FORM 10-Q | ||
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 001-35968 |
Iowa | 42-1206172 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | o | Accelerated filer | x | |
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | o |
Page No. | ||||
PART I | ||||
Item 1. | ||||
Item 2. | ||||
Item 3. | ||||
Item 4. | ||||
Part II | ||||
Item 1. | ||||
Item 1A. | ||||
Item 2. | ||||
Item 3. | ||||
Item 4. | ||||
Item 5. | ||||
Item 6. | ||||
September 30, 2015 | December 31, 2014 | March 31, 2016 | December 31, 2015 | |||||||||||
(dollars in thousands, except per share amounts) | (unaudited) | (unaudited) | ||||||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | 50,793 | $ | 23,028 | $ | 40,021 | $ | 44,199 | ||||||
Interest-bearing deposits in banks | 41,202 | 381 | 20,512 | 2,731 | ||||||||||
Federal funds sold | 339 | — | 172 | 167 | ||||||||||
Cash and cash equivalents | 92,334 | 23,409 | 60,705 | 47,097 | ||||||||||
Investment securities: | ||||||||||||||
Available for sale | 415,042 | 474,942 | 387,494 | 427,241 | ||||||||||
Held to maturity (fair value of $102,468 as of September 30, 2015 and $51,253 as of December 31, 2014) | 102,920 | 51,524 | ||||||||||||
Held to maturity (fair value of $119,414 as of March 31, 2016 and $118,234 as of December 31, 2015) | 118,248 | 118,423 | ||||||||||||
Loans held for sale | 4,111 | 801 | 1,167 | 3,187 | ||||||||||
Loans | 2,137,212 | 1,132,519 | 2,172,391 | 2,151,942 | ||||||||||
Allowance for loan losses | (18,871 | ) | (16,363 | ) | (20,245 | ) | (19,427 | ) | ||||||
Net loans | 2,118,341 | 1,116,156 | 2,152,146 | 2,132,515 | ||||||||||
Loan pool participations, net | — | 19,332 | ||||||||||||
Premises and equipment, net | 74,989 | 37,770 | 75,469 | 76,202 | ||||||||||
Accrued interest receivable | 13,230 | 10,898 | 11,963 | 13,736 | ||||||||||
Goodwill | 63,192 | — | 64,654 | 64,548 | ||||||||||
Other intangible assets, net | 20,276 | 8,259 | 18,080 | 19,141 | ||||||||||
Bank-owned life insurance | 45,962 | 38,142 | 46,253 | 46,295 | ||||||||||
Other real estate owned | 8,299 | 1,916 | 6,169 | 8,834 | ||||||||||
Deferred income taxes | 2,256 | 3,078 | 144 | 947 | ||||||||||
Other assets | 20,888 | 14,075 | 21,726 | 21,809 | ||||||||||
Total assets | $ | 2,981,840 | $ | 1,800,302 | $ | 2,964,218 | $ | 2,979,975 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
Deposits: | ||||||||||||||
Non-interest-bearing demand | $ | 532,058 | $ | 214,461 | $ | 513,013 | $ | 559,586 | ||||||
Interest-bearing checking | 828,296 | 618,540 | 1,075,427 | 1,064,350 | ||||||||||
Savings | 425,740 | 102,527 | 194,513 | 189,489 | ||||||||||
Certificates of deposit under $100,000 | 368,620 | 235,395 | 337,859 | 348,268 | ||||||||||
Certificates of deposit $100,000 and over | 313,364 | 237,619 | 308,795 | 301,828 | ||||||||||
Total deposits | 2,468,078 | 1,408,542 | 2,429,607 | 2,463,521 | ||||||||||
Federal funds purchased | — | 17,408 | — | 1,500 | ||||||||||
Securities sold under agreements to repurchase | 69,228 | 60,821 | 57,869 | 67,463 | ||||||||||
Federal Home Loan Bank borrowings | 87,000 | 93,000 | 112,000 | 87,000 | ||||||||||
Junior subordinated notes issued to capital trusts | 23,560 | 15,464 | 23,614 | 23,587 | ||||||||||
Long-term debt | 23,750 | — | 21,250 | 22,500 | ||||||||||
Deferred compensation liability | 5,143 | 3,393 | 5,186 | 5,132 | ||||||||||
Accrued interest payable | 1,578 | 863 | 1,509 | 1,507 | ||||||||||
Deferred income taxes | — | — | ||||||||||||
Other liabilities | 12,837 | 8,080 | 11,406 | 11,587 | ||||||||||
Total liabilities | 2,691,174 | 1,607,571 | 2,662,441 | 2,683,797 | ||||||||||
Shareholders' equity: | ||||||||||||||
Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding at September 30, 2015 and December 31, 2014 | $ | — | $ | — | ||||||||||
Common stock, $1.00 par value; authorized 15,000,000 shares at September 30, 2015 and December 31, 2014; issued 11,713,481 shares at September 30, 2015 and 8,690,398 shares at December 31, 2014; outstanding 11,406,431 shares at September 30, 2015 and 8,355,666 shares at December 31, 2014 | 11,713 | 8,690 | ||||||||||||
Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding at March 31, 2016 and December 31, 2015 | $ | — | $ | — | ||||||||||
Common stock, $1.00 par value; authorized 15,000,000 shares at March 31, 2016 and December 31, 2015; issued 11,713,481 shares at March 31, 2016 and at December 31, 2015; outstanding 11,425,035 shares at March 31, 2016 and 11,408,773 shares at December 31, 2015 | 11,713 | 11,713 | ||||||||||||
Additional paid-in capital | 163,323 | 80,537 | 163,321 | 163,487 | ||||||||||
Treasury stock at cost, 307,050 shares as of September 30, 2015 and 334,732 shares at December 31, 2014 | (6,380 | ) | (6,945 | ) | ||||||||||
Treasury stock at cost, 288,446 shares as of March 31, 2016 and 304,708 shares at December 31, 2015 | (6,001 | ) | (6,331 | ) | ||||||||||
Retained earnings | 117,374 | 105,127 | 127,618 | 123,901 | ||||||||||
Accumulated other comprehensive income | 4,636 | 5,322 | 5,126 | 3,408 | ||||||||||
Total shareholders' equity | 290,666 | 192,731 | 301,777 | 296,178 | ||||||||||
Total liabilities and shareholders' equity | $ | 2,981,840 | $ | 1,800,302 | $ | 2,964,218 | $ | 2,979,975 |
(unaudited) (dollars in thousands, except per share amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2016 | 2015 | |||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Interest and fees on loans | $ | 26,697 | $ | 12,151 | $ | 60,959 | $ | 36,096 | $ | 25,116 | $ | 12,577 | ||||||||||||
Interest and discount on loan pool participations | — | 325 | 798 | 1,137 | — | 620 | ||||||||||||||||||
Interest on bank deposits | 13 | 15 | 29 | 24 | 8 | 1 | ||||||||||||||||||
Interest on investment securities: | ||||||||||||||||||||||||
Taxable securities | 1,914 | 2,170 | 5,721 | 6,760 | 1,924 | 1,894 | ||||||||||||||||||
Tax-exempt securities | 1,365 | 1,335 | 4,149 | 4,076 | 1,437 | 1,390 | ||||||||||||||||||
Total interest income | 29,989 | 15,996 | 71,656 | 48,093 | 28,485 | 16,482 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Interest on deposits: | ||||||||||||||||||||||||
Interest-bearing checking | 706 | 532 | 1,903 | 1,624 | 760 | 535 | ||||||||||||||||||
Savings | 48 | 36 | 128 | 108 | 106 | 36 | ||||||||||||||||||
Certificates of deposit under $100,000 | 995 | 687 | 2,112 | 2,018 | 569 | 626 | ||||||||||||||||||
Certificates of deposit $100,000 and over | 1,165 | 551 | 2,158 | 1,445 | 639 | 526 | ||||||||||||||||||
Total interest expense on deposits | 2,914 | 1,806 | 6,301 | 5,195 | 2,074 | 1,723 | ||||||||||||||||||
Interest on federal funds purchased | 19 | 2 | 33 | 8 | 25 | 12 | ||||||||||||||||||
Interest on securities sold under agreements to repurchase | 51 | 28 | 124 | 87 | 53 | 30 | ||||||||||||||||||
Interest on Federal Home Loan Bank borrowings | 334 | 519 | 1,086 | 1,626 | 451 | 399 | ||||||||||||||||||
Interest on other borrowings | 6 | 5 | 16 | 18 | 6 | 4 | ||||||||||||||||||
Interest on junior subordinated notes issued to capital trusts | 191 | 69 | 399 | 210 | 197 | 72 | ||||||||||||||||||
Interest on subordinated notes | — | — | 162 | — | ||||||||||||||||||||
Interest on long-term debt | 144 | — | 240 | — | 124 | — | ||||||||||||||||||
Total interest expense | 3,659 | 2,429 | 8,361 | 7,144 | 2,930 | 2,240 | ||||||||||||||||||
Net interest income | 26,330 | 13,567 | 63,295 | 40,949 | 25,555 | 14,242 | ||||||||||||||||||
Provision for loan losses | 2,141 | 150 | 3,642 | 900 | 1,065 | 600 | ||||||||||||||||||
Net interest income after provision for loan losses | 24,189 | 13,417 | 59,653 | 40,049 | 24,490 | 13,642 | ||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||
Trust, investment, and insurance fees | 1,428 | 1,442 | 4,642 | 4,390 | 1,498 | 1,581 | ||||||||||||||||||
Service charges and fees on deposit accounts | 1,297 | 918 | 3,098 | 2,394 | 1,258 | 733 | ||||||||||||||||||
Mortgage origination and loan servicing fees | 1,025 | 449 | 2,096 | 1,204 | 549 | 238 | ||||||||||||||||||
Other service charges, commissions and fees | 1,371 | 625 | 2,759 | 1,796 | 2,618 | 603 | ||||||||||||||||||
Bank-owned life insurance income | 344 | 423 | 964 | 877 | 384 | 295 | ||||||||||||||||||
Gain on sale or call of available for sale securities | — | 145 | 1,011 | 1,119 | 244 | 555 | ||||||||||||||||||
Gain (loss) on sale of premises and equipment | (5 | ) | 4 | (15 | ) | (1 | ) | (146 | ) | 3 | ||||||||||||||
Total noninterest income | 5,460 | 4,006 | 14,555 | 11,779 | 6,405 | 4,008 | ||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||
Salaries and employee benefits | 11,762 | 6,337 | 28,625 | 18,531 | 12,645 | 6,869 | ||||||||||||||||||
Net occupancy and equipment expense | 2,719 | 1,546 | 6,585 | 4,785 | 3,251 | 1,524 | ||||||||||||||||||
Professional fees | 959 | 724 | 3,868 | 2,078 | 946 | 680 | ||||||||||||||||||
Data processing expense | 928 | 357 | 2,028 | 1,172 | 2,573 | 432 | ||||||||||||||||||
FDIC insurance expense | 431 | 241 | 1,058 | 724 | 421 | 239 | ||||||||||||||||||
Amortization of intangible assets | 800 | 136 | 2,136 | 410 | 1,061 | 108 | ||||||||||||||||||
Other operating expense | 2,314 | 1,478 | 6,638 | 4,150 | 2,549 | 1,327 | ||||||||||||||||||
Total noninterest expense | 19,913 | 10,819 | 50,938 | 31,850 | 23,446 | 11,179 | ||||||||||||||||||
Income before income tax expense | 9,736 | 6,604 | 23,270 | 19,978 | 7,449 | 6,471 | ||||||||||||||||||
Income tax expense | 2,121 | 1,715 | 6,390 | 5,363 | 1,905 | 1,675 | ||||||||||||||||||
Net income | $ | 7,615 | $ | 4,889 | $ | 16,880 | $ | 14,615 | $ | 5,544 | $ | 4,796 | ||||||||||||
Share and per share information: | ||||||||||||||||||||||||
Ending number of shares outstanding | 11,406,431 | 8,348,464 | 11,406,431 | 8,348,464 | 11,425,035 | 8,370,309 | ||||||||||||||||||
Average number of shares outstanding | 11,406,132 | 8,366,858 | 10,010,926 | 8,423,188 | 11,416,993 | 8,363,861 | ||||||||||||||||||
Diluted average number of shares | 11,434,186 | 8,391,353 | 10,038,093 | 8,449,748 | 11,442,931 | 8,394,026 | ||||||||||||||||||
Earnings per common share - basic | $ | 0.67 | $ | 0.59 | $ | 1.69 | $ | 1.74 | $ | 0.49 | $ | 0.57 | ||||||||||||
Earnings per common share - diluted | 0.67 | 0.59 | 1.68 | 1.73 | 0.48 | 0.57 | ||||||||||||||||||
Dividends paid per common share | 0.150 | 0.145 | 0.450 | 0.435 | 0.16 | 0.15 |
(unaudited) (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2016 | 2015 | |||||||||||||||||||
Net income | $ | 7,615 | $ | 4,889 | $ | 16,880 | $ | 14,615 | $ | 5,544 | $ | 4,796 | ||||||||||||
Other comprehensive income, available for sale securities: | ||||||||||||||||||||||||
Unrealized holding gains (losses) arising during period | 2,196 | (212 | ) | (78 | ) | 6,641 | ||||||||||||||||||
Unrealized holding gains arising during period | 2,978 | 2,156 | ||||||||||||||||||||||
Reclassification adjustment for gains included in net income | — | (145 | ) | (1,011 | ) | (1,119 | ) | (244 | ) | (555 | ) | |||||||||||||
Income tax (expense) benefit | (833 | ) | 132 | 403 | (2,097 | ) | ||||||||||||||||||
Other comprehensive income (loss) on available for sale securities | 1,363 | (225 | ) | (686 | ) | 3,425 | ||||||||||||||||||
Other comprehensive income (loss), net of tax | 1,363 | (225 | ) | (686 | ) | 3,425 | ||||||||||||||||||
Income tax expense | (1,016 | ) | (617 | ) | ||||||||||||||||||||
Other comprehensive income on available for sale securities | 1,718 | 984 | ||||||||||||||||||||||
Other comprehensive income, net of tax | 1,718 | 984 | ||||||||||||||||||||||
Comprehensive income | $ | 8,978 | $ | 4,664 | $ | 16,194 | $ | 18,040 | $ | 7,262 | $ | 5,780 |
(unaudited) (dollars in thousands, except per share amounts) | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | 8,690 | $ | 80,506 | $ | (3,702 | ) | $ | 91,473 | $ | 1,049 | $ | 178,016 | |||||||||||||
Net income | — | — | — | — | 14,615 | — | 14,615 | |||||||||||||||||||||
Dividends paid on common stock ($0.435 per share) | — | — | — | — | (3,656 | ) | — | (3,656 | ) | |||||||||||||||||||
Stock options exercised (7,207 shares) | — | — | (8 | ) | 140 | — | — | 132 | ||||||||||||||||||||
Release/lapse of restriction on RSUs (27,266 shares) | — | — | (431 | ) | 455 | — | — | 24 | ||||||||||||||||||||
Repurchase of common stock (165,766 shares) | — | — | — | (3,987 | ) | — | — | (3,987 | ) | |||||||||||||||||||
Stock compensation | — | — | 371 | — | — | — | 371 | |||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 3,425 | 3,425 | |||||||||||||||||||||
Balance at September 30, 2014 | $ | — | $ | 8,690 | $ | 80,438 | $ | (7,094 | ) | $ | 102,432 | $ | 4,474 | $ | 188,940 | |||||||||||||
Balance at December 31, 2014 | $ | — | $ | 8,690 | $ | 80,537 | $ | (6,945 | ) | $ | 105,127 | $ | 5,322 | $ | 192,731 | |||||||||||||
Net income | — | — | — | — | 16,880 | — | 16,880 | |||||||||||||||||||||
Issuance of common stock due to business combination (2,723,083 shares) | — | 2,723 | 75,172 | — | — | — | 77,895 | |||||||||||||||||||||
Issuance of common stock - private placement (300,000 shares), net of expenses | — | 300 | 7,600 | — | — | — | 7,900 | |||||||||||||||||||||
Dividends paid on common stock ($0.45 per share) | — | — | — | — | (4,633 | ) | — | (4,633 | ) | |||||||||||||||||||
Stock options exercised (5,769 shares) | — | — | (32 | ) | 120 | — | — | 88 | ||||||||||||||||||||
Release/lapse of restriction on RSUs (23,123 shares) | — | — | (416 | ) | 445 | — | — | 29 | ||||||||||||||||||||
Stock compensation | — | — | 462 | — | — | — | 462 | |||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | (686 | ) | (686 | ) | |||||||||||||||||||
Balance at September 30, 2015 | $ | — | $ | 11,713 | $ | 163,323 | $ | (6,380 | ) | $ | 117,374 | $ | 4,636 | $ | 290,666 |
(unaudited) (dollars in thousands, except per share amounts) | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||
Balance at December 31, 2014 | $ | — | $ | 8,690 | $ | 80,537 | $ | (6,945 | ) | $ | 105,127 | $ | 5,322 | $ | 192,731 | |||||||||||||
Net income | — | — | — | — | 4,796 | — | 4,796 | |||||||||||||||||||||
Dividends paid on common stock ($0.15 per share) | — | — | — | — | (1,256 | ) | — | (1,256 | ) | |||||||||||||||||||
Release/lapse of restriction on RSUs (15,853 shares) | — | — | (283 | ) | 294 | — | — | 11 | ||||||||||||||||||||
Stock compensation | — | — | 126 | — | — | — | 126 | |||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 984 | 984 | |||||||||||||||||||||
Balance at March 31, 2015 | $ | — | $ | 8,690 | $ | 80,380 | $ | (6,651 | ) | $ | 108,667 | $ | 6,306 | $ | 197,392 | |||||||||||||
Balance at December 31, 2015 | $ | — | $ | 11,713 | $ | 163,487 | $ | (6,331 | ) | $ | 123,901 | $ | 3,408 | $ | 296,178 | |||||||||||||
Net income | — | — | — | — | 5,544 | — | 5,544 | |||||||||||||||||||||
Dividends paid on common stock ($0.16 per share) | — | — | — | — | (1,827 | ) | — | (1,827 | ) | |||||||||||||||||||
Release/lapse of restriction on RSUs (17,708 shares) | — | — | (352 | ) | 330 | — | — | (22 | ) | |||||||||||||||||||
Stock compensation | — | — | 186 | — | — | — | 186 | |||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 1,718 | 1,718 | |||||||||||||||||||||
Balance at March 31, 2016 | $ | — | $ | 11,713 | $ | 163,321 | $ | (6,001 | ) | $ | 127,618 | $ | 5,126 | $ | 301,777 |
(unaudited) (dollars in thousands) | Nine Months Ended September 30, | ||||||
2015 | 2014 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 16,880 | $ | 14,615 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for loan losses | 3,642 | 900 | |||||
Depreciation, amortization and accretion | 5,952 | 3,237 | |||||
Loss on sale of premises and equipment | 15 | 1 | |||||
Deferred income taxes | (169 | ) | 2,313 | ||||
Stock-based compensation | 462 | 371 | |||||
Net gain on sale or call of available for sale securities | (1,011 | ) | (1,119 | ) | |||
Net loss on sale of other real estate owned | (108 | ) | (59 | ) | |||
Net gain on sale of loans held for sale | (1,240 | ) | (363 | ) | |||
Writedown of other real estate owned | — | 49 | |||||
Origination of loans held for sale | (99,302 | ) | (30,452 | ) | |||
Proceeds from sales of loans held for sale | 97,232 | 30,414 | |||||
(Increase) decrease in accrued interest receivable | 339 | (389 | ) | ||||
Increase in cash surrender value of bank-owned life insurance | (964 | ) | (877 | ) | |||
(Increase) decrease in other assets | 4,734 | (476 | ) | ||||
Increase (decrease) in deferred compensation liability | 94 | (64 | ) | ||||
Decrease in accrued interest payable, accounts payable, accrued expenses, and other liabilities | (4,489 | ) | (619 | ) | |||
Net cash provided by operating activities | 22,067 | 17,482 | |||||
Cash flows from investing activities: | |||||||
Proceeds from sales of available for sale securities | 112,054 | 28,450 | |||||
Proceeds from maturities and calls of available for sale securities | 64,921 | 50,760 | |||||
Purchases of available for sale securities | (11 | ) | (65,653 | ) | |||
Proceeds from maturities and calls of held to maturity securities | 3,077 | 914 | |||||
Purchase of held to maturity securities | (12,394 | ) | (12,386 | ) | |||
Net increase in loans | (89,521 | ) | (14,447 | ) | |||
Decrease in loan pool participations, net | 19,332 | 5,056 | |||||
Purchases of premises and equipment | (11,558 | ) | (8,363 | ) | |||
Proceeds from sale of other real estate owned | 2,812 | 585 | |||||
Proceeds from sale of premises and equipment | 33 | 17 | |||||
Proceeds of principal and earnings from bank-owned life insurance | — | 488 | |||||
Net cash paid in business acquisition (Note 2) | (35,596 | ) | — | ||||
Net cash provided by (used in) investing activities | 53,149 | (14,579 | ) | ||||
Cash flows from financing activities: | |||||||
Net increase in deposits | 10,369 | 56,623 | |||||
Decrease in federal funds purchased | (17,408 | ) | (3,734 | ) | |||
Increase (decrease) in securities sold under agreements to repurchase | (7,717 | ) | 210 | ||||
Proceeds from Federal Home Loan Bank borrowings | 24,000 | 26,000 | |||||
Repayment of Federal Home Loan Bank borrowings | (30,000 | ) | (32,000 | ) | |||
Stock options exercised | 117 | 156 | |||||
Redemption of subordinated note | (12,669 | ) | — | ||||
Proceeds from long-term debt | 25,000 | — | |||||
Payments on long-term debt | (1,250 | ) | — | ||||
Dividends paid | (4,633 | ) | (3,656 | ) | |||
Issuance of common stock, net of expenses | 7,900 | — | |||||
Repurchase of common stock | — | (3,987 | ) | ||||
Net cash provided by (used in) financing activities | (6,291 | ) | 39,612 | ||||
Net increase in cash and cash equivalents | 68,925 | 42,515 | |||||
Cash and cash equivalents at beginning of period | 23,409 | 24,890 | |||||
Cash and cash equivalents at end of period | $ | 92,334 | $ | 67,405 |
(unaudited) (dollars in thousands) | Three Months Ended March 31, | ||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 5,544 | $ | 4,796 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for loan losses | 1,065 | 600 | |||||
Depreciation, amortization and accretion | 2,675 | 929 | |||||
(Gain) loss on sale of premises and equipment | 146 | (3 | ) | ||||
Deferred income taxes | (319 | ) | 69 | ||||
Stock-based compensation | 186 | 126 | |||||
Net gain on sale or call of available for sale securities | (244 | ) | (555 | ) | |||
Net gain on sale of other real estate owned | (408 | ) | (16 | ) | |||
Net gain on sale of loans held for sale | (431 | ) | (80 | ) | |||
Origination of loans held for sale | (23,365 | ) | (13,791 | ) | |||
Proceeds from sales of loans held for sale | 25,816 | 12,391 | |||||
Decrease in accrued interest receivable | 1,773 | 1,540 | |||||
Increase in cash surrender value of bank-owned life insurance | (384 | ) | (295 | ) | |||
Decrease in other assets | 83 | 542 | |||||
Increase in deferred compensation liability | 54 | 9 | |||||
Increase (decrease) in accrued interest payable, accounts payable, accrued expenses, and other liabilities | (179 | ) | 2,297 | ||||
Net cash provided by operating activities | 12,012 | 8,559 | |||||
Cash flows from investing activities: | |||||||
Proceeds from sales of available for sale securities | 19,690 | 48,261 | |||||
Proceeds from maturities and calls of available for sale securities | 22,633 | 19,581 | |||||
Purchases of available for sale securities | (2 | ) | (7 | ) | |||
Proceeds from maturities and calls of held to maturity securities | 2,494 | 257 | |||||
Purchase of held to maturity securities | (2,399 | ) | (3,034 | ) | |||
Net increase in loans | (21,104 | ) | (44,245 | ) | |||
Decrease in loan pool participations, net | — | 1,102 | |||||
Purchases of premises and equipment | (1,854 | ) | (2,180 | ) | |||
Proceeds from sale of other real estate owned | 3,481 | 280 | |||||
Proceeds from sale of premises and equipment | 1,338 | 10 | |||||
Proceeds of principal and earnings from bank-owned life insurance | 426 | — | |||||
Net cash provided by investing activities | 24,703 | 20,025 | |||||
Cash flows from financing activities: | |||||||
Net decrease in deposits | (33,914 | ) | (289 | ) | |||
Decrease in federal funds purchased | (1,500 | ) | (8,508 | ) | |||
Decrease in securities sold under agreements to repurchase | (9,594 | ) | (5,495 | ) | |||
Proceeds from Federal Home Loan Bank borrowings | 30,000 | — | |||||
Repayment of Federal Home Loan Bank borrowings | (5,000 | ) | (15,000 | ) | |||
Proceeds and effect of tax from share-based compensation | (22 | ) | 11 | ||||
Payments on long-term debt | (1,250 | ) | — | ||||
Dividends paid | (1,827 | ) | (1,256 | ) | |||
Net cash used in financing activities | (23,107 | ) | (30,537 | ) | |||
Net increase (decrease) in cash and cash equivalents | 13,608 | (1,953 | ) | ||||
Cash and cash equivalents at beginning of period | 47,097 | 23,409 | |||||
Cash and cash equivalents at end of period | $ | 60,705 | $ | 21,456 |
(unaudited) (dollars in thousands) | Nine Months Ended September 30, | ||||||
2015 | 2014 | ||||||
Supplemental disclosures of cash flow information: | |||||||
Cash paid during the period for interest | $ | 7,646 | $ | 7,019 | |||
Cash paid during the period for income taxes | $ | 4,650 | $ | 1,787 | |||
Supplemental schedule of non-cash investing activities: | |||||||
Transfer of loans to other real estate owned | $ | 667 | $ | 641 | |||
Supplemental Schedule of non-cash Investing Activities from Acquisition: | |||||||
Noncash assets acquired: | |||||||
Investment securities | $ | 160,775 | — | ||||
Loans | 916,973 | — | |||||
Premises and equipment | 27,908 | — | |||||
Goodwill | 63,192 | — | |||||
Core deposit intangible | 12,773 | — | |||||
Trade name intangible | 1,380 | — | |||||
FDIC indemnification asset | 3,753 | — | |||||
Other real estate owned | 8,420 | — | |||||
Other assets | 15,944 | — | |||||
Total noncash assets acquired | 1,211,118 | — | |||||
Liabilities assumed: | |||||||
Deposits | 1,049,167 | — | |||||
Short-term borrowings | 16,124 | — | |||||
Junior subordinated notes issued to capital trusts | 8,050 | — | |||||
Subordinated note payable | 12,669 | — | |||||
Other liabilities | 11,617 | — | |||||
Total liabilities assumed | 1,097,627 | — |
Supplemental disclosures of cash flow information: | |||||||
Cash paid during the period for interest | $ | 2,928 | $ | 2,171 | |||
Cash paid during the period for income taxes | $ | 10 | $ | 200 | |||
Supplemental schedule of non-cash investing activities: | |||||||
Transfer of loans to other real estate owned | $ | 408 | $ | — |
(in thousands) | May 1, 2015 | ||||
ASSETS | |||||
Cash and due from banks | $ | 28,404 | |||
Investment securities | 160,775 | ||||
Loans | 916,973 | ||||
Premises and equipment | 27,908 | ||||
Goodwill | 63,192 | ||||
Core deposit intangible | 12,773 | ||||
Trade name intangible | 1,380 | ||||
FDIC indemnification asset | 3,753 | ||||
Other real estate owned | 8,420 | ||||
Other assets | 15,944 | ||||
Total assets | 1,239,522 | ||||
LIABILITIES | |||||
Deposits | 1,049,167 | ||||
Short-term borrowings | 16,124 | ||||
Junior subordinated notes issued to capital trusts | 8,050 | ||||
Subordinated notes payable | 12,669 | ||||
Accrued expenses and other liabilities | 11,617 | ||||
Total liabilities | 1,097,627 | ||||
Total identifiable net assets | 141,895 | ||||
Consideration: | |||||
Market value of common stock at $29.31 per share at May 1, 2015 (2,723,083 shares of common stock issued) | 79,814 | ||||
Stock illiquidity discount due to restrictions | (1,919 | ) | |||
Cash paid | 64,000 | ||||
Total fair value of consideration | $ | 141,895 |
(in thousands) | May 1, 2015 | ||||
ASSETS | |||||
Cash and due from banks | $ | 28,404 | |||
Investment securities | 160,775 | ||||
Loans | 916,973 | ||||
Premises and equipment | 27,908 | ||||
Goodwill | 64,654 | ||||
Core deposit intangible | 12,773 | ||||
Trade name intangible | 1,380 | ||||
FDIC indemnification asset | 3,753 | ||||
Other real estate owned | 8,420 | ||||
Other assets | 14,482 | ||||
Total assets | 1,239,522 | ||||
LIABILITIES | |||||
Deposits | 1,049,167 | ||||
Short-term borrowings | 16,124 | ||||
Junior subordinated notes issued to capital trusts | 8,050 | ||||
Subordinated notes payable | 12,669 | ||||
Accrued expenses and other liabilities | 11,617 | ||||
Total liabilities | 1,097,627 | ||||
Total identifiable net assets | 141,895 | ||||
Consideration: | |||||
Market value of common stock at $29.31 per share at May 1, 2015 (2,723,083 shares of common stock issued), net of stock illiquidity discount due to restrictions | 77,895 | ||||
Cash paid | 64,000 | ||||
Total fair value of consideration | $ | 141,895 |
(in thousands) | Purchased Credit Impaired Loans | Purchased Non-Credit Impaired Loans | |||||||
Contractually required principal payments | $ | 36,886 | $ | 905,314 | |||||
Nonaccretable difference | (6,675 | ) | — | ||||||
Principal cash flows expected to be collected | 30,211 | 905,314 | |||||||
Accretable difference | (1,882 | ) | (16,670 | ) | |||||
Fair value of acquired loans | $ | 28,329 | $ | 888,644 |
(in thousands) | Purchased Credit Impaired Loans | Purchased Non-Credit Impaired Loans | |||||||
Contractually required principal payments | $ | 36,886 | $ | 905,314 | |||||
Nonaccretable difference | (6,675 | ) | — | ||||||
Principal cash flows expected to be collected | 30,211 | 905,314 | |||||||
Accretable discount(1) | (1,882 | ) | (16,670 | ) | |||||
Fair value of acquired loans | $ | 28,329 | $ | 888,644 |
Pro Forma | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Total revenues (net interest income plus noninterest income) | $ | 31,258 | $ | 32,075 | $ | 95,175 | $ | 96,954 | |||||||||
Net income | $ | 6,455 | $ | 6,333 | $ | 17,052 | $ | 17,101 |
Pro Forma | ||||||
Three Months Ended March 31, | ||||||
(in thousands) | 2015 | |||||
Total revenues (net interest income plus noninterest income) | $ | 34,338 | ||||
Net income | $ | 6,497 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in thousands, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Basic earnings per common share computation | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 7,615 | $ | 4,889 | $ | 16,880 | $ | 14,615 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding | 11,406,132 | 8,366,858 | 10,010,926 | 8,423,188 | |||||||||||||
Basic earnings per common share | $ | 0.67 | $ | 0.59 | $ | 1.69 | $ | 1.74 | |||||||||
Diluted earnings per common share computation | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 7,615 | $ | 4,889 | $ | 16,880 | $ | 14,615 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding, including all dilutive potential shares | 11,434,186 | 8,391,353 | 10,038,093 | 8,449,748 | |||||||||||||
Diluted earnings per common share | $ | 0.67 | $ | 0.59 | $ | 1.68 | $ | 1.73 |
Three Months Ended March 31, | |||||||||
(dollars in thousands, except per share amounts) | 2016 | 2015 | |||||||
Basic earnings per common share computation | |||||||||
Numerator: | |||||||||
Net income | $ | 5,544 | $ | 4,796 | |||||
Denominator: | |||||||||
Weighted average shares outstanding | 11,416,993 | 8,363,861 | |||||||
Basic earnings per common share | $ | 0.49 | $ | 0.57 | |||||
Diluted earnings per common share computation | |||||||||
Numerator: | |||||||||
Net income | $ | 5,544 | $ | 4,796 | |||||
Denominator: | |||||||||
Weighted average shares outstanding, including all dilutive potential shares | 11,442,931 | 8,394,026 | |||||||
Diluted earnings per common share | $ | 0.48 | $ | 0.57 |
As of September 30, 2015 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
U.S. Government agencies and corporations | $ | 26,760 | $ | 335 | $ | — | $ | 27,095 | ||||||||
State and political subdivisions | 172,734 | 6,696 | 189 | 179,241 | ||||||||||||
Mortgage-backed securities | 59,766 | 750 | 122 | 60,394 | ||||||||||||
Collateralized mortgage obligations | 106,187 | 613 | 877 | 105,923 | ||||||||||||
Corporate debt securities | 40,880 | 262 | — | 41,142 | ||||||||||||
Total debt securities | 406,327 | 8,656 | 1,188 | 413,795 | ||||||||||||
Other equity securities | 1,248 | 28 | 29 | 1,247 | ||||||||||||
Total | $ | 407,575 | $ | 8,684 | $ | 1,217 | $ | 415,042 |
As of March 31, 2016 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
U.S. Government agencies and corporations | $ | 11,433 | $ | 113 | $ | — | $ | 11,546 | ||||||||
State and political subdivisions | 172,127 | 7,116 | 15 | 179,228 | ||||||||||||
Mortgage-backed securities | 52,213 | 806 | 6 | 53,013 | ||||||||||||
Collateralized mortgage obligations | 101,872 | 596 | 618 | 101,850 | ||||||||||||
Corporate debt securities | 40,363 | 248 | 19 | 40,592 | ||||||||||||
Total debt securities | 378,008 | 8,879 | 658 | 386,229 | ||||||||||||
Other equity securities | 1,252 | 40 | 27 | 1,265 | ||||||||||||
Total | $ | 379,260 | $ | 8,919 | $ | 685 | $ | 387,494 |
As of December 31, 2014 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
U.S. Government agencies and corporations | $ | 49,392 | $ | 248 | $ | 265 | $ | 49,375 | ||||||||
State and political subdivisions | 187,276 | 8,113 | 190 | 195,199 | ||||||||||||
Mortgage-backed securities | 30,965 | 1,498 | — | 32,463 | ||||||||||||
Collateralized mortgage obligations | 147,412 | 813 | 2,093 | 146,132 | ||||||||||||
Corporate debt securities | 48,656 | 188 | 103 | 48,741 | ||||||||||||
Total debt securities | 463,701 | 10,860 | 2,651 | 471,910 | ||||||||||||
Other equity securities | 2,686 | 380 | 34 | 3,032 | ||||||||||||
Total | $ | 466,387 | $ | 11,240 | $ | 2,685 | $ | 474,942 |
As of December 31, 2015 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
U.S. Treasury securities | $ | 6,931 | $ | — | $ | 21 | $ | 6,910 | ||||||||
U.S. Government agencies and corporations | 26,600 | 99 | 46 | 26,653 | ||||||||||||
State and political subdivisions | 176,794 | 6,662 | 72 | 183,384 | ||||||||||||
Mortgage-backed securities | 56,950 | 569 | 457 | 57,062 | ||||||||||||
Collateralized mortgage obligations | 107,613 | 321 | 1,530 | 106,404 | ||||||||||||
Corporate debt securities | 45,602 | 50 | 86 | 45,566 | ||||||||||||
Total debt securities | 420,490 | 7,701 | 2,212 | 425,979 | ||||||||||||
Other equity securities | 1,250 | 50 | 38 | 1,262 | ||||||||||||
Total | $ | 421,740 | $ | 7,751 | $ | 2,250 | $ | 427,241 |
As of September 30, 2015 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
State and political subdivisions | $ | 57,112 | $ | 458 | $ | 257 | $ | 57,313 | ||||||||
Mortgage-backed securities | 4,175 | 6 | 31 | 4,150 | ||||||||||||
Collateralized mortgage obligations | 24,082 | 19 | 239 | 23,862 | ||||||||||||
Corporate debt securities | 17,551 | — | 408 | 17,143 | ||||||||||||
Total | $ | 102,920 | $ | 483 | $ | 935 | $ | 102,468 |
As of March 31, 2016 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
State and political subdivisions | $ | 68,288 | $ | 1,509 | $ | 17 | $ | 69,780 | ||||||||
Mortgage-backed securities | 2,914 | 9 | 6 | 2,917 | ||||||||||||
Collateralized mortgage obligations | 29,508 | 106 | 176 | 29,438 | ||||||||||||
Corporate debt securities | 17,538 | 101 | 360 | 17,279 | ||||||||||||
Total | $ | 118,248 | $ | 1,725 | $ | 559 | $ | 119,414 |
As of December 31, 2014 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
State and political subdivisions | $ | 39,704 | $ | 370 | $ | 252 | $ | 39,822 | ||||||||
Mortgage-backed securities | 22 | 3 | — | 25 | ||||||||||||
Collateralized mortgage obligations | 8,531 | — | 233 | 8,298 | ||||||||||||
Corporate debt securities | 3,267 | — | 159 | 3,108 | ||||||||||||
Total | $ | 51,524 | $ | 373 | $ | 644 | $ | 51,253 |
As of December 31, 2015 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
State and political subdivisions | $ | 66,454 | $ | 928 | $ | 110 | $ | 67,272 | ||||||||
Mortgage-backed securities | 3,920 | 4 | 38 | 3,886 | ||||||||||||
Collateralized mortgage obligations | 30,505 | 1 | 459 | 30,047 | ||||||||||||
Corporate debt securities | 17,544 | — | 515 | 17,029 | ||||||||||||
Total | $ | 118,423 | $ | 933 | $ | 1,122 | $ | 118,234 |
As of September 30, 2015 | |||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
Available for Sale | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
State and political subdivisions | 39 | $ | 7,909 | $ | 81 | $ | 3,388 | $ | 108 | $ | 11,297 | $ | 189 | ||||||||||||||
Mortgage-backed securities | 20 | 31,802 | 122 | — | — | 31,802 | 122 | ||||||||||||||||||||
Collateralized mortgage obligations | 12 | 15,397 | 58 | 35,358 | 819 | 50,755 | 877 | ||||||||||||||||||||
Other equity securities | 1 | — | — | 971 | 29 | 971 | 29 | ||||||||||||||||||||
Total | 72 | $ | 55,108 | $ | 261 | $ | 39,717 | $ | 956 | $ | 94,825 | $ | 1,217 |
As of March 31, 2016 | |||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
Available for Sale | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
State and political subdivisions | 5 | $ | 929 | $ | 2 | $ | 813 | $ | 13 | $ | 1,742 | $ | 15 | ||||||||||||||
Mortgage-backed securities | 9 | 972 | 6 | — | — | 972 | 6 | ||||||||||||||||||||
Collateralized mortgage obligations | 9 | 16,736 | 47 | 20,103 | 571 | 36,839 | 618 | ||||||||||||||||||||
Corporate debt securities | 2 | 7,576 | 19 | — | — | 7,576 | 19 | ||||||||||||||||||||
Other equity securities | 1 | — | — | 973 | 27 | 973 | 27 | ||||||||||||||||||||
Total | 26 | $ | 26,213 | $ | 74 | $ | 21,889 | $ | 611 | $ | 48,102 | $ | 685 |
As of December 31, 2014 | |||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
U.S. Government agencies and corporations | 4 | $ | 9,946 | $ | 11 | $ | 15,018 | $ | 254 | $ | 24,964 | $ | 265 | ||||||||||||||
State and political subdivisions | 46 | 3,024 | 18 | 10,728 | 172 | 13,752 | 190 | ||||||||||||||||||||
Collateralized mortgage obligations | 14 | 14,971 | 123 | 68,370 | 1,970 | 83,341 | 2,093 | ||||||||||||||||||||
Corporate debt securities | 7 | 23,024 | 50 | 3,400 | 53 | 26,424 | 103 | ||||||||||||||||||||
Other equity securities | 1 | — | — | 966 | 34 | 966 | 34 | ||||||||||||||||||||
Total | 72 | $ | 50,965 | $ | 202 | $ | 98,482 | $ | 2,483 | $ | 149,447 | $ | 2,685 |
As of September 30, 2015 | |||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
Held to Maturity | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
State and political subdivisions | 56 | $ | 19,277 | $ | 227 | $ | 1,347 | $ | 30 | $ | 20,624 | $ | 257 | ||||||||||||||
Mortgage-backed securities | 5 | 3,972 | 31 | — | — | 3,972 | 31 | ||||||||||||||||||||
Collateralized mortgage obligations | 5 | 12,449 | 124 | 7,672 | 115 | 20,121 | 239 | ||||||||||||||||||||
Corporate debt securities | 6 | 3,700 | 223 | 700 | 185 | 4,400 | 408 | ||||||||||||||||||||
Total | 72 | $ | 39,398 | $ | 605 | $ | 9,719 | $ | 330 | $ | 49,117 | $ | 935 |
As of December 31, 2015 | |||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
U.S. Treasury securities | 1 | $ | 6,910 | $ | 21 | $ | — | $ | — | $ | 6,910 | $ | 21 | ||||||||||||||
U.S. Government agencies and corporations | 1 | 4,890 | 46 | — | — | 4,890 | 46 | ||||||||||||||||||||
State and political subdivisions | 22 | 8,419 | 24 | 3,177 | 48 | 11,596 | 72 | ||||||||||||||||||||
Mortgage-backed securities | 27 | 37,753 | 457 | — | — | 37,753 | 457 | ||||||||||||||||||||
Collateralized mortgage obligations | 23 | 56,447 | 420 | 31,253 | 1,110 | 87,700 | 1,530 | ||||||||||||||||||||
Corporate debt securities | 8 | 30,496 | 86 | — | — | 30,496 | 86 | ||||||||||||||||||||
Other equity securities | 1 | — | — | 962 | 38 | 962 | 38 | ||||||||||||||||||||
Total | 83 | $ | 144,915 | $ | 1,054 | $ | 35,392 | $ | 1,196 | $ | 180,307 | $ | 2,250 |
As of December 31, 2014 | |||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
State and political subdivisions | 29 | $ | 5,322 | $ | 190 | $ | 9,144 | $ | 62 | $ | 14,466 | $ | 252 | ||||||||||||||
Collateralized mortgage obligations | 1 | — | — | 8,298 | 233 | 8,298 | 233 | ||||||||||||||||||||
Corporate debt securities | 2 | 2,358 | 27 | 750 | 132 | 3,108 | 159 | ||||||||||||||||||||
Total | 32 | $ | 7,680 | $ | 217 | $ | 18,192 | $ | 427 | $ | 25,872 | $ | 644 |
As of March 31, 2016 | |||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
Held to Maturity | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
State and political subdivisions | 10 | $ | 2,145 | $ | 16 | $ | 98 | $ | 1 | $ | 2,243 | $ | 17 | ||||||||||||||
Mortgage-backed securities | 2 | 893 | 6 | — | — | 893 | 6 | ||||||||||||||||||||
Collateralized mortgage obligations | 5 | 11,504 | 66 | 7,256 | 110 | 18,760 | 176 | ||||||||||||||||||||
Corporate debt securities | 3 | 4,231 | 153 | 680 | 207 | 4,911 | 360 | ||||||||||||||||||||
Total | 20 | $ | 18,773 | $ | 241 | $ | 8,034 | $ | 318 | $ | 26,807 | $ | 559 |
As of December 31, 2015 | |||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||
State and political subdivisions | 32 | $ | 9,345 | $ | 93 | $ | 2,040 | $ | 17 | $ | 11,385 | $ | 110 | ||||||||||||||
Mortgage-backed securities | 5 | 3,723 | 38 | — | — | 3,723 | 38 | ||||||||||||||||||||
Collateralized mortgage obligations | 7 | 22,571 | 320 | 7,416 | 139 | 29,987 | 459 | ||||||||||||||||||||
Corporate debt securities | 6 | 15,606 | 309 | 680 | 206 | 16,286 | 515 | ||||||||||||||||||||
Total | 50 | $ | 51,245 | $ | 760 | $ | 10,136 | $ | 362 | $ | 61,381 | $ | 1,122 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | 6,639 | ||||||||
Additional credit losses: | ||||||||||||||||
Reductions to credit losses: | ||||||||||||||||
Securities with other than temporary impairment, due to sale | — | — | — | (6,639 | ) | |||||||||||
Ending balance | $ | — | $ | — | $ | — | $ | — |
Available For Sale | Held to Maturity | |||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
Due in one year or less | $ | 35,588 | $ | 35,983 | $ | 421 | $ | 422 | ||||||||
Due after one year through five years | 76,655 | 78,800 | 5,361 | 5,355 | ||||||||||||
Due after five years through ten years | 108,632 | 112,894 | 44,256 | 44,233 | ||||||||||||
Due after ten years | 19,499 | 19,801 | 24,625 | 24,446 | ||||||||||||
Debt securities without a single maturity date | 165,953 | 166,317 | 28,257 | 28,012 | ||||||||||||
Total | $ | 406,327 | $ | 413,795 | $ | 102,920 | $ | 102,468 |
Available For Sale | Held to Maturity | |||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
Due in one year or less | $ | 20,886 | $ | 20,986 | $ | — | $ | — | ||||||||
Due after one year through five years | 86,325 | 88,511 | 6,117 | 6,149 | ||||||||||||
Due after five years through ten years | 100,431 | 105,087 | 51,082 | 52,116 | ||||||||||||
Due after ten years | 16,281 | 16,782 | 28,627 | 28,794 | ||||||||||||
Debt securities without a single maturity date | 154,085 | 154,863 | 32,422 | 32,355 | ||||||||||||
Total | $ | 378,008 | $ | 386,229 | $ | 118,248 | $ | 119,414 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Available for sale fixed maturity securities: | ||||||||||||||||
Gross realized gains | $ | — | $ | 235 | $ | 1,265 | $ | 1,355 | ||||||||
Gross realized losses | — | (90 | ) | (442 | ) | (236 | ) | |||||||||
Other-than-temporary impairment | — | — | — | — | ||||||||||||
— | 145 | 823 | 1,119 | |||||||||||||
Equity securities: | ||||||||||||||||
Gross realized gains | — | — | 188 | — | ||||||||||||
Gross realized losses | — | — | — | — | ||||||||||||
Other-than-temporary impairment | — | — | — | — | ||||||||||||
— | — | 188 | — | |||||||||||||
Total net realized gains and losses | $ | — | $ | 145 | $ | 1,011 | $ | 1,119 |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Available for sale fixed maturity securities: | ||||||||
Gross realized gains | $ | 244 | $ | 441 | ||||
Gross realized losses | — | (74 | ) | |||||
Other-than-temporary impairment | — | — | ||||||
244 | 367 | |||||||
Equity securities: | ||||||||
Gross realized gains | — | 188 | ||||||
Gross realized losses | — | — | ||||||
Other-than-temporary impairment | — | — | ||||||
— | 188 | |||||||
Total net realized gains and losses | $ | 244 | $ | 555 |
Allowance for Loan Losses and Recorded Investment in Loan Receivables | ||||||||||||||||||||||||||||
As of September 30, 2015 and December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||
September 30, 2015 | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 58 | $ | 400 | $ | 323 | $ | 280 | $ | 1 | $ | — | $ | 1,062 | ||||||||||||||
Collectively evaluated for impairment | 1,576 | 5,271 | 6,298 | 3,909 | 383 | 372 | 17,809 | |||||||||||||||||||||
Total | $ | 1,634 | $ | 5,671 | $ | 6,621 | $ | 4,189 | $ | 384 | $ | 372 | $ | 18,871 | ||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,078 | $ | 2,208 | $ | 17,447 | $ | 4,526 | $ | 28 | $ | — | $ | 27,287 | ||||||||||||||
Collectively evaluated for impairment | 120,266 | 449,801 | 947,193 | 529,202 | 37,146 | — | 2,083,608 | |||||||||||||||||||||
Purchased credit impaired loans | — | 354 | 15,695 | 10,268 | — | — | 26,317 | |||||||||||||||||||||
Total | $ | 123,344 | $ | 452,363 | $ | 980,335 | $ | 543,996 | $ | 37,174 | $ | — | $ | 2,137,212 |
Allowance for Loan Losses and Recorded Investment in Loan Receivables | ||||||||||||||||||||||||
As of March 31, 2016 and December 31, 2015 | ||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Total | ||||||||||||||||||
March 31, 2016 | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 41 | $ | 618 | $ | 2,712 | $ | 362 | $ | 1 | $ | 3,734 | ||||||||||||
Collectively evaluated for impairment | 2,194 | 4,062 | 6,803 | 2,912 | 187 | 16,158 | ||||||||||||||||||
Purchased credit impaired loans | — | — | 198 | 155 | — | 353 | ||||||||||||||||||
Total | $ | 2,235 | $ | 4,680 | $ | 9,713 | $ | 3,429 | $ | 188 | $ | 20,245 | ||||||||||||
Loans receivable | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,014 | $ | 7,880 | $ | 16,621 | $ | 5,570 | $ | 25 | $ | 33,110 | ||||||||||||
Collectively evaluated for impairment | 120,481 | 465,363 | 986,109 | 506,407 | 36,427 | 2,114,787 | ||||||||||||||||||
Purchased credit impaired loans | — | 75 | 17,519 | 6,900 | — | 24,494 | ||||||||||||||||||
Total | $ | 123,495 | $ | 473,318 | $ | 1,020,249 | $ | 518,877 | $ | 36,452 | $ | 2,172,391 |
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 88 | $ | 206 | $ | 226 | $ | 623 | $ | 2 | $ | — | $ | 1,145 | ||||||||||||||
Collectively evaluated for impairment | 1,418 | 5,574 | 4,173 | 2,544 | 321 | 1,188 | 15,218 | |||||||||||||||||||||
Total | $ | 1,506 | $ | 5,780 | $ | 4,399 | $ | 3,167 | $ | 323 | $ | 1,188 | $ | 16,363 | ||||||||||||||
Loans receivable | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,027 | $ | 3,168 | $ | 3,916 | $ | 3,341 | $ | 34 | $ | — | $ | 13,486 | ||||||||||||||
Collectively evaluated for impairment | 101,782 | 301,732 | 422,605 | 269,270 | 23,644 | — | 1,119,033 | |||||||||||||||||||||
Total | $ | 104,809 | $ | 304,900 | $ | 426,521 | $ | 272,611 | $ | 23,678 | $ | — | $ | 1,132,519 |
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 51 | $ | 489 | $ | 2,786 | $ | 387 | $ | 1 | $ | — | $ | 3,714 | ||||||||||||||
Collectively evaluated for impairment | 1,366 | 4,962 | 5,718 | 3,539 | 408 | (374 | ) | 15,619 | ||||||||||||||||||||
Purchased credit impaired loans | — | — | 52 | 42 | — | — | 94 | |||||||||||||||||||||
Total | $ | 1,417 | $ | 5,451 | $ | 8,556 | $ | 3,968 | $ | 409 | $ | (374 | ) | $ | 19,427 | |||||||||||||
Loans receivable | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,072 | $ | 7,718 | $ | 23,697 | $ | 5,725 | $ | 26 | $ | — | $ | 40,238 | ||||||||||||||
Collectively evaluated for impairment | 118,642 | 461,275 | 950,207 | 517,482 | 38,506 | — | 2,086,112 | |||||||||||||||||||||
Purchased credit impaired loans | — | 256 | 18,037 | 7,299 | — | — | 25,592 | |||||||||||||||||||||
Total | $ | 121,714 | $ | 469,249 | $ | 991,941 | $ | 530,506 | $ | 38,532 | $ | — | $ | 2,151,942 |
Allowance for Loan Loss Activity | ||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2015 and 2014 | ||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||
2015 | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,480 | $ | 5,425 | $ | 5,766 | $ | 3,224 | $ | 337 | $ | 935 | $ | 17,167 | ||||||||||||||
Charge-offs | — | (106 | ) | (239 | ) | (93 | ) | (24 | ) | — | (462 | ) | ||||||||||||||||
Recoveries | — | 10 | — | 10 | 5 | — | 25 | |||||||||||||||||||||
Provision | 154 | 342 | 1,094 | 1,048 | 66 | (563 | ) | 2,141 | ||||||||||||||||||||
Ending balance | $ | 1,634 | $ | 5,671 | $ | 6,621 | $ | 4,189 | $ | 384 | $ | 372 | $ | 18,871 | ||||||||||||||
2014 | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,145 | $ | 5,183 | $ | 4,734 | $ | 3,029 | $ | 229 | $ | 2,112 | $ | 16,432 | ||||||||||||||
Charge-offs | (26 | ) | (157 | ) | (12 | ) | (37 | ) | (16 | ) | — | (248 | ) | |||||||||||||||
Recoveries | — | 52 | 38 | 17 | 11 | — | 118 | |||||||||||||||||||||
Provision | 221 | 385 | 31 | (129 | ) | 48 | (406 | ) | 150 | |||||||||||||||||||
Ending balance | $ | 1,340 | $ | 5,463 | $ | 4,791 | $ | 2,880 | $ | 272 | $ | 1,706 | $ | 16,452 |
Allowance for Loan Loss Activity | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2016 and 2015 | ||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||
2016 | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,417 | $ | 5,451 | $ | 8,556 | $ | 3,968 | $ | 409 | $ | (374 | ) | $ | 19,427 | |||||||||||||
Charge-offs | (125 | ) | (10 | ) | (40 | ) | (159 | ) | (50 | ) | — | (384 | ) | |||||||||||||||
Recoveries | 6 | 12 | 53 | 64 | 2 | — | 137 | |||||||||||||||||||||
Provision | 937 | (773 | ) | 1,144 | (444 | ) | (173 | ) | 374 | 1,065 | ||||||||||||||||||
Ending balance | $ | 2,235 | $ | 4,680 | $ | 9,713 | $ | 3,429 | $ | 188 | $ | — | $ | 20,245 | ||||||||||||||
2015 | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,506 | $ | 5,780 | $ | 4,399 | $ | 3,167 | $ | 323 | $ | 1,188 | $ | 16,363 | ||||||||||||||
Charge-offs | — | (247 | ) | — | (510 | ) | (33 | ) | — | (790 | ) | |||||||||||||||||
Recoveries | — | 339 | — | 4 | 10 | — | 353 | |||||||||||||||||||||
Provision | 106 | (354 | ) | 1,357 | 422 | (15 | ) | (916 | ) | 600 | ||||||||||||||||||
Ending balance | $ | 1,612 | $ | 5,518 | $ | 5,756 | $ | 3,083 | $ | 285 | $ | 272 | $ | 16,526 |
Allowance for Loan Loss Activity | ||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2015 and 2014 | ||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||
2015 | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,506 | $ | 5,780 | $ | 4,399 | $ | 3,167 | $ | 323 | $ | 1,188 | $ | 16,363 | ||||||||||||||
Charge-offs | — | (397 | ) | (430 | ) | (641 | ) | (76 | ) | — | (1,544 | ) | ||||||||||||||||
Recoveries | — | 361 | 6 | 22 | 21 | — | 410 | |||||||||||||||||||||
Provision | 128 | (73 | ) | 2,646 | 1,641 | 116 | (816 | ) | 3,642 | |||||||||||||||||||
Ending balance | $ | 1,634 | $ | 5,671 | $ | 6,621 | $ | 4,189 | $ | 384 | $ | 372 | $ | 18,871 | ||||||||||||||
2014 | ||||||||||||||||||||||||||||
Beginning balance | $ | 1,358 | $ | 4,980 | $ | 5,294 | $ | 3,185 | $ | 275 | $ | 1,087 | $ | 16,179 | ||||||||||||||
Charge-offs | (26 | ) | (430 | ) | (165 | ) | (238 | ) | (61 | ) | — | (920 | ) | |||||||||||||||
Recoveries | 5 | 206 | 38 | 21 | 23 | — | 293 | |||||||||||||||||||||
Provision | 3 | 707 | (376 | ) | (88 | ) | 35 | 619 | 900 | |||||||||||||||||||
Ending balance | $ | 1,340 | $ | 5,463 | $ | 4,791 | $ | 2,880 | $ | 272 | $ | 1,706 | $ | 16,452 |
Three Months Ended September 30, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Troubled Debt Restructurings(1): | ||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||
Extended maturity date | — | $ | — | $ | — | 1 | $ | 1,405 | $ | 1,405 | ||||||||||||
Residential real estate: | ||||||||||||||||||||||
One- to four- family first liens | ||||||||||||||||||||||
Interest rate reduction | 1 | 236 | 236 | — | — | — | ||||||||||||||||
Total | 1 | $ | 236 | $ | 236 | 1 | $ | 1,405 | $ | 1,405 | ||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Troubled Debt Restructurings(1): | ||||||||||||||||||||||
Agricultural | ||||||||||||||||||||||
Extended maturity date | 1 | $ | 25 | $ | 25 | — | $ | — | $ | — | ||||||||||||
Residential real estate: | ||||||||||||||||||||||
One- to four- family first liens | ||||||||||||||||||||||
Interest rate reduction | 1 | 104 | 104 | — | — | — | ||||||||||||||||
One- to four- family junior liens | ||||||||||||||||||||||
Interest rate reduction | 1 | 71 | 71 | — | — | — | ||||||||||||||||
Total | 3 | $ | 200 | $ | 200 | — | $ | — | $ | — | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Troubled Debt Restructurings(1): | ||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||
Extended maturity date | — | $ | — | $ | — | 1 | $ | 1,405 | $ | 1,405 | ||||||||||||
Residential real estate: | ||||||||||||||||||||||
One- to four- family first liens | ||||||||||||||||||||||
Interest rate reduction | 1 | 236 | 236 | — | — | — | ||||||||||||||||
Total | 1 | $ | 236 | $ | 236 | 1 | $ | 1,405 | $ | 1,405 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Troubled Debt Restructurings(1) That Subsequently Defaulted: | ||||||||||||||||||||||||||||
Total | — | $ | — | — | $ | — | — | $ | — | — | $ | — |
Three Months Ended March 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||
(dollars in thousands) | ||||||||||||||
Troubled Debt Restructurings(1) That Subsequently Defaulted: | ||||||||||||||
Total | — | $ | — | — | $ | — |
Pass | Special Mention/ Watch | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
September 30, 2015 | ||||||||||||||||||||||||
Agricultural | $ | 115,178 | $ | 6,518 | $ | 1,648 | $ | — | $ | — | $ | 123,344 | ||||||||||||
Commercial and industrial | 422,926 | 9,691 | 17,755 | 10 | — | 450,382 | ||||||||||||||||||
Credit cards | 1,405 | 14 | — | — | — | 1,419 | ||||||||||||||||||
Overdrafts | 644 | 102 | 75 | — | — | 821 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | 99,625 | 4,922 | 2,987 | — | — | 107,534 | ||||||||||||||||||
Farmland | 85,312 | 1,687 | 2,750 | — | — | 89,749 | ||||||||||||||||||
Multifamily | 113,328 | 375 | 2,227 | — | — | 115,930 | ||||||||||||||||||
Commercial real estate-other | 611,369 | 23,084 | 32,669 | — | — | 667,122 | ||||||||||||||||||
Total commercial real estate | 909,634 | 30,068 | 40,633 | — | — | 980,335 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 421,412 | 4,866 | 12,510 | 246 | — | 439,034 | ||||||||||||||||||
One- to four- family junior liens | 99,233 | 1,876 | 3,792 | 61 | — | 104,962 | ||||||||||||||||||
Total residential real estate | 520,645 | 6,742 | 16,302 | 307 | — | 543,996 | ||||||||||||||||||
Consumer | 36,576 | 4 | 293 | 42 | — | 36,915 | ||||||||||||||||||
Total | $ | 2,007,008 | $ | 53,139 | $ | 76,706 | $ | 359 | $ | — | $ | 2,137,212 |
Pass | Special Mention/ Watch | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2016 | ||||||||||||||||||||||||
Agricultural | $ | 107,225 | $ | 13,228 | $ | 3,042 | $ | — | $ | — | $ | 123,495 | ||||||||||||
Commercial and industrial | 438,725 | 14,686 | 18,409 | 10 | — | 471,830 | ||||||||||||||||||
Credit cards | 1,474 | 1 | 13 | — | — | 1,488 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | 110,190 | 2,298 | 2,730 | — | — | 115,218 | ||||||||||||||||||
Farmland | 82,618 | 6,052 | 3,146 | — | — | 91,816 | ||||||||||||||||||
Multifamily | 122,772 | 368 | 2,270 | — | — | 125,410 | ||||||||||||||||||
Commercial real estate-other | 647,410 | 20,738 | 19,660 | — | — | 687,808 | ||||||||||||||||||
Total commercial real estate | 962,990 | 29,456 | 27,806 | — | — | 1,020,252 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 401,419 | 4,354 | 12,447 | 121 | — | 418,341 | ||||||||||||||||||
One- to four- family junior liens | 95,393 | 2,022 | 3,062 | 59 | — | 100,536 | ||||||||||||||||||
Total residential real estate | 496,812 | 6,376 | 15,509 | 180 | — | 518,877 | ||||||||||||||||||
Consumer | 36,141 | 8 | 261 | 39 | — | 36,449 | ||||||||||||||||||
Total | $ | 2,043,367 | $ | 63,755 | $ | 65,040 | $ | 229 | $ | — | $ | 2,172,391 |
Pass | Special Mention/ Watch | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Agricultural | $ | 111,361 | $ | 8,536 | $ | 1,817 | $ | — | $ | — | $ | 121,714 | ||||||||||||
Commercial and industrial | 436,857 | 12,893 | 17,652 | 10 | — | 467,412 | ||||||||||||||||||
Credit cards | 1,354 | 19 | 4 | — | — | 1,377 | ||||||||||||||||||
Overdrafts | 1,168 | 100 | 215 | — | — | 1,483 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | 114,640 | 2,406 | 3,707 | — | — | 120,753 | ||||||||||||||||||
Farmland | 82,442 | 2,408 | 4,234 | — | — | 89,084 | ||||||||||||||||||
Multifamily | 119,139 | 371 | 2,253 | — | — | 121,763 | ||||||||||||||||||
Commercial real estate-other | 609,651 | 19,402 | 31,288 | — | — | 660,341 | ||||||||||||||||||
Total commercial real estate | 925,872 | 24,587 | 41,482 | — | — | 991,941 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 410,143 | 4,813 | 13,042 | 235 | — | 428,233 | ||||||||||||||||||
One- to four- family junior liens | 96,223 | 1,782 | 4,209 | 59 | — | 102,273 | ||||||||||||||||||
Total residential real estate | 506,366 | 6,595 | 17,251 | 294 | — | 530,506 | ||||||||||||||||||
Consumer | 37,184 | 6 | 278 | 41 | — | 37,509 | ||||||||||||||||||
Total | $ | 2,020,162 | $ | 52,736 | $ | 78,699 | $ | 345 | $ | — | $ | 2,151,942 |
Pass | Special Mention/ Watch | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Agricultural | $ | 98,096 | $ | 5,032 | $ | 1,681 | $ | — | $ | — | $ | 104,809 | ||||||||||||
Commercial and industrial | 273,290 | 7,468 | 22,350 | — | — | 303,108 | ||||||||||||||||||
Credit cards | 1,240 | 6 | — | — | — | 1,246 | ||||||||||||||||||
Overdrafts | 373 | 262 | 109 | — | — | 744 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | 56,963 | 1,151 | 1,269 | — | — | 59,383 | ||||||||||||||||||
Farmland | 79,629 | 1,778 | 2,293 | — | — | 83,700 | ||||||||||||||||||
Multifamily | 54,708 | 178 | — | — | — | 54,886 | ||||||||||||||||||
Commercial real estate-other | 215,268 | 11,216 | 2,068 | — | — | 228,552 | ||||||||||||||||||
Total commercial real estate | 406,568 | 14,323 | 5,630 | — | — | 426,521 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 211,390 | 3,933 | 3,991 | — | — | 219,314 | ||||||||||||||||||
One- to four- family junior liens | 53,039 | 48 | 210 | — | — | 53,297 | ||||||||||||||||||
Total residential real estate | 264,429 | 3,981 | 4,201 | — | — | 272,611 | ||||||||||||||||||
Consumer | 23,431 | 8 | 41 | — | — | 23,480 | ||||||||||||||||||
Total | $ | 1,067,427 | $ | 31,080 | $ | 34,012 | $ | — | $ | — | $ | 1,132,519 |
September 30, 2015 | December 31, 2014 | |||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Agricultural | $ | 1,517 | $ | 2,017 | $ | — | $ | 1,410 | $ | 1,910 | $ | — | ||||||||||||
Commercial and industrial | 1,149 | 1,185 | — | 2,169 | 2,270 | — | ||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | 292 | 451 | — | 49 | 176 | — | ||||||||||||||||||
Farmland | 2,723 | 2,882 | — | 2,270 | 2,433 | — | ||||||||||||||||||
Multifamily | 1,618 | 1,825 | — | — | — | — | ||||||||||||||||||
Commercial real estate-other | 12,005 | 12,737 | — | 939 | 1,064 | — | ||||||||||||||||||
Total commercial real estate | 16,638 | 17,895 | — | 3,258 | 3,673 | — | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 2,392 | 2,942 | — | 535 | 773 | — | ||||||||||||||||||
One- to four- family junior liens | 755 | 772 | — | 134 | 157 | — | ||||||||||||||||||
Total residential real estate | 3,147 | 3,714 | — | 669 | 930 | — | ||||||||||||||||||
Consumer | 19 | 35 | — | 6 | 22 | — | ||||||||||||||||||
Total | $ | 22,470 | $ | 24,846 | $ | — | $ | 7,512 | $ | 8,805 | $ | — | ||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Agricultural | $ | 1,561 | $ | 1,561 | $ | 58 | $ | 1,617 | $ | 1,617 | $ | 88 | ||||||||||||
Commercial and industrial | 1,059 | 1,088 | 400 | 999 | 999 | 206 | ||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | 151 | 151 | 107 | 34 | 34 | 34 | ||||||||||||||||||
Farmland | 69 | 69 | 3 | 74 | 74 | 4 | ||||||||||||||||||
Multifamily | 158 | 158 | 30 | — | — | — | ||||||||||||||||||
Commercial real estate-other | 431 | 431 | 183 | 550 | 550 | 188 | ||||||||||||||||||
Total commercial real estate | 809 | 809 | 323 | 658 | 658 | 226 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 1,364 | 1,365 | 276 | 2,600 | 2,600 | 594 | ||||||||||||||||||
One- to four- family junior liens | 15 | 15 | 4 | 72 | 72 | 29 | ||||||||||||||||||
Total residential real estate | 1,379 | 1,380 | 280 | 2,672 | 2,672 | 623 | ||||||||||||||||||
Consumer | 9 | 9 | 1 | 28 | 28 | 2 | ||||||||||||||||||
Total | $ | 4,817 | $ | 4,847 | $ | 1,062 | $ | 5,974 | $ | 5,974 | $ | 1,145 | ||||||||||||
Total: | ||||||||||||||||||||||||
Agricultural | $ | 3,078 | $ | 3,578 | $ | 58 | $ | 3,027 | $ | 3,527 | $ | 88 | ||||||||||||
Commercial and industrial | 2,208 | 2,273 | 400 | 3,168 | 3,269 | 206 | ||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||
Overdrafts | — | — | — | — | — | — | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | 443 | 602 | 107 | 83 | 210 | 34 | ||||||||||||||||||
Farmland | 2,792 | 2,951 | 3 | 2,344 | 2,507 | 4 | ||||||||||||||||||
Multifamily | 1,776 | 1,983 | 30 | — | — | — | ||||||||||||||||||
Commercial real estate-other | 12,436 | 13,168 | 183 | 1,489 | 1,614 | 188 | ||||||||||||||||||
Total commercial real estate | 17,447 | 18,704 | 323 | 3,916 | 4,331 | 226 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 3,756 | 4,307 | 276 | 3,135 | 3,373 | 594 | ||||||||||||||||||
One- to four- family junior liens | 770 | 787 | 4 | 206 | 229 | 29 | ||||||||||||||||||
Total residential real estate | 4,526 | 5,094 | 280 | 3,341 | 3,602 | 623 | ||||||||||||||||||
Consumer | 28 | 44 | 1 | 34 | 50 | 2 | ||||||||||||||||||
Total | $ | 27,287 | $ | 29,693 | $ | 1,062 | $ | 13,486 | $ | 14,779 | $ | 1,145 |
March 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Agricultural | $ | 2,849 | $ | 3,520 | $ | — | $ | 1,512 | $ | 2,084 | $ | — | ||||||||||||
Commercial and industrial | 4,469 | 4,723 | — | 6,487 | 6,752 | — | ||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | — | — | — | 321 | 448 | — | ||||||||||||||||||
Farmland | 3,147 | 3,305 | — | 2,711 | 2,870 | — | ||||||||||||||||||
Multifamily | 1,720 | 1,845 | — | 1,632 | 1,798 | — | ||||||||||||||||||
Commercial real estate-other | 4,601 | 4,876 | — | 12,230 | 12,642 | — | ||||||||||||||||||
Total commercial real estate | 9,468 | 10,026 | — | 16,894 | 17,758 | — | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 2,874 | 2,922 | — | 2,494 | 2,533 | — | ||||||||||||||||||
One- to four- family junior liens | 922 | 927 | — | 1,297 | 1,308 | — | ||||||||||||||||||
Total residential real estate | 3,796 | 3,849 | — | 3,791 | 3,841 | — | ||||||||||||||||||
Consumer | 16 | 32 | — | 17 | 33 | — | ||||||||||||||||||
Total | $ | 20,598 | $ | 22,150 | $ | — | $ | 28,701 | $ | 30,468 | $ | — | ||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Agricultural | $ | 165 | $ | 165 | $ | 41 | $ | 1,560 | $ | 1,560 | $ | 51 | ||||||||||||
Commercial and industrial | 3,657 | 3,690 | 618 | 1,231 | 1,258 | 489 | ||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | 305 | 305 | 56 | 34 | 34 | 34 | ||||||||||||||||||
Farmland | — | — | — | 69 | 69 | 3 | ||||||||||||||||||
Multifamily | 158 | 158 | 41 | 224 | 224 | 73 | ||||||||||||||||||
Commercial real estate-other | 6,540 | 6,541 | 2,615 | 6,476 | 6,478 | 2,676 | ||||||||||||||||||
Total commercial real estate | 7,003 | 7,004 | 2,712 | 6,803 | 6,805 | 2,786 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 1,759 | 1,892 | 358 | 1,919 | 2,056 | 383 | ||||||||||||||||||
One- to four- family junior liens | 15 | 15 | 4 | 15 | 15 | 4 | ||||||||||||||||||
Total residential real estate | 1,774 | 1,907 | 362 | 1,934 | 2,071 | 387 | ||||||||||||||||||
Consumer | 9 | 9 | 1 | 9 | 9 | 1 | ||||||||||||||||||
Total | $ | 12,608 | $ | 12,775 | $ | 3,734 | $ | 11,537 | $ | 11,703 | $ | 3,714 | ||||||||||||
Total: | ||||||||||||||||||||||||
Agricultural | $ | 3,014 | $ | 3,685 | $ | 41 | $ | 3,072 | $ | 3,644 | $ | 51 | ||||||||||||
Commercial and industrial | 8,126 | 8,413 | 618 | 7,718 | 8,010 | 489 | ||||||||||||||||||
Credit cards | — | — | — | — | — | — | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | 305 | 305 | 56 | 355 | 482 | 34 | ||||||||||||||||||
Farmland | 3,147 | 3,305 | — | 2,780 | 2,939 | 3 | ||||||||||||||||||
Multifamily | 1,878 | 2,003 | 41 | 1,856 | 2,022 | 73 | ||||||||||||||||||
Commercial real estate-other | 11,141 | 11,417 | 2,615 | 18,706 | 19,120 | 2,676 | ||||||||||||||||||
Total commercial real estate | 16,471 | 17,030 | 2,712 | 23,697 | 24,563 | 2,786 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 4,633 | 4,814 | 358 | 4,413 | 4,589 | 383 | ||||||||||||||||||
One- to four- family junior liens | 937 | 942 | 4 | 1,312 | 1,323 | 4 | ||||||||||||||||||
Total residential real estate | 5,570 | 5,756 | 362 | 5,725 | 5,912 | 387 | ||||||||||||||||||
Consumer | 25 | 41 | 1 | 26 | 42 | 1 | ||||||||||||||||||
Total | $ | 33,206 | $ | 34,925 | $ | 3,734 | $ | 40,238 | $ | 42,171 | $ | 3,714 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Agricultural | $ | 1,516 | $ | 13 | $ | 1,410 | $ | 15 | $ | 1,534 | $ | 47 | $ | 1,413 | $ | 43 | ||||||||||||||||
Commercial and industrial | 1,318 | 26 | 985 | 11 | 1,665 | 79 | 1,018 | 36 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and development | 325 | 3 | 49 | — | 326 | 4 | 49 | — | ||||||||||||||||||||||||
Farmland | 2,730 | 35 | 83 | 1 | 2,749 | 93 | 87 | 4 | ||||||||||||||||||||||||
Multifamily | 1,839 | 26 | — | — | 1,849 | 43 | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 12,327 | 147 | 417 | — | 12,374 | 250 | 442 | (8 | ) | |||||||||||||||||||||||
Total commercial real estate | 17,221 | 211 | 549 | 1 | 17,298 | 390 | 578 | (4 | ) | |||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||
One- to four- family first liens | 2,354 | 17 | 704 | (1 | ) | 2,345 | 27 | 715 | 8 | |||||||||||||||||||||||
One- to four- family junior liens | 773 | 9 | 119 | (1 | ) | 775 | 15 | 119 | 1 | |||||||||||||||||||||||
Total residential real estate | 3,127 | 26 | 823 | (2 | ) | 3,120 | 42 | 834 | 9 | |||||||||||||||||||||||
Consumer | 20 | 1 | 7 | — | 21 | 1 | 8 | — | ||||||||||||||||||||||||
Total | $ | 23,202 | $ | 277 | $ | 3,774 | $ | 25 | $ | 23,638 | $ | 559 | $ | 3,851 | $ | 84 | ||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Agricultural | $ | 1,561 | $ | 12 | $ | 1,617 | $ | 12 | $ | 1,575 | $ | 36 | $ | 1,630 | $ | 37 | ||||||||||||||||
Commercial and industrial | 1,103 | 12 | 1,899 | 16 | 1,144 | 32 | 1,566 | 36 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and development | 151 | 1 | 34 | — | 151 | 2 | 35 | 1 | ||||||||||||||||||||||||
Farmland | 69 | 1 | 2,418 | 27 | 70 | 2 | 2,429 | 81 | ||||||||||||||||||||||||
Multifamily | 158 | 1 | — | — | 160 | 5 | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 431 | 5 | 1,088 | 7 | 432 | 13 | 1,093 | 15 | ||||||||||||||||||||||||
Total commercial real estate | 809 | 8 | 3,540 | 34 | 813 | 22 | 3,557 | 97 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||
One- to four- family first liens | 1,369 | 7 | 797 | 7 | 1,375 | 27 | 801 | 23 | ||||||||||||||||||||||||
One- to four- family junior liens | 15 | — | 152 | — | 15 | — | 153 | 2 | ||||||||||||||||||||||||
Total residential real estate | 1,384 | 7 | 949 | 7 | 1,390 | 27 | 954 | 25 | ||||||||||||||||||||||||
Consumer | 9 | — | 30 | (11 | ) | 9 | — | 31 | (10 | ) | ||||||||||||||||||||||
Total | $ | 4,866 | $ | 39 | $ | 8,035 | $ | 58 | $ | 4,931 | $ | 117 | $ | 7,738 | $ | 185 | ||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Agricultural | $ | 3,077 | $ | 25 | $ | 3,027 | $ | 27 | $ | 3,109 | $ | 83 | $ | 3,043 | $ | 80 | ||||||||||||||||
Commercial and industrial | 2,421 | 38 | 2,884 | 27 | 2,809 | 111 | 2,584 | 72 | ||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and development | 476 | 4 | 83 | — | 477 | 6 | 84 | 1 | ||||||||||||||||||||||||
Farmland | 2,799 | 36 | 2,501 | 28 | 2,819 | 95 | 2,516 | 85 | ||||||||||||||||||||||||
Multifamily | 1,997 | 27 | — | — | 2,009 | 48 | — | — | ||||||||||||||||||||||||
Commercial real estate-other | 12,758 | 152 | 1,505 | 7 | 12,806 | 263 | 1,535 | 7 | ||||||||||||||||||||||||
Total commercial real estate | 18,030 | 219 | 4,089 | 35 | 18,111 | 412 | 4,135 | 93 | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||
One- to four- family first liens | 3,723 | 24 | 1,501 | 6 | 3,720 | 54 | 1,516 | 31 | ||||||||||||||||||||||||
One- to four- family junior liens | 788 | 9 | 271 | (1 | ) | 790 | 15 | 272 | 3 | |||||||||||||||||||||||
Total residential real estate | 4,511 | 33 | 1,772 | 5 | 4,510 | 69 | 1,788 | 34 | ||||||||||||||||||||||||
Consumer | 29 | 1 | 37 | (11 | ) | 30 | 1 | 39 | (10 | ) | ||||||||||||||||||||||
Total | $ | 28,068 | $ | 316 | $ | 11,809 | $ | 83 | $ | 28,569 | $ | 676 | $ | 11,589 | $ | 269 |
Three Months Ended March 31, | ||||||||||||||||
2016 | 2015 | |||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||
(in thousands) | ||||||||||||||||
With no related allowance recorded: | ||||||||||||||||
Agricultural | $ | 2,914 | $ | 20 | $ | 1,375 | $ | 14 | ||||||||
Commercial and industrial | 4,375 | 1 | 1,872 | 29 | ||||||||||||
Credit cards | — | — | — | — | ||||||||||||
Commercial real estate: | ||||||||||||||||
Construction and development | — | — | 49 | — | ||||||||||||
Farmland | 3,320 | 26 | 2,241 | 27 | ||||||||||||
Multifamily | 1,709 | 25 | — | — | ||||||||||||
Commercial real estate-other | 4,626 | 50 | 1,036 | — | ||||||||||||
Total commercial real estate | 9,655 | 101 | 3,326 | 27 | ||||||||||||
Residential real estate: | ||||||||||||||||
One- to four- family first liens | 2,833 | 27 | 1,417 | — | ||||||||||||
One- to four- family junior liens | 920 | 11 | 134 | — | ||||||||||||
Total residential real estate | 3,753 | 38 | 1,551 | — | ||||||||||||
Consumer | 17 | 1 | 23 | — | ||||||||||||
Total | $ | 20,714 | $ | 161 | $ | 8,147 | $ | 70 | ||||||||
With an allowance recorded: | ||||||||||||||||
Agricultural | $ | 167 | $ | 2 | $ | 1,589 | $ | 12 | ||||||||
Commercial and industrial | 3,679 | 4 | 1,022 | 9 | ||||||||||||
Credit cards | — | — | — | — | ||||||||||||
Commercial real estate: | ||||||||||||||||
Construction and development | 305 | 3 | 34 | — | ||||||||||||
Farmland | — | — | 72 | 1 | ||||||||||||
Multifamily | 158 | — | — | — | ||||||||||||
Commercial real estate-other | 6,546 | 9 | 549 | 4 | ||||||||||||
Total commercial real estate | 7,009 | 12 | 655 | 5 | ||||||||||||
Residential real estate: | ||||||||||||||||
One- to four- family first liens | 1,607 | 8 | 1,068 | 9 | ||||||||||||
One- to four- family junior liens | 15 | — | 72 | — | ||||||||||||
Total residential real estate | 1,622 | 8 | 1,140 | 9 | ||||||||||||
Consumer | 9 | 1 | 10 | — | ||||||||||||
Total | $ | 12,486 | $ | 27 | $ | 4,416 | $ | 35 | ||||||||
Total: | ||||||||||||||||
Agricultural | $ | 3,081 | $ | 22 | $ | 2,964 | $ | 26 | ||||||||
Commercial and industrial | 8,054 | 5 | 2,894 | 38 | ||||||||||||
Credit cards | — | — | — | — | ||||||||||||
Commercial real estate: | ||||||||||||||||
Construction and development | 305 | 3 | 83 | — | ||||||||||||
Farmland | 3,320 | 26 | 2,313 | 28 | ||||||||||||
Multifamily | 1,867 | 25 | — | — | ||||||||||||
Commercial real estate-other | 11,172 | 59 | 1,585 | 4 | ||||||||||||
Total commercial real estate | 16,664 | 113 | 3,981 | 32 | ||||||||||||
Residential real estate: | ||||||||||||||||
One- to four- family first liens | 4,440 | 35 | 2,485 | 9 | ||||||||||||
One- to four- family junior liens | 935 | 11 | 206 | — | ||||||||||||
Total residential real estate | 5,375 | 46 | 2,691 | 9 | ||||||||||||
Consumer | 26 | 2 | 33 | — | ||||||||||||
Total | $ | 33,200 | $ | 188 | $ | 12,563 | $ | 105 |
30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans Receivable | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
September 30, 2015 | ||||||||||||||||||||||||
Agricultural | $ | 150 | $ | 26 | $ | — | $ | 176 | $ | 123,168 | $ | 123,344 | ||||||||||||
Commercial and industrial | 1,217 | 526 | 30 | 1,773 | 448,609 | 450,382 | ||||||||||||||||||
Credit cards | 11 | 3 | — | 14 | 1,405 | 1,419 | ||||||||||||||||||
Overdrafts | 54 | 32 | — | 86 | 735 | 821 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | — | 140 | 325 | 465 | 107,069 | 107,534 | ||||||||||||||||||
Farmland | 153 | — | — | 153 | 89,596 | 89,749 | ||||||||||||||||||
Multifamily | — | — | — | — | 115,930 | 115,930 | ||||||||||||||||||
Commercial real estate-other | 671 | 6,892 | 679 | 8,242 | 658,880 | 667,122 | ||||||||||||||||||
Total commercial real estate | 824 | 7,032 | 1,004 | 8,860 | 971,475 | 980,335 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 2,252 | 647 | 1,235 | 4,134 | 434,900 | 439,034 | ||||||||||||||||||
One- to four- family junior liens | 506 | 172 | 267 | 945 | 104,017 | 104,962 | ||||||||||||||||||
Total residential real estate | 2,758 | 819 | 1,502 | 5,079 | 538,917 | 543,996 | ||||||||||||||||||
Consumer | 78 | 4 | 3 | 85 | 36,830 | 36,915 | ||||||||||||||||||
Total | $ | 5,092 | $ | 8,442 | $ | 2,539 | $ | 16,073 | $ | 2,121,139 | $ | 2,137,212 | ||||||||||||
Included in the totals above are the following purchased credit impaired loans | $ | 400 | $ | 140 | $ | 1,205 | $ | 1,745 | $ | 24,572 | $ | 26,317 | ||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Agricultural | $ | 58 | $ | 30 | $ | — | $ | 88 | $ | 104,721 | $ | 104,809 | ||||||||||||
Commercial and industrial | 897 | 603 | 515 | 2,015 | 301,093 | 303,108 | ||||||||||||||||||
Credit cards | 3 | 3 | — | 6 | 1,240 | 1,246 | ||||||||||||||||||
Overdrafts | 104 | 2 | 4 | 110 | 634 | 744 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | — | — | 83 | 83 | 59,300 | 59,383 | ||||||||||||||||||
Farmland | 503 | — | — | 503 | 83,197 | 83,700 | ||||||||||||||||||
Multifamily | — | — | — | — | 54,886 | 54,886 | ||||||||||||||||||
Commercial real estate-other | 168 | 57 | 1,200 | 1,425 | 227,127 | 228,552 | ||||||||||||||||||
Total commercial real estate | 671 | 57 | 1,283 | 2,011 | 424,510 | 426,521 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 1,481 | 581 | 2,023 | 4,085 | 215,229 | 219,314 | ||||||||||||||||||
One- to four- family junior liens | 105 | 48 | 192 | 345 | 52,952 | 53,297 | ||||||||||||||||||
Total residential real estate | 1,586 | 629 | 2,215 | 4,430 | 268,181 | 272,611 | ||||||||||||||||||
Consumer | 35 | 8 | 23 | 66 | 23,414 | 23,480 | ||||||||||||||||||
Total | $ | 3,354 | $ | 1,332 | $ | 4,040 | $ | 8,726 | $ | 1,123,793 | $ | 1,132,519 |
30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans Receivable | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2016 | ||||||||||||||||||||||||
Agricultural | $ | 482 | $ | 277 | $ | 315 | $ | 1,074 | $ | 122,421 | $ | 123,495 | ||||||||||||
Commercial and industrial | 1,058 | 633 | 115 | 1,806 | 470,024 | 471,830 | ||||||||||||||||||
Credit cards | — | 1 | 13 | 14 | 1,474 | 1,488 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | — | — | 118 | 118 | 115,100 | 115,218 | ||||||||||||||||||
Farmland | — | 363 | — | 363 | 91,453 | 91,816 | ||||||||||||||||||
Multifamily | — | — | — | — | 125,410 | 125,410 | ||||||||||||||||||
Commercial real estate-other | 1,294 | 2,044 | 640 | 3,978 | 683,830 | 687,808 | ||||||||||||||||||
Total commercial real estate | 1,294 | 2,407 | 758 | 4,459 | 1,015,793 | 1,020,252 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 1,360 | 998 | 1,274 | 3,632 | 414,709 | 418,341 | ||||||||||||||||||
One- to four- family junior liens | 519 | 85 | 268 | 872 | 99,664 | 100,536 | ||||||||||||||||||
Total residential real estate | 1,879 | 1,083 | 1,542 | 4,504 | 514,373 | 518,877 | ||||||||||||||||||
Consumer | 31 | 5 | 9 | 45 | 36,404 | 36,449 | ||||||||||||||||||
Total | $ | 4,744 | $ | 4,406 | $ | 2,752 | $ | 11,902 | $ | 2,160,489 | $ | 2,172,391 | ||||||||||||
Included in the totals above are the following purchased credit impaired loans | $ | 363 | $ | 2,233 | $ | 420 | $ | 3,016 | $ | 21,478 | $ | 24,494 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Agricultural | $ | 19 | $ | 190 | $ | 169 | $ | 378 | $ | 121,336 | $ | 121,714 | ||||||||||||
Commercial and industrial | 1,046 | 710 | 644 | 2,400 | 465,012 | 467,412 | ||||||||||||||||||
Credit cards | 2 | 17 | 4 | 23 | 1,354 | 1,377 | ||||||||||||||||||
Overdrafts | 175 | 8 | 31 | 214 | 1,269 | 1,483 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Construction and development | — | — | 415 | 415 | 120,338 | 120,753 | ||||||||||||||||||
Farmland | 120 | — | 80 | 200 | 88,884 | 89,084 | ||||||||||||||||||
Multifamily | — | — | 224 | 224 | 121,539 | 121,763 | ||||||||||||||||||
Commercial real estate-other | 1,190 | 754 | 1,636 | 3,580 | 656,761 | 660,341 | ||||||||||||||||||
Total commercial real estate | 1,310 | 754 | 2,355 | 4,419 | 987,522 | 991,941 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four- family first liens | 2,611 | 1,293 | 1,772 | 5,676 | 422,557 | 428,233 | ||||||||||||||||||
One- to four- family junior liens | 168 | 120 | 317 | 605 | 101,668 | 102,273 | ||||||||||||||||||
Total residential real estate | 2,779 | 1,413 | 2,089 | 6,281 | 524,225 | 530,506 | ||||||||||||||||||
Consumer | 62 | 6 | 17 | 85 | 37,424 | 37,509 | ||||||||||||||||||
Total | $ | 5,393 | $ | 3,098 | $ | 5,309 | $ | 13,800 | $ | 2,138,142 | $ | 2,151,942 | ||||||||||||
Included in the totals above are the following purchased credit impaired loans | $ | 473 | $ | 799 | $ | 989 | $ | 2,261 | $ | 23,331 | $ | 25,592 |
September 30, 2015 | December 31, 2014 | |||||||||||||||
Non-Accrual | Loans Past Due 90 Days or More and Still Accruing | Non-Accrual | Loans Past Due 90 Days or More and Still Accruing | |||||||||||||
(in thousands) | ||||||||||||||||
Agricultural | $ | 176 | $ | — | $ | — | $ | — | ||||||||
Commercial and industrial | 412 | 19 | 479 | 66 | ||||||||||||
Credit cards | — | — | — | — | ||||||||||||
Overdrafts | — | — | — | — | ||||||||||||
Commercial real estate: | ||||||||||||||||
Construction and development | 83 | — | 83 | — | ||||||||||||
Farmland | 21 | — | 24 | — | ||||||||||||
Multifamily | 158 | — | — | — | ||||||||||||
Commercial real estate-other | 2,286 | — | 1,200 | — | ||||||||||||
Total commercial real estate | 2,548 | — | 1,307 | — | ||||||||||||
Residential real estate: | ||||||||||||||||
One- to four- family first liens | 1,858 | 110 | 1,261 | 780 | ||||||||||||
One- to four- family junior liens | 141 | — | 192 | — | ||||||||||||
Total residential real estate | 1,999 | 110 | 1,453 | 780 | ||||||||||||
Consumer | 12 | 3 | 16 | 2 | ||||||||||||
Total | $ | 5,147 | $ | 132 | $ | 3,255 | $ | 848 |
March 31, 2016 | December 31, 2015 | |||||||||||||||
Non-Accrual | Loans Past Due 90 Days or More and Still Accruing | Non-Accrual | Loans Past Due 90 Days or More and Still Accruing | |||||||||||||
(in thousands) | ||||||||||||||||
Agricultural | $ | 218 | $ | 315 | $ | 172 | $ | — | ||||||||
Commercial and industrial | 5,756 | 10 | 575 | — | ||||||||||||
Credit cards | — | — | — | — | ||||||||||||
Commercial real estate: | ||||||||||||||||
Construction and development | 44 | — | 95 | — | ||||||||||||
Farmland | 249 | — | 20 | 80 | ||||||||||||
Multifamily | 224 | — | 224 | — | ||||||||||||
Commercial real estate-other | 7,812 | 16 | 1,452 | — | ||||||||||||
Total commercial real estate | 8,329 | 16 | 1,791 | 80 | ||||||||||||
Residential real estate: | ||||||||||||||||
One- to four- family first liens | 2,034 | 177 | 1,182 | 199 | ||||||||||||
One- to four- family junior liens | 139 | — | 281 | — | ||||||||||||
Total residential real estate | 2,173 | 177 | 1,463 | 199 | ||||||||||||
Consumer | 10 | 9 | 11 | 5 | ||||||||||||
Total | $ | 16,486 | $ | 527 | $ | 4,012 | $ | 284 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Balance at beginning of period | $ | 1,839 | $ | — | $ | — | $ | — | ||||||||
Purchases | — | — | 1,882 | — | ||||||||||||
Accretion | (184 | ) | — | (227 | ) | — | ||||||||||
Reclassification from nonaccretable difference | — | — | — | — | ||||||||||||
Balance at end of period | $ | 1,655 | $ | — | $ | 1,655 | $ | — |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Balance at beginning of period | $ | 1,446 | $ | — | ||||
Purchases | — | — | ||||||
Accretion | (601 | ) | — | |||||
Reclassification from nonaccretable difference | — | — | ||||||
Balance at end of period | $ | 845 | $ | — |
Insurance Agency Intangible | Core Deposit Intangible | Trade Names Intangible | Customer List Intangible | Total | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the Nine Months Ended September 30, 2015 | |||||||||||||||||||||
Balance, beginning of period | $ | 364 | $ | 691 | $ | 7,040 | $ | 164 | $ | 8,259 | |||||||||||
Amortization expense | (66 | ) | (1,942 | ) | (112 | ) | (16 | ) | (2,136 | ) | |||||||||||
Additions from business combination | — | 12,773 | 1,380 | — | 14,153 | ||||||||||||||||
Balance at end of period | $ | 298 | $ | 11,522 | $ | 8,308 | $ | 148 | $ | 20,276 | |||||||||||
Gross carrying amount | $ | 1,320 | $ | 18,206 | $ | 8,420 | $ | 330 | $ | 28,276 | |||||||||||
Accumulated amortizations | (1,022 | ) | (6,684 | ) | (112 | ) | (182 | ) | (8,000 | ) | |||||||||||
Net book value | $ | 298 | $ | 11,522 | $ | 8,308 | $ | 148 | $ | 20,276 |
Insurance Agency Intangible | Core Deposit Intangible | Indefinite-Lived Trade Name Intangible | Finite-Lived Trade Name Intangible | Customer List Intangible | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
March 31, 2016 | |||||||||||||||||||||||||
Balance, beginning of period | $ | 275 | $ | 10,480 | $ | 7,040 | $ | 1,203 | $ | 143 | $ | 19,141 | |||||||||||||
Additions from business combination | — | — | — | — | — | — | |||||||||||||||||||
Amortization expense | (18 | ) | (974 | ) | — | (63 | ) | (6 | ) | (1,061 | ) | ||||||||||||||
Balance at end of period | $ | 257 | $ | 9,506 | $ | 7,040 | $ | 1,140 | $ | 137 | $ | 18,080 | |||||||||||||
Gross carrying amount | $ | 1,320 | $ | 18,206 | $ | 7,040 | $ | 1,380 | $ | 330 | $ | 28,276 | |||||||||||||
Accumulated amortizations | (1,063 | ) | (8,700 | ) | — | (240 | ) | (193 | ) | (10,196 | ) | ||||||||||||||
Net book value | $ | 257 | $ | 9,506 | $ | 7,040 | $ | 1,140 | $ | 137 | $ | 18,080 |
September 30, 2015 | December 31, 2014 | |||||||
(in thousands) | ||||||||
Federal Home Loan Bank Stock | $ | 9,811 | $ | 8,582 | ||||
FDIC indemnification asset, net | 4,488 | — | ||||||
Prepaid expenses | 2,613 | 1,350 | ||||||
Mortgage servicing rights | 2,179 | 2,308 | ||||||
Accounts receivable & other miscellaneous assets | 1,797 | 1,835 | ||||||
$ | 20,888 | $ | 14,075 |
March 31, 2016 | December 31, 2015 | |||||||
(in thousands) | ||||||||
Federal Home Loan Bank Stock | $ | 10,812 | $ | 9,832 | ||||
FDIC indemnification asset, net | 3,787 | 4,274 | ||||||
Prepaid expenses | 2,145 | 2,271 | ||||||
Mortgage servicing rights | 2,090 | 2,249 | ||||||
Federal & state income taxes receivable, current | — | 1,079 | ||||||
Accounts receivable & other miscellaneous assets | 2,892 | 2,104 | ||||||
$ | 21,726 | $ | 21,809 |
September 30, 2015 | December 31, 2014 | ||||||||||||||
(in thousands) | Weighted Average Cost | Balance | Weighted Average Cost | Balance | |||||||||||
Federal Reserve Bank advances | — | % | $ | — | — | % | $ | — | |||||||
Federal funds purchased | — | — | — | — | |||||||||||
Securities sold under agreements to repurchase | 0.30 | 69,228 | 0.21 | 60,821 | |||||||||||
Line of credit | — | — | — | — | |||||||||||
Total | 0.30 | % | $ | 69,228 | 0.21 | % | $ | 60,821 |
March 31, 2016 | December 31, 2015 | ||||||||||||||
(in thousands) | Weighted Average Cost | Balance | Weighted Average Cost | Balance | |||||||||||
Federal funds purchased | — | % | $ | — | 0.34 | % | $ | 1,500 | |||||||
Securities sold under agreements to repurchase | 0.34 | 57,869 | 0.31 | 67,463 | |||||||||||
Total | 0.34 | % | $ | 57,869 | 0.31 | % | $ | 68,963 |
Face Value | Book Value | Interest Rate | Interest Rate at | Maturity Date | Callable Date | |||||||||||||
(in thousands) | 9/30/2015 | |||||||||||||||||
Central Bancshares Capital Trust II(1) (2) | $ | 7,217 | $ | 6,536 | Three-month LIBOR + 3.50% | 3.84 | % | 03/15/2038 | 03/15/2013 | |||||||||
Barron Investment Capital Trust I(1) (2) | 2,062 | 1,560 | Three-month LIBOR + 2.15% | 2.48 | % | 09/30/2036 | 09/23/2011 | |||||||||||
MidWestOne Statutory Trust II(1) | 15,464 | 15,464 | Three-month LIBOR + 1.59% | 1.93 | % | 12/15/2037 | 12/15/2012 | |||||||||||
Total | $ | 24,743 | $ | 23,560 |
Face Value | Book Value | Interest Rate | Interest Rate at | Maturity Date | Callable Date | |||||||||||||
(in thousands) | 3/31/2016 | |||||||||||||||||
March 31, 2016 | ||||||||||||||||||
Central Bancshares Capital Trust II(1) (2) | $ | 7,217 | $ | 6,568 | Three-month LIBOR + 3.50% | 4.13 | % | 03/15/2038 | 03/15/2013 | |||||||||
Barron Investment Capital Trust I(1) (2) | 2,062 | 1,582 | Three-month LIBOR + 2.15% | 2.77 | % | 09/23/2036 | 09/23/2011 | |||||||||||
MidWestOne Statutory Trust II(1) | 15,464 | 15,464 | Three-month LIBOR + 1.59% | 2.20 | % | 12/15/2037 | 12/15/2012 | |||||||||||
Total | $ | 24,743 | $ | 23,614 |
Face Value | Book Value | Interest Rate | Interest Rate at | Maturity Date | Callable Date | |||||||||||||
(in thousands) | 12/31/2015 | |||||||||||||||||
December 31, 2015 | ||||||||||||||||||
Central Bancshares Capital Trust II(1) (2) | $ | 7,217 | $ | 6,552 | Three-month LIBOR + 3.50% | 4.01 | % | 03/15/2038 | 03/15/2013 | |||||||||
Barron Investment Capital Trust I(1) (2) | 2,062 | 1,571 | Three-month LIBOR + 2.15% | 2.74 | % | 09/23/2036 | 09/23/2011 | |||||||||||
MidWestOne Statutory Trust II(1) | 15,464 | 15,464 | Three-month LIBOR + 1.59% | 2.10 | % | 12/15/2037 | 12/15/2012 | |||||||||||
Total | $ | 24,743 | $ | 23,587 |
September 30, 2015 | December 31, 2014 | ||||||||||||||
(in thousands) | Weighted Average Cost | Balance | Weighted Average Cost | Balance | |||||||||||
FHLB Borrowings | 1.64 | % | $ | 87,000 | 1.88 | % | $ | 93,000 | |||||||
Note payable to unaffiliated bank | 2.25 | 23,750 | — | — | |||||||||||
Total | 1.77 | % | $ | 110,750 | 1.88 | % | $ | 93,000 |
March 31, 2016 | December 31, 2015 | |||||||||||||
(in thousands) | Weighted Average Cost | Balance | Weighted Average Cost | Balance | ||||||||||
FHLB Borrowings | 1.71 | % | $ | 112,000 | 1.64 | % | $ | 87,000 | ||||||
Note payable to unaffiliated bank | 2.19 | 21,250 | 2.17 | 22,500 | ||||||||||
Total | 1.79 | % | $ | 133,250 | 1.75 | % | $ | 109,500 |
For the Three Months Ended March 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
(in thousands) | Amount | % of Pretax Income | Amount | % of Pretax Income | ||||||||||
Expected provision | $ | 2,607 | 35.0 | % | $ | 2,265 | 35.0 | % | ||||||
Tax-exempt interest | (754 | ) | (10.1 | ) | (670 | ) | (10.4 | ) | ||||||
Bank-owned life insurance | (134 | ) | (1.8 | ) | (103 | ) | (1.6 | ) | ||||||
State income taxes, net of federal income tax benefit | 320 | 4.3 | 200 | 3.1 | ||||||||||
Non-deductible acquisition expenses | 25 | 0.3 | 65 | 1.0 | ||||||||||
General business credits | (139 | ) | (1.9 | ) | (8 | ) | (0.1 | ) | ||||||
Other | (20 | ) | (0.3 | ) | (74 | ) | (1.1 | ) | ||||||
Total income tax provision | $ | 1,905 | 25.5 | % | $ | 1,675 | 25.9 | % |
Fair Value Measurement at September 30, 2015 Using | ||||||||||||||||
(in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
Available for sale debt securities: | ||||||||||||||||
U.S. Government agencies and corporations | $ | 27,095 | $ | — | $ | 27,095 | $ | — | ||||||||
State and political subdivisions | 179,241 | — | 179,241 | — | ||||||||||||
Mortgage-backed securities | 60,394 | — | 60,394 | — | ||||||||||||
Collateralized mortgage obligations | 105,923 | — | 105,923 | — | ||||||||||||
Corporate debt securities | 41,142 | — | 41,142 | — | ||||||||||||
Total available for sale debt securities | 413,795 | — | 413,795 | — | ||||||||||||
Available for sale equity securities: | ||||||||||||||||
Other equity securities | 1,247 | 1,247 | — | — | ||||||||||||
Total available for sale equity securities | 1,247 | 1,247 | — | — | ||||||||||||
Total securities available for sale | $ | 415,042 | $ | 1,247 | $ | 413,795 | $ | — |
Fair Value Measurement at March 31, 2016 Using | ||||||||||||||||
(in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
Available for sale debt securities: | ||||||||||||||||
U.S. Government agencies and corporations | $ | 11,546 | $ | — | $ | 11,546 | $ | — | ||||||||
State and political subdivisions | 179,228 | — | 179,228 | — | ||||||||||||
Mortgage-backed securities | 53,013 | — | 53,013 | — | ||||||||||||
Collateralized mortgage obligations | 101,850 | — | 101,850 | — | ||||||||||||
Corporate debt securities | 40,592 | — | 40,592 | — | ||||||||||||
Total available for sale debt securities | 386,229 | — | 386,229 | — | ||||||||||||
Other equity securities | 1,265 | 1,265 | — | — | ||||||||||||
Total securities available for sale | $ | 387,494 | $ | 1,265 | $ | 386,229 | $ | — | ||||||||
Fair Value Measurement at December 31, 2014 Using | ||||||||||||||||
(in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
Available for sale debt securities: | ||||||||||||||||
U.S. Government agencies and corporations | $ | 49,375 | $ | — | $ | 49,375 | $ | — | ||||||||
State and political subdivisions | 195,199 | — | 195,199 | — | ||||||||||||
Mortgage-backed securities | 32,463 | — | 32,463 | — | ||||||||||||
Collateralized mortgage obligations | 146,132 | — | 146,132 | — | ||||||||||||
Corporate debt securities | 48,741 | — | 48,741 | — | ||||||||||||
Total available for sale debt securities | 471,910 | — | 471,910 | — | ||||||||||||
Available for sale equity securities: | ||||||||||||||||
Other equity securities | 3,032 | 3,032 | — | — | ||||||||||||
Total available for sale equity securities | 3,032 | 3,032 | — | — | ||||||||||||
Total securities available for sale | $ | 474,942 | $ | 3,032 | $ | 471,910 | $ | — | ||||||||
Fair Value Measurement at December 31, 2015 Using | ||||||||||||||||
(in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
Available for sale debt securities: | ||||||||||||||||
U.S. Treasury securities | $ | 6,910 | $ | — | $ | 6,910 | $ | — | ||||||||
U.S. Government agencies and corporations | 26,653 | — | 26,653 | — | ||||||||||||
State and political subdivisions | 183,384 | — | 183,384 | — | ||||||||||||
Mortgage-backed securities | 57,062 | — | 57,062 | — | ||||||||||||
Collateralized mortgage obligations | 106,404 | — | 106,404 | — | ||||||||||||
Corporate debt securities | 45,566 | — | 45,566 | — | ||||||||||||
Total available for sale debt securities | 425,979 | — | 425,979 | — | ||||||||||||
Other equity securities | 1,262 | 1,262 | — | — | ||||||||||||
Total securities available for sale | $ | 427,241 | $ | 1,262 | $ | 425,979 | $ | — | ||||||||
For the Nine Months Ended September 30, | |||||||||
2015 | 2014 | ||||||||
Collateralized Debt Obligations | Collateralized Debt Obligations | ||||||||
(in thousands) | |||||||||
Beginning balance | $ | — | $ | 1,317 | |||||
Transfers into Level 3 | — | — | |||||||
Transfers out of Level 3 | — | — | |||||||
Total gains (losses): | |||||||||
Included in earnings | — | 782 | |||||||
Included in other comprehensive income | — | 794 | |||||||
Purchases, issuances, sales, and settlements: | |||||||||
Purchases | — | — | |||||||
Issuances | — | — | |||||||
Sales | — | (2,893 | ) | ||||||
Settlements | — | — | |||||||
Ending balance | $ | — | $ | — |
For the Nine Months Ended September 30, | |||||||||
2015 | 2014 | ||||||||
Collateralized Debt Obligations | Collateralized Debt Obligations | ||||||||
(in thousands) | |||||||||
Total gains for the period in earnings* | $ | — | $ | 782 | |||||
Change in unrealized gains for the period included in other comprehensive income | $ | — | $ | 794 |
Fair Value Measurement at September 30, 2015 Using | ||||||||||||||||
(in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
Collateral dependent impaired loans | $ | 17,872 | $ | — | $ | — | $ | 17,872 | ||||||||
Other real estate owned | $ | 8,299 | $ | — | $ | — | $ | 8,299 |
Fair Value Measurement at March 31, 2016 Using | ||||||||||||||||
(in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
Collateral dependent impaired loans | $ | 18,729 | $ | — | $ | — | $ | 18,729 | ||||||||
Other real estate owned | $ | 6,169 | $ | — | $ | — | $ | 6,169 |
Fair Value Measurement at December 31, 2014 Using | ||||||||||||||||
(in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
Collateral dependent impaired loans | $ | 3,412 | $ | — | $ | — | $ | 3,412 | ||||||||
Other real estate owned | $ | 1,916 | $ | — | $ | — | $ | 1,916 |
Fair Value Measurement at December 31, 2015 Using | ||||||||||||||||
(in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
Collateral dependent impaired loans | $ | 23,812 | $ | — | $ | — | $ | 23,812 | ||||||||
Other real estate owned | $ | 8,834 | $ | — | $ | — | $ | 8,834 |
September 30, 2015 | ||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 92,334 | $ | 92,334 | $ | 92,334 | $ | — | $ | — | ||||||||||
Investment securities: | ||||||||||||||||||||
Available for sale | 415,042 | 415,042 | 1,247 | 413,795 | — | |||||||||||||||
Held to maturity | 102,920 | 102,468 | — | 102,468 | — | |||||||||||||||
Total investment securities | 517,962 | 517,510 | 1,247 | 516,263 | — | |||||||||||||||
Loans held for sale | 4,111 | 4,135 | — | — | 4,135 | |||||||||||||||
Loans, net | 2,118,341 | 2,117,839 | — | 2,117,839 | — | |||||||||||||||
Accrued interest receivable | 13,230 | 13,230 | 13,230 | — | — | |||||||||||||||
Federal Home Loan Bank stock | 9,811 | 9,811 | — | 9,811 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest bearing demand | 532,058 | 532,058 | 532,058 | — | — | |||||||||||||||
Interest-bearing checking | 828,296 | 828,296 | 828,296 | — | — | |||||||||||||||
Savings | 425,740 | 425,740 | 425,740 | — | — | |||||||||||||||
Certificates of deposit under $100,000 | 368,620 | 369,063 | — | 369,063 | — | |||||||||||||||
Certificates of deposit $100,000 and over | 313,364 | 314,518 | — | 314,518 | — | |||||||||||||||
Total deposits | 2,468,078 | 2,469,675 | 1,786,094 | 683,581 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 69,228 | 69,228 | 69,228 | — | — | |||||||||||||||
Federal Home Loan Bank borrowings | 87,000 | 87,598 | — | 87,598 | — | |||||||||||||||
Junior subordinated notes issued to capital trusts | 23,560 | 18,403 | — | 18,403 | — | |||||||||||||||
Long-term debt | 23,750 | 23,750 | — | 23,750 | — | |||||||||||||||
Accrued interest payable | 1,578 | 1,578 | 1,578 | — | — |
March 31, 2016 | ||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 60,705 | $ | 60,705 | $ | 60,705 | $ | — | $ | — | ||||||||||
Investment securities: | ||||||||||||||||||||
Available for sale | 387,494 | 387,494 | 1,265 | 386,229 | — | |||||||||||||||
Held to maturity | 118,248 | 119,414 | — | 119,414 | — | |||||||||||||||
Total investment securities | 505,742 | 506,908 | 1,265 | 505,643 | — | |||||||||||||||
Loans held for sale | 1,167 | 1,190 | — | — | 1,190 | |||||||||||||||
Loans, net | 2,152,146 | 2,151,636 | — | 2,151,636 | — | |||||||||||||||
Accrued interest receivable | 11,963 | 11,963 | 11,963 | — | — | |||||||||||||||
Federal Home Loan Bank stock | 10,812 | 10,812 | — | 10,812 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest bearing demand | 513,013 | 513,013 | 513,013 | — | — | |||||||||||||||
Interest-bearing checking | 1,075,427 | 1,075,427 | 1,075,427 | — | — | |||||||||||||||
Savings | 194,513 | 194,513 | 194,513 | — | — | |||||||||||||||
Certificates of deposit under $100,000 | 337,859 | 337,747 | — | 337,747 | — | |||||||||||||||
Certificates of deposit $100,000 and over | 308,795 | 309,515 | — | 309,515 | — | |||||||||||||||
Total deposits | 2,429,607 | 2,430,215 | 1,782,953 | 647,262 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 57,869 | 57,869 | 57,869 | — | — | |||||||||||||||
Federal Home Loan Bank borrowings | 112,000 | 112,836 | — | 112,836 | — | |||||||||||||||
Junior subordinated notes issued to capital trusts | 23,614 | 18,947 | — | 18,947 | — | |||||||||||||||
Long-term debt | 21,250 | 21,250 | — | 21,250 | — | |||||||||||||||
Accrued interest payable | 1,509 | 1,509 | 1,509 | — | — |
December 31, 2014 | ||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 23,409 | $ | 23,409 | $ | 23,409 | $ | — | $ | — | ||||||||||
Investment securities: | ||||||||||||||||||||
Available for sale | 474,942 | 474,942 | 3,032 | 471,910 | — | |||||||||||||||
Held to maturity | 51,524 | 51,253 | — | 51,253 | — | |||||||||||||||
Total investment securities | 526,466 | 526,195 | 3,032 | 523,163 | — | |||||||||||||||
Loans held for sale | 801 | 812 | — | — | 812 | |||||||||||||||
Loans, net | 1,116,156 | 1,116,285 | — | 1,116,285 | — | |||||||||||||||
Loan pool participations, net | 19,332 | 19,332 | — | — | 19,332 | |||||||||||||||
Accrued interest receivable | 10,898 | 10,898 | 10,898 | — | — | |||||||||||||||
Federal Home Loan Bank stock | 8,582 | 8,582 | — | 8,582 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest bearing demand | 214,461 | 214,461 | 214,461 | — | — | |||||||||||||||
Interest-bearing checking | 618,540 | 618,540 | 618,540 | — | — | |||||||||||||||
Savings | 102,527 | 102,527 | 102,527 | — | — | |||||||||||||||
Certificates of deposit under $100,000 | 235,395 | 235,401 | — | 235,401 | — | |||||||||||||||
Certificates of deposit $100,000 and over | 237,619 | 238,480 | — | 238,480 | — | |||||||||||||||
Total deposits | 1,408,542 | 1,409,409 | 935,528 | 473,881 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 78,229 | 78,229 | 78,229 | — | — | |||||||||||||||
Federal Home Loan Bank borrowings | 93,000 | 93,051 | — | 93,051 | — | |||||||||||||||
Junior subordinated notes issued to capital trusts | 15,464 | 10,021 | — | 10,021 | — | |||||||||||||||
Long-term debt | — | — | — | — | — | |||||||||||||||
Accrued interest payable | 863 | 863 | 863 | — | — |
December 31, 2015 | ||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 47,097 | $ | 47,097 | $ | 47,097 | $ | — | $ | — | ||||||||||
Investment securities: | ||||||||||||||||||||
Available for sale | 427,241 | 427,241 | 1,262 | 425,979 | — | |||||||||||||||
Held to maturity | 118,423 | 118,234 | — | 118,234 | — | |||||||||||||||
Total investment securities | 545,664 | 545,475 | 1,262 | 544,213 | — | |||||||||||||||
Loans held for sale | 3,187 | 3,262 | — | — | 3,262 | |||||||||||||||
Loans, net | 2,132,515 | 2,132,009 | — | 2,132,009 | — | |||||||||||||||
Accrued interest receivable | 13,736 | 13,736 | 13,736 | — | — | |||||||||||||||
Federal Home Loan Bank stock | 9,832 | 9,832 | — | 9,832 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest bearing demand | 559,586 | 559,586 | 559,586 | — | — | |||||||||||||||
Interest-bearing checking | 1,064,350 | 1,064,350 | 1,064,350 | — | — | |||||||||||||||
Savings | 189,489 | 189,489 | 189,489 | — | — | |||||||||||||||
Certificates of deposit under $100,000 | 348,268 | 346,875 | — | 346,875 | — | |||||||||||||||
Certificates of deposit $100,000 and over | 301,828 | 301,521 | — | 301,521 | — | |||||||||||||||
Total deposits | 2,463,521 | 2,461,821 | 1,813,425 | 648,396 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 68,963 | 68,963 | 68,963 | — | — | |||||||||||||||
Federal Home Loan Bank borrowings | 87,000 | 86,817 | — | 86,817 | — | |||||||||||||||
Junior subordinated notes issued to capital trusts | 23,587 | 18,611 | — | 18,611 | — | |||||||||||||||
Long-term debt | 22,500 | 22,500 | — | 22,500 | — | |||||||||||||||
Accrued interest payable | 1,507 | 1,507 | 1,507 | — | — |
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||
(dollars in thousands) | Fair Value at September 30, 2015 | Valuation Techniques(s) | Unobservable Input | Range of Inputs | Weighted Average | |||||||||
Collateral dependent impaired loans | $ | 17,872 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | |||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||
Other real estate owned | $ | 8,299 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | |||||||
Appraisal discount | NM * | NM * | NM * |
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||
(dollars in thousands) | Fair Value at March 31, 2016 | Valuation Techniques(s) | Unobservable Input | Range of Inputs | Weighted Average | |||||||||
Collateral dependent impaired loans | $ | 18,729 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | |||||||
Appraisal discount | NM * | NM * | NM * | |||||||||||
Other real estate owned | $ | 6,169 | Modified appraised value | Third party appraisal | NM * | NM * | NM * | |||||||
Appraisal discount | NM * | NM * | NM * |
Commercial Banking | |||||||||||||||||||||
(in thousands) | MidWestOne Bank | Central Bank | All Other | Intercompany Eliminations | Consolidated Total | ||||||||||||||||
Three months ended September 30, 2015 | |||||||||||||||||||||
Net interest income | $ | 13,647 | $ | 13,011 | $ | (328 | ) | $ | — | $ | 26,330 | ||||||||||
Provision for loan losses | 450 | 1,691 | — | — | 2,141 | ||||||||||||||||
Noninterest income | 3,274 | 1,834 | 352 | — | 5,460 | ||||||||||||||||
Noninterest expense(1) | 9,877 | 9,024 | 1,012 | — | 19,913 | ||||||||||||||||
Income tax expense (benefit) | 752 | 1,705 | (336 | ) | — | 2,121 | |||||||||||||||
Net income | $ | 5,842 | $ | 2,425 | $ | (652 | ) | $ | — | $ | 7,615 | ||||||||||
Goodwill | $ | — | $ | 63,192 | $ | — | $ | — | $ | 63,192 | |||||||||||
Total assets | $ | 1,728,907 | $ | 1,254,580 | $ | 339,412 | $ | (341,059 | ) | $ | 2,981,840 | ||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||
Net interest income | $ | 13,664 | $ | — | $ | 3,403 | $ | (3,500 | ) | $ | 13,567 | ||||||||||
Provision for loan losses | 150 | — | — | — | 150 | ||||||||||||||||
Noninterest income | 3,658 | — | 348 | — | 4,006 | ||||||||||||||||
Noninterest expense | 10,141 | — | 678 | — | 10,819 | ||||||||||||||||
Income tax expense (benefit) | 1,877 | — | (162 | ) | — | 1,715 | |||||||||||||||
Net income | $ | 5,154 | $ | — | $ | 3,235 | $ | (3,500 | ) | $ | 4,889 | ||||||||||
Goodwill | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Total assets | $ | 1,805,247 | $ | — | $ | 206,348 | $ | (199,037 | ) | $ | 1,812,558 | ||||||||||
Nine months ended September 30, 2015 | |||||||||||||||||||||
Net interest income | $ | 41,845 | $ | 22,292 | $ | 49,158 | $ | (50,000 | ) | $ | 63,295 | ||||||||||
Provision for loan losses | 1,500 | 2,142 | — | — | 3,642 | ||||||||||||||||
Noninterest income | 10,672 | 3,050 | 833 | — | 14,555 | ||||||||||||||||
Noninterest expense(1) | 29,741 | 15,655 | 5,542 | — | 50,938 | ||||||||||||||||
Income tax expense (benefit) | 4,763 | 3,000 | (1,373 | ) | — | 6,390 | |||||||||||||||
Net income | $ | 16,513 | $ | 4,545 | $ | 45,822 | $ | (50,000 | ) | $ | 16,880 | ||||||||||
Goodwill | $ | — | $ | 63,192 | $ | — | $ | — | $ | 63,192 | |||||||||||
Total assets | $ | 1,728,907 | $ | 1,254,580 | $ | 339,412 | $ | (341,059 | ) | $ | 2,981,840 | ||||||||||
Nine months ended September 30, 2014 | �� | ||||||||||||||||||||
Net interest income | $ | 41,369 | $ | — | $ | 8,080 | $ | (8,500 | ) | $ | 40,949 | ||||||||||
Provision for loan losses | 900 | — | — | — | 900 | ||||||||||||||||
Noninterest income | 10,761 | — | 1,018 | — | 11,779 | ||||||||||||||||
Noninterest expense | 29,910 | — | 1,940 | — | 31,850 | ||||||||||||||||
Income tax expense (benefit) | 5,875 | — | (512 | ) | — | 5,363 | |||||||||||||||
Net income | $ | 15,445 | $ | — | $ | 7,670 | $ | (8,500 | ) | $ | 14,615 | ||||||||||
Goodwill | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Total assets | $ | 1,805,247 | $ | — | $ | 206,348 | $ | (199,037 | ) | $ | 1,812,558 |
Commercial Banking | |||||||||||||||||||||
(in thousands) | MidWestOne Bank | Central Bank | All Other | Intercompany Eliminations | Consolidated Total | ||||||||||||||||
Three months ended March 31, 2016 | |||||||||||||||||||||
Net interest income | $ | 13,125 | $ | 12,743 | $ | (313 | ) | $ | — | $ | 25,555 | ||||||||||
Provision for loan losses | 450 | 615 | — | — | 1,065 | ||||||||||||||||
Noninterest income | 3,194 | 2,892 | 319 | — | 6,405 | ||||||||||||||||
Noninterest expense(1) | 10,616 | 11,983 | 847 | — | 23,446 | ||||||||||||||||
Income tax expense (benefit) | 1,172 | 1,144 | (411 | ) | — | 1,905 | |||||||||||||||
Net income | $ | 4,081 | $ | 1,893 | $ | (430 | ) | $ | — | $ | 5,544 | ||||||||||
Goodwill | $ | — | $ | 64,654 | $ | — | $ | — | $ | 64,654 | |||||||||||
Total assets | $ | 1,737,351 | $ | 1,247,265 | $ | 347,498 | $ | (367,896 | ) | $ | 2,964,218 | ||||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||
Net interest income | $ | 14,334 | $ | — | $ | (92 | ) | $ | — | $ | 14,242 | ||||||||||
Provision for loan losses | 600 | — | — | — | 600 | ||||||||||||||||
Noninterest income | 3,420 | — | 588 | — | 4,008 | ||||||||||||||||
Noninterest expense(1) | 10,026 | — | 1,153 | — | 11,179 | ||||||||||||||||
Income tax expense (benefit) | 1,919 | — | (244 | ) | — | 1,675 | |||||||||||||||
Net income | $ | 5,209 | $ | — | $ | (413 | ) | $ | — | $ | 4,796 | ||||||||||
Goodwill | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Total assets | $ | 1,773,402 | $ | — | $ | 214,211 | $ | (209,636 | ) | $ | 1,777,977 |
As of and for the Three Months Ended June 30, | As of and for the Three Months Ended March 31, | |||||||||||||
(dollars in thousands) | 2015 | 2014 | 2016 | 2015 | ||||||||||
Net Income | $ | 7,615 | $ | 4,889 | $ | 5,544 | $ | 4,796 | ||||||
Average Assets | 2,926,612 | 1,750,833 | 2,961,462 | 1,773,129 | ||||||||||
Average Shareholders’ Equity | 286,256 | 187,504 | 299,071 | 194,761 | ||||||||||
Return on Average Assets* (ROAA) | 1.03 | % | 1.11 | % | 0.75 | % | 1.10 | % | ||||||
Return on Average Shareholders’ Equity* (ROAE) | 10.55 | 10.34 | 7.46 | 9.99 | ||||||||||
Return on Average Tangible Equity* (ROATE) | 15.76 | 11.03 | 11.62 | 10.58 | ||||||||||
Total Equity to Assets (end of period) | 9.75 | 10.42 | 10.18 | 11.10 | ||||||||||
Tangible Equity to Tangible Assets (end of period) | 7.33 | 10.01 | 7.75 | 10.69 | ||||||||||
* Annualized |
For the Three Months Ended September 30, | For the Three Months Ended March 31, | |||||||||||||
(in thousands) | 2015 | 2014 | 2016 | 2015 | ||||||||||
Net Income: | ||||||||||||||
Net income | $ | 7,615 | $ | 4,889 | $ | 5,544 | $ | 4,796 | ||||||
Plus: Intangible amortization, net of tax (1) | 520 | 88 | 690 | 70 | ||||||||||
Adjusted net income | $ | 8,135 | $ | 4,977 | $ | 6,234 | $ | 4,866 | ||||||
Average Tangible Equity: | ||||||||||||||
Average total shareholders’ equity | $ | 286,256 | $ | 187,504 | $ | 299,071 | $ | 194,761 | ||||||
Less: Average intangibles, net of amortization | (81,486 | ) | (8,450 | ) | (83,295 | ) | (8,193 | ) | ||||||
Average tangible equity | $ | 204,770 | $ | 179,054 | $ | 215,776 | $ | 186,568 | ||||||
ROATE (annualized) | 15.76 | % | 11.03 | % | 11.62 | % | 10.58 | % | ||||||
Net Income: | ||||||||||||||
Net income | $ | 7,615 | $ | 4,889 | $ | 5,544 | $ | 4,796 | ||||||
Plus: Merger-related expenses | 225 | — | 2,181 | 510 | ||||||||||
Net tax effect of merger-related expenses(2) | (57 | ) | — | (823 | ) | (113 | ) | |||||||
Net income exclusive of merger-related expenses | $ | 7,783 | $ | 4,889 | $ | 6,902 | $ | 5,193 | ||||||
Diluted average number of shares | 11,434,186 | 8,391,353 | 11,442,931 | 8,394,026 | ||||||||||
Earnings Per Common Share-Diluted | $ | 0.67 | $ | 0.59 | $ | 0.48 | $ | 0.57 | ||||||
Earnings Per Common Share-Diluted, exclusive of merger-related expenses | $ | 0.68 | $ | 0.59 | $ | 0.60 | $ | 0.62 | ||||||
(1) Computed on a tax-equivalent basis, assuming a federal income tax rate of 35%. | ||||||||||||||
(2) Computed based on qualifying tax deductible expenses, assuming a federal income tax rate of 35%. |
As of September 30, | As of March 31, | |||||||||||||
(in thousands) | 2015 | 2014 | 2016 | 2015 | ||||||||||
Tangible Equity: | ||||||||||||||
Total shareholders’ equity | $ | 290,666 | $ | 188,940 | $ | 301,777 | $ | 197,392 | ||||||
Less: Intangible assets, net of amortization and associated deferred tax liability | (77,761 | ) | (8,396 | ) | (78,234 | ) | (8,151 | ) | ||||||
Tangible equity | $ | 212,905 | $ | 180,544 | $ | 223,543 | $ | 189,241 | ||||||
Tangible Assets: | ||||||||||||||
Total assets | $ | 2,981,840 | $ | 1,812,558 | $ | 2,964,218 | $ | 1,777,977 | ||||||
Less: Intangible assets, net of amortization and associated deferred tax liability | (77,761 | ) | (8,396 | ) | (78,234 | ) | (8,151 | ) | ||||||
Tangible assets | $ | 2,904,079 | $ | 1,804,162 | $ | 2,885,984 | $ | 1,769,826 | ||||||
Tangible Equity/Tangible Assets | 7.33 | % | 10.01 | % | 7.75 | % | 10.69 | % |
Three Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Rate/ Yield | Average Balance | Interest Income/ Expense | Average Rate/ Yield | Average Balance | Interest Income/ Expense | Average Rate/ Yield | Average Balance | Interest Income/ Expense | Average Rate/ Yield | |||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Average Earning Assets: | ||||||||||||||||||||||||||||||||||||||||||
Loans (1)(2)(3) | $ | 2,124,037 | $ | 27,090 | 5.06 | % | $ | 1,090,325 | $ | 12,451 | 4.53 | % | $ | 2,167,492 | $ | 25,544 | 4.74 | % | $ | 1,154,218 | $ | 12,899 | 4.53 | % | ||||||||||||||||||
Loan pool participations (4) | — | — | — | 23,239 | 325 | 5.55 | — | — | — | 20,974 | 620 | 11.99 | ||||||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||||||||||||
Taxable investments | 355,432 | 1,914 | 2.14 | 353,666 | 2,170 | 2.43 | 344,680 | 1,924 | 2.25 | 313,837 | 1,894 | 2.45 | ||||||||||||||||||||||||||||||
Tax exempt investments (2) | 177,059 | 2,087 | 4.68 | 169,171 | 2,040 | 4.78 | 189,496 | 2,196 | 4.66 | 178,695 | 2,124 | 4.82 | ||||||||||||||||||||||||||||||
Total investment securities | 532,491 | 4,001 | 2.98 | 522,837 | 4,210 | 3.19 | 534,176 | 4,120 | 3.10 | 492,532 | 4,018 | 3.31 | ||||||||||||||||||||||||||||||
Federal funds sold and interest-bearing balances | 15,994 | 13 | 0.32 | 23,127 | 15 | 0.26 | 6,247 | 8 | 0.52 | 1,198 | 1 | 0.34 | ||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 2,672,522 | $ | 31,104 | 4.62 | % | $ | 1,659,528 | $ | 17,001 | 4.06 | % | $ | 2,707,915 | $ | 29,672 | 4.41 | % | $ | 1,668,922 | $ | 17,538 | 4.26 | % | ||||||||||||||||||
Cash and due from banks | 43,145 | 19,194 | 37,496 | 19,035 | ||||||||||||||||||||||||||||||||||||||
Premises and equipment | 73,364 | 33,357 | 76,304 | 38,784 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (17,519 | ) | (18,658 | ) | (19,849 | ) | (18,632 | ) | ||||||||||||||||||||||||||||||||||
Other assets | 155,100 | 57,412 | 159,596 | 65,020 | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,926,612 | $ | 1,750,833 | $ | 2,961,462 | $ | 1,773,129 | ||||||||||||||||||||||||||||||||||
Average Interest-Bearing Liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Savings and interest-bearing demand deposits | $ | 1,210,924 | $ | 754 | 0.25 | % | $ | 696,645 | $ | 568 | 0.32 | % | $ | 1,236,800 | $ | 866 | 0.28 | % | $ | 717,294 | $ | 571 | 0.32 | % | ||||||||||||||||||
Certificates of deposit | 678,470 | 2,160 | 1.26 | 484,295 | 1,238 | 1.01 | 645,205 | 1,208 | 0.75 | 465,772 | 1,152 | 1.00 | ||||||||||||||||||||||||||||||
Total deposits | 1,889,394 | 2,914 | 0.61 | 1,180,940 | 1,806 | 0.61 | 1,882,005 | 2,074 | 0.44 | 1,183,066 | 1,723 | 0.59 | ||||||||||||||||||||||||||||||
Federal funds purchased and repurchase agreements | 70,140 | 70 | 0.40 | 55,267 | 30 | 0.22 | 63,849 | 78 | 0.49 | 68,172 | 42 | 0.25 | ||||||||||||||||||||||||||||||
Federal Home Loan Bank borrowings | 81,869 | 334 | 1.62 | 102,661 | 519 | 2.01 | 127,852 | 451 | 1.42 | 85,278 | 399 | 1.90 | ||||||||||||||||||||||||||||||
Long-term debt and other | 50,307 | 341 | 2.69 | 15,892 | 74 | 1.85 | 47,755 | 327 | 2.75 | 15,773 | 76 | 1.95 | ||||||||||||||||||||||||||||||
Total borrowed funds | 202,316 | 745 | 1.46 | 173,820 | 623 | 1.42 | 239,456 | 856 | 1.44 | 169,223 | 517 | 1.24 | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 2,091,710 | $ | 3,659 | 0.69 | % | $ | 1,354,760 | $ | 2,429 | 0.71 | % | $ | 2,121,461 | $ | 2,930 | 0.56 | % | $ | 1,352,289 | $ | 2,240 | 0.67 | % | ||||||||||||||||||
Net interest spread(2) | 3.93 | % | 3.35 | % | 3.85 | % | 3.59 | % | ||||||||||||||||||||||||||||||||||
Demand deposits | 535,379 | 195,305 | 524,132 | 213,418 | ||||||||||||||||||||||||||||||||||||||
Other liabilities | 16,267 | 13,264 | 16,798 | 12,661 | ||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 286,256 | 187,504 | 299,071 | 194,761 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,929,612 | $ | 1,750,833 | $ | 2,961,462 | $ | 1,773,129 | ||||||||||||||||||||||||||||||||||
Interest income/earning assets (2) | $ | 2,672,522 | $ | 31,104 | 4.62 | % | $ | 1,659,528 | $ | 17,001 | 4.06 | % | $ | 2,707,915 | $ | 29,672 | 4.41 | % | $ | 1,668,922 | $ | 17,538 | 4.26 | % | ||||||||||||||||||
Interest expense/earning assets | $ | 2,672,522 | $ | 3,659 | 0.54 | % | $ | 1,659,528 | $ | 2,429 | 0.58 | % | $ | 2,707,915 | $ | 2,930 | 0.44 | % | $ | 1,668,922 | $ | 2,240 | 0.54 | % | ||||||||||||||||||
Net interest margin (2)(5) | $ | 27,445 | 4.08 | % | $ | 14,572 | 3.48 | % | $ | 26,742 | 3.97 | % | $ | 15,298 | 3.72 | % | ||||||||||||||||||||||||||
Non-GAAP to GAAP Reconciliation: | ||||||||||||||||||||||||||||||||||||||||||
Tax Equivalent Adjustment: | ||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 393 | $ | 300 | $ | 428 | $ | 322 | ||||||||||||||||||||||||||||||||||
Securities | 722 | 705 | 759 | 734 | ||||||||||||||||||||||||||||||||||||||
Total tax equivalent adjustment | 1,115 | 1,005 | 1,187 | 1,056 | ||||||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 26,330 | $ | 13,567 | $ | 25,555 | $ | 14,242 |
(1) | Loan fees included in interest income are not material. | |
(2) | Computed on a tax-equivalent basis, assuming a federal income tax rate of 35%. | |
(3) | Non-accrual loans have been included in average loans, net of unearned discount. | |
(4) | Includes interest income and discount realized on loan pool participations. | |
(5) | Net interest margin is tax-equivalent net interest income as a percentage of average earning assets. |
Three Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||
2015 Compared to 2014 Change due to | 2016 Compared to 2015 Change due to | |||||||||||||||||||||
Volume | Rate/Yield | Net | Volume | Rate/Yield | Net | |||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Increase (decrease) in interest income: | ||||||||||||||||||||||
Loans, tax equivalent | $ | 13,031 | $ | 1,608 | $ | 14,639 | $ | 12,011 | $ | 634 | $ | 12,645 | ||||||||||
Loan pool participations | (163 | ) | (162 | ) | (325 | ) | (310 | ) | (310 | ) | (620 | ) | ||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable investments | 72 | (328 | ) | (256 | ) | 702 | (672 | ) | 30 | |||||||||||||
Tax exempt investments | 266 | (219 | ) | 47 | 416 | (344 | ) | 72 | ||||||||||||||
Total investment securities | 338 | (547 | ) | (209 | ) | 1,118 | (1,016 | ) | 102 | |||||||||||||
Federal funds sold and interest-bearing balances | (17 | ) | 15 | (2 | ) | 6 | 1 | 7 | ||||||||||||||
Change in interest income | 13,189 | 914 | 14,103 | 12,825 | (691 | ) | 12,134 | |||||||||||||||
Increase (decrease) in interest expense: | ||||||||||||||||||||||
Savings and interest-bearing demand deposits | 896 | (710 | ) | 186 | 741 | (446 | ) | 295 | ||||||||||||||
Certificates of deposit | 570 | 352 | 922 | 1,446 | (1,390 | ) | 56 | |||||||||||||||
Total deposits | 1,466 | (358 | ) | 1,108 | 2,187 | (1,836 | ) | 351 | ||||||||||||||
Federal funds purchased and repurchase agreements | 10 | 30 | 40 | (18 | ) | 54 | 36 | |||||||||||||||
Federal Home Loan Bank borrowings | (94 | ) | (91 | ) | (185 | ) | 578 | (526 | ) | 52 | ||||||||||||
Other long-term debt | 221 | 46 | 267 | 209 | 42 | 251 | ||||||||||||||||
Total borrowed funds | 137 | (15 | ) | 122 | 769 | (430 | ) | 339 | ||||||||||||||
Change in interest expense | 1,603 | (373 | ) | 1,230 | 2,956 | (2,266 | ) | 690 | ||||||||||||||
Increase in net interest income | $ | 11,586 | $ | 1,287 | $ | 12,873 | $ | 9,869 | $ | 1,575 | $ | 11,444 | ||||||||||
Percentage increase in net interest income over prior period | 88.3 | % | 74.8 | % |
Three Months Ended September 30, | ||||||||||||||
2015 | 2014 | $ Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
Trust, investment, and insurance fees | $ | 1,428 | $ | 1,442 | $ | (14 | ) | (1.0 | )% | |||||
Service charges and fees on deposit accounts | 1,297 | 918 | 379 | 41.3 | ||||||||||
Mortgage origination and loan servicing fees | 1,025 | 449 | 576 | 128.3 | ||||||||||
Other service charges, commissions and fees | 1,371 | 625 | 746 | 119.4 | ||||||||||
Bank-owned life insurance income | 344 | 423 | (79 | ) | (18.7 | ) | ||||||||
Gain on sale or call of available for sale securities | — | 145 | (145 | ) | (100.0 | ) | ||||||||
Gain (loss) on sale of premises and equipment | (5 | ) | 4 | (9 | ) | (225.0 | ) | |||||||
Total noninterest income | $ | 5,460 | $ | 4,006 | $ | 1,454 | 36.3 | % | ||||||
Noninterest income as a % of total revenue* | 17.2 | % | 22.1 | % | ||||||||||
* Total revenue is net interest income plus noninterest income excluding gain/loss on securities and premises and equipment and impairment of investment securities. |
Three Months Ended September 30, | ||||||||||||||
2015 | 2014 | $ Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
Salaries and employee benefits | $ | 11,762 | $ | 6,337 | $ | 5,425 | 85.6 | % | ||||||
Net occupancy and equipment expense | 2,719 | 1,546 | 1,173 | 75.9 | ||||||||||
Professional fees | 959 | 724 | 235 | 32.5 | ||||||||||
Data processing expense | 928 | 357 | 571 | 159.9 | ||||||||||
FDIC insurance expense | 431 | 241 | 190 | 78.8 | ||||||||||
Amortization of intangible assets | 800 | 136 | 664 | 488.2 | ||||||||||
Other operating expense | 2,314 | 1,478 | 836 | 56.6 | ||||||||||
Total noninterest expense | $ | 19,913 | $ | 10,819 | $ | 9,094 | 84.1 | % |
As of and for the Nine Months Ended September 30, | |||||||
(dollars in thousands) | 2015 | 2014 | |||||
Net Income | $ | 16,880 | $ | 14,615 | |||
Average Assets | 2,640,774 | 1,745,987 | |||||
Average Shareholders’ Equity | 242,872 | 184,715 | |||||
Return on Average Assets* (ROAA) | 0.85 | % | 1.12 | % | |||
Return on Average Shareholders’ Equity* (ROAE) | 9.29 | 10.58 | |||||
Return on Average Tangible Equity* (ROATE) | 13.52 | 11.29 | |||||
Total Equity to Assets (end of period) | 9.75 | 10.42 | |||||
Tangible Equity to Tangible Assets (end of period) | 7.33 | 10.01 | |||||
* Annualized |
For the Nine Months Ended September 30, | |||||||
(in thousands) | 2015 | 2014 | |||||
Net Income: | |||||||
Net income | $ | 16,880 | $ | 14,615 | |||
Plus: Intangible amortization, net of tax (1) | 1,388 | 267 | |||||
Adjusted net income | $ | 18,268 | $ | 14,882 | |||
Average Tangible Equity: | |||||||
Average total shareholders’ equity | $ | 242,872 | $ | 184,715 | |||
Less: Average intangibles, net of amortization | (62,204 | ) | (8,559 | ) | |||
Average tangible equity | $ | 180,668 | $ | 176,156 | |||
ROATE (annualized) | 13.52 | % | 11.29 | % | |||
Net Income: | |||||||
Net income | $ | 16,880 | $ | 14,615 | |||
Plus: Merger-related expenses | 3,402 | — | |||||
Net tax effect of merger-related expenses(2) | (514 | ) | — | ||||
Net income exclusive of merger-related expenses | $ | 19,768 | $ | 14,615 | |||
Diluted average number of shares | 10,038,093 | 8,449,748 | |||||
Earnings Per Common Share-Diluted | $ | 1.68 | $ | 1.73 | |||
Earnings Per Common Share-Diluted, exclusive of merger-related expenses | $ | 1.97 | $ | 1.73 | |||
(1) Computed on a tax-equivalent basis, assuming a federal income tax rate of 35%. | |||||||
(2) Computed based on qualifying tax deductible expenses, assuming a federal income tax rate of 35%. |
As of September 30, | |||||||
(in thousands) | 2015 | 2014 | |||||
Tangible Equity: | |||||||
Total shareholders’ equity | $ | 290,666 | $ | 188,940 | |||
Less: Intangible assets, net of amortization and associated deferred tax liability | (77,761 | ) | (8,396 | ) | |||
Tangible equity | $ | 212,905 | $ | 180,544 | |||
Tangible Assets: | |||||||
Total assets | $ | 2,981,840 | $ | 1,812,558 | |||
Less: Intangible assets, net of amortization and associated deferred tax liability | (77,761 | ) | (8,396 | ) | |||
Tangible assets | $ | 2,904,079 | $ | 1,804,162 | |||
Tangible Equity/Tangible Assets | 7.33 | % | 10.01 | % |
Nine Months Ended September 30, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Rate/ Yield | Average Balance | Interest Income/ Expense | Average Rate/ Yield | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Average Earning Assets: | |||||||||||||||||||||
Loans (1)(2)(3) | $ | 1,859,735 | $ | 62,037 | 4.46 | % | $ | 1,085,619 | $ | 36,948 | 4.56 | % | |||||||||
Loan pool participations (4) | 13,413 | 798 | 7.95 | 25,024 | 1,137 | 6.07 | |||||||||||||||
Investment securities: | |||||||||||||||||||||
Taxable investments | 359,475 | 5,721 | 2.13 | 363,915 | 6,760 | 2.48 | |||||||||||||||
Tax exempt investments (2) | 179,297 | 6,341 | 4.73 | 168,545 | 6,228 | 4.94 | |||||||||||||||
Total investment securities | 538,772 | 12,062 | 2.99 | 532,460 | 12,988 | 3.26 | |||||||||||||||
Federal funds sold and interest-bearing balances | 16,025 | 29 | 0.24 | 13,071 | 24 | 0.25 | |||||||||||||||
Total interest-earning assets | $ | 2,427,945 | $ | 74,926 | 4.13 | % | $ | 1,656,174 | $ | 51,097 | 4.13 | % | |||||||||
Cash and due from banks | 36,714 | 19,223 | |||||||||||||||||||
Premises and equipment | 62,528 | 31,134 | |||||||||||||||||||
Allowance for loan losses | (18,461 | ) | (18,593 | ) | |||||||||||||||||
Other assets | 132,048 | 58,049 | |||||||||||||||||||
Total assets | $ | 2,640,774 | $ | 1,745,987 | |||||||||||||||||
Average Interest-Bearing Liabilities: | |||||||||||||||||||||
Savings and interest-bearing demand deposits | $ | 1,076,323 | $ | 2,031 | 0.25 | % | $ | 701,050 | $ | 1,732 | 0.33 | % | |||||||||
Certificates of deposit | 632,419 | 4,270 | 0.90 | 463,033 | 3,463 | 1.00 | |||||||||||||||
Total deposits | 1,708,742 | 6,301 | 0.49 | 1,164,083 | 5,195 | 0.60 | |||||||||||||||
Federal funds purchased and repurchase agreements | 69,077 | 157 | 0.30 | 58,500 | 95 | 0.22 | |||||||||||||||
Federal Home Loan Bank borrowings | 86,797 | 1,086 | 1.67 | 106,182 | 1,626 | 2.05 | |||||||||||||||
Long-term debt and other | 37,658 | 817 | 2.90 | 15,917 | 228 | 1.92 | |||||||||||||||
Total borrowed funds | 193,532 | 2,060 | 1.42 | 180,599 | 1,949 | 1.44 | |||||||||||||||
Total interest-bearing liabilities | $ | 1,902,274 | $ | 8,361 | 0.59 | % | $ | 1,344,682 | $ | 7,144 | 0.71 | % | |||||||||
Net interest spread(2) | 3.54 | % | 3.42 | % | |||||||||||||||||
Demand deposits | 450,219 | 205,003 | |||||||||||||||||||
Other liabilities | 45,409 | 11,587 | |||||||||||||||||||
Shareholders’ equity | 242,872 | 184,715 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,640,774 | $ | 1,745,987 | |||||||||||||||||
Interest income/earning assets (2) | $ | 2,427,945 | $ | 74,926 | 4.13 | % | $ | 1,656,174 | $ | 51,097 | 4.13 | % | |||||||||
Interest expense/earning assets | $ | 2,427,945 | $ | 8,361 | 0.46 | % | $ | 1,656,174 | $ | 7,144 | 0.58 | % | |||||||||
Net interest margin (2)(5) | $ | 66,565 | 3.67 | % | $ | 43,953 | 3.55 | % | |||||||||||||
Non-GAAP to GAAP Reconciliation: | |||||||||||||||||||||
Tax Equivalent Adjustment: | |||||||||||||||||||||
Loans | $ | 1,078 | $ | 852 | |||||||||||||||||
Securities | 2,192 | 2,152 | |||||||||||||||||||
Total tax equivalent adjustment | 3,270 | 3,004 | |||||||||||||||||||
Net Interest Income | $ | 63,295 | $ | 40,949 |
Nine Months Ended September 30, | |||||||||||
2015 Compared to 2014 Change due to | |||||||||||
Volume | Rate/Yield | Net | |||||||||
(in thousands) | |||||||||||
Increase (decrease) in interest income: | |||||||||||
Loans, tax equivalent | $ | 26,447 | $ | (1,358 | ) | $ | 25,089 | ||||
Loan pool participations | (768 | ) | 429 | (339 | ) | ||||||
Investment securities: | |||||||||||
Taxable investments | (83 | ) | (956 | ) | (1,039 | ) | |||||
Tax exempt investments | 493 | (380 | ) | 113 | |||||||
Total investment securities | 410 | (1,336 | ) | (926 | ) | ||||||
Federal funds sold and interest-bearing balances | 6 | (1 | ) | 5 | |||||||
Change in interest income | 26,095 | (2,266 | ) | 23,829 | |||||||
Increase (decrease) in interest expense: | |||||||||||
Savings and interest-bearing demand deposits | 978 | (679 | ) | 299 | |||||||
Certificates of deposit | 1,361 | (554 | ) | 807 | |||||||
Total deposits | 2,339 | (1,233 | ) | 1,106 | |||||||
Federal funds purchased and repurchase agreements | 21 | 41 | 62 | ||||||||
Federal Home Loan Bank borrowings | (268 | ) | (272 | ) | (540 | ) | |||||
Other long-term debt | 429 | 160 | 589 | ||||||||
Total borrowed funds | 182 | (71 | ) | 111 | |||||||
Change in interest expense | 2,521 | (1,304 | ) | 1,217 | |||||||
Change in net interest income | $ | 23,574 | $ | (962 | ) | $ | 22,612 | ||||
Percentage change in net interest income over prior period | 51.4 | % |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||
2015 | 2014 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Trust, investment, and insurance fees | $ | 4,642 | $ | 4,390 | $ | 252 | 5.7 | % | $ | 1,498 | $ | 1,581 | $ | (83 | ) | (5.2 | )% | |||||||||||
Service charges and fees on deposit accounts | 3,098 | 2,394 | 704 | 29.4 | 1,258 | 733 | 525 | 71.6 | ||||||||||||||||||||
Mortgage origination and loan servicing fees | 2,096 | 1,204 | 892 | 74.1 | 549 | 238 | 311 | 130.7 | ||||||||||||||||||||
Other service charges, commissions and fees | 2,759 | 1,796 | 963 | 53.6 | 2,618 | 603 | 2,015 | 334.2 | ||||||||||||||||||||
Bank-owned life insurance income | 964 | 877 | 87 | 9.9 | 384 | 295 | 89 | 30.2 | ||||||||||||||||||||
Gain on sale or call of available for sale securities | 1,011 | 1,119 | (108 | ) | (9.7 | ) | 244 | 555 | (311 | ) | (56.0 | ) | ||||||||||||||||
Loss on sale of premises and equipment | (15 | ) | (1 | ) | (14 | ) | NM | |||||||||||||||||||||
Gain (loss) on sale of premises and equipment | (146 | ) | 3 | (149 | ) | NM | ||||||||||||||||||||||
Total noninterest income | $ | 14,555 | $ | 11,779 | $ | 2,776 | 23.6 | % | $ | 6,405 | $ | 4,008 | $ | 2,397 | 59.8 | % | ||||||||||||
Noninterest income as a % of total revenue* | 17.6 | % | 20.7 | % | 19.8 | % | 19.5 | % | ||||||||||||||||||||
NM - Percentage change not considered meaningful. | * Total revenue is net interest income plus noninterest income excluding gain/loss on securities and premises and equipment and impairment of investment securities. |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||
2015 | 2014 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 28,625 | $ | 18,531 | $ | 10,094 | 54.5 | % | $ | 12,645 | $ | 6,869 | $ | 5,776 | 84.1 | % | ||||||||||||
Net occupancy and equipment expense | 6,585 | 4,785 | 1,800 | 37.6 | 3,251 | 1,524 | 1,727 | 113.3 | ||||||||||||||||||||
Professional fees | 3,868 | 2,078 | 1,790 | 86.1 | 946 | 680 | 266 | 39.1 | ||||||||||||||||||||
Data processing expense | 2,028 | 1,172 | 856 | 73.0 | 2,573 | 432 | 2,141 | 495.6 | ||||||||||||||||||||
FDIC insurance expense | 1,058 | 724 | 334 | 46.1 | 421 | 239 | 182 | 76.2 | ||||||||||||||||||||
Amortization of intangible assets | 2,136 | 410 | 1,726 | 421.0 | 1,061 | 108 | 953 | 882.4 | ||||||||||||||||||||
Other operating expense | 6,638 | 4,150 | 2,488 | 60.0 | 2,549 | 1,327 | 1,222 | 92.1 | ||||||||||||||||||||
Total noninterest expense | $ | 50,938 | $ | 31,850 | $ | 19,088 | 59.9 | % | $ | 23,446 | $ | 11,179 | $ | 12,267 | 109.7 | % |
September 30, 2015 | December 31, 2014 | March 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | Balance | % of Total | Balance | % of Total | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Agricultural | $ | 123,344 | 5.8 | % | $ | 104,809 | 9.3 | % | $ | 123,495 | 5.7 | % | $ | 121,714 | 5.7 | % | ||||||||||
Commercial and industrial | 450,382 | 21.1 | 303,108 | 26.7 | 471,830 | 21.7 | 467,412 | 21.7 | ||||||||||||||||||
Credit cards | 1,419 | 0.1 | 1,246 | 0.1 | 1,488 | 0.1 | 1,377 | 0.1 | ||||||||||||||||||
Overdrafts | 821 | 0.1 | 744 | 0.1 | ||||||||||||||||||||||
Overdrafts1 | — | 0.0 | 1,483 | 0.1 | ||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||
Construction and development | 107,534 | 5.0 | 59,383 | 5.2 | 115,218 | 5.3 | 120,753 | 5.6 | ||||||||||||||||||
Farmland | 89,749 | 4.2 | 83,700 | 7.4 | 91,816 | 4.2 | 89,084 | 4.1 | ||||||||||||||||||
Multifamily | 115,930 | 5.4 | 54,886 | 4.8 | 125,410 | 5.8 | 121,763 | 5.7 | ||||||||||||||||||
Commercial real estate-other | 667,122 | 31.2 | 228,552 | 20.2 | 687,808 | 31.6 | 660,341 | 30.7 | ||||||||||||||||||
Total commercial real estate | 980,335 | 45.8 | 426,521 | 37.6 | 1,020,252 | 46.9 | 991,941 | 46.1 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||
One- to four- family first liens | 439,034 | 20.5 | 219,314 | 19.4 | 418,341 | 19.3 | 428,233 | 19.9 | ||||||||||||||||||
One- to four- family junior liens | 104,962 | 4.9 | 53,297 | 4.7 | 100,536 | 4.6 | 102,273 | 4.7 | ||||||||||||||||||
Total residential real estate | 543,996 | 25.4 | 272,611 | 24.1 | 518,877 | 23.9 | 530,506 | 24.6 | ||||||||||||||||||
Consumer | 36,915 | 1.7 | 23,480 | 2.1 | 36,449 | 1.7 | 37,509 | 1.7 | ||||||||||||||||||
Total loans | $ | 2,137,212 | 100.0 | % | $ | 1,132,519 | 100.0 | % | $ | 2,172,391 | 100.0 | % | $ | 2,151,942 | 100.0 | % |
90 Days or More Past Due and Still Accruing Interest | Restructured | Nonaccrual | Total | 90 Days or More Past Due and Still Accruing Interest | Restructured | Nonaccrual | Total | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
September 30, 2015 | ||||||||||||||||||||||||||||||
March 31, 2016 | ||||||||||||||||||||||||||||||
Agricultural | $ | — | $ | 2,901 | $ | 176 | $ | 3,077 | $ | 315 | $ | 2,795 | $ | 218 | $ | 3,328 | ||||||||||||||
Commercial and industrial | 19 | 1,137 | 412 | 1,568 | 10 | 700 | 5,756 | 6,466 | ||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Overdrafts | — | — | — | — | ||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction and development | — | — | 83 | 83 | — | — | 44 | 44 | ||||||||||||||||||||||
Farmland | — | 2,209 | 21 | 2,230 | — | 2,174 | 249 | 2,423 | ||||||||||||||||||||||
Multifamily | — | — | 158 | 158 | — | — | 224 | 224 | ||||||||||||||||||||||
Commercial real estate-other | — | — | 2,286 | 2,286 | 16 | 249 | 7,812 | 8,077 | ||||||||||||||||||||||
Total commercial real estate | — | 2,209 | 2,548 | 4,757 | 16 | 2,423 | 8,329 | 10,768 | ||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 110 | 1,214 | 1,858 | 3,182 | 177 | 1,301 | 2,034 | 3,512 | ||||||||||||||||||||||
One- to four- family junior liens | — | 13 | 141 | 154 | — | 84 | 139 | 223 | ||||||||||||||||||||||
Total residential real estate | 110 | 1,227 | 1,999 | 3,336 | 177 | 1,385 | 2,173 | 3,735 | ||||||||||||||||||||||
Consumer | 3 | 16 | 12 | 31 | 9 | 14 | 10 | 33 | ||||||||||||||||||||||
Total | $ | 132 | $ | 7,490 | $ | 5,147 | $ | 12,769 | $ | 527 | $ | 7,317 | $ | 16,486 | $ | 24,330 |
90 Days or More Past Due and Still Accruing Interest | Restructured | Nonaccrual | Total | 90 Days or More Past Due and Still Accruing Interest | Restructured | Nonaccrual | Total | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||||||||||||
Agricultural | $ | — | $ | 3,027 | $ | — | $ | 3,027 | $ | — | $ | 2,901 | $ | 172 | $ | 3,073 | ||||||||||||||
Commercial and industrial | 66 | 2,217 | 479 | 2,762 | — | 1,122 | 575 | 1,697 | ||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Overdrafts | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||
Construction and development | — | — | 83 | 83 | — | — | 95 | 95 | ||||||||||||||||||||||
Farmland | — | 2,268 | 24 | 2,292 | 80 | 2,209 | 20 | 2,309 | ||||||||||||||||||||||
Multifamily | — | — | — | — | — | — | 224 | 224 | ||||||||||||||||||||||
Commercial real estate-other | — | 255 | 1,200 | 1,455 | — | — | 1,452 | 1,452 | ||||||||||||||||||||||
Total commercial real estate | — | 2,523 | 1,307 | 3,830 | 80 | 2,209 | 1,791 | 4,080 | ||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||
One- to four- family first liens | 780 | 1,119 | 1,261 | 3,160 | 199 | 972 | 1,182 | 2,353 | ||||||||||||||||||||||
One- to four- family junior liens | — | 14 | 192 | 206 | — | 13 | 281 | 294 | ||||||||||||||||||||||
Total residential real estate | 780 | 1,133 | 1,453 | 3,366 | 199 | 985 | 1,463 | 2,647 | ||||||||||||||||||||||
Consumer | 2 | 18 | 16 | 36 | 5 | 15 | 11 | 31 | ||||||||||||||||||||||
Total | $ | 848 | $ | 8,918 | $ | 3,255 | $ | 13,021 | $ | 284 | $ | 7,232 | $ | 4,012 | $ | 11,528 |
September 30, | December 31, | March 31, | December 31, | |||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||
(in thousands) | ||||||||||||||
Restructured Loans (TDRs): | ||||||||||||||
In compliance with modified terms | $ | 7,490 | $ | 8,918 | $ | 7,317 | $ | 7,232 | ||||||
Not in compliance with modified terms - on nonaccrual status | 476 | 522 | 440 | 458 | ||||||||||
Total restructured loans | $ | 7,966 | $ | 9,440 | $ | 7,757 | $ | 7,690 |
Gross Loans (A) | Discount (B) | Loans, Net of Discount (A-B) | Allowance (C) | Allowance/Gross Loans (C/A) | Allowance + Discount/Gross Loans ((B+C)/A) | ||||||||||||||||
Total Non-Acquired Loans | $ | 1,518,675 | $ | — | $ | 1,518,675 | $ | 19,414 | 1.28 | % | 1.28 | % | |||||||||
Total Acquired Loans | 672,600 | 18,884 | 653,716 | 831 | 0.12 | 2.93 | |||||||||||||||
Total Loans | $ | 2,191,275 | $ | 18,884 | $ | 2,172,391 | $ | 20,245 | 0.92 | % | 1.79 | % |
At September 30, | At December 31, | At March 31, | At December 31, | |||||||||||
(in thousands) | 2015 | 2014 | 2016 | 2015 | ||||||||||
Tier 1 capital | ||||||||||||||
Total shareholders’ equity | $ | 290,666 | $ | 192,731 | $ | 301,777 | $ | 296,178 | ||||||
Less: Net unrealized gains on securities available for sale | (4,636 | ) | (5,322 | ) | (5,143 | ) | (3,408 | ) | ||||||
Disallowed Intangibles | (71,300 | ) | (8,511 | ) | (72,803 | ) | (72,203 | ) | ||||||
Common equity tier 1 capital | $ | 214,730 | 178,898 | $ | 223,831 | 220,567 | ||||||||
Plus: Junior subordinated notes issued to capital trusts (qualifying restricted core capital) | 23,560 | 15,464 | 23,614 | 23,587 | ||||||||||
Tier 1 capital | $ | 238,290 | $ | 194,362 | $ | 247,445 | $ | 244,154 | ||||||
Risk-weighted assets | $ | 2,257,082 | $ | 1,442,585 | $ | 2,322,675 | $ | 2,296,478 | ||||||
Tier 1 capital to risk-weighted assets | 10.56 | % | 13.47 | % | 10.65 | % | 10.63 | % | ||||||
Common equity tier 1 capital to risk-weighted assets | 9.51 | % | N/A | 9.64 | % | N/A |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
At September 30, 2015 | ||||||||||||||||||||||||||||||||||||||||
At March 31, 2016 | ||||||||||||||||||||||||||||||||||||||||
Consolidated: | ||||||||||||||||||||||||||||||||||||||||
Total capital/risk based | $ | 257,250 | 11.40 | % | $ | 180,567 | 8.00 | % | N/A | N/A | $ | 267,932 | 11.54 | % | $ | 185,814 | 8.00 | % | N/A | N/A | ||||||||||||||||||||
Tier 1 capital/risk based | 238,290 | 10.56 | 90,283 | 6.00 | N/A | N/A | 247,445 | 10.65 | 92,907 | 6.00 | N/A | N/A | ||||||||||||||||||||||||||||
Common equity tier 1 capital/risk based | 214,730 | 9.51 | 101,569 | 4.50 | N/A | N/A | 223,831 | 9.64 | 104,520 | 4.50 | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 capital/adjusted average | 238,290 | 8.32 | 114,513 | 4.00 | N/A | N/A | 247,445 | 8.57 | 115,483 | 4.00 | N/A | N/A | ||||||||||||||||||||||||||||
MidWestOne Bank: | ||||||||||||||||||||||||||||||||||||||||
Total capital/risk based | $ | 167,734 | 12.28 | % | $ | 109,296 | 8.00 | % | $ | 136,621 | 10.00 | % | $ | 172,150 | 12.50 | % | $ | 110,182 | 8.00 | % | $ | 137,727 | 10.00 | % | ||||||||||||||||
Tier 1 capital/risk based | 150,685 | 11.03 | 54,648 | 6.00 | 81,972 | 8.00 | 154,941 | 11.25 | 55,091 | 6.00 | 82,636 | 8.00 | ||||||||||||||||||||||||||||
Common equity tier 1 capital/risk based | 150,685 | 11.03 | 61,479 | 4.50 | 88,803 | 6.50 | 154,941 | 11.25 | 61,977 | 4.50 | 89,523 | 6.50 | ||||||||||||||||||||||||||||
Tier 1 capital/adjusted average | 150,685 | 8.98 | 67,145 | 4.00 | 83,931 | 5.00 | 154,941 | 9.09 | 68,198 | 4.00 | 85,247 | 5.00 | ||||||||||||||||||||||||||||
Central Bank: | ||||||||||||||||||||||||||||||||||||||||
Total capital/risk based | $ | 101,609 | 11.50 | % | $ | 70,682 | 8.00 | % | $ | 88,352 | 10.00 | % | $ | 104,692 | 11.12 | % | $ | 75,326 | 8.00 | % | $ | 94,157 | 10.00 | % | ||||||||||||||||
Tier 1 capital/risk based | 99,697 | 11.28 | 35,341 | 6.00 | 53,011 | 8.00 | 101,420 | 10.77 | 37,663 | 6.00 | 56,494 | 8.00 | ||||||||||||||||||||||||||||
Common equity tier 1 capital/risk based | 99,697 | 11.28 | 39,758 | 4.50 | 57,429 | 6.50 | 101,420 | 10.77 | 42,371 | 4.50 | 61,202 | 6.50 | ||||||||||||||||||||||||||||
Tier 1 capital/adjusted average | 99,697 | 8.44 | 47,237 | 4.00 | 59,046 | 5.00 | 101,420 | 8.53 | 47,542 | 4.00 | 59,427 | 5.00 | ||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
At December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||
Consolidated: | ||||||||||||||||||||||||||||||||||||||||
Total capital/risk based | $ | 212,559 | 14.73 | % | $ | 115,407 | 8.00 | % | N/A | N/A | $ | 263,717 | �� | 11.48 | % | $ | 183,718 | 8.00 | % | N/A | N/A | |||||||||||||||||||
Tier 1 capital/risk based | 194,362 | 13.47 | 57,703 | 4.00 | N/A | N/A | 244,154 | 10.63 | 137,789 | 6.00 | N/A | N/A | ||||||||||||||||||||||||||||
Common equity tier 1 capital/risk based | 220,567 | 9.60 | 103,342 | 4.50 | N/A | N/A | ||||||||||||||||||||||||||||||||||
Tier 1 capital/adjusted average | 194,362 | 10.85 | 71,647 | 4.00 | N/A | N/A | 244,154 | 8.34 | 117,123 | 4.00 | N/A | N/A | ||||||||||||||||||||||||||||
MidWestOne Bank: | ||||||||||||||||||||||||||||||||||||||||
Total capital/risk based | $ | 197,018 | 13.75 | % | $ | 114,624 | 8.00 | % | $ | 143,280 | 10.00 | % | $ | 171,583 | 12.53 | % | $ | 109,578 | 8.00 | % | $ | 136,972 | 10.00 | % | ||||||||||||||||
Tier 1 capital/risk based | 179,098 | 12.50 | 57,312 | 4.00 | 85,968 | 6.00 | 154,726 | 11.30 | 82,183 | 6.00 | 109,578 | 8.00 | ||||||||||||||||||||||||||||
Common equity tier 1 capital/risk based | 154,726 | 11.30 | 61,638 | 4.50 | 89,032 | 6.50 | ||||||||||||||||||||||||||||||||||
Tier 1 capital/adjusted average | 179,098 | 10.05 | 71,249 | 4.00 | 89,061 | 5.00 | 154,726 | 8.90 | 69,501 | 4.00 | 86,876 | 5.00 | ||||||||||||||||||||||||||||
Central Bank: | ||||||||||||||||||||||||||||||||||||||||
Total capital/risk based | $ | 102,718 | 11.14 | % | $ | 73,792 | 8.00 | % | $ | 92,240 | 10.00 | % | ||||||||||||||||||||||||||||
Tier 1 capital/risk based | 100,017 | 10.84 | 55,344 | 6.00 | 73,792 | 8.00 | ||||||||||||||||||||||||||||||||||
Common equity tier 1 capital/risk based | 100,017 | 10.84 | 41,508 | 4.50 | 59,956 | 6.50 | ||||||||||||||||||||||||||||||||||
Tier 1 capital/adjusted average | 100,017 | 8.44 | 47,412 | 4.00 | 59,265 | 5.00 |
Immediate Change in Rates | |||||||||||||||||
-200 | -100 | +100 | +200 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
September 30, 2015 | |||||||||||||||||
Dollar change | $ | (4,105 | ) | $ | (1,878 | ) | $ | 1,274 | $ | 3,630 | |||||||
Percent change | (4.2 | )% | (1.9 | )% | 1.3 | % | 3.7 | % | |||||||||
December 31, 2014 | |||||||||||||||||
Dollar change | $ | (315 | ) | $ | 171 | $ | (369 | ) | $ | (491 | ) | ||||||
Percent change | (0.6 | )% | 0.3 | % | (0.7 | )% | (0.9 | )% |
Immediate Change in Rates | |||||||||
+100 | +200 | ||||||||
(dollars in thousands) | |||||||||
March 31, 2016 | |||||||||
Dollar change | $ | 1,058 | $ | 2,874 | |||||
Percent change | 1.1 | % | 3.0 | % | |||||
December 31, 2015 | |||||||||
Dollar change | $ | 636 | $ | 1,616 | |||||
Percent change | 0.7 | % | 1.7 | % |
Exhibit Number | Description | Incorporated by Reference to: | |||
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) | Filed herewith | |||
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) | Filed herewith | |||
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||
101.INS | XBRL Instance Document | Filed herewith | |||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed herewith | |||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | |||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | |||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | |||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | |||
MIDWESTONE FINANCIAL GROUP, INC. | |||||||
Dated: | By: | /s/ CHARLES N. FUNK | |||||
Charles N. Funk | |||||||
President and Chief Executive Officer | |||||||
By: | /s/ GARY J. ORTALE | ||||||
Gary J. Ortale | |||||||
Executive Vice President and Chief Financial Officer |