Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 27, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | WESTAMERICA BANCORPORATION | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 25,550,676 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 311094 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Cash and due from banks | $247,450 | $380,836 |
Investment securities available for sale | 1,777,320 | 1,600,781 |
Investment securities held to maturity, with fair values of: $1,030,865 at March 31, 2015 and $1,048,562 at December 31, 2014 | 1,015,231 | 1,038,658 |
Loans | 1,683,884 | 1,700,290 |
Allowance for loan losses | -31,187 | -31,485 |
Loans, net of allowance for loan losses | 1,652,697 | 1,668,805 |
Other real estate owned | 9,233 | 6,374 |
Premises and equipment, net | 38,313 | 37,852 |
Identifiable intangibles, net | 13,286 | 14,287 |
Goodwill | 121,673 | 121,673 |
Other assets | 160,574 | 166,458 |
Total Assets | 5,035,777 | 5,035,724 |
Deposits: | ||
Noninterest bearing deposits | 1,902,904 | 1,910,781 |
Interest bearing deposits | 2,477,172 | 2,438,410 |
Total deposits | 4,380,076 | 4,349,191 |
Short-term borrowed funds | 82,960 | 89,784 |
Federal Home Loan Bank advances | 20,015 | |
Other liabilities | 45,361 | 50,131 |
Total Liabilities | 4,508,397 | 4,509,121 |
Shareholders' Equity: | ||
Common stock (no par value), authorized - 150,000 shares Issued and outstanding - 25,563 at March 31, 2015 and 25,745 at December 31, 2014 | 374,958 | 378,132 |
Deferred compensation | 2,711 | 2,711 |
Accumulated other comprehensive income | 9,600 | 5,292 |
Retained earnings | 140,111 | 140,468 |
Total Shareholders' Equity | 527,380 | 526,603 |
Total Liabilities and Shareholders' Equity | $5,035,777 | $5,035,724 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment securities held to maturity, fair value (in Dollars) | $1,030,865 | $1,048,562 |
Common stock, no par valuP5 (in Dollars per share) | ||
Common stock, sharP5s authorizP5d | 150,000 | 150,000 |
Common stock, sharP5s issuP5d | 25,563 | 25,745 |
Common stock, sharP5s outstanding | 25,563 | 25,745 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest and Fee Income: | ||
Loans | $20,230 | $22,901 |
Investment securities available for sale | 7,469 | 5,630 |
Investment securities held to maturity | 6,218 | 7,033 |
Total Interest and Fee Income | 33,917 | 35,564 |
Interest Expense: | ||
Deposits | 642 | 754 |
Short-term borrowed funds | 16 | 20 |
Federal Home Loan Bank advances | 1 | 99 |
Term repurchase agreement | 25 | |
Total Interest Expense | 659 | 898 |
Net Interest Income | 33,258 | 34,666 |
Provision for Loan Losses | 1,000 | |
Net Interest Income After Provision For Loan Losses | 33,258 | 33,666 |
Noninterest Income: | ||
Service charges on deposit accounts | 5,707 | 6,010 |
Merchant processing services | 1,703 | 1,924 |
Debit card fees | 1,456 | 1,405 |
Trust fees | 706 | 654 |
Other service fees | 665 | 661 |
ATM processing fees | 585 | 620 |
Financial services commissions | 153 | 171 |
Other | 1,325 | 1,545 |
Total Noninterest Income | 12,300 | 12,990 |
Noninterest Expense: | ||
Salaries and related benefits | 13,338 | 14,126 |
Occupancy | 3,727 | 3,727 |
Outsourced data processing services | 2,108 | 2,105 |
Furniture and equipment | 1,119 | 1,005 |
Amortization of identifiable intangibles | 1,001 | 1,105 |
Professional fees | 548 | 430 |
Courier service | 543 | 610 |
Other real estate owned | 315 | -350 |
Other | 4,028 | 4,115 |
Total Noninterest Expense | 26,727 | 26,873 |
Income Before Income Taxes | 18,831 | 19,783 |
Provision for income taxes | 4,274 | 4,476 |
Net Income | $14,557 | $15,307 |
Average Common Shares Outstanding (in Shares) | 25,651 | 26,433 |
Diluted Average Common Shares Outstanding (in Shares) | 25,655 | 26,537 |
Per Common Share Data: | ||
Basic earnings (in Dollars per share) | $0.57 | $0.58 |
Diluted earnings (in Dollars per share) | $0.57 | $0.58 |
Dividends paid (in Dollars per share) | $0.38 | $0.38 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $14,557 | $15,307 |
Other comprehensive income: | ||
Increase in net unrealized gains on securities available for sale | 7,418 | 7,823 |
Deferred tax expense | -3,119 | -3,289 |
Increase in net unrealized gains on securities available for sale, net of tax | 4,299 | 4,534 |
Post-retirement benefit transition obligation amortization | 15 | 15 |
Deferred tax expense | -6 | -6 |
Post-retirement benefit transition obligation amortization, net of tax | 9 | 9 |
Total other comprehensive income | 4,308 | 4,543 |
Total comprehensive income | $18,865 | $19,850 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholdersb Equity (Unaudited) (USD $) | Common Stock [Member] | Accumulated Deferred Compensation [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
In Thousands | |||||
Balance at Dec. 31, 2013 | $378,946 | $2,711 | $4,313 | $156,964 | $542,934 |
Balance (in Shares) at Dec. 31, 2013 | 26,510 | ||||
Net income for the year | 15,307 | 15,307 | |||
Other comprehensive income | 4,543 | 4,543 | |||
Exercise of stock options | 10,853 | 10,853 | |||
Exercise of stock options (in Shares) | 225 | ||||
Tax benefit decrease upon expiration/ exercise of stock options | -369 | -369 | |||
Stock based compensation | 359 | 359 | |||
Stock awarded to employees | 52 | 52 | |||
Stock awarded to employees (in Shares) | 1 | ||||
Retirement of common stock including repurchases | -6,351 | -16,359 | -22,710 | ||
Retirement of common stock including repurchases (in Shares) | -437 | ||||
Dividends | -10,086 | -10,086 | |||
Balance at Mar. 31, 2014 | 383,490 | 2,711 | 8,856 | 145,826 | 540,883 |
Balance (in Shares) at Mar. 31, 2014 | 26,299 | ||||
Balance at Dec. 31, 2014 | 378,132 | 2,711 | 5,292 | 140,468 | 526,603 |
Balance (in Shares) at Dec. 31, 2014 | 25,745 | ||||
Net income for the year | 14,557 | 14,557 | |||
Other comprehensive income | 4,308 | 4,308 | |||
Tax benefit decrease upon expiration/ exercise of stock options | -865 | -865 | |||
Stock based compensation | 354 | 354 | |||
Stock awarded to employees | 45 | 45 | |||
Stock awarded to employees (in Shares) | 1 | ||||
Retirement of common stock including repurchases | -2,708 | -5,159 | -7,867 | ||
Retirement of common stock including repurchases (in Shares) | -183 | ||||
Dividends | -9,755 | -9,755 | |||
Balance at Mar. 31, 2015 | $374,958 | $2,711 | $9,600 | $140,111 | $527,380 |
Balance (in Shares) at Mar. 31, 2015 | 25,563 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Operating Activities: | ||||
Net income | $14,557 | $15,307 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 3,930 | 4,103 | ||
Loan loss provision | 1,000 | |||
Net amortization of deferred loan fees | -78 | -30 | ||
Decrease in interest income receivable | 812 | 643 | ||
Increase in deferred tax asset | -421 | -756 | ||
Increase in other assets | -822 | -185 | ||
Stock option compensation expense | 354 | 359 | ||
Tax benefit decrease upon expiration/exercise of stock options | 865 | 369 | ||
Increase in income taxes payable | 4,695 | 5,232 | ||
Increase in interest expense payable | 21 | 5 | ||
(Decrease) increase in other liabilities | -6,850 | 8,507 | ||
Gain on sale of other assets | -400 | |||
Writedown/loss on sale of premises and equipment | 4 | 16 | ||
Net gain on sale of foreclosed assets | -493 | |||
Writedown of foreclosed assets | 243 | 69 | ||
Net Cash Provided by Operating Activities | 17,310 | 33,746 | ||
Investing Activities: | ||||
Net repayments of loans | 13,805 | 9,598 | ||
Proceeds from FDIC1 loss-sharing agreement | [1] | 44 | [1] | |
Purchases of investment securities available for sale | -354,527 | -237,948 | ||
Proceeds from sale/maturity/calls of securities available for sale | 185,073 | 99,350 | ||
Purchases of investment securities held to maturity | -10,359 | -17,993 | ||
Proceeds from maturity/calls of securities held to maturity | 30,468 | 34,403 | ||
Purchases of premises and equipment | -1,326 | -166 | ||
Proceeds from sale of FRB2/FHLB3 stock | 490 | [2],[3] | 3,248 | [2],[3] |
Proceeds from sale of foreclosed assets | 100 | 2,159 | ||
Net Cash Used in Investing Activities | -136,276 | -107,305 | ||
Financing Activities: | ||||
Net change in deposits | 30,891 | 51,063 | ||
Net change in short-term borrowings and FHLB3 advances | -26,824 | [3] | 1,620 | [3] |
Exercise of stock options/issuance of shares | 10,853 | |||
Tax benefit decrease upon expiration/exercise of stock options | -865 | -369 | ||
Retirement of common stock including repurchases | -7,867 | -22,710 | ||
Common stock dividends paid | -9,755 | -10,086 | ||
Net Cash (Used in) Provided by Financing Activities | -14,420 | 30,371 | ||
Net Change In Cash and Due from Banks | -133,386 | -43,188 | ||
Cash and Due from Banks at Beginning of Period | 380,836 | 472,028 | ||
Cash and Due from Banks at End of Period | 247,450 | 428,840 | ||
Supplemental disclosure of noncash activities: | ||||
Loan collateral transferred to other real estate owned | 3,202 | 968 | ||
Securities purchases pending settlement | 1,478 | -11,231 | ||
Supplemental disclosure of cash flow activities: | ||||
Interest paid for the period | $775 | $987 | ||
[1] | Federal Deposit Insurance Corporation ("FDIC") | |||
[2] | Federal Reserve Bank ("FRB") | |||
[3] | Federal Home Loan Bank ("FHLB") |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1: Basis of Presentation |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission and follow general practices within the banking industry. The results of operations reflect interim adjustments, all of which are of a normal recurring nature and which, in the opinion of Management, are necessary for a fair presentation of the results for the interim periods presented. The interim results for the three months ended March 31, 2015 and 2014 are not necessarily indicative of the results expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes as well as other information included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. | |
Note_2_Accounting_Policies
Note 2 - Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2: Accounting Policies |
The most significant accounting policies followed by the Company are presented in Note 1 to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. These policies, along with the disclosures presented in the other financial statement notes and in this discussion, provide information on how significant assets and liabilities are valued in the financial statements and how those values are determined. Based on the valuation techniques used and the sensitivity of financial statement amounts to the methods, assumptions, and estimates underlying those amounts, Management has identified the allowance for loan losses accounting to be the accounting area requiring the most subjective or complex judgments, and as such could be most subject to revision as new information becomes available. A discussion of the factors affecting accounting for the allowance for loan losses and purchased loans is included in the “Loan Portfolio Credit Risk” discussion below. Certain amounts in prior periods have been reclassified to conform to the current presentation. | |
Application of these principles requires the Company to make certain estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions, and judgments. Certain accounting policies inherently have a greater reliance on the use of estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Estimates, assumptions and judgments are necessary when assets and liabilities are required to be recorded at fair value, when a decline in the value of an asset not carried on the financial statements at fair value warrants an impairment writedown or valuation reserve to be established, or when an asset or liability needs to be recorded contingent upon a future event. Carrying assets and liabilities at fair value inherently results in more financial statement volatility. The fair values and the information used to record valuation adjustments for certain assets and liabilities are based either on quoted market prices or are provided by other third-party sources, when available. | |
Recently Adopted Accounting Standards | |
FASB ASU 2014-01, Investments- Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, was issued January 2014 to permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment should be accounted for as an equity method investment or a cost method investment in accordance with GAAP. The policy election must be applied consistently to all qualified affordable housing project investments. | |
The update also requires a reporting entity to disclose information regarding its investments in qualified affordable housing projects, and the effect of the measurement of its investments in qualified affordable housing projects and the related tax credits on its financial position and results of operations. | |
The adoption of the update was limited to additional disclosures only and did not have a material effect on the Company’s financial statements at January 1, 2015, the date adopted. | |
FASB ASU 2014-04, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralizes Consumer Mortgage Loans upon Foreclosure, was issued on January 17, 2014, providing clarification that 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 a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. | |
The adoption of the update was limited to additional disclosures only and did not have a material effect on the Company’s financial statements at January 1, 2015, the date adopted. | |
Recently Issued Accounting Standards | |
FASB ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, was issued on June 12, 2014. The Update improves the financial reporting of repurchase agreements and other similar transactions through a change in accounting for repurchase-to-maturity transactions and repurchase financings, and the introduction of two new disclosure requirements. New disclosures are required for (1) transfers accounted for as sales in transactions that are economically similar to repurchase agreements, in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction and (2) repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings about the nature of collateral pledged and the time to maturity of those transactions. | |
The Company will be required to adhere to new disclosure requirements when the Update is adopted April 1, 2015 for the interim period ending June 30, 2015. | |
Note_3_Investment_Securities
Note 3 - Investment Securities | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3: Investment Securities | ||||||||||||||||||||||||||||||||||||
An analysis of the amortized cost, gross unrealized gains and losses accumulated in other comprehensive income, and fair value of the available for sale investment securities portfolio follows: | |||||||||||||||||||||||||||||||||||||
Investment Securities Available for Sale | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 3,500 | $ | 4 | $ | - | $ | 3,504 | |||||||||||||||||||||||||||||
Securities of U.S. Government sponsored entities | 631,974 | 1,637 | (3 | ) | 633,608 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 22,625 | 1,682 | (9 | ) | 24,298 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 2,826 | 5 | (11 | ) | 2,820 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 165,063 | 10,756 | (125 | ) | 175,694 | ||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations | 220,397 | 644 | (5,142 | ) | 215,899 | ||||||||||||||||||||||||||||||||
Asset-backed securities | 3,015 | - | (23 | ) | 2,992 | ||||||||||||||||||||||||||||||||
FHLMC1 and FNMA2 stock | 775 | 5,685 | - | 6,460 | |||||||||||||||||||||||||||||||||
Corporate securities | 708,371 | 2,911 | (2,025 | ) | 709,257 | ||||||||||||||||||||||||||||||||
Other securities | 2,039 | 867 | (118 | ) | 2,788 | ||||||||||||||||||||||||||||||||
Total | $ | 1,760,585 | $ | 24,191 | $ | (7,456 | ) | $ | 1,777,320 | ||||||||||||||||||||||||||||
1 Federal Home Loan Mortgage Corporation | |||||||||||||||||||||||||||||||||||||
2 Federal National Mortgage Association | |||||||||||||||||||||||||||||||||||||
An analysis of the amortized cost, gross unrecognized gains and losses, and fair value of the held to maturity investment securities portfolio follows: | |||||||||||||||||||||||||||||||||||||
Investment Securities Held to Maturity | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||
Cost | Unrecognized | Unrecognized | Value | ||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Securities of U.S. government sponsored entities | $ | 995 | $ | 12 | $ | - | $ | 1,007 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 57,259 | 1,319 | (64 | ) | 58,514 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 712,374 | 13,478 | (1,062 | ) | 724,790 | ||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations | 244,603 | 2,811 | (860 | ) | 246,554 | ||||||||||||||||||||||||||||||||
Total | $ | 1,015,231 | $ | 17,620 | $ | (1,986 | ) | $ | 1,030,865 | ||||||||||||||||||||||||||||
An analysis of the amortized cost, gross unrealized gains and losses accumulated in other comprehensive income, and fair value of the available for sale investment securities portfolio follows: | |||||||||||||||||||||||||||||||||||||
Investment Securities Available for Sale | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 3,500 | $ | 5 | $ | - | $ | 3,505 | |||||||||||||||||||||||||||||
Securities of U.S. Government sponsored entities | 635,278 | 937 | (1,027 | ) | 635,188 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 24,647 | 1,776 | (16 | ) | 26,407 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 2,923 | 6 | (10 | ) | 2,919 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 171,907 | 10,015 | (123 | ) | 181,799 | ||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations | 230,347 | 634 | (8,524 | ) | 222,457 | ||||||||||||||||||||||||||||||||
Asset-backed securities | 8,349 | - | (36 | ) | 8,313 | ||||||||||||||||||||||||||||||||
FHLMC1 and FNMA2 stock | 775 | 4,393 | - | 5,168 | |||||||||||||||||||||||||||||||||
Corporate securities | 511,699 | 2,169 | (1,629 | ) | 512,239 | ||||||||||||||||||||||||||||||||
Other securities | 2,039 | 871 | (124 | ) | 2,786 | ||||||||||||||||||||||||||||||||
Total | $ | 1,591,464 | $ | 20,806 | $ | (11,489 | ) | $ | 1,600,781 | ||||||||||||||||||||||||||||
1 Federal Home Loan Mortgage Corporation | |||||||||||||||||||||||||||||||||||||
2 Federal National Mortgage Association | |||||||||||||||||||||||||||||||||||||
An analysis of the amortized cost, gross unrecognized gains and losses, and fair value of the held to maturity investment securities portfolio follows: | |||||||||||||||||||||||||||||||||||||
Investment Securities Held to Maturity | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||
Cost | Unrecognized | Unrecognized | Value | ||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Securities of U.S. government sponsored entities | $ | 1,066 | $ | 11 | $ | - | $ | 1,077 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 59,078 | 1,183 | (137 | ) | 60,124 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 720,189 | 11,350 | (2,358 | ) | 729,181 | ||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations | 258,325 | 2,236 | (2,381 | ) | 258,180 | ||||||||||||||||||||||||||||||||
Total | $ | 1,038,658 | $ | 14,780 | $ | (4,876 | ) | $ | 1,048,562 | ||||||||||||||||||||||||||||
The amortized cost and fair value of investment securities by contractual maturity are shown in the following tables at the dates indicated: | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Securities Available | Securities Held | ||||||||||||||||||||||||||||||||||||
for Sale | to Maturity | ||||||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Maturity in years: | |||||||||||||||||||||||||||||||||||||
1 year or less | $ | 80,420 | $ | 80,658 | $ | 15,322 | $ | 15,829 | |||||||||||||||||||||||||||||
Over 1 to 5 years | 973,932 | 976,816 | 247,297 | 249,867 | |||||||||||||||||||||||||||||||||
Over 5 to 10 years | 409,874 | 416,005 | 270,191 | 275,665 | |||||||||||||||||||||||||||||||||
Over 10 years | 47,697 | 51,576 | 180,559 | 184,436 | |||||||||||||||||||||||||||||||||
Subtotal | 1,511,923 | 1,525,055 | 713,369 | 725,797 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities and residential collateralized mortgage obligations | 245,848 | 243,017 | 301,862 | 305,068 | |||||||||||||||||||||||||||||||||
Other securities | 2,814 | 9,248 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 1,760,585 | $ | 1,777,320 | $ | 1,015,231 | $ | 1,030,865 | |||||||||||||||||||||||||||||
Securities available for sale at March 31, 2015 with maturity dates over one year but less than five years include $351,761 thousand (fair value) of securities of U.S. Government sponsored entities with call options on dates within one year or less, of which $71,129 thousand have interest coupons which will increase if the issuer does not exercise the call option. | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Securities Available | Securities Held | ||||||||||||||||||||||||||||||||||||
for Sale | to Maturity | ||||||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Maturity in years: | |||||||||||||||||||||||||||||||||||||
1 year or less | $ | 57,891 | $ | 57,991 | $ | 15,355 | $ | 15,855 | |||||||||||||||||||||||||||||
Over 1 to 5 years | 629,200 | 630,797 | 228,380 | 230,248 | |||||||||||||||||||||||||||||||||
Over 5 to 10 years | 584,872 | 589,250 | 285,219 | 288,631 | |||||||||||||||||||||||||||||||||
Over 10 years | 58,770 | 63,006 | 192,301 | 195,524 | |||||||||||||||||||||||||||||||||
Subtotal | 1,330,733 | 1,341,044 | 721,255 | 730,258 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities and residential collateralized mortgage obligations | 257,917 | 251,783 | 317,403 | 318,304 | |||||||||||||||||||||||||||||||||
Other securities | 2,814 | 7,954 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 1,591,464 | $ | 1,600,781 | $ | 1,038,658 | $ | 1,048,562 | |||||||||||||||||||||||||||||
Expected maturities of mortgage-backed securities can differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. In addition, such factors as prepayments and interest rates may affect the yield on the carrying value of mortgage-backed securities. At March 31, 2015 and December 31, 2014, the Company had no high-risk collateralized mortgage obligations as defined by regulatory guidelines. | |||||||||||||||||||||||||||||||||||||
An analysis of the gross unrealized losses of the available for sale investment securities portfolio follows: | |||||||||||||||||||||||||||||||||||||
Investment Securities Available for Sale | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
No. of | Less than 12 months | No. of | 12 months or longer | No. of | Total | ||||||||||||||||||||||||||||||||
Investment | Unrealized | Investment | Unrealized | Investment | Unrealized | ||||||||||||||||||||||||||||||||
Positions | Fair Value | Losses | Positions | Fair Value | Losses | Positions | Fair Value | Losses | |||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||
Securities of U.S. Government sponsored entities | - | $ | - | $ | - | 1 | $ | 9,997 | $ | (3 | ) | 1 | $ | 9,997 | $ | (3 | ) | ||||||||||||||||||||
Residential mortgage-backed securities | - | - | - | 1 | 803 | (9 | ) | 1 | 803 | (9 | ) | ||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1 | 921 | (6 | ) | 1 | 751 | (5 | ) | 2 | 1,672 | (11 | ) | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 5 | 2,380 | (20 | ) | 11 | 3,842 | (105 | ) | 16 | 6,222 | (125 | ) | |||||||||||||||||||||||||
Residential collateralized mortgage obligations | - | - | - | 29 | 184,632 | (5,142 | ) | 29 | 184,632 | (5,142 | ) | ||||||||||||||||||||||||||
Asset-backed securities | - | - | - | 1 | 2,992 | (23 | ) | 1 | 2,992 | (23 | ) | ||||||||||||||||||||||||||
Corporate securities | 59 | 232,085 | (1,769 | ) | 6 | 33,078 | (256 | ) | 65 | 265,163 | (2,025 | ) | |||||||||||||||||||||||||
Other securities | - | - | - | 1 | 1,882 | (118 | ) | 1 | 1,882 | (118 | ) | ||||||||||||||||||||||||||
Total | 65 | $ | 235,386 | $ | (1,795 | ) | 51 | $ | 237,977 | $ | (5,661 | ) | 116 | $ | 473,363 | $ | (7,456 | ) | |||||||||||||||||||
An analysis of gross unrecognized losses of the held to maturity investment securities portfolio follows: | |||||||||||||||||||||||||||||||||||||
Investment Securities Held to Maturity | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
No. of | Less than 12 months | No. of | 12 months or longer | No. of | Total | ||||||||||||||||||||||||||||||||
Investment | Unrecognized | Investment | Unrecognized | Investment | Unrecognized | ||||||||||||||||||||||||||||||||
Positions | Fair Value | Losses | Positions | Fair Value | Losses | Positions | Fair Value | Losses | |||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 2 | $ | 14,483 | $ | (60 | ) | 1 | $ | 163 | $ | (4 | ) | 3 | $ | 14,646 | $ | (64 | ) | |||||||||||||||||||
Obligations of states and political subdivisions | 45 | 32,117 | (177 | ) | 83 | 70,639 | (885 | ) | 128 | 102,756 | (1,062 | ) | |||||||||||||||||||||||||
Residential collateralized mortgage obligations | 4 | 13,767 | (134 | ) | 16 | 83,929 | (726 | ) | 20 | 97,696 | (860 | ) | |||||||||||||||||||||||||
Total | 51 | $ | 60,367 | $ | (371 | ) | 100 | $ | 154,731 | $ | (1,615 | ) | 151 | $ | 215,098 | $ | (1,986 | ) | |||||||||||||||||||
The unrealized losses on the Company’s investment securities were caused by market conditions for these types of investments, particularly changes in risk-free interest rates. The Company evaluates securities on a quarterly basis including changes in security ratings issued by ratings agencies, changes in the financial condition of the issuer, and, for mortgage-related and asset-backed securities, delinquency and loss information with respect to the underlying collateral, changes in the levels of subordination for the Company’s particular position within the repayment structure and remaining credit enhancement as compared to expected credit losses of the security. Substantially all of these securities continue to be investment grade rated by a major rating agency. In addition to monitoring credit rating agency evaluations, Management performs its own evaluations regarding the credit worthiness of the issuer or the securitized assets underlying asset backed securities. | |||||||||||||||||||||||||||||||||||||
The Company does not intend to sell any investments and has concluded that it is more likely than not that it will not be required to sell the investments prior to recovery of the amortized cost basis. Therefore, the Company does not consider these investments to be other-than-temporarily impaired as of March 31, 2015. | |||||||||||||||||||||||||||||||||||||
The fair values of the investment securities could decline in the future if the general economy deteriorates, inflation increases, credit ratings decline, the issuer’s financial condition deteriorates, or the liquidity for securities declines. As a result, other than temporary impairments may occur in the future. | |||||||||||||||||||||||||||||||||||||
As of March 31, 2015, $720,036 thousand of investment securities were pledged to secure public deposits and short-term borrowed funds. As of December 31, 2014, $757,623 thousand of investment securities were pledged to secure public deposits, short-term borrowed funds and FHLB advances. | |||||||||||||||||||||||||||||||||||||
An analysis of gross unrealized losses of investment securities available for sale follows: | |||||||||||||||||||||||||||||||||||||
Investment Securities Available for Sale | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
No. of | Less than 12 months | No. of | 12 months or longer | No. of | Total | ||||||||||||||||||||||||||||||||
Investment | Unrealized | Investment | Unrealized | Investment | Unrealized | ||||||||||||||||||||||||||||||||
Positions | Fair Value | Losses | Positions | Fair Value | Losses | Positions | Fair Value | Losses | |||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||
Securities of U.S. Government sponsored entities | 15 | $ | 253,632 | $ | (989 | ) | 1 | $ | 9,963 | $ | (38 | ) | 16 | $ | 263,595 | $ | (1,027 | ) | |||||||||||||||||||
Residential mortgage-backed securities | - | - | - | 2 | 822 | (16 | ) | 2 | 822 | (16 | ) | ||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1 | 942 | (7 | ) | 1 | 803 | (3 | ) | 2 | 1,745 | (10 | ) | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 7 | 2,548 | (18 | ) | 17 | 5,518 | (105 | ) | 24 | 8,066 | (123 | ) | |||||||||||||||||||||||||
Residential collateralized mortgage obligations | - | - | - | 32 | 205,074 | (8,524 | ) | 32 | 205,074 | (8,524 | ) | ||||||||||||||||||||||||||
Asset-backed securities | 1 | 5,008 | (7 | ) | 1 | 3,305 | (29 | ) | 2 | 8,313 | (36 | ) | |||||||||||||||||||||||||
Corporate securities | 53 | 165,026 | (1,304 | ) | 5 | 34,222 | (325 | ) | 58 | 199,248 | (1,629 | ) | |||||||||||||||||||||||||
Other securities | - | - | - | 1 | 1,876 | (124 | ) | 1 | 1,876 | (124 | ) | ||||||||||||||||||||||||||
Total | 77 | $ | 427,156 | $ | (2,325 | ) | 60 | $ | 261,583 | $ | (9,164 | ) | 137 | $ | 688,739 | $ | (11,489 | ) | |||||||||||||||||||
An analysis of gross unrecognized losses of investment securities held to maturity follows: | |||||||||||||||||||||||||||||||||||||
Investment Securities Held to Maturity | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
No. of | Less than 12 months | No. of | 12 months or longer | No. of | Total | ||||||||||||||||||||||||||||||||
Investment | Unrecognized | Investment | Unrecognized | Investment | Unrecognized | ||||||||||||||||||||||||||||||||
Positions | Fair Value | Losses | Positions | Fair Value | Losses | Positions | Fair Value | Losses | |||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 4 | $ | 19,467 | $ | (132 | ) | 1 | $ | 201 | $ | (5 | ) | 5 | $ | 19,668 | $ | (137 | ) | |||||||||||||||||||
Obligations of states and political subdivisions | 103 | 76,202 | (439 | ) | 138 | 123,370 | (1,919 | ) | 241 | 199,572 | (2,358 | ) | |||||||||||||||||||||||||
Residential collateralized mortgage obligations | 5 | 13,932 | (166 | ) | 22 | 119,513 | (2,215 | ) | 27 | 133,445 | (2,381 | ) | |||||||||||||||||||||||||
Total | 112 | $ | 109,601 | $ | (737 | ) | 161 | $ | 243,084 | $ | (4,139 | ) | 273 | $ | 352,685 | $ | (4,876 | ) | |||||||||||||||||||
The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax: | |||||||||||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Taxable | $ | 7,554 | $ | 5,683 | |||||||||||||||||||||||||||||||||
Tax-exempt | 6,133 | 6,980 | |||||||||||||||||||||||||||||||||||
Total interest income from investment securities | $ | 13,687 | $ | 12,663 | |||||||||||||||||||||||||||||||||
Note_4_Loans_and_Allowance_for
Note 4 - Loans and Allowance for Credit Losses | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Loans And Allowance For Credit Losses [Abstract] | |||||||||||||||||||||||||||||||||||||
Loans And Allowance For Credit Losses [Text Block] | Note 4: Loans and Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||
A summary of the major categories of loans outstanding is shown in the following tables. | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Installment | |||||||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Originated loans | $ | 391,863 | $ | 548,936 | $ | 12,438 | $ | 140,334 | $ | 371,975 | $ | 1,465,546 | |||||||||||||||||||||||||
Purchased covered loans: | |||||||||||||||||||||||||||||||||||||
Gross purchased covered loans | - | - | - | 2,574 | 13,955 | 16,529 | |||||||||||||||||||||||||||||||
Credit risk discount | - | - | - | (133 | ) | (67 | ) | (200 | ) | ||||||||||||||||||||||||||||
Purchased non-covered loans: | |||||||||||||||||||||||||||||||||||||
Gross purchased non-covered loans | 17,367 | 152,167 | 1,021 | 1,206 | 38,953 | 210,714 | |||||||||||||||||||||||||||||||
Credit risk discount | (1,255 | ) | (5,904 | ) | - | (262 | ) | (1,284 | ) | (8,705 | ) | ||||||||||||||||||||||||||
Total | $ | 407,975 | $ | 695,199 | $ | 13,459 | $ | 143,719 | $ | 423,532 | $ | 1,683,884 | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Installment | |||||||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Originated loans | $ | 374,005 | $ | 567,594 | $ | 11,003 | $ | 146,925 | $ | 370,842 | $ | 1,470,369 | |||||||||||||||||||||||||
Purchased covered loans: | |||||||||||||||||||||||||||||||||||||
Gross purchased covered loans | - | - | - | 2,626 | 14,920 | 17,546 | |||||||||||||||||||||||||||||||
Credit risk discount | - | - | - | (434 | ) | (34 | ) | (468 | ) | ||||||||||||||||||||||||||||
Purchased non-covered loans: | |||||||||||||||||||||||||||||||||||||
Gross purchased non-covered loans | 19,166 | 157,502 | 2,919 | 972 | 41,656 | 222,215 | |||||||||||||||||||||||||||||||
Credit risk discount | (1,356 | ) | (6,492 | ) | (50 | ) | (262 | ) | (1,212 | ) | (9,372 | ) | |||||||||||||||||||||||||
Total | $ | 391,815 | $ | 718,604 | $ | 13,872 | $ | 149,827 | $ | 426,172 | $ | 1,700,290 | |||||||||||||||||||||||||
Changes in the carrying amount of impaired purchased loans were as follows: | |||||||||||||||||||||||||||||||||||||
For the | For the Year Ended | ||||||||||||||||||||||||||||||||||||
Three Months Ended | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||||||
Impaired purchased loans | (In thousands) | ||||||||||||||||||||||||||||||||||||
Carrying amount at the beginning of the period | $ | 4,672 | $ | 4,936 | |||||||||||||||||||||||||||||||||
Reductions during the period | (16 | ) | (264 | ) | |||||||||||||||||||||||||||||||||
Carrying amount at the end of the period | $ | 4,656 | $ | 4,672 | |||||||||||||||||||||||||||||||||
Changes in the accretable yield for purchased loans were as follows: | |||||||||||||||||||||||||||||||||||||
For the | For the | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Accretable yield: | (In thousands) | ||||||||||||||||||||||||||||||||||||
Balance at the beginning of the period | $ | 2,261 | $ | 2,505 | |||||||||||||||||||||||||||||||||
Reclassification from nonaccretable difference | 739 | 5,016 | |||||||||||||||||||||||||||||||||||
Accretion | (973 | ) | (5,260 | ) | |||||||||||||||||||||||||||||||||
Balance at the end of the period | $ | 2,027 | $ | 2,261 | |||||||||||||||||||||||||||||||||
Accretion | $ | (973 | ) | $ | (5,260 | ) | |||||||||||||||||||||||||||||||
Change in FDIC indemnification | 141 | 1,110 | |||||||||||||||||||||||||||||||||||
(Increase) in interest income | $ | (832 | ) | $ | (4,150 | ) | |||||||||||||||||||||||||||||||
The following summarizes activity in the allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Purchased | Purchased | Unallocated | Total | |||||||||||||||||||||||||||||
Real Estate | Real Estate | Installment | Non-covered | Covered | |||||||||||||||||||||||||||||||||
and Other | Loans | Loans | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 5,460 | $ | 4,245 | $ | 644 | $ | 2,241 | $ | 7,717 | $ | 2,120 | $ | - | $ | 9,058 | $ | 31,485 | |||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||
Provision | (110 | ) | (137 | ) | 86 | (101 | ) | (281 | ) | 247 | - | 296 | - | ||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||
Chargeoffs | (60 | ) | - | (995 | ) | (35 | ) | - | - | (1,090 | ) | ||||||||||||||||||||||||||
Recoveries | 180 | 15 | - | - | 590 | 7 | - | - | 792 | ||||||||||||||||||||||||||||
Net loan recoveries (losses) | 120 | 15 | - | - | (405 | ) | (28 | ) | - | - | (298 | ) | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 5,470 | $ | 4,123 | $ | 730 | $ | 2,140 | $ | 7,031 | $ | 2,339 | $ | 0 | $ | 9,354 | $ | 31,187 | |||||||||||||||||||
FDIC indemnification expired February 6, 2014 for County Bank non-single-family residential collateralized purchased loans; accordingly, such loans have been reclassified from purchased covered loans to purchased non-covered loans as well as the related allowance for credit losses. | |||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Purchased | Purchased | Unallocated | Total | |||||||||||||||||||||||||||||
Real Estate | Real Estate | Installment | Non-covered | Covered | |||||||||||||||||||||||||||||||||
and Other | Loans | Loans | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 4,005 | $ | 12,070 | $ | 602 | $ | 405 | $ | 3,198 | $ | - | $ | 1,561 | $ | 9,852 | $ | 31,693 | |||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||
Provision | 130 | (974 | ) | (160 | ) | 86 | 214 | 1,272 | - | 432 | 1,000 | ||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||
Chargeoffs | (60 | ) | - | - | - | (999 | ) | (260 | ) | - | - | (1,319 | ) | ||||||||||||||||||||||||
Recoveries | 168 | 163 | 3 | - | 400 | 1 | - | - | 735 | ||||||||||||||||||||||||||||
Net loan recoveries (losses) | 108 | 163 | 3 | - | (599 | ) | (259 | ) | - | - | (584 | ) | |||||||||||||||||||||||||
Indemnification expiration | - | - | - | - | - | 1,561 | (1,561 | ) | - | ||||||||||||||||||||||||||||
Balance at end of period | 4,243 | 11,259 | 445 | 491 | 2,813 | 2,574 | - | 10,284 | 32,109 | ||||||||||||||||||||||||||||
Liability for off-balance sheet credit exposure | 1,672 | - | 185 | - | 440 | 251 | - | 145 | 2,693 | ||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 5,915 | $ | 11,259 | $ | 630 | $ | 491 | $ | 3,253 | $ | 2,825 | $ | - | $ | 10,429 | $ | 34,802 | |||||||||||||||||||
The allowance for credit losses and recorded investment in loans were evaluated for impairment as follows: | |||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Residential Real Estate | Consumer Installment and Other | Purchased Non-covered Loans | Purchased Covered Loans | Unallocated | Total | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 493 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 493 | |||||||||||||||||||
Collectively evaluated for impairment | 4,977 | 4,123 | 730 | 2,140 | 7,031 | 2,339 | - | 9,354 | 30,694 | ||||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 5,470 | $ | 4,123 | $ | 730 | $ | 2,140 | $ | 7,031 | $ | 2,339 | $ | - | $ | 9,354 | $ | 31,187 | |||||||||||||||||||
Carrying value of loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 12,459 | $ | 597 | $ | - | $ | 574 | $ | 599 | $ | 10,740 | $ | - | $ | - | $ | 24,969 | |||||||||||||||||||
Collectively evaluated for impairment | 379,404 | 548,339 | 12,438 | 139,760 | 371,376 | 186,835 | 16,107 | - | 1,654,259 | ||||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration | - | - | - | - | - | 4,434 | 222 | - | 4,656 | ||||||||||||||||||||||||||||
Total | $ | 391,863 | $ | 548,936 | $ | 12,438 | $ | 140,334 | $ | 371,975 | $ | 202,009 | $ | 16,329 | $ | - | $ | 1,683,884 | |||||||||||||||||||
Allowance for Credit Losses and Recorded Investment in Loans Evaluated for Impairment | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Residential Real Estate | Consumer Installment and Other | Purchased Non-covered Loans | Purchased Covered Loans | Unallocated | Total | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 496 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 496 | |||||||||||||||||||
Collectively evaluated for impairment | 7,372 | 4,245 | 988 | 2,241 | 8,154 | 2,120 | - | 8,562 | 33,682 | ||||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 7,868 | $ | 4,245 | $ | 988 | $ | 2,241 | $ | 8,154 | $ | 2,120 | $ | - | $ | 8,562 | $ | 34,178 | |||||||||||||||||||
Carrying value of loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11,811 | $ | 2,970 | $ | - | $ | 574 | $ | 599 | $ | 12,364 | $ | - | $ | - | $ | 28,318 | |||||||||||||||||||
Collectively evaluated for impairment | 362,194 | 564,624 | 11,003 | 146,351 | 370,243 | 196,034 | 16,851 | - | 1,667,300 | ||||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration | - | - | - | - | - | 4,445 | 227 | - | 4,672 | ||||||||||||||||||||||||||||
Total | $ | 374,005 | $ | 567,594 | $ | 11,003 | $ | 146,925 | $ | 370,842 | $ | 212,843 | $ | 17,078 | $ | - | $ | 1,700,290 | |||||||||||||||||||
The Bank’s customers are small businesses, professionals and consumers. Given the scale of these borrowers, corporate credit rating agencies do not evaluate the borrowers’ financial condition. The Bank maintains a Loan Review Department which reports directly to the Board of Directors. The Loan Review Department performs independent evaluations of loans and assigns credit risk grades to evaluated loans using grading standards employed by bank regulatory agencies. Loans judged to carry lower-risk attributes are assigned a “pass” grade, with a minimal likelihood of loss. Loans judged to carry higher-risk attributes are referred to as “classified loans,” and are further disaggregated, with increasing expectations for loss recognition, as “substandard,” “doubtful,” and “loss.” Loan Review Department evaluations occur every calendar quarter. If the Bank becomes aware of deterioration in a borrower’s performance or financial condition between Loan Review Department examinations, assigned risk grades are re-evaluated promptly. Credit risk grades assigned by the Loan Review Department are subject to review by the Bank’s regulatory authorities during regulatory examinations. | |||||||||||||||||||||||||||||||||||||
The following summarizes the credit risk profile by internally assigned grade: | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Residential Real Estate | Consumer Installment and Other | Purchased Non-covered Loans | Purchased Covered Loans (1) | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||
Pass | $ | 384,159 | $ | 509,428 | $ | 12,438 | $ | 137,992 | $ | 370,845 | $ | 172,947 | $ | 14,938 | $ | 1,602,747 | |||||||||||||||||||||
Substandard | 7,692 | 39,508 | - | 2,342 | 906 | 37,691 | 1,591 | 89,730 | |||||||||||||||||||||||||||||
Doubtful | 12 | - | - | - | 8 | 76 | - | 96 | |||||||||||||||||||||||||||||
Loss | - | - | - | - | 216 | - | - | 216 | |||||||||||||||||||||||||||||
Credit risk discount | - | - | - | - | - | (8,705 | ) | (200 | ) | (8,905 | ) | ||||||||||||||||||||||||||
Total | $ | 391,863 | $ | 548,936 | $ | 12,438 | $ | 140,334 | $ | 371,975 | $ | 202,009 | $ | 16,329 | $ | 1,683,884 | |||||||||||||||||||||
(1) Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. | |||||||||||||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Residential Real Estate | Consumer Installment and Other | Purchased Non-covered Loans | Purchased Covered Loans (1) | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||
Pass | $ | 366,487 | $ | 527,980 | $ | 11,003 | $ | 144,902 | $ | 369,618 | $ | 182,644 | $ | 15,509 | $ | 1,618,143 | |||||||||||||||||||||
Substandard | 7,506 | 39,614 | - | 2,023 | 734 | 39,473 | 2,037 | 91,387 | |||||||||||||||||||||||||||||
Doubtful | 12 | - | - | - | 12 | 77 | - | 101 | |||||||||||||||||||||||||||||
Loss | - | - | - | - | 478 | 21 | - | 499 | |||||||||||||||||||||||||||||
Credit risk discount | - | - | - | - | - | (9,372 | ) | (468 | ) | (9,840 | ) | ||||||||||||||||||||||||||
Total | $ | 374,005 | $ | 567,594 | $ | 11,003 | $ | 146,925 | $ | 370,842 | $ | 212,843 | $ | 17,078 | $ | 1,700,290 | |||||||||||||||||||||
(1) Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. | |||||||||||||||||||||||||||||||||||||
The following tables summarize loans by delinquency and nonaccrual status: | |||||||||||||||||||||||||||||||||||||
Summary of Loans by Delinquency and Nonaccrual Status | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Current and Accruing | 30-59 Days Past Due and Accruing | 60-89 Days Past Due and Accruing | Past Due 90 days or More and Accruing | Nonaccrual | Total Loans | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 388,683 | $ | 2,355 | $ | 533 | $ | - | $ | 292 | $ | 391,863 | |||||||||||||||||||||||||
Commercial real estate | 534,341 | 7,960 | 5,109 | - | 1,526 | 548,936 | |||||||||||||||||||||||||||||||
Construction | 12,438 | - | - | - | - | 12,438 | |||||||||||||||||||||||||||||||
Residential real estate | 136,975 | 1,976 | 479 | - | 904 | 140,334 | |||||||||||||||||||||||||||||||
Consumer installment and other | 369,260 | 1,548 | 357 | 191 | 619 | 371,975 | |||||||||||||||||||||||||||||||
Total originated loans | 1,441,697 | 13,839 | 6,478 | 191 | 3,341 | 1,465,546 | |||||||||||||||||||||||||||||||
Purchased non-covered loans | 187,198 | 2,945 | 1,821 | - | 10,045 | 202,009 | |||||||||||||||||||||||||||||||
Purchased covered loans | 16,208 | 121 | - | - | - | 16,329 | |||||||||||||||||||||||||||||||
Total | $ | 1,645,103 | $ | 16,905 | $ | 8,299 | $ | 191 | $ | 13,386 | $ | 1,683,884 | |||||||||||||||||||||||||
Summary of Loans by Delinquency and Nonaccrual Status | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Current and Accruing | 30-59 Days Past Due and Accruing | 60-89 Days Past Due and Accruing | Past Due 90 days or More and Accruing | Nonaccrual | Total Loans | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 372,235 | $ | 1,704 | $ | 36 | $ | - | $ | 30 | $ | 374,005 | |||||||||||||||||||||||||
Commercial real estate | 557,041 | 6,500 | - | - | 4,053 | 567,594 | |||||||||||||||||||||||||||||||
Construction | 11,003 | - | - | - | - | 11,003 | |||||||||||||||||||||||||||||||
Residential real estate | 144,021 | 1,513 | 817 | - | 574 | 146,925 | |||||||||||||||||||||||||||||||
Consumer installment and other | 365,753 | 3,310 | 625 | 502 | 652 | 370,842 | |||||||||||||||||||||||||||||||
Total originated loans | 1,450,053 | 13,027 | 1,478 | 502 | 5,309 | 1,470,369 | |||||||||||||||||||||||||||||||
Purchased non-covered loans | 196,150 | 4,204 | 491 | - | 11,998 | 212,843 | |||||||||||||||||||||||||||||||
Purchased covered loans | 16,389 | 389 | 3 | - | 297 | 17,078 | |||||||||||||||||||||||||||||||
Total | $ | 1,662,592 | $ | 17,620 | $ | 1,972 | $ | 502 | $ | 17,604 | $ | 1,700,290 | |||||||||||||||||||||||||
The following is a summary of the effect of nonaccrual loans on interest income: | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ | 311 | $ | 260 | |||||||||||||||||||||||||||||||||
Less: Interest income recognized on nonaccrual loans | (205 | ) | (44 | ) | |||||||||||||||||||||||||||||||||
Total reduction of interest income | $ | 106 | $ | 216 | |||||||||||||||||||||||||||||||||
There were no commitments to lend additional funds to borrowers whose loans were on nonaccrual status at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||||||||
The following summarizes impaired loans: | |||||||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Impaired loans with no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 2,651 | $ | 2,715 | $ | - | |||||||||||||||||||||||||||||||
Commercial real estate | 17,159 | 23,100 | - | ||||||||||||||||||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||||||||||||||
Residential real estate | 1,145 | 1,175 | - | ||||||||||||||||||||||||||||||||||
Consumer installment and other | 990 | 1,097 | - | ||||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | 9,860 | 9,860 | 493 | ||||||||||||||||||||||||||||||||||
Commercial real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||||||||||||||
Residential real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Consumer installment and other | - | - | - | ||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 12,511 | $ | 12,575 | $ | 493 | |||||||||||||||||||||||||||||||
Commercial real estate | 17,159 | 23,100 | - | ||||||||||||||||||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||||||||||||||
Residential real estate | 1,145 | 1,175 | - | ||||||||||||||||||||||||||||||||||
Consumer installment and other | 990 | 1,097 | |||||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Impaired loans with no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 2,031 | $ | 2,095 | $ | - | |||||||||||||||||||||||||||||||
Commercial real estate | 19,478 | 25,519 | - | ||||||||||||||||||||||||||||||||||
Construction | 1,834 | 1,884 | - | ||||||||||||||||||||||||||||||||||
Residential real estate | 574 | 574 | - | ||||||||||||||||||||||||||||||||||
Consumer installment and other | 1,518 | 1,628 | - | ||||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | 9,910 | 9,910 | 496 | ||||||||||||||||||||||||||||||||||
Commercial real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||||||||||||||
Residential real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Consumer installment and other | - | - | - | ||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 11,941 | $ | 12,005 | $ | 496 | |||||||||||||||||||||||||||||||
Commercial real estate | 19,478 | 25,519 | - | ||||||||||||||||||||||||||||||||||
Construction | 1,834 | 1,884 | - | ||||||||||||||||||||||||||||||||||
Residential real estate | 574 | 574 | - | ||||||||||||||||||||||||||||||||||
Consumer installment and other | 1,518 | 1,628 | |||||||||||||||||||||||||||||||||||
Impaired loans include troubled debt restructured loans. Impaired loans at March 31, 2015, included $6,537 thousand of restructured loans, including $998 thousand that were on nonaccrual status. Impaired loans at December 31, 2014, included $4,837 thousand of restructured loans, none of which were on nonaccrual status. | |||||||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Average | Recognized | Average | Recognized | ||||||||||||||||||||||||||||||||||
Recorded | Interest | Recorded | Interest | ||||||||||||||||||||||||||||||||||
Investment | Income | Investment | Income | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 12,226 | $ | 146 | $ | 4,842 | $ | 67 | |||||||||||||||||||||||||||||
Commercial real estate | 18,318 | 257 | 19,298 | 117 | |||||||||||||||||||||||||||||||||
Construction | 917 | - | 2,259 | - | |||||||||||||||||||||||||||||||||
Residential real estate | 860 | 6 | 162 | - | |||||||||||||||||||||||||||||||||
Consumer installment and other | 1,254 | 6 | 1,716 | 8 | |||||||||||||||||||||||||||||||||
Total | $ | 33,575 | $ | 415 | $ | 28,277 | $ | 192 | |||||||||||||||||||||||||||||
The following table provides information on troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Period-End | Period-End | ||||||||||||||||||||||||||||||||||
Contracts | Carrying Value | Carrying Value | Individual | ||||||||||||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Commercial | 6 | $ | 2,813 | $ | 2,599 | $ | - | ||||||||||||||||||||||||||||||
Commercial real estate | 5 | 3,875 | 3,693 | - | |||||||||||||||||||||||||||||||||
Residential real estate | 1 | 18 | 5 | - | |||||||||||||||||||||||||||||||||
Consumer installment and other | 1 | 241 | 240 | - | |||||||||||||||||||||||||||||||||
Total | 13 | $ | 6,947 | $ | 6,537 | $ | - | ||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Period-End | Period-End | ||||||||||||||||||||||||||||||||||
Contracts | Carrying Value | Carrying Value | Individual | ||||||||||||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Commercial | 3 | $ | 3,201 | $ | 2,938 | $ | 262 | ||||||||||||||||||||||||||||||
Commercial real estate | 2 | 2,291 | 2,316 | - | |||||||||||||||||||||||||||||||||
Consumer installment and other | 1 | 18 | 17 | - | |||||||||||||||||||||||||||||||||
Total | 6 | $ | 5,510 | $ | 5,271 | $ | 262 | ||||||||||||||||||||||||||||||
During the three months ended March 31, 2015, the Company modified five loans with a carrying value of $1,736 thousand that were considered troubled debt restructurings. The concessions granted in the first quarter 2015 consisted of modification of payment terms to extend the maturity date to allow for deferred principal repayment and under-market terms. During the three months ended March 31, 2014, the Company modified one loan with a carrying value of $17 thousand that was considered a troubled debt restructuring. The concession granted in the first quarter 2014 consisted of modification of payment terms to extend the maturity date to allow for deferred principal repayment. During the three months ended March 31, 2015 and 2014, no troubled debt restructured loans defaulted. A troubled debt restructuring is considered to be in default when payments are ninety days or more past due. | |||||||||||||||||||||||||||||||||||||
At December 31, 2014, the Company pledged loans to secure borrowings with a carrying value of $20,015 thousand from the Federal Home Loan Bank (“FHLB”). The loans restricted due to collateral requirements approximated $18,366 thousand at December 31, 2014. The FHLB advances matured and were repaid in full in January 2015. | |||||||||||||||||||||||||||||||||||||
There were no loans held for sale at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 and March 31, 2014, the Company held total other real estate owned (OREO) of $9,233 thousand and $12,186 thousand, respectively, of which $486 thousand and $967 thousand, respectively, were foreclosed residential real estate properties. The amount of consumer mortgage loans outstanding secured by residential real estate properties for which formal foreclosure proceedings were in process totaled $599 thousand and $902 thousand at March 31, 2015 and March 31, 2014, respectively. | |||||||||||||||||||||||||||||||||||||
Note_5_Concentration_of_Credit
Note 5 - Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | Note 5: Concentration of Credit Risk |
The Company’s business activity is with customers in Northern and Central California. The loan portfolio is well diversified within the Company’s geographic market, although the Company has significant credit arrangements that are secured by real estate collateral. In addition to real estate loans outstanding as disclosed in Note 4, the Company had loan commitments and standby letters of credit related to real estate loans of $68,724 thousand and $66,086 thousand at March 31, 2015 and December 31, 2014, respectively. The Company requires collateral on all real estate loans with loan-to-value ratios at origination generally no greater than 75% on commercial real estate loans and no greater than 80% on residential real estate loans. Under the California Financial Code, loans to any one person owing to a commercial bank at any one time shall not exceed the following limitations: (a) unsecured loans shall not exceed 15 percent of the sum of the shareholders' equity, allowance for loan losses, capital notes, and debentures of the bank, or (b) secured and unsecured loans in all shall not exceed 25 percent of the sum of the shareholders' equity, allowance for loan losses, capital notes, and debentures of the bank. At March 31, 2015, Westamerica Bank did not have loans to any one customer exceeding these limits; Westamerica Bank had 40 borrower relationships with aggregate loans exceeding $5 million. | |
Note_6_Other_Assets
Note 6 - Other Assets | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Other Assets Disclosure [Text Block] | Note 6: Other Assets | ||||||||
Other assets consisted of the following: | |||||||||
At March 31, | At December 31, | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Cost method equity investments: | |||||||||
Federal Reserve Bank stock (1) | $ | 14,069 | $ | 14,069 | |||||
Federal Home Loan Bank stock (2) | 450 | 940 | |||||||
Other investments | 201 | 241 | |||||||
Total cost method equity investments | 14,720 | 15,250 | |||||||
Life insurance cash surrender value | 47,098 | 46,479 | |||||||
Net deferred tax asset | 47,138 | 50,903 | |||||||
Limited partnership investments | 17,445 | 18,673 | |||||||
Interest receivable | 18,582 | 19,394 | |||||||
Prepaid assets | 5,719 | 5,609 | |||||||
Other assets | 9,872 | 10,150 | |||||||
Total other assets | $ | 160,574 | $ | 166,458 | |||||
(1) A bank applying for membership in the Federal Reserve System is required to subscribe to stock in the Federal Reserve Bank of San Francisco (FRB) in a sum equal to six percent of the bank’s paid-up capital stock and surplus. One-half of the amount of the bank's subscription shall be paid to the FRB and the remaining half will be subject to call when deemed necessary by the Board of Governors of the Federal Reserve System. | |||||||||
(2) Borrowings from the FHLB must be supported by capital stock holdings. The minimum activity-based requirement is 4.7% of the outstanding advances. The requirement may be adjusted from time to time by the FHLB within limits established in the FHLB's Capital Plan. | |||||||||
The Company invests in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for low-income housing tax credits. At March 31, 2015, this investment totaled $17,445 thousand and $2,460 thousand of this amount represents outstanding equity capital commitments. These commitments are expected to be paid as follows, $614 thousand in 2015, $763 thousand in 2016, and $1,083 thousand in 2017 or thereafter. | |||||||||
The amounts recognized in net income for these investments include: | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Investment loss included in pre-tax income | $ | 675 | $ | 700 | |||||
Tax credits recognized in provision for income taxes | 658 | 771 | |||||||
Note_7_Goodwill_and_Identifiab
Note 7 - Goodwill and Identifiable Intangible Assets | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7: Goodwill and Identifiable Intangible Assets | ||||||||||||||||
The Company has recorded goodwill and other identifiable intangibles associated with purchase business combinations. Goodwill is not amortized, but is periodically evaluated for impairment. The Company did not recognize impairment during the three months ended March 31, 2015 and year ended December 31, 2014. Identifiable intangibles are amortized to their estimated residual values over their expected useful lives. Such lives and residual values are also periodically reassessed to determine if any amortization period adjustments are indicated. During the three months ended March 31, 2015 and year ended December 31, 2014, no such adjustments were recorded. | |||||||||||||||||
The carrying values of goodwill were: | |||||||||||||||||
At March 31, | At December 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Goodwill | $ | 121,673 | $ | 121,673 | |||||||||||||
The gross carrying amount of identifiable intangible assets and accumulated amortization was: | |||||||||||||||||
At March 31, 2015 | At December 31, 2014 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Core Deposit Intangibles | $ | 56,808 | $ | (44,116 | ) | $ | 56,808 | $ | (43,188 | ) | |||||||
Merchant Draft Processing Intangible | 10,300 | (9,706 | ) | 10,300 | (9,633 | ) | |||||||||||
Total Identifiable Intangible Assets | $ | 67,108 | $ | (53,822 | ) | $ | 67,108 | $ | (52,821 | ) | |||||||
As of March 31, 2015, the current year and estimated future amortization expense for identifiable intangible assets was: | |||||||||||||||||
Core | Merchant | Total | |||||||||||||||
Deposit | Draft | ||||||||||||||||
Intangibles | Processing | ||||||||||||||||
Intangible | |||||||||||||||||
(In thousands) | |||||||||||||||||
Three months ended March 31, 2015 (actual) | $ | 928 | $ | 73 | $ | 1,001 | |||||||||||
Estimate for year ended December 31, 2015 | 3,594 | 262 | 3,856 | ||||||||||||||
2016 | 3,292 | 212 | 3,504 | ||||||||||||||
2017 | 2,913 | 164 | 3,077 | ||||||||||||||
2018 | 1,892 | 29 | 1,921 | ||||||||||||||
2019 | 538 | - | 538 | ||||||||||||||
2020 | 287 | - | 287 | ||||||||||||||
Note_8_Deposits_and_Borrowed_F
Note 8 - Deposits and Borrowed Funds | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deposits And Borrowed Funds [Abstract] | |||||||||
Deposits And Borrowed Funds [Text Block] | Note 8: Deposits and Borrowed Funds | ||||||||
The following table provides additional detail regarding deposits. | |||||||||
Deposits | |||||||||
At March 31, 2015 | At December 31, 2014 | ||||||||
(In thousands) | |||||||||
Noninterest-bearing | $ | 1,902,904 | $ | 1,910,781 | |||||
Interest-bearing: | |||||||||
Transaction | 787,633 | 792,448 | |||||||
Savings | 1,313,007 | 1,260,819 | |||||||
Time deposits less than $100 thousand | 165,412 | 169,959 | |||||||
Time deposits $100 thousand through $250 thousand | 109,909 | 113,023 | |||||||
Time deposits more than $250 thousand | 101,211 | 102,161 | |||||||
Total deposits | $ | 4,380,076 | $ | 4,349,191 | |||||
Demand deposit overdrafts of $3,073 thousand and $3,173 thousand were included as loan balances at March 31, 2015 and December 31, 2014, respectively. Interest expense for aggregate time deposits with individual account balances in excess of $100 thousand was $197 thousand in the first quarter 2015 and $232 thousand in the first quarter 2014. | |||||||||
Short-term borrowed funds of $82,960 thousand and $89,784 thousand at March 31, 2015 and December 31, 2014, respectively, represent securities sold under agreements to repurchase the securities. As the Company is obligated to repurchase the securities, the transfer of the securities is accounted for as a secured borrowing rather than a sale. Securities sold under repurchase agreements are held in the custody of independent securities brokers. The carrying amount of the securities approximates $115,411 thousand and $148,014 thousand at March 31, 2015 and December 31, 2014, respectively. The short-term borrowed funds mature on an overnight basis. | |||||||||
FHLB advances matured and were repaid in full in January 2015. At December 31, 2014, FHLB advances with a carrying value of $20,015 thousand were secured by residential real estate loans and securities of approximately $26,484 thousand. | |||||||||
The Company has a $35,000 thousand unsecured line of credit which had no outstanding balance at March 31, 2015 and December 31, 2014. The line of credit has a variable interest rate, which was 2.0% per annum at March 31, 2015, with interest payable monthly on outstanding advances. Advances may be made up to the unused credit limit through March 18, 2016. | |||||||||
Note_9_Fair_Value_Measurements
Note 9 - Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures [Text Block] | Note 9: Fair Value Measurements | ||||||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Available for sale investment securities are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as other real estate owned, impaired loans, certain loans held for investment, investment securities held to maturity, and other assets. These nonrecurring fair value adjustments typically involve the lower-of-cost-or-fair value accounting of individual assets. | |||||||||||||||||||||
In accordance with the Fair Value Measurement and Disclosure topic of the Codification, the Company bases its fair values on the price that would be received to sell an asset or paid to transfer a liability in the principal market or most advantageous market for an asset or liability in an orderly transaction between market participants on the measurement date under current market conditions. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset, and the risk of nonperformance. | |||||||||||||||||||||
The Company groups its assets and liabilities measured at fair value into a three-level hierarchy, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. When the valuation assumptions used to measure the fair value of the asset or liability are categorized within different levels of the fair value hierarchy, the asset or liability is categorized in its entirety within the lowest level of the hierarchy. These levels are: | |||||||||||||||||||||
Level 1 – Valuation is based upon quoted prices for identical instruments traded in active exchange markets, such as the New York Stock Exchange. Level 1 includes U.S. Treasury, equity and federal agency securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. | |||||||||||||||||||||
Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 2 includes mortgage-backed securities, corporate securities, asset-backed securities, municipal bonds and residential collateralized mortgage obligations. | |||||||||||||||||||||
Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | |||||||||||||||||||||
The Company relies on independent vendor pricing services to measure fair value for investment securities available for sale and investment securities held to maturity. The Company employs three pricing services. To validate the pricing of these vendors, the Company compares vendors’ pricing for each of the securities for consistency; significant pricing differences, if any, are evaluated using all available independent quotes with the quote closely affecting the market is generally used as the fair value estimate. In addition, the Company conducts “other than temporary impairment (OTTI)” analysis on a quarterly basis; securities selected for OTTI analysis include all securities at a market price below 95 percent of par value and with a market to book ratio below 95:100. As with any valuation technique used to estimate fair value, changes in underlying assumptions used could significantly affect the results of current and future values. Accordingly, these fair value estimates may not be realized in an actual sale of the securities. | |||||||||||||||||||||
When the Company changes its valuation assumptions for measuring financial assets and financial liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new assumptions used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the three months ended March 31, 2015 and year ended December 31, 2014, there were no transfers in or out of levels 1, 2 or 3. | |||||||||||||||||||||
Assets Recorded at Fair Value on a Recurring Basis | |||||||||||||||||||||
The table below presents assets measured at fair value on a recurring basis. | |||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2 ) | (Level 3 ) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
U.S. Treasury securities | $ | 3,504 | $ | 3,504 | $ | - | $ | - | |||||||||||||
Securities of U.S. Government sponsored entities | 633,608 | 633,608 | - | - | |||||||||||||||||
Residential mortgage-backed securities | 24,298 | - | 24,298 | - | |||||||||||||||||
Commercial mortgage-backed securities | 2,820 | - | 2,820 | - | |||||||||||||||||
Obligations of states and political subdivisions | 175,694 | - | 175,694 | - | |||||||||||||||||
Residential collateralized mortgage obligations | 215,899 | - | 215,899 | - | |||||||||||||||||
Asset-backed securities | 2,992 | - | 2,992 | - | |||||||||||||||||
FHLMC and FNMA stock | 6,460 | 6,460 | - | - | |||||||||||||||||
Corporate securities | 709,257 | - | 709,257 | - | |||||||||||||||||
Other securities | 2,788 | 906 | 1,882 | - | |||||||||||||||||
Total securities available for sale | $ | 1,777,320 | $ | 644,478 | $ | 1,132,842 | $ | - | |||||||||||||
At December 31, 2014 | |||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2 ) | (Level 3 ) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
U.S. Treasury securities | $ | 3,505 | $ | 3,505 | $ | - | $ | - | |||||||||||||
Securities of U.S. Government sponsored entities | 635,188 | 635,188 | - | - | |||||||||||||||||
Residential mortgage-backed securities | 26,407 | - | 26,407 | - | |||||||||||||||||
Commercial mortgage-backed securities | 2,919 | - | 2,919 | - | |||||||||||||||||
Obligations of states and political subdivisions | 181,799 | - | 181,799 | - | |||||||||||||||||
Residential collateralized mortgage obligations | 222,457 | - | 222,457 | - | |||||||||||||||||
Asset-backed securities | 8,313 | - | 8,313 | - | |||||||||||||||||
FHLMC and FNMA stock | 5,168 | 5,168 | - | - | |||||||||||||||||
Corporate securities | 512,239 | - | 512,239 | - | |||||||||||||||||
Other securities | 2,786 | 910 | 1,876 | - | |||||||||||||||||
Total securities available for sale | $ | 1,600,781 | $ | 644,771 | $ | 956,010 | $ | - | |||||||||||||
Assets Recorded at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||
The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost or fair-value accounting of individual assets. For assets measured at fair value on a nonrecurring basis that were recorded in the balance sheet at March 31, 2015 and December 31, 2014, the following table provides the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets at period end. | |||||||||||||||||||||
For the Three | |||||||||||||||||||||
Months Ended | |||||||||||||||||||||
At March 31, 2015 | 31-Mar-15 | ||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | Total Losses | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Other real estate owned | $ | 9,233 | $ | - | $ | 9,233 | $ | - | $ | (243 | ) | ||||||||||
Impaired loans | 16,120 | - | 6,753 | 9,367 | - | ||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | 25,353 | $ | - | $ | 15,986 | $ | 9,367 | $ | (243 | ) | ||||||||||
For the | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
At December 31, 2014 | 31-Dec-14 | ||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | Total Losses | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Other real estate owned | $ | 6,374 | $ | - | $ | 6,374 | $ | - | $ | (358 | ) | ||||||||||
Impaired loans | 17,085 | - | 7,670 | 9,415 | (884 | ) | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | 23,459 | $ | - | $ | 14,044 | $ | 9,415 | $ | (1,242 | ) | ||||||||||
Level 2 – Valuation is based upon independent market prices or appraised value of the collateral, less 10% for selling costs, generally. Level 2 includes other real estate owned that has been measured at fair value upon transfer to foreclosed assets and impaired loans collateralized by real property where a specific reserve has been established or a charge-off has been recorded. Losses on other real estate owned represent losses recognized in earnings during the period subsequent to its initial classification as foreclosed assets. | |||||||||||||||||||||
Level 3 – Valuation is based upon estimated liquidation values of loan collateral. The value of level 3 assets can also include a component of real estate, which is valued as described for level 2 inputs, when collateral for the impaired loan includes both business assets and real estate. Level 3 includes impaired loans where a specific reserve has been established or a charge-off has been recorded. | |||||||||||||||||||||
Disclosures about Fair Value of Financial Instruments | |||||||||||||||||||||
The following section describes the valuation methodologies used by the Company for estimating fair value of financial instruments not recorded at fair value in the balance sheet. | |||||||||||||||||||||
Cash and Due from Banks Cash and due from banks represent U.S. dollar denominated coin and currency, deposits at the Federal Reserve Bank and correspondent banks, and amounts being settled with other banks to complete the processing of customers’ daily transactions. Collectively, the Federal Reserve Bank and financial institutions operate in a market in which cash and due from banks transactions are processed continuously in significant daily volumes honoring the face value of the U.S. dollar. | |||||||||||||||||||||
Investment Securities Held to Maturity The fair values of investment securities were estimated using quoted prices as described above for Level 1 and Level 2 valuation. | |||||||||||||||||||||
Loans Loans were separated into two groups for valuation. Variable rate loans, except for those described below, which reprice frequently with changes in market rates were valued using historical cost. Fixed rate loans and variable rate loans that have reached their minimum contractual interest rates were valued by discounting the future cash flows expected to be received from the loans using current interest rates charged on loans with similar characteristics. Additionally, the allowance for loan losses of $31,187 thousand at March 31, 2015 and $31,485 thousand at December 31, 2014 and the fair value discount due to credit default risk associated with purchased covered and purchased non-covered loans of $200 thousand and $8,705 thousand, respectively at March 31, 2015 and purchased covered and purchased non-covered loans of $468 thousand and $9,372 thousand, respectively at December 31, 2014 were applied against the estimated fair values to recognize estimated future defaults of contractual cash flows. The Company does not consider these values to be a liquidation price for the loans. | |||||||||||||||||||||
Deposit Liabilities Deposits with no stated maturity such as checking accounts, savings accounts and money market accounts can be readily converted to cash or used to settle transactions at face value through the broad financial system operated by the Federal Reserve Bank and financial institutions. The fair value of deposits with no stated maturity is equal to the amount payable on demand. The fair values of time deposits were estimated by discounting estimated future contractual cash flows using current market rates for financial instruments with similar characteristics. | |||||||||||||||||||||
Short-Term Borrowed Funds The carrying amount of securities sold under agreement to repurchase and other short-term borrowed funds approximate fair value due to the relatively short period of time between their origination and their expected realization. | |||||||||||||||||||||
Federal Home Loan Bank Advances The fair values of FHLB advances were estimated by using redemption amounts quoted by the Federal Home Loan Bank of San Francisco. | |||||||||||||||||||||
The table below is a summary of fair value estimates for financial instruments and the level of the fair value hierarchy within which the fair value measurements are categorized, excluding financial instruments recorded at fair value on a recurring basis. The values assigned do not necessarily represent amounts which ultimately may be realized for assets or paid to settle liabilities. In addition, these values do not give effect to adjustments to fair value which may occur when financial instruments are sold or settled in larger quantities. The carrying amounts in the following table are recorded in the balance sheet under the indicated captions. | |||||||||||||||||||||
The Company has not included assets and liabilities that are not financial instruments, such as goodwill, long-term relationships with deposit, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other assets and liabilities. The total estimated fair values do not represent, and should not be construed to represent, the underlying value of the Company. | |||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
(Level 1) | (Level 2 ) | (Level 3 ) | |||||||||||||||||||
Financial Assets: | (In thousands) | ||||||||||||||||||||
Cash and due from banks | $ | 247,450 | $ | 247,450 | $ | 247,450 | $ | - | $ | - | |||||||||||
Investment securities held to maturity | 1,015,231 | 1,030,865 | 1,007 | 1,029,858 | - | ||||||||||||||||
Loans | 1,652,697 | 1,665,928 | - | - | 1,665,928 | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits | $ | 4,380,076 | $ | 4,379,658 | $ | - | $ | 4,003,544 | $ | 376,114 | |||||||||||
Short-term borrowed funds | 82,960 | 82,960 | - | 82,960 | - | ||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
(Level 1) | (Level 2 ) | (Level 3 ) | |||||||||||||||||||
Financial Assets: | (In thousands) | ||||||||||||||||||||
Cash and due from banks | $ | 380,836 | $ | 380,836 | $ | 380,836 | $ | - | $ | - | |||||||||||
Investment securities held to maturity | 1,038,658 | 1,048,562 | 1,077 | 1,047,485 | - | ||||||||||||||||
Loans | 1,668,805 | 1,685,048 | - | - | 1,685,048 | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits | $ | 4,349,191 | $ | 4,348,958 | $ | - | $ | 3,964,048 | $ | 384,910 | |||||||||||
Short-term borrowed funds | 89,784 | 89,784 | - | 89,784 | - | ||||||||||||||||
Federal Home Loan Bank advances | 20,015 | 20,014 | 20,014 | - | - | ||||||||||||||||
The majority of the Company’s standby letters of credit and other commitments to extend credit carry current market interest rates if converted to loans. No premium or discount was ascribed to these commitments because virtually all funding would be at current market rates. | |||||||||||||||||||||
Note_10_Commitments_and_Contin
Note 10 - Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 10: Commitments and Contingent Liabilities |
Loan commitments are agreements to lend to a customer provided there is no violation of any condition established in the agreement. Commitments generally have fixed expiration dates or other termination clauses. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future funding requirements. Loan commitments are subject to the Company’s normal credit policies and collateral requirements. Unfunded loan commitments were $320,290 thousand and $312,694 thousand at March 31, 2015 and December 31, 2014, respectively. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. Standby letters of credit are primarily issued to support customers’ short-term financing requirements and must meet the Company’s normal credit policies and collateral requirements. Financial and performance standby letters of credit outstanding totaled $27,490 thousand and $29,002 thousand at March 31, 2015 and December 31, 2014, respectively. The Company also had commitments for commercial and similar letters of credit of $40 thousand at March 31, 2015 and December 31, 2014. At March 31, 2015 and December 31, 2014, the Company had a reserve for unfunded commitments of $2,693 thousand included in other liabilities. | |
Due to the nature of its business, the Company is subject to various threatened or filed legal cases. Based on the advice of legal counsel, the Company does not expect such cases will have a material, adverse effect on its financial position or results of operations. Legal liabilities are accrued when obligations become probable and the amount is reasonably estimable. | |
Note_11_Earnings_Per_Common_Sh
Note 11 - Earnings Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | Note 11: Earnings Per Common Share | ||||||||
The table below shows earnings per common share and diluted earnings per common share. Basic earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period. Diluted earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period plus the impact of common stock equivalents. | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands, except per share data) | |||||||||
Net income (numerator) | $ | 14,557 | $ | 15,307 | |||||
Basic earnings per common share | |||||||||
Weighted average number of common shares outstanding - basic (denominator) | 25,651 | 26,433 | |||||||
Basic earnings per common share | $ | 0.57 | $ | 0.58 | |||||
Diluted earnings per common share | |||||||||
Weighted average number of common shares outstanding - basic | 25,651 | 26,433 | |||||||
Add common stock equivalents for options | 4 | 104 | |||||||
Weighted average number of common shares outstanding - diluted (denominator) | 25,655 | 26,537 | |||||||
Diluted earnings per common share | $ | 0.57 | $ | 0.58 | |||||
For the three months ended March 31, 2015 and 2014, options to purchase 1,775 thousand and 809 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect. | |||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards |
FASB ASU 2014-01, Investments- Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, was issued January 2014 to permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment should be accounted for as an equity method investment or a cost method investment in accordance with GAAP. The policy election must be applied consistently to all qualified affordable housing project investments. | |
The update also requires a reporting entity to disclose information regarding its investments in qualified affordable housing projects, and the effect of the measurement of its investments in qualified affordable housing projects and the related tax credits on its financial position and results of operations. | |
The adoption of the update was limited to additional disclosures only and did not have a material effect on the Company’s financial statements at January 1, 2015, the date adopted. | |
FASB ASU 2014-04, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralizes Consumer Mortgage Loans upon Foreclosure, was issued on January 17, 2014, providing clarification that 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 a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. | |
The adoption of the update was limited to additional disclosures only and did not have a material effect on the Company’s financial statements at January 1, 2015, the date adopted. | |
Recently Issued Accounting Standards | |
FASB ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, was issued on June 12, 2014. The Update improves the financial reporting of repurchase agreements and other similar transactions through a change in accounting for repurchase-to-maturity transactions and repurchase financings, and the introduction of two new disclosure requirements. New disclosures are required for (1) transfers accounted for as sales in transactions that are economically similar to repurchase agreements, in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction and (2) repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings about the nature of collateral pledged and the time to maturity of those transactions. | |
The Company will be required to adhere to new disclosure requirements when the Update is adopted April 1, 2015 for the interim period ending June 30, 2015. |
Note_3_Investment_Securities_T
Note 3 - Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Investment Securities Available for Sale | ||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 3,500 | $ | 4 | $ | - | $ | 3,504 | |||||||||||||||||||||||||||||
Securities of U.S. Government sponsored entities | 631,974 | 1,637 | (3 | ) | 633,608 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 22,625 | 1,682 | (9 | ) | 24,298 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 2,826 | 5 | (11 | ) | 2,820 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 165,063 | 10,756 | (125 | ) | 175,694 | ||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations | 220,397 | 644 | (5,142 | ) | 215,899 | ||||||||||||||||||||||||||||||||
Asset-backed securities | 3,015 | - | (23 | ) | 2,992 | ||||||||||||||||||||||||||||||||
FHLMC1 and FNMA2 stock | 775 | 5,685 | - | 6,460 | |||||||||||||||||||||||||||||||||
Corporate securities | 708,371 | 2,911 | (2,025 | ) | 709,257 | ||||||||||||||||||||||||||||||||
Other securities | 2,039 | 867 | (118 | ) | 2,788 | ||||||||||||||||||||||||||||||||
Total | $ | 1,760,585 | $ | 24,191 | $ | (7,456 | ) | $ | 1,777,320 | ||||||||||||||||||||||||||||
Investment Securities Available for Sale | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 3,500 | $ | 5 | $ | - | $ | 3,505 | |||||||||||||||||||||||||||||
Securities of U.S. Government sponsored entities | 635,278 | 937 | (1,027 | ) | 635,188 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 24,647 | 1,776 | (16 | ) | 26,407 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 2,923 | 6 | (10 | ) | 2,919 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 171,907 | 10,015 | (123 | ) | 181,799 | ||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations | 230,347 | 634 | (8,524 | ) | 222,457 | ||||||||||||||||||||||||||||||||
Asset-backed securities | 8,349 | - | (36 | ) | 8,313 | ||||||||||||||||||||||||||||||||
FHLMC1 and FNMA2 stock | 775 | 4,393 | - | 5,168 | |||||||||||||||||||||||||||||||||
Corporate securities | 511,699 | 2,169 | (1,629 | ) | 512,239 | ||||||||||||||||||||||||||||||||
Other securities | 2,039 | 871 | (124 | ) | 2,786 | ||||||||||||||||||||||||||||||||
Total | $ | 1,591,464 | $ | 20,806 | $ | (11,489 | ) | $ | 1,600,781 | ||||||||||||||||||||||||||||
Schedule of Held to Maturity Securities Reconciliation [Table Text Block] | Investment Securities Held to Maturity | ||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||
Cost | Unrecognized | Unrecognized | Value | ||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Securities of U.S. government sponsored entities | $ | 995 | $ | 12 | $ | - | $ | 1,007 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 57,259 | 1,319 | (64 | ) | 58,514 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 712,374 | 13,478 | (1,062 | ) | 724,790 | ||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations | 244,603 | 2,811 | (860 | ) | 246,554 | ||||||||||||||||||||||||||||||||
Total | $ | 1,015,231 | $ | 17,620 | $ | (1,986 | ) | $ | 1,030,865 | ||||||||||||||||||||||||||||
Investment Securities Held to Maturity | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||
Cost | Unrecognized | Unrecognized | Value | ||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Securities of U.S. government sponsored entities | $ | 1,066 | $ | 11 | $ | - | $ | 1,077 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 59,078 | 1,183 | (137 | ) | 60,124 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 720,189 | 11,350 | (2,358 | ) | 729,181 | ||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations | 258,325 | 2,236 | (2,381 | ) | 258,180 | ||||||||||||||||||||||||||||||||
Total | $ | 1,038,658 | $ | 14,780 | $ | (4,876 | ) | $ | 1,048,562 | ||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | At March 31, 2015 | ||||||||||||||||||||||||||||||||||||
Securities Available | Securities Held | ||||||||||||||||||||||||||||||||||||
for Sale | to Maturity | ||||||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Maturity in years: | |||||||||||||||||||||||||||||||||||||
1 year or less | $ | 80,420 | $ | 80,658 | $ | 15,322 | $ | 15,829 | |||||||||||||||||||||||||||||
Over 1 to 5 years | 973,932 | 976,816 | 247,297 | 249,867 | |||||||||||||||||||||||||||||||||
Over 5 to 10 years | 409,874 | 416,005 | 270,191 | 275,665 | |||||||||||||||||||||||||||||||||
Over 10 years | 47,697 | 51,576 | 180,559 | 184,436 | |||||||||||||||||||||||||||||||||
Subtotal | 1,511,923 | 1,525,055 | 713,369 | 725,797 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities and residential collateralized mortgage obligations | 245,848 | 243,017 | 301,862 | 305,068 | |||||||||||||||||||||||||||||||||
Other securities | 2,814 | 9,248 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 1,760,585 | $ | 1,777,320 | $ | 1,015,231 | $ | 1,030,865 | |||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Securities Available | Securities Held | ||||||||||||||||||||||||||||||||||||
for Sale | to Maturity | ||||||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Maturity in years: | |||||||||||||||||||||||||||||||||||||
1 year or less | $ | 57,891 | $ | 57,991 | $ | 15,355 | $ | 15,855 | |||||||||||||||||||||||||||||
Over 1 to 5 years | 629,200 | 630,797 | 228,380 | 230,248 | |||||||||||||||||||||||||||||||||
Over 5 to 10 years | 584,872 | 589,250 | 285,219 | 288,631 | |||||||||||||||||||||||||||||||||
Over 10 years | 58,770 | 63,006 | 192,301 | 195,524 | |||||||||||||||||||||||||||||||||
Subtotal | 1,330,733 | 1,341,044 | 721,255 | 730,258 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities and residential collateralized mortgage obligations | 257,917 | 251,783 | 317,403 | 318,304 | |||||||||||||||||||||||||||||||||
Other securities | 2,814 | 7,954 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 1,591,464 | $ | 1,600,781 | $ | 1,038,658 | $ | 1,048,562 | |||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | Investment Securities Available for Sale | ||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
No. of | Less than 12 months | No. of | 12 months or longer | No. of | Total | ||||||||||||||||||||||||||||||||
Investment | Unrealized | Investment | Unrealized | Investment | Unrealized | ||||||||||||||||||||||||||||||||
Positions | Fair Value | Losses | Positions | Fair Value | Losses | Positions | Fair Value | Losses | |||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||
Securities of U.S. Government sponsored entities | - | $ | - | $ | - | 1 | $ | 9,997 | $ | (3 | ) | 1 | $ | 9,997 | $ | (3 | ) | ||||||||||||||||||||
Residential mortgage-backed securities | - | - | - | 1 | 803 | (9 | ) | 1 | 803 | (9 | ) | ||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1 | 921 | (6 | ) | 1 | 751 | (5 | ) | 2 | 1,672 | (11 | ) | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 5 | 2,380 | (20 | ) | 11 | 3,842 | (105 | ) | 16 | 6,222 | (125 | ) | |||||||||||||||||||||||||
Residential collateralized mortgage obligations | - | - | - | 29 | 184,632 | (5,142 | ) | 29 | 184,632 | (5,142 | ) | ||||||||||||||||||||||||||
Asset-backed securities | - | - | - | 1 | 2,992 | (23 | ) | 1 | 2,992 | (23 | ) | ||||||||||||||||||||||||||
Corporate securities | 59 | 232,085 | (1,769 | ) | 6 | 33,078 | (256 | ) | 65 | 265,163 | (2,025 | ) | |||||||||||||||||||||||||
Other securities | - | - | - | 1 | 1,882 | (118 | ) | 1 | 1,882 | (118 | ) | ||||||||||||||||||||||||||
Total | 65 | $ | 235,386 | $ | (1,795 | ) | 51 | $ | 237,977 | $ | (5,661 | ) | 116 | $ | 473,363 | $ | (7,456 | ) | |||||||||||||||||||
Investment Securities Held to Maturity | |||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
No. of | Less than 12 months | No. of | 12 months or longer | No. of | Total | ||||||||||||||||||||||||||||||||
Investment | Unrecognized | Investment | Unrecognized | Investment | Unrecognized | ||||||||||||||||||||||||||||||||
Positions | Fair Value | Losses | Positions | Fair Value | Losses | Positions | Fair Value | Losses | |||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 2 | $ | 14,483 | $ | (60 | ) | 1 | $ | 163 | $ | (4 | ) | 3 | $ | 14,646 | $ | (64 | ) | |||||||||||||||||||
Obligations of states and political subdivisions | 45 | 32,117 | (177 | ) | 83 | 70,639 | (885 | ) | 128 | 102,756 | (1,062 | ) | |||||||||||||||||||||||||
Residential collateralized mortgage obligations | 4 | 13,767 | (134 | ) | 16 | 83,929 | (726 | ) | 20 | 97,696 | (860 | ) | |||||||||||||||||||||||||
Total | 51 | $ | 60,367 | $ | (371 | ) | 100 | $ | 154,731 | $ | (1,615 | ) | 151 | $ | 215,098 | $ | (1,986 | ) | |||||||||||||||||||
Investment Securities Available for Sale | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
No. of | Less than 12 months | No. of | 12 months or longer | No. of | Total | ||||||||||||||||||||||||||||||||
Investment | Unrealized | Investment | Unrealized | Investment | Unrealized | ||||||||||||||||||||||||||||||||
Positions | Fair Value | Losses | Positions | Fair Value | Losses | Positions | Fair Value | Losses | |||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||
Securities of U.S. Government sponsored entities | 15 | $ | 253,632 | $ | (989 | ) | 1 | $ | 9,963 | $ | (38 | ) | 16 | $ | 263,595 | $ | (1,027 | ) | |||||||||||||||||||
Residential mortgage-backed securities | - | - | - | 2 | 822 | (16 | ) | 2 | 822 | (16 | ) | ||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1 | 942 | (7 | ) | 1 | 803 | (3 | ) | 2 | 1,745 | (10 | ) | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 7 | 2,548 | (18 | ) | 17 | 5,518 | (105 | ) | 24 | 8,066 | (123 | ) | |||||||||||||||||||||||||
Residential collateralized mortgage obligations | - | - | - | 32 | 205,074 | (8,524 | ) | 32 | 205,074 | (8,524 | ) | ||||||||||||||||||||||||||
Asset-backed securities | 1 | 5,008 | (7 | ) | 1 | 3,305 | (29 | ) | 2 | 8,313 | (36 | ) | |||||||||||||||||||||||||
Corporate securities | 53 | 165,026 | (1,304 | ) | 5 | 34,222 | (325 | ) | 58 | 199,248 | (1,629 | ) | |||||||||||||||||||||||||
Other securities | - | - | - | 1 | 1,876 | (124 | ) | 1 | 1,876 | (124 | ) | ||||||||||||||||||||||||||
Total | 77 | $ | 427,156 | $ | (2,325 | ) | 60 | $ | 261,583 | $ | (9,164 | ) | 137 | $ | 688,739 | $ | (11,489 | ) | |||||||||||||||||||
Investment Securities Held to Maturity | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
No. of | Less than 12 months | No. of | 12 months or longer | No. of | Total | ||||||||||||||||||||||||||||||||
Investment | Unrecognized | Investment | Unrecognized | Investment | Unrecognized | ||||||||||||||||||||||||||||||||
Positions | Fair Value | Losses | Positions | Fair Value | Losses | Positions | Fair Value | Losses | |||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 4 | $ | 19,467 | $ | (132 | ) | 1 | $ | 201 | $ | (5 | ) | 5 | $ | 19,668 | $ | (137 | ) | |||||||||||||||||||
Obligations of states and political subdivisions | 103 | 76,202 | (439 | ) | 138 | 123,370 | (1,919 | ) | 241 | 199,572 | (2,358 | ) | |||||||||||||||||||||||||
Residential collateralized mortgage obligations | 5 | 13,932 | (166 | ) | 22 | 119,513 | (2,215 | ) | 27 | 133,445 | (2,381 | ) | |||||||||||||||||||||||||
Total | 112 | $ | 109,601 | $ | (737 | ) | 161 | $ | 243,084 | $ | (4,139 | ) | 273 | $ | 352,685 | $ | (4,876 | ) | |||||||||||||||||||
Interest Income from Investments [Table Text Block] | For the Three Months | ||||||||||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Taxable | $ | 7,554 | $ | 5,683 | |||||||||||||||||||||||||||||||||
Tax-exempt | 6,133 | 6,980 | |||||||||||||||||||||||||||||||||||
Total interest income from investment securities | $ | 13,687 | $ | 12,663 |
Note_4_Loans_and_Allowance_for1
Note 4 - Loans and Allowance for Credit Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Loans And Allowance For Credit Losses [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Loans Receivable [Table Text Block] | At March 31, 2015 | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Installment | |||||||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Originated loans | $ | 391,863 | $ | 548,936 | $ | 12,438 | $ | 140,334 | $ | 371,975 | $ | 1,465,546 | |||||||||||||||||||||||||
Purchased covered loans: | |||||||||||||||||||||||||||||||||||||
Gross purchased covered loans | - | - | - | 2,574 | 13,955 | 16,529 | |||||||||||||||||||||||||||||||
Credit risk discount | - | - | - | (133 | ) | (67 | ) | (200 | ) | ||||||||||||||||||||||||||||
Purchased non-covered loans: | |||||||||||||||||||||||||||||||||||||
Gross purchased non-covered loans | 17,367 | 152,167 | 1,021 | 1,206 | 38,953 | 210,714 | |||||||||||||||||||||||||||||||
Credit risk discount | (1,255 | ) | (5,904 | ) | - | (262 | ) | (1,284 | ) | (8,705 | ) | ||||||||||||||||||||||||||
Total | $ | 407,975 | $ | 695,199 | $ | 13,459 | $ | 143,719 | $ | 423,532 | $ | 1,683,884 | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Installment | |||||||||||||||||||||||||||||||||||
& Other | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Originated loans | $ | 374,005 | $ | 567,594 | $ | 11,003 | $ | 146,925 | $ | 370,842 | $ | 1,470,369 | |||||||||||||||||||||||||
Purchased covered loans: | |||||||||||||||||||||||||||||||||||||
Gross purchased covered loans | - | - | - | 2,626 | 14,920 | 17,546 | |||||||||||||||||||||||||||||||
Credit risk discount | - | - | - | (434 | ) | (34 | ) | (468 | ) | ||||||||||||||||||||||||||||
Purchased non-covered loans: | |||||||||||||||||||||||||||||||||||||
Gross purchased non-covered loans | 19,166 | 157,502 | 2,919 | 972 | 41,656 | 222,215 | |||||||||||||||||||||||||||||||
Credit risk discount | (1,356 | ) | (6,492 | ) | (50 | ) | (262 | ) | (1,212 | ) | (9,372 | ) | |||||||||||||||||||||||||
Total | $ | 391,815 | $ | 718,604 | $ | 13,872 | $ | 149,827 | $ | 426,172 | $ | 1,700,290 | |||||||||||||||||||||||||
Impaired Purchased Loans Roll Forward [Table Text Block] | For the | For the Year Ended | |||||||||||||||||||||||||||||||||||
Three Months Ended | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||||||
Impaired purchased loans | (In thousands) | ||||||||||||||||||||||||||||||||||||
Carrying amount at the beginning of the period | $ | 4,672 | $ | 4,936 | |||||||||||||||||||||||||||||||||
Reductions during the period | (16 | ) | (264 | ) | |||||||||||||||||||||||||||||||||
Carrying amount at the end of the period | $ | 4,656 | $ | 4,672 | |||||||||||||||||||||||||||||||||
Accretable Yield Reconciliation Schedule [Table Text Block] | For the | For the | |||||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Accretable yield: | (In thousands) | ||||||||||||||||||||||||||||||||||||
Balance at the beginning of the period | $ | 2,261 | $ | 2,505 | |||||||||||||||||||||||||||||||||
Reclassification from nonaccretable difference | 739 | 5,016 | |||||||||||||||||||||||||||||||||||
Accretion | (973 | ) | (5,260 | ) | |||||||||||||||||||||||||||||||||
Balance at the end of the period | $ | 2,027 | $ | 2,261 | |||||||||||||||||||||||||||||||||
Accretion | $ | (973 | ) | $ | (5,260 | ) | |||||||||||||||||||||||||||||||
Change in FDIC indemnification | 141 | 1,110 | |||||||||||||||||||||||||||||||||||
(Increase) in interest income | $ | (832 | ) | $ | (4,150 | ) | |||||||||||||||||||||||||||||||
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Purchased | Purchased | Unallocated | Total | |||||||||||||||||||||||||||||
Real Estate | Real Estate | Installment | Non-covered | Covered | |||||||||||||||||||||||||||||||||
and Other | Loans | Loans | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 5,460 | $ | 4,245 | $ | 644 | $ | 2,241 | $ | 7,717 | $ | 2,120 | $ | - | $ | 9,058 | $ | 31,485 | |||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||
Provision | (110 | ) | (137 | ) | 86 | (101 | ) | (281 | ) | 247 | - | 296 | - | ||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||
Chargeoffs | (60 | ) | - | (995 | ) | (35 | ) | - | - | (1,090 | ) | ||||||||||||||||||||||||||
Recoveries | 180 | 15 | - | - | 590 | 7 | - | - | 792 | ||||||||||||||||||||||||||||
Net loan recoveries (losses) | 120 | 15 | - | - | (405 | ) | (28 | ) | - | - | (298 | ) | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 5,470 | $ | 4,123 | $ | 730 | $ | 2,140 | $ | 7,031 | $ | 2,339 | $ | 0 | $ | 9,354 | $ | 31,187 | |||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Consumer | Purchased | Purchased | Unallocated | Total | |||||||||||||||||||||||||||||
Real Estate | Real Estate | Installment | Non-covered | Covered | |||||||||||||||||||||||||||||||||
and Other | Loans | Loans | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 4,005 | $ | 12,070 | $ | 602 | $ | 405 | $ | 3,198 | $ | - | $ | 1,561 | $ | 9,852 | $ | 31,693 | |||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||
Provision | 130 | (974 | ) | (160 | ) | 86 | 214 | 1,272 | - | 432 | 1,000 | ||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||
Chargeoffs | (60 | ) | - | - | - | (999 | ) | (260 | ) | - | - | (1,319 | ) | ||||||||||||||||||||||||
Recoveries | 168 | 163 | 3 | - | 400 | 1 | - | - | 735 | ||||||||||||||||||||||||||||
Net loan recoveries (losses) | 108 | 163 | 3 | - | (599 | ) | (259 | ) | - | - | (584 | ) | |||||||||||||||||||||||||
Indemnification expiration | - | - | - | - | - | 1,561 | (1,561 | ) | - | ||||||||||||||||||||||||||||
Balance at end of period | 4,243 | 11,259 | 445 | 491 | 2,813 | 2,574 | - | 10,284 | 32,109 | ||||||||||||||||||||||||||||
Liability for off-balance sheet credit exposure | 1,672 | - | 185 | - | 440 | 251 | - | 145 | 2,693 | ||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 5,915 | $ | 11,259 | $ | 630 | $ | 491 | $ | 3,253 | $ | 2,825 | $ | - | $ | 10,429 | $ | 34,802 | |||||||||||||||||||
Schedule of Recorded Investment in Loans Evaluated for Impairment [Table Text Block] | Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment | ||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Residential Real Estate | Consumer Installment and Other | Purchased Non-covered Loans | Purchased Covered Loans | Unallocated | Total | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 493 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 493 | |||||||||||||||||||
Collectively evaluated for impairment | 4,977 | 4,123 | 730 | 2,140 | 7,031 | 2,339 | - | 9,354 | 30,694 | ||||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 5,470 | $ | 4,123 | $ | 730 | $ | 2,140 | $ | 7,031 | $ | 2,339 | $ | - | $ | 9,354 | $ | 31,187 | |||||||||||||||||||
Carrying value of loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 12,459 | $ | 597 | $ | - | $ | 574 | $ | 599 | $ | 10,740 | $ | - | $ | - | $ | 24,969 | |||||||||||||||||||
Collectively evaluated for impairment | 379,404 | 548,339 | 12,438 | 139,760 | 371,376 | 186,835 | 16,107 | - | 1,654,259 | ||||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration | - | - | - | - | - | 4,434 | 222 | - | 4,656 | ||||||||||||||||||||||||||||
Total | $ | 391,863 | $ | 548,936 | $ | 12,438 | $ | 140,334 | $ | 371,975 | $ | 202,009 | $ | 16,329 | $ | - | $ | 1,683,884 | |||||||||||||||||||
Allowance for Credit Losses and Recorded Investment in Loans Evaluated for Impairment | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Residential Real Estate | Consumer Installment and Other | Purchased Non-covered Loans | Purchased Covered Loans | Unallocated | Total | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 496 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 496 | |||||||||||||||||||
Collectively evaluated for impairment | 7,372 | 4,245 | 988 | 2,241 | 8,154 | 2,120 | - | 8,562 | 33,682 | ||||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 7,868 | $ | 4,245 | $ | 988 | $ | 2,241 | $ | 8,154 | $ | 2,120 | $ | - | $ | 8,562 | $ | 34,178 | |||||||||||||||||||
Carrying value of loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11,811 | $ | 2,970 | $ | - | $ | 574 | $ | 599 | $ | 12,364 | $ | - | $ | - | $ | 28,318 | |||||||||||||||||||
Collectively evaluated for impairment | 362,194 | 564,624 | 11,003 | 146,351 | 370,243 | 196,034 | 16,851 | - | 1,667,300 | ||||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration | - | - | - | - | - | 4,445 | 227 | - | 4,672 | ||||||||||||||||||||||||||||
Total | $ | 374,005 | $ | 567,594 | $ | 11,003 | $ | 146,925 | $ | 370,842 | $ | 212,843 | $ | 17,078 | $ | - | $ | 1,700,290 | |||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Risk Profile by Internally Assigned Grade | ||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Residential Real Estate | Consumer Installment and Other | Purchased Non-covered Loans | Purchased Covered Loans (1) | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||
Pass | $ | 384,159 | $ | 509,428 | $ | 12,438 | $ | 137,992 | $ | 370,845 | $ | 172,947 | $ | 14,938 | $ | 1,602,747 | |||||||||||||||||||||
Substandard | 7,692 | 39,508 | - | 2,342 | 906 | 37,691 | 1,591 | 89,730 | |||||||||||||||||||||||||||||
Doubtful | 12 | - | - | - | 8 | 76 | - | 96 | |||||||||||||||||||||||||||||
Loss | - | - | - | - | 216 | - | - | 216 | |||||||||||||||||||||||||||||
Credit risk discount | - | - | - | - | - | (8,705 | ) | (200 | ) | (8,905 | ) | ||||||||||||||||||||||||||
Total | $ | 391,863 | $ | 548,936 | $ | 12,438 | $ | 140,334 | $ | 371,975 | $ | 202,009 | $ | 16,329 | $ | 1,683,884 | |||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Residential Real Estate | Consumer Installment and Other | Purchased Non-covered Loans | Purchased Covered Loans (1) | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||
Pass | $ | 366,487 | $ | 527,980 | $ | 11,003 | $ | 144,902 | $ | 369,618 | $ | 182,644 | $ | 15,509 | $ | 1,618,143 | |||||||||||||||||||||
Substandard | 7,506 | 39,614 | - | 2,023 | 734 | 39,473 | 2,037 | 91,387 | |||||||||||||||||||||||||||||
Doubtful | 12 | - | - | - | 12 | 77 | - | 101 | |||||||||||||||||||||||||||||
Loss | - | - | - | - | 478 | 21 | - | 499 | |||||||||||||||||||||||||||||
Credit risk discount | - | - | - | - | - | (9,372 | ) | (468 | ) | (9,840 | ) | ||||||||||||||||||||||||||
Total | $ | 374,005 | $ | 567,594 | $ | 11,003 | $ | 146,925 | $ | 370,842 | $ | 212,843 | $ | 17,078 | $ | 1,700,290 | |||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | Summary of Loans by Delinquency and Nonaccrual Status | ||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Current and Accruing | 30-59 Days Past Due and Accruing | 60-89 Days Past Due and Accruing | Past Due 90 days or More and Accruing | Nonaccrual | Total Loans | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 388,683 | $ | 2,355 | $ | 533 | $ | - | $ | 292 | $ | 391,863 | |||||||||||||||||||||||||
Commercial real estate | 534,341 | 7,960 | 5,109 | - | 1,526 | 548,936 | |||||||||||||||||||||||||||||||
Construction | 12,438 | - | - | - | - | 12,438 | |||||||||||||||||||||||||||||||
Residential real estate | 136,975 | 1,976 | 479 | - | 904 | 140,334 | |||||||||||||||||||||||||||||||
Consumer installment and other | 369,260 | 1,548 | 357 | 191 | 619 | 371,975 | |||||||||||||||||||||||||||||||
Total originated loans | 1,441,697 | 13,839 | 6,478 | 191 | 3,341 | 1,465,546 | |||||||||||||||||||||||||||||||
Purchased non-covered loans | 187,198 | 2,945 | 1,821 | - | 10,045 | 202,009 | |||||||||||||||||||||||||||||||
Purchased covered loans | 16,208 | 121 | - | - | - | 16,329 | |||||||||||||||||||||||||||||||
Total | $ | 1,645,103 | $ | 16,905 | $ | 8,299 | $ | 191 | $ | 13,386 | $ | 1,683,884 | |||||||||||||||||||||||||
Summary of Loans by Delinquency and Nonaccrual Status | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Current and Accruing | 30-59 Days Past Due and Accruing | 60-89 Days Past Due and Accruing | Past Due 90 days or More and Accruing | Nonaccrual | Total Loans | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 372,235 | $ | 1,704 | $ | 36 | $ | - | $ | 30 | $ | 374,005 | |||||||||||||||||||||||||
Commercial real estate | 557,041 | 6,500 | - | - | 4,053 | 567,594 | |||||||||||||||||||||||||||||||
Construction | 11,003 | - | - | - | - | 11,003 | |||||||||||||||||||||||||||||||
Residential real estate | 144,021 | 1,513 | 817 | - | 574 | 146,925 | |||||||||||||||||||||||||||||||
Consumer installment and other | 365,753 | 3,310 | 625 | 502 | 652 | 370,842 | |||||||||||||||||||||||||||||||
Total originated loans | 1,450,053 | 13,027 | 1,478 | 502 | 5,309 | 1,470,369 | |||||||||||||||||||||||||||||||
Purchased non-covered loans | 196,150 | 4,204 | 491 | - | 11,998 | 212,843 | |||||||||||||||||||||||||||||||
Purchased covered loans | 16,389 | 389 | 3 | - | 297 | 17,078 | |||||||||||||||||||||||||||||||
Total | $ | 1,662,592 | $ | 17,620 | $ | 1,972 | $ | 502 | $ | 17,604 | $ | 1,700,290 | |||||||||||||||||||||||||
Effect Of Nonaccrual Loans On Interest Income [Table Text Block] | For the Three Months Ended | ||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ | 311 | $ | 260 | |||||||||||||||||||||||||||||||||
Less: Interest income recognized on nonaccrual loans | (205 | ) | (44 | ) | |||||||||||||||||||||||||||||||||
Total reduction of interest income | $ | 106 | $ | 216 | |||||||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | Impaired Loans | ||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Impaired loans with no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 2,651 | $ | 2,715 | $ | - | |||||||||||||||||||||||||||||||
Commercial real estate | 17,159 | 23,100 | - | ||||||||||||||||||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||||||||||||||
Residential real estate | 1,145 | 1,175 | - | ||||||||||||||||||||||||||||||||||
Consumer installment and other | 990 | 1,097 | - | ||||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | 9,860 | 9,860 | 493 | ||||||||||||||||||||||||||||||||||
Commercial real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||||||||||||||
Residential real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Consumer installment and other | - | - | - | ||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 12,511 | $ | 12,575 | $ | 493 | |||||||||||||||||||||||||||||||
Commercial real estate | 17,159 | 23,100 | - | ||||||||||||||||||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||||||||||||||
Residential real estate | 1,145 | 1,175 | - | ||||||||||||||||||||||||||||||||||
Consumer installment and other | 990 | 1,097 | |||||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Impaired loans with no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 2,031 | $ | 2,095 | $ | - | |||||||||||||||||||||||||||||||
Commercial real estate | 19,478 | 25,519 | - | ||||||||||||||||||||||||||||||||||
Construction | 1,834 | 1,884 | - | ||||||||||||||||||||||||||||||||||
Residential real estate | 574 | 574 | - | ||||||||||||||||||||||||||||||||||
Consumer installment and other | 1,518 | 1,628 | - | ||||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial | 9,910 | 9,910 | 496 | ||||||||||||||||||||||||||||||||||
Commercial real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||||||||||||||
Residential real estate | - | - | - | ||||||||||||||||||||||||||||||||||
Consumer installment and other | - | - | - | ||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 11,941 | $ | 12,005 | $ | 496 | |||||||||||||||||||||||||||||||
Commercial real estate | 19,478 | 25,519 | - | ||||||||||||||||||||||||||||||||||
Construction | 1,834 | 1,884 | - | ||||||||||||||||||||||||||||||||||
Residential real estate | 574 | 574 | - | ||||||||||||||||||||||||||||||||||
Consumer installment and other | 1,518 | 1,628 | |||||||||||||||||||||||||||||||||||
Impaired Financing Receivables Supplemental Schedule [Table Text Block] | Impaired Loans | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Average | Recognized | Average | Recognized | ||||||||||||||||||||||||||||||||||
Recorded | Interest | Recorded | Interest | ||||||||||||||||||||||||||||||||||
Investment | Income | Investment | Income | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 12,226 | $ | 146 | $ | 4,842 | $ | 67 | |||||||||||||||||||||||||||||
Commercial real estate | 18,318 | 257 | 19,298 | 117 | |||||||||||||||||||||||||||||||||
Construction | 917 | - | 2,259 | - | |||||||||||||||||||||||||||||||||
Residential real estate | 860 | 6 | 162 | - | |||||||||||||||||||||||||||||||||
Consumer installment and other | 1,254 | 6 | 1,716 | 8 | |||||||||||||||||||||||||||||||||
Total | $ | 33,575 | $ | 415 | $ | 28,277 | $ | 192 | |||||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Troubled Debt Restructurings | ||||||||||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Period-End | Period-End | ||||||||||||||||||||||||||||||||||
Contracts | Carrying Value | Carrying Value | Individual | ||||||||||||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Commercial | 6 | $ | 2,813 | $ | 2,599 | $ | - | ||||||||||||||||||||||||||||||
Commercial real estate | 5 | 3,875 | 3,693 | - | |||||||||||||||||||||||||||||||||
Residential real estate | 1 | 18 | 5 | - | |||||||||||||||||||||||||||||||||
Consumer installment and other | 1 | 241 | 240 | - | |||||||||||||||||||||||||||||||||
Total | 13 | $ | 6,947 | $ | 6,537 | $ | - | ||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Period-End | Period-End | ||||||||||||||||||||||||||||||||||
Contracts | Carrying Value | Carrying Value | Individual | ||||||||||||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Commercial | 3 | $ | 3,201 | $ | 2,938 | $ | 262 | ||||||||||||||||||||||||||||||
Commercial real estate | 2 | 2,291 | 2,316 | - | |||||||||||||||||||||||||||||||||
Consumer installment and other | 1 | 18 | 17 | - | |||||||||||||||||||||||||||||||||
Total | 6 | $ | 5,510 | $ | 5,271 | $ | 262 |
Note_6_Other_Assets_Tables
Note 6 - Other Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Other Assets [Table Text Block] | At March 31, | At December 31, | |||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Cost method equity investments: | |||||||||
Federal Reserve Bank stock (1) | $ | 14,069 | $ | 14,069 | |||||
Federal Home Loan Bank stock (2) | 450 | 940 | |||||||
Other investments | 201 | 241 | |||||||
Total cost method equity investments | 14,720 | 15,250 | |||||||
Life insurance cash surrender value | 47,098 | 46,479 | |||||||
Net deferred tax asset | 47,138 | 50,903 | |||||||
Limited partnership investments | 17,445 | 18,673 | |||||||
Interest receivable | 18,582 | 19,394 | |||||||
Prepaid assets | 5,719 | 5,609 | |||||||
Other assets | 9,872 | 10,150 | |||||||
Total other assets | $ | 160,574 | $ | 166,458 | |||||
Schedule of Amounts Recognized in Net Income [Table Text Block] | For the Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Investment loss included in pre-tax income | $ | 675 | $ | 700 | |||||
Tax credits recognized in provision for income taxes | 658 | 771 |
Note_7_Goodwill_and_Identifiab1
Note 7 - Goodwill and Identifiable Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | At March 31, | At December 31, | |||||||||||||||
2015 | 2014 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Goodwill | $ | 121,673 | $ | 121,673 | |||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | At March 31, 2015 | At December 31, 2014 | |||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Core Deposit Intangibles | $ | 56,808 | $ | (44,116 | ) | $ | 56,808 | $ | (43,188 | ) | |||||||
Merchant Draft Processing Intangible | 10,300 | (9,706 | ) | 10,300 | (9,633 | ) | |||||||||||
Total Identifiable Intangible Assets | $ | 67,108 | $ | (53,822 | ) | $ | 67,108 | $ | (52,821 | ) | |||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Core | Merchant | Total | ||||||||||||||
Deposit | Draft | ||||||||||||||||
Intangibles | Processing | ||||||||||||||||
Intangible | |||||||||||||||||
(In thousands) | |||||||||||||||||
Three months ended March 31, 2015 (actual) | $ | 928 | $ | 73 | $ | 1,001 | |||||||||||
Estimate for year ended December 31, 2015 | 3,594 | 262 | 3,856 | ||||||||||||||
2016 | 3,292 | 212 | 3,504 | ||||||||||||||
2017 | 2,913 | 164 | 3,077 | ||||||||||||||
2018 | 1,892 | 29 | 1,921 | ||||||||||||||
2019 | 538 | - | 538 | ||||||||||||||
2020 | 287 | - | 287 |
Note_8_Deposits_and_Borrowed_F1
Note 8 - Deposits and Borrowed Funds (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deposits And Borrowed Funds [Abstract] | |||||||||
Deposits [Table Text Block] | Deposits | ||||||||
At March 31, 2015 | At December 31, 2014 | ||||||||
(In thousands) | |||||||||
Noninterest-bearing | $ | 1,902,904 | $ | 1,910,781 | |||||
Interest-bearing: | |||||||||
Transaction | 787,633 | 792,448 | |||||||
Savings | 1,313,007 | 1,260,819 | |||||||
Time deposits less than $100 thousand | 165,412 | 169,959 | |||||||
Time deposits $100 thousand through $250 thousand | 109,909 | 113,023 | |||||||
Time deposits more than $250 thousand | 101,211 | 102,161 | |||||||
Total deposits | $ | 4,380,076 | $ | 4,349,191 |
Note_9_Fair_Value_Measurements1
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | At March 31, 2015 | ||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2 ) | (Level 3 ) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
U.S. Treasury securities | $ | 3,504 | $ | 3,504 | $ | - | $ | - | |||||||||||||
Securities of U.S. Government sponsored entities | 633,608 | 633,608 | - | - | |||||||||||||||||
Residential mortgage-backed securities | 24,298 | - | 24,298 | - | |||||||||||||||||
Commercial mortgage-backed securities | 2,820 | - | 2,820 | - | |||||||||||||||||
Obligations of states and political subdivisions | 175,694 | - | 175,694 | - | |||||||||||||||||
Residential collateralized mortgage obligations | 215,899 | - | 215,899 | - | |||||||||||||||||
Asset-backed securities | 2,992 | - | 2,992 | - | |||||||||||||||||
FHLMC and FNMA stock | 6,460 | 6,460 | - | - | |||||||||||||||||
Corporate securities | 709,257 | - | 709,257 | - | |||||||||||||||||
Other securities | 2,788 | 906 | 1,882 | - | |||||||||||||||||
Total securities available for sale | $ | 1,777,320 | $ | 644,478 | $ | 1,132,842 | $ | - | |||||||||||||
At December 31, 2014 | |||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2 ) | (Level 3 ) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
U.S. Treasury securities | $ | 3,505 | $ | 3,505 | $ | - | $ | - | |||||||||||||
Securities of U.S. Government sponsored entities | 635,188 | 635,188 | - | - | |||||||||||||||||
Residential mortgage-backed securities | 26,407 | - | 26,407 | - | |||||||||||||||||
Commercial mortgage-backed securities | 2,919 | - | 2,919 | - | |||||||||||||||||
Obligations of states and political subdivisions | 181,799 | - | 181,799 | - | |||||||||||||||||
Residential collateralized mortgage obligations | 222,457 | - | 222,457 | - | |||||||||||||||||
Asset-backed securities | 8,313 | - | 8,313 | - | |||||||||||||||||
FHLMC and FNMA stock | 5,168 | 5,168 | - | - | |||||||||||||||||
Corporate securities | 512,239 | - | 512,239 | - | |||||||||||||||||
Other securities | 2,786 | 910 | 1,876 | - | |||||||||||||||||
Total securities available for sale | $ | 1,600,781 | $ | 644,771 | $ | 956,010 | $ | - | |||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | For the Three | ||||||||||||||||||||
Months Ended | |||||||||||||||||||||
At March 31, 2015 | 31-Mar-15 | ||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | Total Losses | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Other real estate owned | $ | 9,233 | $ | - | $ | 9,233 | $ | - | $ | (243 | ) | ||||||||||
Impaired loans | 16,120 | - | 6,753 | 9,367 | - | ||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | 25,353 | $ | - | $ | 15,986 | $ | 9,367 | $ | (243 | ) | ||||||||||
For the | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
At December 31, 2014 | 31-Dec-14 | ||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | Total Losses | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Other real estate owned | $ | 6,374 | $ | - | $ | 6,374 | $ | - | $ | (358 | ) | ||||||||||
Impaired loans | 17,085 | - | 7,670 | 9,415 | (884 | ) | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | 23,459 | $ | - | $ | 14,044 | $ | 9,415 | $ | (1,242 | ) | ||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | At March 31, 2015 | ||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
(Level 1) | (Level 2 ) | (Level 3 ) | |||||||||||||||||||
Financial Assets: | (In thousands) | ||||||||||||||||||||
Cash and due from banks | $ | 247,450 | $ | 247,450 | $ | 247,450 | $ | - | $ | - | |||||||||||
Investment securities held to maturity | 1,015,231 | 1,030,865 | 1,007 | 1,029,858 | - | ||||||||||||||||
Loans | 1,652,697 | 1,665,928 | - | - | 1,665,928 | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits | $ | 4,380,076 | $ | 4,379,658 | $ | - | $ | 4,003,544 | $ | 376,114 | |||||||||||
Short-term borrowed funds | 82,960 | 82,960 | - | 82,960 | - | ||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
(Level 1) | (Level 2 ) | (Level 3 ) | |||||||||||||||||||
Financial Assets: | (In thousands) | ||||||||||||||||||||
Cash and due from banks | $ | 380,836 | $ | 380,836 | $ | 380,836 | $ | - | $ | - | |||||||||||
Investment securities held to maturity | 1,038,658 | 1,048,562 | 1,077 | 1,047,485 | - | ||||||||||||||||
Loans | 1,668,805 | 1,685,048 | - | - | 1,685,048 | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits | $ | 4,349,191 | $ | 4,348,958 | $ | - | $ | 3,964,048 | $ | 384,910 | |||||||||||
Short-term borrowed funds | 89,784 | 89,784 | - | 89,784 | - | ||||||||||||||||
Federal Home Loan Bank advances | 20,015 | 20,014 | 20,014 | - | - |
Note_11_Earnings_Per_Common_Sh1
Note 11 - Earnings Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands, except per share data) | |||||||||
Net income (numerator) | $ | 14,557 | $ | 15,307 | |||||
Basic earnings per common share | |||||||||
Weighted average number of common shares outstanding - basic (denominator) | 25,651 | 26,433 | |||||||
Basic earnings per common share | $ | 0.57 | $ | 0.58 | |||||
Diluted earnings per common share | |||||||||
Weighted average number of common shares outstanding - basic | 25,651 | 26,433 | |||||||
Add common stock equivalents for options | 4 | 104 | |||||||
Weighted average number of common shares outstanding - diluted (denominator) | 25,655 | 26,537 | |||||||
Diluted earnings per common share | $ | 0.57 | $ | 0.58 |
Note_3_Investment_Securities_D
Note 3 - Investment Securities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 3 - Investment Securities (Details) [Line Items] | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | $976,816 | $630,797 |
Pledged Financial Instruments, Not Separately Reported, Securities | 720,036 | 757,623 |
US Government-sponsored Enterprises Debt Securities [Member] | Call Option [Member] | Interest Coupons [Member] | ||
Note 3 - Investment Securities (Details) [Line Items] | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 71,129 | |
US Government-sponsored Enterprises Debt Securities [Member] | Call Option [Member] | ||
Note 3 - Investment Securities (Details) [Line Items] | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | $351,761 |
Note_3_Investment_Securities_D1
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio [Line Items] | ||||
Amortized Cost | $1,760,585 | $1,591,464 | ||
Gross Unrealized Gains | 24,191 | 20,806 | ||
Gross Unrealized Losses | -7,456 | -11,489 | ||
Fair Value | 1,777,320 | 1,600,781 | ||
US Treasury Securities [Member] | ||||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio [Line Items] | ||||
Amortized Cost | 3,500 | 3,500 | ||
Gross Unrealized Gains | 4 | 5 | ||
Fair Value | 3,504 | 3,505 | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio [Line Items] | ||||
Amortized Cost | 631,974 | 635,278 | ||
Gross Unrealized Gains | 1,637 | 937 | ||
Gross Unrealized Losses | -3 | -1,027 | ||
Fair Value | 633,608 | 635,188 | ||
Residential Mortgage Backed Securities [Member] | ||||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio [Line Items] | ||||
Amortized Cost | 22,625 | 24,647 | ||
Gross Unrealized Gains | 1,682 | 1,776 | ||
Gross Unrealized Losses | -9 | -16 | ||
Fair Value | 24,298 | 26,407 | ||
Commercial Mortgage Backed Securities [Member] | ||||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio [Line Items] | ||||
Amortized Cost | 2,826 | 2,923 | ||
Gross Unrealized Gains | 5 | 6 | ||
Gross Unrealized Losses | -11 | -10 | ||
Fair Value | 2,820 | 2,919 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio [Line Items] | ||||
Amortized Cost | 165,063 | 171,907 | ||
Gross Unrealized Gains | 10,756 | 10,015 | ||
Gross Unrealized Losses | -125 | -123 | ||
Fair Value | 175,694 | 181,799 | ||
Residential Collateralized Mortgage Obligations [Member] | ||||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio [Line Items] | ||||
Amortized Cost | 220,397 | 230,347 | ||
Gross Unrealized Gains | 644 | 634 | ||
Gross Unrealized Losses | -5,142 | -8,524 | ||
Fair Value | 215,899 | 222,457 | ||
Asset-backed Securities [Member] | ||||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio [Line Items] | ||||
Amortized Cost | 3,015 | 8,349 | ||
Gross Unrealized Losses | -23 | -36 | ||
Fair Value | 2,992 | 8,313 | ||
FHLMC And FNMA Stock [Member] | ||||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio [Line Items] | ||||
Amortized Cost | 775 | [1],[2] | 775 | [1],[2] |
Gross Unrealized Gains | 5,685 | [1],[2] | 4,393 | [1],[2] |
Gross Unrealized Losses | [1],[2] | [1],[2] | ||
Fair Value | 6,460 | [1],[2] | 5,168 | [1],[2] |
Domestic Corporate Debt Securities [Member] | ||||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio [Line Items] | ||||
Amortized Cost | 708,371 | 511,699 | ||
Gross Unrealized Gains | 2,911 | 2,169 | ||
Gross Unrealized Losses | -2,025 | -1,629 | ||
Fair Value | 709,257 | 512,239 | ||
Other Securities [Member] | ||||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio [Line Items] | ||||
Amortized Cost | 2,039 | 2,039 | ||
Gross Unrealized Gains | 867 | 871 | ||
Gross Unrealized Losses | -118 | -124 | ||
Fair Value | $2,788 | $2,786 | ||
[1] | Federal Home Loan Mortgage Corporation | |||
[2] | Federal National Mortgage Association |
Note_3_Investment_Securities_D2
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Market Value of Held to Maturity Investment Securities Portfolio (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Market Value of Held to Maturity Investment Securities Portfolio [Line Items] | ||
Amortized Cost | $1,015,231 | $1,038,658 |
Gross Unrealized Gains | 17,620 | 14,780 |
Gross Unrealized Losses | -1,986 | -4,876 |
Estimated Market Value | 1,030,865 | 1,048,562 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Market Value of Held to Maturity Investment Securities Portfolio [Line Items] | ||
Amortized Cost | 995 | 1,066 |
Gross Unrealized Gains | 12 | 11 |
Estimated Market Value | 1,007 | 1,077 |
Residential Mortgage Backed Securities [Member] | ||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Market Value of Held to Maturity Investment Securities Portfolio [Line Items] | ||
Amortized Cost | 57,259 | 59,078 |
Gross Unrealized Gains | 1,319 | 1,183 |
Gross Unrealized Losses | -64 | -137 |
Estimated Market Value | 58,514 | 60,124 |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Market Value of Held to Maturity Investment Securities Portfolio [Line Items] | ||
Amortized Cost | 712,374 | 720,189 |
Gross Unrealized Gains | 13,478 | 11,350 |
Gross Unrealized Losses | -1,062 | -2,358 |
Estimated Market Value | 724,790 | 729,181 |
Residential Collateralized Mortgage Obligations [Member] | ||
Note 3 - Investment Securities (Details) - Amortized Cost, Unrealized Gains and Losses, and Estimated Market Value of Held to Maturity Investment Securities Portfolio [Line Items] | ||
Amortized Cost | 244,603 | 258,325 |
Gross Unrealized Gains | 2,811 | 2,236 |
Gross Unrealized Losses | -860 | -2,381 |
Estimated Market Value | $246,554 | $258,180 |
Note_3_Investment_Securities_D3
Note 3 - Investment Securities (Details) - Amortized Cost and Estimated Market Value of Securities by Contractual Maturity (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Maturity in years: | ||
Securities Available for Sale, Amortized Cost, 1 year or less | $80,420 | $57,891 |
Securities Available for Sale, Estimated Market Value, 1 year or less | 80,658 | 57,991 |
Securities Held to Maturity, Amortized Cost, 1 year or less | 15,322 | 15,355 |
Securities Held to Maturity, Estimated Market Value, 1 year or less | 15,829 | 15,855 |
Securities Available for Sale, Amortized Cost, Over 1 to 5 years | 973,932 | 629,200 |
Securities Available for Sale, Estimated Market Value, Over 1 to 5 years | 976,816 | 630,797 |
Securities Held to Maturity, Amortized Cost, Over 1 to 5 years | 247,297 | 228,380 |
Securities Held to Maturity, Estimated Market Value, Over 1 to 5 years | 249,867 | 230,248 |
Securities Available for Sale, Amortized Cost, Over 5 to 10 years | 409,874 | 584,872 |
Securities Available for Sale, Estimated Market Value, Over 5 to 10 years | 416,005 | 589,250 |
Securities Held to Maturity, Amortized Cost, Over 5 to 10 years | 270,191 | 285,219 |
Securities Held to Maturity, Estimated Market Value, Over 5 to 10 years | 275,665 | 288,631 |
Securities Available for Sale, Amortized Cost, Over 10 years | 47,697 | 58,770 |
Securities Available for Sale, Estimated Market Value, Over 10 years | 51,576 | 63,006 |
Securities Held to Maturity, Amortized Cost, Over 10 years | 180,559 | 192,301 |
Securities Held to Maturity, Estimated Market Value, Over 10 years | 184,436 | 195,524 |
Securities Available for Sale, Amortized Cost, Subtotal | 1,511,923 | 1,330,733 |
Securities Available for Sale, Estimated Market Value, Subtotal | 1,525,055 | 1,341,044 |
Securities Held to Maturity, Amortized Cost, Subtotal | 713,369 | 721,255 |
Securities Held to Maturity, Estimated Market Value, Subtotal | 725,797 | 730,258 |
Securities Available for Sale, Amortized Cost, Mortgage-backed securities and residential collateralized mortgage obligations | 245,848 | 257,917 |
Securities Available for Sale, Estimated Market Value, Mortgage-backed securities and residential collateralized mortgage obligations | 243,017 | 251,783 |
Securities Held to Maturity, Amortized Cost, Mortgage-backed securities and residential collateralized mortgage obligations | 301,862 | 317,403 |
Securities Held to Maturity, Estimated Market Value, Mortgage-backed securities and residential collateralized mortgage obligations | 305,068 | 318,304 |
Securities Available for Sale, Amortized Cost, Other securities | 2,814 | 2,814 |
Securities Available for Sale, Estimated Market Value, Other securities | 9,248 | 7,954 |
Securities Available for Sale, Amortized Cost, Total | 1,760,585 | 1,591,464 |
Securities Available for Sale, Estimated Market Value, Total | 1,777,320 | 1,600,781 |
Securities Held to Maturity, Amortized Cost, Total | 1,015,231 | 1,038,658 |
Securities Held to Maturity, Estimated Market Value, Total | $1,030,865 | $1,048,562 |
Note_3_Investment_Securities_D4
Note 3 - Investment Securities (Details) - Gross Unrealized Losses, Investment Securities Portfolio (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 3 - Investment Securities (Details) - Gross Unrealized Losses, Investment Securities Portfolio [Line Items] | ||
Available for sale securities, less than 12 months, number of investment positions | 65 | 77 |
Available for sale securities, less than 12 months, fair value | $235,386 | $427,156 |
Available for sale securities, less than 12 months, unrealized losses | -1,795 | -2,325 |
Available for sale securities, 12 months or longer, number of investment positions | 51 | 60 |
Available for sale securities, 12 months or longer, fair value | 237,977 | 261,583 |
Available for sale securities, 12 months or longer, unrealized losses | -5,661 | -9,164 |
Available for sale securities, total, number of investment positions | 116 | 137 |
Available for sale securities, total, fair value | 473,363 | 688,739 |
Available for sale securities, total, unrealized losses | -7,456 | -11,489 |
Held to Maturity securities, less than 12 months, number of investment positions | 51 | 112 |
Held to Maturity securities, less than 12 months, fair value | 60,367 | 109,601 |
Held to Maturity securities, less than 12 months, unrealized losses | -371 | -737 |
Held to Maturity securities, 12 months or longer, number of investment positions | 100 | 161 |
Held to Maturity securities, 12 months or longer, fair value | 154,731 | 243,084 |
Held to Maturity securities, 12 months or longer, unrealized losses | -1,615 | -4,139 |
Held to Maturity securities, total, number of investment positions | 151 | 273 |
Held to Maturity securities, total, fair value | 215,098 | 352,685 |
Held to Maturity securities, total, unrealized losses | -1,986 | -4,876 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Note 3 - Investment Securities (Details) - Gross Unrealized Losses, Investment Securities Portfolio [Line Items] | ||
Available for sale securities, less than 12 months, number of investment positions | 15 | |
Available for sale securities, less than 12 months, fair value | 253,632 | |
Available for sale securities, less than 12 months, unrealized losses | -989 | |
Available for sale securities, 12 months or longer, number of investment positions | 1 | 1 |
Available for sale securities, 12 months or longer, fair value | 9,997 | 9,963 |
Available for sale securities, 12 months or longer, unrealized losses | -3 | -38 |
Available for sale securities, total, number of investment positions | 1 | 16 |
Available for sale securities, total, fair value | 9,997 | 263,595 |
Available for sale securities, total, unrealized losses | -3 | -1,027 |
Residential Mortgage Backed Securities [Member] | ||
Note 3 - Investment Securities (Details) - Gross Unrealized Losses, Investment Securities Portfolio [Line Items] | ||
Available for sale securities, 12 months or longer, number of investment positions | 1 | 2 |
Available for sale securities, 12 months or longer, fair value | 803 | 822 |
Available for sale securities, 12 months or longer, unrealized losses | -9 | -16 |
Available for sale securities, total, number of investment positions | 1 | 2 |
Available for sale securities, total, fair value | 803 | 822 |
Available for sale securities, total, unrealized losses | -9 | -16 |
Held to Maturity securities, less than 12 months, number of investment positions | 2 | 4 |
Held to Maturity securities, less than 12 months, fair value | 14,483 | 19,467 |
Held to Maturity securities, less than 12 months, unrealized losses | -60 | -132 |
Held to Maturity securities, 12 months or longer, number of investment positions | 1 | 1 |
Held to Maturity securities, 12 months or longer, fair value | 163 | 201 |
Held to Maturity securities, 12 months or longer, unrealized losses | -4 | -5 |
Held to Maturity securities, total, number of investment positions | 3 | 5 |
Held to Maturity securities, total, fair value | 14,646 | 19,668 |
Held to Maturity securities, total, unrealized losses | -64 | -137 |
Commercial Mortgage Backed Securities [Member] | ||
Note 3 - Investment Securities (Details) - Gross Unrealized Losses, Investment Securities Portfolio [Line Items] | ||
Available for sale securities, less than 12 months, number of investment positions | 1 | 1 |
Available for sale securities, less than 12 months, fair value | 921 | 942 |
Available for sale securities, less than 12 months, unrealized losses | -6 | -7 |
Available for sale securities, 12 months or longer, number of investment positions | 1 | 1 |
Available for sale securities, 12 months or longer, fair value | 751 | 803 |
Available for sale securities, 12 months or longer, unrealized losses | -5 | -3 |
Available for sale securities, total, number of investment positions | 2 | 2 |
Available for sale securities, total, fair value | 1,672 | 1,745 |
Available for sale securities, total, unrealized losses | -11 | -10 |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 3 - Investment Securities (Details) - Gross Unrealized Losses, Investment Securities Portfolio [Line Items] | ||
Available for sale securities, less than 12 months, number of investment positions | 5 | 7 |
Available for sale securities, less than 12 months, fair value | 2,380 | 2,548 |
Available for sale securities, less than 12 months, unrealized losses | -20 | -18 |
Available for sale securities, 12 months or longer, number of investment positions | 11 | 17 |
Available for sale securities, 12 months or longer, fair value | 3,842 | 5,518 |
Available for sale securities, 12 months or longer, unrealized losses | -105 | -105 |
Available for sale securities, total, number of investment positions | 16 | 24 |
Available for sale securities, total, fair value | 6,222 | 8,066 |
Available for sale securities, total, unrealized losses | -125 | -123 |
Held to Maturity securities, less than 12 months, number of investment positions | 45 | 103 |
Held to Maturity securities, less than 12 months, fair value | 32,117 | 76,202 |
Held to Maturity securities, less than 12 months, unrealized losses | -177 | -439 |
Held to Maturity securities, 12 months or longer, number of investment positions | 83 | 138 |
Held to Maturity securities, 12 months or longer, fair value | 70,639 | 123,370 |
Held to Maturity securities, 12 months or longer, unrealized losses | -885 | -1,919 |
Held to Maturity securities, total, number of investment positions | 128 | 241 |
Held to Maturity securities, total, fair value | 102,756 | 199,572 |
Held to Maturity securities, total, unrealized losses | -1,062 | -2,358 |
Residential Collateralized Mortgage Obligations [Member] | ||
Note 3 - Investment Securities (Details) - Gross Unrealized Losses, Investment Securities Portfolio [Line Items] | ||
Available for sale securities, 12 months or longer, number of investment positions | 29 | 32 |
Available for sale securities, 12 months or longer, fair value | 184,632 | 205,074 |
Available for sale securities, 12 months or longer, unrealized losses | -5,142 | -8,524 |
Available for sale securities, total, number of investment positions | 29 | 32 |
Available for sale securities, total, fair value | 184,632 | 205,074 |
Available for sale securities, total, unrealized losses | -5,142 | -8,524 |
Held to Maturity securities, less than 12 months, number of investment positions | 4 | 5 |
Held to Maturity securities, less than 12 months, fair value | 13,767 | 13,932 |
Held to Maturity securities, less than 12 months, unrealized losses | -134 | -166 |
Held to Maturity securities, 12 months or longer, number of investment positions | 16 | 22 |
Held to Maturity securities, 12 months or longer, fair value | 83,929 | 119,513 |
Held to Maturity securities, 12 months or longer, unrealized losses | -726 | -2,215 |
Held to Maturity securities, total, number of investment positions | 20 | 27 |
Held to Maturity securities, total, fair value | 97,696 | 133,445 |
Held to Maturity securities, total, unrealized losses | -860 | -2,381 |
Asset-backed Securities [Member] | ||
Note 3 - Investment Securities (Details) - Gross Unrealized Losses, Investment Securities Portfolio [Line Items] | ||
Available for sale securities, less than 12 months, number of investment positions | 1 | |
Available for sale securities, less than 12 months, fair value | 5,008 | |
Available for sale securities, less than 12 months, unrealized losses | -7 | |
Available for sale securities, 12 months or longer, number of investment positions | 1 | 1 |
Available for sale securities, 12 months or longer, fair value | 2,992 | 3,305 |
Available for sale securities, 12 months or longer, unrealized losses | -23 | -29 |
Available for sale securities, total, number of investment positions | 1 | 2 |
Available for sale securities, total, fair value | 2,992 | 8,313 |
Available for sale securities, total, unrealized losses | -23 | -36 |
Domestic Corporate Debt Securities [Member] | ||
Note 3 - Investment Securities (Details) - Gross Unrealized Losses, Investment Securities Portfolio [Line Items] | ||
Available for sale securities, less than 12 months, number of investment positions | 59 | 53 |
Available for sale securities, less than 12 months, fair value | 232,085 | 165,026 |
Available for sale securities, less than 12 months, unrealized losses | -1,769 | -1,304 |
Available for sale securities, 12 months or longer, number of investment positions | 6 | 5 |
Available for sale securities, 12 months or longer, fair value | 33,078 | 34,222 |
Available for sale securities, 12 months or longer, unrealized losses | -256 | -325 |
Available for sale securities, total, number of investment positions | 65 | 58 |
Available for sale securities, total, fair value | 265,163 | 199,248 |
Available for sale securities, total, unrealized losses | -2,025 | -1,629 |
Other Securities [Member] | ||
Note 3 - Investment Securities (Details) - Gross Unrealized Losses, Investment Securities Portfolio [Line Items] | ||
Available for sale securities, 12 months or longer, number of investment positions | 1 | 1 |
Available for sale securities, 12 months or longer, fair value | 1,882 | 1,876 |
Available for sale securities, 12 months or longer, unrealized losses | -118 | -124 |
Available for sale securities, total, number of investment positions | 1 | 1 |
Available for sale securities, total, fair value | 1,882 | 1,876 |
Available for sale securities, total, unrealized losses | ($118) | ($124) |
Note_3_Investment_Securities_D5
Note 3 - Investment Securities (Details) - Interest Income from Investment Securities (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest Income from Investment Securities [Abstract] | ||
Taxable | $7,554 | $5,683 |
Tax-exempt | 6,133 | 6,980 |
Total interest income from investment securities | $13,687 | $12,663 |
Note_4_Loans_and_Allowance_for2
Note 4 - Loans and Allowance for Credit Losses (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Note 4 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $6,537 | $5,271 | |
Impaired Loans, Restructured, Nonaccrual Status | 998 | 0 | |
Troubled Debt Restructurings During Period | 5 | 1 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Long-term Federal Home Loan Bank Advances | 20,015 | ||
Restricted Pledged Loans | 18,366 | ||
Loans Receivable Held-for-sale, Amount | 0 | 0 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 9,233 | 12,186 | 6,374 |
Mortgage Loans in Process of Foreclosure, Amount | 599 | 902 | |
Residential Real Estate Included in OREO [Member] | |||
Note 4 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Real Estate Acquired Through Foreclosure | 486 | 967 | |
Restructured Loans [Member] | |||
Note 4 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 6,537 | 4,837 | |
Five Loans [Member] | |||
Note 4 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 1,736 | ||
One Loan [Member] | |||
Note 4 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $17 |
Note_4_Loans_and_Allowance_for3
Note 4 - Loans and Allowance for Credit Losses (Details) - Loans Receivable at Carrying Amount (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 4 - Loans and Allowance for Credit Losses (Details) - Loans Receivable at Carrying Amount [Line Items] | ||
Originated loans | $1,465,546 | $1,470,369 |
Purchased covered loans: | ||
Gross purchased covered loans | 16,529 | 17,546 |
Credit risk discount, covered loans | -200 | -468 |
Purchased non-covered loans: | ||
Gross purchased non-covered loans | 210,714 | 222,215 |
Credit risk discount, non-covered loans | -8,705 | -9,372 |
Total | 1,683,884 | 1,700,290 |
Commercial Portfolio Segment [Member] | ||
Note 4 - Loans and Allowance for Credit Losses (Details) - Loans Receivable at Carrying Amount [Line Items] | ||
Originated loans | 391,863 | 374,005 |
Purchased non-covered loans: | ||
Gross purchased non-covered loans | 17,367 | 19,166 |
Credit risk discount, non-covered loans | -1,255 | -1,356 |
Total | 407,975 | 391,815 |
Commercial Real Estate Portfolio Segment [Member] | ||
Note 4 - Loans and Allowance for Credit Losses (Details) - Loans Receivable at Carrying Amount [Line Items] | ||
Originated loans | 548,936 | 567,594 |
Purchased non-covered loans: | ||
Gross purchased non-covered loans | 152,167 | 157,502 |
Credit risk discount, non-covered loans | -5,904 | -6,492 |
Total | 695,199 | 718,604 |
Construction Portfolio Segment [Member] | ||
Note 4 - Loans and Allowance for Credit Losses (Details) - Loans Receivable at Carrying Amount [Line Items] | ||
Originated loans | 12,438 | 11,003 |
Purchased non-covered loans: | ||
Gross purchased non-covered loans | 1,021 | 2,919 |
Credit risk discount, non-covered loans | -50 | |
Total | 13,459 | 13,872 |
Residential Portfolio Segment [Member] | ||
Note 4 - Loans and Allowance for Credit Losses (Details) - Loans Receivable at Carrying Amount [Line Items] | ||
Originated loans | 140,334 | 146,925 |
Purchased covered loans: | ||
Gross purchased covered loans | 2,574 | 2,626 |
Credit risk discount, covered loans | -133 | -434 |
Purchased non-covered loans: | ||
Gross purchased non-covered loans | 1,206 | 972 |
Credit risk discount, non-covered loans | -262 | -262 |
Total | 143,719 | 149,827 |
Consumer Portfolio Segment [Member] | ||
Note 4 - Loans and Allowance for Credit Losses (Details) - Loans Receivable at Carrying Amount [Line Items] | ||
Originated loans | 371,975 | 370,842 |
Purchased covered loans: | ||
Gross purchased covered loans | 13,955 | 14,920 |
Credit risk discount, covered loans | -67 | -34 |
Purchased non-covered loans: | ||
Gross purchased non-covered loans | 38,953 | 41,656 |
Credit risk discount, non-covered loans | -1,284 | -1,212 |
Total | $423,532 | $426,172 |
Note_4_Loans_and_Allowance_for4
Note 4 - Loans and Allowance for Credit Losses (Details) - Changes in the Carrying Amount of Impaired Purchased Loans (Impaired Purchased Loans [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Impaired Purchased Loans [Member] | ||
Note 4 - Loans and Allowance for Credit Losses (Details) - Changes in the Carrying Amount of Impaired Purchased Loans [Line Items] | ||
Carrying amount at the beginning of the period | $4,672 | $4,936 |
Reductions during the period | -16 | -264 |
Carrying amount at the end of the period | $4,656 | $4,672 |
Note_4_Loans_and_Allowance_for5
Note 4 - Loans and Allowance for Credit Losses (Details) - Changes in the Accretable Yield for Purchased Loans (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Changes in the Accretable Yield for Purchased Loans [Abstract] | ||
Balance at the beginning of the period | $2,261 | $2,505 |
Reclassification from nonaccretable difference | 739 | 5,016 |
Accretion | -973 | -5,260 |
Change in FDIC indemnification | 141 | 1,110 |
(Increase) in interest income | -832 | -4,150 |
Balance at the end of the period | $2,027 | $2,261 |
Note_4_Loans_and_Allowance_for6
Note 4 - Loans and Allowance for Credit Losses (Details) - Allowance for Credit Losses (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Allowance for loan losses: | |||
Balance at beginning of period | $31,485 | $31,693 | |
Additions: | |||
Provision | 1,000 | ||
Deductions: | |||
Chargeoffs | -1,090 | -1,319 | |
Recoveries | 792 | 735 | |
Net loan recoveries (losses) | -298 | -584 | |
Balance at end of period | 31,187 | 32,109 | |
Total allowance for credit losses | 31,187 | 34,802 | 34,178 |
Liability for off-balance sheet credit exposure | 2,693 | ||
Commercial [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 5,460 | 4,005 | |
Additions: | |||
Provision | -110 | 130 | |
Deductions: | |||
Chargeoffs | -60 | -60 | |
Recoveries | 180 | 168 | |
Net loan recoveries (losses) | 120 | 108 | |
Balance at end of period | 5,470 | 4,243 | |
Total allowance for credit losses | 5,470 | 5,915 | 7,868 |
Liability for off-balance sheet credit exposure | 1,672 | ||
Commercial Real Estate Loans [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 4,245 | 12,070 | |
Additions: | |||
Provision | -137 | -974 | |
Deductions: | |||
Recoveries | 15 | 163 | |
Net loan recoveries (losses) | 15 | 163 | |
Balance at end of period | 4,123 | 11,259 | |
Total allowance for credit losses | 4,123 | 11,259 | 4,245 |
Construction [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 644 | 602 | |
Additions: | |||
Provision | 86 | -160 | |
Deductions: | |||
Recoveries | 3 | ||
Net loan recoveries (losses) | 3 | ||
Balance at end of period | 730 | 445 | |
Total allowance for credit losses | 730 | 630 | 988 |
Liability for off-balance sheet credit exposure | 185 | ||
Residential Real Estate Loans [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 2,241 | 405 | |
Additions: | |||
Provision | -101 | 86 | |
Deductions: | |||
Balance at end of period | 2,140 | 491 | |
Total allowance for credit losses | 2,140 | 491 | 2,241 |
Consumer Installment And Other [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 7,717 | 3,198 | |
Additions: | |||
Provision | -281 | 214 | |
Deductions: | |||
Chargeoffs | -995 | -999 | |
Recoveries | 590 | 400 | |
Net loan recoveries (losses) | -405 | -599 | |
Balance at end of period | 7,031 | 2,813 | |
Total allowance for credit losses | 7,031 | 3,253 | 8,154 |
Liability for off-balance sheet credit exposure | 440 | ||
Purchased Non-Covered Loans [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 2,120 | ||
Additions: | |||
Provision | 247 | 1,272 | |
Deductions: | |||
Chargeoffs | -35 | -260 | |
Recoveries | 7 | 1 | |
Net loan recoveries (losses) | -28 | -259 | |
Indemnification expiration | 1,561 | ||
Balance at end of period | 2,339 | 2,574 | |
Total allowance for credit losses | 2,339 | 2,825 | 2,120 |
Liability for off-balance sheet credit exposure | 251 | ||
Purchased Covered Loans [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 1,561 | ||
Deductions: | |||
Indemnification expiration | -1,561 | ||
Balance at end of period | 0 | ||
Unallocated Financing Receivable [Member] | |||
Allowance for loan losses: | |||
Balance at beginning of period | 9,058 | 9,852 | |
Additions: | |||
Provision | 296 | 432 | |
Deductions: | |||
Balance at end of period | 9,354 | 10,284 | |
Total allowance for credit losses | 9,354 | 10,429 | 8,562 |
Liability for off-balance sheet credit exposure | $145 |
Note_4_Loans_and_Allowance_for7
Note 4 - Loans and Allowance for Credit Losses (Details) - Recorded Investment in Loans Evaluated for Impairment (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | $493 | $496 | |||
Collectively evaluated for impairment | 30,694 | 33,682 | |||
Total | 31,187 | 34,178 | 34,802 | ||
Carrying value of loans: | |||||
Individually evaluated for impairment | 24,969 | 28,318 | |||
Collectively evaluated for impairment | 1,654,259 | 1,667,300 | |||
Purchased loans with evidence of credit deterioration | 4,656 | 4,672 | |||
Total | 1,683,884 | 1,700,290 | |||
Commercial [Member] | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 493 | 496 | |||
Collectively evaluated for impairment | 4,977 | 7,372 | |||
Total | 5,470 | 7,868 | 5,915 | ||
Carrying value of loans: | |||||
Individually evaluated for impairment | 12,459 | 11,811 | |||
Collectively evaluated for impairment | 379,404 | 362,194 | |||
Total | 391,863 | 374,005 | |||
Commercial Real Estate Loans [Member] | |||||
Allowance for loan losses: | |||||
Collectively evaluated for impairment | 4,123 | 4,245 | |||
Total | 4,123 | 4,245 | 11,259 | ||
Carrying value of loans: | |||||
Individually evaluated for impairment | 597 | 2,970 | |||
Collectively evaluated for impairment | 548,339 | 564,624 | |||
Total | 548,936 | 567,594 | |||
Construction [Member] | |||||
Allowance for loan losses: | |||||
Collectively evaluated for impairment | 730 | 988 | |||
Total | 730 | 988 | 630 | ||
Carrying value of loans: | |||||
Collectively evaluated for impairment | 12,438 | 11,003 | |||
Total | 12,438 | 11,003 | |||
Residential Real Estate Loans [Member] | |||||
Allowance for loan losses: | |||||
Collectively evaluated for impairment | 2,140 | 2,241 | |||
Total | 2,140 | 2,241 | 491 | ||
Carrying value of loans: | |||||
Individually evaluated for impairment | 574 | 574 | |||
Collectively evaluated for impairment | 139,760 | 146,351 | |||
Total | 140,334 | 146,925 | |||
Consumer Installment And Other [Member] | |||||
Allowance for loan losses: | |||||
Collectively evaluated for impairment | 7,031 | 8,154 | |||
Total | 7,031 | 8,154 | 3,253 | ||
Carrying value of loans: | |||||
Individually evaluated for impairment | 599 | 599 | |||
Collectively evaluated for impairment | 371,376 | 370,243 | |||
Total | 371,975 | 370,842 | |||
Purchased Non-Covered Loans [Member] | |||||
Allowance for loan losses: | |||||
Collectively evaluated for impairment | 2,339 | 2,120 | |||
Total | 2,339 | 2,120 | 2,825 | ||
Carrying value of loans: | |||||
Individually evaluated for impairment | 10,740 | 12,364 | |||
Collectively evaluated for impairment | 186,835 | 196,034 | |||
Purchased loans with evidence of credit deterioration | 4,434 | 4,445 | |||
Total | 202,009 | 212,843 | |||
Purchased Covered Loans [Member] | |||||
Carrying value of loans: | |||||
Collectively evaluated for impairment | 16,107 | 16,851 | |||
Purchased loans with evidence of credit deterioration | 222 | 227 | |||
Total | 16,329 | [1] | 17,078 | [1] | |
Unallocated Financing Receivable [Member] | |||||
Allowance for loan losses: | |||||
Collectively evaluated for impairment | 9,354 | 8,562 | |||
Total | $9,354 | $8,562 | $10,429 | ||
[1] | Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. |
Note_4_Loans_and_Allowance_for8
Note 4 - Loans and Allowance for Credit Losses (Details) - Credit Risk Profile by Internally Assigned Grade (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Grade: | ||||
Loans by grade | $1,683,884 | $1,700,290 | ||
Commercial [Member] | Pass [Member] | ||||
Grade: | ||||
Loans by grade | 384,159 | 366,487 | ||
Commercial [Member] | Substandard [Member] | ||||
Grade: | ||||
Loans by grade | 7,692 | 7,506 | ||
Commercial [Member] | Doubtful [Member] | ||||
Grade: | ||||
Loans by grade | 12 | 12 | ||
Commercial [Member] | ||||
Grade: | ||||
Loans by grade | 391,863 | 374,005 | ||
Commercial Real Estate Loans [Member] | Pass [Member] | ||||
Grade: | ||||
Loans by grade | 509,428 | 527,980 | ||
Commercial Real Estate Loans [Member] | Substandard [Member] | ||||
Grade: | ||||
Loans by grade | 39,508 | 39,614 | ||
Commercial Real Estate Loans [Member] | ||||
Grade: | ||||
Loans by grade | 548,936 | 567,594 | ||
Construction [Member] | Pass [Member] | ||||
Grade: | ||||
Loans by grade | 12,438 | 11,003 | ||
Construction [Member] | ||||
Grade: | ||||
Loans by grade | 12,438 | 11,003 | ||
Residential Real Estate Loans [Member] | Pass [Member] | ||||
Grade: | ||||
Loans by grade | 137,992 | 144,902 | ||
Residential Real Estate Loans [Member] | Substandard [Member] | ||||
Grade: | ||||
Loans by grade | 2,342 | 2,023 | ||
Residential Real Estate Loans [Member] | ||||
Grade: | ||||
Loans by grade | 140,334 | 146,925 | ||
Consumer Installment And Other [Member] | Pass [Member] | ||||
Grade: | ||||
Loans by grade | 370,845 | 369,618 | ||
Consumer Installment And Other [Member] | Substandard [Member] | ||||
Grade: | ||||
Loans by grade | 906 | 734 | ||
Consumer Installment And Other [Member] | Doubtful [Member] | ||||
Grade: | ||||
Loans by grade | 8 | 12 | ||
Consumer Installment And Other [Member] | Unlikely to be Collected Financing Receivable [Member] | ||||
Grade: | ||||
Loans by grade | 216 | 478 | ||
Consumer Installment And Other [Member] | ||||
Grade: | ||||
Loans by grade | 371,975 | 370,842 | ||
Purchased Non-Covered Loans [Member] | Pass [Member] | ||||
Grade: | ||||
Loans by grade | 172,947 | 182,644 | ||
Purchased Non-Covered Loans [Member] | Substandard [Member] | ||||
Grade: | ||||
Loans by grade | 37,691 | 39,473 | ||
Purchased Non-Covered Loans [Member] | Doubtful [Member] | ||||
Grade: | ||||
Loans by grade | 76 | 77 | ||
Purchased Non-Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | ||||
Grade: | ||||
Loans by grade | 21 | |||
Purchased Non-Covered Loans [Member] | Default Risk Purchase Discount [Member] | ||||
Grade: | ||||
Loans by grade | -8,705 | -9,372 | ||
Purchased Non-Covered Loans [Member] | ||||
Grade: | ||||
Loans by grade | 202,009 | 212,843 | ||
Purchased Covered Loans [Member] | Pass [Member] | ||||
Grade: | ||||
Loans by grade | 14,938 | [1] | 15,509 | [1] |
Purchased Covered Loans [Member] | Substandard [Member] | ||||
Grade: | ||||
Loans by grade | 1,591 | [1] | 2,037 | [1] |
Purchased Covered Loans [Member] | Doubtful [Member] | ||||
Grade: | ||||
Loans by grade | [1] | [1] | ||
Purchased Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | ||||
Grade: | ||||
Loans by grade | [1] | [1] | ||
Purchased Covered Loans [Member] | Default Risk Purchase Discount [Member] | ||||
Grade: | ||||
Loans by grade | -200 | [1] | -468 | [1] |
Purchased Covered Loans [Member] | ||||
Grade: | ||||
Loans by grade | 16,329 | [1] | 17,078 | [1] |
Pass [Member] | ||||
Grade: | ||||
Loans by grade | 1,602,747 | 1,618,143 | ||
Substandard [Member] | ||||
Grade: | ||||
Loans by grade | 89,730 | 91,387 | ||
Doubtful [Member] | ||||
Grade: | ||||
Loans by grade | 96 | 101 | ||
Unlikely to be Collected Financing Receivable [Member] | ||||
Grade: | ||||
Loans by grade | 216 | 499 | ||
Default Risk Purchase Discount [Member] | ||||
Grade: | ||||
Loans by grade | ($8,905) | ($9,840) | ||
[1] | Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. |
Note_4_Loans_and_Allowance_for9
Note 4 - Loans and Allowance for Credit Losses (Details) - Loans by Delinquency and Nonaccrual Status (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current and Accruing | $1,645,103 | $1,662,592 | ||
30-59 Days Past Due and Accruing | 16,905 | 17,620 | ||
60-89 Days Past Due and Accruing | 8,299 | 1,972 | ||
90 days or More and Accruing | 191 | 502 | ||
Nonaccrual | 13,386 | 17,604 | ||
Total Loans | 1,683,884 | 1,700,290 | ||
Originated Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current and Accruing | 388,683 | 372,235 | ||
30-59 Days Past Due and Accruing | 2,355 | 1,704 | ||
60-89 Days Past Due and Accruing | 533 | 36 | ||
Nonaccrual | 292 | 30 | ||
Total Loans | 391,863 | 374,005 | ||
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current and Accruing | 534,341 | 557,041 | ||
30-59 Days Past Due and Accruing | 7,960 | 6,500 | ||
60-89 Days Past Due and Accruing | 5,109 | |||
Nonaccrual | 1,526 | 4,053 | ||
Total Loans | 548,936 | 567,594 | ||
Originated Loans [Member] | Construction Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current and Accruing | 12,438 | 11,003 | ||
Total Loans | 12,438 | 11,003 | ||
Originated Loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current and Accruing | 136,975 | 144,021 | ||
30-59 Days Past Due and Accruing | 1,976 | 1,513 | ||
60-89 Days Past Due and Accruing | 479 | 817 | ||
Nonaccrual | 904 | 574 | ||
Total Loans | 140,334 | 146,925 | ||
Originated Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current and Accruing | 369,260 | 365,753 | ||
30-59 Days Past Due and Accruing | 1,548 | 3,310 | ||
60-89 Days Past Due and Accruing | 357 | 625 | ||
90 days or More and Accruing | 191 | 502 | ||
Nonaccrual | 619 | 652 | ||
Total Loans | 371,975 | 370,842 | ||
Originated Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current and Accruing | 1,441,697 | 1,450,053 | ||
30-59 Days Past Due and Accruing | 13,839 | 13,027 | ||
60-89 Days Past Due and Accruing | 6,478 | 1,478 | ||
90 days or More and Accruing | 191 | 502 | ||
Nonaccrual | 3,341 | 5,309 | ||
Total Loans | 1,465,546 | 1,470,369 | ||
Purchased Non-Covered Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current and Accruing | 187,198 | 196,150 | ||
30-59 Days Past Due and Accruing | 2,945 | 4,204 | ||
60-89 Days Past Due and Accruing | 1,821 | 491 | ||
Nonaccrual | 10,045 | 11,998 | ||
Total Loans | 202,009 | 212,843 | ||
Purchased Covered Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current and Accruing | 16,208 | 16,389 | ||
30-59 Days Past Due and Accruing | 121 | 389 | ||
60-89 Days Past Due and Accruing | 3 | |||
Nonaccrual | 297 | |||
Total Loans | 16,329 | [1] | 17,078 | [1] |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 407,975 | 391,815 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 695,199 | 718,604 | ||
Construction Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 13,459 | 13,872 | ||
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 143,719 | 149,827 | ||
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | $423,532 | $426,172 | ||
[1] | Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. |
Recovered_Sheet1
Note 4 - Loans and Allowance for Credit Losses (Details) - Effect of Nonaccrual Loans on Interest Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Effect of Nonaccrual Loans on Interest Income [Abstract] | ||
Interest income that would have been recognized had the loans performed in accordance with their original terms | $311 | $260 |
Less: Interest income recognized on nonaccrual loans | -205 | -44 |
Total reduction of interest income | $106 | $216 |
Recovered_Sheet2
Note 4 - Loans and Allowance for Credit Losses (Details) - Impaired Loans (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Commercial [Member] | ||
Impaired loans with no related allowance recorded: | ||
Impaired loans with no related allowance recorded, Recorded Investment | $2,651 | $2,031 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 2,715 | 2,095 |
Impaired loans with an allowance recorded: | ||
Impaired loans with an allowance recorded, Recorded Investment | 9,860 | 9,910 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 9,860 | 9,910 |
Impaired loans with an allowance recorded, Related Allowance | 493 | 496 |
Total: | ||
Total Impaired loans, Recorded Investment | 12,511 | 11,941 |
Total Impaired loans, Unpaid Principal Balance | 12,575 | 12,005 |
Total Impaired loans, Related Allowance | 493 | 496 |
Commercial Real Estate Loans [Member] | ||
Impaired loans with no related allowance recorded: | ||
Impaired loans with no related allowance recorded, Recorded Investment | 17,159 | 19,478 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 23,100 | 25,519 |
Total: | ||
Total Impaired loans, Recorded Investment | 17,159 | 19,478 |
Total Impaired loans, Unpaid Principal Balance | 23,100 | 25,519 |
Construction [Member] | ||
Impaired loans with no related allowance recorded: | ||
Impaired loans with no related allowance recorded, Recorded Investment | 1,834 | |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 1,884 | |
Total: | ||
Total Impaired loans, Recorded Investment | 1,834 | |
Total Impaired loans, Unpaid Principal Balance | 1,884 | |
Residential Real Estate Loans [Member] | ||
Impaired loans with no related allowance recorded: | ||
Impaired loans with no related allowance recorded, Recorded Investment | 1,145 | 574 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 1,175 | 574 |
Total: | ||
Total Impaired loans, Recorded Investment | 1,145 | 574 |
Total Impaired loans, Unpaid Principal Balance | 1,175 | 574 |
Consumer Installment And Other [Member] | ||
Impaired loans with no related allowance recorded: | ||
Impaired loans with no related allowance recorded, Recorded Investment | 990 | 1,518 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 1,097 | 1,628 |
Total: | ||
Total Impaired loans, Recorded Investment | 990 | 1,518 |
Total Impaired loans, Unpaid Principal Balance | $1,097 | $1,628 |
Recovered_Sheet3
Note 4 - Loans and Allowance for Credit Losses (Details) - Impaired Loans, Supplemental Schedule (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Note 4 - Loans and Allowance for Credit Losses (Details) - Impaired Loans, Supplemental Schedule [Line Items] | ||
Average Recored Investment | $33,575 | $28,277 |
Recognized Interest Income | 415 | 192 |
Commercial [Member] | ||
Note 4 - Loans and Allowance for Credit Losses (Details) - Impaired Loans, Supplemental Schedule [Line Items] | ||
Average Recored Investment | 12,226 | 4,842 |
Recognized Interest Income | 146 | 67 |
Commercial Real Estate Loans [Member] | ||
Note 4 - Loans and Allowance for Credit Losses (Details) - Impaired Loans, Supplemental Schedule [Line Items] | ||
Average Recored Investment | 18,318 | 19,298 |
Recognized Interest Income | 257 | 117 |
Construction [Member] | ||
Note 4 - Loans and Allowance for Credit Losses (Details) - Impaired Loans, Supplemental Schedule [Line Items] | ||
Average Recored Investment | 917 | 2,259 |
Residential Real Estate Loans [Member] | ||
Note 4 - Loans and Allowance for Credit Losses (Details) - Impaired Loans, Supplemental Schedule [Line Items] | ||
Average Recored Investment | 860 | 162 |
Recognized Interest Income | 6 | |
Consumer Installment And Other [Member] | ||
Note 4 - Loans and Allowance for Credit Losses (Details) - Impaired Loans, Supplemental Schedule [Line Items] | ||
Average Recored Investment | 1,254 | 1,716 |
Recognized Interest Income | $6 | $8 |
Recovered_Sheet4
Note 4 - Loans and Allowance for Credit Losses (Details) - Troubled Debt Restructurings (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 13 | 6 |
Pre-Modification Carrying Value | $6,947 | $5,510 |
Period-End Carrying Value | 6,537 | 5,271 |
Period-End Individual Impairment Allowance | 262 | |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 6 | 3 |
Pre-Modification Carrying Value | 2,813 | 3,201 |
Period-End Carrying Value | 2,599 | 2,938 |
Period-End Individual Impairment Allowance | 262 | |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 5 | 2 |
Pre-Modification Carrying Value | 3,875 | 2,291 |
Period-End Carrying Value | 3,693 | 2,316 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Pre-Modification Carrying Value | 18 | |
Period-End Carrying Value | 5 | |
Consumer Installment And Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | 1 |
Pre-Modification Carrying Value | 241 | 18 |
Period-End Carrying Value | $240 | $17 |
Note_5_Concentration_of_Credit1
Note 5 - Concentration of Credit Risk (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Note 5 - Concentration of Credit Risk (Details) [Line Items] | ||
Loan Commitments and Standby Letters of Credit Related to Real Estate Loans (in Dollars) | $68,724,000 | $66,086,000 |
Unsecured Loan Limit, Percentage of Shareholders' Equity, California Financial Code | 15.00% | |
Secured and Unsecured Loan Limit Percentage, California Financial Code | 25.00% | |
Commercial Real Estate Loans [Member] | ||
Note 5 - Concentration of Credit Risk (Details) [Line Items] | ||
Loan To Value Ratio Requirement | 75.00% | |
Residential Real Estate Loans [Member] | ||
Note 5 - Concentration of Credit Risk (Details) [Line Items] | ||
Loan To Value Ratio Requirement | 80.00% | |
Aggregate Loans [Member] | Customer Concentration Risk [Member] | ||
Note 5 - Concentration of Credit Risk (Details) [Line Items] | ||
Concentration Risk, Borrower Relationships | 40 | |
Concentration Risk, Aggregate Loan Amount (in Dollars) | $5,000,000 |
Note_6_Other_Assets_Details
Note 6 - Other Assets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Note 6 - Other Assets (Details) [Line Items] | ||
FRB Membership, Stock Subscription, Percent of Paid-Up Capital Stock and Surplus Requirement | 6.00% | |
FHLB Borrowings, Minimum Activity-Based Requirement Percentage of Outstanding Advances | 4.70% | |
$17,445 | $18,673 | |
Qualified Affordable Housing Project Investments, Commitment | 2,460 | |
Contingent Commitment, Year 1 [Member] | ||
Note 6 - Other Assets (Details) [Line Items] | ||
Qualified Affordable Housing Project Investments, Commitment | 614 | |
Contingent Commitment, Year 2 [Member] | ||
Note 6 - Other Assets (Details) [Line Items] | ||
Qualified Affordable Housing Project Investments, Commitment | 763 | |
Contingent Commitment, Year 3 [Member] | ||
Note 6 - Other Assets (Details) [Line Items] | ||
Qualified Affordable Housing Project Investments, Commitment | $1,083 |
Note_6_Other_Assets_Details_Ot
Note 6 - Other Assets (Details) - Other Assets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Cost method equity investments: | ||||
Federal Reserve Bank stock (1) | $14,069 | [1] | $14,069 | [1] |
Federal Home Loan Bank stock (2) | 450 | [2] | 940 | [2] |
Other investments | 201 | 241 | ||
Total cost method equity investments | 14,720 | 15,250 | ||
Life insurance cash surrender value | 47,098 | 46,479 | ||
Net deferred tax asset | 47,138 | 50,903 | ||
Limited partnership investments | 17,445 | 18,673 | ||
Interest receivable | 18,582 | 19,394 | ||
Prepaid assets | 5,719 | 5,609 | ||
Other assets | 9,872 | 10,150 | ||
Total other assets | $160,574 | $166,458 | ||
[1] | A bank applying for membership in the Federal Reserve System is required to subscribe to stock in the Federal Reserve Bank of San Francisco (FRB) in a sum equal to six percent of the bank's paid-up capital stock and surplus. One-half of the amount of the bank's subscription shall be paid to the FRB and the remaining half will be subject to call when deemed necessary by the Board of Governors of the Federal Reserve System. | |||
[2] | Borrowings from the FHLB must be supported by capital stock holdings. The minimum activity-based requirement is 4.7% of the outstanding advances. The requirement may be adjusted from time to time by the FHLB within limits established in the FHLB's Capital Plan. |
Note_6_Other_Assets_Details_Am
Note 6 - Other Assets (Details) - Amounts Recognized in Net Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Amounts Recognized in Net Income [Abstract] | ||
Investment loss included in pre-tax income | $675 | $700 |
Tax credits recognized in provision for income taxes | $658 | $771 |
Note_7_Goodwill_and_Identifiab2
Note 7 - Goodwill and Identifiable Intangible Assets (Details) - Carrying Values of Goodwill (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Carrying Values of Goodwill [Abstract] | ||
Goodwill | $121,673 | $121,673 |
Note_7_Goodwill_and_Identifiab3
Note 7 - Goodwill and Identifiable Intangible Assets (Details) - Gross Carrying Amount of Intangible Assets and Accumulated Amortization (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $67,108 | $67,108 |
Accumulated Amortization | -53,822 | -52,821 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 56,808 | 56,808 |
Accumulated Amortization | -44,116 | -43,188 |
Mechant Draft Processing [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10,300 | 10,300 |
Accumulated Amortization | ($9,706) | ($9,633) |
Note_7_Goodwill_and_Identifiab4
Note 7 - Goodwill and Identifiable Intangible Assets (Details) - Estimated Future Amortization Expense for Identifiable Intangible Assets (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Note 7 - Goodwill and Identifiable Intangible Assets (Details) - Estimated Future Amortization Expense for Identifiable Intangible Assets [Line Items] | ||
Three months ended March 31, 2015 (actual) | $1,001 | $1,105 |
Estimate for year ended December 31, 2015 | 3,856 | |
2016 | 3,504 | |
2017 | 3,077 | |
2018 | 1,921 | |
2019 | 538 | |
2020 | 287 | |
Core Deposits [Member] | ||
Note 7 - Goodwill and Identifiable Intangible Assets (Details) - Estimated Future Amortization Expense for Identifiable Intangible Assets [Line Items] | ||
Three months ended March 31, 2015 (actual) | 928 | |
Estimate for year ended December 31, 2015 | 3,594 | |
2016 | 3,292 | |
2017 | 2,913 | |
2018 | 1,892 | |
2019 | 538 | |
2020 | 287 | |
Mechant Draft Processing [Member] | ||
Note 7 - Goodwill and Identifiable Intangible Assets (Details) - Estimated Future Amortization Expense for Identifiable Intangible Assets [Line Items] | ||
Three months ended March 31, 2015 (actual) | 73 | |
Estimate for year ended December 31, 2015 | 262 | |
2016 | 212 | |
2017 | 164 | |
2018 | $29 |
Note_8_Deposits_and_Borrowed_F2
Note 8 - Deposits and Borrowed Funds (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Note 8 - Deposits and Borrowed Funds (Details) [Line Items] | |||
Demand Deposit Overdrafts | $3,073,000 | $3,173,000 | |
Interest Expense, Time Deposits, $100,000 or More | 197,000 | 232,000 | |
Short-term Debt | 82,960,000 | 89,784,000 | |
Pledged Financial Instruments, Not Separately Reported, Other Debt Securities Available-for-sale or Held-for-investment | 115,411,000 | 148,014,000 | |
Long-term Federal Home Loan Bank Advances | 20,015,000 | ||
Long-term Line of Credit | 0 | 0 | |
Unsecured Line of Credit [Member] | |||
Note 8 - Deposits and Borrowed Funds (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 35,000,000 | 35,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||
Residential Real Estate Loans and Securities [Member] | |||
Note 8 - Deposits and Borrowed Funds (Details) [Line Items] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $26,484,000 |
Note_8_Deposits_and_Borrowed_F3
Note 8 - Deposits and Borrowed Funds (Details) - Deposits Detail (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deposits Detail [Abstract] | ||
Noninterest-bearing | $1,902,904 | $1,910,781 |
Interest-bearing: | ||
Transaction | 787,633 | 792,448 |
Savings | 1,313,007 | 1,260,819 |
Time deposits less than $100 thousand | 165,412 | 169,959 |
Time deposits $100 thousand through $250 thousand | 109,909 | 113,023 |
Time deposits more than $250 thousand | 101,211 | 102,161 |
Total deposits | $4,380,076 | $4,349,191 |
Note_9_Fair_Value_Measurements2
Note 9 - Fair Value Measurements (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Note 9 - Fair Value Measurements (Details) [Line Items] | ||||
Securities Selected For OTTI Analysis Market Price Threshold | 95.00% | |||
Securities Selected for OTTI Analysis Market to Book Ratio Threshold | 95 | |||
Loans and Leases Receivable, Allowance | $31,187 | $31,485 | $32,109 | $31,693 |
Purchased Covered Loans [Member] | ||||
Note 9 - Fair Value Measurements (Details) [Line Items] | ||||
Loans and Leases Receivable, Allowance | 0 | 1,561 | ||
Fair Value Discount, Credit Default Risk, Purchased Loans | 200 | 468 | ||
Purchased Non-Covered Loans [Member] | ||||
Note 9 - Fair Value Measurements (Details) [Line Items] | ||||
Loans and Leases Receivable, Allowance | 2,339 | 2,120 | 2,574 | |
Fair Value Discount, Credit Default Risk, Purchased Loans | $8,705 | $9,372 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Note 9 - Fair Value Measurements (Details) [Line Items] | ||||
Fair Value Inputs, Discount Rate | 10.00% |
Note_9_Fair_Value_Measurements3
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | $1,777,320 | $1,600,781 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 3,504 | 3,505 | ||
US Treasury Securities [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 3,504 | 3,505 | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 633,608 | 635,188 | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 633,608 | 635,188 | ||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 24,298 | 26,407 | ||
Residential Mortgage Backed Securities [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 24,298 | 26,407 | ||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 2,820 | 2,919 | ||
Commercial Mortgage Backed Securities [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 2,820 | 2,919 | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 175,694 | 181,799 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 175,694 | 181,799 | ||
Residential Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 215,899 | 222,457 | ||
Residential Collateralized Mortgage Obligations [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 215,899 | 222,457 | ||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 2,992 | 8,313 | ||
Asset-backed Securities [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 2,992 | 8,313 | ||
FHLMC And FNMA Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 6,460 | 5,168 | ||
FHLMC And FNMA Stock [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 6,460 | [1],[2] | 5,168 | [1],[2] |
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 709,257 | 512,239 | ||
Domestic Corporate Debt Securities [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 709,257 | 512,239 | ||
Other Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 906 | 910 | ||
Other Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 1,882 | 1,876 | ||
Other Securities [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 2,788 | 2,786 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | 644,478 | 644,771 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||||
Investment securities available for sale | $1,132,842 | $956,010 | ||
[1] | Federal Home Loan Mortgage Corporation | |||
[2] | Federal National Mortgage Association |
Note_9_Fair_Value_Measurements4
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Fair Value | $25,353 | $23,459 |
Total Losses | -243 | -1,242 |
Fair Value, Inputs, Level 2 [Member] | Other Real Estate Owned [Member] | ||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Fair Value | 9,233 | 6,374 |
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | ||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Fair Value | 6,753 | 7,670 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Fair Value | 15,986 | 14,044 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Fair Value | 9,367 | 9,415 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Fair Value | 9,367 | 9,415 |
Other Real Estate Owned [Member] | ||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Fair Value | 9,233 | 6,374 |
Total Losses | -243 | -358 |
Impaired Loans [Member] | ||
Note 9 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Fair Value | 16,120 | 17,085 |
Total Losses | ($884) |
Note_9_Fair_Value_Measurements5
Note 9 - Fair Value Measurements (Details) - Fair Value Estimates for Financial Instruments, Excluding Financial Instruments Recorded at Fair Value on a Recurring Basis (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities held to maturity | $1,030,865 | $1,048,562 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 247,450 | 380,836 |
Investment securities held to maturity | 1,007 | 1,077 |
Financial Liabilities: | ||
Federal Home Loan Bank advances | 20,014 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities held to maturity | 1,029,858 | 1,047,485 |
Financial Liabilities: | ||
Deposits | 4,003,544 | 3,964,048 |
Short-term borrowed funds | 82,960 | 89,784 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,665,928 | 1,685,048 |
Financial Liabilities: | ||
Deposits | 376,114 | 384,910 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 247,450 | 380,836 |
Investment securities held to maturity | 1,015,231 | 1,038,658 |
Loans | 1,652,697 | 1,668,805 |
Financial Liabilities: | ||
Deposits | 4,380,076 | 4,349,191 |
Short-term borrowed funds | 82,960 | 89,784 |
Federal Home Loan Bank advances | 20,015 | |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 247,450 | 380,836 |
Investment securities held to maturity | 1,030,865 | 1,048,562 |
Loans | 1,665,928 | 1,685,048 |
Financial Liabilities: | ||
Deposits | 4,379,658 | 4,348,958 |
Short-term borrowed funds | 82,960 | 89,784 |
Federal Home Loan Bank advances | $20,014 |
Note_10_Commitments_and_Contin1
Note 10 - Commitments and Contingent Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 10 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Unfunded Loan Commitments | $320,290 | $312,694 |
Financial Standby Letter of Credit [Member] | ||
Note 10 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Letters of Credit Outstanding, Amount | 27,490 | 29,002 |
Standby Letters of Credit [Member] | ||
Note 10 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Letters of Credit Outstanding, Amount | 40 | 40 |
Other Liabilities [Member] | ||
Note 10 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Reserve for Unfunded Commitments | $2,693 | $2,693 |
Note_11_Earnings_Per_Common_Sh2
Note 11 - Earnings Per Common Share (Details) (Equity Option [Member]) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity Option [Member] | ||
Note 11 - Earnings Per Common Share (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,775 | 809 |
Note_11_Earnings_Per_Common_Sh3
Note 11 - Earnings Per Common Share (Details) - Earnings Per Common Share and Diluted Earnings Per Common Share (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Common Share and Diluted Earnings Per Common Share [Abstract] | ||
Net income (numerator) (in Dollars) | $14,557 | $15,307 |
Basic earnings per common share | ||
Weighted average number of common shares outstanding - basic | 25,651 | 26,433 |
Add common stock equivalents for options | 4 | 104 |
Weighted average number of common shares outstanding - diluted (denominator) | 25,655 | 26,537 |
Diluted earnings per common share (in Dollars per share) | $0.57 | $0.58 |
Basic earnings per common share (in Dollars per share) | $0.57 | $0.58 |