensive Income (Loss), Net of Tax | The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the three-month periods ended March 31, 2016 and 2015. For the Three-Month Period Ended For the Three-Month Period Ended March 31, 2016 March 31, 2015 Unrealized Available-for- Defined Total Unrealized Available-for- Defined Total Beginning balance $ 3,554 $ (4,049 ) $ (495 ) $ 3,730 $ (3,777 ) $ (47 ) Other comprehensive income (loss) before reclassifications 1,261 — 1,261 585 — 585 Amounts reclassified from accumulated other comprehensive income (loss) (3 ) 55 52 — 46 46 Net current-period other comprehensive income (loss) 1,258 55 1,313 585 46 631 Ending balance $ 4,812 $ (3,994 ) $ 818 $ 4,315 $ (3,731 ) $ 584 |
Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) | The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three-month periods ended March 31, 2016 and 2015. Amout Reclassified from (a) Details about Accumulated Other Comprehensive (Loss) Components For the three For the three Affected Line Item in the Unrealized gains and losses on available-for-sale securities $ 5 $ — Net loss on securities available for sale Tax effect (2 ) — Income tax expense 3 — Net of tax Amortization of defined benefit pension items Actuarial gains/(losses) (83 ) (b) (70 ) (b) Salaries, wages and benefits Tax effect 28 24 Income tax expense (55 ) (46 ) Net of tax Total reclassifications for the period $ (52 ) $ (46 ) Net of tax (a) Amounts in parentheses indicate expenses and other amounts indicate income. (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Carrying Amount of Goodwill | The change in the carrying amount of goodwill for the periods ended March 31, 2016 and 2015 is as follows: Three months ended 2016 2015 Beginning of year $ 27,095 $ 21,720 Acquired goodwill — 5,121 Impairment — — Other adjustments — — End of period $ 27,095 $ 26,841 |
Schedule of Acquired Intangible Assets | Acquired intangible assets as of March 31, 2016 and March 31, 2015 were as follows: 2016 2015 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Core deposit and other intangibles $ 7,274 $ 5,636 $ 7,697 $ 5,306 |
Schedule of Estimated Amortization Expense | Estimated amortization expense for each of the next five years and thereafter is as follows: 2016 $ 516 2017 587 2018 111 2019 88 2020 71 Thereafter 265 $ 1,638 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Federal Funds Purchased and Other Short-term Borrowings | Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are included in Federal Home Loan Bank advances on the Consolidated Balance Sheets and are summarized as follows: At March 31, 2016 At December 31, 2015 Federal Federal Funds Short-term Funds Short-term Purchased Borrowings Purchased Borrowings Outstanding balance $ — $ — $ — $ 53,700 Maximum indebtedness — 70,400 — 64,700 Average balance — 20,571 69 26,880 Average rate paid — 0.39 % 0.53 % 0.20 % Interest rate on balance — — — 0.35 % |
Summary of Securities Pledged as Collateral Under Repurchase Agreements | The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of March 31, 2016 and December 31, 2015. All of the repurchase agreements are overnight agreements. March 31, 2016 December 31, 2015 Securities pledged for repurchase agreements: U.S. Treasury securities $ 900 $ 894 Obligations of U.S. government agencies 23,372 24,146 Total securities pledged $ 24,272 $ 25,040 Gross amount of recognized liabilities for repurchase agreements $ 24,272 $ 25,040 Amounts related to agreements not included in offsetting disclosures above $ — $ — |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Common Share | Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under the equity incentive plan, computed using the treasury stock method, and the impact of the Company’s convertible preferred stock using the “if converted” method. Three months ended March 31, 2016 2015 Basic Net income $ 4,725 $ 3,171 Preferred stock dividends 391 404 Net income available to common shareholders - basic $ 4,334 $ 2,767 Weighted average common shares outstanding - basic 7,860,716 7,758,998 Basic earnings per common share $ 0.55 $ 0.36 Diluted Net income available to common shareholders - basic $ 4,334 $ 2,767 Preferred stock dividends 391 404 Net income available to common shareholders - diluted $ 4,725 $ 3,171 Weighted average common shares outstanding for basic earnings per common share basic 7,860,716 7,758,998 Add: Dilutive effects of convertible perferred shares 3,078,245 3,148,676 Average shares and dilutive potential common shares outstanding - diluted 10,938,961 10,907,674 Diluted earnings per common share $ 0.43 $ 0.29 |
Commitments, Contingencies an32
Commitments, Contingencies and Off-Balance Sheet Risk (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Amounts of Financial Instruments with Off-Balance-Sheet Risk | The contractual amounts of financial instruments with off-balance-sheet risk were as follows for March 31, 2016 and December 31, 2015: Contract Amount March 31, 2016 December 31, 2015 Fixed Variable Fixed Variable Rate Rate Rate Rate Commitment to extend credit: Lines of credit and construction loans $ 7,385 $ 204,379 $ 9,416 $ 195,732 Overdraft protection 5 26,399 5 22,122 Letters of credit 600 497 200 750 $ 7,990 $ 231,275 $ 9,621 $ 218,604 |
Pension Information (Tables)
Pension Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Pension Expense (Benefit) | Net periodic pension expense (benefit) was as follows: Three months ended 2016 2015 Service cost $ — $ — Interest cost 170 156 Expected return on plan assets (274 ) (283 ) Other components 83 70 Net periodic pension cost (benefit) $ (21 ) $ (57 ) |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Company's Restricted Stock | The following is a summary of the status of the Company’s restricted shares as of March 31, 2016, and changes therein during the three months ended: Three months ended March 31, 2016 Weighted Number of Average Restricted Grant Date Shares Fair Value Nonvested at beginning of period 16,983 $ 10.82 Granted 28,864 10.75 Vested (5,657 ) 10.82 Forfeited — — Nonvested at March 31, 2016 40,190 10.77 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value | Assets measured at fair value are summarized below. Fair Value Measurements at March 31, 2016 Using: (Level 1) (Level 2) (Level 3) Assets: Assets measured at fair value on a recurring basis: U.S. Treasury securities and obligations of U.S. Government agencies $ — $ 41,828 $ — Obligations of states and political subdivisions — 93,175 — Mortgage-backed securities in government sponsored entities — 66,194 — Equity securities in financial institutions — 589 — Swap asset — 2,958 — Liabilities: Swap liability — 2,958 — Assets measured at fair value on a nonrecurring basis: Impaired loans $ — $ — $ 391 Other real estate owned — — 9 Fair Value Measurements at December 31, 2015 Using: (Level 1) (Level 2) (Level 3) Assets: Assets measured at fair value on a recurring basis: U.S. Treasury securities and obligations of U.S. Government agencies $ — $ 40,937 $ — Obligations of states and political subdivisions — 92,152 — Mortgage-backed securities in government sponsored entities — 62,573 — Equity securities in financial institutions — 587 — Swap asset — 1,962 — Liabilities: Swap liability — 1,962 — Assets measured at fair value on a nonrecurring basis: Impaired loans $ — $ — $ 759 Other real estate owned — — 109 |
Quantitative Information about Level 3 Fair Value Measurements | The following table presents quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2016. Quantitative Information about Level 3 Fair Value Measurements March 31, 2016 Fair Value Valuation Technique Unobservable Input Range Weighted Impaired loans $ 391 Appraisal of collateral Appraisal adjustments 10% - 30% 10% Liquidation expense 0% - 10% 10% Holding period 0 - 30 months 18 months Other real estate owned $ 9 Appraisal of collateral Appraisal adjustments 10% - 30% 10% Liquidation expense 0% - 10% 10% The following table presents quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2015. Quantitative Information about Level 3 Fair Value Measurements December 31, 2015 Fair Value Valuation Technique Unobservable Input Range Weighted Impaired loans $ 759 Appraisal of collateral Appraisal adjustments 10% - 30% 10% Liquidation expense 0% - 10% 10% Holding period 0 - 30 months 17 months Other real estate owned $ 109 Appraisal of collateral Appraisal adjustments 10% - 30% 10% Liquidation expense 0% - 10% 10% |
Carrying Amount and Fair Values of Financial Instruments | The carrying amount and fair values of financial instruments are as follows: Carrying Total March 31, 2016 Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from financial institutions $ 214,407 $ 214,407 $ 214,407 $ — $ — Securities available for sale 201,786 201,786 — 201,786 — Other securities 13,550 13,550 13,550 — — Loans, held for sale 2,193 2,193 2,193 — — Loans, net of allowance for loan losses 991,370 990,310 — — 990,310 Bank owned life insurance 23,218 23,218 23,218 — — Accrued interest receivable 4,395 4,395 4,395 — — Swap asset 2,958 2,958 — 2,958 — Financial Liabilities: Nonmaturing deposits 1,075,229 1,074,909 1,074,909 — — Time deposits 204,551 205,118 — — 205,118 Short-term FHLB advances — — — — — Long-term FHLB advances 17,500 17,724 — — 17,724 Securities sold under agreement to repurchase 24,272 24,272 24,272 — — Subordinated debentures 29,427 27,484 — — 27,484 Accrued interest payable 124 124 124 — — Swap liability 2,958 2,958 — 2,958 — Carrying Total December 31, 2015 Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from financial institutions $ 35,561 $ 35,561 $ 35,561 $ — $ — Securities available for sale 196,249 196,249 — 196,249 — Loans, held for sale 2,698 2,698 2,698 — — Loans, net of allowance for loan losses 987,166 986,848 — — 986,848 Other securities 13,452 13,452 13,452 — — Bank owned life insurance 20,104 20,104 20,104 — — Accrued interest receivable 3,902 3,902 3,902 — — Swap asset 1,962 1,962 — 1,962 — Financial Liabilities: Nonmaturing deposits 840,984 840,984 840,984 — — Time deposits 211,049 212,006 — — 212,006 Short-term FHLB advances 53,700 52,906 52,906 — — Long-term FHLB advances 17,500 17,687 — — 17,687 Securities sold under agreement to repurchase 25,040 25,040 25,040 — — Subordinated debentures 29,427 25,572 — — 25,572 Accrued interest payable 120 120 120 — — Swap liability 1,962 1,962 — 1,962 — |
Derivative Hedging Instruments
Derivative Hedging Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swap Transactions | The following table summarizes the Company’s interest rate swap positions and the impact of a 1 basis point change in interest rates as of March 31, 2016. Notional Weighted Impact of a Repricing Derivative Assets $ 36,444 5.29 % $ 20 Monthly Derivative Liabilities (36,444 ) -5.29 % (20 ) Monthly Net Exposure $ — $ — The following table summarizes the Company’s interest rate swap positions and the impact of a 1 basis point change in interest rates as of December 31, 2015. Notional Weighted Impact of a Repricing Derivative Assets $ 35,534 5.31 % $ 20 Monthly Derivative Liabilities (35,534 ) -5.31 % (20 ) Monthly Net Exposure $ — $ — |
Consolidated Financial Statem37
Consolidated Financial Statements - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)DwellingsSegment | |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |
Number of concentration by bank to lessors and owners of Residential Buildings and Dwellings | Dwellings | 2 |
Non Residential Buildings and Dwellings [Member] | |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |
Amount payable to lessors | $ 232,196 |
Amount payable to lessors in percentage | 23.00% |
Residential Buildings and Dwellings [Member] | |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |
Amount payable to lessors | $ 124,209 |
Amount payable to lessors in percentage | 12.30% |
Maximum [Member] | |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |
Percentage of insurance commission revenue of total revenue | 1.00% |
WSP [Member] | |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |
Number of reportable segment | Segment | 1 |
WSP [Member] | Maximum [Member] | |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | |
Percentage of insurance commission revenue of total revenue | 1.00% |
Securities - Available for Sale
Securities - Available for Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 194,494 | $ 190,863 |
Gross Unrealized Gains | 7,383 | 5,820 |
Gross Unrealized Losses | (91) | (434) |
Total securities available for sale, Fair Value | 201,786 | 196,249 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 41,586 | 40,992 |
Gross Unrealized Gains | 264 | 74 |
Gross Unrealized Losses | (22) | (129) |
Total securities available for sale, Fair Value | 41,828 | 40,937 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 87,251 | 87,255 |
Gross Unrealized Gains | 5,947 | 4,959 |
Gross Unrealized Losses | (23) | (62) |
Total securities available for sale, Fair Value | 93,175 | 92,152 |
Mortgage-backed Securities in Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 65,176 | 62,135 |
Gross Unrealized Gains | 1,064 | 681 |
Gross Unrealized Losses | (46) | (243) |
Total securities available for sale, Fair Value | 66,194 | 62,573 |
Total Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 194,013 | 190,382 |
Gross Unrealized Gains | 7,275 | 5,714 |
Gross Unrealized Losses | (91) | (434) |
Total securities available for sale, Fair Value | 201,197 | 195,662 |
Equity Securities in Financial Institutions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 481 | 481 |
Gross Unrealized Gains | 108 | 106 |
Total securities available for sale, Fair Value | $ 589 | $ 587 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 8,062 | |
Amortized Cost, Due after one year through five years | 28,108 | |
Amortized Cost, Due after five years through ten years | 32,459 | |
Amortized Cost, Due after ten years | 60,208 | |
Amortized Cost, Mortgage-backed securities | 65,176 | |
Amortized Cost, Equity securities | 481 | |
Amortized Cost | 194,494 | $ 190,863 |
Fair value, Due in one year or less | 8,071 | |
Fair value, Due after one year through five years | 28,431 | |
Fair value, Due after five years through ten years | 34,512 | |
Fair value, Due after ten years | 63,989 | |
Fair value, Mortgage-backed securities | 66,194 | |
Fair value, Equity securities | 589 | |
Fair value, Total securities available for sale | $ 201,786 | $ 196,249 |
Securities - Proceeds from Sale
Securities - Proceeds from Sales of Securities, Gross Realized Gains and Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Sale proceeds | $ 3,518 | |
Gross realized gains | $ 0 | 0 |
Gross realized losses | 0 | $ 0 |
Gains (losses) from securities called or settled by the issuer | $ (5) |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | Mar. 31, 2016USD ($)Security | Dec. 31, 2015USD ($) |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of pledged securities | $ | $ 144,646 | $ 142,888 |
Number of securities in portfolio with unrealized losses | Security | 18 |
Securities - Securities with Un
Securities - Securities with Unrealized Losses Not Recognized in Income (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or less, Fair Value | $ 14,341 | $ 55,659 |
12 Months or less, Unrealized Loss | (23) | (304) |
More than 12 months, Fair Value | 7,067 | 7,642 |
More than 12 months, Unrealized Loss | (68) | (130) |
Total Fair Value | 21,408 | 63,301 |
Total Unrealized Loss | (91) | (434) |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or less, Fair Value | 9,258 | 25,464 |
12 Months or less, Unrealized Loss | (5) | (112) |
More than 12 months, Fair Value | 1,058 | 1,132 |
More than 12 months, Unrealized Loss | (17) | (17) |
Total Fair Value | 10,316 | 26,596 |
Total Unrealized Loss | (22) | (129) |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or less, Fair Value | 2,932 | |
12 Months or less, Unrealized Loss | (20) | |
More than 12 months, Fair Value | 1,079 | 1,469 |
More than 12 months, Unrealized Loss | (23) | (42) |
Total Fair Value | 1,079 | 4,401 |
Total Unrealized Loss | (23) | (62) |
Mortgage-backed Securities in Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or less, Fair Value | 5,083 | 27,263 |
12 Months or less, Unrealized Loss | (18) | (172) |
More than 12 months, Fair Value | 4,930 | 5,041 |
More than 12 months, Unrealized Loss | (28) | (71) |
Total Fair Value | 10,013 | 32,304 |
Total Unrealized Loss | $ (46) | $ (243) |
Loans - Loan Balances (Detail)
Loans - Loan Balances (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 1,005,803 | $ 1,001,527 |
Allowance for loan losses | (14,433) | (14,361) |
Net loans | 991,370 | 987,166 |
Commercial and Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 122,207 | 124,402 |
Commercial Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 166,859 | 167,897 |
Commercial Real Estate Non Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 344,717 | 348,439 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 243,835 | 236,338 |
Real Estate Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 64,176 | 58,898 |
Farm Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 44,960 | 46,993 |
Consumer and Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 19,049 | $ 18,560 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Deferred loan fees | $ 1 | $ 78 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($)SecurityLoan | Sep. 30, 2015 | Mar. 31, 2015SecurityLoan | Dec. 31, 2014 | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Period for calculating Loss migration rates of portfolio segments | 3 years | ||||
Allowance for loan losses | $ 14,433 | $ 14,361 | |||
Number of days past due for loans to be considered as nonperforming | 90 days | ||||
Reasonable period for nonperforming TDRs to be returned to performing status | 6 months | ||||
Number of days reaching where loans are considered for nonaccrual status | 90 days | ||||
Conditions where loans are considered for nonaccrual status | A loan may be returned to accruing status only if one of three conditions are met the loan is well-secured and none of the principal and interest has been past due for a minimum of 90 days; the loan is a TDR and has made a minimum of six months payments; or the principal and interest payments are reasonably assured and a sustained period of performance has occurred, generally six months. | ||||
Defaulted loans | SecurityLoan | 0 | 0 | |||
Impaired loans | Greater than $350 | ||||
Allowance for loan losses recorded for acquired loans | $ 113 | ||||
Foreclosed assets | 57 | 116 | |||
TDRs [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 246 | $ 286 | |||
Scenario, Previously Reported [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Period for calculating Loss migration rates of portfolio segments | 2 years | ||||
Residential Mortgage [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Foreclosed assets | 57 | ||||
Residential mortgages in process of foreclosure | $ 608 | ||||
Purchased Automobile Loans Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Period for calculating Loss migration rates of portfolio segments | 2 years 7 months 6 days |
Allowance for Loan Losses - Cha
Allowance for Loan Losses - Changes in the Allowance for Loan Losses and Loan Balances Outstanding (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | $ 14,361 | $ 14,268 |
Charge-offs | (126) | (585) |
Recoveries | 198 | 232 |
Provision | 400 | |
Ending Balance | 14,433 | 14,315 |
Commercial and Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 1,478 | 1,819 |
Charge-offs | (22) | |
Recoveries | 5 | 19 |
Provision | (15) | (43) |
Ending Balance | 1,446 | 1,795 |
Commercial Real Estate Non Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 4,657 | 4,334 |
Charge-offs | (9) | |
Recoveries | 40 | 14 |
Provision | 14 | 587 |
Ending Balance | 4,711 | 4,926 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 4,086 | 3,747 |
Charge-offs | (96) | (328) |
Recoveries | 89 | 131 |
Provision | 35 | 116 |
Ending Balance | 4,114 | 3,666 |
Real Estate Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 371 | 428 |
Recoveries | 1 | 1 |
Provision | 36 | 69 |
Ending Balance | 408 | 498 |
Farm Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 538 | 822 |
Recoveries | 51 | |
Provision | (42) | (74) |
Ending Balance | 496 | 799 |
Consumer and Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 382 | 200 |
Charge-offs | (8) | (50) |
Recoveries | 14 | 14 |
Provision | (30) | 26 |
Ending Balance | 358 | 190 |
Commercial Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 2,467 | 2,221 |
Charge-offs | (198) | |
Recoveries | 49 | 2 |
Provision | (144) | (217) |
Ending Balance | 2,372 | 1,808 |
Unallocated [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 382 | 697 |
Provision | 146 | (64) |
Ending Balance | $ 528 | $ 633 |
Allowance for Loan Losses - End
Allowance for Loan Losses - Ending Allocation of Allowance for Loan Losses and Loan Balances Outstanding (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | $ 190 | $ 263 | ||
Collectively evaluated for impairment | 14,130 | 13,975 | ||
Total | 14,433 | 14,361 | $ 14,315 | $ 14,268 |
Individually evaluated for impairment | 9,419 | 7,354 | ||
Collectively evaluated for impairment | 996,060 | 993,910 | ||
Total | 1,005,803 | 1,001,527 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans acquired with credit deterioration | 113 | 123 | ||
Loan balance of loans acquired with credit deterioration | 324 | 263 | ||
Commercial and Agriculture [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | 23 | |||
Collectively evaluated for impairment | 1,446 | 1,455 | ||
Total | 1,446 | 1,478 | 1,795 | 1,819 |
Individually evaluated for impairment | 2,521 | 873 | ||
Collectively evaluated for impairment | 119,555 | 123,397 | ||
Total | 122,207 | 124,402 | ||
Commercial and Agriculture [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan balance of loans acquired with credit deterioration | 131 | 132 | ||
Commercial Real Estate Owner Occupied [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | 4 | 103 | ||
Collectively evaluated for impairment | 2,368 | 2,364 | ||
Total | 2,372 | 2,467 | 1,808 | 2,221 |
Individually evaluated for impairment | 1,650 | 2,141 | ||
Collectively evaluated for impairment | 165,209 | 165,756 | ||
Total | 166,859 | 167,897 | ||
Commercial Real Estate Non Owner Occupied [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | 23 | |||
Collectively evaluated for impairment | 4,688 | 4,657 | ||
Total | 4,711 | 4,657 | 4,926 | 4,334 |
Individually evaluated for impairment | 1,982 | 1,742 | ||
Collectively evaluated for impairment | 342,735 | 346,697 | ||
Total | 344,717 | 348,439 | ||
Residential Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | 163 | 137 | ||
Collectively evaluated for impairment | 3,838 | 3,826 | ||
Total | 4,114 | 4,086 | 3,666 | 3,747 |
Individually evaluated for impairment | 1,865 | 1,642 | ||
Collectively evaluated for impairment | 241,777 | 234,565 | ||
Total | 243,835 | 236,338 | ||
Residential Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans acquired with credit deterioration | 113 | 123 | ||
Loan balance of loans acquired with credit deterioration | 193 | 131 | ||
Real Estate Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collectively evaluated for impairment | 408 | 371 | ||
Total | 408 | 371 | 498 | 428 |
Collectively evaluated for impairment | 64,176 | 58,898 | ||
Total | 64,176 | 58,898 | ||
Farm Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collectively evaluated for impairment | 496 | 538 | ||
Total | 496 | 538 | 799 | 822 |
Individually evaluated for impairment | 1,398 | 953 | ||
Collectively evaluated for impairment | 43,562 | 46,040 | ||
Total | 44,960 | 46,993 | ||
Consumer and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collectively evaluated for impairment | 358 | 382 | ||
Total | 358 | 382 | 190 | 200 |
Individually evaluated for impairment | 3 | 3 | ||
Collectively evaluated for impairment | 19,046 | 18,557 | ||
Total | 19,049 | 18,560 | ||
Unallocated [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collectively evaluated for impairment | 528 | 382 | ||
Total | $ 528 | $ 382 | $ 633 | $ 697 |
Allowance for Loan Losses - Cre
Allowance for Loan Losses - Credit Exposures by Internally Assigned Grades (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | $ 810,975 | $ 813,729 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 766,859 | 770,415 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 21,582 | 20,675 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 22,534 | 22,639 |
Commercial and Agriculture [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 122,207 | 124,402 |
Commercial and Agriculture [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 115,464 | 117,739 |
Commercial and Agriculture [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 3,510 | 3,090 |
Commercial and Agriculture [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 3,233 | 3,573 |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 166,859 | 167,897 |
Commercial Real Estate Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 157,323 | 156,622 |
Commercial Real Estate Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 4,363 | 5,571 |
Commercial Real Estate Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 5,173 | 5,704 |
Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 344,717 | 348,439 |
Commercial Real Estate Non Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 335,107 | 339,734 |
Commercial Real Estate Non Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 6,095 | 6,100 |
Commercial Real Estate Non Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 3,515 | 2,605 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 69,742 | 71,253 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 60,528 | 62,147 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 1,640 | 1,671 |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 7,574 | 7,435 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 60,360 | 52,644 |
Real Estate Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 60,024 | 52,399 |
Real Estate Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 308 | 216 |
Real Estate Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 28 | 29 |
Farm Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 44,960 | 46,993 |
Farm Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 36,407 | 39,787 |
Farm Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 5,664 | 4,024 |
Farm Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 2,889 | 3,182 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 2,130 | 2,101 |
Consumer and Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 2,006 | 1,987 |
Consumer and Other [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | 2 | 3 |
Consumer and Other [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans with credit exposures as assigned an internal risk grade | $ 122 | $ 111 |
Allowance for Loan Losses - Per
Allowance for Loan Losses - Performing and Nonperforming Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Performing | $ 194,792 | $ 187,760 |
Nonperforming | 36 | 38 |
Total | 194,828 | 187,798 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing | 174,057 | 165,048 |
Nonperforming | 36 | 37 |
Total | 174,093 | 165,085 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing | 3,816 | 6,254 |
Total | 3,816 | 6,254 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing | 16,919 | 16,458 |
Nonperforming | 1 | |
Total | $ 16,919 | $ 16,459 |
Allowance for Loan Losses - Agi
Allowance for Loan Losses - Aging Analysis of Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 9,157 | $ 7,258 |
Current | 996,646 | 994,269 |
Total Loans | 1,005,803 | 1,001,527 |
Past Due 90 Days and Accruing | 0 | 0 |
Commercial and Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,538 | 78 |
Current | 120,669 | 124,324 |
Total Loans | 122,207 | 124,402 |
Past Due 90 Days and Accruing | 0 | 0 |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,051 | 1,302 |
Current | 165,808 | 166,595 |
Total Loans | 166,859 | 167,897 |
Past Due 90 Days and Accruing | 0 | 0 |
Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,697 | 722 |
Current | 343,020 | 347,717 |
Total Loans | 344,717 | 348,439 |
Past Due 90 Days and Accruing | 0 | 0 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,272 | 4,974 |
Current | 239,563 | 231,364 |
Total Loans | 243,835 | 236,338 |
Past Due 90 Days and Accruing | 0 | 0 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8 | |
Current | 64,176 | 58,890 |
Total Loans | 64,176 | 58,898 |
Past Due 90 Days and Accruing | 0 | 0 |
Farm Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 525 | |
Current | 44,435 | 46,993 |
Total Loans | 44,960 | 46,993 |
Past Due 90 Days and Accruing | 0 | 0 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 74 | 174 |
Current | 18,975 | 18,386 |
Total Loans | 19,049 | 18,560 |
Past Due 90 Days and Accruing | 0 | 0 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,970 | 4,211 |
30-59 Days Past Due [Member] | Commercial and Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 274 | 9 |
30-59 Days Past Due [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 245 | 982 |
30-59 Days Past Due [Member] | Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 144 | 269 |
30-59 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,720 | 2,845 |
30-59 Days Past Due [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8 | |
30-59 Days Past Due [Member] | Farm Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 525 | |
30-59 Days Past Due [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 62 | 98 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,508 | 870 |
60-89 Days Past Due [Member] | Commercial and Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32 | |
60-89 Days Past Due [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 216 | 36 |
60-89 Days Past Due [Member] | Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,213 | 330 |
60-89 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 70 | 404 |
60-89 Days Past Due [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9 | 68 |
90 Days or Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,679 | 2,177 |
90 Days or Greater [Member] | Commercial and Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,264 | 37 |
90 Days or Greater [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 590 | 284 |
90 Days or Greater [Member] | Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 340 | 123 |
90 Days or Greater [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,482 | 1,725 |
90 Days or Greater [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 3 | $ 8 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total, Non-Accrual Status | $ 11,252 | $ 9,890 |
Commercial and Agriculture [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total, Non-Accrual Status | 2,390 | 1,185 |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total, Non-Accrual Status | 1,465 | 1,645 |
Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total, Non-Accrual Status | 1,939 | 1,428 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total, Non-Accrual Status | 4,529 | 4,542 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total, Non-Accrual Status | 28 | 29 |
Farm Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total, Non-Accrual Status | 790 | 961 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total, Non-Accrual Status | $ 111 | $ 100 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)Contract | Mar. 31, 2015USD ($)Contract | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number of Contracts | Contract | 6 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 1,329 | $ 421 |
Post-Modification Outstanding Recorded Investment | $ 1,329 | $ 421 |
Commercial and Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number of Contracts | Contract | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 483 | $ 6 |
Post-Modification Outstanding Recorded Investment | $ 483 | $ 6 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number of Contracts | Contract | 1 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 232 | $ 374 |
Post-Modification Outstanding Recorded Investment | $ 232 | $ 374 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number of Contracts | Contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 41 | |
Post-Modification Outstanding Recorded Investment | $ 41 | |
Farm Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number of Contracts | Contract | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 614 | |
Post-Modification Outstanding Recorded Investment | $ 614 |
Allowance for Loan Losses - Imp
Allowance for Loan Losses - Impaired Financing Receivables - Recorded Investment and Unpaid Principal Balances (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, with no related allowance recorded, Recorded Investment | $ 8,615 | $ 5,738 |
Impaired financing receivables, with no related allowance recorded, Unpaid Principal Balance | 9,840 | 6,823 |
Impaired financing receivables, with no related allowance recorded, Related Allowance | 0 | 0 |
Impaired financing receivables, with an allowance recorded, Recorded Investment | 804 | 1,747 |
Impaired financing receivables, with an allowance recorded, Unpaid Principal Balance | 845 | 1,705 |
Impaired financing receivables, with an allowance recorded, Related Allowance | 190 | 386 |
Impaired financing receivables, Recorded Investment, Total | 9,419 | 7,485 |
Impaired financing receivables, Unpaid Principal Balance, Total | 10,685 | 8,528 |
Impaired financing receivables, Related Allowance, Total | 190 | 386 |
Commercial and Agriculture [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, with no related allowance recorded, Recorded Investment | 2,521 | 851 |
Impaired financing receivables, with no related allowance recorded, Unpaid Principal Balance | 3,071 | 1,034 |
Impaired financing receivables, with no related allowance recorded, Related Allowance | 0 | 0 |
Impaired financing receivables, with an allowance recorded, Recorded Investment | 22 | |
Impaired financing receivables, with an allowance recorded, Unpaid Principal Balance | 22 | 23 |
Impaired financing receivables, with an allowance recorded, Related Allowance | 23 | |
Impaired financing receivables, Recorded Investment, Total | 2,521 | 873 |
Impaired financing receivables, Unpaid Principal Balance, Total | 3,093 | 1,057 |
Impaired financing receivables, Related Allowance, Total | 23 | |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, with no related allowance recorded, Recorded Investment | 1,399 | 1,224 |
Impaired financing receivables, with no related allowance recorded, Unpaid Principal Balance | 1,434 | 1,343 |
Impaired financing receivables, with no related allowance recorded, Related Allowance | 0 | 0 |
Impaired financing receivables, with an allowance recorded, Recorded Investment | 251 | 917 |
Impaired financing receivables, with an allowance recorded, Unpaid Principal Balance | 251 | 999 |
Impaired financing receivables, with an allowance recorded, Related Allowance | 4 | 103 |
Impaired financing receivables, Recorded Investment, Total | 1,650 | 2,141 |
Impaired financing receivables, Unpaid Principal Balance, Total | 1,685 | 2,342 |
Impaired financing receivables, Related Allowance, Total | 4 | 103 |
Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, with no related allowance recorded, Recorded Investment | 1,921 | 1,742 |
Impaired financing receivables, with no related allowance recorded, Unpaid Principal Balance | 1,924 | 1,826 |
Impaired financing receivables, with no related allowance recorded, Related Allowance | 0 | 0 |
Impaired financing receivables, with an allowance recorded, Recorded Investment | 61 | |
Impaired financing receivables, with an allowance recorded, Unpaid Principal Balance | 61 | |
Impaired financing receivables, with an allowance recorded, Related Allowance | 23 | |
Impaired financing receivables, Recorded Investment, Total | 1,982 | 1,742 |
Impaired financing receivables, Unpaid Principal Balance, Total | 1,985 | 1,826 |
Impaired financing receivables, Related Allowance, Total | 23 | |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, with no related allowance recorded, Recorded Investment | 1,373 | 965 |
Impaired financing receivables, with no related allowance recorded, Unpaid Principal Balance | 2,010 | 1,591 |
Impaired financing receivables, with no related allowance recorded, Related Allowance | 0 | 0 |
Impaired financing receivables, with an allowance recorded, Recorded Investment | 492 | 808 |
Impaired financing receivables, with an allowance recorded, Unpaid Principal Balance | 511 | 683 |
Impaired financing receivables, with an allowance recorded, Related Allowance | 163 | 260 |
Impaired financing receivables, Recorded Investment, Total | 1,865 | 1,773 |
Impaired financing receivables, Unpaid Principal Balance, Total | 2,521 | 2,274 |
Impaired financing receivables, Related Allowance, Total | 163 | 260 |
Farm Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, with no related allowance recorded, Recorded Investment | 1,398 | 953 |
Impaired financing receivables, with no related allowance recorded, Unpaid Principal Balance | 1,398 | 1,026 |
Impaired financing receivables, with no related allowance recorded, Related Allowance | 0 | 0 |
Impaired financing receivables, Recorded Investment, Total | 1,398 | 953 |
Impaired financing receivables, Unpaid Principal Balance, Total | 1,398 | 1,026 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, with no related allowance recorded, Recorded Investment | 3 | 3 |
Impaired financing receivables, with no related allowance recorded, Unpaid Principal Balance | 3 | 3 |
Impaired financing receivables, with no related allowance recorded, Related Allowance | 0 | 0 |
Impaired financing receivables, Recorded Investment, Total | 3 | 3 |
Impaired financing receivables, Unpaid Principal Balance, Total | $ 3 | $ 3 |
Allowance for Loan Losses - I54
Allowance for Loan Losses - Impaired Financing Receivables - Average Recorded Investment and Interest Income Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, Average Recorded Investment, Total | $ 8,385 | $ 11,033 |
Impaired financing receivables, Interest Income Recognized, Total | 125 | 123 |
Commercial and Agriculture [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, Average Recorded Investment, Total | 1,697 | 2,303 |
Impaired financing receivables, Interest Income Recognized, Total | 39 | 26 |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, Average Recorded Investment, Total | 1,895 | 3,328 |
Impaired financing receivables, Interest Income Recognized, Total | 26 | 47 |
Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, Average Recorded Investment, Total | 1,862 | 2,123 |
Impaired financing receivables, Interest Income Recognized, Total | 13 | 9 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, Average Recorded Investment, Total | 1,753 | 2,628 |
Impaired financing receivables, Interest Income Recognized, Total | 31 | 27 |
Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, Average Recorded Investment, Total | 20 | |
Farm Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, Average Recorded Investment, Total | 1,175 | 626 |
Impaired financing receivables, Interest Income Recognized, Total | 16 | 14 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivables, Average Recorded Investment, Total | $ 3 | $ 5 |
Allowance for Loan Losses - C55
Allowance for Loan Losses - Changes in the Amortized Yield for Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 80 | |
Acquisition of impaired loans | $ 140 | |
Accretion | (6) | |
Balance at end of period | $ 74 | $ 140 |
Allowance for Loan Losses - S56
Allowance for Loan Losses - Schedule of Loans Acquired and Accounted (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Outstanding balance | $ 943 | $ 965 |
Carrying amount | $ 324 | $ 263 |
Other Comprehensive Income - Ch
Other Comprehensive Income - Changes in Each Component of Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income(loss), beginning balance | $ 125,173 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 52 | $ 46 |
Total other comprehensive income | 1,313 | 631 |
Accumulated other comprehensive income(loss), ending balance | 130,540 | |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income(loss), beginning balance | 3,554 | 3,730 |
Other comprehensive income (loss) before reclassifications | 1,261 | 585 |
Amounts reclassified from accumulated other comprehensive income (loss) | (3) | |
Total other comprehensive income | 1,258 | 585 |
Accumulated other comprehensive income(loss), ending balance | 4,812 | 4,315 |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income(loss), beginning balance | (4,049) | (3,777) |
Amounts reclassified from accumulated other comprehensive income (loss) | 55 | 46 |
Total other comprehensive income | 55 | 46 |
Accumulated other comprehensive income(loss), ending balance | (3,994) | (3,731) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income(loss), beginning balance | (495) | (47) |
Other comprehensive income (loss) before reclassifications | 1,261 | 585 |
Amounts reclassified from accumulated other comprehensive income (loss) | 52 | 46 |
Total other comprehensive income | 1,313 | 631 |
Accumulated other comprehensive income(loss), ending balance | $ 818 | $ 584 |
Other Comprehensive Income - Am
Other Comprehensive Income - Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | $ 1,863 | $ 1,143 |
Net of tax | (4,334) | (2,767) |
Reclassifications, net of tax | (52) | (46) |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications, net of tax | 3 | |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net loss on securities available for sale | 5 | |
Income tax expense | (2) | |
Net of tax | 3 | |
Accumulated Defined Benefit Plans Adjustment, Actuarial Gains/(Losses) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries, wages and benefits | (83) | (70) |
Defined Benefit Pension Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 28 | 24 |
Reclassifications, net of tax | $ (55) | $ (46) |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 27,095 | $ 26,841 | $ 27,095 | $ 21,720 |
Amortization of intangible assets | $ 183 | $ 142 |
Goodwill and Intangible Asset60
Goodwill and Intangible Assets - Schedule of Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning of year | $ 27,095 | $ 21,720 |
Acquired goodwill | 5,121 | |
Impairment | 0 | 0 |
Other adjustments | 0 | 0 |
End of period | $ 27,095 | $ 26,841 |
Goodwill and Intangible Asset61
Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets (Detail) - Core Deposit and Other Intangibles [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,274 | $ 7,697 |
Accumulated Amortization | $ 5,636 | $ 5,306 |
Goodwill and Intangible Asset62
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 516 |
2,017 | 587 |
2,018 | 111 |
2,019 | 88 |
2,020 | 71 |
Thereafter | 265 |
Estimated amortization expense | $ 1,638 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Federal Funds Purchased and Other Short-term Borrowings (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Average balance | $ 69,000 | |
Average rate paid | 0.53% | |
Short Term Borrowings [Member] | ||
Short-term Debt [Line Items] | ||
Outstanding balance | $ 53,700,000 | |
Maximum indebtedness | $ 70,400,000 | 64,700,000 |
Average balance | $ 20,571,000 | $ 26,880,000 |
Average rate paid | 0.39% | 0.20% |
Interest rate on balance | 0.35% |
Short-Term Borrowings - Summa64
Short-Term Borrowings - Summary of Securities Pledged as Collateral Under Repurchase Agreements (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Offsetting Liabilities [Line Items] | ||
Gross amount of recognized liabilities for repurchase agreements | $ 24,272 | $ 25,040 |
Gross amount of recognized liabilities for repurchase agreements | 24,272 | 25,040 |
Amounts related to agreements not included in offsetting disclosures above | 0 | 0 |
U.S.Treasury Securities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of recognized liabilities for repurchase agreements | 900 | 894 |
Gross amount of recognized liabilities for repurchase agreements | 900 | 894 |
Obligations of U.S. Government Agencies [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of recognized liabilities for repurchase agreements | 23,372 | 24,146 |
Gross amount of recognized liabilities for repurchase agreements | $ 23,372 | $ 24,146 |
Earnings per Common Share - Com
Earnings per Common Share - Computation of Basic and Diluted Earnings per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic | ||
Net income | $ 4,725 | $ 3,171 |
Preferred stock dividends | 391 | 404 |
Net income available to common shareholders - basic | $ 4,334 | $ 2,767 |
Weighted average common shares outstanding - basic | 7,860,716 | 7,758,998 |
Basic earnings per common share | $ 0.55 | $ 0.36 |
Diluted | ||
Net income available to common shareholders - basic | $ 4,334 | $ 2,767 |
Preferred stock dividends | 391 | 404 |
Net income available to common shareholders - diluted | $ 4,725 | $ 3,171 |
Weighted average common shares outstanding for basic earnings per common share basic | 7,860,716 | 7,758,998 |
Add: Dilutive effects of convertible preferred shares | 3,078,245 | 3,148,676 |
Average shares and dilutive potential common shares outstanding - diluted | 10,938,961 | 10,907,674 |
Diluted earnings per common share | $ 0.43 | $ 0.29 |
Earnings per Common Share - Add
Earnings per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Dilutive shares related to convertible preferred stock | 3,078,245 | 3,148,676 |
Commitments, Contingencies an67
Commitments, Contingencies and Off-Balance Sheet Risk - Contractual Amounts of Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 7,990 | $ 9,621 |
Variable Rate | 231,275 | 218,604 |
Lines of Credit and Construction Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 7,385 | 9,416 |
Variable Rate | 204,379 | 195,732 |
Overdraft Protection [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 5 | 5 |
Variable Rate | 26,399 | 22,122 |
Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 600 | 200 |
Variable Rate | $ 497 | $ 750 |
Commitments, Contingencies an68
Commitments, Contingencies and Off-Balance Sheet Risk - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Maximum period of commitments to make loans | 1 year | |
Maximum time period of maturities | 30 years | |
Average reserve balance under Federal Reserve Board requirements | $ 31,889 | $ 2,448 |
Minimum [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Range of fixed interest rate loan commitments | 3.25% | 3.25% |
Maximum [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Range of fixed interest rate loan commitments | 8.75% | 8.75% |
Pension Information - Additiona
Pension Information - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Additional benefits under pension plan | $ 0 | |
Expected future employer contributions | $ 500,000 | |
Employer contributions | $ 700,000 |
Pension Information - Component
Pension Information - Components of Net Periodic Pension Expense (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Service cost | $ 0 | |
Interest cost | 170 | $ 156 |
Expected return on plan assets | (274) | (283) |
Other components | 83 | 70 |
Net periodic pension cost (benefit) | $ (21) | $ (57) |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 11, 2016 | Jan. 15, 2016 | Jan. 04, 2016 | Mar. 17, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted common shares granted | 28,864 | ||||||
Number of common Restricted Shares, Vested | 5,657 | ||||||
Share based compensation expense | $ 112 | ||||||
Expected future compensation expense | $ 136 | ||||||
Expected future compensation expense, restricted shares vesting period | 4 years 9 months | ||||||
Restricted Shares Awarded in 2015 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted common shares granted | 16,983 | ||||||
Expected future compensation expense | $ 67 | ||||||
Expected future compensation expense, restricted shares vesting period | 1 year 9 months | ||||||
Restricted Shares Awarded in 2016 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted common shares granted | 16,130 | ||||||
Expected future compensation expense | $ 105 | ||||||
Expected future compensation expense, restricted shares vesting period | 2 years 9 months | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares vesting service period | 3 years | 3 years | |||||
Restricted common shares granted | 16,130 | 2,730 | 16,983 | ||||
Number of common Restricted Shares, Vested | 5,657 | ||||||
2014 Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum number of shares under stock option plan authorized for issuance | 375,000 | ||||||
Number of shares available for grant under stock option plan | 326,423 | ||||||
Options granted | 0 | 0 | |||||
2014 Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares vesting service period | 5 years | ||||||
Restricted common shares granted | 12,734 | ||||||
Vesting percentage of option grants in each year | 20.00% |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Company's Restricted Stock (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract] | |
Number of Restricted Shares, Nonvested at beginning of period | shares | 16,983 |
Number of Restricted Shares, Granted | shares | 28,864 |
Number of Restricted Shares, Vested | shares | (5,657) |
Number of Restricted Shares, Forfeited | shares | 0 |
Number of Restricted Shares, Nonvested at March 31, 2016 | shares | 40,190 |
Weighted Average Grant Date Fair Value, Nonvested at beginning of period | $ / shares | $ 10.82 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 10.75 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 10.82 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Nonvested at March 31, 2016 | $ / shares | $ 10.77 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 391 | $ 759 |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 9 | 109 |
(Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Swap asset | 2,958 | |
Swap liability | 2,958 | 1,962 |
(Level 2) [Member] | Assets Measured at Fair Value on a Recurring Basis [Member] | Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Swap asset | 2,958 | 1,962 |
Swap liability | 2,958 | 1,962 |
(Level 2) [Member] | Assets Measured at Fair Value on a Recurring Basis [Member] | U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 41,828 | 40,937 |
(Level 2) [Member] | Assets Measured at Fair Value on a Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 93,175 | 92,152 |
(Level 2) [Member] | Assets Measured at Fair Value on a Recurring Basis [Member] | Mortgage-backed Securities in Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 66,194 | 62,573 |
(Level 2) [Member] | Assets Measured at Fair Value on a Recurring Basis [Member] | Equity Securities in Financial Institutions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 589 | 587 |
(Level 3) [Member] | Assets Measured at Fair Value on a Nonrecurring Basis [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 391 | 759 |
(Level 3) [Member] | Assets Measured at Fair Value on a Nonrecurring Basis [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 9 | $ 109 |
Fair Value Measurement - Quanti
Fair Value Measurement - Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 391 | $ 759 |
Impaired Loans [Member] | Appraisal of Collateral [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Technique | Appraisal of collateral | |
Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 9 | $ 109 |
Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Technique | Appraisal of collateral | |
Maximum [Member] | Impaired Loans [Member] | Appraisal of Collateral [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions, Appraisal adjustments | 30.00% | 30.00% |
Fair Value Assumptions, Liquidation expense | 10.00% | 10.00% |
Fair Value Assumptions, Holding period | 30 months | 30 months |
Maximum [Member] | Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions, Appraisal adjustments | 30.00% | 30.00% |
Fair Value Assumptions, Liquidation expense | 10.00% | 10.00% |
Minimum [Member] | Impaired Loans [Member] | Appraisal of Collateral [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions, Appraisal adjustments | 10.00% | 10.00% |
Fair Value Assumptions, Liquidation expense | 0.00% | 0.00% |
Fair Value Assumptions, Holding period | 0 months | 0 months |
Minimum [Member] | Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions, Appraisal adjustments | 10.00% | 10.00% |
Fair Value Assumptions, Liquidation expense | 0.00% | 0.00% |
Weighted Average [Member] | Impaired Loans [Member] | Appraisal of Collateral [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions, Appraisal adjustments | 10.00% | 10.00% |
Fair Value Assumptions, Liquidation expense | 10.00% | 10.00% |
Fair Value Assumptions, Holding period | 18 months | 17 months |
Weighted Average [Member] | Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Assumptions, Appraisal adjustments | 10.00% | 10.00% |
Fair Value Assumptions, Liquidation expense | 10.00% | 10.00% |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Amount and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financial Assets: | ||||
Cash and due from financial institutions | $ 214,407 | $ 35,561 | $ 142,339 | $ 29,858 |
Securities available for sale | 201,786 | 196,249 | ||
Other securities | 13,550 | 13,452 | ||
Loans, net of allowance for loan losses | 991,370 | 987,166 | ||
Bank owned life insurance | 23,218 | 20,104 | ||
Financial Liabilities: | ||||
Securities sold under agreement to repurchase | 24,272 | 25,040 | ||
Carrying Amount [Member] | ||||
Financial Assets: | ||||
Cash and due from financial institutions | 214,407 | 35,561 | ||
Securities available for sale | 201,786 | 196,249 | ||
Other securities | 13,550 | 13,452 | ||
Loans, held for sale | 2,193 | 2,698 | ||
Loans, net of allowance for loan losses | 991,370 | 987,166 | ||
Bank owned life insurance | 23,218 | 20,104 | ||
Accrued interest receivable | 4,395 | 3,902 | ||
Swap asset | 2,958 | |||
Swap asset | 1,962 | |||
Financial Liabilities: | ||||
Nonmaturing deposits | 1,075,229 | 840,984 | ||
Time deposits | 204,551 | 211,049 | ||
Short-term FHLB advances | 53,700 | |||
Long-term FHLB advances | 17,500 | 17,500 | ||
Securities sold under agreement to repurchase | 24,272 | 25,040 | ||
Subordinated debentures | 29,427 | 29,427 | ||
Accrued interest payable | 124 | 120 | ||
Swap liability | 2,958 | |||
Swap liability | 1,962 | |||
Total Fair Value [Member] | ||||
Financial Assets: | ||||
Cash and due from financial institutions | 214,407 | 35,561 | ||
Securities available for sale | 201,786 | 196,249 | ||
Other securities | 13,550 | 13,452 | ||
Loans, held for sale | 2,193 | 2,698 | ||
Loans, net of allowance for loan losses | 990,310 | 986,848 | ||
Bank owned life insurance | 23,218 | 20,104 | ||
Accrued interest receivable | 4,395 | 3,902 | ||
Swap asset | 2,958 | |||
Swap asset | 1,962 | |||
Financial Liabilities: | ||||
Nonmaturing deposits | 1,074,909 | 840,984 | ||
Time deposits | 205,118 | 212,006 | ||
Short-term FHLB advances | 52,906 | |||
Long-term FHLB advances | 17,724 | 17,687 | ||
Securities sold under agreement to repurchase | 24,272 | 25,040 | ||
Subordinated debentures | 27,484 | 25,572 | ||
Accrued interest payable | 124 | 120 | ||
Swap liability | 2,958 | 1,962 | ||
(Level 1) [Member] | ||||
Financial Assets: | ||||
Cash and due from financial institutions | 214,407 | 35,561 | ||
Other securities | 13,550 | 13,452 | ||
Loans, held for sale | 2,193 | 2,698 | ||
Bank owned life insurance | 23,218 | 20,104 | ||
Accrued interest receivable | 4,395 | 3,902 | ||
Financial Liabilities: | ||||
Nonmaturing deposits | 1,074,909 | 840,984 | ||
Short-term FHLB advances | 52,906 | |||
Securities sold under agreement to repurchase | 24,272 | 25,040 | ||
Accrued interest payable | 124 | 120 | ||
(Level 2) [Member] | ||||
Financial Assets: | ||||
Securities available for sale | 201,786 | 196,249 | ||
Swap asset | 2,958 | |||
Swap asset | 1,962 | |||
Financial Liabilities: | ||||
Swap liability | 2,958 | 1,962 | ||
(Level 3) [Member] | ||||
Financial Assets: | ||||
Loans, net of allowance for loan losses | 990,310 | 986,848 | ||
Financial Liabilities: | ||||
Time deposits | 205,118 | 212,006 | ||
Long-term FHLB advances | 17,724 | 17,687 | ||
Subordinated debentures | $ 27,484 | $ 25,572 |
Derivative Hedging Instrument76
Derivative Hedging Instruments - Summary of Interest Rate Swap Transactions (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net Exposure, Notional Amount | $ 0 | $ 0 |
Derivative Financial Instruments, Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net Exposure, Notional Amount | $ 36,444,000 | $ 35,534,000 |
Weighted Average Rate Received(Paid) | 5.29% | 5.31% |
Net Exposure, Impact of a 1 basis point change in interest rates | $ 20,000 | $ 20,000 |
Repricing Frequency | Monthly | |
Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net Exposure, Notional Amount | $ (36,444,000) | $ (35,534,000) |
Weighted Average Rate Received(Paid) | 5.29% | 5.31% |
Net Exposure, Impact of a 1 basis point change in interest rates | $ (20,000) | $ (20,000) |
Repricing Frequency | Monthly |
Qualified Affordable Housing 77
Qualified Affordable Housing Project Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Investments in Affordable Housing Projects [Abstract] | |||
Investment for qualified affordable housing projects included in other assets | $ 2,267,000 | $ 2,177,000 | |
Unfunded commitments related to the investments in qualified affordable housing projects | 2,027,000 | $ 2,195,000 | |
Recognized amortization expense included in pretax income | 77,000 | $ 69,000 | |
Recognized tax credits and other benefits from its investment in affordable housing tax credits | 147,000 | 117,000 | |
Impairment losses related to its investment in qualified affordable housing projects | $ 0 | $ 0 |