Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | FARMERS & MERCHANTS BANCORP | ||
Entity Central Index Key | 1,085,913 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 415,679,000 | ||
Entity Common Stock, Shares Outstanding | 792,387 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents: | ||
Cash and Due from Banks | $ 49,913 | $ 42,375 |
Interest Bearing Deposits with Banks | 9,533 | 34,750 |
Total Cash and Cash Equivalents | 59,446 | 77,125 |
Investment Securities: | ||
Available-for-Sale | 369,137 | 366,542 |
Held-to-Maturity | 61,396 | 63,863 |
Total Investment Securities | 430,533 | 430,405 |
Loans & Leases: | 1,996,359 | 1,712,244 |
Less: Allowance for Credit Losses | 41,523 | 35,401 |
Loans & Leases, Net | 1,954,836 | 1,676,843 |
Premises and Equipment, Net | 26,575 | 25,821 |
Bank Owned Life Insurance | 55,898 | 53,990 |
Interest Receivable and Other Assets | 88,057 | 96,367 |
Total Assets | 2,615,345 | 2,360,551 |
Deposits: | ||
Demand | 711,029 | 610,133 |
Interest-Bearing Transaction | 377,594 | 341,397 |
Savings and Money Market | 707,885 | 644,260 |
Time | 481,024 | 468,283 |
Total Deposits | 2,277,532 | 2,064,073 |
Subordinated Debentures | 10,310 | 10,310 |
Interest Payable and Other Liabilities | 75,668 | 52,990 |
Total Liabilities | $ 2,363,510 | $ 2,127,373 |
Commitments & Contingencies (See Note 19) | ||
Shareholders' Equity | ||
Preferred Stock: No Par Value, 1,000,000 Shares Authorized, None Issued or Outstanding | $ 0 | $ 0 |
Common Stock: Par Value $0.01, 7,500,000 Shares Authorized, 790,787 and 784,082 Shares Issued and Outstanding at December 31, 2015 and 2014, respectively | 8 | 8 |
Additional Paid-In Capital | 81,164 | 77,804 |
Retained Earnings | 170,068 | 152,833 |
Accumulated Other Comprehensive Income | 595 | 2,533 |
Total Shareholders' Equity | 251,835 | 233,178 |
Total Liabilities and Shareholders' Equity | $ 2,615,345 | $ 2,360,551 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Shareholders' Equity | ||
Preferred Stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred Stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Stock, issued (in shares) | 0 | 0 |
Preferred Stock, outstanding (in shares) | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized (in shares) | 7,500,000 | 7,500,000 |
Common Stock, issued (in shares) | 790,787 | 784,082 |
Common Stock, outstanding (in shares) | 790,787 | 784,082 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income | |||
Interest and Fees on Loans & Leases | $ 81,558 | $ 71,310 | $ 64,921 |
Interest on Deposits with Banks | 172 | 158 | 79 |
Interest on Investment Securities: | |||
Taxable | 6,311 | 7,739 | 8,971 |
Exempt from Federal Tax | 2,034 | 2,314 | 2,560 |
Total Interest Income | 90,075 | 81,521 | 76,531 |
Interest Expense | |||
Deposits | 2,989 | 2,486 | 2,548 |
Borrowed Funds | 7 | 5 | 16 |
Subordinated Debentures | 329 | 322 | 327 |
Total Interest Expense | 3,325 | 2,813 | 2,891 |
Net Interest Income | 86,750 | 78,708 | 73,640 |
Provision for Credit Losses | 750 | 1,175 | 425 |
Net Interest Income After Provision for Credit Losses | 86,000 | 77,533 | 73,215 |
Non-Interest Income | |||
Service Charges on Deposit Accounts | 3,458 | 3,923 | 4,350 |
Net Gain (Loss) on Investment Securities | 275 | 90 | (229) |
Increase in Cash Surrender Value of Life Insurance | 1,908 | 1,881 | 1,856 |
Debit Card and ATM Fees | 3,183 | 3,087 | 3,069 |
Net Gain on Deferred Compensation Investments | 1,375 | 2,129 | 3,366 |
Other | 4,376 | 3,219 | 3,525 |
Total Non-Interest Income | 14,575 | 14,329 | 15,937 |
Non-Interest Expense | |||
Salaries and Employee Benefits | 39,683 | 36,446 | 33,658 |
Net Gain on Deferred Compensation Investments | 1,375 | 2,129 | 3,366 |
Occupancy | 2,884 | 2,690 | 2,513 |
Equipment | 3,162 | 2,794 | 2,783 |
Marketing | 1,254 | 353 | 263 |
FDIC Insurance | 1,193 | 1,048 | 981 |
Other | 6,708 | 5,906 | 7,306 |
Total Non-Interest Expense | 56,259 | 51,366 | 50,870 |
Income Before Income Taxes | 44,316 | 40,496 | 38,282 |
Provision for Income Taxes | 16,924 | 15,094 | 14,221 |
Net Income | $ 27,392 | $ 25,402 | $ 24,061 |
Basic Earnings Per Common Share (in dollars per share) | $ 34.82 | $ 32.64 | $ 30.93 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net Income | $ 27,392 | $ 25,402 | $ 24,061 |
Other Comprehensive Income (Loss) | |||
(Decrease) Increase in Net Unrealized (Loss) Gain on Available-for-Sale Securities | (3,069) | 8,719 | (16,564) |
Deferred Tax Benefit (Expense) Related to Unrealized Gains (Losses) | 1,290 | (3,666) | 6,965 |
Reclassification Adjustment for Realized (Gain) Loss on Available-for-Sale Securities Included in Net Income | (275) | (90) | 229 |
Tax Expense (Benefit) Related to Reclassification Adjustment | 116 | 38 | (97) |
Change in Net Unrealized (Loss) Gain on Available-for-Sale Securities, Net of Tax | (1,938) | 5,001 | (9,467) |
Total Other Comprehensive (Loss) Income | (1,938) | 5,001 | (9,467) |
Comprehensive Income | $ 25,454 | $ 30,403 | $ 14,594 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total |
Balance at Dec. 31, 2012 | $ 8 | $ 75,014 | $ 123,012 | $ 6,999 | $ 205,033 |
Balance (in shares) at Dec. 31, 2012 | 777,882 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 24,061 | 24,061 | |||
Cash Dividends Declared on Common Stock | (9,723) | (9,723) | |||
Repurchase of Common Stock | 0 | 0 | |||
Change in Net Unrealized (Loss) Gain on Securities Available-for-Sale | (9,467) | (9,467) | |||
Balance at Dec. 31, 2013 | $ 8 | 75,014 | 137,350 | (2,468) | 209,904 |
Balance (in shares) at Dec. 31, 2013 | 777,882 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 25,402 | 25,402 | |||
Cash Dividends Declared on Common Stock | (9,919) | (9,919) | |||
Issuance of Common Stock | 2,790 | 2,790 | |||
Issuance of Common Stock (in shares) | 6,200 | ||||
Change in Net Unrealized (Loss) Gain on Securities Available-for-Sale | 5,001 | 5,001 | |||
Balance at Dec. 31, 2014 | $ 8 | 77,804 | 152,833 | 2,533 | $ 233,178 |
Balance (in shares) at Dec. 31, 2014 | 784,082 | 784,082 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 27,392 | $ 27,392 | |||
Cash Dividends Declared on Common Stock | (10,157) | (10,157) | |||
Issuance of Common Stock | 3,360 | $ 3,360 | |||
Issuance of Common Stock (in shares) | 6,705 | 6,705 | |||
Change in Net Unrealized (Loss) Gain on Securities Available-for-Sale | (1,938) | $ (1,938) | |||
Balance at Dec. 31, 2015 | $ 8 | $ 81,164 | $ 170,068 | $ 595 | $ 251,835 |
Balance (in shares) at Dec. 31, 2015 | 790,787 | 790,787 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Cash Dividends Per Share of Common Stock (in dollars per share) | $ 12.90 | $ 12.70 | $ 12.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net Income | $ 27,392 | $ 25,402 | $ 24,061 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Provision for Credit Losses | 750 | 1,175 | 425 |
Depreciation and Amortization | 1,685 | 1,325 | 1,506 |
Provision for Deferred Income Taxes | (907) | 6,436 | (8,501) |
Net Amortization of Investment Security Premium & Discounts | 1,554 | 1,659 | 3,068 |
Net (Gain) Loss on Investment Securities | (275) | (90) | 229 |
Net Gain on Sale of Property & Equipment | (383) | (22) | (721) |
Net Change in Operating Assets & Liabilities: | |||
Net Increase in Interest Receivable and Other Assets | 5,542 | (15,070) | (3,719) |
Net Increase in Interest Payable and Other Liabilities | 1,015 | 4,822 | 10,851 |
Net Cash Provided by Operating Activities | 36,373 | 25,637 | 27,199 |
Investing Activities | |||
Purchase of Investment Securities Available-for-Sale | (203,996) | (132,619) | (221,745) |
Proceeds from Sold, Matured, or Called Securities Available-for-Sale | 227,157 | 177,324 | 208,962 |
Purchase of Investment Securities Held-to-Maturity | (17,747) | (17,692) | (2,077) |
Proceeds from Matured, or Called Securities Held-to-Maturity | 18,031 | 22,628 | 8,443 |
Net Loans & Leases Paid, Originated or Acquired | (284,211) | (324,284) | (142,225) |
Principal Collected on Loans & Leases Previously Charged Off | 5,468 | 228 | 523 |
Additions to Premises and Equipment | (2,726) | (4,274) | (1,614) |
Proceeds from Sale of Property & Equipment | 670 | 37 | 843 |
Net Cash Used by Investing Activities | (257,354) | (278,652) | (148,890) |
Financing Activities | |||
Net Increase in Deposits | 213,459 | 256,382 | 85,665 |
Cash Dividends | (10,157) | (9,919) | (9,723) |
Net Cash Provided by Financing Activities | 203,302 | 246,463 | 75,942 |
(Decrease) Increase in Cash and Cash Equivalents | (17,679) | (6,552) | (45,749) |
Cash and Cash Equivalents at Beginning of Year | 77,125 | 83,677 | 129,426 |
Cash and Cash Equivalents at End of Year | 59,446 | 77,125 | 83,677 |
Supplementary Data | |||
Loans Transferred to Foreclosed Assets (ORE) | 0 | 0 | 4,403 |
Cash Payments Made for Income Taxes | 8,475 | 15,030 | 17,285 |
Issuance of Common Stock to the Bank's Non-Qualified Retirement Plans | 3,360 | 2,790 | 0 |
Interest Paid | $ 3,190 | $ 2,787 | $ 3,037 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Farmers & Merchants Bancorp (the “Company”) was organized March 10, 1999. Primary operations are related to traditional banking activities through its subsidiary Farmers & Merchants Bank of Central California (the “Bank”) which was established in 1916. The Bank’s wholly owned subsidiaries include Farmers & Merchants Investment Corporation and Farmers/Merchants Corp. Farmers & Merchants Investment Corporation has been dormant since 1991. Farmers/Merchants Corp. acts as trustee on deeds of trust originated by the Bank. The Company’s other subsidiaries include F & M Bancorp, Inc. and FMCB Statutory Trust I. F & M Bancorp, Inc. was created in March 2002 to protect the name F & M Bank. During 2002, the Company completed a fictitious name filing in California to begin using the streamlined name “F & M Bank” as part of a larger effort to enhance the Company’s image and build brand name recognition. In December 2003, the Company formed a wholly owned subsidiary, FMCB Statutory Trust I. FMCB Statutory Trust I is a non-consolidated subsidiary per Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) and was formed for the sole purpose of issuing Trust Preferred Securities and related subordinated debentures. The accounting and reporting policies of the Company conform to U.S. GAAP and prevailing practice within the banking industry. The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements. Basis of Presentation The accompanying consolidated financial statements and notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America for financial information. The accompanying consolidated financial statements include the accounts of the Company and the Company’s wholly owned subsidiaries, F & M Bancorp, Inc. and the Bank, along with the Bank’s wholly owned subsidiaries, Farmers & Merchants Investment Corporation and Farmers/Merchants Corp. Significant inter-company transactions have been eliminated in consolidation. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Certain amounts in the prior years' financial statements and related footnote disclosures have been reclassified to conform to the current-year presentation. These reclassifications had no effect on previously reported net income or total shareholders’ equity. Cash and Cash Equivalents For purposes of the Consolidated Statements of Cash Flows, the Company has defined cash and cash equivalents as those amounts included in the balance sheet captions Cash and Due from Banks, Interest Bearing Deposits with Banks, Federal Funds Sold and Securities Purchased Under Agreements to Resell. For these instruments, the carrying amount is a reasonable estimate of fair value. Investment Securities Investment securities are classified at the time of purchase as held-to-maturity (“HTM”) if it is management’s intent and the Company has the ability to hold the securities until maturity. These securities are carried at cost, adjusted for amortization of premium and accretion of discount using a level yield of interest over the estimated remaining period until maturity. Losses, reflecting a decline in value judged by the Company to be other than temporary, are recognized in the period in which they occur. Securities are classified as available-for-sale (“AFS”) if it is management’s intent, at the time of purchase, to hold the securities for an indefinite period of time and/or to use the securities as part of the Company’s asset/liability management strategy. These securities are reported at fair value with aggregate unrealized gains or losses excluded from income and included as a separate component of shareholders’ equity, net of related income taxes. Fair values are based on quoted market prices or broker/dealer price quotations on a specific identification basis. Gains or losses on the sale of these securities are computed using the specific identification method. Trading securities, if any, are acquired for short-term appreciation and are recorded in a trading portfolio and are carried at fair value, with unrealized gains and losses recorded in non-interest income. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the income statement; and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. Loans & Leases Loans & leases are reported at the principal amount outstanding net of unearned discounts and deferred loan & lease fees and costs. Interest income on loans & leases is accrued daily on the outstanding balances using the simple interest method. Loan & lease origination fees are deferred and recognized over the contractual life of the loan or lease as an adjustment to the yield. Loans & leases are placed on non-accrual status when the collection of principal or interest is in doubt or when they become past due for 90 days or more unless they are both well-secured and in the process of collection. For this purpose, a loan or lease is considered well-secured if it is collateralized by property having a net realizable value in excess of the amount of the loan or lease or is guaranteed by a financially capable party. When a loan or lease is placed on non-accrual status, the accrued and unpaid interest receivable is reversed and charged against current income; thereafter, interest income is recognized only as it is collected in cash. Additionally, cash would be applied to principal if all principal was not expected to be collected. Loans & leases placed on non-accrual status are returned to accrual status when the loans or leases are paid current as to principal and interest and future payments are expected to be made in accordance with the contractual terms of the loan or lease. A loan or lease is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the original agreement. Impaired loans & leases are either: (1) non-accrual loans & leases; or (2) restructured loans & leases that are still accruing interest. Loans or leases determined to be impaired are individually evaluated for impairment. When a loan or lease is impaired, the Company measures impairment based on the present value of expected future cash flows discounted at the loan or lease's effective interest rate, except that as a practical expedient, it may measure impairment based on a loan or lease's observable market price, or the fair value of the collateral if the loan or lease is collateral dependent. A loan or lease is collateral dependent if the repayment of the loan or lease is expected to be provided solely by the underlying collateral. A restructuring of a loan or lease constitutes a troubled debt restructuring (TDR) if the Company for economic or legal reasons related to the borrower’s (the term “borrower” is used herein to describe a customer who has entered into either a loan or lease transaction) financial difficulties grants a concession to the borrower that it would not otherwise consider. Restructured loans & leases typically present an elevated level of credit risk as the borrowers are not able to perform according to the original contractual terms. If the restructured loan or lease was current on all payments at the time of restructure and management reasonably expects the borrower will continue to perform after the restructure, management may keep the loan or lease on accrual. Loans & leases that are on nonaccrual status at the time they become TDR, remain on nonaccrual status until the borrower demonstrates a sustained period of performance, which the Company generally believes to be six consecutive months of payments, or equivalent. A loan or lease can be removed from TDR status if it was restructured at a market rate in a prior calendar year and is currently in compliance with its modified terms. However, these loans or leases continue to be classified as impaired and are individually evaluated for impairment as described above. Generally, the Company will not restructure loans or leases for borrowers unless: (1) the existing loan or lease is brought current as to principal and interest payments; and (2) the restructured loan or lease can be underwritten to reasonable underwriting standards. If these standards are not met other actions will be pursued (e.g., foreclosure) to collect outstanding loan or lease amounts. After restructure a determination is made whether the loan or lease will be kept on accrual status based upon the underwriting and historical performance of the restructured credit. Allowance for Credit Losses The allowance for credit losses is an estimate of probable incurred credit losses inherent in the Company's loan & lease portfolio as of the balance sheet date. The allowance is established through a provision for credit losses, which is charged to expense. Additions to the allowance are expected to maintain the adequacy of the total allowance after credit losses and loan & lease growth. Credit exposures determined to be uncollectible are charged against the allowance. Cash received on previously charged off amounts is recorded as a recovery to the allowance. The overall allowance consists of three primary components: specific reserves related to impaired loans & leases; general reserves for inherent losses related to loans & leases that are not impaired; and an unallocated component that takes into account the imprecision in estimating and allocating allowance balances associated with macro factors. The determination of the general reserve for loans & leases that are collectively evaluated for impairment is based on estimates made by management, to include, but not limited to, consideration of historical losses by portfolio segment, internal asset classifications, qualitative factors that include economic trends in the Company's service areas, industry experience and trends, geographic concentrations, estimated collateral values, the Company's underwriting policies, the character of the loan & lease portfolio, and probable losses inherent in the portfolio taken as a whole. The Company maintains a separate allowance for each portfolio segment (loan & lease type). These portfolio segments include: (1) commercial real estate; (2) agricultural real estate; (3) real estate construction (including land and development loans); (4) residential 1 st The Company assigns a risk rating to all loans & leases and periodically performs detailed reviews of all such loans & leases over a certain threshold to identify credit risks and assess overall collectability. For smaller balance loans & leases, such as consumer and residential real estate, a credit grade is established at inception, and then updated only when the loan or lease becomes contractually delinquent or when the borrower requests a modification. For larger balance loans, management monitors and analyzes the financial condition of borrowers and guarantors, trends in the industries in which borrowers operate and the fair values of collateral securing these loans & leases. These credit quality indicators are used to assign a risk rating to each individual loan or lease. These risk ratings are also subject to examination by independent specialists engaged by the Company. The risk ratings can be grouped into five major categories, defined as follows: Pass – A pass loan or lease is a strong credit with no existing or known potential weaknesses deserving of management's close attention. Special Mention – A special mention loan or lease has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease or in the Company's credit position at some future date. Special mention loans & leases are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard – A substandard loan or lease is not adequately protected by the current financial condition and paying capacity of the borrower or the value of the collateral pledged, if any. Loans or leases classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Well-defined weaknesses include a project's lack of marketability, inadequate cash flow or collateral support, failure to complete construction on time or the project's failure to fulfill economic expectations. Doubtful – Loss – Loans or leases classified as loss are considered uncollectible. Once a loan or lease becomes delinquent and repayment becomes questionable, the Company will address collateral shortfalls with the borrower and attempt to obtain additional collateral. If this is not forthcoming and payment in full is unlikely, the Company will estimate its probable loss and immediately charge-off some or all of the balance. The general reserve component of the allowance for credit losses also consists of reserve factors that are based on management's assessment of the following for each portfolio segment: (1) inherent credit risk; (2) historical losses; and (3) other qualitative factors. These reserve factors are inherently subjective and are driven by the repayment risk associated with each portfolio segment described below: Commercial Real Estate – Commercial real estate mortgage loans are generally considered to possess a higher inherent risk of loss than the Company’s commercial, agricultural and consumer loan types. Adverse economic developments or an overbuilt market impact commercial real estate projects and may result in troubled loans. Trends in vacancy rates of commercial properties impact the credit quality of these loans. High vacancy rates reduce operating revenues and the ability for properties to produce sufficient cash flow to service debt obligations. Real Estate Construction – Real estate construction loans, including land loans, are generally considered to possess a higher inherent risk of loss than the Company’s commercial, agricultural and consumer loan types. A major risk arises from the necessity to complete projects within specified cost and time lines. Trends in the construction industry significantly impact the credit quality of these loans, as demand drives construction activity. In addition, trends in real estate values significantly impact the credit quality of these loans, as property values determine the economic viability of construction projects. Commercial – These loans are generally considered to possess a moderate inherent risk of loss because they are shorter-term; typically made to relationship customers; generally underwritten to existing cash flows of operating businesses; and may be collateralized by fixed assets, inventory and/or accounts receivable. Debt coverage is provided by business cash flows and economic trends influenced by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Agricultural Real Estate and Agricultural – These loans are generally considered to possess a moderate inherent risk of loss since they are typically made to relationship customers and are secured by crop production, livestock and related real estate. These loans are vulnerable to two risk factors that are largely outside the control of Company and borrowers: commodity prices and weather conditions. Leases – Equipment leases are generally considered to possess a moderate inherent risk of loss. As Lessor, the company is subject to both the credit risk of the borrower and the residual value risk of the equipment. Credit risks are underwritten using the same credit criteria the Company would use when making an equipment term loan. Residual value risk is managed through the use of qualified, independent appraisers that establish the residual values the Company uses in structuring a lease. Residential 1st Mortgages and Home Equity Lines and Loans – These loans are generally considered to possess a low inherent risk of loss, although this is not always true as evidenced by the correction in residential real estate values that occurred between 2007 and 2012. The degree of risk in residential real estate lending depends primarily on the loan amount in relation to collateral value, the interest rate and the borrower's ability to repay in an orderly fashion. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Weak economic trends indicate that the borrowers' capacity to repay their obligations may be deteriorating. Consumer & Other – A consumer installment loan portfolio is usually comprised of a large number of small loans scheduled to be amortized over a specific period. Most installment loans are made for consumer purchases. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Weak economic trends indicate that the borrowers' capacity to repay their obligations may be deteriorating. At least quarterly, the Board of Directors reviews the adequacy of the allowance, including consideration of the relative risks in the portfolio, current economic conditions and other factors. If the Board of Directors and management determine that changes are warranted based on those reviews, the allowance is adjusted. In addition, the Company's and Bank's regulators, including the Federal Reserve Bank (“FRB”), the California Department of Business Oversight (“DBO”) and the Federal Deposit Insurance Corporation (“FDIC”), as an integral part of their examination process, review the adequacy of the allowance. These regulatory agencies may require additions to the allowance based on their judgment about information available at the time of their examinations. Allowance for Credit Losses on Off-Balance-Sheet Credit Exposures The Company also maintains a separate allowance for off-balance-sheet commitments. Management estimates anticipated losses using historical data and utilization assumptions. The allowance for off-balance-sheet commitments is included in Interest Payable and Other Liabilities on the Company’s Consolidated Balance Sheet. Premises and Equipment Premises, equipment, and leasehold improvements are stated at cost, less accumulated depreciation and amortization. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets. Estimated useful lives of buildings range from 30 to 40 years, and for furniture and equipment from 3 to 7 years. Leasehold improvements are amortized over the lesser of the terms of the respective leases, or their useful lives, which are generally 5 to 10 years. Remodeling and capital improvements are capitalized while maintenance and repairs are charged directly to occupancy expense. Other Real Estate Other real estate, which is included in other assets, is expected to be sold and is comprised of properties no longer utilized for business operations and property acquired through foreclosure in satisfaction of indebtedness. These properties are recorded at fair value less estimated selling costs upon acquisition. Revised estimates to the fair value less cost to sell are reported as adjustments to the carrying amount of the asset, provided that such adjusted value is not in excess of the carrying amount at acquisition. Initial losses on properties acquired through full or partial satisfaction of debt are treated as credit losses and charged to the allowance for credit losses at the time of acquisition. Subsequent declines in value from the recorded amounts, routine holding costs, and gains or losses upon disposition, if any, are included in non-interest expense as incurred. Income Taxes The Company uses the liability method of accounting for income taxes. This method results in the recognition of deferred tax assets and liabilities that are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. The deferred provision for income taxes is the result of the net change in the deferred tax asset and deferred tax liability balances during the year. This amount combined with the current taxes payable or refundable results in the income tax expense for the current year. The Company follows the standards set forth in the “Income Taxes” topic of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”), which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This standard prescribes a recognition threshold and measurement standard for the financial statement recognition and measurement of an income tax position taken or expected to be taken in a tax return. It also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company accounts for leases with Investment Tax Credits (ITC) under the deferred method as established in ASC 740-10. ITC are viewed and accounted for as a reduction of the cost of the related assets and presented as deferred income on the Company’s financial statement. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest expense and penalties associated with unrecognized tax benefits, if any, are included in the provision for income taxes in the Unaudited Consolidated Statements of Income. Basic Earnings Per Common Share The Company’s common stock is not traded on any exchange. The shares are primarily held by local residents and are not actively traded. Basic earnings per common share amounts are computed by dividing net income by the weighted average number of common shares outstanding for the period. There are no common stock equivalent shares. Therefore, there is no presentation of diluted basic earnings per common share. See Note 15 for additional information. Segment Reporting The “Segment Reporting” topic of the FASB ASC requires that public companies report certain information about operating segments. It also requires that public companies report certain information about their products and services, the geographic areas in which they operate, and their major customers. The Company is a holding company for a community bank, which offers a wide array of products and services to its customers. Pursuant to its banking strategy, emphasis is placed on building relationships with its customers, as opposed to building specific lines of business. As a result, the Company is not organized around discernible lines of business and prefers to work as an integrated unit to customize solutions for its customers, with business line emphasis and product offerings changing over time as needs and demands change. Therefore, the Company only reports one segment. Derivative Instruments and Hedging Activities The “Derivatives and Hedging” topic of the FASB ASC establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. All derivatives, whether designated in hedging relationships or not, are required to be recorded on the balance sheet at fair value. Changes in the fair value of those derivatives are accounted for depending on the intended use of the derivative and the resulting designation under specified criteria. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, designed to minimize interest rate risk, the effective portions of the change in the fair value of the derivative are recorded in other comprehensive income (loss), net of related income taxes. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. From time to time, the Company utilizes derivative financial instruments such as interest rate caps, floors, swaps, and collars. These instruments are purchased and/or sold to reduce the Company’s exposure to changing interest rates. The Company marks to market the value of its derivative financial instruments and reflects gain or loss in earnings in the period of change or in other comprehensive income (loss). The Company was not utilizing any derivative instruments as of or for the years ended December 31, 2015, 2014 and 2013. Comprehensive Income The “Comprehensive Income” topic of the FASB ASC establishes standards for the reporting and display of comprehensive income and its components in the financial statements. Other comprehensive income (loss) refers to revenues, expenses, gains, and losses that U.S. GAAP recognize as changes in value to an enterprise but are excluded from net income. For the Company, comprehensive income includes net income and changes in fair value of its available-for-sale investment securities. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | 2. Investment Securities The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale (in thousands) Amortized Gross Unrealized Fair/Book December 31, 2015 Cost Gains Losses Value Government Agency & Government-Sponsored Entities $ 33,536 $ 134 $ 419 $ 33,251 US Treasury Notes 73,048 - 164 72,884 Mortgage Backed Securities (1) 261,016 2,708 1,231 262,493 Other 509 - - 509 Total $ 368,109 $ 2,842 $ 1,814 $ 369,137 Amortized Gross Unrealized Fair/Book December 31, 2014 Cost Gains Losses Value Government Agency & Government-Sponsored Entities $ 78,051 $ 61 $ 3 $ 78,109 Mortgage Backed Securities (1) 283,636 4,969 657 287,948 Other 485 - - 485 Total $ 362,172 $ 5,030 $ 660 $ 366,542 (1) The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity (in thousands) Book Gross Unrealized Fair December 31, 2015 Value Gains Losses Value Obligations of States and Political Subdivisions $ 61,396 $ 993 $ 1 $ 62,388 Total $ 61,396 $ 993 $ 1 $ 62,388 Book Gross Unrealized Fair December 31, 2014 Value Gains Losses Value Obligations of States and Political Subdivisions $ 61,716 $ 782 $ 10 $ 62,488 Other 2,147 - - 2,147 Total $ 63,863 $ 782 $ 10 $ 64,635 Fair values are based on quoted market prices or dealer quotes. If a quoted market price or dealer quote is not available, fair value is estimated using quoted market prices for similar securities. The amortized cost and estimated fair values of investment securities at December 31, 2015 by contractual maturity are shown in the following tables. (in thousands) Available-for-Sale Held-to-Maturity December 31, 2015 Amortized Cost Fair/Book Value Book Value Fair Value Within One Year $ 28,507 $ 28,507 $ - $ - After One Year Through Five Years 78,586 78,137 12,793 12,853 After Five Years Through Ten Years - - 10,211 10,343 After Ten Years - - 38,392 39,192 107,093 106,644 61,396 62,388 Investment Securities Not Due at a Single Maturity Date: Mortgage Backed Securities 261,016 262,493 - - Total $ 368,109 $ 369,137 $ 61,396 $ 62,388 Expected maturities of mortgage-backed securities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. The following tables show those investments with gross unrealized losses and their market value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at the dates indicated. (in thousands) Less Than 12 Months 12 Months or More Total December 31, 2015 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Securities Available-for-Sale Government Agency & Government-Sponsored Entities $ 29,944 $ 419 $ - $ - $ 29,944 $ 419 US Treasury Notes 44,887 164 - - 44,887 164 Mortgage Backed Securities 78,899 1,089 7,277 142 86,176 1,231 Total $ 153,730 $ 1,672 $ 7,277 $ 142 $ 161,007 $ 1,814 Securities Held-to-Maturity Obligations of States and Political Subdivisions $ 839 $ 1 $ - $ - $ 839 $ 1 Total $ 839 $ 1 $ - $ - $ 839 $ 1 Less Than 12 Months 12 Months or More Total December 31, 2014 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Securities Available-for-Sale Government Agency & Government-Sponsored Entities $ 66,980 $ 3 $ - $ - $ 66,980 $ 3 Mortgage Backed Securities 14,487 151 33,574 506 48,061 657 Total $ 81,467 $ 154 $ 33,574 $ 506 $ 115,041 $ 660 Securities Held-to-Maturity Obligations of States and Political Subdivisions $ 849 $ 5 $ 876 $ 5 $ 1,725 $ 10 Total $ 849 $ 5 $ 876 $ 5 $ 1,725 $ 10 As of December 31, 2015, the Company held 254 investment securities of which 24 were in an unrealized loss position for less than twelve months. One security was in an unrealized loss position for twelve months or more. Management periodically evaluates each investment security for other-than-temporary impairment relying primarily on industry analyst reports and observations of market conditions and interest rate fluctuations. Management believes it will be able to collect all amounts due according to the contractual terms of the underlying investment securities. Securities of Government Agency and Government Sponsored Entities – At December 31, 2015, three securities of government agency and government sponsored entities were in a loss position for less than 12 months and none were in a loss position for 12 months or more. The unrealized losses on the Company's investments in securities of government agency and government sponsored entities were $419,000 at December 31, 2015 and $3,000 at December 31, 2014. The unrealized loss was caused by interest rate fluctuations. Repayment of these investments is guaranteed by an agency or government sponsored entity of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the Company's investment. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the securities and it is more likely than not that the Company will not have to sell the securities before recovery of their cost basis, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2015. Mortgage Backed Securities - At December 31, 2015, eleven mortgage backed security investments were in a loss position for less than 12 months and one was in a loss position for 12 months or more. The unrealized losses on the Company's investment in mortgage-backed securities were $1.2 million at December 31, 2015 and $657,000 at December 31, 2014. The unrealized losses were caused by interest rate fluctuations. The contractual cash flows of these investments are guaranteed by an agency or government sponsored entity of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the Company's investment. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the securities and it is more likely than not that the Company will not have to sell the securities before recovery of their cost basis, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2015 or 2014. Obligations of States and Political Subdivisions - At December 31, 2015, two obligations of states and political subdivisions were in a loss position for less than 12 months. None were in a loss position for 12 months or more. As of December 31, 2015, over ninety-eight percent of the Company’s bank-qualified municipal bond portfolio is rated at either the issue or the issuer level, and all of these ratings are “investment grade.” The Company monitors the status of the three percent of the portfolio that is not rated and at the current time does not believe any of them to be exhibiting financial problems that could result in a loss in any individual security. The unrealized losses on the Company’s investment in obligation of states and political subdivision were $1,400 at December 31, 2015 and $10,000 at December 31, 2014. Management believes that any unrealized losses on the Company's investments in obligations of states and political subdivisions were caused by interest rate fluctuations. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company did not intend to sell the securities and it is more likely than not that the Company would not have to sell the securities before recovery of their cost basis, the Company did not consider these investments to be other-than-temporarily impaired at December 31, 2015 and December 31, 2014. U.S. Treasury Notes – At December 31, 2015, eight U.S. Treasury Note security investments were in a loss position for less than 12 months and none were in a loss position for 12 months or more. The unrealized losses on the Company's investment in US treasury notes were $164,000 at December 31, 2015. The Company did not hold any U.S. treasury notes at December 31, 2014. The unrealized losses were caused by interest rate fluctuations. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the securities and it is more likely than not that the Company will not have to sell the securities before recovery of their cost basis, the Company did not consider these investments to be other-than-temporarily impaired at December 31, 2015. The Company did not hold any U.S. Treasury note security investments at December 31, 2014. Proceeds from sales and calls of securities were as follows: (in thousands) Gross Proceeds Gross Gains Gross Losses 2015 $ 61,335 $ 275 $ - 2014 $ 130,174 $ 1,204 $ 1,114 2013 $ 81,390 $ 1,208 $ 1,437 Pledged Securities As of December 31, 2015, securities carried at $189.2 million were pledged to secure public deposits, Federal Home Loan Bank (“FHLB”) borrowings, and other government agency deposits as required by law. This amount was $178.8 million at December 31, 2014. |
Federal Home Loan Bank of San F
Federal Home Loan Bank of San Francisco Stock | 12 Months Ended |
Dec. 31, 2015 | |
Federal Home Loan Bank of San Francisco Stock [Abstract] | |
Federal Home Loan Bank of San Francisco Stock | 3. Federal Home Loan Bank of San Francisco Stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. FHLB stock is reported in Other Assets and Interest Receivable on the Company’s Consolidated Balance Sheets and totaled $7.8 million at December 31, 2015 and $7.7 million at December 31, 2014. |
Loans & Leases
Loans & Leases | 12 Months Ended |
Dec. 31, 2015 | |
Loans & Leases [Abstract] | |
Loans & Leases | 4. Loans & Leases Loans & leases as of December 31 consisted of the following: (in thousands) 2015 2014 Commercial Real Estate $ 609,602 $ 495,316 Agricultural Real Estate 424,034 357,207 Real Estate Construction 151,974 96,519 Residential 1st Mortgages 206,405 171,880 Home Equity Lines and Loans 33,056 33,017 Agricultural 293,966 281,963 Commercial 210,804 230,819 Consumer & Other 6,592 4,719 Leases 65,054 44,217 Total Gross Loans & Leases 2,001,487 1,715,657 Less: Unearned Income 5,128 3,413 Subtotal 1,996,359 1,712,244 Less: Allowance for Credit Losses 41,523 35,401 Loans & Leases, Net $ 1,954,836 $ 1,676,843 At December 31, 2015, the portion of loans that were approved for pledging as collateral on borrowing lines with the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank (“FRB”) were $588.3 million and $595.9 million, respectively. The borrowing capacity on these loans was $500.4 million from FHLB and $365.6 million from the FRB. |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2015 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses | 5. Allowance for Credit Losses The following tables show the allocation of the allowance for credit losses at December 31, 2015 and December 31, 2014 by portfolio segment and by impairment methodology (in thousands) December 31, 2015 Commercial Real Estate Agricultural Real Estate Real Estate Construction Residential 1st Mortgages Home Equity Lines & Loans Agricultural Commercial Consumer & Other Leases Unallocated Total Year-To-Date Allowance for Credit Losses: Beginning Balance- January 1, 2015 $ 7,842 $ 4,185 $ 1,669 $ 1,022 $ 2,426 $ 6,104 $ 8,195 $ 218 $ 2,211 $ 1,529 $ 35,401 Charge-Offs - - - - - - (12 ) (84 ) - - (96 ) Recoveries 2,939 - 2,225 8 87 4 136 69 - - 5,468 Provision (718 ) 2,696 (1,409 ) (241 ) (367 ) 200 (483 ) (28 ) 1,083 17 750 Ending Balance- December 31, 2015 $ 10,063 $ 6,881 $ 2,485 $ 789 $ 2,146 $ 6,308 $ 7,836 $ 175 $ 3,294 $ 1,546 $ 41,523 Ending Balance Individually Evaluated for Impairment 61 - - 69 35 115 905 28 - - 1,213 Ending Balance Collectively Evaluated for Impairment 10,002 6,881 2,485 720 2,111 6,193 6,931 147 3,294 1,546 40,310 Loans & Leases: Ending Balance $ 603,650 $ 424,034 $ 151,974 $ 206,405 $ 33,056 $ 293,966 $ 210,804 $ 6,592 $ 65,878 $ - $ 1,996,359 Ending Balance Individually Evaluated for Impairment 3,420 - - 2,010 1,214 606 4,760 34 - - 12,044 Ending Balance Collectively Evaluated for Impairment 600,230 424,034 151,974 204,395 31,842 293,360 206,044 6,558 65,878 - 1,984,315 December 31, 2014 Commercial Real Estate Agricultural Real Estate Real Estate Construction Residential 1st Mortgages Home Equity Lines & Loans Agricultural Commercial Consumer & Other Leases Unallocated Total Year-To-Date Allowance for Credit Losses: Beginning Balance- January 1, 2014 $ 5,178 $ 3,576 $ 654 $ 1,108 $ 2,767 $ 12,205 $ 5,697 $ 176 $ 639 $ 2,274 $ 34,274 Charge-Offs - - - (73 ) (70 ) - (1 ) (132 ) - - (276 ) Recoveries 11 - - - 58 8 86 65 - - 228 Provision 2,653 609 1,015 (13 ) (329 ) (6,109 ) 2,413 109 1,572 (745 ) 1,175 Ending Balance- December 31, 2014 $ 7,842 $ 4,185 $ 1,669 $ 1,022 $ 2,426 $ 6,104 $ 8,195 $ 218 $ 2,211 $ 1,529 $ 35,401 Ending Balance Individually Evaluated for Impairment 377 - - 422 329 114 914 41 - - 2,197 Ending Balance Collectively Evaluated for Impairment 7,465 4,185 1,669 600 2,097 5,990 7,281 177 2,211 1,529 33,204 Loans & Leases: Ending Balance $ 491,903 $ 357,207 $ 96,519 $ 171,880 $ 33,017 $ 281,963 $ 230,819 $ 4,719 $ 44,217 $ - $ 1,712,244 Ending Balance Individually Evaluated for Impairment 20,066 - 4,386 2,108 1,643 461 4,874 46 - - 33,584 Ending Balance Collectively Evaluated for Impairment 471,837 357,207 92,133 169,772 31,374 281,502 225,945 4,673 44,217 - 1,678,660 The ending balance of loans individually evaluated for impairment includes restructured loans in the amount of $4.9 million and $26.4 million at December 31, 2015 and 2014, respectively, which are no longer disclosed or classified as TDR’s. The following tables show the loan & lease portfolio allocated by management’s internal risk ratings at December 31, 2015 and December 31, 2014 (in thousands) December 31, 2015 Pass Special Mention Substandard Total Loans Loans & Leases: Commercial Real Estate $ 595,011 $ 7,917 $ 722 $ 603,650 Agricultural Real Estate 424,034 - - 424,034 Real Estate Construction 150,379 1,595 - 151,974 Residential 1st Mortgages 205,135 413 857 206,405 Home Equity Lines and Loans 32,419 75 562 33,056 Agricultural 293,325 9 632 293,966 Commercial 199,467 8,160 3,177 210,804 Consumer & Other 6,411 - 181 6,592 Leases 65,878 - - 65,878 Total $ 1,972,059 $ 18,169 $ 6,131 $ 1,996,359 December 31, 2014 Pass Special Mention Substandard Total Loans Loans & Leases: Commercial Real Estate $ 483,146 $ 8,651 $ 106 $ 491,903 Agricultural Real Estate 357,207 - - 357,207 Real Estate Construction 94,887 1,632 - 96,519 Residential 1st Mortgages 170,462 744 674 171,880 Home Equity Lines and Loans 32,054 85 878 33,017 Agricultural 281,232 679 52 281,963 Commercial 211,036 18,143 1,640 230,819 Consumer & Other 4,449 - 270 4,719 Leases 44,217 - - 44,217 Total $ 1,678,690 $ 29,934 $ 3,620 $ 1,712,244 See Note 1. Significant Accounting Policies – Allowance for Credit Losses for a description of the internal risk ratings used by the Company. There were no loans & leases outstanding at December 31, 2015 and 2014 rated doubtful or loss. The following tables show an aging analysis of the loan & lease portfolio by the time past due at December 31, 2015 and December 31, 2014 (in thousands) December 31, 2015 30-59 Days Past Due 60-89 Days Past Due 90 Days and Still Accruing Nonaccrual Total Past Due Current Total Loans & Leases Loans & Leases: Commercial Real Estate $ 705 $ - $ - $ 19 $ 724 $ 602,926 $ 603,650 Agricultural Real Estate - - - - - 424,034 424,034 Real Estate Construction - - - - - 151,974 151,974 Residential 1st Mortgages 97 194 - 65 356 206,049 206,405 Home Equity Lines and Loans - - - 538 538 32,518 33,056 Agricultural - - - - - 293,966 293,966 Commercial - - - 1,524 1,524 209,280 210,804 Consumer & Other 7 - - 10 17 6,575 6,592 Leases - - - - - 65,878 65,878 Total $ 809 $ 194 $ - $ 2,156 $ 3,159 $ 1,993,200 $ 1,996,359 December 31, 2014 30-59 Days Past Due 60-89 Days Past Due 90 Days and Still Accruing Nonaccrual Total Past Due Current Total Loans & Leases Loans & Leases: Commercial Real Estate $ - $ - $ - $ - $ - $ 491,903 $ 491,903 Agricultural Real Estate - - - - - 357,207 357,207 Real Estate Construction - - - - - 96,519 96,519 Residential 1st Mortgages - - - 77 77 171,803 171,880 Home Equity Lines and Loans 79 - - 576 655 32,362 33,017 Agricultural - - - 18 18 281,945 281,963 Commercial - - - 1,586 1,586 229,233 230,819 Consumer & Other 10 - - 13 23 4,696 4,719 Leases - - - - - 44,217 44,217 Total $ 89 $ - $ - $ 2,270 $ 2,359 $ 1,709,885 $ 1,712,244 Non-accrual loans & leases at December 31, 2015 and 2014 were $2.2 million and $2.3 million, respectively. $109,000, The following tables show information related to impaired loans & leases at and for the year ended December 31, 2015 and December 31, 2014 (in thousands) December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial Real Estate $ 102 $ 104 $ - $ 479 $ 7 Agricultural Real Estate - - - - - Real Estate Construction - - - - - Residential 1st Mortgages 551 618 - 560 16 Home Equity Lines and Loans 581 646 - 620 3 Agricultural 193 193 - 105 3 Commercial 3,103 3,103 - 2,349 85 Consumer & Other - - - - - $ 4,530 $ 4,664 $ - $ 4,113 $ 114 With an allowance recorded: Commercial Real Estate $ - $ - $ - $ - $ - Agricultural Real Estate - - - - - Real Estate Construction - - - - - Residential 1st Mortgages 348 420 17 354 16 Home Equity Lines and Loans 134 151 7 136 5 Agricultural 412 413 115 431 28 Commercial 1,657 1,798 905 2,456 31 Consumer & Other 34 40 29 39 3 $ 2,585 $ 2,822 $ 1,073 $ 3,416 $ 83 Total $ 7,115 $ 7,486 $ 1,073 $ 7,529 $ 197 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial Real Estate $ - $ - $ - $ 49 $ 4 Agricultural Real Estate - - - - - Real Estate Construction - - - - - Residential 1st Mortgages - - - - - Home Equity Lines and Loans - - - 169 - Agricultural - - - 15 - Commercial - - - 1,620 54 $ - $ - $ - $ 1,853 $ 58 With an allowance recorded: Commercial Real Estate $ 92 $ 92 $ 2 $ 47 $ 4 Agricultural Real Estate - - - - - Real Estate Construction - - - - - Residential 1st Mortgages 937 1,069 187 612 9 Home Equity Lines and Loans 951 1,020 190 803 10 Agricultural 461 473 114 473 28 Commercial 4,742 4,813 910 3,182 54 Consumer & Other 46 51 41 46 2 $ 7,229 $ 7,518 $ 1,444 $ 5,163 $ 107 Total $ 7,229 $ 7,518 $ 1,444 $ 7,016 $ 165 Total recorded investment shown in the prior table will not equal the total ending balance of loans & leases individually evaluated for impairment on the allocation of allowance table. This is because the calculation of recorded investment takes into account charge-offs, net unamortized loan & lease fees & costs, unamortized premium or discount, and accrued interest. This table also excludes impaired loans that were previously modified in a troubled debt restructuring, are currently performing and are no longer disclosed or classified as TDR’s. At December 31, 2015, the Company allocated $1.1 million of specific reserves to $6.6 million of troubled debt restructured loans, of which $5.0 million were performing. At December 31, 2014, the Company allocated $1.3 million of specific reserves to $6.6 million of troubled debt restructured loans, of which $5.0 million were performing. The Company had no commitments at December 31, 2015 and December 31, 2014 to lend additional amounts to customers with outstanding loans that are classified as troubled debt restructurings. During the period ending December 31, 2015, the terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. Modifications involving a reduction of the stated interest rate of the loan were for periods ranging from 4 to 30 years. Modifications involving an extension of the maturity date were for periods ranging from 6 months to 30 years. The following table presents loans by class modified as troubled debt restructured loans for the period ended December 31, 2015 (in thousands) December 31, 2015 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Agricultural 1 $ 194 $ 194 Commercial 1 131 119 Total 2 $ 325 $ 313 The troubled debt restructurings described above increased the allowance for credit losses by $70,000 and resulted in charge-offs of $12,000 for the twelve months ended December 31, 2015. During the period ended December 31, 2015, there were no payment defaults on loans modified as troubled debt restructurings within twelve months following the modification. The Company considers a loan to be in payment default once it is greater than 90 days contractually past due under the modified terms. During the period ending December 31, 2014, the terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. Modifications involving a reduction of the stated interest rate of the loan were for periods ranging from 4 to 30 years. Modifications involving an extension of the maturity date were for periods ranging from 6 months to 30 years. The following table presents loans by class modified as troubled debt restructured loans for the period ended December 31, 2014 (in thousands) December 31, 2014 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Residential 1st Mortgages 5 $ 857 $ 804 Home Equity Lines and Loans 3 98 89 Agricultural 1 32 32 Commercial 1 18 18 Consumer & Other 1 7 7 Total 11 $ 1,012 $ 950 The troubled debt restructurings described above increased the allowance for credit losses by $28,000 and resulted in charge-offs of $63,000 for the twelve months ended December 31, 2014. During the period ended December 31, 2014, there were no payment defaults on loans modified as troubled debt restructurings within twelve months following the modification. The Company considers a loan to be in payment default once it is greater than 90 days contractually past due under the modified terms. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | 6. Premises and Equipment Premises and equipment as of December 31, consisted of the following: (in thousands) 2015 2014 Land and Buildings $ 33,530 $ 33,527 Furniture, Fixtures, and Equipment 19,125 20,244 Leasehold Improvements 2,437 1,763 Subtotal 55,092 55,534 Less: Accumulated Depreciation and Amortization 28,517 29,713 Total $ 26,575 $ 25,821 Depreciation and amortization on premises and equipment included in occupancy and equipment expense amounted to $1,685,000, $1,325,000, and $1,506,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Total rental expense for premises was $604,000, $530,000, and $411,000 for the years ended December 31, 2015, 2014, and 2013, respectively. Rental income was $94,000, $81,000, and $102,000 for the years ended December 31, 2015, 2014, and 2013, respectively. |
Other Real Estate
Other Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate [Abstract] | |
Other Real Estate | 7. Other Real Estate The Bank reported $2.4 million, net of $3.7 million reserve, in other real estate at December 31, 2015, and $3.3 million, net of $3.7 million reserve, in 2014. Other real estate includes property no longer utilized for business operations and property acquired through foreclosure proceedings. These properties are carried at fair value less selling costs determined at the date acquired. Losses, if any, arising from properties acquired through foreclosure are charged against the allowance for loan losses at the time of foreclosure. Subsequent declines in value, periodic holding costs, and net gains or losses on disposition are included in other operating expense as incurred. Other real estate is reported in Interest Receivable and Other Assets on the Company’s Consolidated Balance Sheets. |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Time Deposits [Abstract] | |
Time Deposits | 8. Time Deposits Time Deposits of $250,000 or more as of December 31 were as follows: (in thousands) 2015 2014 Balance $ 236,963 $ 239,649 At December 31, 2015, the scheduled maturities of time deposits were as follows: (in thousands) Scheduled Maturities 2016 $ 432,551 2017 41,865 2018 4,994 2019 871 2020 743 Total $ 481,024 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 9. Income Taxes Current and deferred income tax expense (benefit) provided for the years ended December 31 consisted of the following: (in thousands) 2015 2014 2013 Current Federal $ 11,979 $ 7,941 $ 11,497 State 4,446 4,345 4,357 Total Current 16,425 12,286 15,854 Deferred Federal 383 3,116 (998 ) State 116 (308 ) (635 ) Total Deferred 499 2,808 (1,633 ) Total Provision for Taxes $ 16,924 $ 15,094 $ 14,221 The total provision for income taxes differs from the federal statutory rate as follows: 2015 2014 2013 (in thousands) Amount Rate Amount Rate Amount Rate Tax Provision at Federal Statutory Rate $ 15,510 35.0 % $ 14,174 35.0 % $ 13,399 35.0 % Interest on Obligations of States and Political Subdivisions exempt from Federal Taxation (711 ) (1.6 %) (805 ) (2.0 %) (894 ) (2.3 %) State and Local Income Taxes, Net of Federal Income Tax Benefit 2,966 6.7 % 2,624 6.5 % 2,419 6.3 % Bank Owned Life Insurance (712 ) (1.6 %) (696 ) (1.7 %) (702 ) (1.8 %) Low-Income Housing Tax Credit (291 ) (0.7 %) (126 ) (0.3 %) (129 ) (0.3 %) Other, Net 162 0.4 % (77 ) (0.2 %) 128 0.3 % Total Provision for Taxes $ 16,924 38.2 % $ 15,094 37.3 % $ 14,221 37.1 % The components of net deferred tax assets as of December 31 are as follows: (in thousands) 2015 2014 Deferred Tax Assets Allowance for Credit Losses $ 17,529 $ 14,944 Accrued Liabilities 8,614 8,184 Deferred Compensation 11,586 10,006 State Franchise Tax 1,549 1,521 Interest on Non-Accrual Loans 46 2 ORE Writedown and Holding Costs 1,547 1,724 Low-Income Housing Investment 73 58 Total Deferred Tax Assets $ 40,944 $ 36,439 Deferred Tax Liabilities Premises and Equipment (869 ) (286 ) Securities Accretion (310 ) (298 ) Unrealized Gain on Securities Available-for-Sale (432 ) (1,838 ) Leasing Activities (11,469 ) (7,018 ) Other (744 ) (786 ) Total Deferred Tax Liabilities (13,824 ) (10,226 ) Net Deferred Tax Assets $ 27,120 $ 26,213 The net deferred tax assets are reported in Interest Receivable and Other Assets on the Company's Consolidated Balance Sheet. The Company and its subsidiaries file income tax returns in the U.S. federal and California jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2011. |
Short Term Borrowings
Short Term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Short Term Borrowings [Abstract] | |
Short Term Borrowings | 10. Short Term Borrowings As of December 31, 2015 and 2014, the Company had unused lines of credit available for short-term liquidity purposes of $701.4 million and $597.8 million, respectively. Federal Funds purchased and advances are generally issued on an overnight basis. There were no advances from the FHLB at December 31, 2015 or 2014. There were no Federal Funds purchased or advances from the FRB at December 31, 2015 or 2014. |
Securities Sold Under Agreement
Securities Sold Under Agreement to Repurchase | 12 Months Ended |
Dec. 31, 2015 | |
Securities Sold Under Agreement to Repurchase [Abstract] | |
Securities Sold Under Agreement to Repurchase | 11. Securities Sold Under Agreement to Repurchase Securities Sold Under Agreement to Repurchase are used as secured borrowing alternatives to FHLB Advances or FRB Borrowings. At December 31, 2015 and December 31, 2014, the Company had no securities sold under agreement to repurchase. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2015 | |
Federal Home Loan Bank Advances [Abstract] | |
Federal Home Loan Bank Advances | 12. Federal Home Loan Bank Advances The Company had no short-term or long-term advances from the Federal Home Loan Bank of San Francisco at December 31, 2015 or 2014. In accordance with the Collateral Pledge and Security Agreement, advances are secured by all FHLB stock held by the Company and by government agency & government-sponsored entity securities and mortgage-backed securities with borrowing capacity of $300,000. At December 31, 2015, $588.3 million in loans were approved for pledging as collateral on borrowing lines with the FHLB. The borrowing capacity on these loans was $500.4 million. |
Long-term Subordinated Debentur
Long-term Subordinated Debentures | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Subordinated Debentures [Abstract] | |
Long-term Subordinated Debentures | 13. Long-term Subordinated Debentures In December 2003, the Company formed a wholly owned Connecticut statutory business trust, FMCB Statutory Trust I (“Statutory Trust I”), which issued $10.0 million of guaranteed preferred beneficial interests in the Company’s junior subordinated deferrable interest debentures (the “Trust Preferred Securities”). The Company is not considered the primary beneficiary of the trust (variable interest entity), therefore the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability. These debentures qualify as Tier 1 capital under current regulatory guidelines. All of the common securities of Statutory Trust I are owned by the Company. The proceeds from the issuance of the common securities and the Trust Preferred Securities were used by FMCB Statutory Trust to purchase $10.3 million of junior subordinated debentures of the Company, which carry a floating rate based on three-month LIBOR plus 2.85%. The debentures represent the sole asset of Statutory Trust I. The Trust Preferred Securities accrue and pay distributions at a floating rate of three-month LIBOR plus 2.85% per annum of the stated liquidation value of $1,000 per capital security. The Company has entered into contractual arrangements which, taken collectively, fully and unconditionally guarantee payment to the extent that Statutory Trust I has funds available therefore of: (i) accrued and unpaid distributions required to be paid on the Trust Preferred Securities; (ii) the redemption price with respect to any Trust Preferred Securities called for redemption by Statutory Trust I; and (iii) payments due upon a voluntary or involuntary dissolution, winding up, or liquidation of Statutory Trust I. The Trust Preferred Securities are mandatorily redeemable upon maturity of the subordinated debentures on December 17, 2033, or upon earlier redemption as provided in the indenture. The Company has the right to redeem the subordinated debentures purchased by Statutory Trust I, in whole or in part, on or after December 17, 2008. As specified in the indenture, if the subordinated debentures are redeemed prior to maturity, the redemption price will be the principal amount and any accrued but unpaid interest. Additionally, if the Company decided to defer interest on the subordinated debentures, the Company would be prohibited from paying cash dividends on the Company’s common stock. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 14. Shareholders' Equity In 1998, the Board approved the Company’s first common stock repurchase program. This program has been extended and expanded several times since then, and most recently, on August 11, 2015, the Board of Directors approved an extension of the $20 million stock repurchase program over the three-year period ending September 30, 2018. Repurchases under the program may be made from time to time on the open market or through private transactions. The repurchase program also requires that no purchases may be made if the Bank would not remain “well-capitalized” after the repurchase. Dividends from the Bank constitute the principal source of cash to the Company. The Company is a legal entity separate and distinct from the Bank. Under regulations controlling California state chartered banks, the Bank is, to some extent, limited in the amount of dividends that can be paid to the Company without prior approval of the California DBO. These regulations require approval if total dividends declared by a state chartered bank in any calendar year exceed the bank's net profits for that year combined with its retained net profits for the preceding two calendar years. On December 4, 2014, the Company issued 6,200 shares of common stock to the Bank’s non-qualified defined contribution retirement plans. These shares were issued at a price of $450 per share based upon a valuation completed by a nationally recognized bank consulting and advisory firm and in reliance upon the exemption in Section 4(2) of the Securities Act of 1933, as amended, and the regulations promulgated thereunder. During 2015, the Company issued 6,705 shares of common stock. All of these shares were contributed to the Bank’s non-qualified defined contribution retirement plans. The shares issued had prices ranging from $450 per share to $525 per share. These share prices were based upon valuations completed by a nationally recognized bank consulting and advisory firm and in reliance upon the exemption in Section 4(2) of the Securities Act of 1933, as amended, and the regulations promulgated thereunder. The proceeds from these issuances were contributed to the Bank as equity capital. The Company and the Bank are subject to various federal regulatory capital requirements under the Basel III Capital Rules. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company and the Bank's assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company and the Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The implementation of Basel III requirements will increase the required capital levels that the Company and the Bank must maintain. The final rules include new minimum risk-based capital and leverage ratios, which would be phased in over time. The new minimum capital level requirements applicable to the Company and the Bank under the final rules will be: (i) a common equity Tier 1 capital ratio of 4.5% of risk-weighted assets (“RWA”); (ii) a Tier 1 capital ratio of 6% of RWA; (iii) a total capital ratio of 8% of RWA; and (iv) a Tier 1 leverage ratio of 4% of total assets. The final rules also establish a "capital conservation buffer" of 2.5% above each of the new regulatory minimum capital ratios, which would result in the following minimum ratios: (i) a common equity Tier 1 capital ratio of 7.0% of RWA; (ii) a Tier 1 capital ratio of 8.5% of RWA; and (iii) a total capital ratio of 10.5% of RWA. An institution will be subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if its capital level falls below the buffer amount. The final rules also permit the Company’s subordinated debentures issued in 2003 to continue to be counted as Tier 1 capital. The final rules became effective as applied to the Company and the Bank on January 1, 2015, with a phase in period through January 1, 2019. The Company believes that it is currently in compliance with all of these new capital requirements (as fully phased-in) and that they will not result in any restrictions on the Company’s business activity. In addition, the most recent notification from the FDIC categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following tables. There are no conditions or events since that notification that management believes have changed the Bank’s category. (in thousands) Actual Current Regulatory Capital Requirements Well Capitalized Under Prompt Corrective Action December 31, 2015 Amount Ratio Amount Ratio Amount Ratio Total Bank Capital to Risk Weighted Assets $ 290,941 12.22 % $ 190,480 8.0 % $ 238,101 10.0 % Total Consolidated Capital to Risk Weighted Assets $ 291,152 12.23 % $ 190,493 8.0 % N/A N/A Total Bank Common Equity Tier 1 Capital Ratio $ 261,031 10.96 % $ 107,145 4.5 % $ 154,765 6.5 % Total Consolidated Common Equity Tier 1 Capital Ratio $ 251,240 10.55 % $ 107,152 4.5 % N/A N/A Tier 1 Bank Capital to Risk Weighted Assets $ 261,031 10.96 % $ 142,860 6.0 % $ 190,480 8.0 % Tier 1 Consolidated Capital to Risk Weighted Assets $ 261,240 10.97 % $ 142,870 6.0 % N/A N/A Tier 1 Bank Capital to Average Assets $ 261,031 10.30 % $ 101,402 4.0 % $ 126,753 5.0 % Tier 1 Consolidated Capital to Average Assets $ 261,240 10.29 % $ 101,525 4.0 % N/A N/A (in thousands) Actual Current Regulatory Capital Requirements Well Capitalized Under Prompt Corrective Action December 31, 2014 Amount Ratio Amount Ratio Amount Ratio Total Bank Capital to Risk Weighted Assets $ 266,203 12.92 % $ 164,887 8.0 % $ 206,109 10.0 % Total Consolidated Capital to Risk Weighted Assets $ 266,533 12.93 % $ 164,911 8.0 % N/A N/A Tier 1 Bank Capital to Risk Weighted Assets $ 240,319 11.66 % $ 82,444 4.0 % $ 123,665 6.0 % Tier 1 Consolidated Capital to Risk Weighted Assets $ 240,645 11.67 % $ 82,456 4.0 % N/A N/A Tier 1 Bank Capital to Average Assets $ 240,319 10.56 % $ 91,062 4.0 % $ 113,827 5.0 % Tier 1 Consolidated Capital to Average Assets $ 240,645 10.55 % $ 91,219 4.0 % N/A N/A |
Dividends and Basic Earnings Pe
Dividends and Basic Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Dividends and Basic Earnings Per Common Share [Abstract] | |
Dividends and Basic Earnings Per Common Share | 15. Dividends and Basic Earnings Per Common Share Total cash dividends during 2015 were $10,157,000 or $12.90 per share of common stock, an increase of 1.6% per share from $9,919,000 or $12.70 per share in 2014. In 2013, cash dividends totaled $9,723,000 or $12.50 per share. Basic earnings per common share amounts are computed by dividing net income by the weighted average number of common shares outstanding for the period. The following table calculates the basic earnings per common share for the periods indicated. ( net income in thousands 2015 2014 2013 Net Income $ 27,392 $ 25,402 $ 24,061 Weighted Average Number of Common Shares Outstanding 786,582 778,358 777,882 Basic Earnings Per Common Share $ 34.82 $ 32.64 $ 30.93 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 16. Employee Benefit Plans Profit Sharing Plan The Company, through the Bank, sponsors a Profit Sharing Plan for substantially all full-time employees of the Company with one or more years of service. Participants receive up to two annual employer contributions, one is discretionary and the other is mandatory. The discretionary contributions to the Profit Sharing Plan are determined annually by the Board of Directors. The discretionary contributions totaled $925,000, $875,000, and $825,000 for the years ended December 31, 2015, 2014, and 2013, respectively. The mandatory contributions to the Profit Sharing Plan are made according to a predetermined set of criteria. Mandatory contributions totaled $1.1 million, $1.0 million, and $952,000 for the years ended December 31, 2015, 2014, and 2013, respectively. Company employees are permitted, within limitations imposed by tax law, to make pretax contributions and after tax (Roth) contributions to the 401(k) feature of the Profit Sharing Plan. The Company does not match employee contributions within the 401(k) feature of the Profit Sharing Plan and the Company can terminate the Profit Sharing Plan at any time. Benefits pursuant to the Profit Sharing Plan vest 0% during the first year of participation, 25% per full year thereafter and after five years such benefits are fully vested. Executive Retirement Plan and Life Insurance Arrangements The Company, through the Bank, sponsors an Executive Retirement Plan for certain executive level employees. The Executive Retirement Plan is a non-qualified defined contribution plan and was developed to supplement the Company’s Profit Sharing Plan, which, as a qualified retirement plan, has a ceiling on benefits as set by the Internal Revenue Service. The Plan is comprised of: (1) a Performance Component which makes contributions based upon long-term cumulative profitability and increase in market value of the Company; (2) a Retention Component applicable to participants employed by the Company as of January 1, 2005 (contributions to this component were frozen effective December 31, 2010); (3) a Salary Component which makes contributions based upon participant salary levels; and (4) an Equity Component for which contributions are discretionary and subject to Board of Directors approval. Executive Retirement Plan contributions are invested in a mix of financial instruments; however Equity Component contributions are invested primarily in stock of the Company. The Company expensed $3.5 million to the Executive Retirement Plan during the year ended December 31, 2015, $2.7 million during the year ended December 31, 2014 and $2.7 million during the year ended December 31, 2013. The Company’s total accrued liability under the Executive Retirement Plan was $31.3 million as of December 31, 2015 and $27.3 million as of December 31, 2014. All amounts have been fully funded in to a Rabbi Trust as of December 31, 2015. The Company has purchased single premium life insurance policies on the lives of certain key employees of the Company. These policies provide: (1) financial protection to the Company in the event of the death of a key employee; and (2) significant income to the Company to offset the expense associated with the Executive Retirement Plan and other employee benefit plans, since the interest earned on the cash surrender value of the policies is tax exempt as long as the policies are used to finance employee benefits. As compensation to each employee for agreeing to allow the Company to purchase an insurance policy on his or her life, split dollar agreements have been entered into with those employees. These agreements provide for a division of the life insurance death proceeds between the Company and each employee’s designated beneficiary or beneficiaries. The Company earned tax-exempt interest on the life insurance policies of $1.9 million for the years ended December 31, 2015, 2014, and 2013. As of December 31, 2015 and 2014, the total cash surrender value of the insurance policies was $55.9 million and $54.0 million, respectively. Senior Management Retention Plan The Company, through the Bank, sponsors a Senior Management Retention Plan (“SMRP”) for certain senior level employees. The SMRP is a non-qualified defined contribution plan and was developed to supplement the Company’s Profit Sharing Plan, which, as a qualified retirement plan, has a ceiling on benefits as set by the Internal Revenue Service. All contributions are discretionary and subject to the Board of Directors approval. Contributions are invested primarily in stock of the Company. The Company expensed $530,000 to the SMRP during the year ended December 31, 2015, $475,000 during the year ended December 31, 2014 and $536,000 during the year ended December 31, 2013. The Company’s total accrued liability under the SMRP was $2.3 million as of December 31, 2015 and $1.5 million as of December 31, 2014. All amounts have been fully funded in to a Rabbi Trust as of December 31, 2015. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 17. Fair Value Measurements The Company follows the “Fair Value Measurement and Disclosures” topic of the FASB ASC, which establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements. This standard applies whenever other standards require, or permit, assets or liabilities to be measured at fair value but does not expand the use of fair value in any new circumstances. In this standard, the FASB clarifies the principle that fair value should be based on the assumptions market participants would use when pricing the asset or liability. In support of this principle, this standard establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy is as follows: Level 1 inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Level 2 inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Management monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities or total earnings. Securities classified as available-for-sale are reported at fair value on a recurring basis utilizing Level 1, 2 and 3 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond's terms and conditions, among other things. The Company does not record all loans & leases at fair value on a recurring basis. However, from time to time, a loan or lease is considered impaired and an allowance for credit losses is established. Once a loan or lease is identified as individually impaired, management measures impairment in accordance with the “Receivable” topic of the FASB ASC. The fair value of impaired loans or leases is estimated using one of several methods, including collateral value when the loan is collateral dependent, market value of similar debt, enterprise value, and discounted cash flows. Impaired loans & leases not requiring an allowance represent loans & leases for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans & leases. Impaired loans & leases where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. Other Real Estate (“ORE”) is reported at fair value on a non-recurring basis. At December 31, 2015, formal foreclosure proceedings were in process for $538,000 of consumer mortgage loans secured by residential real estate properties. The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated. Fair Value Measurements At December 31, 2015, Using (in thousands) Fair Value Total Quoted Prices in Active Markets for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available-for-Sale Securities: Government Agency & Government-Sponsored Entities $ 33,251 $ - $ 33,251 $ - US Treasury Notes 72,884 72,884 - - Mortgage Backed Securities 262,493 - 262,493 - Other 509 199 310 - Total Assets Measured at Fair Value On a Recurring Basis $ 369,137 $ 73,083 $ 296,054 $ - Fair Value Measurements At December 31, 2014, Using (in thousands) Fair Value Total Quoted Prices in Active Markets for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available-for-Sale Securities: Government Agency & Government-Sponsored Entities $ 78,109 $ 10,005 $ 68,104 $ - Mortgage Backed Securities 287,948 - 287,948 - Other 485 175 310 - Total Assets Measured at Fair Value On a Recurring Basis $ 366,542 $ 10,180 $ 356,362 $ - Fair values for Level 2 available-for-sale investment securities are based on quoted market prices for similar securities. During the year ended December 31, 2015, there were no transfers in or out of level 1, 2, or 3. The following tables present information about the Company’s impaired loans & leases and other real estate, classes of assets or liabilities that the Company carries at fair value on a non-recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated. Not all impaired loans & leases are carried at fair value. Impaired loans & leases are only included in the following tables when their fair value is based upon an appraisal of the collateral, and if that appraisal results in a partial charge-off or the establishment of a specific reserve. Fair Value Measurements At December 31, 2015, Using (in thousands) Fair Value Total Quoted Prices in Active Markets for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired Loans: Residential 1st Mortgage $ 329 $ - $ - $ 329 Home Equity Lines and Loans 125 - - 125 Agricultural 298 - - 298 Commercial 752 - - 752 Consumer 5 - - 5 Total Impaired Loans 1,509 - - 1,509 Other Real Estate: Real Estate Construction 2,441 - - 2,441 Total Other Real Estate 2,441 - - 2,441 Total Assets Measured at Fair Value On a Non-Recurring Basis $ 3,950 $ - $ - $ 3,950 Fair Value Measurements At December 31, 2014, Using (in thousands) Fair Value Total Quoted Prices in Active Markets for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired Loans: Commercial Real Estate $ 90 $ - $ - $ 90 Residential 1st Mortgage 748 - - 748 Home Equity Lines and Loans 759 - - 759 Agricultural 346 - - 346 Commercial 3,832 - - 3,832 Consumer 6 - - 6 Total Impaired Loans 5,781 - - 5,781 Other Real Estate: Real Estate Construction 2,441 - - 2,441 Agricultural Real Estate 858 - - 858 Total Other Real Estate 3,299 - - 3,299 Total Assets Measured at Fair Value On a Non-Recurring Basis $ 9,080 $ - $ - $ 9,080 The Company’s property appraisals are primarily based on the sales comparison approach and the income approach methodologies, which consider recent sales of comparable properties, including their income generating characteristics, and then make adjustments to reflect the general assumptions that a market participant would make when analyzing the property for purchase. These adjustments may increase or decrease an appraised value and can vary significantly depending on the location, physical characteristics and income producing potential of each property. Additionally, the quality and volume of market information available at the time of the appraisal can vary from period to period and cause significant changes to the nature and magnitude of comparable sale adjustments. Given these variations, comparable sale adjustments are generally not a reliable indicator for how fair value will increase or decrease from period to period. Under certain circumstances, management discounts are applied based on specific characteristics of an individual property. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2015: (in thousands) Fair Value Valuation Technique Unobservable Inputs Range, Weighted Avg. Impaired Loans: Residential 1st Mortgages $ 329 Sales Comparison Approach Adjustment for Difference Between Comparable Sales 1% -5%, 3 % Home Equity Lines and Loans $ 125 Sales Comparison Approach Adjustment for Difference Between Comparable Sales 1% - 3%, 2 % Agricultural $ 298 Income Approach Capitalization Rate 16% - 16%, 16 % Commercial $ 752 Income Approach Capitalization Rate 16% - 16%, 16 % Consumer $ 5 Sales Comparison Approach Adjustment for Difference Between Comparable Sales 2% - 2%, 2 % Other Real Estate: Real Estate Construction $ 2,441 Sales Comparison Approach Adjustment for Difference Between Comparable Sales 10% - 10%, 10 % |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 18. Fair Value of Financial Instruments U.S. GAAP requires disclosure of fair value information about financial instruments, whether or not recognized on the balance sheet, for which it is practical to estimate that value. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. The use of assumptions and various valuation techniques, as well as the absence of secondary markets for certain financial instruments, will likely reduce the comparability of fair value disclosures between financial institutions. In some cases, book value is a reasonable estimate of fair value due to the relatively short period of time between origination of the instrument and its expected realization. The following tables summarize the book value and estimated fair value of financial instruments for the periods indicated: Fair Value of Financial Instruments Using December 31, 2015 (in thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Estimated Fair Value Assets: Cash and Cash Equivalents $ 59,446 $ 59,446 $ - $ - $ 59,446 Investment Securities Available-for-Sale: Government Agency & Government-Sponsored Entities 33,251 - 33,251 - 33,251 U.S. Treasury Notes 72,884 72,884 - 72,884 Mortgage Backed Securities 262,493 - 262,493 - 262,493 Other 509 199 310 - 509 Total Investment Securities Available-for-Sale 369,137 73,083 296,054 - 369,137 Investment Securities Held-to-Maturity: Obligations of States and Political Subdivisions 61,396 - 44,675 17,713 62,388 Total Investment Securities Held-to-Maturity 61,396 - 44,675 17,713 62,388 FHLB Stock 7,795 N/A N/A N/A N/A Loans & Leases, Net of Deferred Fees & Allowance: Commercial Real Estate 593,587 - - 591,271 591,271 Agricultural Real Estate 417,153 - - 405,295 405,295 Real Estate Construction 149,489 - - 149,371 149,371 Residential 1st Mortgages 205,616 - - 207,431 207,431 Home Equity Lines and Loans 30,910 - - 32,360 32,360 Agricultural 287,658 - - 285,733 285,733 Commercial 202,968 - - 201,105 201,105 Consumer & Other 6,417 - - 6,416 6,416 Leases 62,584 - - 62,139 62,139 Unallocated Allowance (1,546 ) - - (1,546 ) (1,546 ) Total Loans & Leases, Net of Deferred Fees & Allowance 1,954,836 - - 1,939,575 1,939,575 Accrued Interest Receivable 9,240 - 9,240 - 9,240 Liabilities: Deposits: Demand 711,029 711,029 - - 711,029 Interest Bearing Transaction 377,594 377,594 - - 377,594 Savings and Money Market 707,885 707,885 - - 707,885 Time 481,024 - 480,334 - 480,334 Total Deposits 2,277,532 1,796,508 480,334 - 2,276,842 Subordinated Debentures 10,310 - 6,424 - 6,424 Accrued Interest Payable 513 - 513 - 513 Fair Value of Financial Instruments Using December 31, 2014 (in thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Estimated Fair Value Assets: Cash and Cash Equivalents $ 77,125 $ 77,125 $ - $ - $ 77,125 Investment Securities Available-for-Sale: Government Agency & Government-Sponsored Entities 78,109 10,005 68,104 - 78,109 Mortgage Backed Securities 287,948 - 287,948 - 287,948 Other 485 175 310 - 485 Total Investment Securities Available-for-Sale 366,542 10,180 356,362 - 366,542 Investment Securities Held-to-Maturity: Obligations of States and Political Subdivisions 61,716 - 49,085 13,403 62,488 Other 2,147 - 2,147 - 2,147 Total Investment Securities Held-to-Maturity 63,863 - 51,232 13,403 64,635 FHLB Stock 7,677 N/A N/A N/A N/A Loans & Leases, Net of Deferred Fees & Allowance: Commercial Real Estate 484,061 - - 481,037 481,037 Agricultural Real Estate 353,022 - - 353,288 353,288 Real Estate Construction 94,850 - - 95,022 95,022 Residential 1st Mortgages 170,858 - - 173,916 173,916 Home Equity Lines and Loans 30,591 - - 32,456 32,456 Agricultural 275,859 - - 274,195 274,195 Commercial 222,624 - - 222,175 222,175 Consumer & Other 4,501 - - 4,535 4,535 Leases 42,006 - - 40,298 40,298 Unallocated Allowance (1,529 ) - - (1,529 ) (1,529 ) Total Loans & Leases, Net of Deferred Fees & Allowance 1,676,843 - - 1,675,393 1,675,393 Accrued Interest Receivable 7,797 - 7,797 - 7,797 Liabilities: Deposits: Demand 610,133 610,133 - - 610,133 Interest Bearing Transaction 341,397 341,397 - - 341,397 Savings and Money Market 644,260 644,260 - - 644,260 Time 468,283 - 468,161 - 468,161 Total Deposits 2,064,073 1,595,790 468,161 - 2,063,951 Subordinated Debentures 10,310 - 6,227 - 6,227 Accrued Interest Payable 378 - 378 - 378 Fair value estimates presented herein are based on pertinent information available to management as of December 31, 2015 and December 31, 2014. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purpose of these financial statements since that date, and; therefore, current estimates of fair value may differ significantly from the amounts presented above. The methods and assumptions used to estimate the fair value of each class of financial instrument listed in the table above are explained below. Cash and Cash Equivalents - The carrying amounts reported in the balance sheet for cash and due from banks, interest-bearing deposits with banks, federal funds sold, and securities purchased under agreements to resell are a reasonable estimate of fair value. All cash and cash equivalents are classified as Level 1. Investment Securities - Fair values for investment securities consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond's terms and conditions, among other things. Based on the available market information the classification level could be 1, 2, or 3. Federal Home Loan Bank Stock - It is not practical to determine the fair value of FHLB stock due to restrictions placed on its transferability. Loans & Leases, Net of Deferred Loan & Lease Fees & Allowance - Fair values of loans & leases are estimated as follows: For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values resulting in a Level 3 classification. Fair values for other loans & leases are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. Impaired loans & leases are valued at the lower of cost or fair value as described previously. The methods utilized to estimate the fair value of loans & leases do not necessarily represent an exit price. Deposit Liabilities - The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting in a Level 1 classification. Fair values for fixed-maturity certificates of deposit are estimated using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. Subordinated Debentures - The fair values of the Company’s Subordinated Debentures are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. Accrued Interest Receivable and Payable - The carrying amount of accrued interest receivable and payable approximates their fair value resulting in a Level 2 classification. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 19. Commitments and Contingencies In the normal course of business, the Company enters in to financial instruments with off balance sheet risk in order to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These instruments include commitments to extend credit, letters of credit, and other types of financial guarantees. The Company had the following off balance sheet commitments as of the dates indicated. (in thousands) December 31, 2015 December 31, 2014 Commitments to Extend Credit $ 708,122 $ 539,288 Letters of Credit 14,745 9,734 Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties 2,758 2,042 The Company's exposure to credit loss in the event of nonperformance by the other party with regard to standby letters of credit, undisbursed loan commitments, and financial guarantees is represented by the contractual notional amount of those instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. The Company uses the same credit policies in making commitments and conditional obligations as it does for recorded balance sheet items. The Company may or may not require collateral or other security to support financial instruments with credit risk. Evaluations of each customer's creditworthiness are performed on a case-by-case basis. Standby letters of credit are conditional commitments issued by the Company to guarantee performance of or payment for a customer to a third party. Outstanding standby letters of credit have maturity dates ranging from 1 to 46 months with final expiration in October 2018. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company is obligated under a number of noncancellable operating leases for premises and equipment used for banking purposes. Minimum future rental commitments under noncancellable operating leases as of December 31, 2015, were $548,000, $314,000, In the ordinary course of business, the Company becomes involved in litigation arising out of its normal business activities. Management, after consultation with legal counsel, believes that the ultimate liability, if any, resulting from the disposition of such claims would not be material in relation to the financial position of the Company. The Company may be required to maintain average reserves on deposit with the Federal Reserve Bank primarily based on deposits outstanding. There were no reserve requirements during 2015 or 2014. |
Recent Accounting Developments
Recent Accounting Developments | 12 Months Ended |
Dec. 31, 2015 | |
Recent Accounting Developments [Abstract] | |
Recent Accounting Developments | 20. Recent Accounting Developments In January 2014, the FASB issued Accounting Standards Update (ASU) 2014-04 - Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure This Update clarifies when an in-substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The objective of the amendments in this Update is to reduce diversity in practice. An in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The adoption of this ASU did not have a material impact on the Company’s financial position, results of operation, cash flows, or disclosure. In May 2014, the FASB issued ASU 2014-09 - Revenue from Contracts with Customers (Topic 606) , which will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific revenue recognition guidance throughout the Accounting Standards Codification. The amendments in this update affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts, including leases and insurance contracts, are within the scope of other standards. The amendments establish a core principle requiring the recognition of revenue to depict the transfer of goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for such goods or services. The amendments also require expanded disclosures concerning the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers. For public entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and must be applied retrospectively. Early application is not permitted. Management is currently evaluating the impact of adoption. In August 2015, the FASB issued ASU 2015-14 - Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Parent Company Financial Information [Abstract] | |
Parent Company Financial Information | 21. Parent Company Financial Information The following financial information is presented as of December 31 for the periods indicated. Farmers & Merchants Bancorp Condensed Balance Sheets (in thousands) 2015 2014 Cash $ 308 $ 363 Investment in Farmers & Merchants Bank of Central California 261,626 242,852 Investment Securities 409 410 Other Assets 60 201 Total Assets $ 262,403 $ 243,826 Subordinated Debentures $ 10,310 $ 10,310 Liabilities 258 338 Shareholders' Equity 251,835 233,178 Total Liabilities and Shareholders' Equity $ 262,403 $ 243,826 Farmers & Merchants Bancorp Condensed Statements of Income Year Ended December 31, (in thousands) 2015 2014 2013 Equity in Undistributed Earnings in Farmers & Merchants Bank of Central California $ 17,352 $ 18,211 $ 14,352 Dividends from Subsidiary 10,875 8,000 10,450 Interest Income 10 10 10 Other Expenses, Net (1,451 ) (1,406 ) (1,288 ) Tax Benefit 606 587 537 Net Income $ 27,392 $ 25,402 $ 24,061 Farmers & Merchants Bancorp Condensed Statements of Cash Flows Year Ended December 31, (in thousands) 2015 2014 2013 Cash Flows from Operating Activities: Net Income $ 27,392 $ 25,402 $ 24,061 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Equity in Undistributed Net Earnings from Subsidiary (17,352 ) (18,211 ) (14,352 ) Net (Increase) Decrease in Other Assets (79 ) (114 ) 38 Net Increase (Decrease) in Liabilities 141 (1 ) 180 Net Cash Provided by Operating Activities 10,102 7,076 9,927 Investing Activities: Payments for Investments in Subsidiaries (3,360 ) - - Net Cash Used by Investing Activities (3,360 ) - - Financing Activities: Issuance of Common Stock 3,360 2,790 - Cash Dividends (10,157 ) (9,919 ) (9,723 ) Net Cash Used by Financing Activities (6,797 ) (7,129 ) (9,723 ) (Decrease) Increase in Cash and Cash Equivalents (55 ) (53 ) 204 Cash and Cash Equivalents at Beginning of Year 363 416 212 Cash and Cash Equivalents at End of Year $ 308 $ 363 $ 416 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 22. Subsequent Events On January 28, 2016, the Company issued 1,600 shares of common stock to the Bank’s non-qualified defined contribution retirement plans. These shares were issued at a price of $525 per share based upon a valuation completed by a nationally recognized bank consulting and advisory firm and in reliance upon the exemption in Section 4(2) of the Securities Act of 1933, as amended, and the regulations promulgated thereunder. The proceeds were contributed to the Bank as equity capital. |
Significant Accounting Polici31
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements and notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America for financial information. The accompanying consolidated financial statements include the accounts of the Company and the Company’s wholly owned subsidiaries, F & M Bancorp, Inc. and the Bank, along with the Bank’s wholly owned subsidiaries, Farmers & Merchants Investment Corporation and Farmers/Merchants Corp. Significant inter-company transactions have been eliminated in consolidation. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Certain amounts in the prior years' financial statements and related footnote disclosures have been reclassified to conform to the current-year presentation. These reclassifications had no effect on previously reported net income or total shareholders’ equity. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the Consolidated Statements of Cash Flows, the Company has defined cash and cash equivalents as those amounts included in the balance sheet captions Cash and Due from Banks, Interest Bearing Deposits with Banks, Federal Funds Sold and Securities Purchased Under Agreements to Resell. For these instruments, the carrying amount is a reasonable estimate of fair value. |
Investment Securities | Investment Securities Investment securities are classified at the time of purchase as held-to-maturity (“HTM”) if it is management’s intent and the Company has the ability to hold the securities until maturity. These securities are carried at cost, adjusted for amortization of premium and accretion of discount using a level yield of interest over the estimated remaining period until maturity. Losses, reflecting a decline in value judged by the Company to be other than temporary, are recognized in the period in which they occur. Securities are classified as available-for-sale (“AFS”) if it is management’s intent, at the time of purchase, to hold the securities for an indefinite period of time and/or to use the securities as part of the Company’s asset/liability management strategy. These securities are reported at fair value with aggregate unrealized gains or losses excluded from income and included as a separate component of shareholders’ equity, net of related income taxes. Fair values are based on quoted market prices or broker/dealer price quotations on a specific identification basis. Gains or losses on the sale of these securities are computed using the specific identification method. Trading securities, if any, are acquired for short-term appreciation and are recorded in a trading portfolio and are carried at fair value, with unrealized gains and losses recorded in non-interest income. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the income statement; and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. |
Loans & Leases | Loans & Leases Loans & leases are reported at the principal amount outstanding net of unearned discounts and deferred loan & lease fees and costs. Interest income on loans & leases is accrued daily on the outstanding balances using the simple interest method. Loan & lease origination fees are deferred and recognized over the contractual life of the loan or lease as an adjustment to the yield. Loans & leases are placed on non-accrual status when the collection of principal or interest is in doubt or when they become past due for 90 days or more unless they are both well-secured and in the process of collection. For this purpose, a loan or lease is considered well-secured if it is collateralized by property having a net realizable value in excess of the amount of the loan or lease or is guaranteed by a financially capable party. When a loan or lease is placed on non-accrual status, the accrued and unpaid interest receivable is reversed and charged against current income; thereafter, interest income is recognized only as it is collected in cash. Additionally, cash would be applied to principal if all principal was not expected to be collected. Loans & leases placed on non-accrual status are returned to accrual status when the loans or leases are paid current as to principal and interest and future payments are expected to be made in accordance with the contractual terms of the loan or lease. A loan or lease is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the original agreement. Impaired loans & leases are either: (1) non-accrual loans & leases; or (2) restructured loans & leases that are still accruing interest. Loans or leases determined to be impaired are individually evaluated for impairment. When a loan or lease is impaired, the Company measures impairment based on the present value of expected future cash flows discounted at the loan or lease's effective interest rate, except that as a practical expedient, it may measure impairment based on a loan or lease's observable market price, or the fair value of the collateral if the loan or lease is collateral dependent. A loan or lease is collateral dependent if the repayment of the loan or lease is expected to be provided solely by the underlying collateral. A restructuring of a loan or lease constitutes a troubled debt restructuring (TDR) if the Company for economic or legal reasons related to the borrower’s (the term “borrower” is used herein to describe a customer who has entered into either a loan or lease transaction) financial difficulties grants a concession to the borrower that it would not otherwise consider. Restructured loans & leases typically present an elevated level of credit risk as the borrowers are not able to perform according to the original contractual terms. If the restructured loan or lease was current on all payments at the time of restructure and management reasonably expects the borrower will continue to perform after the restructure, management may keep the loan or lease on accrual. Loans & leases that are on nonaccrual status at the time they become TDR, remain on nonaccrual status until the borrower demonstrates a sustained period of performance, which the Company generally believes to be six consecutive months of payments, or equivalent. A loan or lease can be removed from TDR status if it was restructured at a market rate in a prior calendar year and is currently in compliance with its modified terms. However, these loans or leases continue to be classified as impaired and are individually evaluated for impairment as described above. Generally, the Company will not restructure loans or leases for borrowers unless: (1) the existing loan or lease is brought current as to principal and interest payments; and (2) the restructured loan or lease can be underwritten to reasonable underwriting standards. If these standards are not met other actions will be pursued (e.g., foreclosure) to collect outstanding loan or lease amounts. After restructure a determination is made whether the loan or lease will be kept on accrual status based upon the underwriting and historical performance of the restructured credit. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses is an estimate of probable incurred credit losses inherent in the Company's loan & lease portfolio as of the balance sheet date. The allowance is established through a provision for credit losses, which is charged to expense. Additions to the allowance are expected to maintain the adequacy of the total allowance after credit losses and loan & lease growth. Credit exposures determined to be uncollectible are charged against the allowance. Cash received on previously charged off amounts is recorded as a recovery to the allowance. The overall allowance consists of three primary components: specific reserves related to impaired loans & leases; general reserves for inherent losses related to loans & leases that are not impaired; and an unallocated component that takes into account the imprecision in estimating and allocating allowance balances associated with macro factors. The determination of the general reserve for loans & leases that are collectively evaluated for impairment is based on estimates made by management, to include, but not limited to, consideration of historical losses by portfolio segment, internal asset classifications, qualitative factors that include economic trends in the Company's service areas, industry experience and trends, geographic concentrations, estimated collateral values, the Company's underwriting policies, the character of the loan & lease portfolio, and probable losses inherent in the portfolio taken as a whole. The Company maintains a separate allowance for each portfolio segment (loan & lease type). These portfolio segments include: (1) commercial real estate; (2) agricultural real estate; (3) real estate construction (including land and development loans); (4) residential 1 st The Company assigns a risk rating to all loans & leases and periodically performs detailed reviews of all such loans & leases over a certain threshold to identify credit risks and assess overall collectability. For smaller balance loans & leases, such as consumer and residential real estate, a credit grade is established at inception, and then updated only when the loan or lease becomes contractually delinquent or when the borrower requests a modification. For larger balance loans, management monitors and analyzes the financial condition of borrowers and guarantors, trends in the industries in which borrowers operate and the fair values of collateral securing these loans & leases. These credit quality indicators are used to assign a risk rating to each individual loan or lease. These risk ratings are also subject to examination by independent specialists engaged by the Company. The risk ratings can be grouped into five major categories, defined as follows: Pass – A pass loan or lease is a strong credit with no existing or known potential weaknesses deserving of management's close attention. Special Mention – A special mention loan or lease has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease or in the Company's credit position at some future date. Special mention loans & leases are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard – A substandard loan or lease is not adequately protected by the current financial condition and paying capacity of the borrower or the value of the collateral pledged, if any. Loans or leases classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Well-defined weaknesses include a project's lack of marketability, inadequate cash flow or collateral support, failure to complete construction on time or the project's failure to fulfill economic expectations. Doubtful – Loss – Loans or leases classified as loss are considered uncollectible. Once a loan or lease becomes delinquent and repayment becomes questionable, the Company will address collateral shortfalls with the borrower and attempt to obtain additional collateral. If this is not forthcoming and payment in full is unlikely, the Company will estimate its probable loss and immediately charge-off some or all of the balance. The general reserve component of the allowance for credit losses also consists of reserve factors that are based on management's assessment of the following for each portfolio segment: (1) inherent credit risk; (2) historical losses; and (3) other qualitative factors. These reserve factors are inherently subjective and are driven by the repayment risk associated with each portfolio segment described below: Commercial Real Estate – Commercial real estate mortgage loans are generally considered to possess a higher inherent risk of loss than the Company’s commercial, agricultural and consumer loan types. Adverse economic developments or an overbuilt market impact commercial real estate projects and may result in troubled loans. Trends in vacancy rates of commercial properties impact the credit quality of these loans. High vacancy rates reduce operating revenues and the ability for properties to produce sufficient cash flow to service debt obligations. Real Estate Construction – Real estate construction loans, including land loans, are generally considered to possess a higher inherent risk of loss than the Company’s commercial, agricultural and consumer loan types. A major risk arises from the necessity to complete projects within specified cost and time lines. Trends in the construction industry significantly impact the credit quality of these loans, as demand drives construction activity. In addition, trends in real estate values significantly impact the credit quality of these loans, as property values determine the economic viability of construction projects. Commercial – These loans are generally considered to possess a moderate inherent risk of loss because they are shorter-term; typically made to relationship customers; generally underwritten to existing cash flows of operating businesses; and may be collateralized by fixed assets, inventory and/or accounts receivable. Debt coverage is provided by business cash flows and economic trends influenced by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Agricultural Real Estate and Agricultural – These loans are generally considered to possess a moderate inherent risk of loss since they are typically made to relationship customers and are secured by crop production, livestock and related real estate. These loans are vulnerable to two risk factors that are largely outside the control of Company and borrowers: commodity prices and weather conditions. Leases – Equipment leases are generally considered to possess a moderate inherent risk of loss. As Lessor, the company is subject to both the credit risk of the borrower and the residual value risk of the equipment. Credit risks are underwritten using the same credit criteria the Company would use when making an equipment term loan. Residual value risk is managed through the use of qualified, independent appraisers that establish the residual values the Company uses in structuring a lease. Residential 1st Mortgages and Home Equity Lines and Loans – These loans are generally considered to possess a low inherent risk of loss, although this is not always true as evidenced by the correction in residential real estate values that occurred between 2007 and 2012. The degree of risk in residential real estate lending depends primarily on the loan amount in relation to collateral value, the interest rate and the borrower's ability to repay in an orderly fashion. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Weak economic trends indicate that the borrowers' capacity to repay their obligations may be deteriorating. Consumer & Other – A consumer installment loan portfolio is usually comprised of a large number of small loans scheduled to be amortized over a specific period. Most installment loans are made for consumer purchases. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Weak economic trends indicate that the borrowers' capacity to repay their obligations may be deteriorating. At least quarterly, the Board of Directors reviews the adequacy of the allowance, including consideration of the relative risks in the portfolio, current economic conditions and other factors. If the Board of Directors and management determine that changes are warranted based on those reviews, the allowance is adjusted. In addition, the Company's and Bank's regulators, including the Federal Reserve Bank (“FRB”), the California Department of Business Oversight (“DBO”) and the Federal Deposit Insurance Corporation (“FDIC”), as an integral part of their examination process, review the adequacy of the allowance. These regulatory agencies may require additions to the allowance based on their judgment about information available at the time of their examinations. |
Allowance for Credit Losses on Off-Balance-Sheet Credit Exposures | Allowance for Credit Losses on Off-Balance-Sheet Credit Exposures The Company also maintains a separate allowance for off-balance-sheet commitments. Management estimates anticipated losses using historical data and utilization assumptions. The allowance for off-balance-sheet commitments is included in Interest Payable and Other Liabilities on the Company’s Consolidated Balance Sheet. |
Premises and Equipment | Premises and Equipment Premises, equipment, and leasehold improvements are stated at cost, less accumulated depreciation and amortization. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets. Estimated useful lives of buildings range from 30 to 40 years, and for furniture and equipment from 3 to 7 years. Leasehold improvements are amortized over the lesser of the terms of the respective leases, or their useful lives, which are generally 5 to 10 years. Remodeling and capital improvements are capitalized while maintenance and repairs are charged directly to occupancy expense. |
Other Real Estate | Other Real Estate Other real estate, which is included in other assets, is expected to be sold and is comprised of properties no longer utilized for business operations and property acquired through foreclosure in satisfaction of indebtedness. These properties are recorded at fair value less estimated selling costs upon acquisition. Revised estimates to the fair value less cost to sell are reported as adjustments to the carrying amount of the asset, provided that such adjusted value is not in excess of the carrying amount at acquisition. Initial losses on properties acquired through full or partial satisfaction of debt are treated as credit losses and charged to the allowance for credit losses at the time of acquisition. Subsequent declines in value from the recorded amounts, routine holding costs, and gains or losses upon disposition, if any, are included in non-interest expense as incurred. |
Income Taxes | Income Taxes The Company uses the liability method of accounting for income taxes. This method results in the recognition of deferred tax assets and liabilities that are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. The deferred provision for income taxes is the result of the net change in the deferred tax asset and deferred tax liability balances during the year. This amount combined with the current taxes payable or refundable results in the income tax expense for the current year. The Company follows the standards set forth in the “Income Taxes” topic of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”), which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This standard prescribes a recognition threshold and measurement standard for the financial statement recognition and measurement of an income tax position taken or expected to be taken in a tax return. It also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company accounts for leases with Investment Tax Credits (ITC) under the deferred method as established in ASC 740-10. ITC are viewed and accounted for as a reduction of the cost of the related assets and presented as deferred income on the Company’s financial statement. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest expense and penalties associated with unrecognized tax benefits, if any, are included in the provision for income taxes in the Unaudited Consolidated Statements of Income. |
Basic Earnings Per Common Share | Basic Earnings Per Common Share The Company’s common stock is not traded on any exchange. The shares are primarily held by local residents and are not actively traded. Basic earnings per common share amounts are computed by dividing net income by the weighted average number of common shares outstanding for the period. There are no common stock equivalent shares. Therefore, there is no presentation of diluted basic earnings per common share. See Note 15 for additional information. |
Segment Reporting | Segment Reporting The “Segment Reporting” topic of the FASB ASC requires that public companies report certain information about operating segments. It also requires that public companies report certain information about their products and services, the geographic areas in which they operate, and their major customers. The Company is a holding company for a community bank, which offers a wide array of products and services to its customers. Pursuant to its banking strategy, emphasis is placed on building relationships with its customers, as opposed to building specific lines of business. As a result, the Company is not organized around discernible lines of business and prefers to work as an integrated unit to customize solutions for its customers, with business line emphasis and product offerings changing over time as needs and demands change. Therefore, the Company only reports one segment. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The “Derivatives and Hedging” topic of the FASB ASC establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. All derivatives, whether designated in hedging relationships or not, are required to be recorded on the balance sheet at fair value. Changes in the fair value of those derivatives are accounted for depending on the intended use of the derivative and the resulting designation under specified criteria. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, designed to minimize interest rate risk, the effective portions of the change in the fair value of the derivative are recorded in other comprehensive income (loss), net of related income taxes. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. From time to time, the Company utilizes derivative financial instruments such as interest rate caps, floors, swaps, and collars. These instruments are purchased and/or sold to reduce the Company’s exposure to changing interest rates. The Company marks to market the value of its derivative financial instruments and reflects gain or loss in earnings in the period of change or in other comprehensive income (loss). The Company was not utilizing any derivative instruments as of or for the years ended December 31, 2015, 2014 and 2013. |
Comprehensive Income | Comprehensive Income The “Comprehensive Income” topic of the FASB ASC establishes standards for the reporting and display of comprehensive income and its components in the financial statements. Other comprehensive income (loss) refers to revenues, expenses, gains, and losses that U.S. GAAP recognize as changes in value to an enterprise but are excluded from net income. For the Company, comprehensive income includes net income and changes in fair value of its available-for-sale investment securities. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. |
Recent Accounting Developments
Recent Accounting Developments (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Recent Accounting Developments [Abstract] | |
Recent Accounting Developments | In January 2014, the FASB issued Accounting Standards Update (ASU) 2014-04 - Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure This Update clarifies when an in-substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The objective of the amendments in this Update is to reduce diversity in practice. An in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The adoption of this ASU did not have a material impact on the Company’s financial position, results of operation, cash flows, or disclosure. In May 2014, the FASB issued ASU 2014-09 - Revenue from Contracts with Customers (Topic 606) , which will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific revenue recognition guidance throughout the Accounting Standards Codification. The amendments in this update affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts, including leases and insurance contracts, are within the scope of other standards. The amendments establish a core principle requiring the recognition of revenue to depict the transfer of goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for such goods or services. The amendments also require expanded disclosures concerning the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers. For public entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and must be applied retrospectively. Early application is not permitted. Management is currently evaluating the impact of adoption. In August 2015, the FASB issued ASU 2015-14 - Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities [Abstract] | |
Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-For-Sale | The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale (in thousands) Amortized Gross Unrealized Fair/Book December 31, 2015 Cost Gains Losses Value Government Agency & Government-Sponsored Entities $ 33,536 $ 134 $ 419 $ 33,251 US Treasury Notes 73,048 - 164 72,884 Mortgage Backed Securities (1) 261,016 2,708 1,231 262,493 Other 509 - - 509 Total $ 368,109 $ 2,842 $ 1,814 $ 369,137 Amortized Gross Unrealized Fair/Book December 31, 2014 Cost Gains Losses Value Government Agency & Government-Sponsored Entities $ 78,051 $ 61 $ 3 $ 78,109 Mortgage Backed Securities (1) 283,636 4,969 657 287,948 Other 485 - - 485 Total $ 362,172 $ 5,030 $ 660 $ 366,542 (1) |
Book Values, Estimated Fair Values and Unrealized Gains and Losses of Investments Classified as Held-To-Maturity | The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity (in thousands) Book Gross Unrealized Fair December 31, 2015 Value Gains Losses Value Obligations of States and Political Subdivisions $ 61,396 $ 993 $ 1 $ 62,388 Total $ 61,396 $ 993 $ 1 $ 62,388 Book Gross Unrealized Fair December 31, 2014 Value Gains Losses Value Obligations of States and Political Subdivisions $ 61,716 $ 782 $ 10 $ 62,488 Other 2,147 - - 2,147 Total $ 63,863 $ 782 $ 10 $ 64,635 |
Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Maturity | The amortized cost and estimated fair values of investment securities at December 31, 2015 by contractual maturity are shown in the following tables. (in thousands) Available-for-Sale Held-to-Maturity December 31, 2015 Amortized Cost Fair/Book Value Book Value Fair Value Within One Year $ 28,507 $ 28,507 $ - $ - After One Year Through Five Years 78,586 78,137 12,793 12,853 After Five Years Through Ten Years - - 10,211 10,343 After Ten Years - - 38,392 39,192 107,093 106,644 61,396 62,388 Investment Securities Not Due at a Single Maturity Date: Mortgage Backed Securities 261,016 262,493 - - Total $ 368,109 $ 369,137 $ 61,396 $ 62,388 |
Investments with Gross Unrealized Losses and Market Value Aggregated by Investment Category and Length of Time That Individual Securities Have Been In a Continuous Unrealized Loss Position | The following tables show those investments with gross unrealized losses and their market value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at the dates indicated. (in thousands) Less Than 12 Months 12 Months or More Total December 31, 2015 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Securities Available-for-Sale Government Agency & Government-Sponsored Entities $ 29,944 $ 419 $ - $ - $ 29,944 $ 419 US Treasury Notes 44,887 164 - - 44,887 164 Mortgage Backed Securities 78,899 1,089 7,277 142 86,176 1,231 Total $ 153,730 $ 1,672 $ 7,277 $ 142 $ 161,007 $ 1,814 Securities Held-to-Maturity Obligations of States and Political Subdivisions $ 839 $ 1 $ - $ - $ 839 $ 1 Total $ 839 $ 1 $ - $ - $ 839 $ 1 Less Than 12 Months 12 Months or More Total December 31, 2014 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Securities Available-for-Sale Government Agency & Government-Sponsored Entities $ 66,980 $ 3 $ - $ - $ 66,980 $ 3 Mortgage Backed Securities 14,487 151 33,574 506 48,061 657 Total $ 81,467 $ 154 $ 33,574 $ 506 $ 115,041 $ 660 Securities Held-to-Maturity Obligations of States and Political Subdivisions $ 849 $ 5 $ 876 $ 5 $ 1,725 $ 10 Total $ 849 $ 5 $ 876 $ 5 $ 1,725 $ 10 |
Proceeds from Sales and Calls of Securities | Proceeds from sales and calls of securities were as follows: (in thousands) Gross Proceeds Gross Gains Gross Losses 2015 $ 61,335 $ 275 $ - 2014 $ 130,174 $ 1,204 $ 1,114 2013 $ 81,390 $ 1,208 $ 1,437 |
Loans & Leases (Tables)
Loans & Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans & Leases [Abstract] | |
Schedule of Loans and Leases | Loans & leases as of December 31 consisted of the following: (in thousands) 2015 2014 Commercial Real Estate $ 609,602 $ 495,316 Agricultural Real Estate 424,034 357,207 Real Estate Construction 151,974 96,519 Residential 1st Mortgages 206,405 171,880 Home Equity Lines and Loans 33,056 33,017 Agricultural 293,966 281,963 Commercial 210,804 230,819 Consumer & Other 6,592 4,719 Leases 65,054 44,217 Total Gross Loans & Leases 2,001,487 1,715,657 Less: Unearned Income 5,128 3,413 Subtotal 1,996,359 1,712,244 Less: Allowance for Credit Losses 41,523 35,401 Loans & Leases, Net $ 1,954,836 $ 1,676,843 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Allowance for Credit Losses [Abstract] | |
Allocation of Allowance for Credit Losses by Portfolio Segment and by Impairment Methodology | The following tables show the allocation of the allowance for credit losses at December 31, 2015 and December 31, 2014 by portfolio segment and by impairment methodology (in thousands) December 31, 2015 Commercial Real Estate Agricultural Real Estate Real Estate Construction Residential 1st Mortgages Home Equity Lines & Loans Agricultural Commercial Consumer & Other Leases Unallocated Total Year-To-Date Allowance for Credit Losses: Beginning Balance- January 1, 2015 $ 7,842 $ 4,185 $ 1,669 $ 1,022 $ 2,426 $ 6,104 $ 8,195 $ 218 $ 2,211 $ 1,529 $ 35,401 Charge-Offs - - - - - - (12 ) (84 ) - - (96 ) Recoveries 2,939 - 2,225 8 87 4 136 69 - - 5,468 Provision (718 ) 2,696 (1,409 ) (241 ) (367 ) 200 (483 ) (28 ) 1,083 17 750 Ending Balance- December 31, 2015 $ 10,063 $ 6,881 $ 2,485 $ 789 $ 2,146 $ 6,308 $ 7,836 $ 175 $ 3,294 $ 1,546 $ 41,523 Ending Balance Individually Evaluated for Impairment 61 - - 69 35 115 905 28 - - 1,213 Ending Balance Collectively Evaluated for Impairment 10,002 6,881 2,485 720 2,111 6,193 6,931 147 3,294 1,546 40,310 Loans & Leases: Ending Balance $ 603,650 $ 424,034 $ 151,974 $ 206,405 $ 33,056 $ 293,966 $ 210,804 $ 6,592 $ 65,878 $ - $ 1,996,359 Ending Balance Individually Evaluated for Impairment 3,420 - - 2,010 1,214 606 4,760 34 - - 12,044 Ending Balance Collectively Evaluated for Impairment 600,230 424,034 151,974 204,395 31,842 293,360 206,044 6,558 65,878 - 1,984,315 December 31, 2014 Commercial Real Estate Agricultural Real Estate Real Estate Construction Residential 1st Mortgages Home Equity Lines & Loans Agricultural Commercial Consumer & Other Leases Unallocated Total Year-To-Date Allowance for Credit Losses: Beginning Balance- January 1, 2014 $ 5,178 $ 3,576 $ 654 $ 1,108 $ 2,767 $ 12,205 $ 5,697 $ 176 $ 639 $ 2,274 $ 34,274 Charge-Offs - - - (73 ) (70 ) - (1 ) (132 ) - - (276 ) Recoveries 11 - - - 58 8 86 65 - - 228 Provision 2,653 609 1,015 (13 ) (329 ) (6,109 ) 2,413 109 1,572 (745 ) 1,175 Ending Balance- December 31, 2014 $ 7,842 $ 4,185 $ 1,669 $ 1,022 $ 2,426 $ 6,104 $ 8,195 $ 218 $ 2,211 $ 1,529 $ 35,401 Ending Balance Individually Evaluated for Impairment 377 - - 422 329 114 914 41 - - 2,197 Ending Balance Collectively Evaluated for Impairment 7,465 4,185 1,669 600 2,097 5,990 7,281 177 2,211 1,529 33,204 Loans & Leases: Ending Balance $ 491,903 $ 357,207 $ 96,519 $ 171,880 $ 33,017 $ 281,963 $ 230,819 $ 4,719 $ 44,217 $ - $ 1,712,244 Ending Balance Individually Evaluated for Impairment 20,066 - 4,386 2,108 1,643 461 4,874 46 - - 33,584 Ending Balance Collectively Evaluated for Impairment 471,837 357,207 92,133 169,772 31,374 281,502 225,945 4,673 44,217 - 1,678,660 |
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings | The following tables show the loan & lease portfolio allocated by management’s internal risk ratings at December 31, 2015 and December 31, 2014 (in thousands) December 31, 2015 Pass Special Mention Substandard Total Loans Loans & Leases: Commercial Real Estate $ 595,011 $ 7,917 $ 722 $ 603,650 Agricultural Real Estate 424,034 - - 424,034 Real Estate Construction 150,379 1,595 - 151,974 Residential 1st Mortgages 205,135 413 857 206,405 Home Equity Lines and Loans 32,419 75 562 33,056 Agricultural 293,325 9 632 293,966 Commercial 199,467 8,160 3,177 210,804 Consumer & Other 6,411 - 181 6,592 Leases 65,878 - - 65,878 Total $ 1,972,059 $ 18,169 $ 6,131 $ 1,996,359 December 31, 2014 Pass Special Mention Substandard Total Loans Loans & Leases: Commercial Real Estate $ 483,146 $ 8,651 $ 106 $ 491,903 Agricultural Real Estate 357,207 - - 357,207 Real Estate Construction 94,887 1,632 - 96,519 Residential 1st Mortgages 170,462 744 674 171,880 Home Equity Lines and Loans 32,054 85 878 33,017 Agricultural 281,232 679 52 281,963 Commercial 211,036 18,143 1,640 230,819 Consumer & Other 4,449 - 270 4,719 Leases 44,217 - - 44,217 Total $ 1,678,690 $ 29,934 $ 3,620 $ 1,712,244 |
Aging Analysis of Loan & Lease Portfolio by Time Past Due | The following tables show an aging analysis of the loan & lease portfolio by the time past due at December 31, 2015 and December 31, 2014 (in thousands) December 31, 2015 30-59 Days Past Due 60-89 Days Past Due 90 Days and Still Accruing Nonaccrual Total Past Due Current Total Loans & Leases Loans & Leases: Commercial Real Estate $ 705 $ - $ - $ 19 $ 724 $ 602,926 $ 603,650 Agricultural Real Estate - - - - - 424,034 424,034 Real Estate Construction - - - - - 151,974 151,974 Residential 1st Mortgages 97 194 - 65 356 206,049 206,405 Home Equity Lines and Loans - - - 538 538 32,518 33,056 Agricultural - - - - - 293,966 293,966 Commercial - - - 1,524 1,524 209,280 210,804 Consumer & Other 7 - - 10 17 6,575 6,592 Leases - - - - - 65,878 65,878 Total $ 809 $ 194 $ - $ 2,156 $ 3,159 $ 1,993,200 $ 1,996,359 December 31, 2014 30-59 Days Past Due 60-89 Days Past Due 90 Days and Still Accruing Nonaccrual Total Past Due Current Total Loans & Leases Loans & Leases: Commercial Real Estate $ - $ - $ - $ - $ - $ 491,903 $ 491,903 Agricultural Real Estate - - - - - 357,207 357,207 Real Estate Construction - - - - - 96,519 96,519 Residential 1st Mortgages - - - 77 77 171,803 171,880 Home Equity Lines and Loans 79 - - 576 655 32,362 33,017 Agricultural - - - 18 18 281,945 281,963 Commercial - - - 1,586 1,586 229,233 230,819 Consumer & Other 10 - - 13 23 4,696 4,719 Leases - - - - - 44,217 44,217 Total $ 89 $ - $ - $ 2,270 $ 2,359 $ 1,709,885 $ 1,712,244 |
Impaired Loans & Leases | The following tables show information related to impaired loans & leases at and for the year ended December 31, 2015 and December 31, 2014 (in thousands) December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial Real Estate $ 102 $ 104 $ - $ 479 $ 7 Agricultural Real Estate - - - - - Real Estate Construction - - - - - Residential 1st Mortgages 551 618 - 560 16 Home Equity Lines and Loans 581 646 - 620 3 Agricultural 193 193 - 105 3 Commercial 3,103 3,103 - 2,349 85 Consumer & Other - - - - - $ 4,530 $ 4,664 $ - $ 4,113 $ 114 With an allowance recorded: Commercial Real Estate $ - $ - $ - $ - $ - Agricultural Real Estate - - - - - Real Estate Construction - - - - - Residential 1st Mortgages 348 420 17 354 16 Home Equity Lines and Loans 134 151 7 136 5 Agricultural 412 413 115 431 28 Commercial 1,657 1,798 905 2,456 31 Consumer & Other 34 40 29 39 3 $ 2,585 $ 2,822 $ 1,073 $ 3,416 $ 83 Total $ 7,115 $ 7,486 $ 1,073 $ 7,529 $ 197 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial Real Estate $ - $ - $ - $ 49 $ 4 Agricultural Real Estate - - - - - Real Estate Construction - - - - - Residential 1st Mortgages - - - - - Home Equity Lines and Loans - - - 169 - Agricultural - - - 15 - Commercial - - - 1,620 54 $ - $ - $ - $ 1,853 $ 58 With an allowance recorded: Commercial Real Estate $ 92 $ 92 $ 2 $ 47 $ 4 Agricultural Real Estate - - - - - Real Estate Construction - - - - - Residential 1st Mortgages 937 1,069 187 612 9 Home Equity Lines and Loans 951 1,020 190 803 10 Agricultural 461 473 114 473 28 Commercial 4,742 4,813 910 3,182 54 Consumer & Other 46 51 41 46 2 $ 7,229 $ 7,518 $ 1,444 $ 5,163 $ 107 Total $ 7,229 $ 7,518 $ 1,444 $ 7,016 $ 165 |
Loans & Leases by Class Modified as Troubled Debt Restructured Loans | The following table presents loans by class modified as troubled debt restructured loans for the period ended December 31, 2015 (in thousands) December 31, 2015 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Agricultural 1 $ 194 $ 194 Commercial 1 131 119 Total 2 $ 325 $ 313 The following table presents loans by class modified as troubled debt restructured loans for the period ended December 31, 2014 (in thousands) December 31, 2014 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Residential 1st Mortgages 5 $ 857 $ 804 Home Equity Lines and Loans 3 98 89 Agricultural 1 32 32 Commercial 1 18 18 Consumer & Other 1 7 7 Total 11 $ 1,012 $ 950 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment as of December 31, consisted of the following: (in thousands) 2015 2014 Land and Buildings $ 33,530 $ 33,527 Furniture, Fixtures, and Equipment 19,125 20,244 Leasehold Improvements 2,437 1,763 Subtotal 55,092 55,534 Less: Accumulated Depreciation and Amortization 28,517 29,713 Total $ 26,575 $ 25,821 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Time Deposits [Abstract] | |
Time Deposits of $250,000 or More | Time Deposits of $250,000 or more as of December 31 were as follows: (in thousands) 2015 2014 Balance $ 236,963 $ 239,649 |
Scheduled Maturities of Time Deposits | At December 31, 2015, the scheduled maturities of time deposits were as follows: (in thousands) Scheduled Maturities 2016 $ 432,551 2017 41,865 2018 4,994 2019 871 2020 743 Total $ 481,024 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Current and Deferred Income Tax Expense (Benefit) | Current and deferred income tax expense (benefit) provided for the years ended December 31 consisted of the following: (in thousands) 2015 2014 2013 Current Federal $ 11,979 $ 7,941 $ 11,497 State 4,446 4,345 4,357 Total Current 16,425 12,286 15,854 Deferred Federal 383 3,116 (998 ) State 116 (308 ) (635 ) Total Deferred 499 2,808 (1,633 ) Total Provision for Taxes $ 16,924 $ 15,094 $ 14,221 |
Total Provision for Income Taxes Reconciliation with Federal Statutory Rate | The total provision for income taxes differs from the federal statutory rate as follows: 2015 2014 2013 (in thousands) Amount Rate Amount Rate Amount Rate Tax Provision at Federal Statutory Rate $ 15,510 35.0 % $ 14,174 35.0 % $ 13,399 35.0 % Interest on Obligations of States and Political Subdivisions exempt from Federal Taxation (711 ) (1.6 %) (805 ) (2.0 %) (894 ) (2.3 %) State and Local Income Taxes, Net of Federal Income Tax Benefit 2,966 6.7 % 2,624 6.5 % 2,419 6.3 % Bank Owned Life Insurance (712 ) (1.6 %) (696 ) (1.7 %) (702 ) (1.8 %) Low-Income Housing Tax Credit (291 ) (0.7 %) (126 ) (0.3 %) (129 ) (0.3 %) Other, Net 162 0.4 % (77 ) (0.2 %) 128 0.3 % Total Provision for Taxes $ 16,924 38.2 % $ 15,094 37.3 % $ 14,221 37.1 % |
Components of Net Deferred Tax Assets | The components of net deferred tax assets as of December 31 are as follows: (in thousands) 2015 2014 Deferred Tax Assets Allowance for Credit Losses $ 17,529 $ 14,944 Accrued Liabilities 8,614 8,184 Deferred Compensation 11,586 10,006 State Franchise Tax 1,549 1,521 Interest on Non-Accrual Loans 46 2 ORE Writedown and Holding Costs 1,547 1,724 Low-Income Housing Investment 73 58 Total Deferred Tax Assets $ 40,944 $ 36,439 Deferred Tax Liabilities Premises and Equipment (869 ) (286 ) Securities Accretion (310 ) (298 ) Unrealized Gain on Securities Available-for-Sale (432 ) (1,838 ) Leasing Activities (11,469 ) (7,018 ) Other (744 ) (786 ) Total Deferred Tax Liabilities (13,824 ) (10,226 ) Net Deferred Tax Assets $ 27,120 $ 26,213 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders' Equity [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following tables. There are no conditions or events since that notification that management believes have changed the Bank’s category. (in thousands) Actual Current Regulatory Capital Requirements Well Capitalized Under Prompt Corrective Action December 31, 2015 Amount Ratio Amount Ratio Amount Ratio Total Bank Capital to Risk Weighted Assets $ 290,941 12.22 % $ 190,480 8.0 % $ 238,101 10.0 % Total Consolidated Capital to Risk Weighted Assets $ 291,152 12.23 % $ 190,493 8.0 % N/A N/A Total Bank Common Equity Tier 1 Capital Ratio $ 261,031 10.96 % $ 107,145 4.5 % $ 154,765 6.5 % Total Consolidated Common Equity Tier 1 Capital Ratio $ 251,240 10.55 % $ 107,152 4.5 % N/A N/A Tier 1 Bank Capital to Risk Weighted Assets $ 261,031 10.96 % $ 142,860 6.0 % $ 190,480 8.0 % Tier 1 Consolidated Capital to Risk Weighted Assets $ 261,240 10.97 % $ 142,870 6.0 % N/A N/A Tier 1 Bank Capital to Average Assets $ 261,031 10.30 % $ 101,402 4.0 % $ 126,753 5.0 % Tier 1 Consolidated Capital to Average Assets $ 261,240 10.29 % $ 101,525 4.0 % N/A N/A (in thousands) Actual Current Regulatory Capital Requirements Well Capitalized Under Prompt Corrective Action December 31, 2014 Amount Ratio Amount Ratio Amount Ratio Total Bank Capital to Risk Weighted Assets $ 266,203 12.92 % $ 164,887 8.0 % $ 206,109 10.0 % Total Consolidated Capital to Risk Weighted Assets $ 266,533 12.93 % $ 164,911 8.0 % N/A N/A Tier 1 Bank Capital to Risk Weighted Assets $ 240,319 11.66 % $ 82,444 4.0 % $ 123,665 6.0 % Tier 1 Consolidated Capital to Risk Weighted Assets $ 240,645 11.67 % $ 82,456 4.0 % N/A N/A Tier 1 Bank Capital to Average Assets $ 240,319 10.56 % $ 91,062 4.0 % $ 113,827 5.0 % Tier 1 Consolidated Capital to Average Assets $ 240,645 10.55 % $ 91,219 4.0 % N/A N/A |
Dividends and Basic Earnings 40
Dividends and Basic Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Dividends and Basic Earnings Per Common Share [Abstract] | |
Calculation of Basic Earnings per Common Share | The following table calculates the basic earnings per common share for the periods indicated. ( net income in thousands 2015 2014 2013 Net Income $ 27,392 $ 25,402 $ 24,061 Weighted Average Number of Common Shares Outstanding 786,582 778,358 777,882 Basic Earnings Per Common Share $ 34.82 $ 32.64 $ 30.93 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated. Fair Value Measurements At December 31, 2015, Using (in thousands) Fair Value Total Quoted Prices in Active Markets for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available-for-Sale Securities: Government Agency & Government-Sponsored Entities $ 33,251 $ - $ 33,251 $ - US Treasury Notes 72,884 72,884 - - Mortgage Backed Securities 262,493 - 262,493 - Other 509 199 310 - Total Assets Measured at Fair Value On a Recurring Basis $ 369,137 $ 73,083 $ 296,054 $ - Fair Value Measurements At December 31, 2014, Using (in thousands) Fair Value Total Quoted Prices in Active Markets for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available-for-Sale Securities: Government Agency & Government-Sponsored Entities $ 78,109 $ 10,005 $ 68,104 $ - Mortgage Backed Securities 287,948 - 287,948 - Other 485 175 310 - Total Assets Measured at Fair Value On a Recurring Basis $ 366,542 $ 10,180 $ 356,362 $ - |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | The following tables present information about the Company’s impaired loans & leases and other real estate, classes of assets or liabilities that the Company carries at fair value on a non-recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated. Not all impaired loans & leases are carried at fair value. Impaired loans & leases are only included in the following tables when their fair value is based upon an appraisal of the collateral, and if that appraisal results in a partial charge-off or the establishment of a specific reserve. Fair Value Measurements At December 31, 2015, Using (in thousands) Fair Value Total Quoted Prices in Active Markets for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired Loans: Residential 1st Mortgage $ 329 $ - $ - $ 329 Home Equity Lines and Loans 125 - - 125 Agricultural 298 - - 298 Commercial 752 - - 752 Consumer 5 - - 5 Total Impaired Loans 1,509 - - 1,509 Other Real Estate: Real Estate Construction 2,441 - - 2,441 Total Other Real Estate 2,441 - - 2,441 Total Assets Measured at Fair Value On a Non-Recurring Basis $ 3,950 $ - $ - $ 3,950 Fair Value Measurements At December 31, 2014, Using (in thousands) Fair Value Total Quoted Prices in Active Markets for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired Loans: Commercial Real Estate $ 90 $ - $ - $ 90 Residential 1st Mortgage 748 - - 748 Home Equity Lines and Loans 759 - - 759 Agricultural 346 - - 346 Commercial 3,832 - - 3,832 Consumer 6 - - 6 Total Impaired Loans 5,781 - - 5,781 Other Real Estate: Real Estate Construction 2,441 - - 2,441 Agricultural Real Estate 858 - - 858 Total Other Real Estate 3,299 - - 3,299 Total Assets Measured at Fair Value On a Non-Recurring Basis $ 9,080 $ - $ - $ 9,080 |
Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on a Non-Recurring Basis | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2015: (in thousands) Fair Value Valuation Technique Unobservable Inputs Range, Weighted Avg. Impaired Loans: Residential 1st Mortgages $ 329 Sales Comparison Approach Adjustment for Difference Between Comparable Sales 1% -5%, 3 % Home Equity Lines and Loans $ 125 Sales Comparison Approach Adjustment for Difference Between Comparable Sales 1% - 3%, 2 % Agricultural $ 298 Income Approach Capitalization Rate 16% - 16%, 16 % Commercial $ 752 Income Approach Capitalization Rate 16% - 16%, 16 % Consumer $ 5 Sales Comparison Approach Adjustment for Difference Between Comparable Sales 2% - 2%, 2 % Other Real Estate: Real Estate Construction $ 2,441 Sales Comparison Approach Adjustment for Difference Between Comparable Sales 10% - 10%, 10 % |
Fair Value of Financial Instr42
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
Book Value and Estimated Fair Value of Financial Instruments | The following tables summarize the book value and estimated fair value of financial instruments for the periods indicated: Fair Value of Financial Instruments Using December 31, 2015 (in thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Estimated Fair Value Assets: Cash and Cash Equivalents $ 59,446 $ 59,446 $ - $ - $ 59,446 Investment Securities Available-for-Sale: Government Agency & Government-Sponsored Entities 33,251 - 33,251 - 33,251 U.S. Treasury Notes 72,884 72,884 - 72,884 Mortgage Backed Securities 262,493 - 262,493 - 262,493 Other 509 199 310 - 509 Total Investment Securities Available-for-Sale 369,137 73,083 296,054 - 369,137 Investment Securities Held-to-Maturity: Obligations of States and Political Subdivisions 61,396 - 44,675 17,713 62,388 Total Investment Securities Held-to-Maturity 61,396 - 44,675 17,713 62,388 FHLB Stock 7,795 N/A N/A N/A N/A Loans & Leases, Net of Deferred Fees & Allowance: Commercial Real Estate 593,587 - - 591,271 591,271 Agricultural Real Estate 417,153 - - 405,295 405,295 Real Estate Construction 149,489 - - 149,371 149,371 Residential 1st Mortgages 205,616 - - 207,431 207,431 Home Equity Lines and Loans 30,910 - - 32,360 32,360 Agricultural 287,658 - - 285,733 285,733 Commercial 202,968 - - 201,105 201,105 Consumer & Other 6,417 - - 6,416 6,416 Leases 62,584 - - 62,139 62,139 Unallocated Allowance (1,546 ) - - (1,546 ) (1,546 ) Total Loans & Leases, Net of Deferred Fees & Allowance 1,954,836 - - 1,939,575 1,939,575 Accrued Interest Receivable 9,240 - 9,240 - 9,240 Liabilities: Deposits: Demand 711,029 711,029 - - 711,029 Interest Bearing Transaction 377,594 377,594 - - 377,594 Savings and Money Market 707,885 707,885 - - 707,885 Time 481,024 - 480,334 - 480,334 Total Deposits 2,277,532 1,796,508 480,334 - 2,276,842 Subordinated Debentures 10,310 - 6,424 - 6,424 Accrued Interest Payable 513 - 513 - 513 Fair Value of Financial Instruments Using December 31, 2014 (in thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Estimated Fair Value Assets: Cash and Cash Equivalents $ 77,125 $ 77,125 $ - $ - $ 77,125 Investment Securities Available-for-Sale: Government Agency & Government-Sponsored Entities 78,109 10,005 68,104 - 78,109 Mortgage Backed Securities 287,948 - 287,948 - 287,948 Other 485 175 310 - 485 Total Investment Securities Available-for-Sale 366,542 10,180 356,362 - 366,542 Investment Securities Held-to-Maturity: Obligations of States and Political Subdivisions 61,716 - 49,085 13,403 62,488 Other 2,147 - 2,147 - 2,147 Total Investment Securities Held-to-Maturity 63,863 - 51,232 13,403 64,635 FHLB Stock 7,677 N/A N/A N/A N/A Loans & Leases, Net of Deferred Fees & Allowance: Commercial Real Estate 484,061 - - 481,037 481,037 Agricultural Real Estate 353,022 - - 353,288 353,288 Real Estate Construction 94,850 - - 95,022 95,022 Residential 1st Mortgages 170,858 - - 173,916 173,916 Home Equity Lines and Loans 30,591 - - 32,456 32,456 Agricultural 275,859 - - 274,195 274,195 Commercial 222,624 - - 222,175 222,175 Consumer & Other 4,501 - - 4,535 4,535 Leases 42,006 - - 40,298 40,298 Unallocated Allowance (1,529 ) - - (1,529 ) (1,529 ) Total Loans & Leases, Net of Deferred Fees & Allowance 1,676,843 - - 1,675,393 1,675,393 Accrued Interest Receivable 7,797 - 7,797 - 7,797 Liabilities: Deposits: Demand 610,133 610,133 - - 610,133 Interest Bearing Transaction 341,397 341,397 - - 341,397 Savings and Money Market 644,260 644,260 - - 644,260 Time 468,283 - 468,161 - 468,161 Total Deposits 2,064,073 1,595,790 468,161 - 2,063,951 Subordinated Debentures 10,310 - 6,227 - 6,227 Accrued Interest Payable 378 - 378 - 378 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Off Balance Sheet Arrangements | The Company had the following off balance sheet commitments as of the dates indicated. (in thousands) December 31, 2015 December 31, 2014 Commitments to Extend Credit $ 708,122 $ 539,288 Letters of Credit 14,745 9,734 Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties 2,758 2,042 |
Parent Company Financial Info44
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Parent Company Financial Information [Abstract] | |
Schedule of Condensed Financial Statements | The following financial information is presented as of December 31 for the periods indicated. Farmers & Merchants Bancorp Condensed Balance Sheets (in thousands) 2015 2014 Cash $ 308 $ 363 Investment in Farmers & Merchants Bank of Central California 261,626 242,852 Investment Securities 409 410 Other Assets 60 201 Total Assets $ 262,403 $ 243,826 Subordinated Debentures $ 10,310 $ 10,310 Liabilities 258 338 Shareholders' Equity 251,835 233,178 Total Liabilities and Shareholders' Equity $ 262,403 $ 243,826 Farmers & Merchants Bancorp Condensed Statements of Income Year Ended December 31, (in thousands) 2015 2014 2013 Equity in Undistributed Earnings in Farmers & Merchants Bank of Central California $ 17,352 $ 18,211 $ 14,352 Dividends from Subsidiary 10,875 8,000 10,450 Interest Income 10 10 10 Other Expenses, Net (1,451 ) (1,406 ) (1,288 ) Tax Benefit 606 587 537 Net Income $ 27,392 $ 25,402 $ 24,061 Farmers & Merchants Bancorp Condensed Statements of Cash Flows Year Ended December 31, (in thousands) 2015 2014 2013 Cash Flows from Operating Activities: Net Income $ 27,392 $ 25,402 $ 24,061 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Equity in Undistributed Net Earnings from Subsidiary (17,352 ) (18,211 ) (14,352 ) Net (Increase) Decrease in Other Assets (79 ) (114 ) 38 Net Increase (Decrease) in Liabilities 141 (1 ) 180 Net Cash Provided by Operating Activities 10,102 7,076 9,927 Investing Activities: Payments for Investments in Subsidiaries (3,360 ) - - Net Cash Used by Investing Activities (3,360 ) - - Financing Activities: Issuance of Common Stock 3,360 2,790 - Cash Dividends (10,157 ) (9,919 ) (9,723 ) Net Cash Used by Financing Activities (6,797 ) (7,129 ) (9,723 ) (Decrease) Increase in Cash and Cash Equivalents (55 ) (53 ) 204 Cash and Cash Equivalents at Beginning of Year 363 416 212 Cash and Cash Equivalents at End of Year $ 308 $ 363 $ 416 |
Significant Accounting Polici45
Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2015ComponentCategoryRiskFactorSegment | |
Investment Securities [Abstract] | |
Number of components into which amount of impairment is split | 2 |
Loans [Abstract] | |
Period after which loans are placed on non accrual status, minimum | 90 days |
Allowance for Loan Losses [Abstract] | |
Consecutive months of payments | 6 months |
Number of primary components of overall allowance for loan losses | 3 |
Number of categories into which risk ratings are grouped | Category | 5 |
Number of risk factors on agricultural loans | RiskFactor | 2 |
Segment Reporting [Abstract] | |
Number of reportable segments | Segment | 1 |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 30 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Furniture and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Investment Securities, Amortize
Investment Securities, Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Amortized cost, fair values, and unrealized gains and losses of securities available-for-sale [Abstract] | |||
Amortized cost | [1] | $ 368,109 | $ 362,172 |
Gross unrealized gains | [1] | 2,842 | 5,030 |
Gross unrealized losses | [1] | 1,814 | 660 |
Fair/Book value | 369,137 | 366,542 | |
Book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity [Abstract] | |||
Book value | 61,396 | 63,863 | |
Gross unrealized gains | 993 | 782 | |
Gross unrealized losses | 1 | 10 | |
Fair value | 62,388 | 64,635 | |
Government Agency & Government Sponsored Entities [Member] | |||
Amortized cost, fair values, and unrealized gains and losses of securities available-for-sale [Abstract] | |||
Amortized cost | 33,536 | 78,051 | |
Gross unrealized gains | 134 | 61 | |
Gross unrealized losses | 419 | 3 | |
Fair/Book value | 33,251 | 78,109 | |
US Treasury Notes [Member] | |||
Amortized cost, fair values, and unrealized gains and losses of securities available-for-sale [Abstract] | |||
Amortized cost | 73,048 | ||
Gross unrealized gains | 0 | ||
Gross unrealized losses | 164 | ||
Fair/Book value | 72,884 | ||
Mortgage Backed Securities [Member] | |||
Amortized cost, fair values, and unrealized gains and losses of securities available-for-sale [Abstract] | |||
Amortized cost | [1] | 261,016 | 283,636 |
Gross unrealized gains | [1] | 2,708 | 4,969 |
Gross unrealized losses | [1] | 1,231 | 657 |
Fair/Book value | [1] | 262,493 | 287,948 |
Other [Member] | |||
Amortized cost, fair values, and unrealized gains and losses of securities available-for-sale [Abstract] | |||
Amortized cost | 509 | 485 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Fair/Book value | 509 | 485 | |
Obligations of States and Political Subdivisions [Member] | |||
Book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity [Abstract] | |||
Book value | 61,396 | 61,716 | |
Gross unrealized gains | 993 | 782 | |
Gross unrealized losses | 1 | 10 | |
Fair value | $ 62,388 | 62,488 | |
Other [Member] | |||
Book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity [Abstract] | |||
Book value | 2,147 | ||
Gross unrealized gains | 0 | ||
Gross unrealized losses | 0 | ||
Fair value | $ 2,147 | ||
[1] | All Mortgage Backed Securities were issued by an agency or government sponsored entity of the U.S. government. |
Investment Securities, Contract
Investment Securities, Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amortized Cost [Abstract] | ||
Within one year | $ 28,507 | |
After one year through five years | 78,586 | |
After five years through ten years | 0 | |
After ten years | 0 | |
Amortized cost, excluding securities without single maturity date | 107,093 | |
Investment securities not due at a single maturity date, mortgage-backed securities | 261,016 | |
Amortized cost | 368,109 | |
Fair/Book Value [Abstract] | ||
Within one year | 28,507 | |
After one year through five years | 78,137 | |
After five years through ten years | 0 | |
After ten years | 0 | |
Fair/Book value, excluding securities without single maturity date | 106,644 | |
Investment securities not due at a single maturity date, mortgage-backed securities | 262,493 | |
Fair/Book value | 369,137 | $ 366,542 |
Book Value [Abstract] | ||
Within one year | 0 | |
After one year through five years | 12,793 | |
After five years through ten years | 10,211 | |
After ten years | 38,392 | |
Book value, excluding securities without single maturity date | 61,396 | |
Investment securities not due at a single maturity date, mortgage-backed securities | 0 | |
Book value | 61,396 | 63,863 |
Fair Value [Abstract] | ||
Within one year | 0 | |
After one year through five years | 12,853 | |
After five years through ten years | 10,343 | |
After ten years | 39,192 | |
Fair/Book value, excluding securities without single maturity date | 62,388 | |
Investment securities not due at a single maturity date, mortgage-backed securities | 0 | |
Fair value | $ 62,388 | $ 64,635 |
Investment Securities, Securiti
Investment Securities, Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Security | Dec. 31, 2014USD ($) | |
Available-for-sale Securities in Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months fair value | $ 153,730 | $ 81,467 |
Less than 12 months unrealized loss | 1,672 | 154 |
12 months or more fair value | 7,277 | 33,574 |
12 months or more unrealized loss | 142 | 506 |
Total fair value | 161,007 | 115,041 |
Total unrealized loss | $ 1,814 | 660 |
Less than 12 months, number of positions | Security | 24 | |
12 months or more, number of positions | Security | 1 | |
Number of investment securities held | Security | 254 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months fair value | $ 839 | 849 |
Less than 12 months unrealized loss | 1 | 5 |
12 months or more fair value | 0 | 876 |
12 months or more unrealized loss | 0 | 5 |
Total fair value | 839 | 1,725 |
Total unrealized loss | 1 | 10 |
Government Agency & Government Sponsored Entities [Member] | ||
Available-for-sale Securities in Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months fair value | 29,944 | 66,980 |
Less than 12 months unrealized loss | 419 | 3 |
12 months or more fair value | 0 | 0 |
12 months or more unrealized loss | 0 | 0 |
Total fair value | 29,944 | 66,980 |
Total unrealized loss | $ 419 | 3 |
Less than 12 months, number of positions | Security | 3 | |
12 months or more, number of positions | Security | 0 | |
US Treasury Notes Securities [Member] | ||
Available-for-sale Securities in Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months fair value | $ 44,887 | |
Less than 12 months unrealized loss | 164 | |
12 months or more fair value | 0 | |
12 months or more unrealized loss | 0 | |
Total fair value | 44,887 | |
Total unrealized loss | $ 164 | |
Less than 12 months, number of positions | Security | 8 | |
12 months or more, number of positions | Security | 0 | |
Mortgage Backed Securities [Member] | ||
Available-for-sale Securities in Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months fair value | $ 78,899 | 14,487 |
Less than 12 months unrealized loss | 1,089 | 151 |
12 months or more fair value | 7,277 | 33,574 |
12 months or more unrealized loss | 142 | 506 |
Total fair value | 86,176 | 48,061 |
Total unrealized loss | $ 1,231 | 657 |
Less than 12 months, number of positions | Security | 11 | |
12 months or more, number of positions | Security | 1 | |
Obligations of States and Political Subdivisions [Member] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months fair value | $ 839 | 849 |
Less than 12 months unrealized loss | 1 | 5 |
12 months or more fair value | 0 | 876 |
12 months or more unrealized loss | 0 | 5 |
Total fair value | 839 | 1,725 |
Total unrealized loss | $ 1 | $ 10 |
Less than 12 months, number of positions | Security | 2 | |
12 months or more, number of positions | Security | 0 | |
Municipal Bonds [Member] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Percentage of portfolio rated at either issue or issuer level | 98.00% | |
Percentage of portfolio not rated | 3.00% |
Investment Securities, Proceeds
Investment Securities, Proceeds From Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Proceeds from sales and calls of securities [Abstract] | |||
Gross proceeds | $ 61,335 | $ 130,174 | $ 81,390 |
Gross gains | 275 | 1,204 | 1,208 |
Gross losses | $ 0 | $ 1,114 | $ 1,437 |
Investment Securities, Pledged
Investment Securities, Pledged Securities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Securities pledged to secure public deposits, FHLB borrowings, and other government agency deposits as required by law | $ 189.2 | $ 178.8 |
Federal Home Loan Bank of San51
Federal Home Loan Bank of San Francisco Stock (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Federal Home Loan Bank of San Francisco Stock [Abstract] | ||
FHLB stock | $ 7.8 | $ 7.7 |
Loans & Leases (Details)
Loans & Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Gross Loans & Leases | $ 2,001,487 | $ 1,715,657 |
Less: Unearned Income | 5,128 | 3,413 |
Total Loans & Leases | 1,996,359 | 1,712,244 |
Less: Allowance for Credit Losses | 41,523 | 35,401 |
Loans & Leases, Net | 1,954,836 | 1,676,843 |
Collateral on borrowing lines | 588,300 | |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Gross Loans & Leases | 609,602 | 495,316 |
Total Loans & Leases | 603,650 | 491,903 |
Agricultural Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Gross Loans & Leases | 424,034 | 357,207 |
Total Loans & Leases | 424,034 | 357,207 |
Real Estate Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Gross Loans & Leases | 151,974 | 96,519 |
Total Loans & Leases | 151,974 | 96,519 |
Residential 1st Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Gross Loans & Leases | 206,405 | 171,880 |
Total Loans & Leases | 206,405 | 171,880 |
Home Equity Lines and Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Gross Loans & Leases | 33,056 | 33,017 |
Total Loans & Leases | 33,056 | 33,017 |
Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Gross Loans & Leases | 293,966 | 281,963 |
Total Loans & Leases | 293,966 | 281,963 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Gross Loans & Leases | 210,804 | 230,819 |
Total Loans & Leases | 210,804 | 230,819 |
Consumer & Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Gross Loans & Leases | 6,592 | 4,719 |
Total Loans & Leases | 6,592 | 4,719 |
Unallocated [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans & Leases | 0 | 0 |
Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Gross Loans & Leases | 65,054 | 44,217 |
Total Loans & Leases | 65,878 | $ 44,217 |
Federal Home Loan Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral on borrowing lines | 588,300 | |
Maximum borrowing capacity | 500,400 | |
Federal Reserve Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral on borrowing lines | 595,900 | |
Maximum borrowing capacity | $ 365,600 |
Allowance for Credit Losses, Al
Allowance for Credit Losses, Allocation of The Allowance For Loan Losses by Portfolio Segment and By Impairment Methodology (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | $ 35,401 | $ 34,274 |
Charge-Offs | (96) | (276) |
Recoveries | 5,468 | 228 |
Provision | 750 | 1,175 |
Ending Balance | 41,523 | 35,401 |
Ending Balance Individually Evaluated for Impairment | 1,213 | 2,197 |
Ending Balance Collectively Evaluated for Impairment | 40,310 | 33,204 |
Loans & Leases [Abstract] | ||
Ending Balance | 1,996,359 | 1,712,244 |
Ending Balance Individually Evaluated for Impairment | 12,044 | 33,584 |
Ending Balance Collectively Evaluated for Impairment | 1,984,315 | 1,678,660 |
Commercial Real Estate [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 7,842 | 5,178 |
Charge-Offs | 0 | 0 |
Recoveries | 2,939 | 11 |
Provision | (718) | 2,653 |
Ending Balance | 10,063 | 7,842 |
Ending Balance Individually Evaluated for Impairment | 61 | 377 |
Ending Balance Collectively Evaluated for Impairment | 10,002 | 7,465 |
Loans & Leases [Abstract] | ||
Ending Balance | 603,650 | 491,903 |
Ending Balance Individually Evaluated for Impairment | 3,420 | 20,066 |
Ending Balance Collectively Evaluated for Impairment | 600,230 | 471,837 |
Agricultural Real Estate [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 4,185 | 3,576 |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 2,696 | 609 |
Ending Balance | 6,881 | 4,185 |
Ending Balance Individually Evaluated for Impairment | 0 | 0 |
Ending Balance Collectively Evaluated for Impairment | 6,881 | 4,185 |
Loans & Leases [Abstract] | ||
Ending Balance | 424,034 | 357,207 |
Ending Balance Individually Evaluated for Impairment | 0 | 0 |
Ending Balance Collectively Evaluated for Impairment | 424,034 | 357,207 |
Real Estate Construction [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 1,669 | 654 |
Charge-Offs | 0 | 0 |
Recoveries | 2,225 | 0 |
Provision | (1,409) | 1,015 |
Ending Balance | 2,485 | 1,669 |
Ending Balance Individually Evaluated for Impairment | 0 | 0 |
Ending Balance Collectively Evaluated for Impairment | 2,485 | 1,669 |
Loans & Leases [Abstract] | ||
Ending Balance | 151,974 | 96,519 |
Ending Balance Individually Evaluated for Impairment | 0 | 4,386 |
Ending Balance Collectively Evaluated for Impairment | 151,974 | 92,133 |
Residential 1st Mortgages [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 1,022 | 1,108 |
Charge-Offs | 0 | (73) |
Recoveries | 8 | 0 |
Provision | (241) | (13) |
Ending Balance | 789 | 1,022 |
Ending Balance Individually Evaluated for Impairment | 69 | 422 |
Ending Balance Collectively Evaluated for Impairment | 720 | 600 |
Loans & Leases [Abstract] | ||
Ending Balance | 206,405 | 171,880 |
Ending Balance Individually Evaluated for Impairment | 2,010 | 2,108 |
Ending Balance Collectively Evaluated for Impairment | 204,395 | 169,772 |
Home Equity Lines and Loans [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 2,426 | 2,767 |
Charge-Offs | 0 | (70) |
Recoveries | 87 | 58 |
Provision | (367) | (329) |
Ending Balance | 2,146 | 2,426 |
Ending Balance Individually Evaluated for Impairment | 35 | 329 |
Ending Balance Collectively Evaluated for Impairment | 2,111 | 2,097 |
Loans & Leases [Abstract] | ||
Ending Balance | 33,056 | 33,017 |
Ending Balance Individually Evaluated for Impairment | 1,214 | 1,643 |
Ending Balance Collectively Evaluated for Impairment | 31,842 | 31,374 |
Agricultural [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 6,104 | 12,205 |
Charge-Offs | 0 | 0 |
Recoveries | 4 | 8 |
Provision | 200 | (6,109) |
Ending Balance | 6,308 | 6,104 |
Ending Balance Individually Evaluated for Impairment | 115 | 114 |
Ending Balance Collectively Evaluated for Impairment | 6,193 | 5,990 |
Loans & Leases [Abstract] | ||
Ending Balance | 293,966 | 281,963 |
Ending Balance Individually Evaluated for Impairment | 606 | 461 |
Ending Balance Collectively Evaluated for Impairment | 293,360 | 281,502 |
Commercial [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 8,195 | 5,697 |
Charge-Offs | (12) | (1) |
Recoveries | 136 | 86 |
Provision | (483) | 2,413 |
Ending Balance | 7,836 | 8,195 |
Ending Balance Individually Evaluated for Impairment | 905 | 914 |
Ending Balance Collectively Evaluated for Impairment | 6,931 | 7,281 |
Loans & Leases [Abstract] | ||
Ending Balance | 210,804 | 230,819 |
Ending Balance Individually Evaluated for Impairment | 4,760 | 4,874 |
Ending Balance Collectively Evaluated for Impairment | 206,044 | 225,945 |
Consumer & Other [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 218 | 176 |
Charge-Offs | (84) | (132) |
Recoveries | 69 | 65 |
Provision | (28) | 109 |
Ending Balance | 175 | 218 |
Ending Balance Individually Evaluated for Impairment | 28 | 41 |
Ending Balance Collectively Evaluated for Impairment | 147 | 177 |
Loans & Leases [Abstract] | ||
Ending Balance | 6,592 | 4,719 |
Ending Balance Individually Evaluated for Impairment | 34 | 46 |
Ending Balance Collectively Evaluated for Impairment | 6,558 | 4,673 |
Leases [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 2,211 | 639 |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 1,083 | 1,572 |
Ending Balance | 3,294 | 2,211 |
Ending Balance Individually Evaluated for Impairment | 0 | 0 |
Ending Balance Collectively Evaluated for Impairment | 3,294 | 2,211 |
Loans & Leases [Abstract] | ||
Ending Balance | 65,878 | 44,217 |
Ending Balance Individually Evaluated for Impairment | 0 | 0 |
Ending Balance Collectively Evaluated for Impairment | 65,878 | 44,217 |
Unallocated [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 1,529 | 2,274 |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 17 | (745) |
Ending Balance | 1,546 | 1,529 |
Ending Balance Individually Evaluated for Impairment | 0 | 0 |
Ending Balance Collectively Evaluated for Impairment | 1,546 | 1,529 |
Loans & Leases [Abstract] | ||
Ending Balance | 0 | 0 |
Ending Balance Individually Evaluated for Impairment | 0 | 0 |
Ending Balance Collectively Evaluated for Impairment | 0 | 0 |
Restructured Loans [Member] | ||
Loans & Leases [Abstract] | ||
Ending Balance Individually Evaluated for Impairment | $ 4,900 | $ 26,400 |
Allowance for Credit Losses, Lo
Allowance for Credit Losses, Loan Portfolio Allocated by Management's Internal Credit Ratings (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | $ 1,996,359 | $ 1,712,244 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 1,972,059 | 1,678,690 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 18,169 | 29,934 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 6,131 | 3,620 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 0 | 0 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 603,650 | 491,903 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 595,011 | 483,146 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 7,917 | 8,651 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 722 | 106 |
Agricultural Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 424,034 | 357,207 |
Agricultural Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 424,034 | 357,207 |
Agricultural Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 0 | 0 |
Agricultural Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 0 | 0 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 151,974 | 96,519 |
Real Estate Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 150,379 | 94,887 |
Real Estate Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 1,595 | 1,632 |
Real Estate Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 0 | 0 |
Residential 1st Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 206,405 | 171,880 |
Residential 1st Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 205,135 | 170,462 |
Residential 1st Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 413 | 744 |
Residential 1st Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 857 | 674 |
Home Equity Lines and Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 33,056 | 33,017 |
Home Equity Lines and Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 32,419 | 32,054 |
Home Equity Lines and Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 75 | 85 |
Home Equity Lines and Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 562 | 878 |
Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 293,966 | 281,963 |
Agricultural [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 293,325 | 281,232 |
Agricultural [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 9 | 679 |
Agricultural [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 632 | 52 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 210,804 | 230,819 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 199,467 | 211,036 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 8,160 | 18,143 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 3,177 | 1,640 |
Consumer & Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 6,592 | 4,719 |
Consumer & Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 6,411 | 4,449 |
Consumer & Other [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 0 | 0 |
Consumer & Other [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 181 | 270 |
Leases [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 65,878 | 44,217 |
Leases [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 65,878 | 44,217 |
Leases [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | 0 | 0 |
Leases [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans & leases | $ 0 | $ 0 |
Allowance for Credit Losses, Ag
Allowance for Credit Losses, Aging Analysis of Loan Portfolio by the Time Past Due (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 Days and Still Accruing | $ 0 | $ 0 | |
Nonaccrual | 2,156,000 | 2,270,000 | |
Total Past Due | 3,159,000 | 2,359,000 | |
Current | 1,993,200,000 | 1,709,885,000 | |
Total Loans & Leases | 1,996,359,000 | 1,712,244,000 | |
Interest income forgone on nonaccrual loans | 109,000 | 92,000 | $ 52,000 |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 809,000 | 89,000 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 194,000 | 0 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 Days and Still Accruing | 0 | 0 | |
Nonaccrual | 19,000 | 0 | |
Total Past Due | 724,000 | 0 | |
Current | 602,926,000 | 491,903,000 | |
Total Loans & Leases | 603,650,000 | 491,903,000 | |
Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 705,000 | 0 | |
Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Agricultural Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 Days and Still Accruing | 0 | 0 | |
Nonaccrual | 0 | 0 | |
Total Past Due | 0 | 0 | |
Current | 424,034,000 | 357,207,000 | |
Total Loans & Leases | 424,034,000 | 357,207,000 | |
Agricultural Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Agricultural Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Real Estate Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 Days and Still Accruing | 0 | 0 | |
Nonaccrual | 0 | 0 | |
Total Past Due | 0 | 0 | |
Current | 151,974,000 | 96,519,000 | |
Total Loans & Leases | 151,974,000 | 96,519,000 | |
Real Estate Construction [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Real Estate Construction [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential 1st Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 Days and Still Accruing | 0 | 0 | |
Nonaccrual | 65,000 | 77,000 | |
Total Past Due | 356,000 | 77,000 | |
Current | 206,049,000 | 171,803,000 | |
Total Loans & Leases | 206,405,000 | 171,880,000 | |
Residential 1st Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 97,000 | 0 | |
Residential 1st Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 194,000 | 0 | |
Home Equity Lines and Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 Days and Still Accruing | 0 | 0 | |
Nonaccrual | 538,000 | 576,000 | |
Total Past Due | 538,000 | 655,000 | |
Current | 32,518,000 | 32,362,000 | |
Total Loans & Leases | 33,056,000 | 33,017,000 | |
Home Equity Lines and Loans [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 79,000 | |
Home Equity Lines and Loans [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 Days and Still Accruing | 0 | 0 | |
Nonaccrual | 0 | 18,000 | |
Total Past Due | 0 | 18,000 | |
Current | 293,966,000 | 281,945,000 | |
Total Loans & Leases | 293,966,000 | 281,963,000 | |
Agricultural [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Agricultural [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 Days and Still Accruing | 0 | 0 | |
Nonaccrual | 1,524,000 | 1,586,000 | |
Total Past Due | 1,524,000 | 1,586,000 | |
Current | 209,280,000 | 229,233,000 | |
Total Loans & Leases | 210,804,000 | 230,819,000 | |
Commercial [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Consumer & Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 Days and Still Accruing | 0 | 0 | |
Nonaccrual | 10,000 | 13,000 | |
Total Past Due | 17,000 | 23,000 | |
Current | 6,575,000 | 4,696,000 | |
Total Loans & Leases | 6,592,000 | 4,719,000 | |
Consumer & Other [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7,000 | 10,000 | |
Consumer & Other [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Leases [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 Days and Still Accruing | 0 | 0 | |
Nonaccrual | 0 | 0 | |
Total Past Due | 0 | 0 | |
Current | 65,878,000 | 44,217,000 | |
Total Loans & Leases | 65,878,000 | 44,217,000 | |
Leases [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Leases [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 0 | $ 0 |
Allowance for Credit Losses, Im
Allowance for Credit Losses, Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
With no related allowance recorded [Abstract] | ||
Recorded Investment | $ 4,530 | $ 0 |
Unpaid Principal Balance | 4,664 | 0 |
Average Recorded Investment | 4,113 | 1,853 |
Interest Income Recognized | 114 | 58 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 2,585 | 7,229 |
Unpaid Principal Balance | 2,822 | 7,518 |
Related Allowance | 1,073 | 1,444 |
Average Recorded Investment | 3,416 | 5,163 |
Interest Income Recognized | 83 | 107 |
Recorded Investment, Total | 7,115 | 7,229 |
Unpaid Principal Balance, Total | 7,486 | 7,518 |
Related Allowance | 1,073 | 1,444 |
Average Recorded Investment, Total | 7,529 | 7,016 |
Interest Income Recognized, Total | 197 | 165 |
Commercial Real Estate [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 102 | 0 |
Unpaid Principal Balance | 104 | 0 |
Average Recorded Investment | 479 | 49 |
Interest Income Recognized | 7 | 4 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 0 | 92 |
Unpaid Principal Balance | 0 | 92 |
Related Allowance | 0 | 2 |
Average Recorded Investment | 0 | 47 |
Interest Income Recognized | 0 | 4 |
Related Allowance | 0 | 2 |
Agricultural Real Estate [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Related Allowance | 0 | 0 |
Real Estate Construction [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Related Allowance | 0 | 0 |
Residential 1st Mortgages [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 551 | 0 |
Unpaid Principal Balance | 618 | 0 |
Average Recorded Investment | 560 | 0 |
Interest Income Recognized | 16 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 348 | 937 |
Unpaid Principal Balance | 420 | 1,069 |
Related Allowance | 17 | 187 |
Average Recorded Investment | 354 | 612 |
Interest Income Recognized | 16 | 9 |
Related Allowance | 17 | 187 |
Home Equity Lines and Loans [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 581 | 0 |
Unpaid Principal Balance | 646 | 0 |
Average Recorded Investment | 620 | 169 |
Interest Income Recognized | 3 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 134 | 951 |
Unpaid Principal Balance | 151 | 1,020 |
Related Allowance | 7 | 190 |
Average Recorded Investment | 136 | 803 |
Interest Income Recognized | 5 | 10 |
Related Allowance | 7 | 190 |
Agricultural [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 193 | 0 |
Unpaid Principal Balance | 193 | 0 |
Average Recorded Investment | 105 | 15 |
Interest Income Recognized | 3 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 412 | 461 |
Unpaid Principal Balance | 413 | 473 |
Related Allowance | 115 | 114 |
Average Recorded Investment | 431 | 473 |
Interest Income Recognized | 28 | 28 |
Related Allowance | 115 | 114 |
Commercial [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 3,103 | 0 |
Unpaid Principal Balance | 3,103 | 0 |
Average Recorded Investment | 2,349 | 1,620 |
Interest Income Recognized | 85 | 54 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 1,657 | 4,742 |
Unpaid Principal Balance | 1,798 | 4,813 |
Related Allowance | 905 | 910 |
Average Recorded Investment | 2,456 | 3,182 |
Interest Income Recognized | 31 | 54 |
Related Allowance | 905 | 910 |
Consumer & Other [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 0 | |
Unpaid Principal Balance | 0 | |
Average Recorded Investment | 0 | |
Interest Income Recognized | 0 | |
With an allowance recorded [Abstract] | ||
Recorded Investment | 34 | 46 |
Unpaid Principal Balance | 40 | 51 |
Related Allowance | 29 | 41 |
Average Recorded Investment | 39 | 46 |
Interest Income Recognized | 3 | 2 |
Related Allowance | $ 29 | $ 41 |
Allowance for Credit Losses, 57
Allowance for Credit Losses, Loans by Class Modified as Troubled Debt Restructured Loans (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)Loan | Dec. 31, 2014USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||
Specific reserves | $ 1,100,000 | $ 1,300,000 |
Troubled debt restructured loans | $ 6,600,000 | $ 6,600,000 |
Loans by class modified as troubled debt restructured loans [Abstract] | ||
Number of Loans | Loan | 2 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 325,000 | $ 1,012,000 |
Post-Modification Recorded Outstanding Investment | 313,000 | 950,000 |
Increase in allowance for loan losses due to TDR | 70,000 | 28,000 |
TDR's charge-offs | $ 12,000 | $ 63,000 |
Number of loans modified as troubled debt restructurings with subsequent payment defaults | Loan | 0 | 0 |
Stated Interest Rate Reduction [Member] | Minimum [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Period of modifications | 4 years | |
Stated Interest Rate Reduction [Member] | Maximum [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Period of modifications | 30 years | |
Extended Maturity [Member] | Minimum [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Period of modifications | 6 months | |
Extended Maturity [Member] | Maximum [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Period of modifications | 30 years | |
Performing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loans | $ 5,000,000 | $ 5,000,000 |
Residential 1st Mortgages [Member] | ||
Loans by class modified as troubled debt restructured loans [Abstract] | ||
Number of Loans | Loan | 5 | |
Pre-Modification Outstanding Recorded Investment | $ 857,000 | |
Post-Modification Recorded Outstanding Investment | $ 804,000 | |
Home Equity Lines and Loans [Member] | ||
Loans by class modified as troubled debt restructured loans [Abstract] | ||
Number of Loans | Loan | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 98,000 | |
Post-Modification Recorded Outstanding Investment | $ 89,000 | |
Agricultural [Member] | ||
Loans by class modified as troubled debt restructured loans [Abstract] | ||
Number of Loans | Loan | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 194,000 | $ 32,000 |
Post-Modification Recorded Outstanding Investment | $ 194,000 | $ 32,000 |
Commercial [Member] | ||
Loans by class modified as troubled debt restructured loans [Abstract] | ||
Number of Loans | Loan | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 131,000 | $ 18,000 |
Post-Modification Recorded Outstanding Investment | $ 119,000 | $ 18,000 |
Consumer & Other [Member] | ||
Loans by class modified as troubled debt restructured loans [Abstract] | ||
Number of Loans | Loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 7,000 | |
Post-Modification Recorded Outstanding Investment | $ 7,000 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Subtotal | $ 55,092,000 | $ 55,534,000 | |
Less: Accumulated Depreciation and Amortization | 28,517,000 | 29,713,000 | |
Total | 26,575,000 | 25,821,000 | |
Depreciation and amortization | 1,685,000 | 1,325,000 | $ 1,506,000 |
Total rental expense | 604,000 | 530,000 | 411,000 |
Rental income | 94,000 | 81,000 | $ 102,000 |
Land and Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | 33,530,000 | 33,527,000 | |
Furniture, Fixtures, and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | 19,125,000 | 20,244,000 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Subtotal | $ 2,437,000 | $ 1,763,000 |
Other Real Estate (Details)
Other Real Estate (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Real Estate [Abstract] | ||
Other real estate, net | $ 2.4 | $ 3.3 |
Other real estate, reserve | $ 3.7 | $ 3.7 |
Time Deposits (Details)
Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Time Deposits $250,000 or more [Abstract] | ||
Balance | $ 236,963 | $ 239,649 |
Maturities of Time Deposits [Abstract] | ||
2,016 | 432,551 | |
2,017 | 41,865 | |
2,018 | 4,994 | |
2,019 | 871 | |
2,020 | 743 | |
Total | $ 481,024 | $ 468,283 |
Income Taxes, Current and Defer
Income Taxes, Current and Deferred Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current [Abstract] | |||
Federal | $ 11,979 | $ 7,941 | $ 11,497 |
State | 4,446 | 4,345 | 4,357 |
Total Current | 16,425 | 12,286 | 15,854 |
Deferred [Abstract] | |||
Federal | 383 | 3,116 | (998) |
State | 116 | (308) | (635) |
Total Deferred | 499 | 2,808 | (1,633) |
Total Provision for Taxes | $ 16,924 | $ 15,094 | $ 14,221 |
Income Taxes, Effective Income
Income Taxes, Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax Provision at Federal Statutory Rate | $ 15,510 | $ 14,174 | $ 13,399 |
Interest on Obligations of States and Political Subdivisions exempt from Federal Taxation | (711) | (805) | (894) |
State and Local Income Taxes, Net of Federal Income Tax Benefit | 2,966 | 2,624 | 2,419 |
Bank Owned Life Insurance | (712) | (696) | (702) |
Low-Income Housing Tax Credit | (291) | (126) | (129) |
Other, Net | 162 | (77) | 128 |
Total Provision for Taxes | $ 16,924 | $ 15,094 | $ 14,221 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Tax Provision at Federal Statutory Rate | 35.00% | 35.00% | 35.00% |
Interest on Obligations of States and Political Subdivisions exempt from Federal Taxation | (1.60%) | (2.00%) | (2.40%) |
State and Local Income Taxes, Net of Federal Income Tax Benefit | 6.70% | 6.50% | 6.30% |
Bank Owned Life Insurance | (1.60%) | (1.70%) | (1.80%) |
Low-Income Housing Tax Credit | (0.70%) | (0.30%) | (0.30%) |
Other, Net | 0.40% | (0.20%) | 0.30% |
Total Provision for Taxes | 38.20% | 37.30% | 37.10% |
Income Taxes, Components of Net
Income Taxes, Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets [Abstract] | ||
Allowance for Credit Losses | $ 17,529 | $ 14,944 |
Accrued Liabilities | 8,614 | 8,184 |
Deferred Compensation | 11,586 | 10,006 |
State Franchise Tax | 1,549 | 1,521 |
Interest on Non-Accrual Loans | 46 | 2 |
ORE Writedown and Holding Costs | 1,547 | 1,724 |
Low-Income Housing Investment | 73 | 58 |
Total Deferred Tax Assets | 40,944 | 36,439 |
Deferred Tax Liabilities [Abstract] | ||
Premises and Equipment | (869) | (286) |
Securities Accretion | (310) | (298) |
Unrealized Gain on Securities Available-for-Sale | (432) | (1,838) |
Leasing Activities | (11,469) | (7,018) |
Other | (744) | (786) |
Total Deferred Tax Liabilities | (13,824) | (10,226) |
Net Deferred Tax Assets | $ 27,120 | $ 26,213 |
Short Term Borrowings (Details)
Short Term Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Short Term Borrowings [Abstract] | ||
Unused lines of credit | $ 701.4 | $ 597.8 |
Advances from FHLB | 0 | 0 |
Federal Funds purchased or advances from FRB | $ 0 | $ 0 |
Securities Sold Under Agreeme65
Securities Sold Under Agreement to Repurchase (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Securities Sold Under Agreement to Repurchase [Abstract] | ||
Securities sold under agreements to repurchase | $ 0 | $ 0 |
Federal Home Loan Bank Advanc66
Federal Home Loan Bank Advances (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Federal Home Loan Bank Advances [Abstract] | ||
Federal Home Loan Bank Advances, long term | $ 0 | $ 0 |
Federal Home Loan Bank Advances, short term | 0 | $ 0 |
Borrowing capacity of advances secured by FHLB stock and other securities | 300,000 | |
Collateral on borrowing lines | 588,300,000 | |
Borrowing capacity | $ 500,400,000 |
Long-term Subordinated Debent67
Long-term Subordinated Debentures (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)$ / shares | |
Debt Instrument [Line Items] | |
Guaranteed preferred beneficial interests | $ 10 |
Junior subordinated debentures | $ 10.3 |
Liquidation value (per capital security) | $ / shares | $ 1,000 |
Trust Preferred Securities Redemption Date | Dec. 17, 2033 |
Three-Month LIBOR [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 2.85% |
Shareholders' Equity, Stock Rep
Shareholders' Equity, Stock Repurchase Program, Dividends and Issuance of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 04, 2014 | Dec. 31, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||
Approved funds available for common stock repurchase program | $ 20 | |
Stock repurchase program, period in force | 3 years | |
Retained net profit period | 2 years | |
Issuance of common stock (in shares) | 6,200 | 6,705 |
Per share price of shares issued (in dollars per share) | $ 450 | |
Minimum [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Per share price of shares issued (in dollars per share) | $ 450 | |
Maximum [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Per share price of shares issued (in dollars per share) | $ 525 |
Shareholders' Equity, Complianc
Shareholders' Equity, Compliance with Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total Capital to Risk Weighted Assets [Abstract] | ||
Actual Amount | $ 291,152 | $ 266,533 |
Current Regulatory Capital Requirement, Amount | $ 190,493 | $ 164,911 |
Total Capital to Risk Weighted Assets, Ratio [Abstract] | ||
Actual Ratio | 12.23% | 12.93% |
Current Regulatory Capital Requirement, Ratio | 8.00% | 8.00% |
Total Common Equity Tier 1 Capital [Abstract] | ||
Actual Amount | $ 251,240 | |
Current Regulatory Capital Requirement, Amount | $ 107,152 | |
Total Common Equity Tier 1 Capital, Ratio [Abstract] | ||
Actual Ratio | 10.55% | |
Current Regulatory Capital Requirement, Ratio | 4.50% | |
Tier 1 Capital to Risk Weighted Assets [Abstract] | ||
Actual Amount | $ 261,240 | $ 240,645 |
Current Regulatory Capital Requirement, Amount | $ 142,870 | $ 82,456 |
Tier 1 Capital to Risk Weighted Assets, Ratio [Abstract] | ||
Actual Ratio | 10.97% | 11.67% |
Current Regulatory Capital Requirement Ratio | 6.00% | 4.00% |
Tier 1 Capital to Average Assets [Abstract] | ||
Actual Amount | $ 261,240 | $ 240,645 |
Current Regulatory Capital Requirement, Amount | $ 101,525 | $ 91,219 |
Tier 1 Capital to Average Assets, Ratio [Abstract] | ||
Actual Ratio | 10.29% | 10.55% |
Current Regulatory Capital Requirement, Ratio | 4.00% | 4.00% |
Bank [Member] | ||
Total Capital to Risk Weighted Assets [Abstract] | ||
Actual Amount | $ 290,941 | $ 266,203 |
Current Regulatory Capital Requirement, Amount | 190,480 | 164,887 |
Well Capitalized Under Prompt Corrective Action, Amount | $ 238,101 | $ 206,109 |
Total Capital to Risk Weighted Assets, Ratio [Abstract] | ||
Actual Ratio | 12.22% | 12.92% |
Current Regulatory Capital Requirement, Ratio | 8.00% | 8.00% |
Well Capitalized Under Prompt Corrective Action, Ratio | 10.00% | 10.00% |
Total Common Equity Tier 1 Capital [Abstract] | ||
Actual Amount | $ 261,031 | |
Current Regulatory Capital Requirement, Amount | 107,145 | |
Well Capitalized Under Prompt Corrective Action, Amount | $ 154,765 | |
Total Common Equity Tier 1 Capital, Ratio [Abstract] | ||
Actual Ratio | 10.96% | |
Current Regulatory Capital Requirement, Ratio | 4.50% | |
Well Capitalized Under Prompt Corrective Action, Ratio | 6.50% | |
Tier 1 Capital to Risk Weighted Assets [Abstract] | ||
Actual Amount | $ 261,031 | $ 240,319 |
Current Regulatory Capital Requirement, Amount | 142,860 | 82,444 |
Well Capitalized Under Prompt Corrective Action, Amount | $ 190,480 | $ 123,665 |
Tier 1 Capital to Risk Weighted Assets, Ratio [Abstract] | ||
Actual Ratio | 10.96% | 11.66% |
Current Regulatory Capital Requirement Ratio | 6.00% | 4.00% |
Well Capitalized Under Prompt Corrective Action, Ratio | 8.00% | 6.00% |
Tier 1 Capital to Average Assets [Abstract] | ||
Actual Amount | $ 261,031 | $ 240,319 |
Current Regulatory Capital Requirement, Amount | 101,402 | 91,062 |
Well Capitalized Under Prompt Corrective Action, Amount | $ 126,753 | $ 113,827 |
Tier 1 Capital to Average Assets, Ratio [Abstract] | ||
Actual Ratio | 10.30% | 10.56% |
Current Regulatory Capital Requirement, Ratio | 4.00% | 4.00% |
Well Capitalized Under Prompt Corrective Action, Ratio | 5.00% | 5.00% |
Dividends and Basic Earnings 70
Dividends and Basic Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends and Basic Earnings Per Common Share [Abstract] | |||
Cash dividends | $ 10,157 | $ 9,919 | $ 9,723 |
Cash dividends per share of common stock (in dollars per share) | $ 12.90 | $ 12.70 | $ 12.50 |
Percentage increase in cash dividend per share | 1.60% | ||
Earnings per share for the period [Abstract] | |||
Net Income | $ 27,392 | $ 25,402 | $ 24,061 |
Weighted Average Number of Common Shares Outstanding (in shares) | 786,582 | 778,358 | 777,882 |
Basic Earnings Per Common Share (in dollars per share) | $ 34.82 | $ 32.64 | $ 30.93 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Contribution | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Tax-exempt interest earned on the life insurance policies | $ 1,908,000 | $ 1,881,000 | $ 1,856,000 |
Executive Officers [Member] | Executive Retirement Plan and Life Insurance Arrangements [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employer contribution | 3,500,000 | 2,700,000 | 2,700,000 |
Total accrued liability | 31,300,000 | 27,300,000 | |
Tax-exempt interest earned on the life insurance policies | 1,908,000 | 1,881,000 | 1,856,000 |
Cash surrender value of life insurance policies | 55,900,000 | 54,000,000 | |
Senior Level Employees [Member] | Senior Management Retention Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employer contribution | 530,000 | 475,000 | 536,000 |
Total accrued liability | $ 2,300,000 | 1,500,000 | |
Pension Plan [Member] | Profit Sharing Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Minimum requisite service period | 1 year | ||
Number of annual employer contribution | Contribution | 2 | ||
Employer discretionary contribution amount | $ 925,000 | 875,000 | 825,000 |
Employer mandatory contributions amount | $ 1,100,000 | $ 1,000,000 | $ 952,000 |
Annual vesting percentage, first year | 0.00% | ||
Annual vesting percentage, full year thereafter | 25.00% | ||
Benefit vesting period | 5 years |
Fair Value Measurements, Assets
Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of selling costs | 10.00% | ||
Consumer mortgage loans in the process of foreclosure value | $ 538,000 | ||
Available-for-Sale Securities | 369,137,000 | $ 366,542,000 | |
Government Agency & Government Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 33,251,000 | 78,109,000 | |
US Treasury Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 72,884,000 | ||
Mortgage Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | [1] | 262,493,000 | 287,948,000 |
Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 509,000 | 485,000 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 369,137,000 | 366,542,000 | |
Recurring [Member] | Government Agency & Government Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 33,251,000 | 78,109,000 | |
Recurring [Member] | US Treasury Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 72,884,000 | ||
Recurring [Member] | Mortgage Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 262,493,000 | 287,948,000 | |
Recurring [Member] | Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 509,000 | 485,000 | |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 73,083,000 | 10,180,000 | |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government Agency & Government Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 0 | 10,005,000 | |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | US Treasury Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 72,884,000 | ||
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 0 | 0 | |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 199,000 | 175,000 | |
Recurring [Member] | Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 296,054,000 | 356,362,000 | |
Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Government Agency & Government Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 33,251,000 | 68,104,000 | |
Recurring [Member] | Other Observable Inputs (Level 2) [Member] | US Treasury Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 0 | ||
Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 262,493,000 | 287,948,000 | |
Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 310,000 | 310,000 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 0 | 0 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Government Agency & Government Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 0 | 0 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | US Treasury Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 0 | ||
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | 0 | 0 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-Sale Securities | $ 0 | $ 0 | |
[1] | All Mortgage Backed Securities were issued by an agency or government sponsored entity of the U.S. government. |
Fair Value Measurements, Asse73
Fair Value Measurements, Assets or Liabilities Measured at Fair Value on a Non-recurring Basis (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | $ 1,509 | $ 5,781 |
Other Real Estate | 2,441 | 3,299 |
Total Assets Measured at Fair Value On a Non-Recurring Basis | 3,950 | 9,080 |
Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 90 | |
Agricultural Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate | 858 | |
Real Estate Construction [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate | 2,441 | 2,441 |
Residential 1st Mortgages [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 329 | 748 |
Home Equity Lines & Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 125 | 759 |
Agricultural [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 298 | 346 |
Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 752 | 3,832 |
Consumer [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 5 | 6 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Other Real Estate | 0 | 0 |
Total Assets Measured at Fair Value On a Non-Recurring Basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Agricultural Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Real Estate Construction [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Residential 1st Mortgages [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Home Equity Lines & Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Agricultural [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Consumer [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Other Real Estate | 0 | 0 |
Total Assets Measured at Fair Value On a Non-Recurring Basis | 0 | 0 |
Other Observable Inputs (Level 2) [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | |
Other Observable Inputs (Level 2) [Member] | Agricultural Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate | 0 | |
Other Observable Inputs (Level 2) [Member] | Real Estate Construction [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate | 0 | 0 |
Other Observable Inputs (Level 2) [Member] | Residential 1st Mortgages [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Other Observable Inputs (Level 2) [Member] | Home Equity Lines & Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Other Observable Inputs (Level 2) [Member] | Agricultural [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Other Observable Inputs (Level 2) [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Other Observable Inputs (Level 2) [Member] | Consumer [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 1,509 | 5,781 |
Other Real Estate | 2,441 | 3,299 |
Total Assets Measured at Fair Value On a Non-Recurring Basis | 3,950 | 9,080 |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 90 | |
Significant Unobservable Inputs (Level 3) [Member] | Agricultural Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate | 858 | |
Significant Unobservable Inputs (Level 3) [Member] | Real Estate Construction [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate | 2,441 | 2,441 |
Significant Unobservable Inputs (Level 3) [Member] | Residential 1st Mortgages [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 329 | 748 |
Significant Unobservable Inputs (Level 3) [Member] | Home Equity Lines & Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 125 | 759 |
Significant Unobservable Inputs (Level 3) [Member] | Agricultural [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 298 | 346 |
Significant Unobservable Inputs (Level 3) [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 752 | 3,832 |
Significant Unobservable Inputs (Level 3) [Member] | Consumer [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | $ 5 | $ 6 |
Fair Value Measurements, Quanti
Fair Value Measurements, Quantitative Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Residential 1st Mortgages [Member] | Sales Comparison Approach [Member] | |
Quantitative Information [Abstract] | |
Fair value | $ 329 |
Unobservable inputs | Adjustment for Difference Between Comparable Sales |
Residential 1st Mortgages [Member] | Sales Comparison Approach [Member] | Minimum [Member] | |
Quantitative Information [Abstract] | |
Adjustment for difference between comparable sales | 1.00% |
Residential 1st Mortgages [Member] | Sales Comparison Approach [Member] | Maximum [Member] | |
Quantitative Information [Abstract] | |
Adjustment for difference between comparable sales | 5.00% |
Residential 1st Mortgages [Member] | Sales Comparison Approach [Member] | Weighted Average [Member] | |
Quantitative Information [Abstract] | |
Adjustment for difference between comparable sales | 3.00% |
Home Equity Lines and Loans [Member] | Sales Comparison Approach [Member] | |
Quantitative Information [Abstract] | |
Fair value | $ 125 |
Unobservable inputs | Adjustment for Difference Between Comparable Sales |
Home Equity Lines and Loans [Member] | Sales Comparison Approach [Member] | Minimum [Member] | |
Quantitative Information [Abstract] | |
Adjustment for difference between comparable sales | 1.00% |
Home Equity Lines and Loans [Member] | Sales Comparison Approach [Member] | Maximum [Member] | |
Quantitative Information [Abstract] | |
Adjustment for difference between comparable sales | 3.00% |
Home Equity Lines and Loans [Member] | Sales Comparison Approach [Member] | Weighted Average [Member] | |
Quantitative Information [Abstract] | |
Adjustment for difference between comparable sales | 2.00% |
Agricultural [Member] | Income Approach [Member] | |
Quantitative Information [Abstract] | |
Fair value | $ 298 |
Unobservable inputs | Capitalization Rate |
Agricultural [Member] | Income Approach [Member] | Minimum [Member] | |
Quantitative Information [Abstract] | |
Capitalization rate | 16.00% |
Agricultural [Member] | Income Approach [Member] | Maximum [Member] | |
Quantitative Information [Abstract] | |
Capitalization rate | 16.00% |
Agricultural [Member] | Income Approach [Member] | Weighted Average [Member] | |
Quantitative Information [Abstract] | |
Capitalization rate | 16.00% |
Commercial [Member] | Income Approach [Member] | |
Quantitative Information [Abstract] | |
Fair value | $ 752 |
Unobservable inputs | Capitalization Rate |
Commercial [Member] | Income Approach [Member] | Minimum [Member] | |
Quantitative Information [Abstract] | |
Capitalization rate | 16.00% |
Commercial [Member] | Income Approach [Member] | Maximum [Member] | |
Quantitative Information [Abstract] | |
Capitalization rate | 16.00% |
Commercial [Member] | Income Approach [Member] | Weighted Average [Member] | |
Quantitative Information [Abstract] | |
Capitalization rate | 16.00% |
Consumer [Member] | Sales Comparison Approach [Member] | |
Quantitative Information [Abstract] | |
Fair value | $ 5 |
Unobservable inputs | Adjustment for Difference Between Comparable Sales |
Consumer [Member] | Sales Comparison Approach [Member] | Minimum [Member] | |
Quantitative Information [Abstract] | |
Adjustment for difference between comparable sales | 2.00% |
Consumer [Member] | Sales Comparison Approach [Member] | Maximum [Member] | |
Quantitative Information [Abstract] | |
Adjustment for difference between comparable sales | 2.00% |
Consumer [Member] | Sales Comparison Approach [Member] | Weighted Average [Member] | |
Quantitative Information [Abstract] | |
Adjustment for difference between comparable sales | 2.00% |
Real Estate Construction [Member] | Sales Comparison Approach [Member] | |
Quantitative Information [Abstract] | |
Fair value | $ 2,441 |
Unobservable inputs | Adjustment for Difference Between Comparable Sales |
Real Estate Construction [Member] | Sales Comparison Approach [Member] | Minimum [Member] | |
Quantitative Information [Abstract] | |
Adjustment for difference between comparable sales | 10.00% |
Real Estate Construction [Member] | Sales Comparison Approach [Member] | Maximum [Member] | |
Quantitative Information [Abstract] | |
Adjustment for difference between comparable sales | 10.00% |
Real Estate Construction [Member] | Sales Comparison Approach [Member] | Weighted Average [Member] | |
Quantitative Information [Abstract] | |
Adjustment for difference between comparable sales | 10.00% |
Fair Value of Financial Instr75
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets [Abstract] | |||
Available-for-Sale Securities | $ 369,137 | $ 366,542 | |
Investment Securities Held-to-Maturity | 62,388 | 64,635 | |
Obligations of States and Political Subdivisions [Member] | |||
Assets [Abstract] | |||
Investment Securities Held-to-Maturity | 62,388 | 62,488 | |
Other [Member] | |||
Assets [Abstract] | |||
Investment Securities Held-to-Maturity | 2,147 | ||
Government Agency & Government Sponsored Entities [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 33,251 | 78,109 | |
US Treasury Notes [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 72,884 | ||
Mortgage Backed Securities [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | [1] | 262,493 | 287,948 |
Other [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 509 | 485 | |
Carrying Amount [Member] | |||
Assets [Abstract] | |||
Cash and Cash Equivalents | 59,446 | 77,125 | |
Available-for-Sale Securities | 369,137 | 366,542 | |
Investment Securities Held-to-Maturity | 61,396 | 63,863 | |
FHLB Stock | 7,795 | 7,677 | |
Loans & Leases, Net of Deferred Fees & Allowance | 1,954,836 | 1,676,843 | |
Accrued Interest Receivable | 9,240 | 7,797 | |
Liabilities [Abstract] | |||
Deposits | 2,277,532 | 2,064,073 | |
Subordinated Debentures | 10,310 | 10,310 | |
Accrued Interest Payable | 513 | 378 | |
Carrying Amount [Member] | Demand [Member] | |||
Liabilities [Abstract] | |||
Deposits | 711,029 | 610,133 | |
Carrying Amount [Member] | Interest Bearing Transaction [Member] | |||
Liabilities [Abstract] | |||
Deposits | 377,594 | 341,397 | |
Carrying Amount [Member] | Savings and Money Market [Member] | |||
Liabilities [Abstract] | |||
Deposits | 707,885 | 644,260 | |
Carrying Amount [Member] | Time [Member] | |||
Liabilities [Abstract] | |||
Deposits | 481,024 | 468,283 | |
Carrying Amount [Member] | Commercial Real Estate [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 593,587 | 484,061 | |
Carrying Amount [Member] | Agricultural Real Estate [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 417,153 | 353,022 | |
Carrying Amount [Member] | Real Estate Construction [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 149,489 | 94,850 | |
Carrying Amount [Member] | Residential 1st Mortgages [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 205,616 | 170,858 | |
Carrying Amount [Member] | Home Equity Lines and Loans [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 30,910 | 30,591 | |
Carrying Amount [Member] | Agricultural [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 287,658 | 275,859 | |
Carrying Amount [Member] | Commercial [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 202,968 | 222,624 | |
Carrying Amount [Member] | Consumer & Other [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 6,417 | 4,501 | |
Carrying Amount [Member] | Leases [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 62,584 | 42,006 | |
Carrying Amount [Member] | Unallocated [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | (1,546) | (1,529) | |
Carrying Amount [Member] | Obligations of States and Political Subdivisions [Member] | |||
Assets [Abstract] | |||
Investment Securities Held-to-Maturity | 61,396 | 61,716 | |
Carrying Amount [Member] | Other [Member] | |||
Assets [Abstract] | |||
Investment Securities Held-to-Maturity | 2,147 | ||
Carrying Amount [Member] | Government Agency & Government Sponsored Entities [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 33,251 | 78,109 | |
Carrying Amount [Member] | US Treasury Notes [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 72,884 | ||
Carrying Amount [Member] | Mortgage Backed Securities [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 262,493 | 287,948 | |
Carrying Amount [Member] | Other [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 509 | 485 | |
Estimated Fair Value [Member] | |||
Assets [Abstract] | |||
Cash and Cash Equivalents | 59,446 | 77,125 | |
Available-for-Sale Securities | 369,137 | 366,542 | |
Investment Securities Held-to-Maturity | 62,388 | 64,635 | |
Loans & Leases, Net of Deferred Fees & Allowance | 1,939,575 | 1,675,393 | |
Accrued Interest Receivable | 9,240 | 7,797 | |
Liabilities [Abstract] | |||
Deposits | 2,276,842 | 2,063,951 | |
Subordinated Debentures | 6,424 | 6,227 | |
Accrued Interest Payable | 513 | 378 | |
Estimated Fair Value [Member] | Demand [Member] | |||
Liabilities [Abstract] | |||
Deposits | 711,029 | 610,133 | |
Estimated Fair Value [Member] | Interest Bearing Transaction [Member] | |||
Liabilities [Abstract] | |||
Deposits | 377,594 | 341,397 | |
Estimated Fair Value [Member] | Savings and Money Market [Member] | |||
Liabilities [Abstract] | |||
Deposits | 707,885 | 644,260 | |
Estimated Fair Value [Member] | Time [Member] | |||
Liabilities [Abstract] | |||
Deposits | 480,334 | 468,161 | |
Estimated Fair Value [Member] | Commercial Real Estate [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 591,271 | 481,037 | |
Estimated Fair Value [Member] | Agricultural Real Estate [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 405,295 | 353,288 | |
Estimated Fair Value [Member] | Real Estate Construction [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 149,371 | 95,022 | |
Estimated Fair Value [Member] | Residential 1st Mortgages [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 207,431 | 173,916 | |
Estimated Fair Value [Member] | Home Equity Lines and Loans [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 32,360 | 32,456 | |
Estimated Fair Value [Member] | Agricultural [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 285,733 | 274,195 | |
Estimated Fair Value [Member] | Commercial [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 201,105 | 222,175 | |
Estimated Fair Value [Member] | Consumer & Other [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 6,416 | 4,535 | |
Estimated Fair Value [Member] | Leases [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 62,139 | 40,298 | |
Estimated Fair Value [Member] | Unallocated [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | (1,546) | (1,529) | |
Estimated Fair Value [Member] | Obligations of States and Political Subdivisions [Member] | |||
Assets [Abstract] | |||
Investment Securities Held-to-Maturity | 62,388 | 62,488 | |
Estimated Fair Value [Member] | Other [Member] | |||
Assets [Abstract] | |||
Investment Securities Held-to-Maturity | 2,147 | ||
Estimated Fair Value [Member] | Government Agency & Government Sponsored Entities [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 33,251 | 78,109 | |
Estimated Fair Value [Member] | US Treasury Notes [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 72,884 | ||
Estimated Fair Value [Member] | Mortgage Backed Securities [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 262,493 | 287,948 | |
Estimated Fair Value [Member] | Other [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 509 | 485 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets [Abstract] | |||
Cash and Cash Equivalents | 59,446 | 77,125 | |
Available-for-Sale Securities | 73,083 | 10,180 | |
Investment Securities Held-to-Maturity | 0 | 0 | |
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Accrued Interest Receivable | 0 | 0 | |
Liabilities [Abstract] | |||
Deposits | 1,796,508 | 1,595,790 | |
Subordinated Debentures | 0 | 0 | |
Accrued Interest Payable | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Demand [Member] | |||
Liabilities [Abstract] | |||
Deposits | 711,029 | 610,133 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest Bearing Transaction [Member] | |||
Liabilities [Abstract] | |||
Deposits | 377,594 | 341,397 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Savings and Money Market [Member] | |||
Liabilities [Abstract] | |||
Deposits | 707,885 | 644,260 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Time [Member] | |||
Liabilities [Abstract] | |||
Deposits | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial Real Estate [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Agricultural Real Estate [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Real Estate Construction [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Residential 1st Mortgages [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Home Equity Lines and Loans [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Agricultural [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Consumer & Other [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Leases [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Unallocated [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Obligations of States and Political Subdivisions [Member] | |||
Assets [Abstract] | |||
Investment Securities Held-to-Maturity | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | |||
Assets [Abstract] | |||
Investment Securities Held-to-Maturity | 0 | ||
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government Agency & Government Sponsored Entities [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 0 | 10,005 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | US Treasury Notes [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 72,884 | ||
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Backed Securities [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 0 | 0 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 199 | 175 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | |||
Assets [Abstract] | |||
Cash and Cash Equivalents | 0 | 0 | |
Available-for-Sale Securities | 296,054 | 356,362 | |
Investment Securities Held-to-Maturity | 44,675 | 51,232 | |
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Accrued Interest Receivable | 9,240 | 7,797 | |
Liabilities [Abstract] | |||
Deposits | 480,334 | 468,161 | |
Subordinated Debentures | 6,424 | 6,227 | |
Accrued Interest Payable | 513 | 378 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Demand [Member] | |||
Liabilities [Abstract] | |||
Deposits | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Interest Bearing Transaction [Member] | |||
Liabilities [Abstract] | |||
Deposits | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Savings and Money Market [Member] | |||
Liabilities [Abstract] | |||
Deposits | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Time [Member] | |||
Liabilities [Abstract] | |||
Deposits | 480,334 | 468,161 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Commercial Real Estate [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Agricultural Real Estate [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Real Estate Construction [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Residential 1st Mortgages [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Home Equity Lines and Loans [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Agricultural [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Commercial [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Consumer & Other [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Leases [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Unallocated [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 0 | 0 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | |||
Assets [Abstract] | |||
Investment Securities Held-to-Maturity | 44,675 | 49,085 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Other [Member] | |||
Assets [Abstract] | |||
Investment Securities Held-to-Maturity | 2,147 | ||
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Government Agency & Government Sponsored Entities [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 33,251 | 68,104 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | US Treasury Notes [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 0 | ||
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 262,493 | 287,948 | |
Estimated Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | Other [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 310 | 310 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets [Abstract] | |||
Cash and Cash Equivalents | 0 | 0 | |
Available-for-Sale Securities | 0 | 0 | |
Investment Securities Held-to-Maturity | 17,713 | 13,403 | |
Loans & Leases, Net of Deferred Fees & Allowance | 1,939,575 | 1,675,393 | |
Accrued Interest Receivable | 0 | 0 | |
Liabilities [Abstract] | |||
Deposits | 0 | 0 | |
Subordinated Debentures | 0 | 0 | |
Accrued Interest Payable | 0 | 0 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Demand [Member] | |||
Liabilities [Abstract] | |||
Deposits | 0 | 0 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Bearing Transaction [Member] | |||
Liabilities [Abstract] | |||
Deposits | 0 | 0 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Savings and Money Market [Member] | |||
Liabilities [Abstract] | |||
Deposits | 0 | 0 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Time [Member] | |||
Liabilities [Abstract] | |||
Deposits | 0 | 0 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial Real Estate [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 591,271 | 481,037 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Agricultural Real Estate [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 405,295 | 353,288 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Real Estate Construction [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 149,371 | 95,022 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Residential 1st Mortgages [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 207,431 | 173,916 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Home Equity Lines and Loans [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 32,360 | 32,456 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Agricultural [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 285,733 | 274,195 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 201,105 | 222,175 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Consumer & Other [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 6,416 | 4,535 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Leases [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | 62,139 | 40,298 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Unallocated [Member] | |||
Assets [Abstract] | |||
Loans & Leases, Net of Deferred Fees & Allowance | (1,546) | (1,529) | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | |||
Assets [Abstract] | |||
Investment Securities Held-to-Maturity | 17,713 | 13,403 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member] | |||
Assets [Abstract] | |||
Investment Securities Held-to-Maturity | 0 | ||
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Government Agency & Government Sponsored Entities [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 0 | 0 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Backed Securities [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | 0 | 0 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member] | |||
Assets [Abstract] | |||
Available-for-Sale Securities | $ 0 | $ 0 | |
[1] | All Mortgage Backed Securities were issued by an agency or government sponsored entity of the U.S. government. |
Commitments and Contingencies76
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum future rental commitments under noncancellable operating leases [Abstract] | ||
2,016 | $ 548,000 | |
2,017 | 314,000 | |
2,018 | 279,000 | |
2,019 | 288,000 | |
2,020 | 288,000 | |
Due remaining term of the lease | 323,000 | |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, amount, liability | 708,122,000 | $ 539,288,000 |
Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, amount, liability | $ 14,745,000 | 9,734,000 |
Letters of Credit [Member] | Minimum [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off balance sheet risks maturity period | 1 month | |
Letters of Credit [Member] | Maximum [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off balance sheet risks maturity period | 46 months | |
Performance Guarantees under Interest Rate Swap Contracts Entered into between our Borrowing Customers and Third Parties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, amount, liability | $ 2,758,000 | $ 2,042,000 |
Parent Company Financial Info77
Parent Company Financial Information, Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Balance Sheets [Abstract] | ||||
Investment Securities | $ 430,533 | $ 430,405 | ||
Other Assets | 88,057 | 96,367 | ||
Total Assets | 2,615,345 | 2,360,551 | ||
Subordinated Debentures | 10,310 | 10,310 | ||
Liabilities | 2,363,510 | 2,127,373 | ||
Shareholders' Equity | 251,835 | 233,178 | $ 209,904 | $ 205,033 |
Total Liabilities and Shareholders' Equity | 2,615,345 | 2,360,551 | ||
Parent Company [Member] | ||||
Condensed Balance Sheets [Abstract] | ||||
Cash | 308 | 363 | $ 416 | $ 212 |
Investment in Farmers & Merchants Bank of Central California | 261,626 | 242,852 | ||
Investment Securities | 409 | 410 | ||
Other Assets | 60 | 201 | ||
Total Assets | 262,403 | 243,826 | ||
Subordinated Debentures | 10,310 | 10,310 | ||
Liabilities | 258 | 338 | ||
Shareholders' Equity | 251,835 | 233,178 | ||
Total Liabilities and Shareholders' Equity | $ 262,403 | $ 243,826 |
Parent Company Financial Info78
Parent Company Financial Information, Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Statements of Income [Abstract] | |||
Interest Income | $ 86,750 | $ 78,708 | $ 73,640 |
Tax Benefit | (16,924) | (15,094) | (14,221) |
Net Income | 27,392 | 25,402 | 24,061 |
Parent Company [Member] | |||
Condensed Statements of Income [Abstract] | |||
Equity in Undistributed Earnings in Farmers & Merchants Bank of Central California | 17,352 | 18,211 | 14,352 |
Dividends from Subsidiary | 10,875 | 8,000 | 10,450 |
Interest Income | 10 | 10 | 10 |
Other Expenses, Net | (1,451) | (1,406) | (1,288) |
Tax Benefit | 606 | 587 | 537 |
Net Income | $ 27,392 | $ 25,402 | $ 24,061 |
Parent Company Financial Info79
Parent Company Financial Information, Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities [Abstract] | |||
Net Income | $ 27,392 | $ 25,402 | $ 24,061 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | |||
Net (Increase) Decrease in Other Assets | (5,542) | 15,070 | 3,719 |
Net Cash Provided by Operating Activities | 36,373 | 25,637 | 27,199 |
Investing Activities [Abstract] | |||
Net Cash Used by Investing Activities | (257,354) | (278,652) | (148,890) |
Financing Activities [Abstract] | |||
Cash Dividends | (10,157) | (9,919) | (9,723) |
Net Cash Provided by Financing Activities | 203,302 | 246,463 | 75,942 |
(Decrease) Increase in Cash and Cash Equivalents | (17,679) | (6,552) | (45,749) |
Parent Company [Member] | |||
Cash Flows from Operating Activities [Abstract] | |||
Net Income | 27,392 | 25,402 | 24,061 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | |||
Equity in Undistributed Net Earnings from Subsidiary | (17,352) | (18,211) | (14,352) |
Net (Increase) Decrease in Other Assets | (79) | (114) | 38 |
Net Increase (Decrease) in Liabilities | 141 | (1) | 180 |
Net Cash Provided by Operating Activities | 10,102 | 7,076 | 9,927 |
Investing Activities [Abstract] | |||
Payments for Investments in Subsidiaries | (3,360) | 0 | 0 |
Net Cash Used by Investing Activities | (3,360) | 0 | 0 |
Financing Activities [Abstract] | |||
Issuance of Common Stock | 3,360 | 2,790 | 0 |
Cash Dividends | (10,157) | (9,919) | (9,723) |
Net Cash Provided by Financing Activities | (6,797) | (7,129) | (9,723) |
(Decrease) Increase in Cash and Cash Equivalents | (55) | (53) | 204 |
Cash and Cash Equivalents at Beginning of Year | 363 | 416 | 212 |
Cash and Cash Equivalents at End of Year | $ 308 | $ 363 | $ 416 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Jan. 28, 2016 | Dec. 04, 2014 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||
Issuance of common stock (in shares) | 6,200 | 6,705 | |
Per share price of shares issued (in dollars per share) | $ 450 | ||
Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Issuance of common stock (in shares) | 1,600 | ||
Per share price of shares issued (in dollars per share) | $ 525 |