Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 25, 2017 | |
Document Information [Line Items] | ||
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) | 26,298,078 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and due from banks | $ 546,815 | $ 462,271 |
Investment securities available for sale | 1,893,309 | 1,890,758 |
Investment securities held to maturity, with fair values of: $1,296,738 at March 31, 2017 and $1,340,741 at December 31, 2016 | 1,298,414 | 1,346,312 |
Loans | 1,351,090 | 1,352,711 |
Allowance for loan losses | (24,919) | (25,954) |
Loans, net of allowance for loan losses | 1,326,171 | 1,326,757 |
Other real estate owned | 2,136 | 3,095 |
Premises and equipment, net | 36,025 | 36,566 |
Identifiable intangibles, net | 6,127 | 6,927 |
Goodwill | 121,673 | 121,673 |
Other assets | 165,277 | 171,724 |
Total Assets | 5,395,947 | 5,366,083 |
Liabilities: | ||
Noninterest-bearing deposits | 2,046,390 | 2,089,443 |
Interest-bearing deposits | 2,651,583 | 2,615,298 |
Total deposits | 4,697,973 | 4,704,741 |
Short-term borrowed funds | 73,611 | 59,078 |
Other liabilities | 39,475 | 40,897 |
Total Liabilities | 4,811,059 | 4,804,716 |
Contingencies (Note 10) | ||
Shareholders' Equity: | ||
Common stock (no par value), authorized - 150,000 shares Issued and outstanding: 26,283 at March 31, 2017 and 25,907 at December 31, 2016 | 422,670 | 404,606 |
Deferred compensation | 1,533 | 1,533 |
Accumulated other comprehensive loss | (9,443) | (10,074) |
Retained earnings | 170,128 | 165,302 |
Total Shareholders' Equity | 584,888 | 561,367 |
Total Liabilities and Shareholders' Equity | $ 5,395,947 | $ 5,366,083 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investment securities held to maturity, fair values | $ 1,296,738 | $ 1,340,741 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 150,000 | 150,000 |
Common stock, issued (in shares) | 26,283 | 25,907 |
Common stock, outstanding (in shares) | 26,283 | 25,907 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest and Fee Income: | ||
Loans | $ 15,780 | $ 18,353 |
Investment securities available for sale | 10,249 | 7,967 |
Investment securities held to maturity | 7,295 | 7,327 |
Total Interest and Fee Income | 33,324 | 33,647 |
Interest Expense: | ||
Deposits | 469 | 543 |
Short-term borrowed funds | 11 | 9 |
Total Interest Expense | 480 | 552 |
Net Interest and Fee Income | 32,844 | 33,095 |
Provision for Loan Losses | ||
Net Interest and Fee Income After Provision For Loan Losses | 32,844 | 33,095 |
Noninterest Income: | ||
Service charges on deposit accounts | 4,923 | 5,248 |
Merchant processing services | 1,875 | 1,529 |
Debit card fees | 1,481 | 1,516 |
Trust fees | 702 | 661 |
Other service fees | 650 | 629 |
ATM processing fees | 575 | 658 |
Financial services commissions | 195 | 156 |
Other noninterest income | 1,256 | 1,332 |
Total Noninterest Income | 11,657 | 11,729 |
Noninterest Expense: | ||
Salaries and related benefits | 13,070 | 13,117 |
Occupancy | 3,633 | 3,398 |
Outsourced data processing services | 2,139 | 2,130 |
Furniture and equipment | 1,254 | 1,213 |
Amortization of identifiable intangibles | 800 | 905 |
Professional fees | 611 | 732 |
Courier service | 421 | 545 |
Other real estate owned | (40) | 111 |
Other noninterest expense | 2,727 | 3,707 |
Total Noninterest Expense | 24,615 | 25,858 |
Income Before Income Taxes | 19,886 | 18,966 |
Provision for income taxes | 4,837 | 4,740 |
Net Income | $ 15,049 | $ 14,226 |
Average Common Shares Outstanding (in shares) | 26,171 | 25,445 |
Average Diluted Common Shares Outstanding (in shares) | 26,329 | 25,468 |
Per Common Share Data: | ||
Basic earnings (in dollars per share) | $ 0.58 | $ 0.56 |
Diluted earnings (in dollars per share) | 0.57 | 0.56 |
Dividends paid (in dollars per share) | $ 0.39 | $ 0.39 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 15,049 | $ 14,226 |
Other comprehensive income: | ||
Increase in net unrealized gains on securities available for sale | 1,074 | 10,241 |
Deferred tax expense | (452) | (4,306) |
Increase in net unrealized gains on securities available for sale, net of tax | 622 | 5,935 |
Post-retirement benefit transition obligation amortization | 15 | 15 |
Deferred tax expense | (6) | (6) |
Post-retirement benefit transition obligation amortization, net of tax | 9 | 9 |
Total other comprehensive income | 631 | 5,944 |
Total comprehensive income | $ 15,680 | $ 20,170 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Accumulated Deferred Compensation [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 25,528 | ||||
Balance at Dec. 31, 2015 | $ 378,858 | $ 2,578 | $ 675 | $ 150,094 | $ 532,205 |
Net income | 14,226 | 14,226 | |||
Other comprehensive income | 5,944 | 5,944 | |||
Exercise of stock options (in shares) | 40 | ||||
Exercise of stock options | $ 1,717 | 1,717 | |||
Tax benefit decrease upon exercise and expiration of stock options | $ (181) | (181) | |||
Restricted stock activity (in shares) | |||||
Restricted stock activity | $ 1,045 | (1,045) | |||
Stock based compensation | $ 390 | 390 | |||
Stock awarded to employees (in shares) | |||||
Stock awarded to employees | $ 15 | 15 | |||
Retirement of common stock (in shares) | (130) | ||||
Retirement of common stock | $ (1,951) | (3,473) | (5,424) | ||
Dividends | (9,919) | (9,919) | |||
Balance (in shares) at Mar. 31, 2016 | 25,438 | ||||
Balance at Mar. 31, 2016 | $ 379,893 | 1,533 | 6,619 | 150,928 | 538,973 |
Balance (in shares) at Dec. 31, 2016 | 25,907 | ||||
Balance at Dec. 31, 2016 | $ 404,606 | 1,533 | (10,074) | 165,302 | 561,367 |
Net income | 15,049 | 15,049 | |||
Other comprehensive income | 631 | $ 631 | |||
Exercise of stock options (in shares) | 376 | 376 | |||
Exercise of stock options | $ 17,593 | $ 17,593 | |||
Stock based compensation | $ 456 | 456 | |||
Stock awarded to employees (in shares) | |||||
Stock awarded to employees | $ 15 | 15 | |||
Dividends | (10,223) | (10,223) | |||
Balance (in shares) at Mar. 31, 2017 | 26,283 | ||||
Balance at Mar. 31, 2017 | $ 422,670 | $ 1,533 | $ (9,443) | $ 170,128 | $ 584,888 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Operating Activities: | |||
Net income | $ 15,049 | $ 14,226 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization/accretion | 5,754 | 4,065 | |
Net amortization of deferred net loan cost (fees) | 26 | (54) | |
Decrease in interest income receivable | 1,744 | 1,379 | |
Life insurance premiums paid | (126) | (126) | |
Increase in income taxes payable | 2,896 | 3,424 | |
Decrease in deferred tax asset | 1,441 | 115 | |
Tax benefit decrease upon exercise and expiration of stock options | 181 | ||
Decrease (increase) in other assets | 895 | (5,476) | |
Stock option compensation expense | 456 | 390 | |
Increase in interest expense payable | 8 | 25 | |
Decrease in other liabilities | (2,864) | (4) | |
Writedown/loss on sale of premises and equipment | 50 | 5 | |
Net gain on sale of foreclosed assets | (55) | (58) | |
Writedown of foreclosed assets | 126 | ||
Net Cash Provided by Operating Activities | 25,274 | 18,218 | |
Investing Activities: | |||
Net repayments of loans | 1,526 | 61,070 | |
Net receipts under FDIC(1) indemnification agreements | [1] | 129 | 5,189 |
Purchases of investment securities available for sale | (51,297) | (152,128) | |
Proceeds from sale/maturity/calls of securities available for sale | 47,600 | 166,023 | |
Purchases of investment securities held to maturity | (56,182) | ||
Proceeds from maturity/calls of securities held to maturity | 45,640 | 33,531 | |
Purchases of premises and equipment | (501) | (283) | |
Proceeds from sale of FRB stock | [2] | 24 | |
Proceeds from sale of foreclosed assets | 1,014 | 975 | |
Net Cash Provided by Investing Activities | 44,135 | 58,195 | |
Financing Activities: | |||
Net change in deposits | (6,768) | (23,909) | |
Net change in short-term borrowings | 14,533 | (577) | |
Exercise of stock options/issuance of shares | 17,593 | 1,717 | |
Tax benefit decrease upon exercise and expiration of stock options | (181) | ||
Retirement of common stock | (5,424) | ||
Common stock dividends paid | (10,223) | (9,919) | |
Net Cash Provided by (Used in) Financing Activities | 15,135 | (38,293) | |
Net Change In Cash and Due from Banks | 84,544 | 38,120 | |
Cash and Due from Banks at Beginning of Period | 462,271 | 433,044 | |
Cash and Due from Banks at End of Period | 546,815 | 471,164 | |
Supplemental disclosure of noncash activities: | |||
Loan collateral transferred to other real estate owned | 217 | ||
Securities purchases pending settlement | 44,580 | ||
Supplemental disclosure of cash flow activities: | |||
Interest paid for the period | 504 | 526 | |
Income tax payments for the period | $ 500 | $ 1,200 | |
[1] | Federal Deposit Insurance Corporation ("FDIC") | ||
[2] | Federal Reserve Bank ("FRB") |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1: 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 March 31, 2017 10 December 31, 2016. |
Note 2 - Accounting Policies
Note 2 - Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2: The most significant accounting policies followed by the Company are presented in Note 1 10 December 31, 2016. 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 Recently Adopted Accounting Standards FASB ASU 2016 09, Improvements to Employee Share-Based Payment Accounting, March 30, 2016. (1) (2) (3) January 1, 2017, first 2017, 376 $1.6 2017 $671 2016 09. Recently Issued Accounting Standards FASB Accounting Standards Update (ASU) 2016 01 Financial Instruments – Overall (Subtopic 825 10): January 2016. The Company will be required to adopt the ASU provisions on January 1, 2018. FASB Accounting Standards Update (ASU) 2016 02, Leases (Topic 842), February 25, 2016. January 1, 2019, FASB ASU 2016 13, Financial Instruments – Credit Losses (Topic 326): June 16, 2016. The Company will be required to adopt the ASU provisions on January 1, 2020. FASB ASU 2017 08 Receivables – Non-Refundable Fees and Other Costs (Subtopic 310 20): March 2017. The Company will be required to adopt the ASU provisions on January 1, 2019. |
Note 3 - Investment Securities
Note 3 - Investment Securities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3: 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 $ 141,595 $ 33 $ (2,691 ) $ 138,937 Agency residential mortgage-backed securities (MBS) 742,713 825 (21,334 ) 722,204 Non-agency residential MBS 196 - - 196 Non-agency commercial MBS 1,955 - (16 ) 1,939 Obligations of states and political subdivisions 176,739 5,425 (3,293 ) 178,871 Asset-backed securities 355 - - 355 FHLMC (1) (2) 749 8,651 - 9,400 Corporate securities 843,249 2,037 (6,150 ) 839,136 Other securities 2,005 456 (190 ) 2,271 Total $ 1,909,556 $ 17,427 $ (33,674 ) $ 1,893,309 (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 $ 538 $ - $ - $ 538 Agency residential MBS 634,958 1,007 (9,093 ) 626,872 Non-agency residential MBS 5,103 62 - 5,165 Agency commercial MBS 9,258 4 (123 ) 9,139 Obligations of states and political subdivisions 648,557 8,503 (2,036 ) 655,024 Total $ 1,298,414 $ 9,576 $ (11,252 ) $ 1,296,738 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 $ 141,599 $ 35 $ (2,974 ) $ 138,660 Agency residential MBS 711,623 921 (21,045 ) 691,499 Non-agency residential MBS 272 - (1 ) 271 Non-agency commercial MBS 2,041 - (16 ) 2,025 Obligations of states and political subdivisions 182,230 5,107 (3,926 ) 183,411 Asset-backed securities 696 - (1 ) 695 FHLMC (1) (2) 749 10,120 - 10,869 Corporate securities 866,835 1,690 (7,668 ) 860,857 Other securities 2,034 621 (184 ) 2,471 Total $ 1,908,079 $ 18,494 $ (35,815 ) $ 1,890,758 (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 $ 581 $ 1 $ - $ 582 Agency residential MBS 668,235 1,122 (8,602 ) 660,755 Non-agency residential MBS 5,370 76 - 5,446 Agency commercial MBS 9,332 11 (143 ) 9,200 Obligations of states and political subdivisions 662,794 6,031 (4,067 ) 664,758 Total $ 1,346,312 $ 7,241 $ (12,812 ) $ 1,340,741 The amortized cost and fair value of investment securities by contractual maturity are shown in the following table s at the dates indicated: At March 31, 2017 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 200,403 $ 200,533 $ 21,359 $ 22,112 Over 1 to 5 years 687,340 683,836 296,478 298,933 Over 5 to 10 years 226,589 228,155 303,309 306,228 Over 10 years 47,606 44,775 27,949 28,289 Subtotal 1,161,938 1,157,299 649,095 655,562 MBS 744,864 724,339 649,319 641,176 Other securities 2,754 11,671 - - Total $ 1,909,556 $ 1,893,309 $ 1,298,414 $ 1,296,738 At December 31, 2016 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 154,693 $ 154,835 $ 14,961 $ 15,639 Over 1 to 5 years 750,834 745,219 292,024 292,062 Over 5 to 10 years 238,077 239,153 318,580 319,587 Over 10 years 47,756 44,416 37,810 38,052 Subtotal 1,191,360 1,183,623 663,375 665,340 MBS 713,936 693,795 682,937 675,401 Other securities 2,783 13,340 - - Total $ 1,908,079 $ 1,890,758 $ 1,346,312 $ 1,340,741 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 March 31, 2017 December 31, 2016, no 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 Unrealized Investment Unrealized Investment Unrealized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Securities of U.S. Government sponsored entities 9 $ 120,654 $ (2,691 ) - $ - $ - 9 $ 120,654 $ (2,691 ) Agency residential MBS 26 564,037 (16,571 ) 28 117,356 (4,763 ) 54 681,393 (21,334 ) Non-agency residential MBS 1 177 - - - - 1 177 - Non-agency commercial MBS 2 1,189 (9 ) 1 750 (7 ) 3 1,939 (16 ) Obligations of states and political subdivisions 42 55,505 (3,272 ) 4 1,653 (21 ) 46 57,158 (3,293 ) Corporate securities 48 360,788 (5,201 ) 25 88,217 (949 ) 73 449,005 (6,150 ) Other securities - - - 1 1,810 (190 ) 1 1,810 (190 ) Total 128 $ 1,102,350 $ (27,744 ) 59 $ 209,786 $ (5,930 ) 187 $ 1,312,136 $ (33,674 ) 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 Unrecognized Investment Unrecognized Investment Unrecognized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Agency residential MBS 66 $ 551,095 $ (8,789 ) 3 $ 11,465 $ (304 ) 69 $ 562,560 $ (9,093 ) Agency commercial MBS - - - 1 7,175 (123 ) 1 7,175 (123 ) Obligations of states and political subdivisions 137 128,434 (1,668 ) 13 12,905 (368 ) 150 141,339 (2,036 ) Total 203 $ 679,529 $ (10,457 ) 17 $ 31,545 $ (795 ) 220 $ 711,074 $ (11,252 ) 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 rating 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, 2017. 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 As of March 31, 2017, $774,283 December 31, 2016, $768,845 An analysis of gross unrealized losses of investment securities available for sale follows: Investment Securities Available for Sale No. of Less than 12 months No. of 12 months or longer No. of Total Investment Unrealized Investment Unrealized Investment Unrealized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Securities of U.S. Government sponsored entities 8 $ 117,227 $ (2,974 ) - $ - $ - 8 $ 117,227 $ (2,974 ) Agency residential MBS 21 524,269 (16,494 ) 28 122,901 (4,551 ) 49 647,170 (21,045 ) Non-agency residential MBS 2 246 (1 ) - - - 2 246 (1 ) Non-agency commercial MBS 2 1,253 (9 ) 1 772 (7 ) 3 2,025 (16 ) Obligations of states and political subdivisions 43 57,989 (3,905 ) 3 1,117 (21 ) 46 59,106 (3,926 ) Asset-backed securities - - - 1 695 (1 ) 1 695 (1 ) Corporate securities 53 385,175 (6,551 ) 27 96,145 (1,117 ) 80 481,320 (7,668 ) Other securities - - - 1 1,816 (184 ) 1 1,816 (184 ) Total 129 $ 1,086,159 $ (29,934 ) 61 $ 223,446 $ (5,881 ) 190 $ 1,309,605 $ (35,815 ) An analysis of gross unrecognized losses of investment securities held to maturity follows: Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Unrecognized Investment Unrecognized Investment Unrecognized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Agency residential MBS 66 $ 569,876 $ (8,285 ) 3 $ 10,480 $ (317 ) 69 $ 580,356 $ (8,602 ) Agency commercial MBS - - - 1 7,214 (143 ) 1 7,214 (143 ) Obligations of states and political subdivisions 295 272,496 (3,710 ) 12 13,126 (357 ) 307 285,622 (4,067 ) Total 361 $ 842,372 $ (11,995 ) 16 $ 30,820 $ (817 ) 377 $ 873,192 $ (12,812 ) 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 2017 2016 (In thousands) Taxable $ 12,147 $ 9,674 Tax-exempt from regular federal income tax 5,397 5,620 Total interest income from investment securities $ 17,544 $ 15,294 |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4: A summary of the major categories of loans outstanding is shown in the following tables at the dates indicated. At March 31, 2017 At December 31, 2016 (In thousands) Commercial $ 354,500 $ 354,697 Commercial Real Estate 565,604 542,171 Construction 1,880 2,555 Residential Real Estate 79,481 87,724 Consumer Installment & Other 349,625 365,564 Total $ 1,351,090 $ 1,352,711 Total loans outstanding reported above include purchased loans of $113,207 $121,210 March 31, 2017 December 31, 2016, 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 $ 1,237 $ 1,259 Reclassification from nonaccretable difference 871 3,912 Accretion (970 ) (3,934 ) Balance at the end of the period $ 1,138 $ 1,237 Accretion $ (970 ) $ (3,934 ) Change in FDIC indemnification 189 1,053 (Increase) in interest income $ (781 ) $ (2,881 ) The following summarizes activity in the allowance for loan losses: Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 8,327 $ 3,330 $ 152 $ 1,330 $ 7,980 $ 4,835 $ 25,954 Additions: Provision (reversal) 209 182 (40 ) (116 ) 106 (341 ) - Deductions: Chargeoffs (103 ) - - - (1,739 ) - (1,842 ) Recoveries 160 10 - - 637 - 807 Net loan recoveries (losses) 57 10 - - (1,102 ) - (1,035 ) Total allowance for loan losses $ 8,593 $ 3,522 $ 112 $ 1,214 $ 6,984 $ 4,494 $ 24,919 Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 9,559 $ 4,212 $ 235 $ 1,801 $ 8,001 $ 5,963 $ 29,771 Additions: Provision (reversal) 38 10 (48 ) (94 ) 124 (30 ) - Deductions: Chargeoffs (1,171 ) - - - (1,006 ) - (2,177 ) Recoveries 1,421 15 - - 457 - 1,893 Net loan recoveries (losses) 250 15 - - (549 ) - (284 ) Total allowance for loan losses $ 9,847 $ 4,237 $ 187 $ 1,707 $ 7,576 $ 5,933 $ 29,487 The allowance for loan losses and recorded investment in loans evaluated for impairment were as follows: Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 4,991 $ - $ - $ - $ - $ - $ 4,991 Collectively evaluated for impairment 3,602 3,522 112 1,214 6,984 4,494 19,928 Purchased loans with evidence of credit deterioration - - - - - - - Total $ 8,593 $ 3,522 $ 112 $ 1,214 $ 6,984 $ 4,494 $ 24,919 Carrying value of loans: Individually evaluated for impairment $ 11,128 $ 15,243 $ - $ 217 $ - $ - $ 26,588 Collectively evaluated for impairment 343,345 549,838 1,880 79,264 349,303 - 1,323,630 Purchased loans with evidence of credit deterioration 27 523 - - 322 - 872 Total $ 354,500 $ 565,604 $ 1,880 $ 79,481 $ 349,625 $ - $ 1,351,090 Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 5,048 $ - $ - $ - $ - $ - $ 5,048 Collectively evaluated for impairment 3,279 3,330 152 1,330 7,980 4,835 20,906 Purchased loans with evidence of credit deterioration - - - - - - - Total $ 8,327 $ 3,330 $ 152 $ 1,330 $ 7,980 $ 4,835 $ 25,954 Carrying value of loans: Individually evaluated for impairment $ 11,174 $ 12,706 $ - $ 835 $ - $ - $ 24,715 Collectively evaluated for impairment 343,494 528,957 2,555 86,889 365,236 - 1,327,131 Purchased loans with evidence of credit deterioration 29 508 - - 328 - 865 Total $ 354,697 $ 542,171 $ 2,555 $ 87,724 $ 365,564 $ - $ 1,352,711 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 Real Estate Construction Residential Real Estate Consumer Installment and Other Total (In thousands) Grade: Pass $ 339,296 $ 538,750 $ 1,880 $ 79,481 $ 346,864 $ 1,306,271 Substandard 15,204 25,558 - - 2,447 43,209 Doubtful - 1,296 - - - 1,296 Loss - - - - 314 314 Total $ 354,500 $ 565,604 $ 1,880 $ 79,481 $ 349,625 $ 1,351,090 (1) Credit Risk Profile by Internally Assigned Grade Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Total (In thousands) Grade: Pass $ 340,973 $ 515,045 $ 2,555 $ 84,384 $ 362,597 $ 1,305,554 Substandard 13,724 25,830 - 3,340 2,477 45,371 Doubtful - 1,296 - - 10 1,306 Loss - - - - 480 480 Total $ 354,697 $ 542,171 $ 2,555 $ 87,724 $ 365,564 $ 1,352,711 (1) The following tables summarize loans by delinquency and nonaccrual status: Summary of Loans by Delinquency and Nonaccrual Status Current and Accruing 30-59 Days Past Due and Accruing 60-89 Days Past Due and Accruing Past Due 90 Days or More and Accruing Nonaccrual Total Loans (In thousands) Commercial $ 351,417 $ 1,979 $ 1,072 $ - $ 32 $ 354,500 Commercial real estate 553,637 4,922 605 - 6,440 565,604 Construction 1,880 - - - - 1,880 Residential real estate 78,182 1,299 - - - 79,481 Consumer installment and other 345,600 2,764 693 373 195 349,625 Total $ 1,330,716 $ 10,964 $ 2,370 $ 373 $ 6,667 $ 1,351,090 Summary of Loans by Delinquency and Nonaccrual Status Current and Accruing 30-59 Days Past Due and Accruing 60-89 Days Past Due and Accruing Past Due 90 Days or More and Accruing Nonaccrual Total Loans (In thousands) Commercial $ 353,497 $ 966 $ 40 $ - $ 194 $ 354,697 Commercial real estate 533,377 1,460 445 - 6,889 542,171 Construction 2,329 226 - - - 2,555 Residential real estate 86,098 528 37 - 1,061 87,724 Consumer installment and other 360,549 3,288 989 497 241 365,564 Total $ 1,335,850 $ 6,468 $ 1,511 $ 497 $ 8,385 $ 1,352,711 There were no March 31, 2017 December 31, 2016. The following summarizes impaired loans: Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 1,080 $ 1,148 $ - Commercial real estate 15,766 17,788 - Construction - - - Residential real estate 217 247 - Consumer installment and other 517 623 - Impaired loans with an allowance recorded: Commercial 10,106 10,115 4,991 Commercial real estate - - - Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 11,186 $ 11,263 $ 4,991 Commercial real estate 15,766 17,788 - Construction - - - Residential real estate 217 247 - Consumer installment and other 517 623 - Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 1,234 $ 1,303 $ - Commercial real estate 13,233 15,610 - Construction - - - Residential real estate 1,279 1,309 - Consumer installment and other 569 675 - Impaired loans with an allowance recorded: Commercial 10,163 10,172 5,048 Commercial real estate - - - Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 11,397 $ 11,475 $ 5,048 Commercial real estate 13,233 15,610 - Construction - - - Residential real estate 1,279 1,309 - Consumer installment and other 569 675 - Impaired loans include troubled debt restructured loans. Impaired loans at March 31, 2017, $12,403 $5,172 December 31, 2016, $12,381 $5,302 Impaired Loans 2017 2016 Average Recognized Average Recognized (In thousands) Commercial $ 11,292 $ 118 $ 13,410 $ 133 Commercial real estate 14,500 237 20,849 159 Construction - - 271 - Residential real estate 748 4 810 4 Consumer installment and other 543 7 347 6 Total $ 27,083 $ 366 $ 35,687 $ 302 The following table provides information on troubled debt restructurings: Troubled Debt Restructurings Number of Pre-Modification Period-End Period-End ($ in thousands) Commercial 8 $ 2,768 $ 1,468 $ 107 Commercial real estate 11 11,576 10,718 - Residential real estate 1 241 217 - Total 20 $ 14,585 $ 12,403 $ 107 Troubled Debt Restructurings Number of Pre-Modification Period-End Period-End ($ in thousands) Commercial 7 $ 2,719 $ 1,489 $ 113 Commercial real estate 10 11,257 10,673 - Residential real estate 1 241 219 - Total 18 $ 14,217 $ 12,381 $ 113 During the three March 31, 2017, two $273 two first 2017 three March 31, 2016, three $4,757 first 2016 two one no three March 31, 2017 March 31, 2016. three March 31, 2017 2016, no 12 ninety There were no March 31, 2017 December 31, 2016. There were no March 31, 2017 December 31, 2016. At March 31, 2017 December 31, 2016, $2,136 $1,685 $3,095 $1,816 0 0 March 31, 2017 December 31, 2016. |
Note 5 - Concentration of Credi
Note 5 - Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 5: Under the California Financial Code, credit extended to any one one 15 25 March 31, 2017, one March 31, 2017, 39 $5 4, $60,831 $57,721 March 31, 2017 December 31, 2016, 75% 80% March 31, 2017, 50 $5 |
Note 6 - Other Assets
Note 6 - Other Assets | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | Note 6: Other assets consisted of the following: At March 31, 2017 At December 31, 2016 (In thousands) Cost method equity investments: Federal Reserve Bank stock (1) $ 14,045 $ 14,069 Other investments 201 201 Total cost method equity investments 14,246 14,270 Life insurance cash surrender value 52,177 51,535 Net deferred tax asset 53,518 55,417 Limited partnership investments 12,141 12,591 Interest receivable 19,745 21,489 Prepaid assets 4,997 4,825 Other assets 8,453 11,597 Total other assets $ 165,277 $ 171,724 (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 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, 2017, $12,141 $2,299 December 31, 2016, $12,591 $2,299 March 31, 2017, $2,299 $722 2020, $131 2023, $90 2024 $1,356 2025 The amounts recognized in net income for these investments include: For the Three Months Ended 2017 2016 (In thousands) Investment loss included in pre-tax income $ 450 $ 675 Tax credits recognized in provision for income taxes 463 598 |
Note 7 - Goodwill and Identifia
Note 7 - Goodwill and Identifiable Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7: 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 three March 31, 2017 December 31, 2016. three March 31, 2017 December 31, 2016, no The carrying values of goodwill were: At March 31, 2017 At December 31, 2016 (In thousands) Goodwill $ 121,673 $ 121,673 The gross carrying amount of identifiable intangible assets and accumulated amortization was: At March 31, 2017 At December 31, 2016 Gross Accumulated Gross Accumulated (In thousands) Core Deposit Intangibles $ 56,808 $ (50,827 ) $ 56,808 $ (50,074 ) Merchant Draft Processing Intangible 10,300 (10,154 ) 10,300 (10,107 ) Total Identifiable Intangible Assets $ 67,108 $ (60,981 ) $ 67,108 $ (60,181 ) As of March 31, 2017, Core Merchant Total (In thousands) For the Three Months ended March 31, 2017 (actual) $ 753 $ 47 $ 800 Estimate for the remainder of year ending December 31, 2017 2,160 117 2,277 Estimate for year ending December 31, 2018 1,892 29 1,921 2019 538 - 538 2020 287 - 287 2021 269 - 269 2022 252 - 252 |
Note 8 - Deposits and Borrowed
Note 8 - Deposits and Borrowed Funds | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Deposits and Borrowed Funds [Text Block] | Note 8: The following table provides additional detail regarding deposits. Deposits At March 31, 2017 At December 31, 2016 (In thousands) Noninterest-bearing $ 2,046,390 $ 2,089,443 Interest-bearing: Transaction 905,588 865,701 Savings 1,494,854 1,493,427 Time deposits less than $100 thousand 129,889 133,712 Time deposits $100 thousand through $250 thousand 83,636 84,925 Time deposits more than $250 thousand 37,616 37,533 Total deposits $ 4,697,973 $ 4,704,741 Demand deposit overdrafts of $806 $2,679 March 31, 2017 December 31, 2016, $100 $106 first 2017 $137 first 2016. The following table provides additional detail regarding short-term borrowed funds. Repurchase Agreements (Sweep) Remaining Contractual Maturity of the Agreements At March 31, 2017 At December 31, 2016 Repurchase agreements: (In thousands) Collateral securing borrowings: Securities of U.S. Government sponsored entities $ 74,205 $ 74,031 Agency residential MBS 62,217 63,277 Corporate securities 90,598 90,554 Total collateral carrying value $ 227,020 $ 227,862 Total short-term borrowed funds $ 73,611 $ 59,078 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 9: 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 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 1 1 Level 2 2 Level 3 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 95 may 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 3. may three March 31, 2017 December 31, 2016, 1, 2 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, 2017 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 $ 138,937 $ - $ 138,937 $ - Agency residential MBS 722,204 - 722,204 - Non-agency residential MBS 196 - 196 - Non-agency commercial MBS 1,939 - 1,939 - Obligations of states and political subdivisions 178,871 - 178,871 - Asset-backed securities 355 - 355 - FHLMC and FNMA stock 9,400 12 9,388 - Corporate securities 839,136 - 839,136 - Other securities 2,271 461 1,810 - Total securities available for sale $ 1,893,309 $ 473 $ 1,892,836 $ - At December 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 $ 138,660 $ - $ 138,660 $ - Agency residential MBS 691,499 - 691,499 - Non-agency residential MBS 271 - 271 - Non-agency commercial MBS 2,025 - 2,025 - Obligations of states and political subdivisions 183,411 - 183,411 - Asset-backed securities 695 - 695 - FHLMC and FNMA stock 10,869 17 10,852 - Corporate securities 860,857 - 860,857 - Other securities 2,471 656 1,815 - Total securities available for sale $ 1,890,758 $ 673 $ 1,890,085 $ - Assets Recorded at Fair Value on a Nonrecurring Basis The Company may March 31, 2017 December 31, 2016, For the At March 31, 2017 March 31, 2017 Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 2,136 $ - $ - $ 2,136 $ - Impaired loans 9,400 - - 9,400 - Total assets measured at fair value on a nonrecurring basis $ 11,536 $ - $ - $ 11,536 $ - For the At December 31, 2016 December 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 3,095 $ - $ - $ 3,095 $ (705 ) Impaired loans 9,525 - - 9,525 - Total assets measured at fair value on a nonrecurring basis $ 12,620 $ - $ - $ 12,620 $ (705 ) Level 3 third 10% 3 third 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 2 Loans two $24,919 March 31, 2017 $25,954 December 31, 2016 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 may 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, 2017 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: (In thousands) Cash and due from banks $ 546,815 $ 546,815 $ 546,815 $ - $ - Investment securities held to maturity 1,298,414 1,296,738 - 1,296,738 - Loans 1,326,171 1,332,148 - - 1,332,148 Financial Liabilities: Deposits $ 4,697,973 4,695,676 $ - $ 4,446,832 248,844 Short-term borrowed funds 73,611 73,611 - 73,611 - At December 31, 2016 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: (In thousands) Cash and due from banks $ 462,271 $ 462,271 $ 462,271 $ - $ - Investment securities held to maturity 1,346,312 1,340,741 - 1,340,741 - Loans 1,326,757 1,337,774 - - 1,337,774 Financial Liabilities: Deposits $ 4,704,741 $ 4,702,797 $ - $ 4,448,571 $ 254,226 Short-term borrowed funds 59,078 59,078 - 59,078 - 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, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10: 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 $305,544 $304,508 March 31, 2017 December 31, 2016, $19,762 $21,732 March 31, 2017 December 31, 2016, 0 March 31, 2017 December 31, 2016. $2,308 March 31, 2017 $2,408 December 31, 2016, 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 can be reasonably estimated. |
Note 11 - Earnings Per Common S
Note 11 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11: 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 2017 2016 (In thousands, except per share data) Net income (numerator) $ 15,049 $ 14,226 Basic earnings per common share Weighted average number of common shares outstanding - basic (denominator) 26,171 25,445 Basic earnings per common share $ 0.58 $ 0.56 Diluted earnings per common share Weighted average number of common shares outstanding - basic 26,171 25,445 Add common stock equivalents for options 158 23 Weighted average number of common shares outstanding - diluted (denominator) 26,329 25,468 Diluted earnings per common share $ 0.57 $ 0.56 For the three March 31, 2017 2016, 299 1,297 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards FASB ASU 2016 09, Improvements to Employee Share-Based Payment Accounting, March 30, 2016. (1) (2) (3) January 1, 2017, first 2017, 376 $1.6 2017 $671 2016 09. Recently Issued Accounting Standards FASB Accounting Standards Update (ASU) 2016 01 Financial Instruments – Overall (Subtopic 825 10): January 2016. The Company will be required to adopt the ASU provisions on January 1, 2018. FASB Accounting Standards Update (ASU) 2016 02, Leases (Topic 842), February 25, 2016. January 1, 2019, FASB ASU 2016 13, Financial Instruments – Credit Losses (Topic 326): June 16, 2016. The Company will be required to adopt the ASU provisions on January 1, 2020. FASB ASU 2017 08 Receivables – Non-Refundable Fees and Other Costs (Subtopic 310 20): March 2017. The Company will be required to adopt the ASU provisions on January 1, 2019. |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 $ 141,595 $ 33 $ (2,691 ) $ 138,937 Agency residential mortgage-backed securities (MBS) 742,713 825 (21,334 ) 722,204 Non-agency residential MBS 196 - - 196 Non-agency commercial MBS 1,955 - (16 ) 1,939 Obligations of states and political subdivisions 176,739 5,425 (3,293 ) 178,871 Asset-backed securities 355 - - 355 FHLMC (1) (2) 749 8,651 - 9,400 Corporate securities 843,249 2,037 (6,150 ) 839,136 Other securities 2,005 456 (190 ) 2,271 Total $ 1,909,556 $ 17,427 $ (33,674 ) $ 1,893,309 Investment Securities Available for Sale Amortized Gross Gross Fair (In thousands) Securities of U.S. Government sponsored entities $ 141,599 $ 35 $ (2,974 ) $ 138,660 Agency residential MBS 711,623 921 (21,045 ) 691,499 Non-agency residential MBS 272 - (1 ) 271 Non-agency commercial MBS 2,041 - (16 ) 2,025 Obligations of states and political subdivisions 182,230 5,107 (3,926 ) 183,411 Asset-backed securities 696 - (1 ) 695 FHLMC (1) (2) 749 10,120 - 10,869 Corporate securities 866,835 1,690 (7,668 ) 860,857 Other securities 2,034 621 (184 ) 2,471 Total $ 1,908,079 $ 18,494 $ (35,815 ) $ 1,890,758 |
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 $ 538 $ - $ - $ 538 Agency residential MBS 634,958 1,007 (9,093 ) 626,872 Non-agency residential MBS 5,103 62 - 5,165 Agency commercial MBS 9,258 4 (123 ) 9,139 Obligations of states and political subdivisions 648,557 8,503 (2,036 ) 655,024 Total $ 1,298,414 $ 9,576 $ (11,252 ) $ 1,296,738 Investment Securities Held to Maturity Amortized Gross Gross Fair (In thousands) Securities of U.S. Government sponsored entities $ 581 $ 1 $ - $ 582 Agency residential MBS 668,235 1,122 (8,602 ) 660,755 Non-agency residential MBS 5,370 76 - 5,446 Agency commercial MBS 9,332 11 (143 ) 9,200 Obligations of states and political subdivisions 662,794 6,031 (4,067 ) 664,758 Total $ 1,346,312 $ 7,241 $ (12,812 ) $ 1,340,741 |
Investments Classified by Contractual Maturity Date [Table Text Block] | At March 31, 2017 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 200,403 $ 200,533 $ 21,359 $ 22,112 Over 1 to 5 years 687,340 683,836 296,478 298,933 Over 5 to 10 years 226,589 228,155 303,309 306,228 Over 10 years 47,606 44,775 27,949 28,289 Subtotal 1,161,938 1,157,299 649,095 655,562 MBS 744,864 724,339 649,319 641,176 Other securities 2,754 11,671 - - Total $ 1,909,556 $ 1,893,309 $ 1,298,414 $ 1,296,738 At December 31, 2016 Securities Available Securities Held Amortized Fair Amortized Fair (In thousands) Maturity in years: 1 year or less $ 154,693 $ 154,835 $ 14,961 $ 15,639 Over 1 to 5 years 750,834 745,219 292,024 292,062 Over 5 to 10 years 238,077 239,153 318,580 319,587 Over 10 years 47,756 44,416 37,810 38,052 Subtotal 1,191,360 1,183,623 663,375 665,340 MBS 713,936 693,795 682,937 675,401 Other securities 2,783 13,340 - - Total $ 1,908,079 $ 1,890,758 $ 1,346,312 $ 1,340,741 |
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 Unrealized Investment Unrealized Investment Unrealized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Securities of U.S. Government sponsored entities 9 $ 120,654 $ (2,691 ) - $ - $ - 9 $ 120,654 $ (2,691 ) Agency residential MBS 26 564,037 (16,571 ) 28 117,356 (4,763 ) 54 681,393 (21,334 ) Non-agency residential MBS 1 177 - - - - 1 177 - Non-agency commercial MBS 2 1,189 (9 ) 1 750 (7 ) 3 1,939 (16 ) Obligations of states and political subdivisions 42 55,505 (3,272 ) 4 1,653 (21 ) 46 57,158 (3,293 ) Corporate securities 48 360,788 (5,201 ) 25 88,217 (949 ) 73 449,005 (6,150 ) Other securities - - - 1 1,810 (190 ) 1 1,810 (190 ) Total 128 $ 1,102,350 $ (27,744 ) 59 $ 209,786 $ (5,930 ) 187 $ 1,312,136 $ (33,674 ) Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Unrecognized Investment Unrecognized Investment Unrecognized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Agency residential MBS 66 $ 551,095 $ (8,789 ) 3 $ 11,465 $ (304 ) 69 $ 562,560 $ (9,093 ) Agency commercial MBS - - - 1 7,175 (123 ) 1 7,175 (123 ) Obligations of states and political subdivisions 137 128,434 (1,668 ) 13 12,905 (368 ) 150 141,339 (2,036 ) Total 203 $ 679,529 $ (10,457 ) 17 $ 31,545 $ (795 ) 220 $ 711,074 $ (11,252 ) Investment Securities Available for Sale No. of Less than 12 months No. of 12 months or longer No. of Total Investment Unrealized Investment Unrealized Investment Unrealized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Securities of U.S. Government sponsored entities 8 $ 117,227 $ (2,974 ) - $ - $ - 8 $ 117,227 $ (2,974 ) Agency residential MBS 21 524,269 (16,494 ) 28 122,901 (4,551 ) 49 647,170 (21,045 ) Non-agency residential MBS 2 246 (1 ) - - - 2 246 (1 ) Non-agency commercial MBS 2 1,253 (9 ) 1 772 (7 ) 3 2,025 (16 ) Obligations of states and political subdivisions 43 57,989 (3,905 ) 3 1,117 (21 ) 46 59,106 (3,926 ) Asset-backed securities - - - 1 695 (1 ) 1 695 (1 ) Corporate securities 53 385,175 (6,551 ) 27 96,145 (1,117 ) 80 481,320 (7,668 ) Other securities - - - 1 1,816 (184 ) 1 1,816 (184 ) Total 129 $ 1,086,159 $ (29,934 ) 61 $ 223,446 $ (5,881 ) 190 $ 1,309,605 $ (35,815 ) Investment Securities Held to Maturity No. of Less than 12 months No. of 12 months or longer No. of Total Investment Unrecognized Investment Unrecognized Investment Unrecognized Positions Fair Value Losses Positions Fair Value Losses Positions Fair Value Losses ($ in thousands) Agency residential MBS 66 $ 569,876 $ (8,285 ) 3 $ 10,480 $ (317 ) 69 $ 580,356 $ (8,602 ) Agency commercial MBS - - - 1 7,214 (143 ) 1 7,214 (143 ) Obligations of states and political subdivisions 295 272,496 (3,710 ) 12 13,126 (357 ) 307 285,622 (4,067 ) Total 361 $ 842,372 $ (11,995 ) 16 $ 30,820 $ (817 ) 377 $ 873,192 $ (12,812 ) |
Interest Income from Investments [Table Text Block] | For the Three Months 2017 2016 (In thousands) Taxable $ 12,147 $ 9,674 Tax-exempt from regular federal income tax 5,397 5,620 Total interest income from investment securities $ 17,544 $ 15,294 |
Note 4 - Loans and Allowance 21
Note 4 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Loans Receivable [Table Text Block] | At March 31, 2017 At December 31, 2016 (In thousands) Commercial $ 354,500 $ 354,697 Commercial Real Estate 565,604 542,171 Construction 1,880 2,555 Residential Real Estate 79,481 87,724 Consumer Installment & Other 349,625 365,564 Total $ 1,351,090 $ 1,352,711 |
Accretable Yield Reconciliation Schedule [Table Text Block] | For the For the Accretable yield: (In thousands) Balance at the beginning of the period $ 1,237 $ 1,259 Reclassification from nonaccretable difference 871 3,912 Accretion (970 ) (3,934 ) Balance at the end of the period $ 1,138 $ 1,237 Accretion $ (970 ) $ (3,934 ) Change in FDIC indemnification 189 1,053 (Increase) in interest income $ (781 ) $ (2,881 ) |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 8,327 $ 3,330 $ 152 $ 1,330 $ 7,980 $ 4,835 $ 25,954 Additions: Provision (reversal) 209 182 (40 ) (116 ) 106 (341 ) - Deductions: Chargeoffs (103 ) - - - (1,739 ) - (1,842 ) Recoveries 160 10 - - 637 - 807 Net loan recoveries (losses) 57 10 - - (1,102 ) - (1,035 ) Total allowance for loan losses $ 8,593 $ 3,522 $ 112 $ 1,214 $ 6,984 $ 4,494 $ 24,919 Allowance for Loan Losses Commercial Commercial Construction Residential Consumer Unallocated Total (In thousands) Allowance for loan losses: Balance at beginning of period $ 9,559 $ 4,212 $ 235 $ 1,801 $ 8,001 $ 5,963 $ 29,771 Additions: Provision (reversal) 38 10 (48 ) (94 ) 124 (30 ) - Deductions: Chargeoffs (1,171 ) - - - (1,006 ) - (2,177 ) Recoveries 1,421 15 - - 457 - 1,893 Net loan recoveries (losses) 250 15 - - (549 ) - (284 ) Total allowance for loan losses $ 9,847 $ 4,237 $ 187 $ 1,707 $ 7,576 $ 5,933 $ 29,487 |
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 Real Estate Construction Residential Real Estate Consumer Installment and Other Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 4,991 $ - $ - $ - $ - $ - $ 4,991 Collectively evaluated for impairment 3,602 3,522 112 1,214 6,984 4,494 19,928 Purchased loans with evidence of credit deterioration - - - - - - - Total $ 8,593 $ 3,522 $ 112 $ 1,214 $ 6,984 $ 4,494 $ 24,919 Carrying value of loans: Individually evaluated for impairment $ 11,128 $ 15,243 $ - $ 217 $ - $ - $ 26,588 Collectively evaluated for impairment 343,345 549,838 1,880 79,264 349,303 - 1,323,630 Purchased loans with evidence of credit deterioration 27 523 - - 322 - 872 Total $ 354,500 $ 565,604 $ 1,880 $ 79,481 $ 349,625 $ - $ 1,351,090 Allowance for Loan Losses and Recorded Investment in Loans Evaluated for Impairment Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 5,048 $ - $ - $ - $ - $ - $ 5,048 Collectively evaluated for impairment 3,279 3,330 152 1,330 7,980 4,835 20,906 Purchased loans with evidence of credit deterioration - - - - - - - Total $ 8,327 $ 3,330 $ 152 $ 1,330 $ 7,980 $ 4,835 $ 25,954 Carrying value of loans: Individually evaluated for impairment $ 11,174 $ 12,706 $ - $ 835 $ - $ - $ 24,715 Collectively evaluated for impairment 343,494 528,957 2,555 86,889 365,236 - 1,327,131 Purchased loans with evidence of credit deterioration 29 508 - - 328 - 865 Total $ 354,697 $ 542,171 $ 2,555 $ 87,724 $ 365,564 $ - $ 1,352,711 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Risk Profile by Internally Assigned Grade Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Total (In thousands) Grade: Pass $ 339,296 $ 538,750 $ 1,880 $ 79,481 $ 346,864 $ 1,306,271 Substandard 15,204 25,558 - - 2,447 43,209 Doubtful - 1,296 - - - 1,296 Loss - - - - 314 314 Total $ 354,500 $ 565,604 $ 1,880 $ 79,481 $ 349,625 $ 1,351,090 Credit Risk Profile by Internally Assigned Grade Commercial Commercial Real Estate Construction Residential Real Estate Consumer Installment and Other Total (In thousands) Grade: Pass $ 340,973 $ 515,045 $ 2,555 $ 84,384 $ 362,597 $ 1,305,554 Substandard 13,724 25,830 - 3,340 2,477 45,371 Doubtful - 1,296 - - 10 1,306 Loss - - - - 480 480 Total $ 354,697 $ 542,171 $ 2,555 $ 87,724 $ 365,564 $ 1,352,711 |
Past Due Financing Receivables [Table Text Block] | Summary of Loans by Delinquency and Nonaccrual Status Current and Accruing 30-59 Days Past Due and Accruing 60-89 Days Past Due and Accruing Past Due 90 Days or More and Accruing Nonaccrual Total Loans (In thousands) Commercial $ 351,417 $ 1,979 $ 1,072 $ - $ 32 $ 354,500 Commercial real estate 553,637 4,922 605 - 6,440 565,604 Construction 1,880 - - - - 1,880 Residential real estate 78,182 1,299 - - - 79,481 Consumer installment and other 345,600 2,764 693 373 195 349,625 Total $ 1,330,716 $ 10,964 $ 2,370 $ 373 $ 6,667 $ 1,351,090 Summary of Loans by Delinquency and Nonaccrual Status Current and Accruing 30-59 Days Past Due and Accruing 60-89 Days Past Due and Accruing Past Due 90 Days or More and Accruing Nonaccrual Total Loans (In thousands) Commercial $ 353,497 $ 966 $ 40 $ - $ 194 $ 354,697 Commercial real estate 533,377 1,460 445 - 6,889 542,171 Construction 2,329 226 - - - 2,555 Residential real estate 86,098 528 37 - 1,061 87,724 Consumer installment and other 360,549 3,288 989 497 241 365,564 Total $ 1,335,850 $ 6,468 $ 1,511 $ 497 $ 8,385 $ 1,352,711 |
Impaired Financing Receivables [Table Text Block] | Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 1,080 $ 1,148 $ - Commercial real estate 15,766 17,788 - Construction - - - Residential real estate 217 247 - Consumer installment and other 517 623 - Impaired loans with an allowance recorded: Commercial 10,106 10,115 4,991 Commercial real estate - - - Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 11,186 $ 11,263 $ 4,991 Commercial real estate 15,766 17,788 - Construction - - - Residential real estate 217 247 - Consumer installment and other 517 623 - Impaired Loans Recorded Unpaid Related (In thousands) Impaired loans with no related allowance recorded: Commercial $ 1,234 $ 1,303 $ - Commercial real estate 13,233 15,610 - Construction - - - Residential real estate 1,279 1,309 - Consumer installment and other 569 675 - Impaired loans with an allowance recorded: Commercial 10,163 10,172 5,048 Commercial real estate - - - Construction - - - Residential real estate - - - Consumer installment and other - - - Total: Commercial $ 11,397 $ 11,475 $ 5,048 Commercial real estate 13,233 15,610 - Construction - - - Residential real estate 1,279 1,309 - Consumer installment and other 569 675 - |
Impaired Financing Receivables Supplemental Schedule [Table Text Block] | Impaired Loans 2017 2016 Average Recognized Average Recognized (In thousands) Commercial $ 11,292 $ 118 $ 13,410 $ 133 Commercial real estate 14,500 237 20,849 159 Construction - - 271 - Residential real estate 748 4 810 4 Consumer installment and other 543 7 347 6 Total $ 27,083 $ 366 $ 35,687 $ 302 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Troubled Debt Restructurings Number of Pre-Modification Period-End Period-End ($ in thousands) Commercial 8 $ 2,768 $ 1,468 $ 107 Commercial real estate 11 11,576 10,718 - Residential real estate 1 241 217 - Total 20 $ 14,585 $ 12,403 $ 107 Troubled Debt Restructurings Number of Pre-Modification Period-End Period-End ($ in thousands) Commercial 7 $ 2,719 $ 1,489 $ 113 Commercial real estate 10 11,257 10,673 - Residential real estate 1 241 219 - Total 18 $ 14,217 $ 12,381 $ 113 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | At March 31, 2017 At December 31, 2016 (In thousands) Cost method equity investments: Federal Reserve Bank stock (1) $ 14,045 $ 14,069 Other investments 201 201 Total cost method equity investments 14,246 14,270 Life insurance cash surrender value 52,177 51,535 Net deferred tax asset 53,518 55,417 Limited partnership investments 12,141 12,591 Interest receivable 19,745 21,489 Prepaid assets 4,997 4,825 Other assets 8,453 11,597 Total other assets $ 165,277 $ 171,724 |
Schedule of Amounts Recognized in Net Income [Table Text Block] | For the Three Months Ended 2017 2016 (In thousands) Investment loss included in pre-tax income $ 450 $ 675 Tax credits recognized in provision for income taxes 463 598 |
Note 7 - Goodwill and Identif23
Note 7 - Goodwill and Identifiable Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | At March 31, 2017 At December 31, 2016 (In thousands) Goodwill $ 121,673 $ 121,673 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | At March 31, 2017 At December 31, 2016 Gross Accumulated Gross Accumulated (In thousands) Core Deposit Intangibles $ 56,808 $ (50,827 ) $ 56,808 $ (50,074 ) Merchant Draft Processing Intangible 10,300 (10,154 ) 10,300 (10,107 ) Total Identifiable Intangible Assets $ 67,108 $ (60,981 ) $ 67,108 $ (60,181 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Core Merchant Total (In thousands) For the Three Months ended March 31, 2017 (actual) $ 753 $ 47 $ 800 Estimate for the remainder of year ending December 31, 2017 2,160 117 2,277 Estimate for year ending December 31, 2018 1,892 29 1,921 2019 538 - 538 2020 287 - 287 2021 269 - 269 2022 252 - 252 |
Note 8 - Deposits and Borrowe24
Note 8 - Deposits and Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Deposits [Table Text Block] | Deposits At March 31, 2017 At December 31, 2016 (In thousands) Noninterest-bearing $ 2,046,390 $ 2,089,443 Interest-bearing: Transaction 905,588 865,701 Savings 1,494,854 1,493,427 Time deposits less than $100 thousand 129,889 133,712 Time deposits $100 thousand through $250 thousand 83,636 84,925 Time deposits more than $250 thousand 37,616 37,533 Total deposits $ 4,697,973 $ 4,704,741 |
Schedule of Repurchase Agreements [Table Text Block] | Repurchase Agreements (Sweep) Remaining Contractual Maturity of the Agreements At March 31, 2017 At December 31, 2016 Repurchase agreements: (In thousands) Collateral securing borrowings: Securities of U.S. Government sponsored entities $ 74,205 $ 74,031 Agency residential MBS 62,217 63,277 Corporate securities 90,598 90,554 Total collateral carrying value $ 227,020 $ 227,862 Total short-term borrowed funds $ 73,611 $ 59,078 |
Note 9 - Fair Value Measureme25
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | At March 31, 2017 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 $ 138,937 $ - $ 138,937 $ - Agency residential MBS 722,204 - 722,204 - Non-agency residential MBS 196 - 196 - Non-agency commercial MBS 1,939 - 1,939 - Obligations of states and political subdivisions 178,871 - 178,871 - Asset-backed securities 355 - 355 - FHLMC and FNMA stock 9,400 12 9,388 - Corporate securities 839,136 - 839,136 - Other securities 2,271 461 1,810 - Total securities available for sale $ 1,893,309 $ 473 $ 1,892,836 $ - At December 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 $ 138,660 $ - $ 138,660 $ - Agency residential MBS 691,499 - 691,499 - Non-agency residential MBS 271 - 271 - Non-agency commercial MBS 2,025 - 2,025 - Obligations of states and political subdivisions 183,411 - 183,411 - Asset-backed securities 695 - 695 - FHLMC and FNMA stock 10,869 17 10,852 - Corporate securities 860,857 - 860,857 - Other securities 2,471 656 1,815 - Total securities available for sale $ 1,890,758 $ 673 $ 1,890,085 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | For the At March 31, 2017 March 31, 2017 Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 2,136 $ - $ - $ 2,136 $ - Impaired loans 9,400 - - 9,400 - Total assets measured at fair value on a nonrecurring basis $ 11,536 $ - $ - $ 11,536 $ - For the At December 31, 2016 December 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total Losses (In thousands) Other real estate owned $ 3,095 $ - $ - $ 3,095 $ (705 ) Impaired loans 9,525 - - 9,525 - Total assets measured at fair value on a nonrecurring basis $ 12,620 $ - $ - $ 12,620 $ (705 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At March 31, 2017 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: (In thousands) Cash and due from banks $ 546,815 $ 546,815 $ 546,815 $ - $ - Investment securities held to maturity 1,298,414 1,296,738 - 1,296,738 - Loans 1,326,171 1,332,148 - - 1,332,148 Financial Liabilities: Deposits $ 4,697,973 4,695,676 $ - $ 4,446,832 248,844 Short-term borrowed funds 73,611 73,611 - 73,611 - At December 31, 2016 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets: (In thousands) Cash and due from banks $ 462,271 $ 462,271 $ 462,271 $ - $ - Investment securities held to maturity 1,346,312 1,340,741 - 1,340,741 - Loans 1,326,757 1,337,774 - - 1,337,774 Financial Liabilities: Deposits $ 4,704,741 $ 4,702,797 $ - $ 4,448,571 $ 254,226 Short-term borrowed funds 59,078 59,078 - 59,078 - |
Note 11 - Earnings Per Common26
Note 11 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended 2017 2016 (In thousands, except per share data) Net income (numerator) $ 15,049 $ 14,226 Basic earnings per common share Weighted average number of common shares outstanding - basic (denominator) 26,171 25,445 Basic earnings per common share $ 0.58 $ 0.56 Diluted earnings per common share Weighted average number of common shares outstanding - basic 26,171 25,445 Add common stock equivalents for options 158 23 Weighted average number of common shares outstanding - diluted (denominator) 26,329 25,468 Diluted earnings per common share $ 0.57 $ 0.56 |
Note 2 - Accounting Policies (D
Note 2 - Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 376 | |
Income Tax Expense (Benefit) | $ 4,837 | $ 4,740 |
Accounting Standards Update 2016-09 [Member] | ||
Excess Tax Deduction Exceeding Related Share-based Compensation, Operating Activities | 1,600 | |
Income Tax Expense (Benefit) | $ (671) |
Note 3 - Investment Securitie28
Note 3 - Investment Securities (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Pledged Financial Instruments, Not Separately Reported, Securities | $ 774,283 | $ 768,845 |
High Risk Collateralized Mortgage Obligations | $ 0 | $ 0 |
Note 3 - Investment Securitie29
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, 2017 | Dec. 31, 2016 | |
Investment securities available for sale, amortized cost | $ 1,909,556 | $ 1,908,079 | |
Investment securities available for sale, gross unrealized gains | 17,427 | 18,494 | |
Investment securities available for sale, gross unrealized losses | (33,674) | (35,815) | |
Investment securities available for sale | 1,893,309 | 1,890,758 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Investment securities available for sale, amortized cost | 141,595 | 141,599 | |
Investment securities available for sale, gross unrealized gains | 33 | 35 | |
Investment securities available for sale, gross unrealized losses | (2,691) | (2,974) | |
Investment securities available for sale | 138,937 | 138,660 | |
Agency Residential MBS [Member] | |||
Investment securities available for sale, amortized cost | 742,713 | 711,623 | |
Investment securities available for sale, gross unrealized gains | 825 | 921 | |
Investment securities available for sale, gross unrealized losses | (21,334) | (21,045) | |
Investment securities available for sale | 722,204 | 691,499 | |
Non-agency Residential MBS [Member] | |||
Investment securities available for sale, amortized cost | 196 | 272 | |
Investment securities available for sale, gross unrealized gains | |||
Investment securities available for sale, gross unrealized losses | (1) | ||
Investment securities available for sale | 196 | 271 | |
Non-agency Commercial MBS [Member] | |||
Investment securities available for sale, amortized cost | 1,955 | 2,041 | |
Investment securities available for sale, gross unrealized gains | |||
Investment securities available for sale, gross unrealized losses | (16) | (16) | |
Investment securities available for sale | 1,939 | 2,025 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Investment securities available for sale, amortized cost | 176,739 | 182,230 | |
Investment securities available for sale, gross unrealized gains | 5,425 | 5,107 | |
Investment securities available for sale, gross unrealized losses | (3,293) | (3,926) | |
Investment securities available for sale | 178,871 | 183,411 | |
Asset-backed Securities [Member] | |||
Investment securities available for sale, amortized cost | 355 | 696 | |
Investment securities available for sale, gross unrealized gains | |||
Investment securities available for sale, gross unrealized losses | (1) | ||
Investment securities available for sale | 355 | 695 | |
FHLMC and FNMA Stock [Member] | |||
Investment securities available for sale, amortized cost | [1],[2] | 749 | 749 |
Investment securities available for sale, gross unrealized gains | [1],[2] | 8,651 | 10,120 |
Investment securities available for sale, gross unrealized losses | [1],[2] | ||
Investment securities available for sale | [1],[2] | 9,400 | 10,869 |
Domestic Corporate Debt Securities [Member] | |||
Investment securities available for sale, amortized cost | 843,249 | 866,835 | |
Investment securities available for sale, gross unrealized gains | 2,037 | 1,690 | |
Investment securities available for sale, gross unrealized losses | (6,150) | (7,668) | |
Investment securities available for sale | 839,136 | 860,857 | |
Other Securities [Member] | |||
Investment securities available for sale, amortized cost | 2,005 | 2,034 | |
Investment securities available for sale, gross unrealized gains | 456 | 621 | |
Investment securities available for sale, gross unrealized losses | (190) | (184) | |
Investment securities available for sale | $ 2,271 | $ 2,471 | |
[1] | Federal Home Loan Mortgage Corporation | ||
[2] | Federal National Mortgage Association |
Note 3 - Investment Securitie30
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, 2017 | Dec. 31, 2016 |
Investment securities held to maturity, amortized cost | $ 1,298,414 | $ 1,346,312 |
Investment securities held to maturity, gross unrecognized gains | 9,576 | 7,241 |
Investment securities held to maturity, gross unrecognized losses | (11,252) | (12,812) |
Investment securities held to maturity, fair values | 1,296,738 | 1,340,741 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Investment securities held to maturity, amortized cost | 538 | 581 |
Investment securities held to maturity, gross unrecognized gains | 1 | |
Investment securities held to maturity, gross unrecognized losses | ||
Investment securities held to maturity, fair values | 538 | 582 |
Agency Residential MBS [Member] | ||
Investment securities held to maturity, amortized cost | 634,958 | 668,235 |
Investment securities held to maturity, gross unrecognized gains | 1,007 | 1,122 |
Investment securities held to maturity, gross unrecognized losses | (9,093) | (8,602) |
Investment securities held to maturity, fair values | 626,872 | 660,755 |
Non-agency Residential MBS [Member] | ||
Investment securities held to maturity, amortized cost | 5,103 | 5,370 |
Investment securities held to maturity, gross unrecognized gains | 62 | 76 |
Investment securities held to maturity, gross unrecognized losses | ||
Investment securities held to maturity, fair values | 5,165 | 5,446 |
Agency Commercial MBS [Member] | ||
Investment securities held to maturity, amortized cost | 9,258 | 9,332 |
Investment securities held to maturity, gross unrecognized gains | 4 | 11 |
Investment securities held to maturity, gross unrecognized losses | (123) | (143) |
Investment securities held to maturity, fair values | 9,139 | 9,200 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities held to maturity, amortized cost | 648,557 | 662,794 |
Investment securities held to maturity, gross unrecognized gains | 8,503 | 6,031 |
Investment securities held to maturity, gross unrecognized losses | (2,036) | (4,067) |
Investment securities held to maturity, fair values | $ 655,024 | $ 664,758 |
Note 3 - Investment Securitie31
Note 3 - Investment Securities - Amortized Cost and Estimated Market Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investment securities available for sale, amortized cost, 1 year or less | $ 200,403 | $ 154,693 |
Investment securities available for sale, fair value, 1 year or less | 200,533 | 154,835 |
Investment securities held to maturity, amortized cost, 1 year or less | 21,359 | 14,961 |
Investment securities held to maturity, fair value, 1 year or less | 22,112 | 15,639 |
Investment securities available for sale, amortized cost, over 1 to 5 years | 687,340 | 750,834 |
Investment securities available for sale, fair value, over 1 to 5 years | 683,836 | 745,219 |
Investment securities held to maturity, amortized cost, over 1 to 5 years | 296,478 | 292,024 |
Investment securities held to maturity, fair value, over 1 to 5 years | 298,933 | 292,062 |
Investment securities available for sale, amortized cost, over 5 to 10 years | 226,589 | 238,077 |
Investment securities available for sale, fair value, over 5 to 10 years | 228,155 | 239,153 |
Investment securities held to maturity, amortized cost, over 5 to 10 years | 303,309 | 318,580 |
Investment securities held to maturity, fair value, over 5 to 10 years | 306,228 | 319,587 |
Investment securities available for sale, amortized cost, over 10 years | 47,606 | 47,756 |
Investment securities available for sale, fair value, over 10 years | 44,775 | 44,416 |
Investment securities held to maturity, amortized cost, over 10 years | 27,949 | 37,810 |
Investment securities held to maturity, fair value, over 10 years | 28,289 | 38,052 |
Investment securities available for sale, amortized cost, subtotal | 1,161,938 | 1,191,360 |
Investment securities available for sale, fair value, subtotal | 1,157,299 | 1,183,623 |
Investment securities held to maturity, amortized cost, subtotal | 649,095 | 663,375 |
Investment securities held to maturity, fair value, subtotal | 655,562 | 665,340 |
Investment securities available for sale, amortized cost | 1,909,556 | 1,908,079 |
Investment securities available for sale | 1,893,309 | 1,890,758 |
Investment securities held to maturity, amortized cost | 1,298,414 | 1,346,312 |
Investment securities held to maturity, fair values | 1,296,738 | 1,340,741 |
Mortgage Backed Securities [Member] | ||
Investment securities available for sale, amortized cost | 744,864 | 713,936 |
Investment securities available for sale, fair value | 724,339 | 693,795 |
Investment securities held to maturity, amortized cost | 649,319 | 682,937 |
Investment securities held to maturity, fair value | 641,176 | 675,401 |
Other Securities [Member] | ||
Investment securities available for sale, amortized cost | 2,754 | 2,783 |
Investment securities available for sale, fair value | 11,671 | 13,340 |
Investment securities held to maturity, amortized cost | ||
Investment securities held to maturity, fair value | ||
Investment securities available for sale, amortized cost | 2,005 | 2,034 |
Investment securities available for sale | $ 2,271 | $ 2,471 |
Note 3 - Investment Securitie32
Note 3 - Investment Securities - Gross Unrealized Losses, Investment Securities Portfolio (Details) $ in Thousands | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Available for sale securities, less than 12 months, number of investment positions | 128 | 129 |
Available for sale securities, less than 12 months, fair value | $ 1,102,350 | $ 1,086,159 |
Available for sale securities, less than 12 months, unrealized losses | $ (27,744) | $ (29,934) |
Available for sale securities, 12 months or longer, number of investment positions | 59 | 61 |
Available for sale securities, 12 months or longer, fair value | $ 209,786 | $ 223,446 |
Available for sale securities, 12 months or longer, unrealized losses | $ (5,930) | $ (5,881) |
Available for sale securities, total, number of investment positions | 187 | 190 |
Available for sale securities, total, fair value | $ 1,312,136 | $ 1,309,605 |
Available for sale securities, total, unrealized losses | $ (33,674) | $ (35,815) |
Held to Maturity securities, less than 12 months, number of investment positions | 203 | 361 |
Held to Maturity securities, less than 12 months, fair value | $ 679,529 | $ 842,372 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (10,457) | $ (11,995) |
Held to Maturity securities, 12 months or longer, number of investment positions | 17 | 16 |
Held to Maturity securities, 12 months or longer, fair value | $ 31,545 | $ 30,820 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (795) | $ (817) |
Held to Maturity securities, total, number of investment positions | 220 | 377 |
Held to Maturity securities, total, fair value | $ 711,074 | $ 873,192 |
Held to Maturity securities, total, unrecognized losses | $ (11,252) | $ (12,812) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 9 | 8 |
Available for sale securities, less than 12 months, fair value | $ 120,654 | $ 117,227 |
Available for sale securities, less than 12 months, unrealized losses | $ (2,691) | $ (2,974) |
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 | 9 | 8 |
Available for sale securities, total, fair value | $ 120,654 | $ 117,227 |
Available for sale securities, total, unrealized losses | $ (2,691) | $ (2,974) |
Residential Mortgage Backed Securities [Member] | Agency Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 26 | 21 |
Available for sale securities, less than 12 months, fair value | $ 564,037 | $ 524,269 |
Available for sale securities, less than 12 months, unrealized losses | $ (16,571) | $ (16,494) |
Available for sale securities, 12 months or longer, number of investment positions | 28 | 28 |
Available for sale securities, 12 months or longer, fair value | $ 117,356 | $ 122,901 |
Available for sale securities, 12 months or longer, unrealized losses | $ (4,763) | $ (4,551) |
Available for sale securities, total, number of investment positions | 54 | 49 |
Available for sale securities, total, fair value | $ 681,393 | $ 647,170 |
Available for sale securities, total, unrealized losses | $ (21,334) | $ (21,045) |
Held to Maturity securities, less than 12 months, number of investment positions | 66 | 66 |
Held to Maturity securities, less than 12 months, fair value | $ 551,095 | $ 569,876 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (8,789) | $ (8,285) |
Held to Maturity securities, 12 months or longer, number of investment positions | 3 | 3 |
Held to Maturity securities, 12 months or longer, fair value | $ 11,465 | $ 10,480 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (304) | $ (317) |
Held to Maturity securities, total, number of investment positions | 69 | 69 |
Held to Maturity securities, total, fair value | $ 562,560 | $ 580,356 |
Held to Maturity securities, total, unrecognized losses | $ (9,093) | $ (8,602) |
Residential Mortgage Backed Securities [Member] | Non-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 | $ 177 | $ 246 |
Available for sale securities, less than 12 months, unrealized losses | $ (1) | |
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 | 1 | 2 |
Available for sale securities, total, fair value | $ 177 | $ 246 |
Available for sale securities, total, unrealized losses | $ (1) | |
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 | 1 | 1 |
Held to Maturity securities, 12 months or longer, fair value | $ 7,175 | $ 7,214 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (123) | $ (143) |
Held to Maturity securities, total, number of investment positions | 1 | 1 |
Held to Maturity securities, total, fair value | $ 7,175 | $ 7,214 |
Held to Maturity securities, total, unrecognized losses | $ (123) | $ (143) |
Commercial Mortgage Backed Securities [Member] | Non-agency Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 2 | 2 |
Available for sale securities, less than 12 months, fair value | $ 1,189 | $ 1,253 |
Available for sale securities, less than 12 months, unrealized losses | $ (9) | $ (9) |
Available for sale securities, 12 months or longer, number of investment positions | 1 | 1 |
Available for sale securities, 12 months or longer, fair value | $ 750 | $ 772 |
Available for sale securities, 12 months or longer, unrealized losses | $ (7) | $ (7) |
Available for sale securities, total, number of investment positions | 3 | 3 |
Available for sale securities, total, fair value | $ 1,939 | $ 2,025 |
Available for sale securities, total, unrealized losses | $ (16) | $ (16) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 42 | 43 |
Available for sale securities, less than 12 months, fair value | $ 55,505 | $ 57,989 |
Available for sale securities, less than 12 months, unrealized losses | $ (3,272) | $ (3,905) |
Available for sale securities, 12 months or longer, number of investment positions | 4 | 3 |
Available for sale securities, 12 months or longer, fair value | $ 1,653 | $ 1,117 |
Available for sale securities, 12 months or longer, unrealized losses | $ (21) | $ (21) |
Available for sale securities, total, number of investment positions | 46 | 46 |
Available for sale securities, total, fair value | $ 57,158 | $ 59,106 |
Available for sale securities, total, unrealized losses | $ (3,293) | $ (3,926) |
Held to Maturity securities, less than 12 months, number of investment positions | 137 | 295 |
Held to Maturity securities, less than 12 months, fair value | $ 128,434 | $ 272,496 |
Held to Maturity securities, less than 12 months, unrecognized losses | $ (1,668) | $ (3,710) |
Held to Maturity securities, 12 months or longer, number of investment positions | 13 | 12 |
Held to Maturity securities, 12 months or longer, fair value | $ 12,905 | $ 13,126 |
Held to Maturity securities, 12 months or longer, unrecognized losses | $ (368) | $ (357) |
Held to Maturity securities, total, number of investment positions | 150 | 307 |
Held to Maturity securities, total, fair value | $ 141,339 | $ 285,622 |
Held to Maturity securities, total, unrecognized losses | $ (2,036) | $ (4,067) |
Domestic Corporate Debt Securities [Member] | ||
Available for sale securities, less than 12 months, number of investment positions | 48 | 53 |
Available for sale securities, less than 12 months, fair value | $ 360,788 | $ 385,175 |
Available for sale securities, less than 12 months, unrealized losses | $ (5,201) | $ (6,551) |
Available for sale securities, 12 months or longer, number of investment positions | 25 | 27 |
Available for sale securities, 12 months or longer, fair value | $ 88,217 | $ 96,145 |
Available for sale securities, 12 months or longer, unrealized losses | $ (949) | $ (1,117) |
Available for sale securities, total, number of investment positions | 73 | 80 |
Available for sale securities, total, fair value | $ 449,005 | $ 481,320 |
Available for sale securities, total, unrealized losses | $ (6,150) | $ (7,668) |
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 | |
Available for sale securities, 12 months or longer, fair value | $ 695 | |
Available for sale securities, 12 months or longer, unrealized losses | $ (1) | |
Available for sale securities, total, number of investment positions | 1 | |
Available for sale securities, total, fair value | $ 695 | |
Available for sale securities, total, unrealized losses | $ (1) | |
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 | $ 1,810 | $ 1,816 |
Available for sale securities, 12 months or longer, unrealized losses | $ (190) | $ (184) |
Available for sale securities, total, number of investment positions | 1 | 1 |
Available for sale securities, total, fair value | $ 1,810 | $ 1,816 |
Available for sale securities, total, unrealized losses | $ (190) | $ (184) |
Note 3 - Investment Securitie33
Note 3 - Investment Securities - Interest Income From Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Taxable | $ 12,147 | $ 9,674 |
Tax-exempt from regular federal income tax | 5,397 | 5,620 |
Total interest income from investment securities | $ 17,544 | $ 15,294 |
Note 4 - Loans and Allowance 34
Note 4 - Loans and Allowance for Loan Losses (Details Textual) | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Purchased Loans | $ 113,207,000 | $ 121,210,000 | |
Financing Receivable, Modifications, Recorded Investment | 12,403,000 | 12,381,000 | |
Other Real Estate | 2,136,000 | 3,095,000 | |
Other Real Estate, Reserve | 1,685,000 | 1,816,000 | |
Mortgage Loans in Process of Foreclosure, Amount | 0 | 0 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 0 | $ 0 | |
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 | |
Residential Real Estate Included in OREO [Member] | |||
Real Estate Acquired Through Foreclosure | $ 0 | 0 | |
Under-market Modification to Payment Terms and Extended Maturity Date [Member] | |||
Troubled Debt Restructurings During Period | 2 | 2 | |
Court Order [Member] | |||
Troubled Debt Restructurings During Period | 1 | ||
Restructured Loans [Member] | |||
Financing Receivable, Modifications, Recorded Investment | $ 12,403,000 | 12,381,000 | |
Impaired Loans, Restructured, Nonaccrual Status | 5,172,000 | $ 5,302,000 | |
Two Loans [Member] | |||
Financing Receivable, Modifications, Recorded Investment | $ 273,000 | ||
Three Loans [Member] | |||
Financing Receivable, Modifications, Recorded Investment | $ 4,757,000 |
Note 4 - Loans and Allowance 35
Note 4 - Loans and Allowance for Loan Losses - Loans Receivable at Carrying Amount (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans | $ 1,351,090 | $ 1,352,711 |
Commercial Portfolio Segment [Member] | ||
Loans | 354,500 | 354,697 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 565,604 | 542,171 |
Construction Portfolio Segment [Member] | ||
Loans | 1,880 | 2,555 |
Residential Portfolio Segment [Member] | ||
Loans | 79,481 | 87,724 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 349,625 | $ 365,564 |
Note 4 - Loans and Allowance 36
Note 4 - Loans and Allowance for Loan Losses - Changes in the Accretable Yield for Purchased Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Balance at the beginning of the period | $ 1,237 | $ 1,259 |
Reclassification from nonaccretable difference | 871 | 3,912 |
Accretion | (970) | (3,934) |
Balance at the end of the period | 1,138 | 1,237 |
Change in FDIC indemnification | 189 | 1,053 |
(Increase) in interest income | $ (781) | $ (2,881) |
Note 4 - Loans and Allowance 37
Note 4 - Loans and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance at beginning of period | $ 25,954 | $ 29,771 |
Provision (reversal) | ||
Chargeoffs | (1,842) | (2,177) |
Recoveries | 807 | 1,893 |
Net loan recoveries (losses) | (1,035) | (284) |
Total allowance for loan losses | 24,919 | 29,487 |
Unallocated Financing Receivable [Member] | ||
Balance at beginning of period | 4,835 | 5,963 |
Provision (reversal) | (341) | (30) |
Chargeoffs | ||
Recoveries | ||
Net loan recoveries (losses) | ||
Total allowance for loan losses | 4,494 | 5,933 |
Commercial Portfolio Segment [Member] | ||
Balance at beginning of period | 8,327 | 9,559 |
Provision (reversal) | 209 | 38 |
Chargeoffs | (103) | (1,171) |
Recoveries | 160 | 1,421 |
Net loan recoveries (losses) | 57 | 250 |
Total allowance for loan losses | 8,593 | 9,847 |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance at beginning of period | 3,330 | 4,212 |
Provision (reversal) | 182 | 10 |
Chargeoffs | ||
Recoveries | 10 | 15 |
Net loan recoveries (losses) | 10 | 15 |
Total allowance for loan losses | 3,522 | 4,237 |
Construction Portfolio Segment [Member] | ||
Balance at beginning of period | 152 | 235 |
Provision (reversal) | (40) | (48) |
Chargeoffs | ||
Recoveries | ||
Net loan recoveries (losses) | ||
Total allowance for loan losses | 112 | 187 |
Residential Portfolio Segment [Member] | ||
Balance at beginning of period | 1,330 | 1,801 |
Provision (reversal) | (116) | (94) |
Chargeoffs | ||
Recoveries | ||
Net loan recoveries (losses) | ||
Total allowance for loan losses | 1,214 | 1,707 |
Consumer Portfolio Segment [Member] | ||
Balance at beginning of period | 7,980 | 8,001 |
Provision (reversal) | 106 | 124 |
Chargeoffs | (1,739) | (1,006) |
Recoveries | 637 | 457 |
Net loan recoveries (losses) | (1,102) | (549) |
Total allowance for loan losses | $ 6,984 | $ 7,576 |
Note 4 - Loans and Allowance 38
Note 4 - Loans and Allowance for Loan Losses - Recorded Investment in Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Individually evaluated for impairment | $ 4,991 | $ 5,048 | ||
Collectively evaluated for impairment | 19,928 | 20,906 | ||
Total | 24,919 | 25,954 | $ 29,487 | $ 29,771 |
Individually evaluated for impairment | 26,588 | 24,715 | ||
Collectively evaluated for impairment | 1,323,630 | 1,327,131 | ||
Total loans | 1,351,090 | 1,352,711 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 872 | 865 | ||
Unallocated Financing Receivable [Member] | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 4,494 | 4,835 | ||
Total | 4,494 | 4,835 | 5,933 | 5,963 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | ||||
Total loans | ||||
Unallocated Financing Receivable [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | ||||
Commercial Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 4,991 | 5,048 | ||
Collectively evaluated for impairment | 3,602 | 3,279 | ||
Total | 8,593 | 8,327 | 9,847 | 9,559 |
Individually evaluated for impairment | 11,128 | 11,174 | ||
Collectively evaluated for impairment | 343,345 | 343,494 | ||
Total loans | 354,500 | 354,697 | ||
Commercial Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 27 | 29 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 3,522 | 3,330 | ||
Total | 3,522 | 3,330 | 4,237 | 4,212 |
Individually evaluated for impairment | 15,243 | 12,706 | ||
Collectively evaluated for impairment | 549,838 | 528,957 | ||
Total loans | 565,604 | 542,171 | ||
Commercial Real Estate Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 523 | 508 | ||
Construction Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 112 | 152 | ||
Total | 112 | 152 | 187 | 235 |
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 1,880 | 2,555 | ||
Total loans | 1,880 | 2,555 | ||
Construction Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 0 | |||
Residential Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 1,214 | 1,330 | ||
Total | 1,214 | 1,330 | 1,707 | 1,801 |
Individually evaluated for impairment | 217 | 835 | ||
Collectively evaluated for impairment | 79,264 | 86,889 | ||
Total loans | 79,481 | 87,724 | ||
Residential Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | 0 | |||
Consumer Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 6,984 | 7,980 | ||
Total | 6,984 | 7,980 | $ 7,576 | $ 8,001 |
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 349,303 | 365,236 | ||
Total loans | 349,625 | 365,564 | ||
Consumer Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Total loans | $ 322 | $ 328 |
Note 4 - Loans and Allowance 39
Note 4 - Loans and Allowance for Loan Losses - Credit Risk Profile by Internally Assigned Grade (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans | $ 1,351,090 | $ 1,352,711 |
Pass [Member] | ||
Loans | 1,306,271 | 1,305,554 |
Substandard [Member] | ||
Loans | 43,209 | 45,371 |
Doubtful [Member] | ||
Loans | 1,296 | 1,306 |
Unlikely to be Collected Financing Receivable [Member] | ||
Loans | 314 | 480 |
Commercial Portfolio Segment [Member] | ||
Loans | 354,500 | 354,697 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 339,296 | 340,973 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 15,204 | 13,724 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 565,604 | 542,171 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans | 538,750 | 515,045 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 25,558 | 25,830 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 1,296 | 1,296 |
Commercial Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans | 0 | 0 |
Construction Portfolio Segment [Member] | ||
Loans | 1,880 | 2,555 |
Construction Portfolio Segment [Member] | Pass [Member] | ||
Loans | 1,880 | 2,555 |
Construction Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
Construction Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Construction Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans | 79,481 | 87,724 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans | 79,481 | 84,384 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 0 | 3,340 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | 349,625 | 365,564 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 346,864 | 362,597 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 2,447 | 2,477 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 10 |
Consumer Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans | $ 314 | $ 480 |
Note 4 - Loans and Allowance 40
Note 4 - Loans and Allowance for Loan Losses - Loans by Delinquency and Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current and accruing | $ 1,330,716 | $ 1,335,850 |
Nonaccrual | 6,667 | 8,385 |
Total loans | 1,351,090 | 1,352,711 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due and accruing | 10,964 | 6,468 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due and accruing | 2,370 | 1,511 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due and accruing | 373 | 497 |
Commercial Portfolio Segment [Member] | ||
Current and accruing | 351,417 | 353,497 |
Nonaccrual | 32 | 194 |
Total loans | 354,500 | 354,697 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due and accruing | 1,979 | 966 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due and accruing | 1,072 | 40 |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due and accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Current and accruing | 553,637 | 533,377 |
Nonaccrual | 6,440 | 6,889 |
Total loans | 565,604 | 542,171 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due and accruing | 4,922 | 1,460 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due and accruing | 605 | 445 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due and accruing | 0 | 0 |
Construction Portfolio Segment [Member] | ||
Current and accruing | 1,880 | 2,329 |
Nonaccrual | 0 | 0 |
Total loans | 1,880 | 2,555 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due and accruing | 226 | |
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due and accruing | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due and accruing | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Current and accruing | 78,182 | 86,098 |
Nonaccrual | 1,061 | |
Total loans | 79,481 | 87,724 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due and accruing | 1,299 | 528 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due and accruing | 37 | |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due and accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Current and accruing | 345,600 | 360,549 |
Nonaccrual | 195 | 241 |
Total loans | 349,625 | 365,564 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past due and accruing | 2,764 | 3,288 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past due and accruing | 693 | 989 |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past due and accruing | $ 373 | $ 497 |
Note 4 - Loans and Allowance 41
Note 4 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Commercial Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | $ 1,080 | $ 1,234 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 1,148 | 1,303 |
Impaired loans with an allowance recorded, Recorded Investment | 10,106 | 10,163 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 10,115 | 10,172 |
Impaired loans with an allowance recorded, Related Allowance | 4,991 | 5,048 |
Total Impaired loans, Recorded Investment | 11,186 | 11,397 |
Total Impaired loans, Unpaid Principal Balance | 11,263 | 11,475 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 15,766 | 13,233 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 17,788 | 15,610 |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Total Impaired loans, Recorded Investment | 15,766 | 13,233 |
Total Impaired loans, Unpaid Principal Balance | 17,788 | 15,610 |
Construction Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 0 | |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Total Impaired loans, Recorded Investment | 0 | 0 |
Total Impaired loans, Unpaid Principal Balance | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 217 | 1,279 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 247 | 1,309 |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Total Impaired loans, Recorded Investment | 217 | 1,279 |
Total Impaired loans, Unpaid Principal Balance | 247 | 1,309 |
Consumer Portfolio Segment [Member] | ||
Impaired loans with no related allowance recorded, Recorded Investment | 517 | 569 |
Impaired loans with no related allowance recorded, Unpaid Principal Balance | 623 | 675 |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 0 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Impaired loans with an allowance recorded, Related Allowance | 0 | 0 |
Total Impaired loans, Recorded Investment | 517 | 569 |
Total Impaired loans, Unpaid Principal Balance | $ 623 | $ 675 |
Note 4 - Loans and Allowance 42
Note 4 - Loans and Allowance for Loan Losses - Impaired Loans, Supplemental Schedule (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Average Recorded Investment | $ 27,083 | $ 35,687 |
Recognized Interest Income | 366 | 302 |
Commercial Portfolio Segment [Member] | ||
Average Recorded Investment | 11,292 | 13,410 |
Recognized Interest Income | 118 | 133 |
Commercial Real Estate Portfolio Segment [Member] | ||
Average Recorded Investment | 14,500 | 20,849 |
Recognized Interest Income | 237 | 159 |
Construction Portfolio Segment [Member] | ||
Average Recorded Investment | 271 | |
Recognized Interest Income | ||
Residential Portfolio Segment [Member] | ||
Average Recorded Investment | 748 | 810 |
Recognized Interest Income | 4 | 4 |
Consumer Portfolio Segment [Member] | ||
Average Recorded Investment | 543 | 347 |
Recognized Interest Income | $ 7 | $ 6 |
Note 4 - Loans and Allowance 43
Note 4 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of Contracts | 20 | 18 |
Pre-Modification Carrying Value | $ 14,585 | $ 14,217 |
Financing Receivable, Modifications, Recorded Investment | 12,403 | 12,381 |
Period-End Individual Impairment Allowance | $ 107 | $ 113 |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 8 | 7 |
Pre-Modification Carrying Value | $ 2,768 | $ 2,719 |
Financing Receivable, Modifications, Recorded Investment | 1,468 | 1,489 |
Period-End Individual Impairment Allowance | $ 107 | $ 113 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of Contracts | 11 | 10 |
Pre-Modification Carrying Value | $ 11,576 | $ 11,257 |
Financing Receivable, Modifications, Recorded Investment | 10,718 | 10,673 |
Period-End Individual Impairment Allowance | ||
Residential Portfolio Segment [Member] | ||
Number of Contracts | 1 | 1 |
Pre-Modification Carrying Value | $ 241 | $ 241 |
Financing Receivable, Modifications, Recorded Investment | 217 | 219 |
Period-End Individual Impairment Allowance |
Note 5 - Concentration of Cre44
Note 5 - Concentration of Credit Risk (Details Textual) $ in Thousands | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Unsecured Loan Limit, Percentage of Shareholders' Equity, California Financial Code | 15.00% | |
Secured and Unsecured Loan Limit Percentage, California Financial Code | 25.00% | |
Concentration Risk, Issuer Relationships | 50 | |
Loan Commitments and Standby Letters of Credit Related to Real Estate Loans | $ 60,831 | $ 57,721 |
Concentration Risk, Aggregate Securities 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% | |
Aggregate Loans [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk, Issuer Relationships | 39 | |
Concentration Risk, Aggregate Loans Amount | $ 5,000 |
Note 6 - Other Assets (Details
Note 6 - Other Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
FRB Membership, Stock Subscription, Percent of Paid-Up Capital Stock and Surplus Requirement | 6.00% | |
LIHTC Investments | $ 12,141 | $ 12,591 |
Qualified Affordable Housing Project Investments, Commitment | 2,299 | $ 2,299 |
Contingent Commitment, Year 4 [Member] | ||
Qualified Affordable Housing Project Investments, Commitment | 722 | |
Contingent Commitment, Year 7 [Member] | ||
Qualified Affordable Housing Project Investments, Commitment | 131 | |
Contingent Commitment, Year 8 [Member] | ||
Qualified Affordable Housing Project Investments, Commitment | 90 | |
Contingent Commitment, Year 9 or Thereafter [Member] | ||
Qualified Affordable Housing Project Investments, Commitment | $ 1,356 |
Note 6 - Other Assets - Summary
Note 6 - Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Cost method equity investments: | |||
Federal Reserve Bank stock | [1] | $ 14,045 | $ 14,069 |
Other investments | 201 | 201 | |
Total cost method equity investments | 14,246 | 14,270 | |
Life insurance cash surrender value | 52,177 | 51,535 | |
Net deferred tax asset | 53,518 | 55,417 | |
Limited partnership investments | 12,141 | 12,591 | |
Interest receivable | 19,745 | 21,489 | |
Prepaid assets | 4,997 | 4,825 | |
Other assets | 8,453 | 11,597 | |
Total other assets | $ 165,277 | $ 171,724 | |
[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, 2017 | Mar. 31, 2016 | |
Investment loss included in pre-tax income | $ 450 | $ 675 |
Tax credits recognized in provision for income taxes | $ 463 | $ 598 |
Note 7 - Goodwill and Identif48
Note 7 - Goodwill and Identifiable Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Amortization Expense, Adjustment Resulting from a Change in Estimates of Useful Lives or Residual Values | $ 0 | $ 0 |
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 |
Note 7 - Goodwill and Identif49
Note 7 - Goodwill and Identifiable Intangible Assets - Carrying Values of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Goodwill | $ 121,673 | $ 121,673 |
Note 7 - Goodwill and Identif50
Note 7 - Goodwill and Identifiable Intangible Assets - Gross Carrying Amount of Intangible Assets and Accumulated Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Gross Carrying Amount | $ 67,108 | $ 67,108 |
Accumulated Amortization | (60,981) | (60,181) |
Core Deposits [Member] | ||
Gross Carrying Amount | 56,808 | 56,808 |
Accumulated Amortization | (50,827) | (50,074) |
Mechant Draft Processing [Member] | ||
Gross Carrying Amount | 10,300 | 10,300 |
Accumulated Amortization | $ (10,154) | $ (10,107) |
Note 7 - Goodwill and Identif51
Note 7 - Goodwill and Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
For the Three Months ended March 31, 2017 (actual) | $ 800 | $ 905 |
Estimate for the remainder of year ending December 31, 2017 | 2,277 | |
Estimate for year ending December 31, 2018 | 1,921 | |
2,019 | 538 | |
2,020 | 287 | |
2,021 | 269 | |
2,022 | 252 | |
Core Deposits [Member] | ||
For the Three Months ended March 31, 2017 (actual) | 753 | |
Estimate for the remainder of year ending December 31, 2017 | 2,160 | |
Estimate for year ending December 31, 2018 | 1,892 | |
2,019 | 538 | |
2,020 | 287 | |
2,021 | 269 | |
2,022 | 252 | |
Mechant Draft Processing [Member] | ||
For the Three Months ended March 31, 2017 (actual) | 47 | |
Estimate for the remainder of year ending December 31, 2017 | 117 | |
Estimate for year ending December 31, 2018 | 29 | |
2,019 | ||
2,020 | ||
2,021 | ||
2,022 |
Note 8 - Deposits and Borrowe52
Note 8 - Deposits and Borrowed Funds (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Demand Deposit Overdrafts | $ 806 | $ 2,679 | |
Interest Expense, Time Deposits, $100,000 or More | $ 106 | $ 137 |
Note 8 - Deposits and Borrowe53
Note 8 - Deposits and Borrowed Funds - Deposits Detail (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Noninterest-bearing deposits | $ 2,046,390 | $ 2,089,443 |
Transaction | 905,588 | 865,701 |
Savings | 1,494,854 | 1,493,427 |
Time deposits less than $100 thousand | 129,889 | 133,712 |
Time deposits $100 thousand through $250 thousand | 83,636 | 84,925 |
Time deposits more than $250 thousand | 37,616 | 37,533 |
Total deposits | $ 4,697,973 | $ 4,704,741 |
Note 8 - Deposits and Borrowe54
Note 8 - Deposits and Borrowed Funds - Short-term Borrowed Funds (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Collateral Carrying Value | $ 227,020 | $ 227,862 |
Short-term borrowed funds | 73,611 | 59,078 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Collateral Carrying Value | 74,205 | 74,031 |
Agency Residential MBS [Member] | ||
Collateral Carrying Value | 62,217 | 63,277 |
Corporate Debt Securities [Member] | ||
Collateral Carrying Value | $ 90,598 | $ 90,554 |
Note 9 - Fair Value Measureme55
Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Securities Selected for OTTI Analysis, Market Price, Threshold | 95.00% | |
Loans and Leases Receivable, Allowance | $ 24,919 | $ 25,954 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Appraisal Rate | 10.00% |
Note 9 - Fair Value Measureme56
Note 9 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Investment securities available for sale | $ 1,893,309 | $ 1,890,758 | |
Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 1,893,309 | 1,890,758 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | 473 | 673 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 1,892,836 | 1,890,085 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
US Government-sponsored Enterprises Debt Securities [Member] | |||
Investment securities available for sale | 138,937 | 138,660 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 138,937 | 138,660 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 138,937 | 138,660 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Agency Residential MBS [Member] | |||
Investment securities available for sale | 722,204 | 691,499 | |
Agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 722,204 | 691,499 | |
Agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 722,204 | 691,499 | |
Agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Non-agency Residential MBS [Member] | |||
Investment securities available for sale | 196 | 271 | |
Non-agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 196 | 271 | |
Non-agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Non-agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 196 | 271 | |
Non-agency Residential MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Non-agency Commercial MBS [Member] | |||
Investment securities available for sale | 1,939 | 2,025 | |
Non-agency Commercial MBS [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 1,939 | 2,025 | |
Non-agency Commercial MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Non-agency Commercial MBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 1,939 | 2,025 | |
Non-agency Commercial MBS [Member] | Fair Value, Measurements, Recurring [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 | 178,871 | 183,411 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 178,871 | 183,411 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 178,871 | 183,411 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Asset-backed Securities [Member] | |||
Investment securities available for sale | 355 | 695 | |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 355 | 695 | |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 355 | 695 | |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
FHLMC and FNMA Stock [Member] | |||
Investment securities available for sale | [1],[2] | 9,400 | 10,869 |
FHLMC and FNMA Stock [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 9,400 | 10,869 | |
FHLMC and FNMA Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | 12 | 17 | |
FHLMC and FNMA Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 9,388 | 10,852 | |
FHLMC and FNMA Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Domestic Corporate Debt Securities [Member] | |||
Investment securities available for sale | 839,136 | 860,857 | |
Domestic Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 839,136 | 860,857 | |
Domestic Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | |||
Domestic Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 839,136 | 860,857 | |
Domestic Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
Other Securities [Member] | |||
Investment securities available for sale | 2,271 | 2,471 | |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Investment securities available for sale | 2,271 | 2,471 | |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Investment securities available for sale | 461 | 656 | |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Investment securities available for sale | 1,810 | 1,815 | |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Investment securities available for sale | |||
[1] | Federal Home Loan Mortgage Corporation | ||
[2] | Federal National Mortgage Association |
Note 9 - Fair Value Measureme57
Note 9 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value | $ 11,536 | $ 12,620 |
Total Losses | (705) | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 11,536 | 12,620 |
Other Real Estate Owned [Member] | ||
Fair Value | 2,136 | 3,095 |
Total Losses | (705) | |
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 | 2,136 | 3,095 |
Impaired Loans [Member] | ||
Fair Value | 9,400 | 9,525 |
Total Losses | ||
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 | $ 9,400 | $ 9,525 |
Note 9 - Fair Value Measureme58
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, 2017 | Dec. 31, 2016 |
Investment securities held to maturity | $ 1,296,738 | $ 1,340,741 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 546,815 | 462,271 |
Investment securities held to maturity | ||
Loans | ||
Deposits | ||
Short-term borrowed funds | ||
Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | ||
Investment securities held to maturity | 1,296,738 | 1,340,741 |
Loans | ||
Deposits | 4,446,832 | 4,448,571 |
Short-term borrowed funds | 73,611 | 59,078 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | ||
Investment securities held to maturity | ||
Loans | 1,332,148 | 1,337,774 |
Deposits | 248,844 | 254,226 |
Short-term borrowed funds | ||
Reported Value Measurement [Member] | ||
Cash and due from banks | 546,815 | 462,271 |
Investment securities held to maturity | 1,298,414 | 1,346,312 |
Loans | 1,326,171 | 1,326,757 |
Deposits | 4,697,973 | 4,704,741 |
Short-term borrowed funds | 73,611 | 59,078 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 546,815 | 462,271 |
Investment securities held to maturity | 1,296,738 | 1,340,741 |
Loans | 1,332,148 | 1,337,774 |
Deposits | 4,695,676 | 4,702,797 |
Short-term borrowed funds | $ 73,611 | $ 59,078 |
Note 10 - Commitments and Con59
Note 10 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Unfunded Loan Commitments | $ 305,544 | $ 304,508 |
Other Liabilities [Member] | ||
Reserve for Unfunded Commitments | 2,308 | 2,408 |
Financial Standby Letter of Credit [Member] | ||
Letters of Credit Outstanding, Amount | 19,762 | 21,732 |
Commercial Standby Letters of Credit [Member] | ||
Letters of Credit Outstanding, Amount | $ 0 | $ 0 |
Note 11 - Earnings Per Common60
Note 11 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 299 | 1,297 |
Note 11 - Earnings Per Common61
Note 11 - Earnings Per Common Share - Earnings Per Common Share and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 15,049 | $ 14,226 |
Average Common Shares Outstanding (in shares) | 26,171 | 25,445 |
Basic earnings (in dollars per share) | $ 0.58 | $ 0.56 |
Add common stock equivalents for options (in shares) | 158 | 23 |
Weighted average number of common shares outstanding - diluted (denominator) (in shares) | 26,329 | 25,468 |
Diluted earnings (in dollars per share) | $ 0.57 | $ 0.56 |