Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 22, 2016 | |
Entity Registrant Name | WESTAMERICA BANCORPORATION | |
Entity Central Index Key | 311,094 | |
Trading Symbol | wabc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 25,496,985 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and due from banks | $ 471,164 | $ 433,044 |
Investment securities available for sale | 1,585,970 | 1,570,216 |
Investment securities held to maturity, with fair values of: $1,381,808 at March 31, 2016 and $1,325,699 at December 31, 2015 | 1,358,139 | 1,316,075 |
Loans | 1,473,196 | 1,533,396 |
Allowance for loan losses | (29,487) | (29,771) |
Loans, net of allowance for loan losses | 1,443,709 | 1,503,625 |
Other real estate owned | 8,438 | 9,264 |
Premises and equipment, net | 38,045 | 38,693 |
Identifiable intangibles, net | 9,526 | 10,431 |
Goodwill | 121,673 | 121,673 |
Other assets | 163,204 | 165,854 |
Total Assets | 5,199,868 | 5,168,875 |
Liabilities: | ||
Noninterest bearing deposits | 1,989,010 | 2,026,049 |
Interest bearing deposits | 2,527,740 | 2,514,610 |
Total deposits | 4,516,750 | 4,540,659 |
Short-term borrowed funds | 52,451 | 53,028 |
Other liabilities | 91,694 | 42,983 |
Total Liabilities | 4,660,895 | 4,636,670 |
Shareholders' Equity: | ||
Common stock (no par value), authorized - 150,000 shares Issued and outstanding: 25,438 at March 31, 2016 and 25,528 at December 31, 2015 | 379,893 | 378,858 |
Deferred compensation | 1,533 | 2,578 |
Accumulated other comprehensive income | 6,619 | 675 |
Retained earnings | 150,928 | 150,094 |
Total Shareholders' Equity | 538,973 | 532,205 |
Total Liabilities and Shareholders' Equity | $ 5,199,868 | $ 5,168,875 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities held to maturity, fair values | $ 1,381,808 | $ 1,325,699 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 150,000 | 150,000 |
Common stock, Issued (in shares) | 25,438 | 25,528 |
Common stock, outstanding (in shares) | 25,438 | 25,528 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and Fee Income: | ||
Loans | $ 18,353,000 | $ 20,230,000 |
Investment securities available for sale | 7,967,000 | 7,469,000 |
Investment securities held to maturity | 7,327,000 | 6,218,000 |
Total Interest and Fee Income | 33,647,000 | 33,917,000 |
Interest Expense: | ||
Deposits | 543,000 | 642,000 |
Short-term borrowed funds | 9,000 | 16,000 |
Federal Home Loan Bank advances | 0 | 1,000 |
Total Interest Expense | 552,000 | 659,000 |
Net Interest and Fee Income | 33,095,000 | 33,258,000 |
Provision for Loan Losses | 0 | 0 |
Net Interest and Fee Income After Provision For Loan Losses | 33,095,000 | 33,258,000 |
Noninterest Income: | ||
Service charges on deposit accounts | 5,248,000 | 5,707,000 |
Merchant processing services | 1,529,000 | 1,703,000 |
Debit card fees | 1,516,000 | 1,456,000 |
Trust fees | 661,000 | 706,000 |
ATM processing fees | 658,000 | 585,000 |
Other service fees | 629,000 | 665,000 |
Financial services commissions | 156,000 | 153,000 |
Other noninterest income | 1,332,000 | 1,325,000 |
Total Noninterest Income | 11,729,000 | 12,300,000 |
Noninterest Expense: | ||
Salaries and related benefits | 13,117,000 | 13,338,000 |
Occupancy | 3,398,000 | 3,727,000 |
Outsourced data processing services | 2,130,000 | 2,108,000 |
Furniture and equipment | 1,213,000 | 1,119,000 |
Amortization of identifiable intangibles | 905,000 | 1,001,000 |
Professional fees | 732,000 | 548,000 |
Courier service | 545,000 | 543,000 |
Other real estate owned | 111,000 | 315,000 |
Other noninterest expense | 3,707,000 | 4,028,000 |
Total Noninterest Expense | 25,858,000 | 26,727,000 |
Income Before Income Taxes | 18,966,000 | 18,831,000 |
Provision for income taxes | 4,740,000 | 4,274,000 |
Net Income | $ 14,226,000 | $ 14,557,000 |
Average Common Shares Outstanding (in shares) | 25,445 | 25,651 |
Average Diluted Common Shares Outstanding (in shares) | 25,458 | 25,655 |
Per Common Share Data: | ||
Basic earnings (in dollars per share) | $ 0.56 | $ 0.57 |
Diluted earnings (in dollars per share) | 0.56 | 0.57 |
Dividends paid (in dollars per share) | $ 0.39 | $ 0.38 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 14,226,000 | $ 14,557,000 |
Other comprehensive income: | ||
Increase in net unrealized gains on securities available for sale | 10,241,000 | 7,418,000 |
Deferred tax expense | (4,306,000) | (3,119,000) |
Increase in net unrealized gains on securities available for sale, net of tax | 5,935,000 | 4,299,000 |
Post-retirement benefit transition obligation amortization | 15,000 | 15,000 |
Deferred tax expense | (6,000) | (6,000) |
Post-retirement benefit transition obligation amortization, net of tax | 9,000 | 9,000 |
Total other comprehensive income | 5,944,000 | 4,308,000 |
Total comprehensive income | $ 20,170,000 | $ 18,865,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands | Common Stock [Member] | Accumulated Deferred Compensation [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 25,745 | ||||
Balance at Dec. 31, 2014 | $ 378,132,000 | $ 2,711,000 | $ 5,292,000 | $ 140,468,000 | $ 526,603,000 |
Net income | $ 14,557,000 | 14,557,000 | |||
Other comprehensive income | $ 4,308,000 | $ 4,308,000 | |||
Exercise of stock options | |||||
Tax benefit decrease upon expiration/exercise of stock options | $ (865,000) | $ (865,000) | |||
Stock based compensation | $ 354,000 | 354,000 | |||
Stock awarded to employees (in shares) | 1 | ||||
Stock awarded to employees | $ 45,000 | 45,000 | |||
Retirement of common stock including repurchases (in shares) | (183) | ||||
Retirement of common stock including repurchases | $ (2,708,000) | $ (5,159,000) | (7,867,000) | ||
Dividends | (9,755,000) | (9,755,000) | |||
Balance (in shares) at Mar. 31, 2015 | 25,563 | ||||
Balance at Mar. 31, 2015 | $ 374,958,000 | $ 2,711,000 | $ 9,600,000 | 140,111,000 | 527,380,000 |
Balance (in shares) at Dec. 31, 2015 | 25,528 | ||||
Balance at Dec. 31, 2015 | $ 378,858,000 | $ 2,578,000 | $ 675,000 | 150,094,000 | 532,205,000 |
Net income | $ 14,226,000 | 14,226,000 | |||
Other comprehensive income | $ 5,944,000 | 5,944,000 | |||
Exercise of stock options | $ 1,717,000 | 1,717,000 | |||
Tax benefit decrease upon expiration/exercise of stock options | (181,000) | (181,000) | |||
Stock based compensation | 390,000 | 390,000 | |||
Stock awarded to employees | $ 15,000 | 15,000 | |||
Retirement of common stock including repurchases (in shares) | (130) | ||||
Retirement of common stock including repurchases | $ (1,951,000) | $ (3,473,000) | (5,424,000) | ||
Dividends | (9,919,000) | (9,919,000) | |||
Balance (in shares) at Mar. 31, 2016 | 25,438 | ||||
Balance at Mar. 31, 2016 | $ 379,893,000 | $ 1,533,000 | $ 6,619,000 | $ 150,928,000 | $ 538,973,000 |
Exercise of stock options (in shares) | 40 | ||||
Restricted stock activity | $ 1,045,000 | $ (1,045,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Operating Activities: | |||
Net income | $ 14,226,000 | $ 14,557,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,065,000 | 3,930,000 | |
Net amortization of deferred loan fees | (54,000) | (78,000) | |
Decrease in interest income receivable | 1,379,000 | 812,000 | |
Decrease (increase) in deferred tax asset | 115,000 | (421,000) | |
Increase in other assets | (5,602,000) | (822,000) | |
Stock option compensation expense | 390,000 | 354,000 | |
Tax benefit decrease upon expiration/exercise of stock options | 181,000 | 865,000 | |
Increase in income taxes payable | 3,424,000 | 4,695,000 | |
Increase in interest expense payable | 25,000 | 21,000 | |
Increase (decrease) in other liabilities | (4,000) | (6,158,000) | |
Writedown/loss on sale of premises and equipment | 5,000 | $ 4,000 | |
Net gain on sale of foreclosed assets | (58,000) | ||
Writedown of foreclosed assets | 126,000 | $ 243,000 | |
Net Cash Provided by Operating Activities | 18,218,000 | 18,002,000 | |
Investing Activities: | |||
Net repayments of loans | 61,070,000 | 13,805,000 | |
Change in payable to FDIC | [1] | 5,189,000 | (692,000) |
Purchases of investment securities available for sale | (152,128,000) | (354,527,000) | |
Proceeds from sale/maturity/calls of securities available for sale | 166,023,000 | 185,073,000 | |
Purchases of investment securities held to maturity | (56,182,000) | (10,359,000) | |
Proceeds from maturity/calls of securities held to maturity | 33,531,000 | 30,468,000 | |
Purchases of premises and equipment | $ (283,000) | (1,326,000) | |
Proceeds from sale of FRB(2)/FHLB(3) stock | [2],[3] | 490,000 | |
Proceeds from sale of foreclosed assets | $ 975,000 | 100,000 | |
Net Cash Provided by (Used in) Investing Activities | 58,195,000 | (136,968,000) | |
Financing Activities: | |||
Net change in deposits | (23,909,000) | 30,891,000 | |
Net change in short-term borrowings and FHLB(3) advances | (577,000) | $ (26,824,000) | |
Exercise of stock options/issuance of shares | 1,717,000 | ||
Tax benefit decrease upon expiration/exercise of stock options | (181,000) | $ (865,000) | |
Retirement of common stock including repurchases | (5,424,000) | (7,867,000) | |
Common stock dividends paid | (9,919,000) | (9,755,000) | |
Net Cash Used in Financing Activities | (38,293,000) | (14,420,000) | |
Net Change In Cash and Due from Banks | 38,120,000 | (133,386,000) | |
Cash and Due from Banks at Beginning of Period | 433,044,000 | 380,836,000 | |
Cash and Due from Banks at End of Period | 471,164,000 | 247,450,000 | |
Supplemental disclosure of noncash activities: | |||
Loan collateral transferred to other real estate owned | 217,000 | 3,202,000 | |
Securities purchases pending settlement | 44,580,000 | 1,478,000 | |
Supplemental disclosure of cash flow activities: | |||
Interest paid for the period | 526,000 | $ 775,000 | |
Income tax payments for the period | $ 1,200,000 | ||
[1] | Federal Deposit Insurance Corporation ("FDIC"). | ||
[2] | Federal Home Loan Bank ("FHLB"). | ||
[3] | Federal Reserve Bank ("FRB"). |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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, 2016 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, 2015. |
Note 2 - Accounting Policies
Note 2 - Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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, 2015. 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 Issued Accounting Standards FASB Accounting Standards Update (ASU) 2016-01 Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, The Company will be required to adopt the ASU provisions on January 1, 2018. Management is evaluating the impact that the ASU will have on the Company’s financial statements. FASB Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), The Company will be required to adopt the ASU provisions January 1, 2019, utilizing the modified retrospective transition approach. Management is evaluating the impact that the ASU will have on the Company’s financial statements. FASB ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, The Company will be required to adopt the ASU provisions January 1, 2017. Management is evaluating the impact that the ASU will have on the Company’s financial statements. |
Note 3 - Investment Securities
Note 3 - Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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 Amortized Gross Gross Fair (In thousands) Securities of U.S. Government sponsored entities $ 360,219 $ 668 $ (158 ) $ 360,729 Agency residential mortgage-backed securities (MBS) 198,740 1,460 (2,931 ) 197,269 Non-agency residential MBS 345 8 - 353 Non-agency commercial MBS 2,298 9 (5 ) 2,302 Obligations of states and political subdivisions 139,551 9,048 (41 ) 148,558 Asset-backed securities 1,680 - (22 ) 1,658 FHLMC (1) (2) 775 3,016 - 3,791 Corporate securities 868,796 3,670 (3,719 ) 868,747 Other securities 2,036 667 (140 ) 2,563 Total $ 1,574,440 $ 18,546 $ (7,016 ) $ 1,585,970 (1) (2) 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 Amortized Gross Gross Fair (In thousands) Securities of U.S. government sponsored entities $ 713 $ 12 $ - $ 725 Agency residential MBS 632,696 6,398 (404 ) 638,690 Non-agency residential MBS 9,415 87 (2 ) 9,500 Agency commercial MBS 16,136 36 (295 ) 15,877 Obligations of states and political subdivisions 699,179 18,108 (271 ) 717,016 Total $ 1,358,139 $ 24,641 $ (972 ) $ 1,381,808 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 Amortized Gross Gross Fair (In thousands) Securities of U.S. Government sponsored entities $ 302,292 $ 255 $ (665 ) $ 301,882 Agency residential mortgage-backed securities (MBS) 208,046 1,407 (6,909 ) 202,544 Non-agency residential MBS 354 16 - 370 Non-agency commercial MBS 2,383 5 (9 ) 2,379 Obligations of states and political subdivisions 148,705 8,861 (57 ) 157,509 Asset-backed securities 2,025 - (22 ) 2,003 FHLMC (1) (2) 775 3,554 - 4,329 Corporate securities 902,308 882 (6,821 ) 896,369 Other securities 2,039 952 (160 ) 2,831 Total $ 1,568,927 $ 15,932 $ (14,643 ) $ 1,570,216 (1) (2) 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 Amortized Gross Gross Fair (In thousands) Securities of U.S. government sponsored entities $ 764 $ - $ - $ 764 Agency residential MBS 595,503 1,810 (4,966 ) 592,347 Non-agency residential MBS 9,667 185 - 9,852 Agency commercial MBS 16,258 20 (274 ) 16,004 Obligations of states and political subdivisions 693,883 13,638 (789 ) 706,732 Total $ 1,316,075 $ 15,653 $ (6,029 ) $ 1,325,699 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, 2016 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 126,563 $ 126,929 $ 22,825 $ 23,380 Over 1 to 5 years 983,838 984,709 269,713 273,902 Over 5 to 10 years 257,772 265,730 295,674 304,975 Over 10 years 2,073 2,324 111,680 115,484 Subtotal 1,370,246 1,379,692 699,892 717,741 MBS 201,383 199,924 658,247 664,067 Other securities 2,811 6,354 - - Total $ 1,574,440 $ 1,585,970 $ 1,358,139 $ 1,381,808 Securities available for sale at March 31, 2016 with maturity dates over one year but less than five years include $ 221,924 At December 31, 2015 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 136,717 $ 136,976 $ 20,709 $ 21,354 Over 1 to 5 years 1,049,786 1,044,453 259,556 262,163 Over 5 to 10 years 166,352 173,585 289,568 296,352 Over 10 years 2,475 2,749 124,814 127,627 Subtotal 1,355,330 1,357,763 694,647 707,496 MBS 210,783 205,293 621,428 618,203 Other securities 2,814 7,160 - - Total $ 1,568,927 $ 1,570,216 $ 1,316,075 $ 1,325,699 Expected maturities of mortgage-related 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-related securities. At March 31, 2016 and December 31, 2015, 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 No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrealized Investment Fair Value Unrealized Investment Fair Value Unrealized ($ in thousands) Securities of U.S. Government sponsored entities 2 $ 39,801 $ (158 ) - $ - $ - 2 $ 39,801 $ (158 ) Agency residential MBS 1 7,033 (84 ) 30 158,762 (2,847 ) 31 165,795 (2,931 ) Non-agency commercial MBS - - - 1 837 (5 ) 1 837 (5 ) Obligations of states and political subdivisions 4 2,291 (14 ) 3 1,118 (27 ) 7 3,409 (41 ) Asset-backed securities - - - 1 1,658 (22 ) 1 1,658 (22 ) Corporate securities 40 198,880 (1,559 ) 43 162,806 (2,160 ) 83 361,686 (3,719 ) Other securities - - - 1 1,860 (140 ) 1 1,860 (140 ) Total 47 $ 248,005 $ (1,815 ) 79 $ 327,041 $ (5,201 ) 126 $ 575,046 $ (7,016 ) An analysis of gross unrecognized losses of the held to maturity investment securities portfolio follows: Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrecognized Investment Fair Value Unrecognized Investment Fair Value Unrecognized ($ in thousands) Agency residential MBS 6 $ 13,853 $ (58 ) 8 $ 34,193 $ (346 ) 14 $ 48,046 $ (404 ) Non-agency residential MBS 1 1,366 (2 ) - - - 1 1,366 (2 ) Agency commercial MBS - - - 2 13,823 (295 ) 2 13,823 (295 ) Obligations of states and political subdivisions 30 26,386 (113 ) 18 15,044 (158 ) 48 41,430 (271 ) Total 37 $ 41,605 $ (173 ) 28 $ 63,060 $ (799 ) 65 $ 104,665 $ (972 ) 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-backed 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, 2016. 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, 2016, $ 712,412 An analysis of gross unrealized losses Investment Securities Available for Sale No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrealized Investment Fair Value Unrealized Investment Fair Value Unrealized ($ in thousands) Securities of U.S. Government sponsored entities 8 $ 121,392 $ (665 ) - $ - $ - 8 $ 121,392 $ (665 ) Agency residential MBS 2 12,491 (366 ) 31 161,296 (6,543 ) 33 173,787 (6,909 ) Non-agency commercial MBS 1 1,071 - 1 855 (9 ) 2 1,926 (9 ) Obligations of states and political subdivisions 3 2,728 (18 ) 4 1,644 (39 ) 7 4,372 (57 ) Asset-backed securities - - - 1 2,003 (22 ) 1 2,003 (22 ) Corporate securities 97 548,177 (5,442 ) 25 86,762 (1,379 ) 122 634,939 (6,821 ) Other securities - - - 1 1,840 (160 ) 1 1,840 (160 ) Total 111 $ 685,859 $ (6,491 ) 63 $ 254,400 $ (8,152 ) 174 $ 940,259 $ (14,643 ) An analysis of gross unrecognized losses Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrecognized Investment Fair Value Unrecognized Investment Fair Value Unrecognized ($ in thousands) Agency residential MBS 41 $ 426,317 $ (3,490 ) 13 $ 62,041 $ (1,476 ) 54 $ 488,358 $ (4,966 ) Agency commercial MBS - - - 2 13,951 (274 ) 2 13,951 (274 ) Obligations of states and political subdivisions 55 44,585 (249 ) 54 42,081 (540 ) 109 86,666 (789 ) Total 96 $ 470,902 $ (3,739 ) 69 $ 118,073 $ (2,290 ) 165 $ 588,975 $ (6,029 ) 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 2016 2015 (In thousands) Taxable $ 9,674 $ 7,554 Tax-exempt from regular federal income tax 5,620 6,133 Total interest income from investment securities $ 15,294 $ 13,687 |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4: Loans and Allowance for Loan Losses A summary of the major categories of loans outstanding is shown in the following tables. At March 31, 2016 Commercial Commercial Construction Residential Consumer Total (In thousands) Originated loans $ 341,898 $ 515,183 $ 2,147 $ 109,201 $ 341,654 $ 1,310,083 Purchased covered loans : Gross purchased covered loans - - - 2,330 11,352 13,682 Purchased loan discount - - - - (18 ) (18 ) Purchased non-covered loans : Gross purchased non-covered loans 14,447 108,968 960 229 30,929 155,533 Purchased loan discount (931 ) (3,975 ) - (23 ) (1,155 ) (6,084 ) Total $ 355,414 $ 620,176 $ 3,107 $ 111,737 $ 382,762 $ 1,473,196 At December 31, 2015 Commercial Commercial Construction Residential Consumer Total (In thousands) Originated loans $ 368,117 $ 517,070 $ 2,978 $ 117,631 $ 346,043 $ 1,351,839 Purchased covered loans : Gross purchased covered loans - - - 2,385 11,828 14,213 Purchased loan discount - - - (133 ) (19 ) (152 ) Purchased non-covered loans : Gross purchased non-covered loans 15,620 124,650 973 231 32,454 173,928 Purchased loan discount (989 ) (4,264 ) - (23 ) (1,156 ) (6,432 ) Total $ 382,748 $ 637,456 $ 3,951 $ 120,091 $ 389,150 $ 1,533,396 Changes in the carrying amount of impaired purchased loans were as follows: For the For the Year Ended Impaired purchased loans (In thousands) Carrying amount at the beginning of the period $ 3,887 $ 4,672 Reductions during the period (2,628 ) (785 ) Carrying amount at the end of the period $ 1,259 $ 3,887 Changes in the accretable yield for purchased loans were as follows: For the For the Accretable yield: (In thousands) Balance at the beginning of the period $ 1,259 $ 2,261 Reclassification from nonaccretable difference 1,077 3,051 Accretion (1,319 ) (4,053 ) Balance at the end of the period $ 1,017 $ 1,259 Accretion $ (1,319 ) $ (4,053 ) Change in FDIC indemnification 694 698 (Increase) in interest income $ (625 ) $ (3,355 ) The following summarizes activity in the allowance for loan losses: Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 9,559 $ 4,224 $ 177 $ 1,801 $ 7,080 $ 967 $ - $ 5,963 $ 29,771 Additions: Provision 1,214 (2 ) (47 ) (94 ) 152 (1,193 ) - (30 ) - Deductions: Chargeoffs (1,171 ) - - - (1,006 ) - - - (2,177 ) Recoveries 245 15 - - 457 1,176 - - 1,893 Net loan (losses) recoveries (926 ) 15 - - (549 ) 1,176 - - (284 ) Total allowance for loan losses $ 9,847 $ 4,237 $ 130 $ 1,707 $ 6,683 $ 950 $ - $ 5,933 $ 29,487 Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (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 $ - $ 9,354 $ 31,187 The allowance for loan losses and recorded investment in loans were evaluated for impairment as follows: Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 5,831 $ 585 $ - $ - $ - $ - $ - $ - $ 6,416 Collectively evaluated for impairment 4,016 3,652 130 1,707 6,683 950 - 5,933 23,071 Purchased loans with evidence of credit deterioration - - - - - - - - - Total $ 9,847 $ 4,237 $ 130 $ 1,707 $ 6,683 $ 950 $ - $ 5,933 $ 29,487 Carrying value of loans: Individually evaluated for impairment $ 13,388 $ 7,516 $ - $ - $ - $ 11,733 $ - $ - $ 32,637 Collectively evaluated for impairment 328,510 507,667 2,147 109,201 341,654 136,658 13,463 - 1,439,300 Purchased loans with evidence of credit deterioration - - - - - 1,058 201 - 1,259 Total $ 341,898 $ 515,183 $ 2,147 $ 109,201 $ 341,654 $ 149,449 $ 13,664 $ - $ 1,473,196 Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 4,942 $ 585 $ - $ - $ - $ - $ - $ - $ 5,527 Collectively evaluated for impairment 4,617 3,639 177 1,801 7,080 967 - 5,963 24,244 Purchased loans with evidence of credit deterioration - - - - - - - - - Total $ 9,559 $ 4,224 $ 177 $ 1,801 $ 7,080 $ 967 $ - $ 5,963 $ 29,771 Carrying value of loans: Individually evaluated for impairment $ 12,587 $ 5,541 $ - $ - $ - $ 11,777 $ - $ - $ 29,905 Collectively evaluated for impairment 355,530 511,529 2,978 117,631 346,043 152,038 13,855 - 1,499,604 Purchased loans with evidence of credit deterioration - - - - - 3,681 206 - 3,887 Total $ 368,117 $ 517,070 $ 2,978 $ 117,631 $ 346,043 $ 167,496 $ 14,061 $ - $ 1,533,396 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 Commercial Commercial Construction Residential Consumer Purchased Purchased (1) Total (In thousands) Grade: Pass $ 321,513 $ 492,359 $ 2,147 $ 106,117 $ 340,536 $ 133,109 $ 11,938 $ 1,407,719 Substandard 18,544 22,824 - 3,084 843 22,329 1,744 69,368 Doubtful 1,841 - - - 21 18 - 1,880 Loss - - - - 254 77 - 331 Purchased loan discount - - - - - (6,084 ) (18 ) (6,102 ) Total $ 341,898 $ 515,183 $ 2,147 $ 109,201 $ 341,654 $ 149,449 $ 13,664 $ 1,473,196 (1) Credit Risk Profile by Internally Assigned Grade Commercial Commercial Construction Residential Consumer Purchased Purchased (1) Total (In thousands) Grade: Pass $ 353,474 $ 496,744 $ 2,978 $ 114,525 $ 344,876 $ 149,100 $ 12,563 $ 1,474,260 Substandard 14,643 20,326 - 3,106 781 24,810 1,650 65,316 Doubtful - - - - 12 18 - 30 Loss - - - - 374 - - 374 Purchased loan discount - - - - - (6,432 ) (152 ) (6,584 ) Total $ 368,117 $ 517,070 $ 2,978 $ 117,631 $ 346,043 $ 167,496 $ 14,061 $ 1,533,396 (1) The following tables summarize loans by delinquency and nonaccrual status: Summary of Loans by Delinquency and Nonaccrual Status Current and 30-59 Days 60-89 Days Past Due 90 Nonaccrual Total Loans (In thousands) Commercial $ 338,683 $ 780 $ 308 $ - $ 2,127 $ 341,898 Commercial real estate 505,878 715 400 - 8,190 515,183 Construction 2,147 - - - - 2,147 Residential real estate 105,355 2,350 767 - 729 109,201 Consumer installment and other 338,687 2,137 647 183 - 341,654 Total originated loans 1,290,750 5,982 2,122 183 11,046 1,310,083 Purchased non-covered loans 141,930 721 40 77 6,681 149,449 Purchased covered loans 13,635 - 29 - - 13,664 Total $ 1,446,315 $ 6,703 $ 2,191 $ 260 $ 17,727 $ 1,473,196 Summary of Loans by Delinquency and Nonaccrual Status Current and 30-59 Days 60-89 Days Past Due 90 Nonaccrual Total Loans (In thousands) Commercial $ 365,450 $ 1,777 $ 122 $ - $ 768 $ 368,117 Commercial real estate 504,970 5,930 726 - 5,444 517,070 Construction 2,978 - - - - 2,978 Residential real estate 115,575 1,202 414 - 440 117,631 Consumer installment and other 341,566 3,263 919 295 - 346,043 Total originated loans 1,330,539 12,172 2,181 295 6,652 1,351,839 Purchased non-covered loans 158,554 589 7 - 8,346 167,496 Purchased covered loans 13,929 132 - - - 14,061 Total $ 1,503,022 $ 12,893 $ 2,188 $ 295 $ 14,998 $ 1,533,396 The following is a summary of the effect of nonaccrual loans on interest income: For the Three Months Ended 2016 2015 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 280 $ 311 Less: Interest income recognized on nonaccrual loans (263 ) (205 ) Total reduction of interest income $ 17 $ 106 There were no commitments to lend additional funds to borrowers whose loans were on nonaccrual status at March 31, 2016 The following summarizes impaired loans: Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 2,099 $ 2,185 $ - Commercial real estate 16,069 20,742 - Construction 271 271 - Residential real estate 953 984 - Consumer installment and other 344 451 - Impaired loans with an allowance recorded: Commercial 11,634 12,452 5,831 Commercial real estate 4,660 5,109 585 Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 13,733 $ 14,637 $ 5,831 Commercial real estate 20,729 25,851 585 Construction 271 271 - Residential real estate 953 984 - Consumer installment and other 344 451 - Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 2,917 $ 2,979 $ - Commercial real estate 16,309 21,168 - Construction 271 271 - Residential real estate 666 697 - Consumer installment and other 350 456 - Impaired loans with an allowance recorded: Commercial 10,170 10,170 4,942 Commercial real estate 4,660 5,109 585 Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 13,087 $ 13,149 $ 4,942 Commercial real estate 20,969 26,277 585 Construction 271 271 - Residential real estate 666 697 - Consumer installment and other 350 456 - Impaired loans include troubled debt restructured loans. Impaired loans at March 31, 2016, included $ 19,645 12,114 15,712 7,464 Impaired Loans 2016 2015 Average Recognized Average Recognized (In thousands) Commercial $ 13,410 $ 133 $ 12,226 $ 146 Commercial real estate 20,849 159 18,318 257 Construction 271 - 917 - Residential real estate 810 4 860 6 Consumer installment and other 347 6 1,254 6 Total $ 35,687 $ 302 $ 33,575 $ 415 The following table provides information on troubled debt restructurings: Troubled Debt Restructurings At March 31, 2016 Number of Pre-Modification Period-End Period-End (In thousands) Commercial 7 $ 2,568 $ 2,156 $ 194 Commercial real estate 11 17,587 17,265 585 Residential real estate 1 242 224 - Total 19 $ 20,397 $ 19,645 $ 779 Troubled Debt Restructurings At December 31, 2015 Number of Pre-Modification Period-End Period-End (In thousands) Commercial 6 $ 3,138 $ 2,802 $ 194 Commercial real estate 10 12,927 12,684 - Residential real estate 1 242 226 - Total 17 $ 16,307 $ 15,712 $ 194 During the three months ended March 31, 2016, the Company modified three 4,757 There were no loans restricted due to collateral requirements at March 31, 2016 There were no loans held for sale at March 31, 2016 At March 31, 2016 and December 31, 2015, the Company held total other real estate owned (OREO) of $ 8,438 2,102 9,264 1,986 -0- -0- |
Note 5 - Concentration of Credi
Note 5 - Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 5: Concentration of Credit Risk Under the California Financial Code, credit extended 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, 2016 38 60,660 61,190 48 |
Note 6 - Other Assets
Note 6 - Other Assets | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | Note 6: Other Assets Other assets consisted of the following: At March 31, At December 31, (In thousands) Cost method equity investments: Federal Reserve Bank stock (1) $ 14,069 $ 14,069 Other investments 201 201 Total cost method equity investments 14,270 14,270 Life insurance cash surrender value 49,607 48,972 Net deferred tax asset 47,069 51,748 Limited partnership investments 14,551 15,259 Interest receivable 18,795 20,174 Prepaid assets 4,732 4,771 Other assets 14,180 10,660 Total other assets $ 163,204 $ 165,854 (1) A bank applying for membership in the Federal Reserve System is required to subscribe to stock in the Federal Reserve Bank (FRB) in its district 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. 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, 2016, this investment totaled $ 14,551 2,299 15,259 2,299 2,299 453 763 1,083 The amounts recognized in net income for these investments include: For the Three Months Ended 2016 2015 (In thousands) Investment loss included in pre-tax income $ 675 $ 675 Tax credits recognized in provision for income taxes 598 658 |
Note 7 - Goodwill and Identifia
Note 7 - Goodwill and Identifiable Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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 evaluated for impairment at least annually. The Company did not recognize impairment during the three months ended March 31, 2016 and year ended December 31, 2015. 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, 2016 and year ended December 31, 2015, no such adjustments were recorded. The carrying values of goodwill were: At March 31, At December 31, (In thousands) Goodwill $ 121,673 $ 121,673 The gross carrying amount of identifiable intangible assets and accumulated amortization was: At March 31, 2016 At December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Core Deposit Intangibles $ 56,808 $ (47,628 ) $ 56,808 $ (46,782 ) Merchant Draft Processing Intangible 10,300 (9,954 ) 10,300 (9,895 ) Total Identifiable Intangible Assets $ 67,108 $ (57,582 ) $ 67,108 $ (56,677 ) As of March 31, 2016, the current period and estimated future amortization expense for identifiable intangible assets was: Merchant Draft Total (In thousands) For the Three Months ended March 31, 2016 (actual) $ 846 $ 59 $ 905 Estimate for year ended December 31, 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
Note 8 - Deposits and Borrowed Funds | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Deposits and Borrowed Funds [Text Block] | Note 8: Deposits and Borrowed Funds The following table provides additional detail regarding deposits. Deposits At March 31, At December 31, (In thousands) Noninterest-bearing $ 1,989,010 $ 2,026,049 Interest-bearing: Transaction 855,008 860,706 Savings 1,393,919 1,366,936 Time deposits less than $100 thousand 147,699 150,780 Time deposits $100 thousand through $250 thousand 93,460 96,971 Time deposits more than $250 thousand 37,654 39,217 Total deposits $ 4,516,750 $ 4,540,659 Demand deposit overdrafts of $ 2,951 3,038 137 197 The following table provides additional detail regarding short-term borrowed funds. Repurchase Agreements (Sweep) At March 31, 2016 At December 31, 2015 Remaining Contractual Maturity of the Agreements Overnight and Continuous Repurchase agreements: (In thousands) Collateral securing borrowings: Securities of U.S. Government sponsored entities $ 99,343 $ 98,969 Obligations of states and political subdivisions 3,250 3,975 Corporate securities 49,715 54,681 Total collateral carrying value $ 152,308 $ 157,625 Total short-term borrowed funds $ 52,451 $ 53,028 The $35,000 thousand unsecured line of credit expired, with no outstanding balance, March 18, 2016 and was not renewed. There was no outstanding balance at |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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 and equity 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 federal agency securities, mortgage-backed securities, corporate securities, asset-backed securities, and municipal bonds. 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 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 or 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. The Company regularly reviews the valuation techniques and assumptions used by its vendors and determines which valuation techniques are utilized based on observable market inputs for the type of securities being measured. The Company uses the information to determine the placement in the fair value hierarchy as level 1, 2 or 3. 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, or reevaluates the valuation techniques and assumptions used by its vendors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new information. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the three months ended March 31, 2016 and 2015, there were no transfers in or out of levels 1, 2 or 3. During the quarter ended June 30, 2015, the Company reevaluated the valuation techniques and assumptions used by its vendors in valuing the Company’s available for sale securities, and based on the evaluation, transferred $437,715 thousand out of level 1 and transferred $437,715 thousand into level 2. There were no transfers into level 1 or into or out of level 3. Subsequent to June 30, 2015 and through the year ended December 31, 2015, there were no transfers into or out of levels 1, 2 or 3. Assets Recorded at Fair Value on a Recurring Basis The tables below present assets measured at fair value on a recurring basis on the dates indicated. At March 31, 2016 Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Securities of U.S. Government sponsored entities $ 360,729 $ - $ 360,729 $ - Agency residential MBS 197,269 - 197,269 - Non-agency residential MBS 353 353 - Non-agency commercial MBS 2,302 - 2,302 - Obligations of states and political subdivisions 148,558 - 148,558 - Asset-backed securities 1,658 - 1,658 - FHLMC and FNMA stock 3,791 6 3,785 - Corporate securities 868,747 - 868,747 - Other securities 2,563 703 1,860 - Total securities available for sale $ 1,585,970 $ 709 $ 1,585,261 $ - At December 31, 2015 Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Securities of U.S. Government sponsored entities $ 301,882 $ - $ 301,882 $ - Agency residential MBS 202,544 - 202,544 - Non-agency residential MBS 370 370 - Non-agency commercial MBS 2,379 - 2,379 - Obligations of states and political subdivisions 157,509 - 157,509 - Asset-backed securities 2,003 - 2,003 - FHLMC and FNMA stock 4,329 7 4,322 - Corporate securities 896,369 - 896,369 - Other securities 2,831 991 1,840 - Total securities available for sale $ 1,570,216 $ 998 $ 1,569,218 $ - 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, 2016 and December 31, 2015, 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. At March 31, 2016 For the Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 8,438 $ - $ - $ 8,438 $ (126 ) Impaired loans 16,208 - - 16,208 (814 ) Total assets measured at fair value on a nonrecurring basis $ 24,646 $ - $ - $ 24,646 $ (940 ) At December 31, 2015 For the Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 9,264 $ - $ - $ 9,264 $ (320 ) Impaired loans 15,633 - - 15,633 (449 ) Total assets measured at fair value on a nonrecurring basis $ 24,897 $ - $ - $ 24,897 $ (769 ) Level 3 – Valuation is based upon independent market prices, estimated liquidation values of loan collateral or appraised value of the collateral as determined by third-party independent appraisers, less 10% for selling costs, generally. Level 3 includes other real estate owned that has been measured at fair value upon transfer to foreclosed assets and impaired loans collateralized by real property and other business asset collateral where a specific reserve has been established or a chargeoff 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. The unobservable inputs and qualitative information about the unobservable inputs are not presented due to the unavailability from third party evaluators. 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 Investment Securities Held to Maturity Loans 29,487 29,771 18 6,084 152 6,432 Deposit Liabilities Short-Term Borrowed Funds 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, 2016 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: Cash and due from banks $ 471,164 $ 471,164 $ 471,164 $ - $ - Investment securities held to maturity 1,358,139 1,381,808 - 1,381,808 - Loans 1,443,709 1,464,418 - - 1,464,418 Financial Liabilities: Deposits $ 4,516,750 $ 4,515,926 $ - $ 4,237,937 $ 277,989 Short-term borrowed funds 52,451 52,451 - 52,451 - At December 31, 2015 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: Cash and due from banks $ 433,044 $ 433,044 $ 433,044 $ - $ - Investment securities held to maturity 1,316,075 1,325,699 - 1,325,699 - Loans 1,503,625 1,517,394 - - 1,517,394 Financial Liabilities: Deposits $ 4,540,659 $ 4,539,455 $ - $ 4,253,691 $ 285,764 Short-term borrowed funds 53,028 53,028 - 53,028 - 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 Conti
Note 10 - Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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 $ 321,077 299,884 23,581 26,149 -0- 40 2,593 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 S
Note 11 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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, 2016 2015 (In thousands, except per share data) Net income (numerator) $ 14,226 $ 14,557 Basic earnings per common share Weighted average number of common shares outstanding - basic (denominator) 25,445 25,651 Basic earnings per common share $ 0.56 $ 0.57 Diluted earnings per common share Weighted average number of common shares outstanding - basic 25,445 25,651 Add common stock equivalents for options 23 4 Weighted average number of common shares outstanding - diluted (denominator) 25,468 25,655 Diluted earnings per common share $ 0.56 $ 0.57 For the three months ended March 31, 2016 and 2015, options to purchase 1,297 1,775 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards FASB Accounting Standards Update (ASU) 2016-01 Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, The Company will be required to adopt the ASU provisions on January 1, 2018. Management is evaluating the impact that the ASU will have on the Company’s financial statements. FASB Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), The Company will be required to adopt the ASU provisions January 1, 2019, utilizing the modified retrospective transition approach. Management is evaluating the impact that the ASU will have on the Company’s financial statements. FASB ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, The Company will be required to adopt the ASU provisions January 1, 2017. Management is evaluating the impact that the ASU will have on the Company’s financial statements. |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Investment Securities Available for Sale Amortized Gross Gross Fair (In thousands) Securities of U.S. Government sponsored entities $ 360,219 $ 668 $ (158 ) $ 360,729 Agency residential mortgage-backed securities (MBS) 198,740 1,460 (2,931 ) 197,269 Non-agency residential MBS 345 8 - 353 Non-agency commercial MBS 2,298 9 (5 ) 2,302 Obligations of states and political subdivisions 139,551 9,048 (41 ) 148,558 Asset-backed securities 1,680 - (22 ) 1,658 FHLMC (1) (2) 775 3,016 - 3,791 Corporate securities 868,796 3,670 (3,719 ) 868,747 Other securities 2,036 667 (140 ) 2,563 Total $ 1,574,440 $ 18,546 $ (7,016 ) $ 1,585,970 Investment Securities Available for Sale Amortized Gross Gross Fair (In thousands) Securities of U.S. Government sponsored entities $ 302,292 $ 255 $ (665 ) $ 301,882 Agency residential mortgage-backed securities (MBS) 208,046 1,407 (6,909 ) 202,544 Non-agency residential MBS 354 16 - 370 Non-agency commercial MBS 2,383 5 (9 ) 2,379 Obligations of states and political subdivisions 148,705 8,861 (57 ) 157,509 Asset-backed securities 2,025 - (22 ) 2,003 FHLMC (1) (2) 775 3,554 - 4,329 Corporate securities 902,308 882 (6,821 ) 896,369 Other securities 2,039 952 (160 ) 2,831 Total $ 1,568,927 $ 15,932 $ (14,643 ) $ 1,570,216 |
Held-to-maturity Securities [Table Text Block] | Investment Securities Held to Maturity Amortized Gross Gross Fair (In thousands) Securities of U.S. government sponsored entities $ 713 $ 12 $ - $ 725 Agency residential MBS 632,696 6,398 (404 ) 638,690 Non-agency residential MBS 9,415 87 (2 ) 9,500 Agency commercial MBS 16,136 36 (295 ) 15,877 Obligations of states and political subdivisions 699,179 18,108 (271 ) 717,016 Total $ 1,358,139 $ 24,641 $ (972 ) $ 1,381,808 Investment Securities Held to Maturity Amortized Gross Gross Fair (In thousands) Securities of U.S. government sponsored entities $ 764 $ - $ - $ 764 Agency residential MBS 595,503 1,810 (4,966 ) 592,347 Non-agency residential MBS 9,667 185 - 9,852 Agency commercial MBS 16,258 20 (274 ) 16,004 Obligations of states and political subdivisions 693,883 13,638 (789 ) 706,732 Total $ 1,316,075 $ 15,653 $ (6,029 ) $ 1,325,699 |
Investments Classified by Contractual Maturity Date [Table Text Block] | At March 31, 2016 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 126,563 $ 126,929 $ 22,825 $ 23,380 Over 1 to 5 years 983,838 984,709 269,713 273,902 Over 5 to 10 years 257,772 265,730 295,674 304,975 Over 10 years 2,073 2,324 111,680 115,484 Subtotal 1,370,246 1,379,692 699,892 717,741 MBS 201,383 199,924 658,247 664,067 Other securities 2,811 6,354 - - Total $ 1,574,440 $ 1,585,970 $ 1,358,139 $ 1,381,808 At December 31, 2015 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 136,717 $ 136,976 $ 20,709 $ 21,354 Over 1 to 5 years 1,049,786 1,044,453 259,556 262,163 Over 5 to 10 years 166,352 173,585 289,568 296,352 Over 10 years 2,475 2,749 124,814 127,627 Subtotal 1,355,330 1,357,763 694,647 707,496 MBS 210,783 205,293 621,428 618,203 Other securities 2,814 7,160 - - Total $ 1,568,927 $ 1,570,216 $ 1,316,075 $ 1,325,699 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Investment Securities Available for Sale No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrealized Investment Fair Value Unrealized Investment Fair Value Unrealized ($ in thousands) Securities of U.S. Government sponsored entities 2 $ 39,801 $ (158 ) - $ - $ - 2 $ 39,801 $ (158 ) Agency residential MBS 1 7,033 (84 ) 30 158,762 (2,847 ) 31 165,795 (2,931 ) Non-agency commercial MBS - - - 1 837 (5 ) 1 837 (5 ) Obligations of states and political subdivisions 4 2,291 (14 ) 3 1,118 (27 ) 7 3,409 (41 ) Asset-backed securities - - - 1 1,658 (22 ) 1 1,658 (22 ) Corporate securities 40 198,880 (1,559 ) 43 162,806 (2,160 ) 83 361,686 (3,719 ) Other securities - - - 1 1,860 (140 ) 1 1,860 (140 ) Total 47 $ 248,005 $ (1,815 ) 79 $ 327,041 $ (5,201 ) 126 $ 575,046 $ (7,016 ) Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrecognized Investment Fair Value Unrecognized Investment Fair Value Unrecognized ($ in thousands) Agency residential MBS 6 $ 13,853 $ (58 ) 8 $ 34,193 $ (346 ) 14 $ 48,046 $ (404 ) Non-agency residential MBS 1 1,366 (2 ) - - - 1 1,366 (2 ) Agency commercial MBS - - - 2 13,823 (295 ) 2 13,823 (295 ) Obligations of states and political subdivisions 30 26,386 (113 ) 18 15,044 (158 ) 48 41,430 (271 ) Total 37 $ 41,605 $ (173 ) 28 $ 63,060 $ (799 ) 65 $ 104,665 $ (972 ) Investment Securities Available for Sale No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrealized Investment Fair Value Unrealized Investment Fair Value Unrealized ($ in thousands) Securities of U.S. Government sponsored entities 8 $ 121,392 $ (665 ) - $ - $ - 8 $ 121,392 $ (665 ) Agency residential MBS 2 12,491 (366 ) 31 161,296 (6,543 ) 33 173,787 (6,909 ) Non-agency commercial MBS 1 1,071 - 1 855 (9 ) 2 1,926 (9 ) Obligations of states and political subdivisions 3 2,728 (18 ) 4 1,644 (39 ) 7 4,372 (57 ) Asset-backed securities - - - 1 2,003 (22 ) 1 2,003 (22 ) Corporate securities 97 548,177 (5,442 ) 25 86,762 (1,379 ) 122 634,939 (6,821 ) Other securities - - - 1 1,840 (160 ) 1 1,840 (160 ) Total 111 $ 685,859 $ (6,491 ) 63 $ 254,400 $ (8,152 ) 174 $ 940,259 $ (14,643 ) Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Fair Value Unrecognized Investment Fair Value Unrecognized Investment Fair Value Unrecognized ($ in thousands) Agency residential MBS 41 $ 426,317 $ (3,490 ) 13 $ 62,041 $ (1,476 ) 54 $ 488,358 $ (4,966 ) Agency commercial MBS - - - 2 13,951 (274 ) 2 13,951 (274 ) Obligations of states and political subdivisions 55 44,585 (249 ) 54 42,081 (540 ) 109 86,666 (789 ) Total 96 $ 470,902 $ (3,739 ) 69 $ 118,073 $ (2,290 ) 165 $ 588,975 $ (6,029 ) |
Interest Income from Investments [Table Text Block] | For the Three Months 2016 2015 (In thousands) Taxable $ 9,674 $ 7,554 Tax-exempt from regular federal income tax 5,620 6,133 Total interest income from investment securities $ 15,294 $ 13,687 |
Note 4 - Loans and Allowance 21
Note 4 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Loans Receivable [Table Text Block] | At March 31, 2016 Commercial Commercial Construction Residential Consumer Total (In thousands) Originated loans $ 341,898 $ 515,183 $ 2,147 $ 109,201 $ 341,654 $ 1,310,083 Purchased covered loans : Gross purchased covered loans - - - 2,330 11,352 13,682 Purchased loan discount - - - - (18 ) (18 ) Purchased non-covered loans : Gross purchased non-covered loans 14,447 108,968 960 229 30,929 155,533 Purchased loan discount (931 ) (3,975 ) - (23 ) (1,155 ) (6,084 ) Total $ 355,414 $ 620,176 $ 3,107 $ 111,737 $ 382,762 $ 1,473,196 At December 31, 2015 Commercial Commercial Construction Residential Consumer Total (In thousands) Originated loans $ 368,117 $ 517,070 $ 2,978 $ 117,631 $ 346,043 $ 1,351,839 Purchased covered loans : Gross purchased covered loans - - - 2,385 11,828 14,213 Purchased loan discount - - - (133 ) (19 ) (152 ) Purchased non-covered loans : Gross purchased non-covered loans 15,620 124,650 973 231 32,454 173,928 Purchased loan discount (989 ) (4,264 ) - (23 ) (1,156 ) (6,432 ) Total $ 382,748 $ 637,456 $ 3,951 $ 120,091 $ 389,150 $ 1,533,396 |
Impaired Purchased Loans Roll Forward [Table Text Block] | For the For the Year Ended Impaired purchased loans (In thousands) Carrying amount at the beginning of the period $ 3,887 $ 4,672 Reductions during the period (2,628 ) (785 ) Carrying amount at the end of the period $ 1,259 $ 3,887 |
Accretable Yield Reconciliation Schedule [Table Text Block] | For the For the Accretable yield: (In thousands) Balance at the beginning of the period $ 1,259 $ 2,261 Reclassification from nonaccretable difference 1,077 3,051 Accretion (1,319 ) (4,053 ) Balance at the end of the period $ 1,017 $ 1,259 Accretion $ (1,319 ) $ (4,053 ) Change in FDIC indemnification 694 698 (Increase) in interest income $ (625 ) $ (3,355 ) |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 9,559 $ 4,224 $ 177 $ 1,801 $ 7,080 $ 967 $ - $ 5,963 $ 29,771 Additions: Provision 1,214 (2 ) (47 ) (94 ) 152 (1,193 ) - (30 ) - Deductions: Chargeoffs (1,171 ) - - - (1,006 ) - - - (2,177 ) Recoveries 245 15 - - 457 1,176 - - 1,893 Net loan (losses) recoveries (926 ) 15 - - (549 ) 1,176 - - (284 ) Total allowance for loan losses $ 9,847 $ 4,237 $ 130 $ 1,707 $ 6,683 $ 950 $ - $ 5,933 $ 29,487 Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (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 $ - $ 9,354 $ 31,187 |
Schedule of Recorded Investment in Loans Evaluated for Impairment [Table Text Block] | Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 5,831 $ 585 $ - $ - $ - $ - $ - $ - $ 6,416 Collectively evaluated for impairment 4,016 3,652 130 1,707 6,683 950 - 5,933 23,071 Purchased loans with evidence of credit deterioration - - - - - - - - - Total $ 9,847 $ 4,237 $ 130 $ 1,707 $ 6,683 $ 950 $ - $ 5,933 $ 29,487 Carrying value of loans: Individually evaluated for impairment $ 13,388 $ 7,516 $ - $ - $ - $ 11,733 $ - $ - $ 32,637 Collectively evaluated for impairment 328,510 507,667 2,147 109,201 341,654 136,658 13,463 - 1,439,300 Purchased loans with evidence of credit deterioration - - - - - 1,058 201 - 1,259 Total $ 341,898 $ 515,183 $ 2,147 $ 109,201 $ 341,654 $ 149,449 $ 13,664 $ - $ 1,473,196 Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Construction Residential Consumer Purchased Purchased Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 4,942 $ 585 $ - $ - $ - $ - $ - $ - $ 5,527 Collectively evaluated for impairment 4,617 3,639 177 1,801 7,080 967 - 5,963 24,244 Purchased loans with evidence of credit deterioration - - - - - - - - - Total $ 9,559 $ 4,224 $ 177 $ 1,801 $ 7,080 $ 967 $ - $ 5,963 $ 29,771 Carrying value of loans: Individually evaluated for impairment $ 12,587 $ 5,541 $ - $ - $ - $ 11,777 $ - $ - $ 29,905 Collectively evaluated for impairment 355,530 511,529 2,978 117,631 346,043 152,038 13,855 - 1,499,604 Purchased loans with evidence of credit deterioration - - - - - 3,681 206 - 3,887 Total $ 368,117 $ 517,070 $ 2,978 $ 117,631 $ 346,043 $ 167,496 $ 14,061 $ - $ 1,533,396 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Risk Profile by Internally Assigned Grade Commercial Commercial Construction Residential Consumer Purchased Purchased (1) Total (In thousands) Grade: Pass $ 321,513 $ 492,359 $ 2,147 $ 106,117 $ 340,536 $ 133,109 $ 11,938 $ 1,407,719 Substandard 18,544 22,824 - 3,084 843 22,329 1,744 69,368 Doubtful 1,841 - - - 21 18 - 1,880 Loss - - - - 254 77 - 331 Purchased loan discount - - - - - (6,084 ) (18 ) (6,102 ) Total $ 341,898 $ 515,183 $ 2,147 $ 109,201 $ 341,654 $ 149,449 $ 13,664 $ 1,473,196 Credit Risk Profile by Internally Assigned Grade Commercial Commercial Construction Residential Consumer Purchased Purchased (1) Total (In thousands) Grade: Pass $ 353,474 $ 496,744 $ 2,978 $ 114,525 $ 344,876 $ 149,100 $ 12,563 $ 1,474,260 Substandard 14,643 20,326 - 3,106 781 24,810 1,650 65,316 Doubtful - - - - 12 18 - 30 Loss - - - - 374 - - 374 Purchased loan discount - - - - - (6,432 ) (152 ) (6,584 ) Total $ 368,117 $ 517,070 $ 2,978 $ 117,631 $ 346,043 $ 167,496 $ 14,061 $ 1,533,396 |
Past Due Financing Receivables [Table Text Block] | Summary of Loans by Delinquency and Nonaccrual Status Current and 30-59 Days 60-89 Days Past Due 90 Nonaccrual Total Loans (In thousands) Commercial $ 338,683 $ 780 $ 308 $ - $ 2,127 $ 341,898 Commercial real estate 505,878 715 400 - 8,190 515,183 Construction 2,147 - - - - 2,147 Residential real estate 105,355 2,350 767 - 729 109,201 Consumer installment and other 338,687 2,137 647 183 - 341,654 Total originated loans 1,290,750 5,982 2,122 183 11,046 1,310,083 Purchased non-covered loans 141,930 721 40 77 6,681 149,449 Purchased covered loans 13,635 - 29 - - 13,664 Total $ 1,446,315 $ 6,703 $ 2,191 $ 260 $ 17,727 $ 1,473,196 Summary of Loans by Delinquency and Nonaccrual Status Current and 30-59 Days 60-89 Days Past Due 90 Nonaccrual Total Loans (In thousands) Commercial $ 365,450 $ 1,777 $ 122 $ - $ 768 $ 368,117 Commercial real estate 504,970 5,930 726 - 5,444 517,070 Construction 2,978 - - - - 2,978 Residential real estate 115,575 1,202 414 - 440 117,631 Consumer installment and other 341,566 3,263 919 295 - 346,043 Total originated loans 1,330,539 12,172 2,181 295 6,652 1,351,839 Purchased non-covered loans 158,554 589 7 - 8,346 167,496 Purchased covered loans 13,929 132 - - - 14,061 Total $ 1,503,022 $ 12,893 $ 2,188 $ 295 $ 14,998 $ 1,533,396 |
Effect Of Nonaccrual Loans On Interest Income [Table Text Block] | For the Three Months Ended 2016 2015 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 280 $ 311 Less: Interest income recognized on nonaccrual loans (263 ) (205 ) Total reduction of interest income $ 17 $ 106 |
Impaired Financing Receivables [Table Text Block] | Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 2,099 $ 2,185 $ - Commercial real estate 16,069 20,742 - Construction 271 271 - Residential real estate 953 984 - Consumer installment and other 344 451 - Impaired loans with an allowance recorded: Commercial 11,634 12,452 5,831 Commercial real estate 4,660 5,109 585 Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 13,733 $ 14,637 $ 5,831 Commercial real estate 20,729 25,851 585 Construction 271 271 - Residential real estate 953 984 - Consumer installment and other 344 451 - Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 2,917 $ 2,979 $ - Commercial real estate 16,309 21,168 - Construction 271 271 - Residential real estate 666 697 - Consumer installment and other 350 456 - Impaired loans with an allowance recorded: Commercial 10,170 10,170 4,942 Commercial real estate 4,660 5,109 585 Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 13,087 $ 13,149 $ 4,942 Commercial real estate 20,969 26,277 585 Construction 271 271 - Residential real estate 666 697 - Consumer installment and other 350 456 - |
Impaired Financing Receivables Supplemental Schedule [Table Text Block] | Impaired Loans 2016 2015 Average Recognized Average Recognized (In thousands) Commercial $ 13,410 $ 133 $ 12,226 $ 146 Commercial real estate 20,849 159 18,318 257 Construction 271 - 917 - Residential real estate 810 4 860 6 Consumer installment and other 347 6 1,254 6 Total $ 35,687 $ 302 $ 33,575 $ 415 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Troubled Debt Restructurings At March 31, 2016 Number of Pre-Modification Period-End Period-End (In thousands) Commercial 7 $ 2,568 $ 2,156 $ 194 Commercial real estate 11 17,587 17,265 585 Residential real estate 1 242 224 - Total 19 $ 20,397 $ 19,645 $ 779 Troubled Debt Restructurings At December 31, 2015 Number of Pre-Modification Period-End Period-End (In thousands) Commercial 6 $ 3,138 $ 2,802 $ 194 Commercial real estate 10 12,927 12,684 - Residential real estate 1 242 226 - Total 17 $ 16,307 $ 15,712 $ 194 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | At March 31, At December 31, (In thousands) Cost method equity investments: Federal Reserve Bank stock (1) $ 14,069 $ 14,069 Other investments 201 201 Total cost method equity investments 14,270 14,270 Life insurance cash surrender value 49,607 48,972 Net deferred tax asset 47,069 51,748 Limited partnership investments 14,551 15,259 Interest receivable 18,795 20,174 Prepaid assets 4,732 4,771 Other assets 14,180 10,660 Total other assets $ 163,204 $ 165,854 |
Schedule of Amounts Recognized in Net Income [Table Text Block] | For the Three Months Ended 2016 2015 (In thousands) Investment loss included in pre-tax income $ 675 $ 675 Tax credits recognized in provision for income taxes 598 658 |
Note 7 - Goodwill and Identif23
Note 7 - Goodwill and Identifiable Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | At March 31, At December 31, (In thousands) Goodwill $ 121,673 $ 121,673 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | At March 31, 2016 At December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Core Deposit Intangibles $ 56,808 $ (47,628 ) $ 56,808 $ (46,782 ) Merchant Draft Processing Intangible 10,300 (9,954 ) 10,300 (9,895 ) Total Identifiable Intangible Assets $ 67,108 $ (57,582 ) $ 67,108 $ (56,677 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Merchant Draft Total (In thousands) For the Three Months ended March 31, 2016 (actual) $ 846 $ 59 $ 905 Estimate for year ended December 31, 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 Borrowe24
Note 8 - Deposits and Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Deposits [Table Text Block] | Deposits At March 31, At December 31, (In thousands) Noninterest-bearing $ 1,989,010 $ 2,026,049 Interest-bearing: Transaction 855,008 860,706 Savings 1,393,919 1,366,936 Time deposits less than $100 thousand 147,699 150,780 Time deposits $100 thousand through $250 thousand 93,460 96,971 Time deposits more than $250 thousand 37,654 39,217 Total deposits $ 4,516,750 $ 4,540,659 |
Schedule of Repurchase Agreements [Table Text Block] | Repurchase Agreements (Sweep) At March 31, 2016 At December 31, 2015 Remaining Contractual Maturity of the Agreements Overnight and Continuous Repurchase agreements: (In thousands) Collateral securing borrowings: Securities of U.S. Government sponsored entities $ 99,343 $ 98,969 Obligations of states and political subdivisions 3,250 3,975 Corporate securities 49,715 54,681 Total collateral carrying value $ 152,308 $ 157,625 Total short-term borrowed funds $ 52,451 $ 53,028 |
Note 9 - Fair Value Measureme25
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | At March 31, 2016 Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Securities of U.S. Government sponsored entities $ 360,729 $ - $ 360,729 $ - Agency residential MBS 197,269 - 197,269 - Non-agency residential MBS 353 353 - Non-agency commercial MBS 2,302 - 2,302 - Obligations of states and political subdivisions 148,558 - 148,558 - Asset-backed securities 1,658 - 1,658 - FHLMC and FNMA stock 3,791 6 3,785 - Corporate securities 868,747 - 868,747 - Other securities 2,563 703 1,860 - Total securities available for sale $ 1,585,970 $ 709 $ 1,585,261 $ - At December 31, 2015 Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Securities of U.S. Government sponsored entities $ 301,882 $ - $ 301,882 $ - Agency residential MBS 202,544 - 202,544 - Non-agency residential MBS 370 370 - Non-agency commercial MBS 2,379 - 2,379 - Obligations of states and political subdivisions 157,509 - 157,509 - Asset-backed securities 2,003 - 2,003 - FHLMC and FNMA stock 4,329 7 4,322 - Corporate securities 896,369 - 896,369 - Other securities 2,831 991 1,840 - Total securities available for sale $ 1,570,216 $ 998 $ 1,569,218 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | At March 31, 2016 For the Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 8,438 $ - $ - $ 8,438 $ (126 ) Impaired loans 16,208 - - 16,208 (814 ) Total assets measured at fair value on a nonrecurring basis $ 24,646 $ - $ - $ 24,646 $ (940 ) At December 31, 2015 For the Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 9,264 $ - $ - $ 9,264 $ (320 ) Impaired loans 15,633 - - 15,633 (449 ) Total assets measured at fair value on a nonrecurring basis $ 24,897 $ - $ - $ 24,897 $ (769 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At March 31, 2016 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: Cash and due from banks $ 471,164 $ 471,164 $ 471,164 $ - $ - Investment securities held to maturity 1,358,139 1,381,808 - 1,381,808 - Loans 1,443,709 1,464,418 - - 1,464,418 Financial Liabilities: Deposits $ 4,516,750 $ 4,515,926 $ - $ 4,237,937 $ 277,989 Short-term borrowed funds 52,451 52,451 - 52,451 - At December 31, 2015 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: Cash and due from banks $ 433,044 $ 433,044 $ 433,044 $ - $ - Investment securities held to maturity 1,316,075 1,325,699 - 1,325,699 - Loans 1,503,625 1,517,394 - - 1,517,394 Financial Liabilities: Deposits $ 4,540,659 $ 4,539,455 $ - $ 4,253,691 $ 285,764 Short-term borrowed funds 53,028 53,028 - 53,028 - |
Note 11 - Earnings Per Common26
Note 11 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2016 2015 (In thousands, except per share data) Net income (numerator) $ 14,226 $ 14,557 Basic earnings per common share Weighted average number of common shares outstanding - basic (denominator) 25,445 25,651 Basic earnings per common share $ 0.56 $ 0.57 Diluted earnings per common share Weighted average number of common shares outstanding - basic 25,445 25,651 Add common stock equivalents for options 23 4 Weighted average number of common shares outstanding - diluted (denominator) 25,468 25,655 Diluted earnings per common share $ 0.56 $ 0.57 |
Note 3 - Investment Securitie27
Note 3 - Investment Securities (Details Textual) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Call Option [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | $ 221,924,000 | |
High Risk Collateralized Mortgage Obligations | 0 | $ 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 984,709,000 | 1,044,453,000 |
Pledged Financial Instruments, Not Separately Reported, Securities | $ 712,412,000 | $ 738,865,000 |
Note 3 - Investment Securitie28
Note 3 - Investment Securities - Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Available for Sale Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Amortized Cost | $ 360,219 | $ 302,292 | |
Gross Unrealized Gains | 668 | 255 | |
Gross Unrealized Losses | (158) | (665) | |
Fair Value | 360,729 | 301,882 | |
Agency Residential MBS [Member] | |||
Amortized Cost | 198,740 | 208,046 | |
Gross Unrealized Gains | 1,460 | 1,407 | |
Gross Unrealized Losses | (2,931) | (6,909) | |
Fair Value | 197,269 | 202,544 | |
Non-agency Residential MBS [Member] | |||
Amortized Cost | 345 | 354 | |
Gross Unrealized Gains | $ 8 | $ 16 | |
Gross Unrealized Losses | |||
Fair Value | $ 353 | $ 370 | |
Non-agency Commercial MBS [Member] | |||
Amortized Cost | 2,298 | 2,383 | |
Gross Unrealized Gains | 9 | 5 | |
Gross Unrealized Losses | (5) | (9) | |
Fair Value | 2,302 | 2,379 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Amortized Cost | 139,551 | 148,705 | |
Gross Unrealized Gains | 9,048 | 8,861 | |
Gross Unrealized Losses | (41) | (57) | |
Fair Value | 148,558 | 157,509 | |
Asset-backed Securities [Member] | |||
Amortized Cost | $ 1,680 | $ 2,025 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | $ (22) | $ (22) | |
Fair Value | 1,658 | 2,003 | |
FHLMC and FNMA Stock [Member] | |||
Amortized Cost | [1],[2] | 775 | 775 |
Gross Unrealized Gains | [1],[2] | $ 3,016 | $ 3,554 |
Gross Unrealized Losses | [1],[2] | ||
Fair Value | [1],[2] | $ 3,791 | $ 4,329 |
Domestic Corporate Debt Securities [Member] | |||
Amortized Cost | 868,796 | 902,308 | |
Gross Unrealized Gains | 3,670 | 882 | |
Gross Unrealized Losses | (3,719) | (6,821) | |
Fair Value | 868,747 | 896,369 | |
Other Securities [Member] | |||
Amortized Cost | 2,036 | 2,039 | |
Gross Unrealized Gains | 667 | 952 | |
Gross Unrealized Losses | (140) | (160) | |
Fair Value | 2,563 | 2,831 | |
Amortized Cost | 1,574,440 | 1,568,927 | |
Gross Unrealized Gains | 18,546 | 15,932 | |
Gross Unrealized Losses | (7,016) | (14,643) | |
Fair Value | $ 1,585,970 | $ 1,570,216 | |
[1] | Federal Home Loan Mortgage Corporation | ||
[2] | Federal National Mortgage Association |
Note 3 - Investment Securitie29
Note 3 - Investment Securities - Amortized Cost, Unrealized Gains and Losses, and Estimated Market Value of Held to Maturity Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Amortized Cost | $ 713 | $ 764 |
Gross Unrecognized Gains | $ 12 | |
Gross Unrecognized Losses | ||
Investment securities held to maturity | $ 725 | $ 764 |
Agency Residential MBS [Member] | ||
Amortized Cost | 632,696 | 595,503 |
Gross Unrecognized Gains | 6,398 | 1,810 |
Gross Unrecognized Losses | (404) | (4,966) |
Investment securities held to maturity | 638,690 | 592,347 |
Non-agency Residential MBS [Member] | ||
Amortized Cost | 9,415 | 9,667 |
Gross Unrecognized Gains | 87 | $ 185 |
Gross Unrecognized Losses | (2) | |
Investment securities held to maturity | 9,500 | $ 9,852 |
Agency Commercial MBS [Member] | ||
Amortized Cost | 16,136 | 16,258 |
Gross Unrecognized Gains | 36 | 20 |
Gross Unrecognized Losses | (295) | (274) |
Investment securities held to maturity | 15,877 | 16,004 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 699,179 | 693,883 |
Gross Unrecognized Gains | 18,108 | 13,638 |
Gross Unrecognized Losses | (271) | (789) |
Investment securities held to maturity | 717,016 | 706,732 |
Amortized Cost | 1,358,139 | 1,316,075 |
Gross Unrecognized Gains | 24,641 | 15,653 |
Gross Unrecognized Losses | (972) | (6,029) |
Investment securities held to maturity | $ 1,381,808 | $ 1,325,699 |
Note 3 - Investment Securitie30
Note 3 - Investment Securities - Amortized Cost and Estimated Market Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Mortgage Backed Securities [Member] | ||
Securities Available for Sale, Amortized Cost | $ 201,383 | $ 210,783 |
Securities Available for Sale, Estimated Market Value | 199,924 | 205,293 |
Securities Held to Maturity, Amortized Cost, MBS | 658,247 | 621,428 |
Securities Held to Maturity, Estimated Market Value, MBS | 664,067 | 618,203 |
Other Securities [Member] | ||
Securities Available for Sale, Amortized Cost | 2,811 | 2,814 |
Securities Available for Sale, Estimated Market Value | 6,354 | 7,160 |
Amortized Cost | 2,036 | 2,039 |
Fair Value | 2,563 | 2,831 |
Securities Available for Sale, Amortized Cost, 1 year or less | 126,563 | 136,717 |
Securities Available for Sale, Estimated Market Value, 1 year or less | 126,929 | 136,976 |
Securities Held to Maturity, Amortized Cost, 1 year or less | 22,825 | 20,709 |
Securities Held to Maturity, Estimated Market Value, 1 year or less | 23,380 | 21,354 |
Securities Available for Sale, Amortized Cost, Over 1 to 5 years | 983,838 | 1,049,786 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 984,709 | 1,044,453 |
Securities Held to Maturity, Amortized Cost, Over 1 to 5 years | 269,713 | 259,556 |
Securities Held to Maturity, Estimated Market Value, Over 1 to 5 years | 273,902 | 262,163 |
Securities Available for Sale, Amortized Cost, Over 5 to 10 years | 257,772 | 166,352 |
Securities Available for Sale, Estimated Market Value, Over 5 to 10 years | 265,730 | 173,585 |
Securities Held to Maturity, Amortized Cost, Over 5 to 10 years | 295,674 | 289,568 |
Securities Held to Maturity, Estimated Market Value, Over 5 to 10 years | 304,975 | 296,352 |
Securities Available for Sale, Amortized Cost, Over 10 years | 2,073 | 2,475 |
Securities Available for Sale, Estimated Market Value, Over 10 years | 2,324 | 2,749 |
Securities Held to Maturity, Amortized Cost, Over 10 years | 111,680 | 124,814 |
Securities Held to Maturity, Estimated Market Value, Over 10 years | 115,484 | 127,627 |
Securities Available for Sale, Amortized Cost, Subtotal | 1,370,246 | 1,355,330 |
Securities Available for Sale, Estimated Market Value, Subtotal | 1,379,692 | 1,357,763 |
Securities Held to Maturity, Amortized Cost, Subtotal | 699,892 | 694,647 |
Securities Held to Maturity, Estimated Market Value, Subtotal | 717,741 | 707,496 |
Amortized Cost | 1,574,440 | 1,568,927 |
Fair Value | 1,585,970 | 1,570,216 |
Amortized Cost | 1,358,139 | 1,316,075 |
Investment securities held to maturity | 1,381,808 | 1,325,699 |
Securities Held to Maturity, Amortized Cost, Subtotal | 699,892 | 694,647 |
Securities Held to Maturity, Estimated Market Value, Subtotal | 717,741 | 707,496 |
Investment securities held to maturity, fair values | $ 1,381,808 | $ 1,325,699 |
Note 3 - Investment Securitie31
Note 3 - Investment Securities - Gross Unrealized Losses, Investment Securities Portfolio (Details) $ in Thousands | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 2 | 8 |
Available for sale securities, less than 12 months, fair value | $ 39,801 | $ 121,392 |
Available for sale securities, less than 12 months, unrealized losses | $ (158) | $ (665) |
Available for sale securities, 12 months or longer, number of investment positions | ||
Available for sale securities, 12 months or longer, fair value | ||
Available for sale securities, 12 months or longer, unrealized losses | ||
Available for sale securities, total, number of investment positions | 2 | 8 |
Available for sale securities, total, fair value | $ 39,801 | $ 121,392 |
Available for sale securities, total, unrealized losses | $ (158) | $ (665) |
Residential Mortgage Backed Securities [Member] | Agency Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 1 | 2 |
Available for sale securities, less than 12 months, fair value | $ 7,033 | $ 12,491 |
Available for sale securities, less than 12 months, unrealized losses | $ (84) | $ (366) |
Available for sale securities, 12 months or longer, number of investment positions | 30 | 31 |
Available for sale securities, 12 months or longer, fair value | $ 158,762 | $ 161,296 |
Available for sale securities, 12 months or longer, unrealized losses | $ (2,847) | $ (6,543) |
Available for sale securities, total, number of investment positions | 31 | 33 |
Available for sale securities, total, fair value | $ 165,795 | $ 173,787 |
Available for sale securities, total, unrealized losses | $ (2,931) | $ (6,909) |
Held to Maturity securities, less than 12 months, number of investment positions | 6 | 41 |
Held to Maturity securities, less than 12 months, fair value | $ 13,853 | $ 426,317 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (58) | $ (3,490) |
Held to Maturity securities, 12 months or longer, number of investment positions | 8 | 13 |
Held to Maturity securities, 12 months or longer, fair value | $ 34,193 | $ 62,041 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (346) | $ (1,476) |
Held to Maturity securities, total, number of investment positions | 14 | 54 |
Held to Maturity securities, total, fair value | $ 48,046 | $ 488,358 |
Held to Maturity securities, total, unrecognized losses | $ (404) | $ (4,966) |
Residential Mortgage Backed Securities [Member] | Non-agency Securities [Member] | ||
Held to Maturity securities, less than 12 months, number of investment positions | 1 | |
Held to Maturity securities, less than 12 months, fair value | $ 1,366 | |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (2) | |
Held to Maturity securities, 12 months or longer, number of investment positions | ||
Held to Maturity securities, 12 months or longer, fair value | ||
Held to Maturity securities, 12 months or longer, unrecognized losses | ||
Held to Maturity securities, total, number of investment positions | 1 | |
Held to Maturity securities, total, fair value | $ 1,366 | |
Held to Maturity securities, total, unrecognized losses | $ (2) | |
Commercial Mortgage Backed Securities [Member] | Agency Securities [Member] | ||
Held to Maturity securities, less than 12 months, number of investment positions | ||
Held to Maturity securities, less than 12 months, fair value | ||
Held to Maturity securities, less than 12 months, unrecognized losses | ||
Held to Maturity securities, 12 months or longer, number of investment positions | 2 | 2 |
Held to Maturity securities, 12 months or longer, fair value | $ 13,823 | $ 13,951 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (295) | $ (274) |
Held to Maturity securities, total, number of investment positions | 2 | 2 |
Held to Maturity securities, total, fair value | $ 13,823 | $ 13,951 |
Held to Maturity securities, total, unrecognized losses | $ (295) | $ (274) |
Commercial Mortgage Backed Securities [Member] | Non-agency Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 1 | |
Available for sale securities, less than 12 months, fair value | $ 1,071 | |
Available for sale securities, less than 12 months, unrealized losses | ||
Available for sale securities, 12 months or longer, number of investment positions | 1 | 1 |
Available for sale securities, 12 months or longer, fair value | $ 837 | $ 855 |
Available for sale securities, 12 months or longer, unrealized losses | $ (5) | $ (9) |
Available for sale securities, total, number of investment positions | 1 | 2 |
Available for sale securities, total, fair value | $ 837 | $ 1,926 |
Available for sale securities, total, unrealized losses | $ (5) | $ (9) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 4 | 3 |
Available for sale securities, less than 12 months, fair value | $ 2,291 | $ 2,728 |
Available for sale securities, less than 12 months, unrealized losses | $ (14) | $ (18) |
Available for sale securities, 12 months or longer, number of investment positions | 3 | 4 |
Available for sale securities, 12 months or longer, fair value | $ 1,118 | $ 1,644 |
Available for sale securities, 12 months or longer, unrealized losses | $ (27) | $ (39) |
Available for sale securities, total, number of investment positions | 7 | 7 |
Available for sale securities, total, fair value | $ 3,409 | $ 4,372 |
Available for sale securities, total, unrealized losses | $ (41) | $ (57) |
Held to Maturity securities, less than 12 months, number of investment positions | 30 | 55 |
Held to Maturity securities, less than 12 months, fair value | $ 26,386 | $ 44,585 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (113) | $ (249) |
Held to Maturity securities, 12 months or longer, number of investment positions | 18 | 54 |
Held to Maturity securities, 12 months or longer, fair value | $ 15,044 | $ 42,081 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (158) | $ (540) |
Held to Maturity securities, total, number of investment positions | 48 | 109 |
Held to Maturity securities, total, fair value | $ 41,430 | $ 86,666 |
Held to Maturity securities, total, unrecognized losses | $ (271) | $ (789) |
Asset-backed Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | ||
Available for sale securities, less than 12 months, fair value | ||
Available for sale securities, less than 12 months, unrealized losses | ||
Available for sale securities, 12 months or longer, number of investment positions | 1 | 1 |
Available for sale securities, 12 months or longer, fair value | $ 1,658 | $ 2,003 |
Available for sale securities, 12 months or longer, unrealized losses | $ (22) | $ (22) |
Available for sale securities, total, number of investment positions | 1 | 1 |
Available for sale securities, total, fair value | $ 1,658 | $ 2,003 |
Available for sale securities, total, unrealized losses | $ (22) | $ (22) |
Domestic Corporate Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 40 | 97 |
Available for sale securities, less than 12 months, fair value | $ 198,880 | $ 548,177 |
Available for sale securities, less than 12 months, unrealized losses | $ (1,559) | $ (5,442) |
Available for sale securities, 12 months or longer, number of investment positions | 43 | 25 |
Available for sale securities, 12 months or longer, fair value | $ 162,806 | $ 86,762 |
Available for sale securities, 12 months or longer, unrealized losses | $ (2,160) | $ (1,379) |
Available for sale securities, total, number of investment positions | 83 | 122 |
Available for sale securities, total, fair value | $ 361,686 | $ 634,939 |
Available for sale securities, total, unrealized losses | $ (3,719) | $ (6,821) |
Other Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | ||
Available for sale securities, less than 12 months, fair value | ||
Available for sale securities, less than 12 months, unrealized losses | ||
Available for sale securities, 12 months or longer, number of investment positions | 1 | 1 |
Available for sale securities, 12 months or longer, fair value | $ 1,860 | $ 1,840 |
Available for sale securities, 12 months or longer, unrealized losses | $ (140) | $ (160) |
Available for sale securities, total, number of investment positions | 1 | 1 |
Available for sale securities, total, fair value | $ 1,860 | $ 1,840 |
Available for sale securities, total, unrealized losses | $ (140) | $ (160) |
Available for sale securities, less than 12 months, number of investment positions | 47 | 111 |
Available for sale securities, less than 12 months, fair value | $ 248,005 | $ 685,859 |
Available for sale securities, less than 12 months, unrealized losses | $ (1,815) | $ (6,491) |
Available for sale securities, 12 months or longer, number of investment positions | 79 | 63 |
Available for sale securities, 12 months or longer, fair value | $ 327,041 | $ 254,400 |
Available for sale securities, 12 months or longer, unrealized losses | $ (5,201) | $ (8,152) |
Available for sale securities, total, number of investment positions | 126 | 174 |
Available for sale securities, total, fair value | $ 575,046 | $ 940,259 |
Available for sale securities, total, unrealized losses | $ (7,016) | $ (14,643) |
Held to Maturity securities, less than 12 months, number of investment positions | 37 | 96 |
Held to Maturity securities, less than 12 months, fair value | $ 41,605 | $ 470,902 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (173) | $ (3,739) |
Held to Maturity securities, 12 months or longer, number of investment positions | 28 | 69 |
Held to Maturity securities, 12 months or longer, fair value | $ 63,060 | $ 118,073 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (799) | $ (2,290) |
Held to Maturity securities, total, number of investment positions | 65 | 165 |
Held to Maturity securities, total, fair value | $ 104,665 | $ 588,975 |
Held to Maturity securities, total, unrecognized losses | $ (972) | $ (6,029) |
Note 3 - Investment Securitie32
Note 3 - Investment Securities - Interest Income from Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Taxable | $ 9,674 | $ 7,554 |
Tax-exempt from regular federal income tax | 5,620 | 6,133 |
Total interest income from investment securities | $ 15,294 | $ 13,687 |
Note 4 - Loans and Allowance 33
Note 4 - Loans and Allowance for Loan Losses (Details Textual) | 3 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Court Order [Member] | |||
Troubled Debt Restructurings During Period | 1 | ||
Under-market Modification to Payment Terms and Extended Maturity Date [Member] | |||
Troubled Debt Restructurings During Period | 2 | 5 | |
Residential Real Estate Included in OREO [Member] | |||
Real Estate Acquired Through Foreclosure | $ 0 | $ 0 | |
Restructured Loans [Member] | |||
Financing Receivable, Modifications, Recorded Investment | 19,645,000 | 15,712,000 | |
Impaired Loans, Restructured, Nonaccrual Status | 12,114,000 | 7,464,000 | |
Three Loans [Member] | |||
Financing Receivable, Modifications, Recorded Investment | $ 4,757,000 | ||
Five Loans [Member] | |||
Financing Receivable, Modifications, Recorded Investment | $ 1,736,000 | ||
Troubled Debt Restructurings During Period | 3 | ||
Loans and Leases Receivable, Nonaccrual, Commitment to Lend | $ 0 | 0 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral | $ 0 | 0 | |
Loans Receivable Held-for-sale, Amount | 0 | 0 | |
Mortgage Loans in Process of Foreclosure, Amount | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 19,645,000 | 15,712,000 | |
Other Real Estate | 8,438,000 | 9,264,000 | |
Other Real Estate, Reserve | $ 2,102,000 | $ 1,986,000 |
Note 4 - Loans and Allowance 34
Note 4 - Loans and Allowance for Credit Losses - Loans Receivable at Carrying Amount (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Commercial Portfolio Segment [Member] | ||
Originated loans | $ 341,898 | $ 368,117 |
Purchased covered loans: | ||
Gross purchased covered loans | ||
Purchased loan discount | ||
Purchased non-covered loans: | ||
Gross purchased non-covered loans | $ 14,447 | $ 15,620 |
Purchased loan discount | (931) | (989) |
Total | 355,414 | 382,748 |
Originated loans | 341,898 | 368,117 |
Commercial Real Estate Portfolio Segment [Member] | ||
Originated loans | $ 515,183 | $ 517,070 |
Purchased covered loans: | ||
Gross purchased covered loans | ||
Purchased loan discount | ||
Purchased non-covered loans: | ||
Gross purchased non-covered loans | $ 108,968 | $ 124,650 |
Purchased loan discount | (3,975) | (4,264) |
Total | 620,176 | 637,456 |
Originated loans | 515,183 | 517,070 |
Construction Portfolio Segment [Member] | ||
Originated loans | $ 2,147 | $ 2,978 |
Purchased covered loans: | ||
Gross purchased covered loans | ||
Purchased loan discount | ||
Purchased non-covered loans: | ||
Gross purchased non-covered loans | $ 960 | $ 973 |
Purchased loan discount | ||
Total | $ 3,107 | $ 3,951 |
Originated loans | 2,147 | 2,978 |
Residential Portfolio Segment [Member] | ||
Originated loans | 109,201 | 117,631 |
Purchased covered loans: | ||
Gross purchased covered loans | $ 2,330 | 2,385 |
Purchased loan discount | (133) | |
Purchased non-covered loans: | ||
Gross purchased non-covered loans | $ 229 | 231 |
Purchased loan discount | (23) | (23) |
Total | 111,737 | 120,091 |
Originated loans | 109,201 | 117,631 |
Consumer Portfolio Segment [Member] | ||
Originated loans | 341,654 | 346,043 |
Purchased covered loans: | ||
Gross purchased covered loans | 11,352 | 11,828 |
Purchased loan discount | (18) | (19) |
Purchased non-covered loans: | ||
Gross purchased non-covered loans | 30,929 | 32,454 |
Purchased loan discount | (1,155) | (1,156) |
Total | 382,762 | 389,150 |
Originated loans | 341,654 | 346,043 |
Originated loans | 1,310,083 | 1,351,839 |
Gross purchased covered loans | 13,682 | 14,213 |
Purchased loan discount | (18) | (152) |
Gross purchased non-covered loans | 155,533 | 173,928 |
Purchased loan discount | (6,084) | (6,432) |
Total | 1,473,196 | 1,533,396 |
Originated loans | $ 1,310,083 | $ 1,351,839 |
Note 4 - Loans and Allowance 35
Note 4 - Loans and Allowance for Credit Losses - Changes in the Carrying Amount of Impaired Purchased Loans (Details) - Receivables Acquired with Deteriorated Credit Quality [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Carrying amount at the beginning of the period | $ 3,887 | $ 4,672 |
Reductions during the period | (2,628) | (785) |
Carrying amount at the end of the period | $ 1,259 | $ 3,887 |
Note 4 - Loans and Allowance 36
Note 4 - Loans and Allowance for Credit Losses - Changes in the Accretable Yield for Purchased Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Balance at the beginning of the period | $ 1,259 | $ 2,261 |
Reclassification from nonaccretable difference | 1,077 | 3,051 |
Accretion | (1,319) | (4,053) |
Balance at the end of the period | 1,017 | 1,259 |
Change in FDIC indemnification | 694 | 698 |
(Increase) in interest income | $ (625) | $ (3,355) |
Note 4 - Loans and Allowance 37
Note 4 - Loans and Allowance for Credit Losses - Allowance for Credit Losses (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of period | $ 9,559,000 | $ 5,460,000 |
Additions: | ||
Provision for Loan Losses | 1,214,000 | (110,000) |
Deductions: | ||
Chargeoffs | (1,171,000) | (60,000) |
Recoveries | 245,000 | 180,000 |
Net loan (losses) recoveries | (926,000) | 120,000 |
Total allowance for loan losses | 9,847,000 | 5,470,000 |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of period | 4,224,000 | 4,245,000 |
Additions: | ||
Provision for Loan Losses | (2,000) | (137,000) |
Deductions: | ||
Chargeoffs | 0 | 0 |
Recoveries | 15,000 | 15,000 |
Net loan (losses) recoveries | 15,000 | 15,000 |
Total allowance for loan losses | 4,237,000 | 4,123,000 |
Originated Loans [Member] | Construction Portfolio Segment [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of period | 177,000 | 644,000 |
Additions: | ||
Provision for Loan Losses | (47,000) | 86,000 |
Deductions: | ||
Chargeoffs | 0 | 0 |
Recoveries | 0 | 0 |
Net loan (losses) recoveries | 0 | 0 |
Total allowance for loan losses | 130,000 | 730,000 |
Originated Loans [Member] | Residential Portfolio Segment [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of period | 1,801,000 | 2,241,000 |
Additions: | ||
Provision for Loan Losses | (94,000) | (101,000) |
Deductions: | ||
Chargeoffs | 0 | 0 |
Recoveries | 0 | 0 |
Net loan (losses) recoveries | 0 | 0 |
Total allowance for loan losses | 1,707,000 | 2,140,000 |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of period | 7,080,000 | 7,717,000 |
Additions: | ||
Provision for Loan Losses | 152,000 | (281,000) |
Deductions: | ||
Chargeoffs | (1,006,000) | (995,000) |
Recoveries | 457,000 | 590,000 |
Net loan (losses) recoveries | (549,000) | (405,000) |
Total allowance for loan losses | 6,683,000 | 7,031,000 |
Purchased Non-Covered Loans [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of period | 967,000 | 2,120,000 |
Additions: | ||
Provision for Loan Losses | (1,193,000) | 247,000 |
Deductions: | ||
Chargeoffs | 0 | (35,000) |
Recoveries | 1,176,000 | 7,000 |
Net loan (losses) recoveries | 1,176,000 | (28,000) |
Total allowance for loan losses | 950,000 | 2,339,000 |
Purchased Covered Loans [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of period | 0 | 0 |
Additions: | ||
Provision for Loan Losses | 0 | 0 |
Deductions: | ||
Chargeoffs | 0 | 0 |
Recoveries | 0 | 0 |
Net loan (losses) recoveries | 0 | 0 |
Total allowance for loan losses | 0 | 0 |
Unallocated Financing Receivable [Member] | ||
Allowance for loan losses: | ||
Balance at beginning of period | 5,963,000 | 9,058,000 |
Additions: | ||
Provision for Loan Losses | (30,000) | 296,000 |
Deductions: | ||
Chargeoffs | 0 | 0 |
Recoveries | 0 | 0 |
Net loan (losses) recoveries | 0 | 0 |
Total allowance for loan losses | 5,933,000 | 9,354,000 |
Balance at beginning of period | 29,771,000 | 31,485,000 |
Provision for Loan Losses | 0 | 0 |
Chargeoffs | (2,177,000) | (1,090,000) |
Recoveries | 1,893,000 | 792,000 |
Net loan (losses) recoveries | (284,000) | (298,000) |
Total allowance for loan losses | $ 29,487,000 | $ 31,187,000 |
Note 4 - Loans and Allowance 38
Note 4 - Loans and Allowance for Credit Losses - Recorded Investment in Loans Evaluated for Impairment (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | $ 0 | $ 0 | |||
Originated Loans [Member] | Commercial Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 5,831,000 | 4,942,000 | |||
Collectively evaluated for impairment | 4,016,000 | 4,617,000 | |||
Total | 9,847,000 | 9,559,000 | $ 5,470,000 | $ 5,460,000 | |
Carrying value of loans: | |||||
Individually evaluated for impairment | 13,388,000 | 12,587,000 | |||
Collectively evaluated for impairment | 328,510,000 | 355,530,000 | |||
Carrying value of loans | 341,898,000 | 368,117,000 | |||
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 0 | 0 | |||
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 585,000 | 585,000 | |||
Collectively evaluated for impairment | 3,652,000 | 3,639,000 | |||
Total | 4,237,000 | 4,224,000 | 4,123,000 | 4,245,000 | |
Carrying value of loans: | |||||
Individually evaluated for impairment | 7,516,000 | 5,541,000 | |||
Collectively evaluated for impairment | 507,667,000 | 511,529,000 | |||
Carrying value of loans | 515,183,000 | 517,070,000 | |||
Originated Loans [Member] | Construction Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 0 | 0 | |||
Originated Loans [Member] | Construction Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 130,000 | 177,000 | |||
Total | 130,000 | 177,000 | 730,000 | 644,000 | |
Carrying value of loans: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 2,147,000 | 2,978,000 | |||
Carrying value of loans | 2,147,000 | 2,978,000 | |||
Originated Loans [Member] | Residential Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 0 | 0 | |||
Originated Loans [Member] | Residential Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 1,707,000 | 1,801,000 | |||
Total | 1,707,000 | 1,801,000 | 2,140,000 | 2,241,000 | |
Carrying value of loans: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 109,201,000 | 117,631,000 | |||
Carrying value of loans | 109,201,000 | 117,631,000 | |||
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 0 | 0 | |||
Originated Loans [Member] | Consumer Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 6,683,000 | 7,080,000 | |||
Total | 6,683,000 | 7,080,000 | 7,031,000 | 7,717,000 | |
Carrying value of loans: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 341,654,000 | 346,043,000 | |||
Carrying value of loans | 341,654,000 | 346,043,000 | |||
Originated Loans [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 1,310,083,000 | 1,351,839,000 | |||
Purchased Non-Covered Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 1,058,000 | 3,681,000 | |||
Purchased Non-Covered Loans [Member] | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 950,000 | 967,000 | |||
Total | 950,000 | 967,000 | 2,339,000 | 2,120,000 | |
Carrying value of loans: | |||||
Individually evaluated for impairment | 11,733,000 | 11,777,000 | |||
Collectively evaluated for impairment | 136,658,000 | 152,038,000 | |||
Carrying value of loans | 149,449,000 | 167,496,000 | |||
Purchased Covered Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 201,000 | 206,000 | |||
Purchased Covered Loans [Member] | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 0 | $ 0 | |||
Collectively evaluated for impairment | 0 | ||||
Total | 0 | $ 0 | 0 | 0 | |
Carrying value of loans: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 13,463,000 | 13,855,000 | |||
Carrying value of loans | [1] | 13,664,000 | 14,061,000 | ||
Unallocated Financing Receivable [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 0 | 0 | |||
Unallocated Financing Receivable [Member] | |||||
Allowance for loan losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 5,933,000 | 5,963,000 | |||
Total | 5,933,000 | 5,963,000 | 9,354,000 | 9,058,000 | |
Carrying value of loans: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 0 | 0 | |||
Carrying value of loans | 0 | 0 | |||
Commercial Portfolio Segment [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 355,414,000 | 382,748,000 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 620,176,000 | 637,456,000 | |||
Construction Portfolio Segment [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 3,107,000 | 3,951,000 | |||
Residential Portfolio Segment [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 111,737,000 | 120,091,000 | |||
Consumer Portfolio Segment [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 382,762,000 | 389,150,000 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Carrying value of loans: | |||||
Carrying value of loans | 1,259,000 | 3,887,000 | |||
Individually evaluated for impairment | 6,416,000 | 5,527,000 | |||
Collectively evaluated for impairment | 23,071,000 | 24,244,000 | |||
Total | 29,487,000 | 29,771,000 | $ 31,187,000 | $ 31,485,000 | |
Individually evaluated for impairment | 32,637,000 | 29,905,000 | |||
Collectively evaluated for impairment | 1,439,300,000 | 1,499,604,000 | |||
Carrying value of loans | $ 1,473,196,000 | $ 1,533,396,000 | |||
[1] | Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. |
Note 4 - Loans and Allowance 39
Note 4 - Loans and Allowance for Credit Losses - Credit Risk Profile by Internally Assigned Grade (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | |||
Grade: | |||
Loans | $ 321,513,000 | $ 353,474,000 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 18,544,000 | 14,643,000 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Grade: | |||
Loans | 1,841,000 | 0 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Purchased Loan Discount [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | |||
Grade: | |||
Loans | 341,898,000 | 368,117,000 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Grade: | |||
Loans | 492,359,000 | 496,744,000 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 22,824,000 | 20,326,000 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Purchased Loan Discount [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Grade: | |||
Loans | 515,183,000 | 517,070,000 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Pass [Member] | |||
Grade: | |||
Loans | 2,147,000 | 2,978,000 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Doubtful [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Purchased Loan Discount [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | |||
Grade: | |||
Loans | 2,147,000 | 2,978,000 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Pass [Member] | |||
Grade: | |||
Loans | 106,117,000 | 114,525,000 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 3,084,000 | 3,106,000 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Doubtful [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Purchased Loan Discount [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | |||
Grade: | |||
Loans | 109,201,000 | 117,631,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | |||
Grade: | |||
Loans | 340,536,000 | 344,876,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 843,000 | 781,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Grade: | |||
Loans | 21,000 | 12,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Grade: | |||
Loans | 254,000 | 374,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Purchased Loan Discount [Member] | |||
Grade: | |||
Loans | 0 | 0 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | |||
Grade: | |||
Loans | 341,654,000 | 346,043,000 | |
Originated Loans [Member] | |||
Grade: | |||
Loans | 1,310,083,000 | 1,351,839,000 | |
Purchased Non-Covered Loans [Member] | Pass [Member] | |||
Grade: | |||
Loans | 133,109,000 | 149,100,000 | |
Purchased Non-Covered Loans [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 22,329,000 | 24,810,000 | |
Purchased Non-Covered Loans [Member] | Doubtful [Member] | |||
Grade: | |||
Loans | 18,000 | 18,000 | |
Purchased Non-Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Grade: | |||
Loans | 77,000 | 0 | |
Purchased Non-Covered Loans [Member] | Purchased Loan Discount [Member] | |||
Grade: | |||
Loans | (6,084,000) | (6,432,000) | |
Purchased Non-Covered Loans [Member] | |||
Grade: | |||
Loans | 149,449,000 | 167,496,000 | |
Purchased Covered Loans [Member] | Pass [Member] | |||
Grade: | |||
Loans | [1] | 11,938,000 | 12,563,000 |
Purchased Covered Loans [Member] | Substandard [Member] | |||
Grade: | |||
Loans | [1] | 1,744,000 | 1,650,000 |
Purchased Covered Loans [Member] | Doubtful [Member] | |||
Grade: | |||
Loans | [1] | 0 | 0 |
Purchased Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | |||
Grade: | |||
Loans | [1] | 0 | 0 |
Purchased Covered Loans [Member] | Purchased Loan Discount [Member] | |||
Grade: | |||
Loans | [1] | (18,000) | (152,000) |
Purchased Covered Loans [Member] | |||
Grade: | |||
Loans | [1] | 13,664,000 | 14,061,000 |
Commercial Portfolio Segment [Member] | |||
Grade: | |||
Loans | 355,414,000 | 382,748,000 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Grade: | |||
Loans | 620,176,000 | 637,456,000 | |
Construction Portfolio Segment [Member] | |||
Grade: | |||
Loans | 3,107,000 | 3,951,000 | |
Residential Portfolio Segment [Member] | |||
Grade: | |||
Loans | 111,737,000 | 120,091,000 | |
Consumer Portfolio Segment [Member] | |||
Grade: | |||
Loans | 382,762,000 | 389,150,000 | |
Pass [Member] | |||
Grade: | |||
Loans | 1,407,719,000 | 1,474,260,000 | |
Substandard [Member] | |||
Grade: | |||
Loans | 69,368,000 | 65,316,000 | |
Doubtful [Member] | |||
Grade: | |||
Loans | 1,880,000 | 30,000 | |
Unlikely to be Collected Financing Receivable [Member] | |||
Grade: | |||
Loans | 331,000 | 374,000 | |
Purchased Loan Discount [Member] | |||
Grade: | |||
Loans | (6,102,000) | (6,584,000) | |
Loans | $ 1,473,196,000 | $ 1,533,396,000 | |
[1] | Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. |
Note 4 - Loans and Allowance 40
Note 4 - Loans and Allowance for Credit Losses - Loans by Delinquency and Nonaccrual Status (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due and Accruing | $ 780,000 | $ 1,777,000 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due and Accruing | 308,000 | 122,000 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past Due and Accruing | 0 | 0 | |
Originated Loans [Member] | Commercial Portfolio Segment [Member] | |||
Current and Accruing | 338,683,000 | 365,450,000 | |
Nonaccrual | 2,127,000 | 768,000 | |
Total Loans | 341,898,000 | 368,117,000 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due and Accruing | 715,000 | 5,930,000 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due and Accruing | 400,000 | 726,000 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past Due and Accruing | 0 | 0 | |
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Current and Accruing | 505,878,000 | 504,970,000 | |
Nonaccrual | 8,190,000 | 5,444,000 | |
Total Loans | 515,183,000 | 517,070,000 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due and Accruing | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due and Accruing | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past Due and Accruing | 0 | 0 | |
Originated Loans [Member] | Construction Portfolio Segment [Member] | |||
Current and Accruing | 2,147,000 | 2,978,000 | |
Nonaccrual | 0 | 0 | |
Total Loans | 2,147,000 | 2,978,000 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due and Accruing | 2,350,000 | 1,202,000 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due and Accruing | 767,000 | 414,000 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past Due and Accruing | 0 | 0 | |
Originated Loans [Member] | Residential Portfolio Segment [Member] | |||
Current and Accruing | 105,355,000 | 115,575,000 | |
Nonaccrual | 729,000 | 440,000 | |
Total Loans | 109,201,000 | 117,631,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due and Accruing | 2,137,000 | 3,263,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due and Accruing | 647,000 | 919,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past Due and Accruing | 183,000 | 295,000 | |
Originated Loans [Member] | Consumer Portfolio Segment [Member] | |||
Current and Accruing | 338,687,000 | 341,566,000 | |
Nonaccrual | 0 | 0 | |
Total Loans | 341,654,000 | 346,043,000 | |
Originated Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due and Accruing | 5,982,000 | 12,172,000 | |
Originated Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due and Accruing | 2,122,000 | 2,181,000 | |
Originated Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past Due and Accruing | 183,000 | 295,000 | |
Originated Loans [Member] | |||
Current and Accruing | 1,290,750,000 | 1,330,539,000 | |
Nonaccrual | 11,046,000 | 6,652,000 | |
Total Loans | 1,310,083,000 | 1,351,839,000 | |
Purchased Non-Covered Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due and Accruing | 721,000 | 589,000 | |
Purchased Non-Covered Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due and Accruing | 40,000 | 7,000 | |
Purchased Non-Covered Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past Due and Accruing | 77,000 | 0 | |
Purchased Non-Covered Loans [Member] | |||
Current and Accruing | 141,930,000 | 158,554,000 | |
Nonaccrual | 6,681,000 | 8,346,000 | |
Total Loans | 149,449,000 | 167,496,000 | |
Purchased Covered Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due and Accruing | 0 | 132,000 | |
Purchased Covered Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due and Accruing | 29,000 | 0 | |
Purchased Covered Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past Due and Accruing | 0 | 0 | |
Purchased Covered Loans [Member] | |||
Current and Accruing | 13,635,000 | 13,929,000 | |
Nonaccrual | 0 | 0 | |
Total Loans | [1] | 13,664,000 | 14,061,000 |
Commercial Portfolio Segment [Member] | |||
Total Loans | 355,414,000 | 382,748,000 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Total Loans | 620,176,000 | 637,456,000 | |
Construction Portfolio Segment [Member] | |||
Total Loans | 3,107,000 | 3,951,000 | |
Residential Portfolio Segment [Member] | |||
Total Loans | 111,737,000 | 120,091,000 | |
Consumer Portfolio Segment [Member] | |||
Total Loans | 382,762,000 | 389,150,000 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due and Accruing | 6,703,000 | 12,893,000 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due and Accruing | 2,191,000 | 2,188,000 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past Due and Accruing | 260,000 | 295,000 | |
Current and Accruing | 1,446,315,000 | 1,503,022,000 | |
Nonaccrual | 17,727,000 | 14,998,000 | |
Total Loans | $ 1,473,196,000 | $ 1,533,396,000 | |
[1] | Credit risk profile reflects internally assigned grade of purchased covered loans without regard to FDIC indemnification. |
Note 4 - Loans and Allowance 41
Note 4 - Loans and Allowance for Credit Losses - Effect of Nonaccrual Loans on Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 280 | $ 311 |
Less: Interest income recognized on nonaccrual loans | (263) | (205) |
Total reduction of interest income | $ 17 | $ 106 |
Note 4 - Loans and Allowance 42
Note 4 - Loans and Allowance for Credit Losses - Impaired Loans (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Commercial Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded: | ||
Impaired loans with no related allowance recorded, Recorded Investment | $ 2,099,000 | $ 2,917,000 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 2,185,000 | 2,979,000 |
Impaired loans with an allowance recorded: | ||
Impaired loans with an allowance recorded, Recorded Investment | 11,634,000 | 10,170,000 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 12,452,000 | 10,170,000 |
Total Impaired loans, Related Allowance | 5,831,000 | 4,942,000 |
Total: | ||
Total Impaired loans, Recorded Investment | 13,733,000 | 13,087,000 |
Total Impaired loans, Unpaid Principal Balance | 14,637,000 | 13,149,000 |
Total Impaired loans, Related Allowance | 5,831,000 | 4,942,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded: | ||
Impaired loans with no related allowance recorded, Recorded Investment | 16,069,000 | 16,309,000 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 20,742,000 | 21,168,000 |
Impaired loans with an allowance recorded: | ||
Impaired loans with an allowance recorded, Recorded Investment | 4,660,000 | 4,660,000 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 5,109,000 | 5,109,000 |
Total Impaired loans, Related Allowance | 585,000 | 585,000 |
Total: | ||
Total Impaired loans, Recorded Investment | 20,729,000 | 20,969,000 |
Total Impaired loans, Unpaid Principal Balance | 25,851,000 | 26,277,000 |
Total Impaired loans, Related Allowance | 585,000 | 585,000 |
Construction Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded: | ||
Impaired loans with no related allowance recorded, Recorded Investment | 271,000 | 271,000 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 271,000 | 271,000 |
Impaired loans with an allowance recorded: | ||
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Total Impaired loans, Related Allowance | 0 | 0 |
Total: | ||
Total Impaired loans, Recorded Investment | 271,000 | 271,000 |
Total Impaired loans, Unpaid Principal Balance | 271,000 | 271,000 |
Total Impaired loans, Related Allowance | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded: | ||
Impaired loans with no related allowance recorded, Recorded Investment | 953,000 | 666,000 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 984,000 | 697,000 |
Impaired loans with an allowance recorded: | ||
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Total Impaired loans, Related Allowance | 0 | 0 |
Total: | ||
Total Impaired loans, Recorded Investment | 953,000 | 666,000 |
Total Impaired loans, Unpaid Principal Balance | 984,000 | 697,000 |
Total Impaired loans, Related Allowance | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded: | ||
Impaired loans with no related allowance recorded, Recorded Investment | 344,000 | 350,000 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 451,000 | 456,000 |
Impaired loans with an allowance recorded: | ||
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Total Impaired loans, Related Allowance | 0 | 0 |
Total: | ||
Total Impaired loans, Recorded Investment | 344,000 | 350,000 |
Total Impaired loans, Unpaid Principal Balance | 451,000 | 456,000 |
Total Impaired loans, Related Allowance | $ 0 | $ 0 |
Note 4 - Loans and Allowance 43
Note 4 - Loans and Allowance for Credit Losses - Impaired Loans, Supplemental Schedule (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Commercial Portfolio Segment [Member] | ||
Average Recorded Investment | $ 13,410,000 | $ 12,226,000 |
Recognized Interest Income | 133,000 | 146,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Average Recorded Investment | 20,849,000 | 18,318,000 |
Recognized Interest Income | 159,000 | 257,000 |
Construction Portfolio Segment [Member] | ||
Average Recorded Investment | 271,000 | 917,000 |
Recognized Interest Income | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Average Recorded Investment | 810,000 | 860,000 |
Recognized Interest Income | 4,000 | 6,000 |
Consumer Portfolio Segment [Member] | ||
Average Recorded Investment | 347,000 | 1,254,000 |
Recognized Interest Income | 6,000 | 6,000 |
Average Recorded Investment | 35,687,000 | 33,575,000 |
Recognized Interest Income | $ 302,000 | $ 415,000 |
Note 4 - Loans and Allowance 44
Note 4 - Loans and Allowance for Credit Losses - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 7 | 6 |
Pre-Modification Carrying Value | $ 2,568 | $ 3,138 |
Period-End Carrying Value | 2,156 | 2,802 |
Period-End Individual Impairment Allowance | $ 194 | $ 194 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of Contracts | 11 | 10 |
Pre-Modification Carrying Value | $ 17,587 | $ 12,927 |
Period-End Carrying Value | 17,265 | $ 12,684 |
Period-End Individual Impairment Allowance | $ 585 | |
Residential Portfolio Segment [Member] | ||
Number of Contracts | 1 | 1 |
Pre-Modification Carrying Value | $ 242 | $ 242 |
Period-End Carrying Value | $ 224 | $ 226 |
Period-End Individual Impairment Allowance | ||
Number of Contracts | 19 | 17 |
Pre-Modification Carrying Value | $ 20,397 | $ 16,307 |
Period-End Carrying Value | 19,645 | 15,712 |
Period-End Individual Impairment Allowance | $ 779 | $ 194 |
Note 5 - Concentration of Cre45
Note 5 - Concentration of Credit Risk (Details Textual) $ in Thousands | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Aggregate Loans [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk, Borrowing Relationships | 38 | |
Concentration Risk, Aggregate Loans Amount | $ 5,000 | |
Commercial Real Estate Loans [Member] | ||
Loan To Value Ratio Requirement | 75.00% | |
Residential Real Estate Loans [Member] | ||
Loan To Value Ratio Requirement | 80.00% | |
Unsecured Loan Limit, Percentage of Shareholders' Equity, California Financial Code | 15.00% | |
Secured and Unsecured Loan Limit Percentage, California Financial Code | 25.00% | |
Loan Commitments and Standby Letters of Credit Related to Real Estate Loans | $ 60,660 | $ 61,190 |
Concentration Risk, Issuer Relationships | 48 | |
Concentration Risk, Aggregate Securities Amount | $ 5,000 |
Note 6 - Other Assets (Details
Note 6 - Other Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Contingent Commitment, Year 1 [Member] | ||
Qualified Affordable Housing Project Investments, Commitment | $ 453 | |
Contingent Commitment, Year 2 [Member] | ||
Qualified Affordable Housing Project Investments, Commitment | 763 | |
Contingent Commitment, Year 3 [Member] | ||
Qualified Affordable Housing Project Investments, Commitment | $ 1,083 | |
FRB Membership, Stock Subscription, Percent of Paid-Up Capital Stock and Surplus Requirement | 6.00% | |
LIHTC Investments | $ 14,551 | $ 15,259 |
Qualified Affordable Housing Project Investments, Commitment | $ 2,299 | $ 2,299 |
Note 6 - Other Assets - Other A
Note 6 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Cost method equity investments: | |||
Federal Reserve Bank stock | [1] | $ 14,069 | $ 14,069 |
Other investments | 201 | 201 | |
Total cost method equity investments | 14,270 | 14,270 | |
Life insurance cash surrender value | 49,607 | 48,972 | |
Net deferred tax asset | 47,069 | 51,748 | |
Limited partnership investments | 14,551 | 15,259 | |
Interest receivable | 18,795 | 20,174 | |
Prepaid assets | 4,732 | 4,771 | |
Other assets | 14,180 | 10,660 | |
Total other assets | $ 163,204 | $ 165,854 | |
[1] | A bank applying for membership in the Federal Reserve System is required to subscribe to stock in the Federal Reserve Bank (FRB) in its district 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. |
Note 6 - Other Assets - Amounts
Note 6 - Other Assets - Amounts Recognized in Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investment loss included in pre-tax income | $ 675 | $ 675 |
Tax credits recognized in provision for income taxes | $ 598 | $ 658 |
Note 7 - Goodwill and Identif49
Note 7 - Goodwill and Identifiable Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 |
Amortization Expense, Adjustment Resulting from a Change in Estimates of Useful Lives or Residual Values | $ 0 | $ 0 |
Note 7 - Carrying Values of Goo
Note 7 - Carrying Values of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Goodwill | $ 121,673 | $ 121,673 |
Note 7 - Goodwill and Identif51
Note 7 - Goodwill and Identifiable Intangible Assets - Gross Carrying Amount of Intangible Assets and Accumulated Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Core Deposits [Member] | ||
Gross Carrying Amount | $ 56,808 | $ 56,808 |
Accumulated Amortization | (47,628) | (46,782) |
Mechant Draft Processing [Member] | ||
Gross Carrying Amount | 10,300 | 10,300 |
Accumulated Amortization | (9,954) | (9,895) |
Gross Carrying Amount | 67,108 | 67,108 |
Accumulated Amortization | $ (57,582) | $ (56,677) |
Note 7 - Goodwill and Identif52
Note 7 - Goodwill and Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Core Deposits [Member] | ||
For the Three Months ended March 31, 2016 (actual) | $ 846,000 | |
Estimate for year ended December 31, 2016 | 3,292,000 | |
2,017 | 2,913,000 | |
2,018 | 1,892,000 | |
2,019 | 538,000 | |
2,020 | 287,000 | |
Mechant Draft Processing [Member] | ||
For the Three Months ended March 31, 2016 (actual) | 59,000 | |
Estimate for year ended December 31, 2016 | 212,000 | |
2,017 | 164,000 | |
2,018 | $ 29,000 | |
2,019 | ||
2,020 | ||
For the Three Months ended March 31, 2016 (actual) | $ 905,000 | $ 1,001,000 |
Estimate for year ended December 31, 2016 | 3,504,000 | |
2,017 | 3,077,000 | |
2,018 | 1,921,000 | |
2,019 | 538,000 | |
2,020 | $ 287,000 |
Note 8 - Deposits and Borrowe53
Note 8 - Deposits and Borrowed Funds (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 18, 2016 | Dec. 31, 2015 | |
Unsecured Line of Credit [Member] | ||||
Long-term Line of Credit | $ 0 | $ 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity, Expired | $ 35,000,000 | |||
Demand Deposit Overdrafts | $ 2,951,000 | $ 3,038,000 | ||
Interest Expense, Time Deposits, $100,000 or More | $ 137,000 | $ 197,000 |
Note 8 - Deposits and Borrowe54
Note 8 - Deposits and Borrowed Funds - Deposits Detail (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Noninterest bearing deposits | $ 1,989,010 | $ 2,026,049 |
Interest-bearing: | ||
Transaction | 855,008 | 860,706 |
Savings | 1,393,919 | 1,366,936 |
Time deposits less than $100 thousand | 147,699 | 150,780 |
Time deposits $100 thousand through $250 thousand | 93,460 | 96,971 |
Time deposits more than $250 thousand | 37,654 | 39,217 |
Total deposits | $ 4,516,750 | $ 4,540,659 |
Note 8 - Deposits and Borrowe55
Note 8 - Deposits and Borrowed Funds - Short-term Borrowed Funds (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Collateral Carrying Value | $ 99,343 | $ 98,969 |
US States and Political Subdivisions Debt Securities [Member] | ||
Collateral Carrying Value | 3,250 | 3,975 |
Corporate Debt Securities [Member] | ||
Collateral Carrying Value | 49,715 | 54,681 |
Collateral Carrying Value | 152,308 | 157,625 |
Short-term borrowed funds | $ 52,451 | $ 53,028 |
Note 9 - Fair Value Measureme56
Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Discount Rate | 10.00% | ||
Purchased Covered Loans [Member] | |||
Fair Value Discount, Credit Default Risk, Purchased Loans | $ 18 | $ 152 | |
Purchased Non-Covered Loans [Member] | |||
Fair Value Discount, Credit Default Risk, Purchased Loans | $ 6,084 | 6,432 | |
Securities Selected For OTTI Analysis Market Price Threshold | 95.00% | ||
Securities Selected for OTTI Analysis Market to Book Ratio Threshold | 95 | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 437,715 | ||
Loans and Leases Receivable, Allowance | $ 29,487 | $ 29,771 |
Note 9 - Fair Value Measureme57
Note 9 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | $ 360,729 | $ 301,882 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
US Government-sponsored Enterprises Debt Securities [Member] | |||
Investment securities available for sale | $ 360,729 | $ 301,882 | |
Agency Residential MBS [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Agency Residential MBS [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | $ 197,269 | $ 202,544 | |
Agency Residential MBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Agency Residential MBS [Member] | |||
Investment securities available for sale | $ 197,269 | $ 202,544 | |
Non-agency Residential MBS [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Non-agency Residential MBS [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | $ 353 | $ 370 | |
Non-agency Residential MBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Non-agency Residential MBS [Member] | |||
Investment securities available for sale | $ 353 | $ 370 | |
Non-agency Commercial MBS [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Non-agency Commercial MBS [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | $ 2,302 | $ 2,379 | |
Non-agency Commercial MBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Non-agency Commercial MBS [Member] | |||
Investment securities available for sale | $ 2,302 | $ 2,379 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | $ 148,558 | $ 157,509 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
US States and Political Subdivisions Debt Securities [Member] | |||
Investment securities available for sale | $ 148,558 | $ 157,509 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | $ 1,658 | $ 2,003 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Asset-backed Securities [Member] | |||
Investment securities available for sale | $ 1,658 | $ 2,003 | |
FHLMC and FNMA Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | 6 | 7 | |
FHLMC and FNMA Stock [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | $ 3,785 | $ 4,322 | |
FHLMC and FNMA Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
FHLMC and FNMA Stock [Member] | |||
Investment securities available for sale | [1],[2] | $ 3,791 | $ 4,329 |
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | $ 868,747 | $ 896,369 | |
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Domestic Corporate Debt Securities [Member] | |||
Investment securities available for sale | $ 868,747 | $ 896,369 | |
Other Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | 703 | 991 | |
Other Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | $ 1,860 | $ 1,840 | |
Other Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Other Securities [Member] | |||
Investment securities available for sale | $ 2,563 | $ 2,831 | |
Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | 709 | 998 | |
Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | $ 1,585,261 | $ 1,569,218 | |
Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Investment securities available for sale | $ 1,585,970 | $ 1,570,216 | |
[1] | Federal Home Loan Mortgage Corporation | ||
[2] | Federal National Mortgage Association |
Note 9 - Fair Value Measureme58
Note 9 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | $ 8,438 | $ 9,264 |
Other Real Estate Owned [Member] | ||
Fair Value | 8,438 | 9,264 |
Total Losses | $ (126) | $ (320) |
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | $ 16,208 | $ 15,633 |
Impaired Loans [Member] | ||
Fair Value | 16,208 | 15,633 |
Total Losses | $ (814) | $ (449) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | $ 24,646 | $ 24,897 |
Fair Value | 24,646 | 24,897 |
Total Losses | $ (940) | $ (769) |
Note 9 - Fair Value Measureme59
Note 9 - Fair Value Measurements - Fair Value Estimates for Financial Instruments, Excluding Financial Instruments Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and due from banks | $ 471,164 | $ 433,044 |
Investment securities held to maturity | 1,358,139 | 1,316,075 |
Loans | 1,443,709 | 1,503,625 |
Financial Liabilities: | ||
Deposits | 4,516,750 | 4,540,659 |
Short-term borrowed funds | 52,451 | 53,028 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and due from banks | 471,164 | 433,044 |
Investment securities held to maturity | 1,381,808 | 1,325,699 |
Loans | 1,464,418 | 1,517,394 |
Financial Liabilities: | ||
Deposits | 4,515,926 | 4,539,455 |
Short-term borrowed funds | 52,451 | 53,028 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and due from banks | $ 471,164 | $ 433,044 |
Investment securities held to maturity | ||
Loans | ||
Financial Liabilities: | ||
Deposits | ||
Short-term borrowed funds | ||
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and due from banks | ||
Investment securities held to maturity | $ 1,381,808 | $ 1,325,699 |
Loans | ||
Financial Liabilities: | ||
Deposits | $ 4,237,937 | $ 4,253,691 |
Short-term borrowed funds | $ 52,451 | $ 53,028 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and due from banks | ||
Investment securities held to maturity | ||
Loans | $ 1,464,418 | $ 1,517,394 |
Financial Liabilities: | ||
Deposits | $ 277,989 | $ 285,764 |
Short-term borrowed funds | ||
Investment securities held to maturity | $ 1,381,808 | $ 1,325,699 |
Note 10 - Commitments and Con60
Note 10 - Commitments and Contingent Liabilities (Details Textual) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Other Liabilities [Member] | ||
Reserve for Unfunded Commitments | $ 2,593,000 | $ 2,593,000 |
Financial Standby Letter of Credit [Member] | ||
Letters of Credit Outstanding, Amount | 23,581,000 | 26,149,000 |
Standby Letters of Credit [Member] | ||
Letters of Credit Outstanding, Amount | 0 | 40,000 |
Unfunded Loan Commitments | $ 321,077,000 | $ 299,884,000 |
Note 11 - Earnings Per Common61
Note 11 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,297 | 1,775 |
Note 11 - Earnings Per Common62
Note 11 - Earnings Per Common Share - Earnings Per Common Share and Diluted Earnings Per Common Share (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic earnings per common share | ||
Average Common Shares Outstanding (in shares) | 25,445 | 25,651 |
Basic earnings (in dollars per share) | $ 0.56 | $ 0.57 |
Diluted earnings per common share | ||
Average Common Shares Outstanding (in shares) | 25,445 | 25,651 |
Add common stock equivalents for options (in shares) | 23 | 4 |
Weighted average number of common shares outstanding - diluted (denominator) (in shares) | 25,458 | 25,655 |
Diluted earnings (in dollars per share) | $ 0.56 | $ 0.57 |