DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CASS INFORMATION SYSTEMS INC | ||
Entity Central Index Key | 708,781 | ||
Trading Symbol | cass | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 11,293,246 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 609,000,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 9,015 | $ 11,307 |
Interest-bearing deposits in other financial institutions | 176,405 | 200,966 |
Federal funds sold and other short-term investments | 67,752 | 82,062 |
Cash and cash equivalents | 253,172 | 294,335 |
Securities available-for-sale, at fair value | 375,696 | 356,141 |
Loans | 659,055 | 669,346 |
Less allowance for loan losses | 11,635 | 11,894 |
Loans, net | 647,420 | 657,452 |
Premises and equipment, net | 19,648 | 16,909 |
Investments in bank-owned life insurance | 15,933 | 15,429 |
Payments in excess of funding | 105,526 | 120,227 |
Goodwill | 11,590 | 11,590 |
Other intangible assets, net | 2,405 | 2,762 |
Other assets | 24,116 | 25,886 |
Total assets | 1,455,506 | 1,500,731 |
Liabilities and Shareholders' Equity | ||
Noninterest-bearing | 181,823 | 158,999 |
Interest-bearing | 464,661 | 459,200 |
Total deposits | 646,484 | 618,199 |
Accounts and drafts payable | 577,259 | 655,428 |
Other liabilities | 24,385 | 26,672 |
Total liabilities | $ 1,248,128 | $ 1,300,299 |
Shareholders' Equity: | ||
Preferred stock, par value $.50 per share; 2,000,000 shares authorized and no shares issued | ||
Common stock, par value $.50 per share; 40,000,000 shares authorized, 11,931,147 shares issued at December 31, 2015 and 2014 | $ 5,966 | $ 5,966 |
Additional paid-in capital | 126,290 | 126,169 |
Retained earnings | 103,994 | 90,635 |
Common shares in treasury, at cost (598,875 and 428,572 shares at December 31, 2015 and 2014, respectively) | (22,208) | (12,707) |
Accumulated other comprehensive loss | (6,664) | (9,631) |
Total shareholders' equity | 207,378 | 200,432 |
Total liabilities and shareholders' equity | $ 1,455,506 | $ 1,500,731 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.50 | $ 0.50 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.50 | $ 0.50 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 11,931,147 | 11,931,147 |
Treasury stock, shares | 598,875 | 428,572 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fee Revenue and Other Income: | |||
Information services payment and processing revenue | $ 78,622,000 | $ 77,427,000 | $ 70,805,000 |
Bank service fees | 1,223,000 | 1,132,000 | 1,215,000 |
Gains on sales of securities | 2,910,000 | 23,000 | 4,024,000 |
Other | 613,000 | 1,325,000 | 528,000 |
Total fee revenue and other income | 83,368,000 | 79,907,000 | 76,572,000 |
Interest Income: | |||
Interest and fees on loans | 28,669,000 | 29,726,000 | 32,110,000 |
Interest and dividends on securities: | |||
Taxable | 38,000 | 29,000 | 48,000 |
Exempt from federal income taxes | 9,460,000 | 9,412,000 | 8,867,000 |
Interest on federal funds sold and other short-term investments | 543,000 | 592,000 | 552,000 |
Total interest income | 38,710,000 | 39,759,000 | 41,577,000 |
Interest Expense: | |||
Interest on deposits | 2,111,000 | 2,460,000 | 2,832,000 |
Total interest expense | 2,111,000 | 2,460,000 | 2,832,000 |
Net interest income | 36,599,000 | $ 37,299,000 | 38,745,000 |
Provision for loan losses | (850,000) | 500,000 | |
Net interest income after provision for loan losses | 37,449,000 | $ 37,299,000 | 38,245,000 |
Total net revenue | 120,817,000 | 117,206,000 | 114,817,000 |
Operating Expense: | |||
Salaries and employee benefits | 70,314,000 | 66,100,000 | 65,722,000 |
Occupancy | 3,400,000 | 3,172,000 | 2,874,000 |
Equipment | 4,291,000 | 4,130,000 | 3,810,000 |
Amortization of intangible assets | 408,000 | 483,000 | 535,000 |
Other operating | 11,370,000 | 11,529,000 | 11,145,000 |
Total operating expense | 89,783,000 | 85,414,000 | 84,086,000 |
Income before income tax expense | 31,034,000 | 31,792,000 | 30,731,000 |
Income tax expense | 7,978,000 | 7,759,000 | 7,234,000 |
Net income | $ 23,056,000 | $ 24,033,000 | $ 23,497,000 |
Basic Earnings Per Share | $ 2.03 | $ 2.09 | $ 2.05 |
Diluted Earnings Per Share | $ 2 | $ 2.06 | $ 2.02 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive income: | |||
Net income | $ 23,056 | $ 24,033 | $ 23,497 |
Other comprehensive income: | |||
Net unrealized gain (loss) on securities available-for-sale | 1,527 | 8,333 | (10,748) |
Tax effect | (567) | (3,096) | 3,993 |
Reclassification adjustments for gains included in net income | (2,910) | (23) | (4,024) |
Tax effect | 1,081 | 8 | 1,408 |
FASB ASC 715 adjustment | 6,256 | (14,621) | 15,674 |
Tax effect | (2,324) | 5,432 | (5,823) |
Foreign currency translation adjustments | (96) | (104) | 53 |
Total comprehensive income | $ 26,023 | $ 19,962 | $ 24,030 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities: | |||
Net income | $ 23,056,000 | $ 24,033,000 | $ 23,497,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 8,859,000 | 8,181,000 | 7,346,000 |
Net gains on sales of securities | (2,910,000) | (23,000) | (4,024,000) |
Stock-based compensation expense | 2,059,000 | $ 2,041,000 | 1,975,000 |
Provisions for loan losses | (850,000) | 500,000 | |
Deferred income tax expense (benefit) | (137,000) | $ (621,000) | 57,000 |
(Decrease) increase in income tax liability | 47,000 | (24,000) | (964,000) |
Increase in pension liability | 4,550,000 | 2,282,000 | 2,822,000 |
Other operating activities, net | (1,181,000) | (1,026,000) | (2,323,000) |
Net cash provided by operating activities | 33,493,000 | 34,843,000 | 28,886,000 |
Cash Flows From Investing Activities: | |||
Proceeds from sales of securities available-for-sale | 99,347,000 | 587,000 | 95,742,000 |
Proceeds from maturities of securities available-for-sale | 38,460,000 | 18,340,000 | 18,117,000 |
Purchase of securities available-for-sale | (161,279,000) | (54,054,000) | (104,351,000) |
Net decrease (increase) in loans | 10,882,000 | (16,954,000) | 34,378,000 |
Decrease (increase) in payments in excess of funding | 14,701,000 | (42,577,000) | (14,128,000) |
Purchases of premises and equipment, net | (5,747,000) | (6,291,000) | (4,857,000) |
Net cash (used in) provided by investing activities | (3,636,000) | (100,949,000) | 24,901,000 |
Cash Flows From Financing Activities: | |||
Net increase (decrease) in noninterest-bearing demand deposits | 22,824,000 | 15,158,000 | (302,000) |
Net increase in interest-bearing demand and savings deposits | 23,536,000 | 39,766,000 | 32,645,000 |
Net decrease in time deposits | (18,075,000) | (19,221,000) | (13,555,000) |
Net (decrease) increase in accounts and drafts payable | (78,169,000) | 111,475,000 | 21,192,000 |
Cash dividends paid | (9,697,000) | (9,337,000) | $ (8,510,000) |
Purchase of common shares for treasury | (10,951,000) | (1,848,000) | |
Other financing activities, net | (488,000) | (814,000) | $ (1,083,000) |
Net cash (used in) provided by financing activities | (71,020,000) | 135,179,000 | 30,387,000 |
Net (decrease) increase in cash and cash equivalents | (41,163,000) | 69,073,000 | 84,174,000 |
Cash and cash equivalents at beginning of year | 294,335,000 | 225,262,000 | 141,088,000 |
Cash and cash equivalents at end of year | 253,172,000 | 294,335,000 | 225,262,000 |
Supplemental information: | |||
Cash paid for interest | 2,133,000 | 2,491,000 | 2,855,000 |
Cash paid for income taxes | $ 8,190,000 | $ 8,476,000 | $ 8,265,000 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2012 | $ 174,015 | $ 5,966 | $ 125,086 | $ 60,952 | $ (11,896) | $ (6,093) |
Net income | 23,497 | 23,497 | ||||
Cash dividends | (8,510) | (8,510) | ||||
Issuance of common shares pursuant to stock-based compensation plan, net | (247) | (755) | 508 | |||
Exercise of stock options and SARs | (836) | (1,244) | 408 | |||
Stock-based compensation expense | 1,975 | 1,975 | ||||
Other comprehensive income (loss) | 533 | 533 | ||||
Balance at Dec. 31, 2013 | 190,427 | 5,966 | 125,062 | 75,939 | (10,980) | (5,560) |
Net income | 24,033 | 24,033 | ||||
Cash dividends | (9,337) | (9,337) | ||||
Issuance of common shares pursuant to stock-based compensation plan, net | (632) | (594) | (38) | |||
Exercise of stock options and SARs | (181) | (340) | 159 | |||
Stock-based compensation expense | 2,041 | 2,041 | ||||
Purchase of common shares | (1,848) | (1,848) | ||||
Other comprehensive income (loss) | (4,071) | (4,071) | ||||
Balance at Dec. 31, 2014 | 200,432 | 5,966 | 126,169 | 90,635 | (12,707) | (9,631) |
Net income | 23,056 | 23,056 | ||||
Cash dividends | (9,697) | (9,697) | ||||
Issuance of common shares pursuant to stock-based compensation plan, net | (453) | (1,250) | 797 | |||
Exercise of stock options and SARs | (394) | (687) | 293 | |||
Stock-based compensation expense | 2,058 | 2,058 | ||||
Purchase of common shares | (10,591) | (10,591) | ||||
Other comprehensive income (loss) | 2,967 | 2,967 | ||||
Balance at Dec. 31, 2015 | $ 207,378 | $ 5,966 | $ 126,290 | $ 103,994 | $ (22,208) | $ (6,664) |
CONSOLIDATED STATEMENTS OF SHA8
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract] | |||
Cash dividends, per share | $ 0.85 | $ 0.81 | $ 0.74 |
Stock Issued During Period, Shares, Purchase of Assets | 216,412 | 39,502 | |
Stock issued pursuant to stock-based compensation | 42,786 | 22,629 | 30,407 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 Summary of Significant Accounting Policies Summary of Operations Cass Information Systems, Inc. (the “Company”) provides payment and information services, which include processing and payment of transportation, energy, telecommunications and environmental invoices. These services include the acquisition and management of data, information delivery and financial exchange. The consolidated balance sheet captions, “Accounts and drafts payable” and “Payments in excess of funding,” represent the Company's resulting financial position related to the payment services that are performed for customers. The Company also provides a full range of banking services to individual, corporate and institutional customers through Cass Commercial Bank (the “Bank”), its wholly owned bank subsidiary. Basis of Presentation The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of intercompany transactions. Certain amounts in the 2014 and 2013 consolidated financial statements have been reclassified to conform to the 2015 presentation. Such reclassifications have no effect on previously reported net income or shareholders' equity. Use of Estimates In preparing the consolidated financial statements, Company management is required to make estimates and assumptions which significantly affect the reported amounts in the consolidated financial statements. Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company considers cash and due from banks, interest-bearing deposits in other financial institutions, federal funds sold and other short-term investments as segregated in the accompanying consolidated balance sheets to be cash equivalents. Investment in Debt Securities The Company classifies its debt marketable securities as available-for-sale. Securities classified as available-for-sale are carried at fair value. Unrealized gains and losses, net of the related tax effect, are excluded from earnings and reported in accumulated other comprehensive income, a component of shareholders' equity. A decline in the fair value of any available-for-sale security below cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. To determine whether impairment is other than temporary, the Company considers guidance provided in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 320, Investments –Debt and Equity Securities Allowance for Loan Losses (ALLL) The ALLL is increased by provisions charged to expense and is available to absorb charge-offs, net of recoveries. Management utilizes a systematic, documented approach in determining the appropriate level of the ALLL. Management's approach provides for estimated credit losses on individually evaluated loans in accordance with FASB ASC 310, "Allowance for Credit Losses" ("ASC 310"). These estimates are based upon a number of factors, such as payment history, financial condition of the borrower, expected future cash flows and discounted collateral exposure. Estimated credit losses inherent in the remainder of the portfolio are estimated in accordance with FASB ASC 450, “Contingencies.” These loans are segmented into groups based on similar risk characteristics. Historical loss rates for each risk group, which are updated quarterly, are generally quantified using all recorded loan charge-offs and recoveries over a prescribed look-back period. These historical loss rates for each risk group are used as the starting point to determine the level of the allowance. The Company's methodology incorporates an estimated loss emergence period for each risk group. The loss emergence period is the period of time from when a borrower experiences a loss event and when the actual loss is recognized in the financial statements, generally at the time of initial charge-off of the loan balance. The Company's methodology also includes qualitative risk factors that allow management to adjust its estimates of losses based on the most recent information available and to address other limitations in the quantitative component that is based on historical loss rates. Such risk factors are generally reviewed and updated quarterly, as appropriate, and are adjusted to reflect changes in national and local economic conditions and developments, the volume and severity of delinquent and internally classified loans, loan concentrations, assessment of trends in collateral values, assessment of changes in borrowers' financial stability, and changes in lending policies and procedures, including underwriting standards and collections, charge-off and recovery practices. Management believes the ALLL is adequate to absorb probable losses in the loan portfolio. Additionally, various regulatory agencies, as an integral part of their examination process, periodically review the Company's ALLL. Such agencies may require the Company to increase the ALLL based on their judgments and interpretations about information available to them at the time of their examinations. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed over the estimated useful lives of the assets, or the respective lease terms for leasehold improvements, using straight-line and accelerated methods. Estimated useful lives do not exceed 40 10 3 7 Intangible Assets Cost in excess of fair value of net assets acquired has resulted from business acquisitions. Goodwill and intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with definite useful lives are amortized on a straight-line basis over their respective estimated useful lives. Periodically, the Company reviews intangible assets for events or changes in circumstances that may indicate that the carrying amount of the assets may not be recoverable. Based on those reviews, adjustments of recorded amounts have not been required. Non-marketable Equity Investments The Company accounts for non-marketable equity investments, in which it holds less than a 20 Foreclosed Assets Real estate acquired as a result of foreclosure is initially recorded at fair value less estimated selling costs. Fair value is generally determined through the receipt of appraisals. Any write down to fair value at the time the property is acquired is recorded as a charge-off to the allowance for loan losses. Any decline in the fair value of the property subsequent to acquisition is recorded as a charge to non-interest expense. Treasury Stock Purchases of the Company's common stock are recorded at cost. Upon reissuance, treasury stock is reduced based upon the average cost basis of shares held. Comprehensive Income Comprehensive income consists of net income, changes in net unrealized gains (losses) on available-for-sale securities and pension liability adjustments and is presented in the accompanying consolidated statements of shareholders' equity and consolidated statements of comprehensive income. Loans Interest on loans is recognized based upon the principal amounts outstanding. It is the Company's policy to discontinue the accrual of interest when there is reasonable doubt as to the collectability of principal or interest. Subsequent payments received on such loans are applied to principal if there is any doubt as to the collectability of such principal; otherwise, these receipts are recorded as interest income. The accrual of interest on a loan is resumed when the loan is current as to payment of both principal and interest and/or the borrower demonstrates the ability to pay and remain current. Loan origination and commitment fees on originated loans, net of certain direct loan origination costs, are deferred and amortized to interest income using the level-yield method over the estimated lives of the related loans. Impairment of Loans A loan is considered impaired when it is probable that a creditor will be unable to collect all amounts due, both principal and interest, according to the contractual terms of the loan agreement. When measuring impairment, the expected future cash flows of an impaired loan are discounted at the loan's effective interest rate. Alternatively, impairment could be measured by reference to an observable market price, if one exists, or the fair value of the collateral for a collateral-dependent loan. Regardless of the historical measurement method used, the Company measures impairment based on the fair value of the collateral when the Company determines foreclosure is probable. Additionally, impairment of a restructured loan is measured by discounting the total expected future cash flows at the loan's effective rate of interest as stated in the original loan agreement. The Company uses its nonaccrual methods as discussed above for recognizing interest on impaired loans. Information Services Revenue A majority of the Company's revenues are attributable to fees for providing services. These services include transportation invoice rating, payment processing, auditing, and the generation of accounting and transportation information. The Company also processes, pays and generates management information from electric, gas, telecommunications, environmental, and other invoices. The specific payment and information processing services provided to each customer are developed individually to meet each customer's specific requirements. The Company enters into service agreements with customers typically for fixed fees per transaction that are invoiced monthly. Revenues are recognized in the period services are rendered and earned under the service agreements, as long as collection is reasonably assured. Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced if necessary, by a deferred tax asset valuation allowance. In the event that management determines it is more likely than not that it will not be able to realize all or part of net deferred tax assets in the future, the Company adjusts the recorded value of deferred tax assets, which would result in a direct charge to income tax expense in the period that such determination is made. Likewise, the Company will reverse the valuation allowance when realization of the deferred tax asset is expected. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the weighted average number of potential common shares outstanding. Stock-Based Compensation The Company follows FASB ASC 718, “Accounting for Stock Options and Other Stock-based Compensation” (“ASC 718”), which requires that all stock-based compensation be recognized as an expense in the financial statements and that such cost be measured at the fair value of the award. FASB ASC 718 also requires that excess tax benefits related to stock option exercises and restricted stock awards be reflected as financing cash inflows instead of operating cash inflows. Pension Plans The amounts recognized in the consolidated financial statements related to pension are determined from actuarial valuations. Inherent in these valuations are assumptions including expected return on plan assets, discount rates at which the liabilities could be settled at December 31, 2015, rate of increase in future compensation levels and mortality rates. These assumptions are updated annually and are disclosed in Note 10. The Company follows FASB ASC 715, “Compensation – Retirement Benefits” (“ASC 715”), which requires companies to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its consolidated balance sheet and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. The funded status is measured as the difference between the fair value of the plan assets and the projected benefit obligation as of the date of its fiscal year-end. Fair Value Measurements The Company follows the provisions of FASB ASC 820, “Fair Value Measurements and Disclosures”, which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and outlines disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy for valuation techniques is used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. Financial instrument valuations are considered Level 1 when they are based on quoted prices in active markets for identical assets or liabilities. Level 2 financial instrument valuations use quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Financial instrument valuations are considered Level 3 when they are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable, and when determination of the fair value requires significant management judgment or estimation. The Company records securities available for sale at their fair values on a recurring basis using Level 2 valuations. Additionally, the Company records impaired loans and other real estate owned at their fair value on a nonrecurring basis. The nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or impairment write-downs of individual assets. Impact of New and Not Yet Adopted Accounting Pronouncements The new accounting pronouncements are not applicable to the Company and/or do not materially impact the Company. |
Capital Requirements and Regula
Capital Requirements and Regulatory Restrictions | 12 Months Ended |
Dec. 31, 2015 | |
Capital Requirements and Regulatory Restrictions [Abstract] | |
Capital Requirements and Regulatory Restrictions | Note 2 Capital Requirements and Regulatory Restrictions The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company's and the Bank's capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulators to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total and Tier I capital and common equity Tier I capital to risk-weighted assets, and of Tier I capital to average assets. Management believes that as of December 31, 2015 and 2014, the Company and the Bank met all capital adequacy requirements to which they are subject. Effective July 2, 2013, the Federal Reserve Board approved final rules known as the “Basel III Capital Rules” that substantially revise the risk-based capital and leverage capital requirements applicable to bank holding companies and depository institutions, including the Company and the Bank. The Basel III Capital Rules implement aspects of the Basel III capital framework agreed upon by the Basel Committee and incorporate changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other things, the Basel III Capital Rules establish stricter capital requirements and calculation standards, as well as more restrictive risk weightings for certain loans and facilities. The Basel III Capital Rules were effective for the Company and the Bank on January 1, 2015 (subject to a phase-in period). The Bank is also subject to the regulatory framework for prompt corrective action. As of December 31, 2015, the most recent notification from the regulatory agencies categorized the Bank as well-capitalized. To be categorized as well-capitalized, the Bank must maintain minimum total risk-based, common equity Tier I risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the Bank's category. Subsidiary dividends can be a significant source of funds for payment of dividends by the Company to its shareholders. At December 31, 2015, unappropriated retained earnings of $ 24,208,000 There were no restricted funds on deposit used to meet regulatory reserve requirements at December 31, 2015 and 2014. The Company's and the Bank's actual and required capital amounts and ratios are as follows (2015 Basel III rules and 2014 Basel I rules): Capital Requirement to be Actual Requirements Well-Capitalized (In thousands) Amount Ratio Amount Ratio Amount Ratio At December 31, 2015 Total capital (to risk-weighted assets) Cass Information Systems, Inc. $ 212,717 23.31 % $ 72,994 8.00 % $ N/A N/A % Cass Commercial Bank 99,872 16.90 47,281 8.00 59,102 10.00 Common Equity Tier I Capital (to risk-weighted assets) Cass Information Systems, Inc. 201,312 22.06 41,059 4.50 N/A N/A Cass Commercial Bank 92,470 15.65 26,596 4.50 38,416 6.50 Tier I capital (to risk-weighted assets) Cass Information Systems, Inc. 201,312 22.06 54,746 6.00 N/A N/A Cass Commercial Bank 92,470 15.65 35,461 6.00 47,281 8.00 Tier I capital (to average assets) Cass Information Systems, Inc. 201,312 13.88 43,496 3.00 N/A N/A Cass Commercial Bank 92,470 13.15 21,093 3.00 35,155 5.00 At December 31, 2014 Total capital (to risk-weighted assets) Cass Information Systems, Inc. $ 207,468 21.91 % $ 75,761 8.00 % $ N/A N/A % Cass Commercial Bank 91,249 15.88 45,977 8.00 57,472 10.00 Common Equity Tier I Capital (to risk-weighted assets) Cass Information Systems, Inc. 195,630 20.66 37,880 4.00 N/A N/A Cass Commercial Bank 84,049 14.62 22,989 4.00 34,483 6.00 Tier I capital (to risk-weighted assets) Cass Information Systems, Inc. 195,630 20.66 37,880 4.00 N/A N/A Cass Commercial Bank 84,049 14.62 22,989 4.00 34,483 6.00 Tier I capital (to average assets) Cass Information Systems, Inc. 195,630 13.42 43,742 3.00 N/A N/A Cass Commercial Bank 84,049 11.94 21,124 3.00 35,207 5.00 |
Investment in Securities
Investment in Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investment in Securities [Abstract] | |
Investment in Securities | Note 3 Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company's investment securities available-for-sale at December 31, 2015 and 2014 are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore falls into the Level 2 category. The table below presents the balances of securities available-for-sale measured at fair value on a recurring basis. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of debt and equity securities are summarized as follows: December 31, 2015 Gross Gross Amortized Unrealized Unrealized (In thousands) Cost Gains Losses Fair Value State and political subdivisions $ 356,531 $ 12,552 $ 13 $ 369,070 Certificates of deposit 6,626 — — 6,626 Total $ 363,157 $ 12,552 $ 13 $ 375,696 December 31, 2014 Gross Gross Amortized Unrealized Unrealized (In thousands) Cost Gains Losses Fair Value State and political subdivisions $ 338,469 $ 14,120 $ 198 $ 352,391 Certificates of deposit 3,750 — — 3,750 Total $ 342,219 $ 14,120 $ 198 $ 356,141 The fair values of securities with unrealized losses are as follows: December 31, 2015 Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In thousands) Fair Value Losses Fair Value Losses Fair value Losses State and political subdivisions $ 3,638 $ 5 $ 1,208 $ 8 $ 4,846 $ 13 Certificates of deposit — — — — — — Total $ 3,638 $ 5 $ 1,208 $ 8 $ 4,846 $ 13 December 31, 2014 Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In thousands) Fair Value Losses Fair Value Losses Fair value Losses State and political subdivisions $ 8,700 $ 15 $ 13,833 $ 183 $ 22,533 $ 198 Certificates of deposit — — — — — — Total $ 8,700 $ 15 $ 13,833 $ 183 $ 22,533 $ 198 There were 5 1 1 20 12 The amortized cost and fair value of debt and equity securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties. December 31, 2015 (In thousands) Amortized Cost Fair Value Due in 1 year or less $ 30,621 $ 30,951 Due after 1 year through 5 years 76,500 79,205 Due after 5 years through 10 years 139,680 145,780 Due after 10 years 116,356 119,760 No stated maturity — — Total $ 363,157 $ 375,696 The premium related to the purchase of state and political subdivisions was $ 5,443,000 5,085,000 The amortized cost of debt securities pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes at December 31, 2015 and 2014 was $ 3,750,000 3,750,000 Proceeds from sales of debt securities classified as available-for-sale were $ 99,347,000 587,000 95,742,000 2,910,000 23,000 4,295,000 0 0 271,000 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2015 | |
Loans [Abstract] | |
Loans | Note 4 The Company originates commercial, industrial and real estate loans to businesses and churches throughout the metropolitan St. Louis, Missouri area, Orange County, California and other selected cities in the United States. The Company does not have any particular concentration of credit in any one economic sector; however, a substantial portion of the commercial and industrial loans is extended to privately-held commercial companies in these market areas, and are generally secured by the assets of the business. The Company also has a substantial portion of real estate loans secured by mortgages that are extended to churches in its market area and selected cities in the United States. A summary of loan categories is as follows: December 31, (In thousands) 2015 2014 Commercial and industrial $ 193,430 $ 203,350 Real estate Commercial: Mortgage 108,836 117,754 Construction 1,182 — Church, church-related: Mortgage 306,728 305,887 Construction 28,957 18,612 Industrial Revenue Bonds 19,831 23,348 Other 91 395 Total loans $ 659,055 $ 669,346 The following table presents the aging of loans by loan categories at December 31, 2015: Performing Nonperforming 90 Days 30-59 60-89 and Non- Total (In thousands) Current Days Days Over accrual Loans Commercial and industrial $ 193,430 $ — $ — $ — $ — $ 193,430 Real estate Commercial: Mortgage 105,804 — — — 3,032 108,836 Construction 1,182 — — — — 1,182 Church, church-related: Mortgage 306,625 — — — 103 306,728 Construction 28,957 — — — — 28,957 Industrial Revenue Bonds 19,831 — — — — 19,831 Other 91 — — — — 91 Total $ 655,920 $ — $ — $ — $ 3,135 $ 659,055 The following table presents the aging of loans by loan categories at December 31, 2014: Performing Nonperforming 90 Days 30-59 60-89 and Non- Total (In thousands) Current Days Days Over accrual Loans Commercial and industrial $ 203,350 $ — $ — $ — $ - $ 203,350 Real estate Commercial: Mortgage 117,393 — — 361 117,754 Construction — — — — — — Church, church-related: Mortgage 305,760 — — — 127 305,887 Construction 18,612 — — — — 18,612 Industrial Revenue Bonds 23,348 — — — — 23,348 Other 395 — — — — 395 Total $ 668,858 $ — $ — $ — $ 488 $ 669,346 The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of December 31, 2015: Loans Performing Nonperforming Subject to Loans Subject to Loans Subject Normal Special to Special (In thousands) Monitoring 1 Monitoring 2 Monitoring 2 Total Loans Commercial and industrial $ 190,303 $ 3,127 $ — $ 193,430 Real estate Commercial: Mortgage 104,642 1,162 3,032 108,836 Construction 1,182 — — 1,182 Church, church-related: Mortgage 299,135 7,490 103 306,728 Construction 28,957 — — 28,957 Industrial Revenue Bonds 19,831 — — 19,831 Other 91 — — 91 Total $ 644,141 $ 11,779 $ 3,135 $ 659,055 1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligation. 2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of December 31, 2014: Loans Performing Nonperforming Subject to Loans Subject to Loans Subject to Normal Special Special Total (In thousands) Monitori ng 1 Monitoring 2 Monitoring 2 Loans Commercial and industrial $ 199,837 $ 3,513 $ — $ 203,350 Real estate Commercial: Mortgage 103,097 14,296 361 117,754 Construction — — — — Church, church-related: Mortgage 304,219 1,541 127 305,887 Construction 18,612 — — 18,612 Industrial Revenue Bonds 23,348 — — 23,348 Other 395 — — 395 Total $ 649,508 $ 19,350 $ 488 $ 669,346 1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligation. 2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. Impaired loans consist primarily of nonaccrual loans, loans greater than 90 days past due and still accruing interest and troubled debt restructurings, both performing and non-performing. Troubled debt restructuring involves the granting of a concession to a borrower experiencing financial difficulty resulting in the modification of terms of the loan, such as changes in payment schedule or interest rate. TheALLL related to impaired loans was $ 1,142,000 127,000 3,135,000 488,000 0 no 3,188,000 1,262,000 1,381,000 390,000 108,000 180,000 34,000 77,000 131,000 no The following table presents the recorded investment and unpaid principal balance for impaired loans at December 31, 2015: Related Unpaid Allowance Recorded Principal for Loan (In thousands) Investment Balance Losses Commercial and industrial: Nonaccrual $ — $ — $ — Real estate Commercial - Mortgage: Nonaccrual 3,032 3,032 1,039 Church - Mortgage: Nonaccrual 103 103 103 Total impaired loans $ 3,135 $ 3,135 $ 1,142 The following table presents the recorded investment and unpaid principal balance for impaired loans at December 31, 2014: Related Unpaid Allowance Recorded Principal for Loan (In thousands) Investment Balance Losses Commercial and industrial: Nonaccrual $ — $ — $ — Real estate Commercial - Mortgage: Nonaccrual 361 361 — Church - Mortgage: Nonaccrual 127 127 127 Total impaired loans $ 488 $ 488 $ 127 The Company does not record loans at fair value on a recurring basis. Once a loan is identified as impaired, management measures impairment in accordance with FASB ASC 310. At December 31, 2015, all impaired loans were evaluated based on the fair value of the collateral or present value of expected future cash flow. The fair value of the collateral is based upon an observable market price or current appraised value and therefore, the Company classifies these assets as nonrecurring Level 3. A summary of the activity in the allowance for loan losses is as follows: December 31, Charge- December 31, (In thousands) 2014 Offs Recoveries Provision 2015 Commercial and industrial $ 3,515 $ 30 $ 610 $ (1,012 ) $ 3,083 Real estate Commercial: Mortgage 3,060 — 8 (265 ) 2,803 Construction — — — 9 9 Church, church-related: Mortgage 4,016 — 2 64 4,082 Construction 140 — — 77 217 Industrial Revenue Bond 394 — — (74 ) 320 Other 769 — 1 351 1,121 Total $ 11,894 $ 30 $ 621 $ (850 ) $ 11,635 As of December 31, 2015, there were no loans to affiliates of executive officers or directors. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Note 5 Premises and Equipment A summary of premises and equipment is as follows: December 31, (In thousands) 2015 2014 Land $ 873 $ 873 Buildings 13,079 12,541 Leasehold improvements 2,112 2,112 Furniture, fixtures and equipment 12,320 10,762 Purchased software 13,198 10,274 Internally developed software 2,527 2,527 44,109 39,089 Less accumulated depreciation 24,461 22,180 Total $ 19,648 $ 16,909 Total depreciation charged to expense in 2015, 2014 and 2013 amounted to $ 3,008,000 2,613,000 2,361,000 The Company and its subsidiaries lease various premises and equipment under operating lease agreements which expire at various dates through 2023. Rental expense for 2015, 2014 and 2013 was $ 1,387,000 1,405,000 1,222,000 The following is a schedule, by year, of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015: (In thousands) Amount 2016 $ 1,336 2017 1,346 2018 1,107 2019 845 2020 814 2021-2023 1,423 Total $ 6,871 |
Acquired Intangible Assets
Acquired Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Acquired Intangible Assets [Abstract] | |
Acquired Intangible Assets | Note 6 Acquired Intangible Assets The Company accounts for intangible assets in accordance with FASB ASC 350, “Goodwill and Other Intangible Assets” (“ASC 350”), which requires that intangibles with indefinite useful lives be tested annually for impairment and those with finite useful lives be amortized over their useful lives. Details of the Company's intangible assets are as follows: December 31, 2015 December 31, 2014 Gross Carrying Accumulated Gross Carrying Accumulated (In thousands) Amount Amortization Amount Amortization Assets eligible for amortization: Customer Lists $ 3,933 $ (2,023 ) $ 3,933 $ (1,705) Patent 72 (4 ) 23 (1 ) Non-compete agreements 261 (209 ) 261 (157 ) Software 234 (234 ) 234 (234 ) Other 500 (125 ) 500 (92 ) Unamortized intangible assets: Goodwill 1 11,817 (227 ) 11,817 (227 ) Total intangible assets $ 16,817 $ (2,822 ) $ 16,768 $ (2,416 ) 1 Amortization through December 31, 2001 prior to adoption of FASB ASC 350. The customer lists are amortized over seven ten eight five three fifteen 408,000 483,000 535,000 408,000 356,000 |
Interest-Bearing Deposits
Interest-Bearing Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Interest-Bearing Deposits [Abstract] | |
Interest-Bearing Deposits | Note 7 Interest-Bearing Deposits Interest-bearing deposits consist of the following: December 31, (In thousands) 2015 2014 Interest-bearing demand deposits $ 386,203 $ 354,511 Savings deposits 16,758 24,914 Time deposits: Less than $100 4,758 6,956 $100 to less than $250 43,178 57,284 $250 or more 13,764 15,535 Total $ 464,661 $ 459,200 Weighted average interest rate .51 % .58 % Interest on deposits consists of the following: December 31, (In thousands) 2015 2014 2013 Interest-bearing demand deposits $ 1,392 $ 1,564 $ 1,737 Savings deposits 65 87 138 Time deposits: Less than $100 346 472 600 $100 to less than $250 119 135 145 $250 or more 189 202 212 Total $ 2,111 $ 2,460 $ 2,832 The scheduled maturities of time deposits are summarized as follows: December 31, 2015 2014 Percent Percent (In thousands) Amount of Total Amount of Total Due within: One year $ 55,350 89.7 % $ 66,436 83.3 % Two years 2,690 4.4 10,759 13.5 Three years 1,566 2.5 1,148 1.4 Four years 83 .1 1,250 1.6 Five years 2,011 3.3 182 .2 Total $ 61,700 100.0 % $ 79,775 100.0 % |
Unused Available Lines of Credi
Unused Available Lines of Credit | 12 Months Ended |
Dec. 31, 2015 | |
Unused Available Lines of Credit [Abstract] | |
Unused Available Lines of Credit | Note 8 Unused Available Lines of Credit As of December 31, 2015, the Bank had unsecured lines of credit at correspondent banks to purchase federal funds up to a maximum of $ 78,000,000 10,000,000 20,000,000 15,000,000 12,000,000 10,000,000 6,000,000 5,000,000 170,195,000 50,000,000 50,000,000 |
Common Stock and Earnings per S
Common Stock and Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock and Earnings per Share [Abstract] | |
Common Stock and Earnings per Share | Note 9 Common Stock and Earnings per Share The table below shows activity in the outstanding shares of the Company's common stock during 2015. 2015 Shares outstanding at January 1 11,502,575 Issuance of common stock: Employee restricted stock grants 26,542 Employee SARs exercised 12,154 Directors' compensation 7,675 Shares repurchased (216,412 ) Shares forfeited (262 ) Shares outstanding at December 31 11,332,272 Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the weighted average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company's common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period. Anti-dilutive shares are those SARs with prices in excess of the current market value. The calculations of basic and diluted earnings per share are as follows: December 31, (In thousands except share and per share data) 2015 2014 2013 Basic Net income $ 23,056 $ 24,033 $ 23,497 Weighted average common shares outstanding 11,358,609 11,479,025 11,441,158 Basic earnings per share $ 2.03 $ 2.09 $ 2.05 Diluted Net income $ 23,056 $ 24,033 $ 23,497 Weighted average common shares outstanding 11,358,609 11,479,025 11,441,158 Effect of dilutive restricted stock and SARs 159,819 164,954 199,581 Weighted average common shares outstanding assuming dilution 11,518,428 11,643,979 11,640,739 Diluted earnings per share $ 2.00 $ 2.06 $ 2.02 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 10 Employee Benefit Plans Defined Benefit Plan The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers most of its employees. The Company accrues and makes contributions designed to fund normal service costs on a current basis using the projected unit credit with service proration method to amortize prior service costs arising from improvements in pension benefits and qualifying service prior to the establishment of the Plan over a period of approximately 30 years. A summary of the activity in the Plan's projected benefit obligation, assets, funded status and amounts recognized in the Company's consolidated balance sheets is as follows: (In thousands) 2015 2014 Projected benefit obligation: Balance, January 1 $ 81,342 $ 63,439 Service cost 3,795 3,003 Interest cost 3,178 3,037 Actuarial (gain) loss (8,358 13,349 Benefits paid (1,588 ) (1,486 ) Balance, December 31 $ 78,369 $ 81,342 Plan assets: Fair value, January 1 $ 72,972 $ 70,627 Actual return (210 ) 3,831 Employer contribution — — Benefits paid (1,588 ) (1,486 ) Fair value, December 31 $ 71,174 $ 72,972 Funded status: Accrued pension liability $ (7,195 ) $ (8,370 ) The following represent the major assumptions used to determine the projected benefit obligation of the Plan. For 2015, 2014 and 2013, the Plan's expected benefit cash flows were discounted using the Citibank Above Median Curve. For 2015, the RP-2014 Mortality Table and the MP-2015 Mortality Improvement Table were used. For 2014 and 2013, the RP-2014 Mortality Table and MP-2014 Mortality Improvement Table were used. 2015 2014 2013 Weighted average discount rate 4.50 % 4.00 % 5.00 % Rate of increase in compensation levels (a) (a) 3.75 % (a) 6.0% graded down to 3.25 The accumulated benefit obligation was $ 68,321,000 69,420,000 The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the Plan: Amount 2016 $ 2,064,000 2017 2,302,000 2018 2,630,000 2019 2,799,000 2020 3,023,000 2021-2025 20,160,000 The Plan's pension cost included the following components: For the Year Ended December 31, (In thousands) 2015 2014 2013 Service cost benefits earned during the year $ 3,796 $ 3,003 $ 3,452 Interest cost on projected benefit obligations 3,178 3,037 2,819 Expected return on plan assets (4,864 ) (4,711 ) (4,469 ) Net amortization and deferral 1,542 244 1,729 Net periodic pension cost $ 3,652 $ 1,573 $ 3,531 The following represent the major assumptions used to determine the net pension cost of the Plan: 2015 2014 2015 Weighted average discount rate 4.00 % 5.00 % 4.25 % Rate of increase in compensation levels (a) 3.75 % 3.75 % Expected long-term rate of return on assets 6.75 % 6.75 % 7.25 % (a) 6.0% graded down to 3.25% over the first seven years of service For 2015, the RP-2014 Mortality Table and the MP-2015 Mortality Improvement Table were used. For 2014, the RP-2014 Mortality Tables were used. For 2013, the RP-2000 Employees Mortality Table, RP-2000 Healthy Annuitant Mortality Table, and RP-2000 Disabled Mortality Table were used. The investment objective for the Plan is to maximize total return with a tolerance for average risk. Asset allocation is a balance between fixed income and equity investments, with a target allocation of approximately 50 34 16 The expected one-year nominal returns and annual standard deviations are shown by asset class below: One-Year Nominal Annual Standard Asset Class % of Total Portfolio Return Deviation Core Fixed Income 50 % 4.84 % 4.64 % Large Cap U.S. Equities 10 % 7.42 % 16.14 % Large Cap U.S. Growth Equities 8.5 % 8.14 % 18.35 % Large Cap U.S. Value Equities 8.5 % 7.29 % 16.27 % Small Cap U.S. Equities 7 % 8.42 % 20.02 % International (Developed) 15 % 8.80 % 19.35 % International (Emerging) 1 % 10.49 % 27.66 % Applying appropriate correlation factors between each of the asset classes the long-term rate of return on assets is estimated to be 6.75 A summary of the fair value measurements by type of asset is as follows: Fair Value Measurements as of December 31, 2015 2014 Quoted Prices Quoted Prices in Active in Active Markets for Significant Markets for Significant Identical Observable Identical Observable Assets Inputs Assets Inputs (In thousands) Total (Level 1) (Level 2) Total (Level 1) (Level 2) Cash $ 283 $ 283 $ — $ 268 $ 268 $ — Equity securities U.S. Large Cap Growth 6,507 — 6,507 7,165 — 7,165 U.S. Large Cap Value 6,401 — 6,401 7,066 — 7,066 U.S. Small/Mid Cap Growth 2,769 — 2,769 2,950 — 2,950 U.S. Small/Mid Cap Value 2,649 — 2,649 2,721 — 2,721 Non-U. S. Core 10,474 — 10,474 10,317 — 10,317 U.S. Large Cap Passive 7,153 — 7,153 7,192 — 7,192 Emerging Markets 599 — 599 703 — 703 Fixed Income U.S. Core 23,881 — 23,881 24,019 — 24,019 U.S. Passive 9,328 — 9,328 9,275 — 9,275 Opportunistic 1,130 1,130 1,296 — 1,296 Total $ 71,174 $ 283 $ 70,891 $ 72,972 $ 268 $ 72,704 Supplemental Executive Retirement Plan The Company also has an unfunded supplemental executive retirement plan (“SERP”) which covers key executives of the Company. The SERP is a noncontributory plan in which the Company's subsidiaries make accruals designed to fund normal service costs on a current basis using the same method and criteria as the Plan. A summary of the activity in the SERP's projected benefit obligation, funded status and amounts recognized in the Company's consolidated balance sheets is as follows: December 31, (In thousands) 2015 2014 Benefit obligation: Balance, January 1 $ 9,403 $ 8,048 Service cost 140 136 Interest cost 348 377 Benefits paid (243 ) (236 ) Actuarial (gain) loss (900 ) 1,078 Balance, December 31 $ 8,748 $ 9,403 The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2015, 2014 and 2013, the SERP's expected benefit cash flows were discounted using the Citigroup Above Median Curve. 2015 2014 2013 Weighted average discount rate 4.25 % 3.75 % 4.75 % Rate of increase in compensation levels (a) (a) 3.75 % (a) 6.00% graded down to 3.25 The accumulated benefit obligation was $ 7,482,000 7,622,000 236,000 Expected future benefits payable by the Company over the next ten years are as follows: Amount 2016 $ 247,000 2017 246,000 2018 311,000 2019 310,000 2020 308,000 2021-2025 3,236,000 The SERP's pension cost included the following components: For the Year Ended December 31, (In thousands) 2015 2014 2013 Service cost – benefits earned during the year $ 140 $ 136 $ 144 Interest cost on projected benefit obligations 348 377 335 Net amortization and deferral 654 431 551 Net periodic pension cost $ 1,142 $ 944 $ 1,030 The pretax amounts in accumulated other comprehensive loss as of December 31 were as follows: The Plan SERP (In thousands) 2015 2014 2015 2014 Prior service cost $ — $ — $ — $ — Net actuarial loss 20,637 25,464 2,169 3,723 Total $ 20,637 $ 25,464 $ 2,169 $ 3,723 The estimated pretax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2015 expected to be recognized as components of net periodic benefit cost in 2016 for the Plan are $ 0 1,200,000 0 295,000 The Company also maintains a noncontributory profit sharing program, which covers most of its employees. Employer contributions are calculated based upon formulas which relate to current operating results and other factors. Profit sharing expense recognized in the consolidated statements of income in 2015, 2014 and 2013 was $ 5,211,000 5,298,000 5,065,000 The Company also sponsors a defined contribution 401(k) plan to provide additional retirement benefits to substantially all employees. Contributions under the 401(k) plan for 2015, 2014 and 2013 were $ 623,000 584,000 591,000 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | Note 11 Stock-based Compensation The Amended and Restated Omnibus Stock and Performance Compensation Plan (the “Omnibus Plan”) provides incentive opportunities for key employees and non-employee directors and to align the personal financial interests of such individuals with those of the Company's shareholders. The Omnibus Plan permits the issuance of up to 1,500,000 Restricted Stock Restricted shares granted prior to April 16, 2013 are amortized to expense over the three Changes in restricted shares outstanding for the year ended December 31, 2015 were as follows: Weighted Average Grant Date Shares Fair Value Balance at December 31, 2014 51,161 $ 48.13 Granted 42,786 $ 51.04 Vested (24,644 ) $ 44.18 Forfeited (262 ) $ 52.63 Balance at December 31, 2015 69,041 $ 51.33 During 2014 and 2013, 22,629 30,407 58.89 42.21 1,514,000 1,250,000 1,176,000 1,734,000 0.68 1,089,000 1,066,000 822,000 SARs There were no SARs granted during the year ended December 31, 2015. The Company uses the Black-Scholes option-pricing model to determine the fair value of the SARs at the date of grant. During 2015, the Company recognized SARs expense of $ 545,000 265,000 .50 Changes in SARs outstanding for the year ended December 31, 2015 were as follows: SARs Weighted Average Exercise Price Balance at December 31, 2014 353,955 $ 35.52 Exercised (45,428 ) $ 27.92 Forfeited (1,204 ) $ 53.96 Balance at December 31, 2015 307,323 $ 36.57 Exercisable at December 31, 2015 254,816 $ 33.56 The total intrinsic value of SARs exercised during 2015 and 2014 was $ 1,268,000 716,000 5.99 4,577,000 6.77 6,277,000 The total compensation cost for share-based payment arrangements was $ 2,059,000 2,042,000 1,976,000 |
Other Operating Expense
Other Operating Expense | 12 Months Ended |
Dec. 31, 2015 | |
Other Operating Expense [Abstract] | |
Other Operating Expense | Note 12 Other Operating Expense Details of other operating expense are as follows: For the Years Ended December 31, (In thousands) 2015 2014 2013 Postage and supplies $ 1,954 $ 2,008 $ 2,066 Promotional expense 2,268 2,049 2,024 Professional fees 1,690 1,566 1,340 Outside service fees 2,848 2,876 3,046 Data processing services 357 338 367 Telecommunications 1,068 1,045 955 Other 1,185 1,647 1,347 Total other operating expense $ 11,370 $ 11,529 $ 11,145 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 13 Income Taxes The components of income tax expense (benefit) are as follows: For the Years Ended December 31, (In thousands) 2015 2014 2013 Current: Federal $ 6,825 $ 7,189 $ 6,729 State 1,290 1,191 448 Deferred: Federal (84 ) (585 ) 39 State (53 ) (36 ) 18 Total income tax expense $ 7,978 $ 7,759 $ 7,234 A reconciliation of expected income tax expense (benefit), computed by applying the effective federal statutory rate of 35 For the Years Ended December 31, (In thousands) 2015 2014 2013 Expected income tax expense $ 10,862 $ 11,127 $ 10,756 (Reductions) increases resulting from: (3,704 ) (3,896 ) (3,297 ) 804 751 303 Other, net 16 (223 ) (528) Total income tax expense $ 7,978 $ 7,759 $ 7,234 The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, (In thousands) 2015 2014 Deferred tax assets: Allowance for loan losses $ 4,251 $ 4,441 ASC 715 pension funding liability 8,438 10,887 Net operating loss carryforward 1 212 255 Supplemental executive retirement plan accrual 1,690 1,392 Other 553 509 Total deferred tax assets $ 15,144 $ 17,484 Deferred tax liabilities: Premises and equipment (2,081 ) (976 ) Pension (4,181 ) (5,636 ) Stock compensation (510 ) (394) Intangible/assets (1,314 ) (1,153 ) Unrealized gain on investment in securities available-for-sale (4,658 ) (5,172 ) Other (452 ) (407 ) Total deferred tax liabilities $ (13,196 ) $ (13,738 ) Net deferred tax assets $ 1,948 $ 3,746 1 As of December 31, 2015, the Company had approximately $ 606,000 122,000 . A valuation allowance would be provided on deferred tax assets when it is more likely than not that some portion of the assets will not be realized. The Company has not established a valuation allowance at December 31, 2015 or 2014, due to management's belief that all criteria for recognition have been met, including the existence of a history of taxes paid sufficient to support the realization of deferred tax assets. The reconciliation of the beginning unrecognized tax benefits balance to the ending balance is presented in the following table: (In thousands) 2015 2014 2013 Balance at January 1 $ 1,117 $ 1,208 $ 1,885 Changes in unrecognized tax benefits as a result of tax positions taken during a prior year 10 (107 ) (666 ) Changes in unrecognized tax benefits as a result of tax position taken during the current year 277 267 374 Decreases in unrecognized tax benefits relating to settlements with taxing authorities — — — Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (210 ) (251 ) (385 ) Balance at December 31 $ 1,194 $ 1,117 $ 1,208 At December 31, 2015, 2014 and 2013, the balance of the Company's unrecognized tax benefits which would, if recognized, affect the Company's effective tax rate was $ 861,000 819,000 861,000 As of December 31, 2015, 2014 and 2013, the Company had $ 54,000 45,000 41,000 9,000 4,000 The Company believes it is reasonably possible that the total amount of tax benefits will decrease by approximately $ 374,000 The Company is subject to income tax in the U.S. federal jurisdiction, numerous state jurisdictions, and a foreign jurisdiction. The Company's federal income tax returns for tax years 2012 through 2014 remain subject to examination by the Internal Revenue Service. In addition, the Company is subject to state tax examinations for the tax years 2011 through 2014. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Contingencies [Abstract] | |
Contingencies | Note 14 The Company and its subsidiaries are not involved in any pending proceedings other than ordinary routine litigation incidental to their businesses. Management believes none of these proceedings, if determined adversely, would have a material effect on the business or financial condition of the Company or its subsidiaries. |
Disclosures about Fair Value of
Disclosures about Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Disclosures about Fair Value of Financial Instruments [Abstract] | |
Disclosures about Fair Value of Financial Instruments | Note 15 Disclosures about Fair Value of Financial Instruments The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, commercial letters of credit and standby letters of credit. The Company's maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, commercial letters of credit and standby letters of credit is represented by the contractual amounts of those instruments. At December 31, 2015 and 2014, no amounts have been accrued for any estimated losses for these instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commercial and standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These off-balance sheet financial instruments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The approximate remaining terms of commercial and standby letters of credit range from less than one to five years. Since these financial instruments may expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. Commitments to extend credit and letters of credit are subject to the same underwriting standards as those financial instruments included on the consolidated balance sheets. The Company evaluates each customer's credit-worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of the credit, is based on management's credit evaluation of the borrower. Collateral held varies, but is generally accounts receivable, inventory, residential or income-producing commercial property or equipment. In the event of nonperformance, the Company may obtain and liquidate the collateral to recover amounts paid under its guarantees on these financial instruments The following table shows conditional commitments to extend credit, standby letters of credit and commercial letters: December 31, (In thousands) 2015 2014 Conditional commitments to extend credit $ 11,755 $ 19,066 Standby letters of credit 11,581 12,693 Commercial letters of credit 1,857 2,571 The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements, the likelihood of the counterparties drawing on such financial instruments and the present credit worthiness of such counterparties. The Company believes such commitments have been made at terms which are competitive in the markets in which it operates; however, no premium or discount is offered thereon. Following is a summary of the carrying amounts and fair values of the Company's financial instruments: December 31, 2015 2014 Carrying Carrying (In thousands) Amount Fair Value Amount Fair Value Balance sheet assets: Cash and cash equivalents $ 253,172 $ 253,172 $ 294,335 $ 294,335 Investment in securities 375,696 375,696 356,141 356,141 Loans, net 647,420 649,161 657,452 663,247 Accrued interest receivable 6,647 6,647 6,521 6,521 Total $ 1,282,935 $ 1,284,676 $ 1,314,449 $ 1,320,244 Balance sheet liabilities: Deposits $ 646,484 $ 646,892 $ 618,199 $ 618,199 Accounts and drafts payable 577,259 577,259 655,428 655,428 Accrued interest payable 35 35 57 57 Total $ 1,223,778 $ 1,224,186 $ 1,273,684 $ 1,273,684 The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Cash Equivalents The carrying amount approximates fair value. Investment in Securities The fair value is measured on a recurring basis using Level 2 valuations. Refer to Note 3, “Investment in Securities,” for fair value and unrealized gains and losses by investment type. Loans The fair value is estimated using present values of future cash flows discounted at risk-adjusted interest rates for each loan category designated by management and is therefore a Level 3 valuation. Management believes that the risk factor embedded in the interest rates along with the allowance for loan losses results in a fair valuation. Impaired loans are valued using the fair value of the collateral which is based upon an observable market price or current appraised value and therefore, the fair value is a nonrecurring Level 3 valuation. Accrued Interest Receivable The carrying amount approximates fair value. Deposits The fair value of demand deposits, savings deposits and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities and therefore, is a Level 2 valuation. The fair value estimates above do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market or the benefit derived from the customer relationship inherent in existing deposits. Accounts and Drafts Payable The carrying amount approximates fair value. Accrued Interest The carrying amount approximates fair value. Limitations Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets or liabilities that are not considered financial assets or liabilities include premises and equipment and the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market (core deposit intangible). In addition, tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. |
Industry Segment Information
Industry Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Industry Segment Information [Abstract] | |
Industry Segment Information | Note 16 Industry Segment Information The services provided by the Company are classified into two reportable segments: Information Services and Banking Services. Each of these segments provides distinct services that are marketed through different channels. They are managed separately due to their unique service, processing and capital requirements. The Information Services segment provides transportation, energy, telecommunication, and environmental invoice processing and payment services to large corporations. The Banking Services segment provides banking services primarily to privately held businesses and churches. The Company's accounting policies for segments are the same as those described in Note 1 of this report. Management evaluates segment performance based on net income after allocations for corporate expenses and income taxes. Transactions between segments are accounted for at what management believes to be fair value. Substantially all revenue originates from and all long-lived assets are located within the United States, and no revenue from any customer of any segment exceeds 10% of the Company's consolidated revenue. Assets represent actual assets owned by Information Services and Banking Services and there is no allocation methodology used. Loans are sold by Banking Services to Information Services to create liquidity when the Bank's loan to deposit ratio is greater than 100%. Segment interest from customers is the actual interest earned on the loans owned by Information Services and Banking Services, respectively. Summarized information about the Company's operations in each industry segment for the years ended December 31, 2015, 2014 and 2013, is as follows: Corporate, Information Banking Eliminations (In thousands) Services Services and Other Total 2015 Fee revenue and other income: Income from customers $ 82,144 $ 1,224 $ — $ 83,368 Intersegment income (expense) 10,078 1,648 (11,726 ) — Net interest income (expense) after provision for loan losses: Income from customers 14,598 22,851 — 37,449 Intersegment income (expense) 12 (12 ) — — Depreciation and amortization 3,164 151 101 3,416 Income taxes 2,818 5,160 — 7,978 Net income 14,635 8,421 — 23,056 Goodwill 11,454 136 — 11,590 Other intangible assets, net 2,405 — — 2,405 Total assets $ 702,491 $ 761,739 $ (8,724 ) $ 1,455,506 2014 Fee revenue and other income: Income from customers $ 78,773 $ 1,134 $ — $ 79,907 Intersegment income (expense) 9,210 1,504 (10,714 ) — Net interest income (expense) after provision for loan losses: Income from customers 15,678 21,621 — 37,299 Intersegment income (expense) 12 (12 ) — — Depreciation and amortization 2,795 182 119 3,096 Income taxes 3,006 4,753 — 7,759 Net income 16,379 7,654 — 24,033 Goodwill 11,454 136 — 11,590 Other intangible assets, net 2,762 — — 2,762 Total assets $ 782,844 $ 755,400 $ (37,513 ) $ 1,500,731 2013 Fee revenue and other income: Income from customers $ 75,010 $ 1,216 $ 346 $ 76,572 Intersegment income (expense) 9,637 1,479 (11,116 ) — Net interest income (expense) after provision for loan losses: Income from customers 15,986 22,259 — 38,245 Intersegment income (expense) 11 (11 ) — — Depreciation and amortization 2,638 143 115 2,896 Income taxes 2,232 5,002 — 7,234 Net income 15,237 8,133 127 23,497 Goodwill 11,454 136 — 11,590 Other intangible assets, net 3,222 — — 3,222 Total assets $ 657,604 $ 679,357 $ (10,941 ) $ 1,326,020 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17 Subsequent Events In accordance with FASB ASC 855, “Subsequent Events,” the Company has evaluated subsequent events after the consolidated balance sheet date of December 31, 2015, and there were no events identified that would require additional disclosures to prevent the Company's consolidated financial statements from being misleading. |
Condensed Financial Information
Condensed Financial Information of Parent Company | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company [Abstract] | |
Condensed Financial Information of Parent Company | Note 18 Condensed Financial Information of Parent Company Following are the condensed balance sheets of the Company (parent company only) and the related condensed statements of income and cash flows. Condensed Balance Sheets December 31, (In thousands) 2015 2014 Assets Cash and due from banks $ 30,165 $ 32,399 Short-term investments 50,689 107,932 Securities available-for-sale, at fair value 373,946 356,141 Loans, net 87,615 115,958 Investments in subsidiaries 91,770 82,688 Premises and equipment, net 18,886 16,030 Other assets 150,135 166,235 Total assets $ 803,206 $ 877,383 Liabilities and Shareholders' Equity Liabilities: Accounts and drafts payable $ 576,919 $ 655,358 Other liabilities 18,732 21,511 Total liabilities 595,651 676,869 Total shareholders' equity 207,555 200,514 Total liabilities and shareholders' equity $ 803,206 $ 877,383 Condensed Statements of Income For the Years Ended December 31, (In thousands) 2015 2014 2013 Income from subsidiaries: Interest $ 12 $ 12 $ 12 Management fees 2,201 2,058 2,119 Income from subsidiaries 2,213 2,070 2,131 Information services revenue 78,488 77,064 70,503 Net interest income after provision 13,948 14,986 15,069 Gain on sales of investment securities 2,910 23 3,677 Other income 613 1,323 527 Total income 98,172 95,466 91,907 Expenses: Salaries and employee benefits 63,475 59,885 59,004 Other expenses 16,580 15,587 15,027 Total expenses 80,055 75,472 74,031 Income before income tax and equity in undistributed income of subsidiaries 18,117 19,994 17,876 Income tax expense 2,950 3,125 2,381 Income before undistributed income of subsidiaries 15,167 16,869 15,495 Equity in undistributed income of subsidiaries 7,889 7,164 7,530 Intercompany elimination — — 472 Net income $ 23,056 $ 24,033 $ 23,497 Condensed Statements of Cash Flows For the Years Ended December 31, (In thousands) 2015 2014 2013 Cash flows from operating activities: Net income $ 23,056 $ 24,033 $ 23,497 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income of subsidiaries (7,889 ) (7,164 ) (7,530 ) Net change in other assets 16,100 (44,879 ) (8,420 ) Net change in other liabilities (2,779 ) 534 (2,729) Amortization of stock-based awards 1,504 1,250 1,177 Other, net 10,389 13,487 (4,180 ) Net cash provided by (used in) operating activities 40,381 (12,739) 1,815 Cash flows from investing activities: Net increase in securities (23,472 ) (35,128 ) (15,385 ) Net decrease in loans 28,343 9,358 31,619 Purchases of premises and equipment, net (5,708 ) (8,941 ) (4,050 ) Net cash (used in) provided by investing activities (837 ) (34,711) 12,184 Cash flows from financing activities: Net (decrease) increase in accounts and drafts payable (78,439 ) 111,405 21,192 Cash dividends paid (9,697 ) (9,337 ) (8,510 ) Purchase of common shares for treasury (10,951 ) (1,848 ) — Other financing activities 66 (21 ) (513 ) Net cash provided by (used in) financing activities (99,021 ) 100,199 12,169 Net (decrease) increase in cash and cash equivalents (59,477 ) 52,749 26,168 Cash and cash equivalents at beginning of year 140,331 87,582 61,414 Cash and cash equivalents at end of year $ 80,854 $ 140,331 $ 87,582 |
SUPPLEMENTARY FINANCIAL INFORMA
SUPPLEMENTARY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
SUPPLEMENTARY FINANCIAL INFORMATION [Abstract] | |
SUPPLEMENTARY FINANCIAL INFORMATION | Note 19 SUPPLEMENTARY FINANCIAL INFORMATION (Unaudited) First Second Third Fourth (In thousands except per share data) Quarter Quarter Quarter Quarter YTD 2015 Fee revenue and other income $ 20,832 $ 20,838 $ 21,514 $ 20,184 $ 83,368 Interest income 9,552 9,803 9,581 9,774 38,710 Interest expense 591 521 498 501 2,111 Net interest income 8,961 9,282 9,083 9,273 36,599 Provision for loan losses — — — (850 ) (850 ) Operating expense 22,308 22,640 22,634 22,201 89,783 Income tax expense 1,946 1,932 2,083 2,017 7,978 Net income $ 5,539 $ 5,548 $ 5,880 $ 6,089 $ 23,056 Net income per share: Basic earnings per share $ .48 $ .49 $ .52 $ .54 $ 2.03 Diluted earnings per share .48 .48 .51 .53 2.00 2014 Fee revenue and other income $ 19,575 $ 19,952 $ 20,223 $ 20,157 $ 79,907 Interest income 9,772 9,975 9,991 10,021 39,759 Interest expense 625 628 604 603 2,460 Net interest income 9,147 9,347 9,387 9,418 37,299 Provision for loan losses — — — — — Operating expense 21,025 21,306 21,196 21,887 85,414 Income tax expense 1,886 1,958 2,013 1,902 7,759 Net income $ 5,811 $ 6,035 $ 6,401 $ 5,786 $ 24,033 Net income per share: Basic earnings per share $ .51 $ .52 $ .56 $ .50 $ 2.09 Diluted earnings per share .50 .52 .55 .49 2.06 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Operations | Summary of Operations Cass Information Systems, Inc. (the “Company”) provides payment and information services, which include processing and payment of transportation, energy, telecommunications and environmental invoices. These services include the acquisition and management of data, information delivery and financial exchange. The consolidated balance sheet captions, “Accounts and drafts payable” and “Payments in excess of funding,” represent the Company's resulting financial position related to the payment services that are performed for customers. The Company also provides a full range of banking services to individual, corporate and institutional customers through Cass Commercial Bank (the “Bank”), its wholly owned bank subsidiary. |
Basis of Presentation | Basis of Presentation The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of intercompany transactions. Certain amounts in the 2014 and 2013 consolidated financial statements have been reclassified to conform to the 2015 presentation. Such reclassifications have no effect on previously reported net income or shareholders' equity. |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements, Company management is required to make estimates and assumptions which significantly affect the reported amounts in the consolidated financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company considers cash and due from banks, interest-bearing deposits in other financial institutions, federal funds sold and other short-term investments as segregated in the accompanying consolidated balance sheets to be cash equivalents. |
Investment in Debt Securities | Investment in Debt Securities The Company classifies its debt marketable securities as available-for-sale. Securities classified as available-for-sale are carried at fair value. Unrealized gains and losses, net of the related tax effect, are excluded from earnings and reported in accumulated other comprehensive income, a component of shareholders' equity. A decline in the fair value of any available-for-sale security below cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. To determine whether impairment is other than temporary, the Company considers guidance provided in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 320, Investments –Debt and Equity Securities |
Allowance for Loan Losses | Allowance for Loan Losses (ALLL) The ALLL is increased by provisions charged to expense and is available to absorb charge-offs, net of recoveries. Management utilizes a systematic, documented approach in determining the appropriate level of the ALLL. Management's approach provides for estimated credit losses on individually evaluated loans in accordance with FASB ASC 310, "Allowance for Credit Losses" ("ASC 310"). These estimates are based upon a number of factors, such as payment history, financial condition of the borrower, expected future cash flows and discounted collateral exposure. Estimated credit losses inherent in the remainder of the portfolio are estimated in accordance with FASB ASC 450, “Contingencies.” These loans are segmented into groups based on similar risk characteristics. Historical loss rates for each risk group, which are updated quarterly, are generally quantified using all recorded loan charge-offs and recoveries over a prescribed look-back period. These historical loss rates for each risk group are used as the starting point to determine the level of the allowance. The Company's methodology incorporates an estimated loss emergence period for each risk group. The loss emergence period is the period of time from when a borrower experiences a loss event and when the actual loss is recognized in the financial statements, generally at the time of initial charge-off of the loan balance. The Company's methodology also includes qualitative risk factors that allow management to adjust its estimates of losses based on the most recent information available and to address other limitations in the quantitative component that is based on historical loss rates. Such risk factors are generally reviewed and updated quarterly, as appropriate, and are adjusted to reflect changes in national and local economic conditions and developments, the volume and severity of delinquent and internally classified loans, loan concentrations, assessment of trends in collateral values, assessment of changes in borrowers' financial stability, and changes in lending policies and procedures, including underwriting standards and collections, charge-off and recovery practices. Management believes the ALLL is adequate to absorb probable losses in the loan portfolio. Additionally, various regulatory agencies, as an integral part of their examination process, periodically review the Company's ALLL. Such agencies may require the Company to increase the ALLL based on their judgments and interpretations about information available to them at the time of their examinations. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed over the estimated useful lives of the assets, or the respective lease terms for leasehold improvements, using straight-line and accelerated methods. Estimated useful lives do not exceed 40 10 3 7 |
Intangible Assets | Intangible Assets Cost in excess of fair value of net assets acquired has resulted from business acquisitions. Goodwill and intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with definite useful lives are amortized on a straight-line basis over their respective estimated useful lives. Periodically, the Company reviews intangible assets for events or changes in circumstances that may indicate that the carrying amount of the assets may not be recoverable. Based on those reviews, adjustments of recorded amounts have not been required. |
Non-marketable Equity Investments | Non-marketable Equity Investments The Company accounts for non-marketable equity investments, in which it holds less than a 20 |
Foreclosed Assets | Foreclosed Assets Real estate acquired as a result of foreclosure is initially recorded at fair value less estimated selling costs. Fair value is generally determined through the receipt of appraisals. Any write down to fair value at the time the property is acquired is recorded as a charge-off to the allowance for loan losses. Any decline in the fair value of the property subsequent to acquisition is recorded as a charge to non-interest expense. |
Treasury Stock | Treasury Stock Purchases of the Company's common stock are recorded at cost. Upon reissuance, treasury stock is reduced based upon the average cost basis of shares held. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income, changes in net unrealized gains (losses) on available-for-sale securities and pension liability adjustments and is presented in the accompanying consolidated statements of shareholders' equity and consolidated statements of comprehensive income. |
Loans | Loans Interest on loans is recognized based upon the principal amounts outstanding. It is the Company's policy to discontinue the accrual of interest when there is reasonable doubt as to the collectability of principal or interest. Subsequent payments received on such loans are applied to principal if there is any doubt as to the collectability of such principal; otherwise, these receipts are recorded as interest income. The accrual of interest on a loan is resumed when the loan is current as to payment of both principal and interest and/or the borrower demonstrates the ability to pay and remain current. Loan origination and commitment fees on originated loans, net of certain direct loan origination costs, are deferred and amortized to interest income using the level-yield method over the estimated lives of the related loans. |
Impairment of Loans | Impairment of Loans A loan is considered impaired when it is probable that a creditor will be unable to collect all amounts due, both principal and interest, according to the contractual terms of the loan agreement. When measuring impairment, the expected future cash flows of an impaired loan are discounted at the loan's effective interest rate. Alternatively, impairment could be measured by reference to an observable market price, if one exists, or the fair value of the collateral for a collateral-dependent loan. Regardless of the historical measurement method used, the Company measures impairment based on the fair value of the collateral when the Company determines foreclosure is probable. Additionally, impairment of a restructured loan is measured by discounting the total expected future cash flows at the loan's effective rate of interest as stated in the original loan agreement. The Company uses its nonaccrual methods as discussed above for recognizing interest on impaired loans. |
Information Services Revenue | Information Services Revenue A majority of the Company's revenues are attributable to fees for providing services. These services include transportation invoice rating, payment processing, auditing, and the generation of accounting and transportation information. The Company also processes, pays and generates management information from electric, gas, telecommunications, environmental, and other invoices. The specific payment and information processing services provided to each customer are developed individually to meet each customer's specific requirements. The Company enters into service agreements with customers typically for fixed fees per transaction that are invoiced monthly. Revenues are recognized in the period services are rendered and earned under the service agreements, as long as collection is reasonably assured. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced if necessary, by a deferred tax asset valuation allowance. In the event that management determines it is more likely than not that it will not be able to realize all or part of net deferred tax assets in the future, the Company adjusts the recorded value of deferred tax assets, which would result in a direct charge to income tax expense in the period that such determination is made. Likewise, the Company will reverse the valuation allowance when realization of the deferred tax asset is expected. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the weighted average number of potential common shares outstanding. |
Share-Based Compensation | Stock-Based Compensation The Company follows FASB ASC 718, “Accounting for Stock Options and Other Stock-based Compensation” (“ASC 718”), which requires that all stock-based compensation be recognized as an expense in the financial statements and that such cost be measured at the fair value of the award. FASB ASC 718 also requires that excess tax benefits related to stock option exercises and restricted stock awards be reflected as financing cash inflows instead of operating cash inflows. |
Pension Plans | Pension Plans The amounts recognized in the consolidated financial statements related to pension are determined from actuarial valuations. Inherent in these valuations are assumptions including expected return on plan assets, discount rates at which the liabilities could be settled at December 31, 2015, rate of increase in future compensation levels and mortality rates. These assumptions are updated annually and are disclosed in Note 10. The Company follows FASB ASC 715, “Compensation – Retirement Benefits” (“ASC 715”), which requires companies to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its consolidated balance sheet and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. The funded status is measured as the difference between the fair value of the plan assets and the projected benefit obligation as of the date of its fiscal year-end. |
Fair Value Measurements | Fair Value Measurements The Company follows the provisions of FASB ASC 820, “Fair Value Measurements and Disclosures”, which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and outlines disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy for valuation techniques is used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. Financial instrument valuations are considered Level 1 when they are based on quoted prices in active markets for identical assets or liabilities. Level 2 financial instrument valuations use quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Financial instrument valuations are considered Level 3 when they are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable, and when determination of the fair value requires significant management judgment or estimation. The Company records securities available for sale at their fair values on a recurring basis using Level 2 valuations. Additionally, the Company records impaired loans and other real estate owned at their fair value on a nonrecurring basis. The nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or impairment write-downs of individual assets. |
Impact of New and Not Yet Adopted Accounting Pronouncements | Impact of New and Not Yet Adopted Accounting Pronouncements The new accounting pronouncements are not applicable to the Company and/or do not materially impact the Company. |
Capital Requirements and Regu29
Capital Requirements and Regulatory Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Capital Requirements and Regulatory Restrictions [Abstract] | |
Schedule of Capital Amounts and Ratios | Capital Requirement to be Actual Requirements Well-Capitalized (In thousands) Amount Ratio Amount Ratio Amount Ratio At December 31, 2015 Total capital (to risk-weighted assets) Cass Information Systems, Inc. $ 212,717 23.31 % $ 72,994 8.00 % $ N/A N/A % Cass Commercial Bank 99,872 16.90 47,281 8.00 59,102 10.00 Common Equity Tier I Capital (to risk-weighted assets) Cass Information Systems, Inc. 201,312 22.06 41,059 4.50 N/A N/A Cass Commercial Bank 92,470 15.65 26,596 4.50 38,416 6.50 Tier I capital (to risk-weighted assets) Cass Information Systems, Inc. 201,312 22.06 54,746 6.00 N/A N/A Cass Commercial Bank 92,470 15.65 35,461 6.00 47,281 8.00 Tier I capital (to average assets) Cass Information Systems, Inc. 201,312 13.88 43,496 3.00 N/A N/A Cass Commercial Bank 92,470 13.15 21,093 3.00 35,155 5.00 At December 31, 2014 Total capital (to risk-weighted assets) Cass Information Systems, Inc. $ 207,468 21.91 % $ 75,761 8.00 % $ N/A N/A % Cass Commercial Bank 91,249 15.88 45,977 8.00 57,472 10.00 Common Equity Tier I Capital (to risk-weighted assets) Cass Information Systems, Inc. 195,630 20.66 37,880 4.00 N/A N/A Cass Commercial Bank 84,049 14.62 22,989 4.00 34,483 6.00 Tier I capital (to risk-weighted assets) Cass Information Systems, Inc. 195,630 20.66 37,880 4.00 N/A N/A Cass Commercial Bank 84,049 14.62 22,989 4.00 34,483 6.00 Tier I capital (to average assets) Cass Information Systems, Inc. 195,630 13.42 43,742 3.00 N/A N/A Cass Commercial Bank 84,049 11.94 21,124 3.00 35,207 5.00 |
Investment in Securities (Table
Investment in Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment in Securities [Abstract] | |
Schedule of Available-for-sale Securities | December 31, 2015 Gross Gross Amortized Unrealized Unrealized (In thousands) Cost Gains Losses Fair Value State and political subdivisions $ 356,531 $ 12,552 $ 13 $ 369,070 Certificates of deposit 6,626 — — 6,626 Total $ 363,157 $ 12,552 $ 13 $ 375,696 December 31, 2014 Gross Gross Amortized Unrealized Unrealized (In thousands) Cost Gains Losses Fair Value State and political subdivisions $ 338,469 $ 14,120 $ 198 $ 352,391 Certificates of deposit 3,750 — — 3,750 Total $ 342,219 $ 14,120 $ 198 $ 356,141 |
Schedule of Fair Value of Securities with Unrealized Losses | December 31, 2015 Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In thousands) Fair Value Losses Fair Value Losses Fair value Losses State and political subdivisions $ 3,638 $ 5 $ 1,208 $ 8 $ 4,846 $ 13 Certificates of deposit — — — — — — Total $ 3,638 $ 5 $ 1,208 $ 8 $ 4,846 $ 13 December 31, 2014 Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In thousands) Fair Value Losses Fair Value Losses Fair value Losses State and political subdivisions $ 8,700 $ 15 $ 13,833 $ 183 $ 22,533 $ 198 Certificates of deposit — — — — — — Total $ 8,700 $ 15 $ 13,833 $ 183 $ 22,533 $ 198 |
Schedule of Amortized Cost and Fair Value | December 31, 2015 (In thousands) Amortized Cost Fair Value Due in 1 year or less $ 30,621 $ 30,951 Due after 1 year through 5 years 76,500 79,205 Due after 5 years through 10 years 139,680 145,780 Due after 10 years 116,356 119,760 No stated maturity — — Total $ 363,157 $ 375,696 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans [Abstract] | |
Summary of Loan Categories | December 31, (In thousands) 2015 2014 Commercial and industrial $ 193,430 $ 203,350 Real estate Commercial: Mortgage 108,836 117,754 Construction 1,182 — Church, church-related: Mortgage 306,728 305,887 Construction 28,957 18,612 Industrial Revenue Bonds 19,831 23,348 Other 91 395 Total loans $ 659,055 $ 669,346 |
Schedule of the Aging Loans by Loan Categories | Performing Nonperforming 90 Days 30-59 60-89 and Non- Total (In thousands) Current Days Days Over accrual Loans Commercial and industrial $ 193,430 $ — $ — $ — $ — $ 193,430 Real estate Commercial: Mortgage 105,804 — — — 3,032 108,836 Construction 1,182 — — — — 1,182 Church, church-related: Mortgage 306,625 — — — 103 306,728 Construction 28,957 — — — — 28,957 Industrial Revenue Bonds 19,831 — — — — 19,831 Other 91 — — — — 91 Total $ 655,920 $ — $ — $ — $ 3,135 $ 659,055 Performing Nonperforming 90 Days 30-59 60-89 and Non- Total (In thousands) Current Days Days Over accrual Loans Commercial and industrial $ 203,350 $ — $ — $ — $ - $ 203,350 Real estate Commercial: Mortgage 117,393 — — 361 117,754 Construction — — — — — — Church, church-related: Mortgage 305,760 — — — 127 305,887 Construction 18,612 — — — — 18,612 Industrial Revenue Bonds 23,348 — — — — 23,348 Other 395 — — — — 395 Total $ 668,858 $ — $ — $ — $ 488 $ 669,346 |
Schedule of Credit Exposure of the Loan Portfolio | Loans Performing Nonperforming Subject to Loans Subject to Loans Subject Normal Special to Special (In thousands) Monitoring 1 Monitoring 2 Monitoring 2 Total Loans Commercial and industrial $ 190,303 $ 3,127 $ — $ 193,430 Real estate Commercial: Mortgage 104,642 1,162 3,032 108,836 Construction 1,182 — — 1,182 Church, church-related: Mortgage 299,135 7,490 103 306,728 Construction 28,957 — — 28,957 Industrial Revenue Bonds 19,831 — — 19,831 Other 91 — — 91 Total $ 644,141 $ 11,779 $ 3,135 $ 659,055 1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligation. 2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. Loans Performing Nonperforming Subject to Loans Subject to Loans Subject to Normal Special Special Total (In thousands) Monitori ng 1 Monitoring 2 Monitoring 2 Loans Commercial and industrial $ 199,837 $ 3,513 $ — $ 203,350 Real estate Commercial: Mortgage 103,097 14,296 361 117,754 Construction — — — — Church, church-related: Mortgage 304,219 1,541 127 305,887 Construction 18,612 — — 18,612 Industrial Revenue Bonds 23,348 — — 23,348 Other 395 — — 395 Total $ 649,508 $ 19,350 $ 488 $ 669,346 1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligation. 2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. |
Schedule of Recorded Investment and Unpaid Principal Balance for Impaired Loans | Related Unpaid Allowance Recorded Principal for Loan (In thousands) Investment Balance Losses Commercial and industrial: Nonaccrual $ — $ — $ — Real estate Commercial - Mortgage: Nonaccrual 3,032 3,032 1,039 Church - Mortgage: Nonaccrual 103 103 103 Total impaired loans $ 3,135 $ 3,135 $ 1,142 Related Unpaid Allowance Recorded Principal for Loan (In thousands) Investment Balance Losses Commercial and industrial: Nonaccrual $ — $ — $ — Real estate Commercial - Mortgage: Nonaccrual 361 361 — Church - Mortgage: Nonaccrual 127 127 127 Total impaired loans $ 488 $ 488 $ 127 |
Summary of the Allowance for Loan Losses | December 31, Charge- December 31, (In thousands) 2014 Offs Recoveries Provision 2015 Commercial and industrial $ 3,515 $ 30 $ 610 $ (1,012 ) $ 3,083 Real estate Commercial: Mortgage 3,060 — 8 (265 ) 2,803 Construction — — — 9 9 Church, church-related: Mortgage 4,016 — 2 64 4,082 Construction 140 — — 77 217 Industrial Revenue Bond 394 — — (74 ) 320 Other 769 — 1 351 1,121 Total $ 11,894 $ 30 $ 621 $ (850 ) $ 11,635 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |
Summary of Premises and Equipment | December 31, (In thousands) 2015 2014 Land $ 873 $ 873 Buildings 13,079 12,541 Leasehold improvements 2,112 2,112 Furniture, fixtures and equipment 12,320 10,762 Purchased software 13,198 10,274 Internally developed software 2,527 2,527 44,109 39,089 Less accumulated depreciation 24,461 22,180 Total $ 19,648 $ 16,909 |
Schedule of Future Minimum Rental Payments for Operating Leases | (In thousands) Amount 2016 $ 1,336 2017 1,346 2018 1,107 2019 845 2020 814 2021-2023 1,423 Total $ 6,871 |
Acquired Intangible Assets (Tab
Acquired Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquired Intangible Assets [Abstract] | |
Schedule of Company's Intangible Assets | December 31, 2015 December 31, 2014 Gross Carrying Accumulated Gross Carrying Accumulated (In thousands) Amount Amortization Amount Amortization Assets eligible for amortization: Customer Lists $ 3,933 $ (2,023 ) $ 3,933 $ (1,705) Patent 72 (4 ) 23 (1 ) Non-compete agreements 261 (209 ) 261 (157 ) Software 234 (234 ) 234 (234 ) Other 500 (125 ) 500 (92 ) Unamortized intangible assets: Goodwill 1 11,817 (227 ) 11,817 (227 ) Total intangible assets $ 16,817 $ (2,822 ) $ 16,768 $ (2,416 ) 1 Amortization through December 31, 2001 prior to adoption of FASB ASC 350. |
Interest-Bearing Deposits (Tabl
Interest-Bearing Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Interest-Bearing Deposits [Abstract] | |
Schedule of Interest Bearing Deposits | December 31, (In thousands) 2015 2014 Interest-bearing demand deposits $ 386,203 $ 354,511 Savings deposits 16,758 24,914 Time deposits: Less than $100 4,758 6,956 $100 to less than $250 43,178 57,284 $250 or more 13,764 15,535 Total $ 464,661 $ 459,200 Weighted average interest rate .51 % .58 % |
Schedule of Interest on Deposits | December 31, (In thousands) 2015 2014 2013 Interest-bearing demand deposits $ 1,392 $ 1,564 $ 1,737 Savings deposits 65 87 138 Time deposits: Less than $100 346 472 600 $100 to less than $250 119 135 145 $250 or more 189 202 212 Total $ 2,111 $ 2,460 $ 2,832 |
Schedule of Maturities of Time Deposits | December 31, 2015 2014 Percent Percent (In thousands) Amount of Total Amount of Total Due within: One year $ 55,350 89.7 % $ 66,436 83.3 % Two years 2,690 4.4 10,759 13.5 Three years 1,566 2.5 1,148 1.4 Four years 83 .1 1,250 1.6 Five years 2,011 3.3 182 .2 Total $ 61,700 100.0 % $ 79,775 100.0 % |
Common Stock and Earnings per35
Common Stock and Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock and Earnings per Share [Abstract] | |
Schedule of Common Stock Outstanding | 2015 Shares outstanding at January 1 11,502,575 Issuance of common stock: Employee restricted stock grants 26,542 Employee SARs exercised 12,154 Directors' compensation 7,675 Shares repurchased (216,412 ) Shares forfeited (262 ) Shares outstanding at December 31 11,332,272 |
Schedule of the Calculations of Basic and Diluted Earnings per Share | December 31, (In thousands except share and per share data) 2015 2014 2013 Basic Net income $ 23,056 $ 24,033 $ 23,497 Weighted average common shares outstanding 11,358,609 11,479,025 11,441,158 Basic earnings per share $ 2.03 $ 2.09 $ 2.05 Diluted Net income $ 23,056 $ 24,033 $ 23,497 Weighted average common shares outstanding 11,358,609 11,479,025 11,441,158 Effect of dilutive restricted stock and SARs 159,819 164,954 199,581 Weighted average common shares outstanding assuming dilution 11,518,428 11,643,979 11,640,739 Diluted earnings per share $ 2.00 $ 2.06 $ 2.02 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Projected Benefit Obligation | (In thousands) 2015 2014 Projected benefit obligation: Balance, January 1 $ 81,342 $ 63,439 Service cost 3,795 3,003 Interest cost 3,178 3,037 Actuarial (gain) loss (8,358 13,349 Benefits paid (1,588 ) (1,486 ) Balance, December 31 $ 78,369 $ 81,342 Plan assets: Fair value, January 1 $ 72,972 $ 70,627 Actual return (210 ) 3,831 Employer contribution — — Benefits paid (1,588 ) (1,486 ) Fair value, December 31 $ 71,174 $ 72,972 Funded status: Accrued pension liability $ (7,195 ) $ (8,370 ) |
Schedule of Assumptions used to Determine Projected Benefit Obligation | 2015 2014 2013 Weighted average discount rate 4.50 % 4.00 % 5.00 % Rate of increase in compensation levels (a) (a) 3.75 % (a) 6.0% graded down to 3.25 |
Schedule of Expected Pension Benefit Payments | Amount 2016 $ 2,064,000 2017 2,302,000 2018 2,630,000 2019 2,799,000 2020 3,023,000 2021-2025 20,160,000 |
Schedule of Plan's Pension Costs | For the Year Ended December 31, (In thousands) 2015 2014 2013 Service cost benefits earned during the year $ 3,796 $ 3,003 $ 3,452 Interest cost on projected benefit obligations 3,178 3,037 2,819 Expected return on plan assets (4,864 ) (4,711 ) (4,469 ) Net amortization and deferral 1,542 244 1,729 Net periodic pension cost $ 3,652 $ 1,573 $ 3,531 |
Schedule of Assumptions used to Determine Net Pension Cost | 2015 2014 2015 Weighted average discount rate 4.00 % 5.00 % 4.25 % Rate of increase in compensation levels (a) 3.75 % 3.75 % Expected long-term rate of return on assets 6.75 % 6.75 % 7.25 % (a) 6.0% graded down to 3.25% over the first seven years of service |
Schedule of Assumed Long-term Rate of Return on Assets | One-Year Nominal Annual Standard Asset Class % of Total Portfolio Return Deviation Core Fixed Income 50 % 4.84 % 4.64 % Large Cap U.S. Equities 10 % 7.42 % 16.14 % Large Cap U.S. Growth Equities 8.5 % 8.14 % 18.35 % Large Cap U.S. Value Equities 8.5 % 7.29 % 16.27 % Small Cap U.S. Equities 7 % 8.42 % 20.02 % International (Developed) 15 % 8.80 % 19.35 % International (Emerging) 1 % 10.49 % 27.66 % |
Summary of the Fair Value Measurements by Type of Asset | Fair Value Measurements as of December 31, 2015 2014 Quoted Prices Quoted Prices in Active in Active Markets for Significant Markets for Significant Identical Observable Identical Observable Assets Inputs Assets Inputs (In thousands) Total (Level 1) (Level 2) Total (Level 1) (Level 2) Cash $ 283 $ 283 $ — $ 268 $ 268 $ — Equity securities U.S. Large Cap Growth 6,507 — 6,507 7,165 — 7,165 U.S. Large Cap Value 6,401 — 6,401 7,066 — 7,066 U.S. Small/Mid Cap Growth 2,769 — 2,769 2,950 — 2,950 U.S. Small/Mid Cap Value 2,649 — 2,649 2,721 — 2,721 Non-U. S. Core 10,474 — 10,474 10,317 — 10,317 U.S. Large Cap Passive 7,153 — 7,153 7,192 — 7,192 Emerging Markets 599 — 599 703 — 703 Fixed Income U.S. Core 23,881 — 23,881 24,019 — 24,019 U.S. Passive 9,328 — 9,328 9,275 — 9,275 Opportunistic 1,130 1,130 1,296 — 1,296 Total $ 71,174 $ 283 $ 70,891 $ 72,972 $ 268 $ 72,704 |
Supplemental Executive Retirement Plan [Member] | |
Summary of Projected Benefit Obligation | December 31, (In thousands) 2015 2014 Benefit obligation: Balance, January 1 $ 9,403 $ 8,048 Service cost 140 136 Interest cost 348 377 Benefits paid (243 ) (236 ) Actuarial (gain) loss (900 ) 1,078 Balance, December 31 $ 8,748 $ 9,403 |
Schedule of Assumptions used to Determine Projected Benefit Obligation | 2015 2014 2013 Weighted average discount rate 4.25 % 3.75 % 4.75 % Rate of increase in compensation levels (a) (a) 3.75 % (a) 6.00% graded down to 3.25 |
Schedule of Expected Pension Benefit Payments | Amount 2016 $ 247,000 2017 246,000 2018 311,000 2019 310,000 2020 308,000 2021-2025 3,236,000 |
Schedule of Plan's Pension Costs | For the Year Ended December 31, (In thousands) 2015 2014 2013 Service cost – benefits earned during the year $ 140 $ 136 $ 144 Interest cost on projected benefit obligations 348 377 335 Net amortization and deferral 654 431 551 Net periodic pension cost $ 1,142 $ 944 $ 1,030 |
Schedule of Pretax Amounts in Accumulated Other Comprehensive Loss | The Plan SERP (In thousands) 2015 2014 2015 2014 Prior service cost $ — $ — $ — $ — Net actuarial loss 20,637 25,464 2,169 3,723 Total $ 20,637 $ 25,464 $ 2,169 $ 3,723 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock-based Compensation [Abstract] | |
Schedule of Restricted Stock Activity | Weighted Average Grant Date Shares Fair Value Balance at December 31, 2014 51,161 $ 48.13 Granted 42,786 $ 51.04 Vested (24,644 ) $ 44.18 Forfeited (262 ) $ 52.63 Balance at December 31, 2015 69,041 $ 51.33 |
Schedule of SARs Activity | SARs Weighted Average Exercise Price Balance at December 31, 2014 353,955 $ 35.52 Exercised (45,428 ) $ 27.92 Forfeited (1,204 ) $ 53.96 Balance at December 31, 2015 307,323 $ 36.57 Exercisable at December 31, 2015 254,816 $ 33.56 |
Other Operating Expense (Tables
Other Operating Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Operating Expense [Abstract] | |
Schedule of Other Operating Expense | For the Years Ended December 31, (In thousands) 2015 2014 2013 Postage and supplies $ 1,954 $ 2,008 $ 2,066 Promotional expense 2,268 2,049 2,024 Professional fees 1,690 1,566 1,340 Outside service fees 2,848 2,876 3,046 Data processing services 357 338 367 Telecommunications 1,068 1,045 955 Other 1,185 1,647 1,347 Total other operating expense $ 11,370 $ 11,529 $ 11,145 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | For the Years Ended December 31, (In thousands) 2015 2014 2013 Current: Federal $ 6,825 $ 7,189 $ 6,729 State 1,290 1,191 448 Deferred: Federal (84 ) (585 ) 39 State (53 ) (36 ) 18 Total income tax expense $ 7,978 $ 7,759 $ 7,234 |
Schedule of Reconciliation of Expected Income Tax Expense (Benefit) | For the Years Ended December 31, (In thousands) 2015 2014 2013 Expected income tax expense $ 10,862 $ 11,127 $ 10,756 (Reductions) increases resulting from: (3,704 ) (3,896 ) (3,297 ) 804 751 303 Other, net 16 (223 ) (528) Total income tax expense $ 7,978 $ 7,759 $ 7,234 |
Schedule of Deferred Assets and Liabilities | December 31, (In thousands) 2015 2014 Deferred tax assets: Allowance for loan losses $ 4,251 $ 4,441 ASC 715 pension funding liability 8,438 10,887 Net operating loss carryforward 1 212 255 Supplemental executive retirement plan accrual 1,690 1,392 Other 553 509 Total deferred tax assets $ 15,144 $ 17,484 Deferred tax liabilities: Premises and equipment (2,081 ) (976 ) Pension (4,181 ) (5,636 ) Stock compensation (510 ) (394) Intangible/assets (1,314 ) (1,153 ) Unrealized gain on investment in securities available-for-sale (4,658 ) (5,172 ) Other (452 ) (407 ) Total deferred tax liabilities $ (13,196 ) $ (13,738 ) Net deferred tax assets $ 1,948 $ 3,746 1 As of December 31, 2015, the Company had approximately $ 606,000 122,000 . |
Schedule of the Reconciliation of Unrecognized Tax Benefits | (In thousands) 2015 2014 2013 Balance at January 1 $ 1,117 $ 1,208 $ 1,885 Changes in unrecognized tax benefits as a result of tax positions taken during a prior year 10 (107 ) (666 ) Changes in unrecognized tax benefits as a result of tax position taken during the current year 277 267 374 Decreases in unrecognized tax benefits relating to settlements with taxing authorities — — — Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (210 ) (251 ) (385 ) Balance at December 31 $ 1,194 $ 1,117 $ 1,208 |
Disclosures about Fair Value 40
Disclosures about Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosures about Fair Value of Financial Instruments [Abstract] | |
Schedule of Commitments to Extend Credit, Standby Letters of Credit and Commercial Letters | December 31, (In thousands) 2015 2014 Conditional commitments to extend credit $ 11,755 $ 19,066 Standby letters of credit 11,581 12,693 Commercial letters of credit 1,857 2,571 |
Schedule of Company's Financial Instruments | December 31, 2015 2014 Carrying Carrying (In thousands) Amount Fair Value Amount Fair Value Balance sheet assets: Cash and cash equivalents $ 253,172 $ 253,172 $ 294,335 $ 294,335 Investment in securities 375,696 375,696 356,141 356,141 Loans, net 647,420 649,161 657,452 663,247 Accrued interest receivable 6,647 6,647 6,521 6,521 Total $ 1,282,935 $ 1,284,676 $ 1,314,449 $ 1,320,244 Balance sheet liabilities: Deposits $ 646,484 $ 646,892 $ 618,199 $ 618,199 Accounts and drafts payable 577,259 577,259 655,428 655,428 Accrued interest payable 35 35 57 57 Total $ 1,223,778 $ 1,224,186 $ 1,273,684 $ 1,273,684 |
Industry Segment Information (T
Industry Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Industry Segment Information [Abstract] | |
Summary of Segment Information | Corporate, Information Banking Eliminations (In thousands) Services Services and Other Total 2015 Fee revenue and other income: Income from customers $ 82,144 $ 1,224 $ — $ 83,368 Intersegment income (expense) 10,078 1,648 (11,726 ) — Net interest income (expense) after provision for loan losses: Income from customers 14,598 22,851 — 37,449 Intersegment income (expense) 12 (12 ) — — Depreciation and amortization 3,164 151 101 3,416 Income taxes 2,818 5,160 — 7,978 Net income 14,635 8,421 — 23,056 Goodwill 11,454 136 — 11,590 Other intangible assets, net 2,405 — — 2,405 Total assets $ 702,491 $ 761,739 $ (8,724 ) $ 1,455,506 2014 Fee revenue and other income: Income from customers $ 78,773 $ 1,134 $ — $ 79,907 Intersegment income (expense) 9,210 1,504 (10,714 ) — Net interest income (expense) after provision for loan losses: Income from customers 15,678 21,621 — 37,299 Intersegment income (expense) 12 (12 ) — — Depreciation and amortization 2,795 182 119 3,096 Income taxes 3,006 4,753 — 7,759 Net income 16,379 7,654 — 24,033 Goodwill 11,454 136 — 11,590 Other intangible assets, net 2,762 — — 2,762 Total assets $ 782,844 $ 755,400 $ (37,513 ) $ 1,500,731 2013 Fee revenue and other income: Income from customers $ 75,010 $ 1,216 $ 346 $ 76,572 Intersegment income (expense) 9,637 1,479 (11,116 ) — Net interest income (expense) after provision for loan losses: Income from customers 15,986 22,259 — 38,245 Intersegment income (expense) 11 (11 ) — — Depreciation and amortization 2,638 143 115 2,896 Income taxes 2,232 5,002 — 7,234 Net income 15,237 8,133 127 23,497 Goodwill 11,454 136 — 11,590 Other intangible assets, net 3,222 — — 3,222 Total assets $ 657,604 $ 679,357 $ (10,941 ) $ 1,326,020 |
Condensed Financial Informati42
Condensed Financial Information of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company [Abstract] | |
Schedule of Condensed Balance Sheet | Condensed Balance Sheets December 31, (In thousands) 2015 2014 Assets Cash and due from banks $ 30,165 $ 32,399 Short-term investments 50,689 107,932 Securities available-for-sale, at fair value 373,946 356,141 Loans, net 87,615 115,958 Investments in subsidiaries 91,770 82,688 Premises and equipment, net 18,886 16,030 Other assets 150,135 166,235 Total assets $ 803,206 $ 877,383 Liabilities and Shareholders' Equity Liabilities: Accounts and drafts payable $ 576,919 $ 655,358 Other liabilities 18,732 21,511 Total liabilities 595,651 676,869 Total shareholders' equity 207,555 200,514 Total liabilities and shareholders' equity $ 803,206 $ 877,383 |
Schedule of Condensed Statements of Income | Condensed Statements of Income For the Years Ended December 31, (In thousands) 2015 2014 2013 Income from subsidiaries: Interest $ 12 $ 12 $ 12 Management fees 2,201 2,058 2,119 Income from subsidiaries 2,213 2,070 2,131 Information services revenue 78,488 77,064 70,503 Net interest income after provision 13,948 14,986 15,069 Gain on sales of investment securities 2,910 23 3,677 Other income 613 1,323 527 Total income 98,172 95,466 91,907 Expenses: Salaries and employee benefits 63,475 59,885 59,004 Other expenses 16,580 15,587 15,027 Total expenses 80,055 75,472 74,031 Income before income tax and equity in undistributed income of subsidiaries 18,117 19,994 17,876 Income tax expense 2,950 3,125 2,381 Income before undistributed income of subsidiaries 15,167 16,869 15,495 Equity in undistributed income of subsidiaries 7,889 7,164 7,530 Intercompany elimination — — 472 Net income $ 23,056 $ 24,033 $ 23,497 |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows For the Years Ended December 31, (In thousands) 2015 2014 2013 Cash flows from operating activities: Net income $ 23,056 $ 24,033 $ 23,497 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income of subsidiaries (7,889 ) (7,164 ) (7,530 ) Net change in other assets 16,100 (44,879 ) (8,420 ) Net change in other liabilities (2,779 ) 534 (2,729) Amortization of stock-based awards 1,504 1,250 1,177 Other, net 10,389 13,487 (4,180 ) Net cash provided by (used in) operating activities 40,381 (12,739) 1,815 Cash flows from investing activities: Net increase in securities (23,472 ) (35,128 ) (15,385 ) Net decrease in loans 28,343 9,358 31,619 Purchases of premises and equipment, net (5,708 ) (8,941 ) (4,050 ) Net cash (used in) provided by investing activities (837 ) (34,711) 12,184 Cash flows from financing activities: Net (decrease) increase in accounts and drafts payable (78,439 ) 111,405 21,192 Cash dividends paid (9,697 ) (9,337 ) (8,510 ) Purchase of common shares for treasury (10,951 ) (1,848 ) — Other financing activities 66 (21 ) (513 ) Net cash provided by (used in) financing activities (99,021 ) 100,199 12,169 Net (decrease) increase in cash and cash equivalents (59,477 ) 52,749 26,168 Cash and cash equivalents at beginning of year 140,331 87,582 61,414 Cash and cash equivalents at end of year $ 80,854 $ 140,331 $ 87,582 |
SUPPLEMENTARY FINANCIAL INFOR43
SUPPLEMENTARY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SUPPLEMENTARY FINANCIAL INFORMATION [Abstract] | |
Schedule of Quarterly Financial Information | SUPPLEMENTARY FINANCIAL INFORMATION (Unaudited) First Second Third Fourth (In thousands except per share data) Quarter Quarter Quarter Quarter YTD 2015 Fee revenue and other income $ 20,832 $ 20,838 $ 21,514 $ 20,184 $ 83,368 Interest income 9,552 9,803 9,581 9,774 38,710 Interest expense 591 521 498 501 2,111 Net interest income 8,961 9,282 9,083 9,273 36,599 Provision for loan losses — — — (850 ) (850 ) Operating expense 22,308 22,640 22,634 22,201 89,783 Income tax expense 1,946 1,932 2,083 2,017 7,978 Net income $ 5,539 $ 5,548 $ 5,880 $ 6,089 $ 23,056 Net income per share: Basic earnings per share $ .48 $ .49 $ .52 $ .54 $ 2.03 Diluted earnings per share .48 .48 .51 .53 2.00 2014 Fee revenue and other income $ 19,575 $ 19,952 $ 20,223 $ 20,157 $ 79,907 Interest income 9,772 9,975 9,991 10,021 39,759 Interest expense 625 628 604 603 2,460 Net interest income 9,147 9,347 9,387 9,418 37,299 Provision for loan losses — — — — — Operating expense 21,025 21,306 21,196 21,887 85,414 Income tax expense 1,886 1,958 2,013 1,902 7,759 Net income $ 5,811 $ 6,035 $ 6,401 $ 5,786 $ 24,033 Net income per share: Basic earnings per share $ .51 $ .52 $ .56 $ .50 $ 2.09 Diluted earnings per share .50 .52 .55 .49 2.06 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Percentage holding required to account investments under non-marketable equity investments | 20.00% |
Buildings [Member] | Maximum [Member] | |
Estimated useful lives | 40 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Estimated useful lives | 10 years |
Software, Equipment, Furniture and Fixtures [Member] | Minimum [Member] | |
Estimated useful lives | 3 years |
Software, Equipment, Furniture and Fixtures [Member] | Maximum [Member] | |
Estimated useful lives | 7 years |
Capital Requirements and Regu45
Capital Requirements and Regulatory Restrictions (Narrative) (Details) | Dec. 31, 2015USD ($) |
Capital Requirements and Regulatory Restrictions [Abstract] | |
Unappropriated retained earnings | $ 24,208,000 |
Capital Requirements and Regu46
Capital Requirements and Regulatory Restrictions (Schedule of Capital Amounts and Ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cass Information Systems Inc. [Member] | ||
Total capital (to risk-weighted assets), actual amount | $ 212,717 | $ 207,468 |
Common Equity Tier I Capital (to risk-weighted assets), actual amount | 201,312 | 195,630 |
Tier I capital (to risk-weighted assets), actual amount | 201,312 | 195,630 |
Tier I capital (to average assets), actual amount | $ 201,312 | $ 195,630 |
Total capital (to risk-weighted assets), actual ratio | 23.31% | 21.91% |
Common Equity Tier I Capital (to risk-weighted assets), actual ratio | 22.06% | 20.66% |
Tier I capital (to risk-weighted assets), actual ratio | 22.06% | 20.66% |
Tier I capital (to average assets), actual ratio | 13.88% | 13.42% |
Total capital (to risk-weighted assets), capital requirements amount | $ 72,994 | $ 75,761 |
Common Equity Tier I Capital (to risk-weighted assets), capital requirements amount | 41,059 | 37,880 |
Tier I capital (to risk-weighted assets), capital requirements amount | 54,746 | 37,880 |
Tier I capital (to average assets), capital requirements amount | $ 43,496 | $ 43,742 |
Total capital (to risk-weighted assets), capital requirements ratio | 8.00% | 8.00% |
Common Equity Tier I Capital (to risk-weighted assets), capital requirements ratio | 4.50% | 4.00% |
Tier I capital (to risk-weighted assets), capital requirements ratio | 6.00% | 4.00% |
Tier I capital (to average assets), capital requirements ratio | 3.00% | 3.00% |
Cass Commercial Bank [Member] | ||
Total capital (to risk-weighted assets), actual amount | $ 99,872 | $ 91,249 |
Common Equity Tier I Capital (to risk-weighted assets), actual amount | 92,470 | 84,049 |
Tier I capital (to risk-weighted assets), actual amount | 92,470 | 84,049 |
Tier I capital (to average assets), actual amount | $ 92,470 | $ 84,049 |
Total capital (to risk-weighted assets), actual ratio | 16.90% | 15.88% |
Common Equity Tier I Capital (to risk-weighted assets), actual ratio | 15.65% | 14.62% |
Tier I capital (to risk-weighted assets), actual ratio | 15.65% | 14.62% |
Tier I capital (to average assets), actual ratio | 13.15% | 11.94% |
Total capital (to risk-weighted assets), capital requirements amount | $ 47,281 | $ 45,977 |
Common Equity Tier I Capital (to risk-weighted assets), capital requirements amount | 26,596 | 22,989 |
Tier I capital (to risk-weighted assets), capital requirements amount | 35,461 | 22,989 |
Tier I capital (to average assets), capital requirements amount | $ 21,093 | $ 21,124 |
Total capital (to risk-weighted assets), capital requirements ratio | 8.00% | 8.00% |
Common Equity Tier I Capital (to risk-weighted assets), capital requirements ratio | 4.50% | 4.00% |
Tier I capital (to risk-weighted assets), capital requirements ratio | 6.00% | 4.00% |
Tier I capital (to average assets), capital requirements ratio | 3.00% | 3.00% |
Total capital (to risk-weighted assets), requirement to be well capitalized amount | $ 59,102 | $ 57,472 |
Common Equity Tier I Capital (to risk-weighted assets), requirement to be well capitalized amount | 38,416 | 34,483 |
Tier I capital (to risk-weighted assets), requirement to be well capitalized amount | 47,281 | 34,483 |
Tier I capital (to average assets), requirement to be well capitalized amount | $ 35,155 | $ 35,207 |
Total capital (to risk-weighted assets), requirement to be well capitalized ratio | 10.00% | 10.00% |
Common Equity Tier I Capital (to risk-weighted assets), requirement to be well capitalized ratio | 6.50% | 6.00% |
Tier I capital (to risk-weighted assets), requirement to be well capitalized ratio | 8.00% | 6.00% |
Tier I capital (to average assets), requirement to be well capitalized ratio | 5.00% | 5.00% |
Investment in Securities (Narra
Investment in Securities (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Investment in Securities [Abstract] | |||
Number of securities that had an unrealized loss | 5 | 20 | |
Number of securities that had an unrealized loss, greater than 12 months | 1 | 12 | |
Percentage of total securities | 1.00% | ||
Premium related to purchase of state and political subdivisions | $ 5,443,000 | $ 5,085,000 | |
Securities pledged as collateral | 3,750,000 | 3,750,000 | |
Proceeds from sales of securities available-for-sale | 99,347,000 | 587,000 | $ 95,742,000 |
Gross realized gains | 2,910,000 | 23,000 | 4,295,000 |
Gross realized losses | $ 0 | $ 0 | $ 271,000 |
Investment in Securities (Sched
Investment in Securities (Schedule of Investement Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Amortized Cost | $ 363,157 | $ 342,219 |
Gross Unrealized Gains | 12,552 | 14,120 |
Gross Unrealized Losses | 13 | 198 |
Fair Value | 375,696 | 356,141 |
State and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Amortized Cost | 356,531 | 338,469 |
Gross Unrealized Gains | 12,552 | 14,120 |
Gross Unrealized Losses | 13 | 198 |
Fair Value | 369,070 | 352,391 |
Certificates of Deposit [Member] | ||
Investment [Line Items] | ||
Amortized Cost | $ 6,626 | $ 3,750 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 6,626 | $ 3,750 |
Investment in Securities (Sch49
Investment in Securities (Schedule of the Fair Values of Securities with Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Estimated fair value less than 12 months | $ 3,638 | $ 8,700 |
Estimated fair value 12 months or more | 1,208 | 13,833 |
Estimated fair value total | 4,846 | 22,533 |
Unrealized losses, less than 12 months | 5 | 15 |
Unrealized losses, 12 months or more | 8 | 183 |
Unrealized losses, total | 13 | 198 |
State and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Estimated fair value less than 12 months | 3,638 | 8,700 |
Estimated fair value 12 months or more | 1,208 | 13,833 |
Estimated fair value total | 4,846 | 22,533 |
Unrealized losses, less than 12 months | 5 | 15 |
Unrealized losses, 12 months or more | 8 | 183 |
Unrealized losses, total | $ 13 | $ 198 |
Certificates of Deposit [Member] | ||
Investment [Line Items] | ||
Estimated fair value less than 12 months | ||
Estimated fair value 12 months or more | ||
Estimated fair value total | ||
Unrealized losses, less than 12 months | ||
Unrealized losses, 12 months or more | ||
Unrealized losses, total |
Investment in Securities (Sch50
Investment in Securities (Schedule of Amortized Cost and Fair Value of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment in Securities [Abstract] | ||
Amortized Cost, Due in 1 year or less | $ 30,621 | |
Amortized Cost, Due after 1 year through 5 years | 76,500 | |
Amortized Cost, Due after 5 years through 10 years | 139,680 | |
Amortized Cost, Due after 10 years | $ 116,356 | |
Amortized Cost, No stated maturity | ||
Amortized Cost, Total | $ 363,157 | |
Fair Value, Due in 1 year or less | 30,951 | |
Fair Value, Due after 1 year through 5 years | 79,205 | |
Fair Value, Due after 5 years through 10 years | 145,780 | |
Fair Value, Due after 10 years | $ 119,760 | |
Fair Value, No stated maturity | ||
Available-for-sale Securities, Total | $ 375,696 | $ 356,141 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans [Abstract] | |||
Impaired loans, ALLL | $ 1,142,000 | $ 127,000 | |
Nonaccrual loans | 3,135,000 | 488,000 | |
Delinquent loans still accruing interest | $ 0 | $ 0 | |
Loans classified as troubled debt restructuring | |||
Average balance of impaired loans | $ 3,188,000 | $ 1,262,000 | $ 1,381,000 |
Income recognized on nonaccrual loans under original terms of contract | 390,000 | 108,000 | 180,000 |
Income recognized on nonaccrual loans | $ 34,000 | $ 77,000 | $ 131,000 |
Foreclosed loans value |
Loans (Summary of Loan Categori
Loans (Summary of Loan Categories) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Participating Mortgage Loans [Line Items] | ||
Total Loans | $ 659,055 | $ 669,346 |
Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Total Loans | 193,430 | 203,350 |
Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Total Loans | 108,836 | $ 117,754 |
Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Total Loans | 1,182 | |
Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Total Loans | 306,728 | $ 305,887 |
Real Estate Church Related Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Total Loans | 28,957 | 18,612 |
Industrial Revenue Bonds [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Total Loans | 19,831 | 23,348 |
Other Loan [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Total Loans | $ 91 | $ 395 |
Loans (Schedule of the Aging of
Loans (Schedule of the Aging of Loans by Loan Categories) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Participating Mortgage Loans [Line Items] | ||
Non Accrual | $ 3,135 | $ 488 |
Total Loans | $ 659,055 | $ 669,346 |
Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | ||
Total Loans | $ 193,430 | $ 203,350 |
Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | 3,032 | 361 |
Total Loans | $ 108,836 | $ 117,754 |
Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | ||
Total Loans | $ 1,182 | |
Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | 103 | $ 127 |
Total Loans | $ 306,728 | $ 305,887 |
Real Estate Church Related Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | ||
Total Loans | $ 28,957 | $ 18,612 |
Industrial Revenue Bonds [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | ||
Total Loans | $ 19,831 | $ 23,348 |
Other [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | ||
Total Loans | $ 91 | $ 395 |
Current [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 655,920 | 668,858 |
Current [Member] | Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 193,430 | 203,350 |
Current [Member] | Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 105,804 | $ 117,393 |
Current [Member] | Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 1,182 | |
Current [Member] | Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 306,625 | $ 305,760 |
Current [Member] | Real Estate Church Related Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 28,957 | 18,612 |
Current [Member] | Industrial Revenue Bonds [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 19,831 | 23,348 |
Current [Member] | Other [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | $ 91 | $ 395 |
30-59 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
30-59 Days [Member] | Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
30-59 Days [Member] | Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
30-59 Days [Member] | Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
30-59 Days [Member] | Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
30-59 Days [Member] | Real Estate Church Related Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
30-59 Days [Member] | Industrial Revenue Bonds [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
30-59 Days [Member] | Other [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
60-89 Days [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
60-89 Days [Member] | Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
60-89 Days [Member] | Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
60-89 Days [Member] | Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
60-89 Days [Member] | Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
60-89 Days [Member] | Real Estate Church Related Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
60-89 Days [Member] | Industrial Revenue Bonds [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
60-89 Days [Member] | Other [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
90 Days and over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
90 Days and over [Member] | Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
90 Days and over [Member] | Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
90 Days and over [Member] | Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
90 Days and over [Member] | Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
90 Days and over [Member] | Real Estate Church Related Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
90 Days and over [Member] | Industrial Revenue Bonds [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | ||
90 Days and over [Member] | Other [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans |
Loans (Schedule of the Credit E
Loans (Schedule of the Credit Exposure of the Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Participating Mortgage Loans [Line Items] | |||
Total Loans | $ 659,055 | $ 669,346 | |
Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [1] | 644,141 | 649,508 |
Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | 11,779 | 19,350 |
Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | 3,135 | 488 |
Commercial and Industrial [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | 193,430 | 203,350 | |
Commercial and Industrial [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [1] | 190,303 | 199,837 |
Commercial and Industrial [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | $ 3,127 | $ 3,513 |
Commercial and Industrial [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | ||
Real Estate Commercial Mortgage [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | $ 108,836 | $ 117,754 | |
Real Estate Commercial Mortgage [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [1] | 104,642 | 103,097 |
Real Estate Commercial Mortgage [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | 1,162 | 14,296 |
Real Estate Commercial Mortgage [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | 3,032 | $ 361 |
Real Estate Commercial Construction [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | 1,182 | ||
Real Estate Commercial Construction [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [1] | $ 1,182 | |
Real Estate Commercial Construction [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | ||
Real Estate Commercial Construction [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | ||
Real Estate Church Related Mortgage [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | $ 306,728 | $ 305,887 | |
Real Estate Church Related Mortgage [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [1] | 299,135 | 304,219 |
Real Estate Church Related Mortgage [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | 7,490 | 1,541 |
Real Estate Church Related Mortgage [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | 103 | 127 |
Real Estate Church Related Construction [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | 28,957 | 18,612 | |
Real Estate Church Related Construction [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [1] | $ 28,957 | $ 18,612 |
Real Estate Church Related Construction [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | ||
Real Estate Church Related Construction [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | ||
Industrial Revenue Bonds [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | $ 19,831 | $ 23,348 | |
Industrial Revenue Bonds [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [1] | $ 19,831 | $ 23,348 |
Industrial Revenue Bonds [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | ||
Industrial Revenue Bonds [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | ||
Other [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | $ 91 | $ 395 | |
Other [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [1] | $ 91 | $ 395 |
Other [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | ||
Other [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Total Loans | [2] | ||
[1] | Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligation. | ||
[2] | Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. |
Loans (Schedule of Recorded Inv
Loans (Schedule of Recorded Investment and Unpaid Principal for Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Participating Mortgage Loans [Line Items] | ||
Troubled debt restructurings still accruing | ||
Non Accrual | $ 3,135 | $ 488 |
Recorded Investment [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Fair value of impaired loan | 3,135 | 488 |
Upaid Principal Balance [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Fair value of impaired loan | 3,135 | 488 |
Related Allowance for Loan Losses [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Fair value of impaired loan | $ 1,142 | $ 127 |
Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | ||
Commercial and Industrial [Member] | Recorded Investment [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | ||
Commercial and Industrial [Member] | Upaid Principal Balance [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | ||
Commercial and Industrial [Member] | Related Allowance for Loan Losses [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | ||
Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | $ 3,032 | $ 361 |
Real Estate Commercial Mortgage [Member] | Recorded Investment [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | 3,032 | 361 |
Real Estate Commercial Mortgage [Member] | Upaid Principal Balance [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | 3,032 | $ 361 |
Real Estate Commercial Mortgage [Member] | Related Allowance for Loan Losses [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | 1,039 | |
Real Estate Church Related Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | 103 | $ 127 |
Real Estate Church Related Mortgage [Member] | Recorded Investment [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | 103 | 127 |
Real Estate Church Related Mortgage [Member] | Upaid Principal Balance [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | 103 | 127 |
Real Estate Church Related Mortgage [Member] | Related Allowance for Loan Losses [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Non Accrual | $ 103 | $ 127 |
Loans (Summary of Allowance for
Loans (Summary of Allowance for Loan Losses) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Participating Mortgage Loans [Line Items] | |
Allowance for loan losses, Beginning Balance | $ 11,894 |
Charge-Offs | 30 |
Recoveries | 621 |
Provision | (850) |
Allowance for loan losses, Ending Balance | 11,635 |
Commercial and Industrial [Member] | |
Participating Mortgage Loans [Line Items] | |
Allowance for loan losses, Beginning Balance | 3,515 |
Charge-Offs | 30 |
Recoveries | 610 |
Provision | (1,012) |
Allowance for loan losses, Ending Balance | 3,083 |
Real Estate Commercial Mortgage [Member] | |
Participating Mortgage Loans [Line Items] | |
Allowance for loan losses, Beginning Balance | $ 3,060 |
Charge-Offs | |
Recoveries | $ 8 |
Provision | (265) |
Allowance for loan losses, Ending Balance | $ 2,803 |
Real Estate Commercial Construction [Member] | |
Participating Mortgage Loans [Line Items] | |
Allowance for loan losses, Beginning Balance | |
Charge-Offs | |
Recoveries | |
Provision | $ 9 |
Allowance for loan losses, Ending Balance | 9 |
Real Estate Church Related Mortgage [Member] | |
Participating Mortgage Loans [Line Items] | |
Allowance for loan losses, Beginning Balance | $ 4,016 |
Charge-Offs | |
Recoveries | $ 2 |
Provision | 64 |
Allowance for loan losses, Ending Balance | 4,082 |
Real Estate Church Related Construction [Member] | |
Participating Mortgage Loans [Line Items] | |
Allowance for loan losses, Beginning Balance | $ 140 |
Charge-Offs | |
Recoveries | |
Provision | $ 77 |
Allowance for loan losses, Ending Balance | 217 |
Industrial Revenue Bonds [Member] | |
Participating Mortgage Loans [Line Items] | |
Allowance for loan losses, Beginning Balance | $ 394 |
Charge-Offs | |
Recoveries | |
Provision | $ (74) |
Allowance for loan losses, Ending Balance | 320 |
Other [Member] | |
Participating Mortgage Loans [Line Items] | |
Allowance for loan losses, Beginning Balance | $ 769 |
Charge-Offs | |
Recoveries | $ 1 |
Provision | 351 |
Allowance for loan losses, Ending Balance | $ 1,121 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Premises and Equipment [Abstract] | |||
Depreciation expense | $ 3,008,000 | $ 2,613,000 | $ 2,361,000 |
Rent expense | $ 1,387,000 | $ 1,405,000 | $ 1,222,000 |
Premises and Equipment (Summary
Premises and Equipment (Summary of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Premises and equipment, gross | $ 44,109 | $ 39,089 |
Less accumulated depreciation | 24,461 | 22,180 |
Total | 19,648 | 16,909 |
Land [Member] | ||
Premises and equipment, gross | 873 | 873 |
Building [Member] | ||
Premises and equipment, gross | 13,079 | 12,541 |
Leaseholds and Leasehold Improvements [Member] | ||
Premises and equipment, gross | 2,112 | 2,112 |
Furniture and Fixtures [Member] | ||
Premises and equipment, gross | 12,320 | 10,762 |
Software [Member] | ||
Premises and equipment, gross | 13,198 | 10,274 |
Internally Developed Software [Member] | ||
Premises and equipment, gross | $ 2,527 | $ 2,527 |
Premises and Equipment (Schedul
Premises and Equipment (Schedule of Future Minimum Rental Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Premises and Equipment [Abstract] | |
2,016 | $ 1,336 |
2,017 | 1,346 |
2,018 | 1,107 |
2,019 | 845 |
2,020 | 814 |
2021-2023 | 1,423 |
Total | $ 6,871 |
Acquired Intangible Assets (Nar
Acquired Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amortization of intangible assets | $ 408,000 | $ 483,000 | $ 535,000 |
2,016 | 408,000 | ||
2,017 | 356,000 | ||
2,018 | 356,000 | ||
2,019 | 356,000 | ||
2,020 | $ 356,000 | ||
Customer Lists [Member] | Minimum [Member] | |||
Amortization period | 7 years | ||
Customer Lists [Member] | Maximum [Member] | |||
Amortization period | 10 years | ||
Patents [Member] | |||
Amortization period | 8 years | ||
Noncompete Agreements [Member] | |||
Amortization period | 5 years | ||
Software [Member] | |||
Amortization period | 3 years | ||
Other Intangible Assets [Member] | |||
Amortization period | 15 years |
Acquired Intangible Assets (Sch
Acquired Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets eligible for amortization: | |||
Gross Carrying Amount | $ 16,817 | $ 16,768 | |
Accumulated Amortization | (2,822) | (2,416) | |
Unamortized intangible assets: | |||
Goodwill, Gross Carrying Amount | [1] | 11,817 | 11,817 |
Goodwill, Accumulated Amortization | [1] | (227) | (227) |
Customer Lists [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 3,933 | 3,933 | |
Accumulated Amortization | (2,023) | (1,705) | |
Patent [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 72 | 23 | |
Accumulated Amortization | (4) | (1) | |
Noncompete Agreements [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 261 | 261 | |
Accumulated Amortization | (209) | (157) | |
Software [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 234 | 234 | |
Accumulated Amortization | (234) | (234) | |
Other [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 500 | 500 | |
Accumulated Amortization | $ (125) | $ (92) | |
[1] | Amortization through December 31, 2001 prior to adoption of FASB ASC 350. |
Interest-Bearing Deposits (Sche
Interest-Bearing Deposits (Schedule of Interest-bearing Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Interest-Bearing Deposits [Abstract] | ||
Interest-bearing demand deposits | $ 386,203 | $ 354,511 |
Savings deposits | 16,758 | 24,914 |
Time deposits: | ||
Less than $100 | 4,758 | 6,956 |
$100 to less than $250 | 43,178 | 57,284 |
$250 or more | 13,764 | 15,535 |
Total | $ 464,661 | $ 459,200 |
Weighted average interest rate | 0.51% | 0.58% |
Interest-Bearing Deposits (Sc63
Interest-Bearing Deposits (Schedule of Interest on Deposits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest-Bearing Deposits [Abstract] | |||
Interest-bearing demand deposits | $ 1,392 | $ 1,564 | $ 1,737 |
Savings deposits | 65 | 87 | 138 |
Time deposits: | |||
Less than $100 | 346 | 472 | 600 |
$100 to less than $250 | 119 | 135 | 145 |
$250 or more | 189 | 202 | 212 |
Total | $ 2,111 | $ 2,460 | $ 2,832 |
Interest-Bearing Deposits (Sc64
Interest-Bearing Deposits (Schedule of Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Due within: | ||
One year | $ 55,350 | $ 66,436 |
Two years | 2,690 | 10,759 |
Three years | 1,566 | 1,148 |
Four years | 83 | 1,250 |
Five years | 2,011 | 182 |
Total | $ 61,700 | $ 79,775 |
Percent of Total One year | 89.70% | 83.30% |
Percent of Total Two years | 4.40% | 13.50% |
Percent of Total Three years | 2.50% | 1.40% |
Percent of Total Four years | 0.10% | 1.60% |
Percent Of Toal Five years | 3.30% | 0.20% |
Total | 100.00% | 100.00% |
Unused Available Lines of Cre65
Unused Available Lines of Credit (Details) | Dec. 31, 2015USD ($) |
Unsecured Debt [Member] | |
Line of credit amount | $ 78,000,000 |
Unsecured Debt [Member] | US Bank [Member] | |
Line of credit amount | 20,000,000 |
Unsecured Debt [Member] | Wells Fargo Bank [Member] | |
Line of credit amount | 15,000,000 |
Unsecured Debt [Member] | PNC Bank [Member] | |
Line of credit amount | 12,000,000 |
Unsecured Debt [Member] | Frost National Bank [Member] | |
Line of credit amount | 10,000,000 |
Unsecured Debt [Member] | JPM Chase Bank [Member] | |
Line of credit amount | 6,000,000 |
Unsecured Debt [Member] | UMB Bank [Member] | |
Line of credit amount | 5,000,000 |
Unsecured Debt [Member] | Bank Of America [Member] | |
Line of credit amount | 10,000,000 |
Secured Debt [Member] | UMB Bank [Member] | |
Line of credit amount | 50,000,000 |
Secured Debt [Member] | Federal Home Loan Bank [Member] | |
Line of credit amount | 170,195,000 |
Secured Debt [Member] | First Tennessee Bank [Member] | |
Line of credit amount | $ 50,000,000 |
Common Stock and Earnings per66
Common Stock and Earnings per Share (Schedule of Common Stock Outstanding) (Details) | 12 Months Ended |
Dec. 31, 2015shares | |
Common Stock and Earnings per Share [Abstract] | |
Shares outstanding at January 1 | 11,502,575 |
Employee restricted stock grants | 26,542 |
Employee SARs exercised | 12,154 |
Directors' compensation | 7,675 |
Shares repurchased | (216,412) |
Shares forfeited | (262) |
Shares outstanding at December 31 | 11,332,272 |
Common Stock and Earnings per67
Common Stock and Earnings per Share (Schedule of Calculations of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic | |||||||||||
Net Income | $ 6,089 | $ 5,880 | $ 5,548 | $ 5,539 | $ 5,786 | $ 6,401 | $ 6,035 | $ 5,811 | $ 23,056 | $ 24,033 | $ 23,497 |
Weighted-average common shares outstanding (in shares) | 11,358,609 | 11,479,025 | 11,441,158 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.54 | $ 0.52 | $ 0.49 | $ 0.48 | $ 0.50 | $ 0.56 | $ 0.52 | $ 0.51 | $ 2.03 | $ 2.09 | $ 2.05 |
Diluted | |||||||||||
Net Income | $ 6,089 | $ 5,880 | $ 5,548 | $ 5,539 | $ 5,786 | $ 6,401 | $ 6,035 | $ 5,811 | $ 23,056 | $ 24,033 | $ 23,497 |
Weighted-average common shares outstanding (in shares) | 11,358,609 | 11,479,025 | 11,441,158 | ||||||||
Effect of dilutive restricted stock, stock options and SARs (in shares) | 159,819 | 164,954 | 199,581 | ||||||||
Weighted-average common shares outstanding assuming dilution (in shares) | 11,518,428 | 11,643,979 | 11,640,739 | ||||||||
Diluted earnings per share (in dollars per share) | $ 0.53 | $ 0.51 | $ 0.48 | $ 0.48 | $ 0.49 | $ 0.55 | $ 0.52 | $ 0.50 | $ 2 | $ 2.06 | $ 2.02 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined contribution plan, contribution amount | $ 623,000 | $ 584,000 | $ 591,000 |
Fixed Income [Member] | |||
Target plan asset | 50.00% | ||
U.S. Equity [Member] | |||
Target plan asset | 34.00% | ||
Non-U.S. Equity [Member] | |||
Target plan asset | 16.00% | ||
Defined Benefit Plan [Member] | |||
Accumulated benefit obligation | $ 68,321,000 | 69,420,000 | |
Recognized prior service (cost) benefit | 0 | ||
Net gains (losses) as a component of net periodic benefit cost | 1,200,000 | ||
Supplemental Executive Retirement Plan [Member] | |||
Accumulated benefit obligation | 7,482,000 | 7,622,000 | |
Contributions for plan | 5,211,000 | $ 5,298,000 | $ 5,065,000 |
Recognized prior service (cost) benefit | 0 | ||
Net gains (losses) as a component of net periodic benefit cost | $ 295,000 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Projected Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Projected benefit obligation: | ||
Balance, January 1 | $ 81,342 | $ 63,439 |
Service cost | 3,795 | 3,003 |
Interest cost | 3,178 | 3,037 |
Actuarial (gain) loss | (8,358) | 13,349 |
Benefits paid | (1,588) | (1,486) |
Balance, December 31 | 78,369 | 81,342 |
Plan assets: | ||
Fair value, January 1 | 72,972 | 70,627 |
Actual return | $ (210) | $ 3,831 |
Employer contribution | ||
Benefits paid | $ (1,588) | $ (1,486) |
Fair value, December 31 | 71,174 | 72,972 |
Funded status: | ||
Accrued pension liability | $ (7,195) | $ (8,370) |
Employee Benefit Plans (Sched70
Employee Benefit Plans (Schedule of Assumptions used to Determine the Projected Benefit Obligation) (Details) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Employee Benefit Plans [Abstract] | |||||
Weighted average discount rate | 4.50% | 4.00% | 5.00% | ||
Rate of increase in compensation levels | 3.25% | [1] | 3.25% | [1] | 3.75% |
[1] | 6.0% graded down to 3.25% over the first seven years of service |
Employee Benefit Plans (Sched71
Employee Benefit Plans (Schedule of Expected Pension Benefit Payments) (Details) | Dec. 31, 2015USD ($) |
Employee Benefit Plans [Abstract] | |
2,016 | $ 2,064,000 |
2,017 | 2,302,000 |
2,018 | 2,630,000 |
2,019 | 2,799,000 |
2,020 | 3,023,000 |
2021-2025 | $ 20,160,000 |
Employee Benefit Plans (Sched72
Employee Benefit Plans (Schedule of Plan's Pension Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Service cost benefits earned during the year | $ 3,795 | $ 3,003 | |
Interest cost on projected benefit obligations | 3,178 | 3,037 | |
Defined Benefit Plan [Member] | |||
Service cost benefits earned during the year | 3,796 | 3,003 | $ 3,452 |
Interest cost on projected benefit obligations | 3,178 | 3,037 | 2,819 |
Expected return on plan assets | (4,864) | (4,711) | (4,469) |
Net amortization and deferral | 1,542 | 244 | 1,729 |
Net periodic pension cost | $ 3,652 | $ 1,573 | $ 3,531 |
Employee Benefit Plans (Sched73
Employee Benefit Plans (Schedule of Assumptions used to Determine Net Pension Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | |||
Weighted average discount rate | 4.00% | 5.00% | 4.25% |
Rate of increase in compensation levels | 3.75% | 3.75% | |
Expected long-term rate of return on assets | 6.75% | 6.75% | 7.25% |
Employee Benefit Plans (Sched74
Employee Benefit Plans (Schedule of Long-term Rate of Return on Assets (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Assumed long-term rate of return on assets | 6.75% |
Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 50.00% |
One-Year Nominal Return | 4.84% |
Annual Standard Deviation | 4.64% |
U.S. Equity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 34.00% |
Large Cap U.S. Growth Equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 8.50% |
One-Year Nominal Return | 8.14% |
Annual Standard Deviation | 18.35% |
Large Cap U.S. Value Equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 8.50% |
One-Year Nominal Return | 7.29% |
Annual Standard Deviation | 16.27% |
Large Cap U.S. Equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 10.00% |
One-Year Nominal Return | 7.42% |
Annual Standard Deviation | 16.14% |
Small Cap U.S. Equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 7.00% |
One-Year Nominal Return | 8.42% |
Annual Standard Deviation | 20.02% |
Non-U.S. Equity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 16.00% |
International (Developed) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 15.00% |
One-Year Nominal Return | 8.80% |
Annual Standard Deviation | 19.35% |
International (Emerging) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 1.00% |
One-Year Nominal Return | 10.49% |
Annual Standard Deviation | 27.66% |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary of the Fair Value Measurements by Type of Asset) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Total | $ 71,174 | $ 72,972 | $ 70,627 |
Cash [Member] | |||
Total | 283 | 268 | |
U.S. Large Cap Growth [Member] | |||
Total | 6,507 | 7,165 | |
U.S. Large Cap Value [Member] | |||
Total | 6,401 | 7,066 | |
U.S. Small/Mid Cap Growth [Member] | |||
Total | 2,769 | 2,950 | |
U.S. Small/Mid Cap Value [Member] | |||
Total | 2,649 | 2,721 | |
Non-U.S. Core [Member] | |||
Total | 10,474 | 10,317 | |
U.S. Large Cap Passive [Member] | |||
Total | 7,153 | 7,192 | |
Emerging Markets [Member] | |||
Total | 599 | 703 | |
U.S. Core Opportunistic [Member] | |||
Total | 23,881 | 24,019 | |
U.S. Passive [Member] | |||
Total | 9,328 | 9,275 | |
Opportunistic [Member] | |||
Total | 1,130 | 1,296 | |
Fair Value, Inputs, Level 1 [Member] | |||
Total | 283 | 268 | |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | |||
Total | $ 283 | $ 268 | |
Fair Value, Inputs, Level 1 [Member] | U.S. Large Cap Growth [Member] | |||
Total | |||
Fair Value, Inputs, Level 1 [Member] | U.S. Large Cap Value [Member] | |||
Total | |||
Fair Value, Inputs, Level 1 [Member] | U.S. Small/Mid Cap Growth [Member] | |||
Total | |||
Fair Value, Inputs, Level 1 [Member] | U.S. Small/Mid Cap Value [Member] | |||
Total | |||
Fair Value, Inputs, Level 1 [Member] | Non-U.S. Core [Member] | |||
Total | |||
Fair Value, Inputs, Level 1 [Member] | U.S. Large Cap Passive [Member] | |||
Total | |||
Fair Value, Inputs, Level 1 [Member] | Emerging Markets [Member] | |||
Total | |||
Fair Value, Inputs, Level 1 [Member] | U.S. Core Opportunistic [Member] | |||
Total | |||
Fair Value, Inputs, Level 1 [Member] | U.S. Passive [Member] | |||
Total | |||
Fair Value, Inputs, Level 1 [Member] | Opportunistic [Member] | |||
Total | |||
Fair Value, Inputs, Level 2 [Member] | |||
Total | $ 70,891 | $ 72,704 | |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | |||
Total | |||
Fair Value, Inputs, Level 2 [Member] | U.S. Large Cap Growth [Member] | |||
Total | $ 6,507 | $ 7,165 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Large Cap Value [Member] | |||
Total | 6,401 | 7,066 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Small/Mid Cap Growth [Member] | |||
Total | 2,769 | 2,950 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Small/Mid Cap Value [Member] | |||
Total | 2,649 | 2,721 | |
Fair Value, Inputs, Level 2 [Member] | Non-U.S. Core [Member] | |||
Total | 10,474 | 10,317 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Large Cap Passive [Member] | |||
Total | 7,153 | 7,192 | |
Fair Value, Inputs, Level 2 [Member] | Emerging Markets [Member] | |||
Total | 599 | 703 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Core Opportunistic [Member] | |||
Total | 23,881 | 24,019 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Passive [Member] | |||
Total | 9,328 | 9,275 | |
Fair Value, Inputs, Level 2 [Member] | Opportunistic [Member] | |||
Total | $ 1,130 | $ 1,296 |
Employee Benefit Plans (Summa76
Employee Benefit Plans (Summary of the Activity in the SERP's Projected Benefit Obligation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Benefit obligation: | |||
Balance, January 1 | $ 81,342,000 | $ 63,439,000 | |
Service cost | 3,795,000 | 3,003,000 | |
Interest cost | 3,178,000 | 3,037,000 | |
Benefits paid | (1,588,000) | (1,486,000) | |
Actuarial (gain) loss | (8,358,000) | 13,349,000 | |
Balance, December 31 | 78,369,000 | 81,342,000 | $ 63,439,000 |
Supplemental Executive Retirement Plan [Member] | |||
Benefit obligation: | |||
Balance, January 1 | 9,403,000 | 8,048,000 | |
Service cost | 140,000 | 136,000 | 144,000 |
Interest cost | 348,000 | 377,000 | 335,000 |
Benefits paid | (243,000) | (236,000) | (236,000) |
Actuarial (gain) loss | (900,000) | 1,078,000 | |
Balance, December 31 | $ 8,748,000 | $ 9,403,000 | $ 8,048,000 |
Employee Benefit Plans (Sched77
Employee Benefit Plans (Schedule of Assumptions used to Determine Projected Benefit Obligation of the SERP) (Details) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Weighted average discount rate | 4.50% | 4.00% | 5.00% | ||
Rate of increase in compensation levels | 3.25% | [1] | 3.25% | [1] | 3.75% |
Supplemental Executive Retirement Plan [Member] | |||||
Weighted average discount rate | 4.25% | 3.75% | 4.75% | ||
Rate of increase in compensation levels | 3.25% | [1] | 3.25% | [1] | 3.75% |
[1] | 6.0% graded down to 3.25% over the first seven years of service |
Employee Benefit Plans (Sched78
Employee Benefit Plans (Schedule of Expected Future Benefits Payable) (Details) | Dec. 31, 2015USD ($) |
2,016 | $ 2,064,000 |
2,017 | 2,302,000 |
2,018 | 2,630,000 |
2,019 | 2,799,000 |
2,020 | 3,023,000 |
2021-2025 | 20,160,000 |
Supplemental Executive Retirement Plan [Member] | |
2,016 | 247,000 |
2,017 | 246,000 |
2,018 | 311,000 |
2,019 | 310,000 |
2,020 | 308,000 |
2021-2025 | $ 3,236,000 |
Employee Benefit Plans (Sched79
Employee Benefit Plans (Schedule of SERP's Pension Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Service cost - benefits earned during the year | $ 3,795 | $ 3,003 | |
Interest cost on projected benefit obligations | 3,178 | 3,037 | |
Supplemental Executive Retirement Plan [Member] | |||
Service cost - benefits earned during the year | 140 | 136 | $ 144 |
Interest cost on projected benefit obligations | 348 | 377 | 335 |
Net amortization and deferral | 654 | 431 | 551 |
Net periodic pension cost | $ 1,142 | $ 944 | $ 1,030 |
Employee Benefit Plans (Sched80
Employee Benefit Plans (Schedule of the Pretax amounts in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan [Member] | ||
Prior service cost | ||
Net actuarial loss | $ 20,637 | $ 25,464 |
Total | $ 20,637 | $ 25,464 |
Supplemental Executive Retirement Plan [Member] | ||
Prior service cost | ||
Net actuarial loss | $ 2,169 | $ 3,723 |
Total | $ 2,169 | $ 3,723 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for issuance | 1,500,000 | |||
Share-Based Compensation | $ 2,059,000 | $ 2,041,000 | $ 1,975,000 | $ 1,976,000 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 42,786 | 22,629 | 30,407 | |
Shares granted, weighted average grant date market value | $ 58.89 | $ 42.21 | ||
Vesting period | 3 years | |||
Amortization of restricted stock bonus | $ 1,514,000 | $ 1,250,000 | $ 1,176,000 | |
Total unrecognized compensation expense | $ 1,734,000 | |||
Total unrecognized compensation expense, weighted average period | 8 months 5 days | |||
Total fair value of shares vested | $ 1,089,000 | 1,066,000 | $ 822,000 | |
SARs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation expense | $ 265,000 | |||
Total unrecognized compensation expense, weighted average period | 6 months | |||
Total intrinsic value of options exercised | $ 1,268,000 | $ 716,000 | ||
Average remaining contractual term | 5 years 11 months 26 days | 6 years 9 months 7 days | ||
Outstanding, Aggregate Intrinsic Value | $ 4,577,000 | $ 6,277,000 | ||
Share-Based Compensation | $ 545,000 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of Restricted Stock Outstanding) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | |||
Forfeited | (262) | ||
Restricted Stock [Member] | |||
Shares | |||
Balance at December 31, 2014 | 51,161 | ||
Granted | 42,786 | 22,629 | 30,407 |
Vested | (24,644) | ||
Forfeited | (262) | ||
Balance at December 31, 2015 | 69,041 | 51,161 | |
Weighted Average Grant Date Fair Value | |||
Balance at December 31, 2014 | $ 48.13 | ||
Granted | 51.04 | ||
Vested | 44.18 | ||
Forfeited | 52.63 | ||
Balance at December 31, 2015 | $ 51.33 | $ 48.13 |
Stock-based Compensation (Sch83
Stock-based Compensation (Schedule of SARs Oustanding) (Details) - SARs [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
SARs | |
Balance at December 31, 2014 | shares | 353,955 |
Exercised | shares | (45,428) |
Forfeited | shares | (1,204) |
Balance at December 31, 2015 | shares | 307,323 |
Exercisable at December 31, 2015 | shares | 254,816 |
Weighted Average Exercise Price | |
Balance at December 31, 2014 | $ / shares | $ 35.52 |
Exercised | $ / shares | 27.92 |
Forfeited | $ / shares | 53.96 |
Balance at December 31, 2015 | $ / shares | 36.57 |
Exercisable at December 31, 2015 | $ / shares | $ 33.56 |
Other Operating Expense (Schedu
Other Operating Expense (Schedule of Other Operating Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Operating Expense [Abstract] | |||
Postage and supplies | $ 1,954 | $ 2,008 | $ 2,066 |
Promotional expense | 2,268 | 2,049 | 2,024 |
Professional fees | 1,690 | 1,566 | 1,340 |
Outside service fees | 2,848 | 2,876 | 3,046 |
Data processing services | 357 | 338 | 367 |
Telecommunications | 1,068 | 1,045 | 955 |
Other | 1,185 | 1,647 | 1,347 |
Total other operating expense | $ 11,370 | $ 11,529 | $ 11,145 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Taxes [Line Items] | ||||
Statutory federal tax rate | 35.00% | 35.00% | 35.00% | |
Net operating loss carryforward | [1] | $ 212,000 | $ 255,000 | |
Amounts of tax benefits that would affect effective tax rate if recognized | 861,000 | 819,000 | $ 861,000 | |
Income tax accrued interest | 54,000 | 45,000 | $ 41,000 | |
Increase (reduction) in accrued interest | 9,000 | $ 4,000 | ||
Reduction of tax benefits over the next twelve months | 374,000 | |||
Franklin Bancorp [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforward | 606,000 | |||
Limitations on use | $ 122,000 | |||
Net operating loss carryforward expiration date | Dec. 31, 2020 | |||
[1] | As of December 31, 2015, the Company had approximately $606,000 of net operating loss carry forwards as a result of the acquisition of Franklin Bancorp. The utilization of the net operating loss carry forward is subject to Section 382 of the Internal Revenue Code and limits the Company's use to approximately $122,000 per year during the carry forward period, which expires in 2020. |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||||||||||
Federal | $ 6,825 | $ 7,189 | $ 6,729 | ||||||||
State | 1,290 | 1,191 | 448 | ||||||||
Deferred: | |||||||||||
Federal | (84) | (585) | 39 | ||||||||
State | (53) | (36) | 18 | ||||||||
Total income tax expense | $ 2,017 | $ 2,083 | $ 1,932 | $ 1,946 | $ 1,902 | $ 2,013 | $ 1,958 | $ 1,886 | $ 7,978 | $ 7,759 | $ 7,234 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Expected Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||||||||||
Expected income tax expense | $ 10,862 | $ 11,127 | $ 10,756 | ||||||||
(Reductions) increases resulting from: | |||||||||||
Tax-exempt income | (3,704) | (3,896) | (3,297) | ||||||||
State taxes, net of federal benefit | 804 | 751 | 303 | ||||||||
Other, net | 16 | (223) | (528) | ||||||||
Total income tax expense | $ 2,017 | $ 2,083 | $ 1,932 | $ 1,946 | $ 1,902 | $ 2,013 | $ 1,958 | $ 1,886 | $ 7,978 | $ 7,759 | $ 7,234 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred tax assets: | |||
Allowance for loan losses | $ 4,251 | $ 4,441 | |
ASC 715 pension funding liability | 8,438 | 10,887 | |
Net operating loss carryforward | [1] | 212 | 255 |
Supplemental executive retirement plan accrual | 1,690 | 1,392 | |
Other | 553 | 509 | |
Total deferred tax assets | 15,144 | 17,484 | |
Deferred tax liabilities: | |||
Premises and equipment | (2,081) | (976) | |
Pension | (4,181) | (5,636) | |
Stock compensation | (510) | (394) | |
Intangible/assets | (1,314) | (1,153) | |
Unrealized gain on investment in securities available-for-sale | (4,658) | (5,172) | |
Other | (452) | (407) | |
Total deferred tax liabilities | (13,196) | (13,738) | |
Net deferred tax assets | $ 1,948 | $ 3,746 | |
[1] | As of December 31, 2015, the Company had approximately $606,000 of net operating loss carry forwards as a result of the acquisition of Franklin Bancorp. The utilization of the net operating loss carry forward is subject to Section 382 of the Internal Revenue Code and limits the Company's use to approximately $122,000 per year during the carry forward period, which expires in 2020. |
Income Taxes (Schedule of the R
Income Taxes (Schedule of the Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Balance at January 1 | $ 1,117 | $ 1,208 | $ 1,885 |
Changes in unrecognized tax benefits as a result of tax positions taken during a prior year | 10 | (107) | (666) |
Changes in unrecognized tax benefits as a result of tax position taken during the current year | $ 277 | $ 267 | $ 374 |
Decreases in unrecognized tax benefits relating to settlements with taxing authorities | |||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | $ (210) | $ (251) | $ (385) |
Balance at December 31 | $ 1,194 | $ 1,117 | $ 1,208 |
Disclosures about Fair Value 90
Disclosures about Fair Value of Financial Instruments (Schedule of Commitments to Extend Credit, Standby Letters of Credit and Commercial Letters) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments To Extend Credit [Member] | ||
Long-term Line of Credit | $ 11,755 | $ 19,066 |
Standby Letters Of Credit [Member] | ||
Long-term Line of Credit | 11,581 | 12,693 |
Commercial Letters Of Credit [Member] | ||
Long-term Line of Credit | $ 1,857 | $ 2,571 |
Disclosures about Fair Value 91
Disclosures about Fair Value of Financial Instruments (Summary of the Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosures about Fair Value of Financial Instruments [Abstract] | ||||
Cash and cash equivalents, Carrying Amount | $ 253,172 | $ 294,335 | $ 225,262 | $ 141,088 |
Securities available-for-sale, at fair value | 375,696 | 356,141 | ||
Loans, net, Carrying Amount | 647,420 | 657,452 | ||
Accrued interest receivable, Carrying Amount | 6,647 | 6,521 | ||
Assets, Carrying Amount | 1,282,935 | 1,314,449 | ||
Cash and cash equivalents, Fair Value | 253,172 | 294,335 | ||
Investment in securities, Fair Value | 375,696 | 356,141 | ||
Loans, net, Fair Value | 649,161 | 663,247 | ||
Accrued interest receivable, Fair Value | 6,647 | 6,521 | ||
Assets, Fair Value | 1,284,676 | 1,320,244 | ||
Deposits, Carrying Amount | 646,484 | 618,199 | ||
Accounts and drafts payable, Carrying Amount | 577,259 | 655,428 | ||
Accrued interest payable, Carrying Amount | 35 | 57 | ||
Liabilities, Carrying Amount | 1,223,778 | 1,273,684 | ||
Deposits, Fair Value | 646,892 | 618,199 | ||
Accounts and drafts payable, Fair Value | 577,259 | 655,428 | ||
Accrued interest payable, Fair Value | 35 | 57 | ||
Liabilities, Fair Value | $ 1,224,186 | $ 1,273,684 |
Industry Segment Information (D
Industry Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fee revenue and other income: | |||||||||||
Income from customers | $ 83,368 | $ 79,907 | $ 76,572 | ||||||||
Intersegment income (expense) | |||||||||||
Net interest income (expense) after provision for loan losses: | |||||||||||
Income from customers | $ 37,449 | $ 37,299 | $ 38,245 | ||||||||
Intersegment income (expense) | |||||||||||
Depreciation and amortization | $ 3,416 | $ 3,096 | $ 2,896 | ||||||||
Income tax expense | $ 2,017 | $ 2,083 | $ 1,932 | $ 1,946 | $ 1,902 | $ 2,013 | $ 1,958 | $ 1,886 | 7,978 | 7,759 | 7,234 |
Net income | 6,089 | $ 5,880 | $ 5,548 | $ 5,539 | 5,786 | $ 6,401 | $ 6,035 | $ 5,811 | 23,056 | 24,033 | 23,497 |
Goodwill | 11,590 | 11,590 | 11,590 | 11,590 | 11,590 | ||||||
Other intangible assets, net | 2,405 | 2,762 | 2,405 | 2,762 | 3,222 | ||||||
Total assets | 1,455,506 | 1,500,731 | 1,455,506 | 1,500,731 | 1,326,020 | ||||||
Information Services [Member] | |||||||||||
Fee revenue and other income: | |||||||||||
Income from customers | 82,144 | 78,773 | 75,010 | ||||||||
Intersegment income (expense) | 10,078 | 9,210 | 9,637 | ||||||||
Net interest income (expense) after provision for loan losses: | |||||||||||
Income from customers | 14,598 | 15,678 | 15,986 | ||||||||
Intersegment income (expense) | 12 | 12 | 11 | ||||||||
Depreciation and amortization | 3,164 | 2,795 | 2,638 | ||||||||
Income tax expense | 2,818 | 3,006 | 2,232 | ||||||||
Net income | 14,635 | 16,379 | 15,237 | ||||||||
Goodwill | 11,454 | 11,454 | 11,454 | 11,454 | 11,454 | ||||||
Other intangible assets, net | 2,405 | 2,762 | 2,405 | 2,762 | 3,222 | ||||||
Total assets | 702,491 | 782,844 | 702,491 | 782,844 | 657,604 | ||||||
Banking Services [Member] | |||||||||||
Fee revenue and other income: | |||||||||||
Income from customers | 1,224 | 1,134 | 1,216 | ||||||||
Intersegment income (expense) | 1,648 | 1,504 | 1,479 | ||||||||
Net interest income (expense) after provision for loan losses: | |||||||||||
Income from customers | 22,851 | 21,621 | 22,259 | ||||||||
Intersegment income (expense) | (12) | (12) | (11) | ||||||||
Depreciation and amortization | 151 | 182 | 143 | ||||||||
Income tax expense | 5,160 | 4,753 | 5,002 | ||||||||
Net income | 8,421 | 7,654 | 8,133 | ||||||||
Goodwill | $ 136 | $ 136 | $ 136 | $ 136 | $ 136 | ||||||
Other intangible assets, net | |||||||||||
Total assets | $ 761,739 | $ 755,400 | $ 761,739 | $ 755,400 | $ 679,357 | ||||||
Corporate Eliminations and Other [Member] | |||||||||||
Fee revenue and other income: | |||||||||||
Income from customers | 346 | ||||||||||
Intersegment income (expense) | $ (11,726) | $ (10,714) | $ (11,116) | ||||||||
Net interest income (expense) after provision for loan losses: | |||||||||||
Income from customers | |||||||||||
Intersegment income (expense) | |||||||||||
Depreciation and amortization | $ 101 | $ 119 | $ 115 | ||||||||
Income tax expense | |||||||||||
Net income | $ 127 | ||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Total assets | $ (8,724) | $ (37,513) | $ (8,724) | $ (37,513) | $ (10,941) |
Condensed Financial Informati93
Condensed Financial Information of Parent Company (Schedule of Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and due from banks | $ 9,015 | $ 11,307 | ||
Securities available-for-sale, at fair value | 375,696 | 356,141 | ||
Loans, net | 647,420 | 657,452 | ||
Premises and equipment, net | 19,648 | 16,909 | ||
Other assets | 24,116 | 25,886 | ||
Total assets | 1,455,506 | 1,500,731 | $ 1,326,020 | |
Liabilities and Shareholders' Equity | ||||
Accounts and drafts payable | 577,259 | 655,428 | ||
Other liabilities | 24,385 | 26,672 | ||
Total liabilities | 1,248,128 | 1,300,299 | ||
Total shareholders equity | 207,378 | 200,432 | $ 190,427 | $ 174,015 |
Total liabilities and shareholders' equity | 1,455,506 | 1,500,731 | ||
Parent [Member] | ||||
Assets | ||||
Cash and due from banks | 30,165 | 32,399 | ||
Short-term investments | 50,689 | 107,932 | ||
Securities available-for-sale, at fair value | 373,946 | 356,141 | ||
Loans, net | 87,615 | 115,958 | ||
Investments in subsidiaries | 91,770 | 82,688 | ||
Premises and equipment, net | 18,886 | 16,030 | ||
Other assets | 150,135 | 166,235 | ||
Total assets | 803,206 | 877,383 | ||
Liabilities and Shareholders' Equity | ||||
Accounts and drafts payable | 576,919 | 655,358 | ||
Other liabilities | 18,732 | 21,511 | ||
Total liabilities | 595,651 | 676,869 | ||
Total shareholders equity | 207,555 | 200,514 | ||
Total liabilities and shareholders' equity | $ 803,206 | $ 877,383 |
Condensed Financial Informati94
Condensed Financial Information of Parent Company (Schedule of Condensed Statement of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income from subsidiaries: | |||||||||||
Net interest income after provision | $ 37,449 | $ 37,299 | $ 38,245 | ||||||||
Gain on sales of investment securities | 2,910 | 23 | 4,024 | ||||||||
Total net revenue | 120,817 | 117,206 | 114,817 | ||||||||
Expenses: | |||||||||||
Salaries and employee benefits | 70,314 | 66,100 | 65,722 | ||||||||
Other expenses | 1,185 | 1,647 | 1,347 | ||||||||
Total operating expense | $ 22,201 | $ 22,634 | $ 22,640 | $ 22,308 | $ 21,887 | $ 21,196 | $ 21,306 | $ 21,025 | 89,783 | 85,414 | 84,086 |
Income tax expense | 2,017 | 2,083 | 1,932 | 1,946 | 1,902 | 2,013 | 1,958 | 1,886 | 7,978 | 7,759 | 7,234 |
Net income | $ 6,089 | $ 5,880 | $ 5,548 | $ 5,539 | $ 5,786 | $ 6,401 | $ 6,035 | $ 5,811 | 23,056 | 24,033 | 23,497 |
Parent Company [Member] | |||||||||||
Income from subsidiaries: | |||||||||||
Interest | 12 | 12 | 12 | ||||||||
Management fees | 2,201 | 2,058 | 2,119 | ||||||||
Income from subsidiaries | 2,213 | 2,070 | 2,131 | ||||||||
Information services revenue | 78,488 | 77,064 | 70,503 | ||||||||
Net interest income after provision | 13,948 | 14,986 | 15,069 | ||||||||
Gain on sales of investment securities | 2,910 | 23 | 3,677 | ||||||||
Other income | 613 | 1,323 | 527 | ||||||||
Total net revenue | 98,172 | 95,466 | 91,907 | ||||||||
Expenses: | |||||||||||
Salaries and employee benefits | 63,475 | 59,885 | 59,004 | ||||||||
Other expenses | 16,580 | 15,587 | 15,027 | ||||||||
Total operating expense | 80,055 | 75,472 | 74,031 | ||||||||
Income before income tax and equity in undistributed income of subsidiaries | 18,117 | 19,994 | 17,876 | ||||||||
Income tax expense | 2,950 | 3,125 | 2,381 | ||||||||
Income before undistributed income of subsidiaries | 15,167 | 16,869 | 15,495 | ||||||||
Equity in undistributed income of subsidiaries | $ 7,889 | $ 7,164 | 7,530 | ||||||||
Intercompany elimination | 472 | ||||||||||
Net income | $ 23,056 | $ 24,033 | $ 23,497 |
Condensed Financial Informati95
Condensed Financial Information of Parent Company (Schedule of Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 6,089 | $ 5,880 | $ 5,548 | $ 5,539 | $ 5,786 | $ 6,401 | $ 6,035 | $ 5,811 | $ 23,056 | $ 24,033 | $ 23,497 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Net cash provided by operating activities | 33,493 | 34,843 | 28,886 | ||||||||
Cash flows from investing activities: | |||||||||||
Net increase in securities | (161,279) | (54,054) | (104,351) | ||||||||
Net decrease in loans | 10,882 | (16,954) | 34,378 | ||||||||
Purchases of premises and equipment, net | (5,747) | (6,291) | (4,857) | ||||||||
Net cash (used in) provided by investing activities | (3,636) | (100,949) | 24,901 | ||||||||
Cash flows from financing activities: | |||||||||||
Net (decrease) increase in accounts and drafts payable | (78,169) | 111,475 | 21,192 | ||||||||
Cash dividends paid | (9,697) | (9,337) | $ (8,510) | ||||||||
Purchase of common shares of treasury | (10,951) | (1,848) | |||||||||
Other financing activities | (488) | (814) | $ (1,083) | ||||||||
Net cash (used in) provided by financing activities | (71,020) | 135,179 | 30,387 | ||||||||
Net (decrease) increase in cash and cash equivalents | (41,163) | 69,073 | 84,174 | ||||||||
Cash and cash equivalents at beginning of year | 294,335 | 225,262 | 294,335 | 225,262 | 141,088 | ||||||
Cash and cash equivalents at end of year | 253,172 | 294,335 | 253,172 | 294,335 | 225,262 | ||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 23,056 | 24,033 | 23,497 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Equity in undistributed income of subsidiaries | (7,889) | (7,164) | (7,530) | ||||||||
Net change in other assets | 16,100 | (44,879) | (8,420) | ||||||||
Net change in other liabilities | (2,779) | 534 | (2,729) | ||||||||
Amortization of stock-based awards | 1,504 | 1,250 | 1,177 | ||||||||
Other, net | 10,389 | 13,487 | (4,180) | ||||||||
Net cash provided by operating activities | 40,381 | (12,739) | 1,815 | ||||||||
Cash flows from investing activities: | |||||||||||
Net increase in securities | (23,472) | (35,128) | (15,385) | ||||||||
Net decrease in loans | 28,343 | 9,358 | 31,619 | ||||||||
Purchases of premises and equipment, net | (5,708) | (8,941) | (4,050) | ||||||||
Net cash (used in) provided by investing activities | (837) | (34,711) | 12,184 | ||||||||
Cash flows from financing activities: | |||||||||||
Net (decrease) increase in accounts and drafts payable | (78,439) | 111,405 | 21,192 | ||||||||
Cash dividends paid | (9,697) | (9,337) | $ (8,510) | ||||||||
Purchase of common shares of treasury | (10,951) | (1,848) | |||||||||
Other financing activities | 66 | (21) | $ (513) | ||||||||
Net cash (used in) provided by financing activities | (99,021) | 100,199 | 12,169 | ||||||||
Net (decrease) increase in cash and cash equivalents | (59,477) | 52,749 | 26,168 | ||||||||
Cash and cash equivalents at beginning of year | $ 140,331 | $ 87,582 | 140,331 | 87,582 | 61,414 | ||||||
Cash and cash equivalents at end of year | $ 80,854 | $ 140,331 | $ 80,854 | $ 140,331 | $ 87,582 |
SUPPLEMENTARY FINANCIAL INFOR96
SUPPLEMENTARY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SUPPLEMENTARY FINANCIAL INFORMATION [Abstract] | |||||||||||
Noninterest Income | $ 20,184 | $ 21,514 | $ 20,838 | $ 20,832 | $ 20,157 | $ 20,223 | $ 19,952 | $ 19,575 | $ 83,368 | $ 79,907 | $ 76,572 |
Interest income | 9,774 | 9,581 | 9,803 | 9,552 | 10,021 | 9,991 | 9,975 | 9,772 | 38,710 | 39,759 | 41,577 |
Interest expense | 501 | 498 | 521 | 591 | 603 | 604 | 628 | 625 | 2,111 | 2,460 | 2,832 |
Net interest income | 9,273 | $ 9,083 | $ 9,282 | $ 8,961 | $ 9,418 | $ 9,387 | $ 9,347 | $ 9,147 | 36,599 | $ 37,299 | 38,745 |
Provision for loan losses | (850) | (850) | 500 | ||||||||
Operating expense | 22,201 | $ 22,634 | $ 22,640 | $ 22,308 | $ 21,887 | $ 21,196 | $ 21,306 | $ 21,025 | 89,783 | $ 85,414 | 84,086 |
Income tax expense | 2,017 | 2,083 | 1,932 | 1,946 | 1,902 | 2,013 | 1,958 | 1,886 | 7,978 | 7,759 | 7,234 |
Net income | $ 6,089 | $ 5,880 | $ 5,548 | $ 5,539 | $ 5,786 | $ 6,401 | $ 6,035 | $ 5,811 | $ 23,056 | $ 24,033 | $ 23,497 |
Net income per share: | |||||||||||
Basic earnings per share | $ 0.54 | $ 0.52 | $ 0.49 | $ 0.48 | $ 0.50 | $ 0.56 | $ 0.52 | $ 0.51 | $ 2.03 | $ 2.09 | $ 2.05 |
Diluted earnings per share | $ 0.53 | $ 0.51 | $ 0.48 | $ 0.48 | $ 0.49 | $ 0.55 | $ 0.52 | $ 0.50 | $ 2 | $ 2.06 | $ 2.02 |