Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 01, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | FARMERS CAPITAL BANK CORP | ||
Entity Central Index Key | 713,095 | ||
Trading Symbol | ffkt | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,509,937 | ||
Entity Public Float | $ 194 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 25,666 | $ 28,392 |
Interest bearing deposits in other banks | 62,696 | 74,758 |
Federal funds sold and securities purchased under agreements to resell | 6,622 | 6,343 |
Money market mutual funds | 18,550 | 11,000 |
Total cash and cash equivalents | 113,534 | 120,493 |
Investment securities: | ||
Available for sale, amortized cost of $486,038 (2016) and $577,248 (2015) | 480,864 | 582,202 |
Held to maturity, fair value of $3,597 (2016) and $3,809 (2015) | 3,488 | 3,611 |
Total investment securities | 484,352 | 585,813 |
Loans, net of unearned income | 970,975 | 959,275 |
Allowance for loan losses | (9,344) | (10,315) |
Loans, net | 961,631 | 948,960 |
Premises and equipment, net | 31,900 | 33,112 |
Company-owned life insurance | 30,914 | 30,269 |
Other Real Estate Owned | 10,673 | 21,843 |
Other assets | 38,026 | 35,460 |
Total assets | 1,671,030 | 1,775,950 |
Deposits: | ||
Noninterest Bearing | 334,676 | 313,969 |
Interest bearing | 1,035,231 | 1,055,025 |
Total deposits | 1,369,907 | 1,368,994 |
Federal funds purchased and short-term securities sold under agreements to repurchase | 35,085 | 34,353 |
Securities sold under agreements to repurchase and other long-term borrowings | 19,931 | 120,280 |
Subordinated notes payable | 33,506 | 48,970 |
Dividends payable, common stock | 751 | |
Other liabilities | 27,784 | 27,655 |
Total liabilities | 1,486,964 | 1,600,252 |
Commitments and contingencies (Notes 15 and 17) | ||
Shareholders’ Equity | ||
Common stock, par value $.125 per share; 14,608,000 shares authorized; 7,509,444 and 7,499,748 shares issued and outstanding at December 31, 2016 and 2015, respectively | 939 | 937 |
Capital surplus | 51,885 | 51,608 |
Retained earnings | 134,650 | 120,371 |
Accumulated other comprehensive (loss) income | (3,408) | 2,782 |
Total shareholders’ equity | 184,066 | 175,698 |
Total liabilities and shareholders’ equity | $ 1,671,030 | $ 1,775,950 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available for sale, amortized cost | $ 486,038 | $ 577,248 |
Held to maturity, fair value | $ 3,597 | $ 3,809 |
Common stock, par value (in dollars per share) | $ 0.125 | $ 0.125 |
Common stock, shares authorized (in shares) | 14,608,000 | 14,608,000 |
Common stock, shares issued (in shares) | 7,509,444 | 7,499,748 |
Common stock, shares outstanding (in shares) | 7,509,444 | 7,499,748 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income | |||
Interest and fees on loans | $ 47,534 | $ 47,907 | $ 49,921 |
Interest on investment securities: | |||
Taxable | 8,969 | 10,468 | 11,737 |
Nontaxable | 2,450 | 2,669 | 2,551 |
Interest on deposits in other banks | 372 | 182 | 138 |
Interest on federal funds sold, securities purchased under agreements to resell, and money market mutual funds | 46 | 10 | 5 |
Total interest income | 59,371 | 61,236 | 64,352 |
Interest Expense | |||
Interest on deposits | 2,355 | 2,961 | 4,253 |
Interest on federal funds purchased and short-term securities sold under agreements to repurchase | 99 | 50 | 54 |
Interest on securities sold under agreements to repurchase and other long-term borrowings | 3,578 | 4,764 | 5,002 |
Interest on subordinated notes payable to unconsolidated trusts | 723 | 866 | 844 |
Total interest expense | 6,755 | 8,641 | 10,153 |
Net interest income | 52,616 | 52,595 | 54,199 |
Provision for loan losses | (644) | (3,429) | (4,364) |
Net interest income after provision for loan losses | 53,260 | 56,024 | 58,563 |
Noninterest Income | |||
Service charges and fees on deposits | 7,856 | 7,590 | 7,801 |
Allotment processing fees | 3,232 | 4,321 | 5,014 |
Other service charges, commissions, and fees | 5,558 | 5,545 | 5,248 |
Trust income | 2,664 | 2,373 | 2,568 |
Investment securities gains (losses), net | 3,998 | 171 | (63) |
Gains on sale of mortgage loans, net | 942 | 824 | 490 |
Income from company-owned life insurance | 1,016 | 937 | 1,231 |
Gain on debt extinguishment | 4,050 | ||
Legal settlement | 1,450 | ||
Other | 420 | 450 | 984 |
Total noninterest income | 31,186 | 22,211 | 23,273 |
Noninterest Expense | |||
Salaries and employee benefits | 32,296 | 32,008 | 29,763 |
Occupancy expenses, net | 4,742 | 4,776 | 4,881 |
Equipment expenses | 2,785 | 2,602 | 2,498 |
Data processing and communications expenses | 4,648 | 4,300 | 4,031 |
Bank franchise tax | 2,421 | 2,426 | 2,421 |
Amortization of intangibles | 0 | 449 | 405 |
Deposit insurance expense | 841 | 1,536 | 1,746 |
Other real estate expenses, net | 2,189 | 1,708 | 5,318 |
Legal expenses | 474 | 843 | 856 |
Loss on debt extinguishment | 3,776 | ||
Other | 7,228 | 7,302 | 7,359 |
Total noninterest expense | 61,400 | 57,950 | 59,278 |
Income before income taxes | 23,046 | 20,285 | 22,558 |
Income tax expense | 6,441 | 5,293 | 6,099 |
Net income | 16,605 | 14,992 | 16,459 |
Less preferred stock dividends and discount accretion | 395 | 1,927 | |
Net income available to common shareholders | $ 16,605 | $ 14,597 | $ 14,532 |
Per Common Share | |||
Net income – basic and diluted (in dollars per share) | $ 2.21 | $ 1.95 | $ 1.94 |
Cash dividends declared - common, per share (in dollars per share) | $ 0.31 | ||
Weighted Average Common Shares Outstanding | |||
Basic and diluted (in shares) | 7,504 | 7,494 | 7,483 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 16,605 | $ 14,992 | $ 16,459 |
Other comprehensive (loss) income: | |||
Unrealized holding (loss) gain on available for sale securities arising during the period, net of tax of $(2,146), $(992), and $4,715, respectively | (3,983) | (1,844) | 8,756 |
Reclassification adjustment for net realized (gain) loss included in net income, net of tax of $1,399, $60, and $(22), respectively | (2,599) | (111) | 41 |
Change in unfunded portion of postretirement benefit obligations, net of tax of $211, $(74), and $(382), respectively | 392 | (138) | (710) |
Other comprehensive (loss) income | (6,190) | (2,093) | 8,087 |
Comprehensive income | $ 10,415 | $ 12,899 | $ 24,546 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrealized holding (loss) gain on available for sale securities arising during the period on securities held at end of period, tax | $ (2,146) | $ (992) | $ (4,715) |
Reclassification adjustment for prior period unrealized (gain) loss previously reported in other comprehensive income recognized during current period, tax | 1,399 | 60 | (22) |
Change in unfunded portion of postretirement benefit obligation, tax | $ 211 | $ (74) | $ (382) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2013 | $ 29,988 | $ 935 | $ 51,102 | $ 91,242 | $ (3,212) | $ 170,055 |
Balance (in shares) at Dec. 31, 2013 | 7,479,000 | |||||
Net income | 16,459 | 16,459 | ||||
Other comprehensive income | 8,087 | 8,087 | ||||
Cash dividends declared – preferred | (1,915) | (1,915) | ||||
Preferred stock discount accretion | 12 | (12) | ||||
Redemption of preferred stock | (20,000) | (20,000) | ||||
Shares issued under director compensation plan | 82 | 82 | ||||
Shares issued under director compensation plan (in shares) | 3,000 | |||||
Shares issued pursuant to employee stock purchase plan | $ 1 | 128 | $ 129 | |||
Shares issued pursuant to employee stock purchase plan (in shares) | 7,000 | 6,894 | ||||
Expense related to employee stock purchase plan | 32 | $ 32 | ||||
Balance at Dec. 31, 2014 | 10,000 | $ 936 | 51,344 | 105,774 | 4,875 | 172,929 |
Balance (in shares) at Dec. 31, 2014 | 7,489,000 | |||||
Net income | 14,992 | 14,992 | ||||
Other comprehensive income | (2,093) | (2,093) | ||||
Cash dividends declared – preferred | (395) | (395) | ||||
Redemption of preferred stock | (10,000) | (10,000) | ||||
Shares issued under director compensation plan | 104 | 104 | ||||
Shares issued under director compensation plan (in shares) | 4,000 | |||||
Shares issued pursuant to employee stock purchase plan | $ 1 | 129 | $ 130 | |||
Shares issued pursuant to employee stock purchase plan (in shares) | 7,000 | 6,329 | ||||
Expense related to employee stock purchase plan | 31 | $ 31 | ||||
Balance at Dec. 31, 2015 | $ 937 | 51,608 | 120,371 | 2,782 | 175,698 | |
Balance (in shares) at Dec. 31, 2015 | 7,500,000 | |||||
Net income | 16,605 | 16,605 | ||||
Other comprehensive income | (6,190) | (6,190) | ||||
Shares issued under director compensation plan | $ 1 | 91 | 92 | |||
Shares issued under director compensation plan (in shares) | 3,000 | |||||
Shares issued pursuant to employee stock purchase plan | $ 1 | 154 | $ 155 | |||
Shares issued pursuant to employee stock purchase plan (in shares) | 6,000 | 6,631 | ||||
Expense related to employee stock purchase plan | 32 | $ 32 | ||||
Balance at Dec. 31, 2016 | $ 939 | 51,885 | 134,650 | (3,408) | 184,066 | |
Balance (in shares) at Dec. 31, 2016 | 7,509,000 | |||||
Cash dividends declared – common, $.31 per share | $ (2,326) | $ (2,326) |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Retained Earnings [Member] | |||
Cash dividends declared - preferred, per share (in dollars per share) | $ 39.50 | $ 85.13 | |
Cash dividends declared - common, per share (in dollars per share) | $ 0.31 | ||
Cash dividends declared - common, per share (in dollars per share) | $ 0.31 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities | |||
Net income | $ 16,605 | $ 14,992 | $ 16,459 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 3,649 | 4,155 | 4,065 |
Net premium amortization of investment securities: | |||
Provision for loan losses | (644) | (3,429) | (4,364) |
Deferred income tax expense | 885 | 1,631 | 3,931 |
Mortgage loans originated for sale | (37,692) | (40,027) | (25,498) |
Proceeds from sale of mortgage loans | 37,627 | 40,513 | 29,254 |
Gains on sale of mortgage loans, net | (942) | (824) | (490) |
Loss (gain) on disposal of premises and equipment, net | 22 | 20 | (5) |
Net loss on sale and write downs of other real estate | 1,925 | 1,289 | 3,404 |
Gain on extinguishment of subordinated notes payable to unconsolidated trusts | (4,050) | ||
Loss on extinguishment of long-term securities sold under agreements to repurchase | 3,776 | ||
Net (gain) loss on sale of available for sale investment securities | (3,998) | (171) | 63 |
Increase in cash surrender value of company-owned life insurance | (905) | (906) | (926) |
Death benefits in excess of cash surrender value on company-owned life insurance | (81) | (276) | |
Decrease in accrued interest receivable | 373 | 233 | 276 |
(Increase) decrease in other assets | (739) | 400 | (1,860) |
Decrease in accrued interest payable | (530) | (93) | (193) |
Increase in other liabilities | 1,262 | 2,390 | 1,096 |
Net cash provided by operating activities | 20,740 | 25,930 | 29,011 |
Cash Flows from Investing Activities | |||
Proceeds from maturities and calls of investment securities, Available for sale | 123,712 | 133,886 | 88,905 |
Proceeds from maturities and calls of investment securities, Held to maturity | 70 | 65 | 60 |
Proceeds from sale of available for sale investment securities | 219,181 | 11,570 | 12,967 |
Purchase of investment securities, Available for sale | (251,822) | (109,675) | (105,888) |
Purchase of investment securities, Held to maturity | 0 | (3,065) | |
(Purchase of) proceeds from sale of restricted stock investments, net | (472) | 148 | |
Loans originated for investment (greater) less than principal collected, net | (7,059) | (22,237) | 60,232 |
Purchase of loans | (2,512) | (8,613) | (3,756) |
Principal collected on purchased loans | 3,588 | 2,638 | 219 |
Proceeds from death benefits of company-owned life insurance | 341 | 738 | |
Purchases of premises and equipment | (2,245) | (1,721) | (2,138) |
Proceeds from sale of other real estate | 4,367 | 9,939 | 8,811 |
Proceeds from disposals of premises and equipment | 2 | 23 | 21 |
Net cash provided by investing activities | 87,151 | 15,875 | 57,254 |
Cash Flows from Financing Activities | |||
Net increase (decrease) in deposits | 913 | (18,167) | (23,054) |
Net increase (decrease) in federal funds purchased and short-term securities sold under agreements to repurchase | 732 | 5,763 | (533) |
Proceeds from securities sold under agreements to repurchase and other long-term borrowings | 11 | 711 | 9 |
Repayments of securities sold under agreements to repurchase and other long-term borrowings | (104,136) | (155) | (8,165) |
Cash paid to extinguish subordinated notes payable to unconsolidated trusts | (10,950) | ||
Dividends paid, common stock | (1,575) | ||
Redemption of preferred stock | (10,000) | (20,000) | |
Dividends paid, preferred stock | (508) | (1,990) | |
Shares issued under employee stock purchase plan | 155 | 130 | 129 |
Net cash used in financing activities | (114,850) | (22,226) | (53,604) |
Net (decrease) increase in cash and cash equivalents | (6,959) | 19,579 | 32,661 |
Cash and cash equivalents at beginning of year | 120,493 | 100,914 | 68,253 |
Cash and cash equivalents at end of year | 113,534 | 120,493 | 100,914 |
Supplemental Disclosures | |||
Interest | 7,285 | 8,734 | 10,346 |
Income taxes | 5,600 | 2,718 | 2,850 |
Transfers from loans to other real estate | 1,885 | 1,397 | 8,259 |
Sale and financing of other real estate | 6,922 | 403 | 2,525 |
Cancelation of investment in Farmers Capital Bank Trust II | 464 | ||
Extinguishment of subordinated notes payable to Farmers Capital Bank Trust II | 15,464 | ||
Employee Stock Purchase Plan Expense [Member] | |||
Net premium amortization of investment securities: | |||
Noncash compensation expense | 32 | 31 | 32 |
Director Fee Compensation [Member] | |||
Net premium amortization of investment securities: | |||
Noncash compensation expense | 92 | 104 | 82 |
Available-for-sale Securities [Member] | |||
Net premium amortization of investment securities: | |||
Net premium amortization of investment securities | 4,020 | 5,570 | 3,919 |
Held-to-maturity Securities [Member] | |||
Net premium amortization of investment securities: | |||
Net premium amortization of investment securities | $ 53 | $ 52 | $ 42 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies The accounting and reporting policies of Farmers Capital Bank Corporation and subsidiaries conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and general practices applicable to the banking industry. Significant accounting policies are summarized below. Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of Farmers Capital Bank Corporation (the “Company” or “Parent Company”), a financial holding company, and its bank and nonbank subsidiaries. Bank subsidiaries include Farmers Bank & Capital Trust Company (“Farmers Bank”) in Frankfort, KY, United Bank & Trust Company (“United Bank”) in Versailles, KY, First Citizens Bank (“First Citizens”) in Elizabethtown, KY, and Citizens Bank of Northern Kentucky, Inc. (“Citizens Northern”) in Newport, KY. In February 2017, Farmers Bank’s significant subsidiaries include EG Properties, Inc. and Farmers Capital Insurance Corporation (“Farmers Insurance”). EG Properties, Inc. is involved in real estate management and liquidation for certain repossessed properties of Farmers Bank. Farmers Insurance is an insurance agency in Frankfort, KY. Leasing One Corporation, a company formed to lease commercial property, was dissolved effective at year-end 2015. one one one The Company has two may . At year-end 2015, three January 2016, one three The Company provides financial services at its 34 21 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates used in the preparation of the financial statements are based on various factors including the current interest rate environment and the general strength of the local economy. Changes in the overall interest rate environment can significantly affect the Company’s net interest income and the value of its recorded assets and liabilities. Actual results could differ from those estimates used in the preparation of the financial statements. The allowance for loan losses, carrying value of other real estate owned, actuarial assumptions used to calculate postretirement benefits, and the fair values of financial instruments are estimates that are particularly subject to change. Reclassifications Certain amounts in the accompanying consolidated financial statements presented for prior years have been reclassified to conform to the 2016 Segment Information The Company provides a broad range of financial services to individuals, corporations, and others through its 34 While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Operating segments are aggregated into one one Cash Flows For purposes of reporting cash flows, cash and cash equivalents include the following: cash on hand, deposits from other financial institutions that have an initial maturity of less than 90 one , deposit, and short-term borrowing transactions. Investment Securities Investments in debt and equity securities are classified into three no 2016, 2015, 2014. Interest income includes amortization and accretion of purchase premiums or discounts. Premiums and discounts on securities are amortized using the interest method over the expected life of the securities without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Realized gains and losses on the sales of securities are recorded on the trade date and computed on the basis of specific identification of the adjusted cost of each security and are included in noninterest income. The Company evaluates investment securities for OTTI at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. A decline in the market value of investment securities 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. Substantially all of the Company’s investment securities are debt securities. In estimating OTTI for debt securities, management considers each of the following: (1) (2) (3) (4) no three December 31, 2016. Investment securities classified as available for sale or held-to-maturity are generally evaluated for OTTI under Financial Accounting Standard Board (“ FASB”) Accounting Standards Codification TM (“ASC”) Topic 320, Investments-Debt and Equity Securities .” 320 Federal Home Loan Bank and Federal Reserve Bank Stock Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank stock is carried at cost and recognized in other assets on the consolidated balance sheets under the caption “Other assets.” These stocks are classified as restricted securities and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. The amount outstanding at December 31, 2016 2015 $9.8 $9.4 Loans and Interest Income Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their unpaid principal amount outstanding adjusted for any charge-offs , deferred fees or costs on originated loans, and unamortized premiums and discount on purchased loans. Interest income on loans is recognized using the interest method based on loan principal amounts outstanding during the period. Interest income also includes amortization and accretion of any premiums or discounts over the expected life of acquired loans at the time of purchase or business acquisition. Loan origination fees , net of certain direct origination costs , are deferred and amortized as yield adjustments over the contractual term of the loans. The Company disaggregates certain disclosure information related to loans, the related allowance for loan losses, and credit quality measures by either portfolio segment or by loan class. The Company segregates its loan portfolio segments based on similar risk characteristics as follows: real estate loans, commercial loans, and consumer loans. Portfolio segments are further disaggregated into classes for certain required disclosures as follows: Portfolio Segment Class Real estate loans Real estate mortgage – construction and land development Real estate mortgage – residential Real estate mortgage – farmland and other commercial enterprises Commercial loans Commercial and industrial Depository institutions Agriculture production and other loans to farmers States and political subdivisions Other Consumer loans Secured Unsecured Loan disclosures include presenting certain disaggregated information based on recorded investment. The recorded investment in a loan includes its principal amount outstanding adjusted for certain items that include net deferred loan costs or fees, unamortized premiums or discounts, charge offs, and accrued interest. The Company had a total of $301 $285 2016 2015, .03% 2016 2015. 4 $2.8 $2.9 2016 2015, 0 .3% 4. The Company has a loan policy in place that is amended and approved from time to time as needed to reflect current economic conditions and product offerings in its markets. The policy establishes written procedures concerning areas such as the lending authorities of loan officers, committee review and approval of certain credit requests, underwriting criteria, policy exceptions, appraisal requirements, and loan review. Credit is extended to borrowers based primarily on their ability to repay as demonstrated by income and cash flow analysis. Loans secured by real estate make up the largest segment of the Company’s loan portfolio. If a borrower fails to repay a loan secured by real estate, the Company may third Commercial loans are made to businesses and are secured mainly by assets such as inventory, accounts receivable, machinery, fixtures and equipment, or other business assets. Commercial lending involves significant risk, as loan repayments are more dependent on the successful operation or management of the business and its cash flows. Consumer lending includes loans to individuals mainly for personal autos, boats, or a variety of other personal uses and may The accrual of interest on loans is discontinued when it is determined that the collection of interest or principal is doubtful, or when a default of interest or principal has existed for 90 Commercial and real estate loans delinquent in excess of 120 180 , unless the collateral securing the debt is of such value that any loss appears to be unlikely. In all cases, loans are charged off at an earlier date if classified as loss under the Company’s loan grading process or as a result of regulatory examination. The Company’s charge-off policy for impaired loans does not differ from the charge-off policy for loans outside the definition of impaired . Loans Held for Sale Mortgage banking activities include the origination of fixed-rate residential mortgage loans for sale to various third secondary , are carried at the lower of cost or estimated fair value determined in the aggregate and included in net loans on the balance sheet until sold. These loans are sold with the related servicing rights either retained or released by the Company depending on the economic conditions present at the time of origination. Mortgage loans held for sale included in net loans totaled $1.7 $715 December 31, 2016 2015, 1.6%, 1.6%, 1.1% the Company’s total revenue for the years ended December 31, 2016, 2015, 2014, . Provision and Allowance for Loan Losses The provision for loan losses represents charges or credits made to earnings to maintain an allowance for loan losses at a level considered adequate to provide for probable incurred credit losses at the balance sheet date. The allowance for loan losses is a valuation allowance increased by the provision for loan losses and decreased by net charge-offs. Loan losses are charged against the allowance when management believes the uncollectibility of a loan is confirmed. Subsequent recoveries, if any, are credited to the allowance. The Company estimates the adequacy of the allowance using a risk-rated methodology which is based on the Company’s past loan loss experience, known and inherent risks in the loan portfolio, adverse situations that may may The allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current risk factors. The general portfolio is segregated into portfolio segments having similar risk characteristics identified as follows: real estate loans, commercial loans, and consumer loans. Each of these portfolio segments is assigned a loss percentage based on their respective sixteen may The qualitative risk factors used in the methodology are consistent with the guidance in the most recent Interagency Policy Statement on the Allowance for Loan Losses issued. Each factor is supported by a detailed analysis performed at each subsidiary bank and is both measureable and supportable. Some factors include a minimum allocation in some instances where loss levels are extremely low and it is determined to be prudent from a safety and soundness perspective. Qualitative risk factors that are used in the methodology include the following for each loan portfolio segment: ● Delinquency trends ● Trends in net charge-offs ● Trends in loan volume ● Lending philosophy risk ● Management experience risk ● Concentration of credit risk ● Economic conditions risk A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company accounts for impaired loans in accordance with ASC Topic 310, “Receivables . ” 310 may . Loans that are part of a large group of smaller-balance homogeneous loans, such as residential mortgage , consumer, and smaller-balance commercial loans, are collectively evaluated for impairment. Troubled debt restructurings are measured at the present value of estimated future cash flows using the loan’s effective interest rate at inception, or at the fair value of collateral. The Company determines the amount of reserve for troubled debt restructurings that subsequently default in accordance with its accounting policy for the allowance for loan losses. Mortgage Servicing Rights Mortgage servicing rights are recognized in other assets on the Company’s consolidated balance sheet at their initial fair value on loans sold with servicing retained. Fair value is based on market prices for comparable mortgage servicing contracts when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Mortgage servicing rights are subsequently measured using the amortization method in which the mortgage servicing right is expensed in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Impairment is evaluated based on the fair value of the rights, grouping the underlying loans by interest rates. Impairment of a grouping is reported as a valuation allowance. Capitalized mortgage servicing rights were $731 $691 December 31, 2016 2015, No $202 $200 December 31, 2016 2015, Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 19. Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, which are issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Intangible Assets Intangible assets consist of core deposit and customer relationship intangible assets arising from business acquisitions. Intangible assets are initially measured at fair value and then amortized on an accelerated method over their estimated useful lives, which range between seven ten 2015 2014 . Other Real Estate Owned Other real estate owned (“OREO”) and held for sale in the accompanying consolidated balance sheets includes properties acquired by the Company through, or in lieu of, actual loan foreclosures. OREO is initially carried at fair value less estimated costs to sell. Fair value of assets is generally based on third Income Taxes Income tax expense is the total of current year income tax due or refundable and the change in deferred tax assets and liabilities, except for the deferred tax assets and liabilities related to business combinations or components of other comprehensive income. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% The Company files a consolidated federal income tax return with its subsidiaries. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. The Company’s policy is to record the accrual of interest and/or penalties relative to income tax matters, if any, in income tax expense . Premises and Equipment Premises, equipment, and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation is computed primarily on the straight-line method over the estimated useful lives generally ranging from two seven ten 40 Company-owned Life Insurance The Company has purchased life insurance policies on certain key employees with their knowledge and written consent. Company-owned life insurance is recorded on the consolidated balance sheet at its cash surrender value, which is the amount that can be realized under the insurance contract at the balance sheet date. The related change in cash surrender value and proceeds received under the policies are reported on the consolidated statements of income under the caption “Income from company-owned life insurance.” Related Party Transactions In the ordinary course of business, the Company offers loan and deposit products to its directors, executive officers, and principal shareholders – including affiliated companies of which they are principal owners (“Related Parties”). These products are offered on substantially the same terms as those prevailing at the time for comparable transactions with unrelated parties, and these receivables and deposits are included in loans and deposits in the Company’s consolidated balance sheets. Additional information related to these transactions can be found in Note 4 7. The Company makes payments to Related Parties in the normal course of business for various services, primarily related to legal fees. For example, certain directors of the Parent Company and its subsidiary banks are partners in law firms that act as counsel to the Company. The following table represents the amount and type of payments to Related Parties, other than director fees, for the periods indicated: (In thousands) Years Ended December 31, 2016 2015 2014 Legal fees $ 257 $ 221 $ 212 Commissions and fees related to the sale of repossessed commercial real estate and property management - 9 10 Insurance premiums/commissions - 1 8 Other 2 5 9 Total $ 259 $ 236 $ 239 Retirement Plans The Company maintains a 401(k) Net Income Per Common Share Basic net income per common share is determined by dividing net income available to common shareholders by the weighted average total number of common shares issued and outstanding. Net income available to common shareholders represents net income adjusted for preferred stock dividends including dividends declared, accretion of discounts on preferred stock issuances, and cumulative dividends related to the current dividend period that have not been declared as of the end of the period. Diluted net income per common share is determined by dividing net income available to common shareholders by the total weighted average number of common shares issued and outstanding plus amounts representing the dilutive effect of stock options outstanding and outstanding warrants. The effects of stock options outstanding are excluded from the computation of diluted earnings per common share in periods in which the effect would be antidilutive. Dilutive potential common shares are calculated using the treasury stock method. Net income per common share computations were as follows for the years ended December 31, 2016, 2015, 2014. (In thousands, except per share data) Years Ended December 31, 2016 2015 2014 Net income, basic and diluted $ 16,605 $ 14,992 $ 16,459 Less preferred stock dividends and discount accretion - 395 1,927 Net income available to common shareholders, basic and diluted $ 16,605 $ 14,597 $ 14,532 Average common shares outstanding, basic and diluted 7,504 7,494 7,483 Net income per common share, basic and diluted $ 2.21 $ 1.95 $ 1.94 There were no 2016, 2015, 2014. no 2004. 2014. Comprehensive Income Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. For the Company this includes net income , the after tax effect of changes in the net unrealized gains and losses on available for sale investment securities, and the after tax changes to the funded status of postretirement benefit plans . Dividend Restrictions Banking regulations require maintaining certain capital levels which limit the amount of dividends paid to the Company by its bank subsidiaries. Generally, capital distributions are limited to undistributed net income for the current and prior two Restrictions on Cash The Company is required to maintain funds in cash and/or on deposit with the Federal Reserve Bank in accordance with reserve requirements specified by the Federal Reserve Board of Governors. The required reserve was $18.0 December 31, 2016 2015 . Equity Outstanding common shares purchased by the Company are retired. When common shares are purchased, the Company allocates a portion of the purchase price of the common shares that are retired to each of the following balance sheet line items: common stock, capital surplus, and retained earnings. The Company did not 2016 2015. Trust Assets Assets of the Company’s trust departments, other than cash on deposit by trust customers at subsidiary banks, are not included in the accompanying financial statements because they are not assets of the Company. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Long-term Assets Premises and equipment, core deposit and other intangible assets, and other long-term assets are reviewed for impairment when events indicate their carrying amount may Stock-Based Compensation The Company recognizes compensation cost for its Employee Stock Purchase Plan (“ESPP”) and for stock options granted based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of ESPP and stock option awards. Compensation cost is recognized over the required service period, generally defined as the vesting period, on a straight-line basis. There have been no stock options granted by the Company since 2004. 2014. The ESPP was approved by the Company’s shareholders in 2004. may 85% July 1, 2004. 6,631, 6,329, 6,894 2016, 2015, 2014, $32 $31 $32 2016, 2015, 2014, Following are the weighted average assumptions used and estimated fair market value for the ESPP, which is considered a compensatory plan under ASC Topic 718, Compensation-Stock Compensation . ” ESPP 2016 2015 2014 Expected volatility 26.3 % 32.6 % 37.4 % Dividend yield .83 - - Risk-free interest rate .26 .02 .04 Expected life (in years) .25 .25 .25 Fair value $ 5.31 $ 5.08 $ 4.69 Recently Issued But Not Yet Effective Accounting Standards In May 2014, ASU No. 2014 09, Revenue from Contracts with Customers (Topic 606) 2015 2016. 2014 09 As amended, ASU No. 2014 09 December 15, 2017, Earlier application is permitted, but only as of annual reporting periods beginning after December 15, 2016, expects to adopt ASU No. 2014 09 first 2018. consolidated financial statements as well as the most appropriate transition method of application. Based on this evaluation to date, the Company has determined that the majority of its revenues earned are excluded from the scope of ASU No. 2014 09. 2014 09, 2014 09 In February 2016, 2016 02, “Leases (Topic 842),” twelve 606, Revenue from Contracts with Customers For public companies, the amendments in ASU No. 2016 02 December 15, 2018, may 2016 02 In March 2016, 2016 08, “Revenue from Contracts with Customers (Topic 606): . ” three 2014 09, December 15, 2017. The Company does not expect ASU No. 2016 08 In March 2016, 2016 09, “Compensation—Stock Compensation (Topic 718): , ” This ASU simplifies several aspects of the accounting for share-based payment award transactions, including income tax consequences , classification of awards as either equity or liabilities, forfeitures, and classification on the statement of cash flows. ASU No. 2016 09 December 15, 2016. In April 2016, 2016 10, “Revenue from Contracts with Customers (Topic 606): . ” The amendments in this ASU clarify the following two 606: 606. December 15, 2017. The Company does not expect there to be a material impact on its consolidated financial position, results of operations, or cash flows upon adoption. In May 2016, 2016 12, “ Revenue from Contracts with Customers (Topic 606): ,” 606 606. ASU No. 2016 12 December 15, 2017. In June 2016, 2016 13, “ Financial Instruments—Credit Losses (Topic 326): , ” The ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU requires enhanced disclosures, including qualitative and quantitative requirements , which provide additional information about the amounts recorded in the financial statements. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU No. 2016 13 December 15, 2019. December 15, 2018, . In August 2016, 2016 15, “Statement of Cash Flows (Topic 230): eight zero ASU No. 2016 15 December 15, 2017. . Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Note 2 - Accumulated Other Comp
Note 2 - Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 2 . Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income by component, net of tax, for the periods indicated. Year Ended December 31, 2016 2015 (In thousands) Unrealized Gains and Losses on Available for Sale Investment Securities Postretirement Benefit Obligation Total Unrealized Gains and Losses on Available for Sale Investment Securities Postretirement Benefit Obligation Total Beginning balance $ 3,219 $ (437 ) $ 2,782 $ 5,174 $ (299 ) $ 4,875 Other comprehensive (loss) income before reclassifications (3,983 ) 356 (3,627 ) (1,844 ) (198 ) (2,042 ) Amounts reclassified from accumulated other comprehensive income (2,599 ) 36 (2,563 ) (111 ) 60 (51 ) Net current-period other comprehensive (loss) income (6,582 ) 392 (6,190 ) (1,955 ) (138 ) (2,093 ) Ending balance $ (3,363 ) $ (45 ) $ (3,408 ) $ 3,219 $ (437 ) $ 2,782 The following table presents amounts reclassified out of accumulated other comprehensive income by component for the period indicated. Line items in the statement of income affected by the reclassification are also presented. (In thousands) Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement Where Net Income is Presented Year Ended December 31, 2016 2015 2014 Unrealized gains and losses on available for sale investment securities $ 3,998 $ 171 $ (63 ) Investment securities gains (losses), net (1,399 ) (60 ) 22 Income tax (expense) benefit $ 2,599 $ 111 $ (41 ) Net of tax Amortization related to postretirement benefits Prior service costs $ (50 ) $ (51 ) $ (207 ) Salaries and employee benefits Actuarial losses (5 ) (42 ) 67 Salaries and employee benefits (55 ) (93 ) (140 ) Total before tax 19 33 49 Income tax expense $ (36 ) $ (60 ) $ (91 ) Net of tax Total reclassifications for the period $ 2,563 $ 51 $ (132 ) Net of tax |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3 . Investment Securities The following tables summarize the amortized cost and estimated fair values of the securities portfolio at December 31, 2016 2015 December 31, 2016 (In thousands) Amortized Gross Unrealized Gross Unrealized Estimated Available For Sale Obligations of U.S. government-sponsored entities $ 71,941 $ 213 $ 460 $ 71,694 Obligations of states and political subdivisions 134,055 773 2,536 132,292 Mortgage-backed securities – residential 225,489 1,505 2,687 224,307 Mortgage-backed securities – commercial 47,164 6 1,557 45,613 Corporate debt securities 6,565 1 441 6,125 Mutual funds and equity securities 824 20 11 833 Total securities – available for sale $ 486,038 $ 2,518 $ 7,692 $ 480,864 Held To Maturity Obligations of states and political subdivisions $ 3,488 $ 109 $ - $ 3,597 December 31, 2015 (In thousands) Amortized Gross Unrealized Gross Unrealized Estimated Available For Sale Obligations of U.S. government-sponsored entities $ 107,135 $ 309 $ 538 $ 106,906 Obligations of states and political subdivisions 147,875 2,604 213 150,266 Mortgage-backed securities – residential 294,140 5,210 1,489 297,861 Mortgage-backed securities – commercial 20,655 52 123 20,584 Corporate debt securities 6,629 11 800 5,840 Mutual funds and equity securities 814 - 69 745 Total securities – available for sale $ 577,248 $ 8,186 $ 3,232 $ 582,202 Held To Maturity Obligations of states and political subdivisions $ 3,611 $ 198 $ - $ 3,809 At year-end 2016 2015, 10% The amortized cost and estimated fair value of the securities portfolio at December 31, 2016, may may December 31, 2016 Mortgage-backed securities are stated separately due to the nature of payment and prepayment characteristics of these securities, as principal is not due at a single date. Available For Sale Held To Maturity December 31, 2016 (In thousands) Amortized Estimated Amortized Estimated Due in one year or less $ 19,743 $ 19,762 $ - $ - Due after one year through five years 87,628 87,504 - - Due after five years through ten years 85,007 83,317 570 630 Due after ten years 20,183 19,528 2,918 2,967 Mortgage-backed securities 272,653 269,920 - - Total $ 485,214 $ 480,031 $ 3,488 $ 3,597 Gross realized gains and losses on the sale of available for sale investment securities were as follows for the year indicated. (In thousands) 2016 2015 2014 Gross realized gains $ 4,191 $ 224 $ 190 Gross realized losses 193 53 253 Net realized gain (loss) $ 3,998 $ 171 $ (63 ) Income tax provision (benefit) related to net realized gain (loss) $ 1,399 $ 60 $ (22 ) Investment securities with a carrying value of $191 $315 December 31, 2016 2015, Investment securities with unrealized losses at year-end 2016 2015 twelve twelve Less than 12 Months 12 Months or More Total December 31, 2016 (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. government-sponsored entities $ 51,657 $ 460 $ - $ - $ 51,657 $ 460 Obligations of states and political subdivisions 91,728 2,526 1,999 10 93,727 2,536 Mortgage-backed securities – residential 154,397 2,485 5,841 202 160,238 2,687 Mortgage-backed securities – commercial 43,309 1,557 - - 43,309 1,557 Corporate debt securities 536 6 5,476 435 6,012 441 Mutual funds and equity securities 128 2 113 9 241 11 Total $ 341,755 $ 7,036 $ 13,429 $ 656 $ 355,184 $ 7,692 Less than 12 Months 12 Months or More Total December 31, 2015 (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. government-sponsored entities $ 57,927 $ 275 $ 21,576 $ 263 $ 79,503 $ 538 Obligations of states and political subdivisions 30,426 123 8,276 90 38,702 213 Mortgage-backed securities – residential 118,978 851 21,723 638 140,701 1,489 Mortgage-backed securities – commercial 10,882 123 - - 10,882 123 Corporate debt securities 204 6 5,155 794 5,359 800 Mutual funds and equity securities 481 21 264 48 745 69 Total $ 218,898 $ 1,399 $ 56,994 $ 1,833 $ 275,892 $ 3,232 Unrealized losses included in the tables above have not been recognized in income since they have been identified as temporary. Corporate debt securities in the Company’s investment securities portfolio at December 31, 2016 $435 $5.5 At year-end 2015, $793 2007. The securities are currently performing and continue to be rated as investment grade by major rating agencies. The Company believes these securities are not impaired due to reasons of credit quality or other factors, but rather the unrealized loss is primarily attributed to continuing uncertainties in both international and domestic economies and market volatility. The Company believes that it will collect all amounts due according to the contractual terms of these securities and that the fair values of these securities will recover as they approach their maturity dates. The Company attributes the unrealized losses in other sectors of its investment securities portfolio to changes in market interest rates and volatility. Investment securities with unrealized losses at December 31, 2016 |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 4 . Loans and Allowance for Loan Losses Major classifications of loans are summarized in the following table . December 31, (In thousands) 2016 2015 Real Estate Real estate mortgage – construction and land development $ 120,230 $ 115,516 Real estate mortgage – residential 350,295 355,134 Real estate mortgage – farmland and other commercial enterprises 400,367 386,386 Commercial Commercial and industrial 48,607 48,379 States and political subdivisions 18,933 17,643 Other 23,308 23,798 Consumer Secured 4,554 6,665 Unsecured 4,681 5,754 Total loans 970,975 959,275 Less unearned income - - Total loans, net of unearned income $ 970,975 $ 959,275 From time to time the Company may third $2.5 $8.6 2016 2015, $120 2016 $99 2015. Loans with a carrying value of $416 $440 December 31, 2016 December 31, 2015, . Loans to directors, executive officers, and principal shareholders of the Company and its subsidiaries (including loans to affiliated companies of which they are principal owners) and loans to members of the immediate family of such persons were $13.5 December 31, 2016. . An analysis of the activity with respect to these loans is presented in the table below. (In thousands) Amount Balance at December 31, 2015 $ 18,540 New loans 5,067 Repayments (9,008 ) Loans no longer meeting disclosure requirements, new loans meeting disclosure requirements, and other adjustments, net (1,100 ) Balance at December 31, 2016 $ 13,499 Activity in the allowance for loan losses by portfolio segment was as follows for each of the three December 31, 2016: (In thousands) Real Estate Commercial Consumer Total 2016 Balance at beginning of period $ 9,173 $ 820 $ 322 $ 10,315 Provision for loan losses (702 ) 50 8 (644 ) Recoveries 141 203 69 413 Loans charged off (407 ) (219 ) (114 ) (740 ) Balance at end of period $ 8,205 $ 854 $ 285 $ 9,344 2015 Balance at beginning of period $ 12,542 $ 1,153 $ 273 $ 13,968 Provision for loan losses (3,099 ) (449 ) 119 (3,429 ) Recoveries 463 210 112 785 Loans charged off (733 ) (94 ) (182 ) (1,009 ) Balance at end of period $ 9,173 $ 820 $ 322 $ 10,315 2014 Balance at beginning of period $ 18,716 $ 1,409 $ 452 $ 20,577 Provision for loan losses (4,922 ) 620 (62 ) (4,364 ) Recoveries 624 786 97 1,507 Loans charged off (1,876 ) (1,662 ) (214 ) (3,752 ) Balance at end of period $ 12,542 $ 1,153 $ 273 $ 13,968 The following tables present individually impaired loans by class of loans for the dates indicated. As of and for the Year Ended December 31, 2016 Unpaid Balance Recorded With No Allowance Recorded With Allowance Total Recorded Investment Allowance for Average Interest Income Recognized Cash Basis Interest Recognized Real Estate Real estate mortgage – construction and land development $ 9,076 $ 2,599 $ 3,800 $ 6,399 $ 759 $ 7,706 $ 310 $ 298 Real estate mortgage – residential 9,930 4,388 5,590 9,978 1,503 9,146 491 465 Real estate mortgage – farmland and other commercial enterprises 25,045 9,699 15,235 24,934 304 25,557 1,197 1,153 Commercial Commercial and industrial 435 20 418 438 236 419 23 21 Consumer Unsecured 146 - 146 146 146 151 7 6 Total $ 44,632 $ 16,706 $ 25,189 $ 41,895 $ 2,948 $ 42,979 $ 2,028 $ 1,943 As of and for the Year Ended December 31, 2015 Unpaid Balance Recorded Recorded Total Recorded Investment Allowance for Average Interest Income Recognized Cash Basis Interest Recognized Real Estate Real estate mortgage – construction and land development $ 9,932 $ 3,875 $ 3,372 $ 7,247 $ 556 $ 9,409 $ 343 $ 337 Real estate mortgage – residential 8,655 2,502 6,024 8,526 1,278 9,810 448 438 Real estate mortgage – farmland and other commercial enterprises 20,980 4,149 16,703 20,852 681 22,439 890 887 Commercial Commercial and industrial 399 - 400 400 223 523 16 16 Consumer Unsecured 156 - 157 157 156 127 6 6 Total $ 40,122 $ 10,526 $ 26,656 $ 37,182 $ 2,894 $ 42,308 $ 1,703 $ 1,684 Year Ended December 31, 2014 Average Interest Income Recognized Cash Basis Interest Recognized Real Estate Real estate mortgage – construction and land development $ 13,557 $ 424 $ 423 Real estate mortgage – residential 11,254 550 535 Real estate mortgage – farmland and other commercial enterprises 28,711 1,088 1,070 Commercial Commercial and industrial 255 6 5 Consumer Secured 6 - - Unsecured 54 4 4 Total $ 53,837 $ 2,072 $ 2,037 The following tables present the balance of the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of December 31, 2016 2015. December 31, 2016 (In thousands) Real Estate Commercial Consumer Total Allowance for Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 2,566 $ 236 $ 146 $ 2,948 Collectively evaluated for impairment 5,639 618 139 6,396 Total ending allowance balance $ 8,205 $ 854 $ 285 $ 9,344 Loans Loans individually evaluated for impairment $ 41,311 $ 438 $ 146 $ 41,895 Loans collectively evaluated for impairment 829,581 90,410 9,089 929,080 Total ending loan balance, net of unearned income $ 870,892 $ 90,848 $ 9,235 $ 970,975 December 31, 2015 (In thousands) Real Estate Commercial Consumer Total Allowance for Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 2,515 $ 223 $ 156 $ 2,894 Collectively evaluated for impairment 6,658 597 166 7,421 Total ending allowance balance $ 9,173 $ 820 $ 322 $ 10,315 Loans Loans individually evaluated for impairment $ 36,625 $ 400 $ 157 $ 37,182 Loans collectively evaluated for impairment 820,411 89,420 12,262 922,093 Total ending loan balance, net of unearned income $ 857,036 $ 89,820 $ 12,419 $ 959,275 The following tables present the recorded investment in nonperforming loans by class of loans as of December 31, 2016 2015 . December 31, 2016 (In thousands) Nonaccrual Restructured Loans Loans Past Due 90 Days or More and Still Accruing Real Estate Real estate mortgage – construction and land development $ 712 $ 3,637 $ - Real estate mortgage – residential 2,316 4,006 - Real estate mortgage – farmland and other commercial enterprises 3,383 14,787 - Commercial Commercial and industrial - 377 - Consumer Secured 4 - - Unsecured 8 135 - Total $ 6,423 $ 22,942 $ - December 31, 2015 (In thousands) Nonaccrual Restructured Loans Loans Past Due 90 Days or More and Still Accruing Real Estate Real estate mortgage – construction and land development $ 1,567 $ 3,674 $ - Real estate mortgage – residential 2,485 4,127 - Real estate mortgage – farmland and other commercial enterprises 4,266 15,503 - Commercial Commercial and industrial 44 384 - Other 8 - - Consumer 10 - Unsecured - 143 - Total $ 8,380 $ 23,831 $ - The Company has allocated $2.0 $1.9 December 31, 2016 2015, no December 31, 2016 2015. There were no 2016. three 2015. first 2015 $482 15% June 2015. June 2015, $11.0 December 31, 2016. 47.8% 2012 The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended December 31, 2015. 2016 . (Dollars in thousands) Troubled Debt Restructurings: Number of Loans Pre-Modification Recorded Post-Modification Recorded 2015 Commercial: Commercial and industrial 2 $ 388 $ 388 Consumer: Secured 1 145 145 Total 3 $ 533 $ 533 The troubled debt restructurings identified above increased the allowance for loan losses by $356 2015. no There were no 2016 2015 twelve The tables below present an age analysis of loans past due 30 . December 31, 2016 (In thousands) 30-89 Days Past Due 90 Days or More Past Due Total Current Total Loans Loans Past Due 90 Days or More and Still Accruing Nonaccrual Loans Real Estate Real estate mortgage – construction and land development $ 393 $ 227 $ 620 $ 119,610 $ 120,230 $ - $ 712 Real estate mortgage – residential 1,935 798 2,733 347,562 350,295 - 2,316 Real estate mortgage – farmland and other commercial enterprises - 2,483 2,483 397,884 400,367 - 3,383 Commercial Commercial and industrial - - - 48,607 48,607 - - States and political subdivisions - - - 18,933 18,933 - - Other 24 - 24 23,284 23,308 - - Consumer Secured 13 - 13 4,541 4,554 - 4 Unsecured 30 8 38 4,643 4,681 - 8 Total $ 2,395 $ 3,516 $ 5,911 $ 965,064 $ 970,975 $ - $ 6,423 December 31, 2015 (In thousands) 30-89 Days Past Due 90 Days or More Past Due Total Current Total Loans Loans Past Due 90 Days or More and Still Accruing Nonaccrual Loans Real Estate Real estate mortgage – construction and land development $ - $ 227 $ 227 $ 115,289 $ 115,516 $ - $ 1,567 Real estate mortgage – residential 421 1,448 1,869 353,265 355,134 - 2,485 Real estate mortgage – farmland and other commercial enterprises 42 2,376 2,418 383,968 386,386 - 4,266 Commercial Commercial and industrial 42 43 85 48,294 48,379 - 44 States and political subdivisions - - - 17,643 17,643 - - Other 39 - 39 23,759 23,798 - 8 Consumer Secured 9 1 10 6,655 6,665 - 10 Unsecured 18 - 18 5,736 5,754 - - Total $ 571 $ 4,095 $ 4,666 $ 954,609 $ 959,275 $ - $ 8,380 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends and conditions. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes large-balance loans and non-homogeneous loans, such as commercial real estate and certain residential real estate loans. Loan rating grades, as described further below, are assigned based on a continuous process. The amount and adequacy of the allowance for loan loss is determined on a quarterly basis. The Company uses the following definitions for its risk ratings: Special Mention. may Substandard. Doubtful. Loans not meeting the criteria above which are analyzed individually as part of the above described process are considered to be pass rated loans, which are considered to have a low risk of loss. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows for the dates indicated. Real Estate Commercial December 31, 2016 (In thousands) Real Estate Mortgage – Construction and Land Development Real Estate Mortgage – Residential Real Estate Mortgage – Farmland and Other Commercial Enterprises Commercial and Industrial States and Political Subdivisions Other Credit risk profile by internally assigned rating grades Pass $ 112,435 $ 323,300 $ 363,448 $ 47,254 $ 18,933 $ 23,308 Special Mention 1,413 12,147 21,088 764 - - Substandard 6,382 14,806 15,831 589 - - Doubtful - 42 - - - - Total $ 120,230 $ 350,295 $ 400,367 $ 48,607 $ 18,933 $ 23,308 Real Estate Commercial December 31, 2015 Real Estate Mortgage – Construction and Land Development Real Estate Mortgage – Residential Real Estate Mortgage – Farmland and Other Commercial Enterprises Commercial and Industrial States and Political Subdivisions Other Credit risk profile by internally assigned rating grades Pass $ 104,383 $ 324,333 $ 343,894 $ 46,934 $ 17,643 $ 23,777 Special Mention 1,651 16,225 22,859 937 - - Substandard 9,482 14,576 19,633 508 - 21 Doubtful - - - - - - Total $ 115,516 $ 355,134 $ 386,386 $ 48,379 $ 17,643 $ 23,798 The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the consumer loans outstanding based on payment activity as of December 31, 2016 2015. December 31, 2016 December 31, 2015 Consumer Consumer (In thousands) Secured Unsecured Secured Unsecured Credit risk profile based on payment activity Performing $ 4,550 $ 4,538 $ 6,655 $ 5,611 Nonperforming 4 143 10 143 Total $ 4,554 $ 4,681 $ 6,665 $ 5,754 |
Note 5 - Other Real Estate Owne
Note 5 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | 5 . Other Real Estate Owned OREO was as follows as of the date indicated: December 31, (In thousands) 2016 2015 Construction and land development $ 7,996 $ 12,997 Residential real estate 871 960 Farmland and other commercial enterprises 1,806 7,886 Total $ 10,673 $ 21,843 OREO activity for 2016 2015 (In thousands) 2016 2015 Beginning balance $ 21,843 $ 31,960 Transfers from loans and other increases 2,044 1,514 Proceeds from sales (11,289 ) (10,342 ) Loss on sales, net (473 ) (188 ) Write downs and other decreases, net (1,452 ) (1,101 ) Ending balance $ 10,673 $ 21,843 At December 31, 2016, $661 |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6 . Premises and Equipment Premises and equipment consist of the following. December 31, (In thousands) 2016 2015 Land, buildings, and leasehold improvements $ 60,399 $ 59,708 Furniture and equipment 18,188 17,586 Total premises and equipment 78,587 77,294 Less accumulated depreciation and amortization 46,687 44,182 Premises and equipment, net $ 31,900 $ 33,112 Depreciation and amortization of premises and equipment was $3.4 $3.5 $3.5 2016, 2015, 2014, |
Note 7 - Deposit Liabilities
Note 7 - Deposit Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 7 . Deposit Liabilities Major classifications of deposits are summarized as follows for the dates indicated: December 31, (In thousands) 2016 2015 Noninterest Bearing $ 334,676 $ 313,969 Interest Bearing Demand 348,197 328,803 Savings 416,611 400,844 Time 270,423 325,378 Total interest bearing 1,035,231 1,055,025 Total Deposits $ 1,369,907 $ 1,368,994 At December 31, 2016, : (In thousands) Amount 2017 $ 168,407 2018 54,791 2019 24,107 2020 14,200 2021 4,951 Thereafter 3,967 Total $ 270,423 Time deposits that meet or exceed the Federal Deposit Insurance Corporation (“FDIC”) limit of $250 $18.6 $23.3 December 31, 2016 2015, Deposits from directors, executive officers, and principal shareholders of the Parent Company and its subsidiaries (including deposits from affiliated companies of which they are principal owners) and deposits from members of the immediate family of such persons were $28.6 $28.1 December 31, 2016 2015, |
Note 8 - Federal Funds Purchase
Note 8 - Federal Funds Purchased and Other Short-term Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | 8 . Federal Funds Purchased and Short-term Securities Sold Under Agreements to Repurchase Federal funds purchased and short-term securities sold under agreements to repurchase represent borrowings with an original maturity of one , which represent borrowings that generally mature one December 31, (Dollars in thousands) 2016 2015 Federal funds purchased and short-term securities sold under agreements to repurchase $ 35,085 $ 34,353 Total short-term $ 35,085 $ 34,353 Average balance during the year $ 36,919 $ 31,580 Maximum month-end balance during the year 41,397 39,474 Average interest rate during the year .27 % .16 % Average interest rate at year-end .35 .24 Refer to Note 9 . |
Note 9 - Securities Sold Under
Note 9 - Securities Sold Under Agreements to Repurchase and Other Long-term Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 9 . Securities Sold Under Agreements to Repurchase and Other Long-term Borrowings Long-term securities sold under agreements to repurchase and other borrowings represent borrowings with an original maturity of greater than one December 31, (Dollars in thousands) 2016 Average Rate 2015 Average Rate Federal Home Loan Bank advances $ 18,646 3.97 % $ 18,806 3.98 % Subordinated notes payable 33,506 2.30 48,970 1.94 Securities sold under agreements to repurchase 1,285 0.75 101,474 3.90 Total long-term borrowings $ 53,437 2.84 % $ 169,250 3.34 % Long-term FHLB advances are made pursuant to several different credit programs, which have their own interest rates and range of maturities. At December 31, 2016, 2.99% 5.81%, 3.97%, 0 .8 December 31, 2015, 2.99% 5.81%, 3.98%, 1.8 $18.0 2016 2015 For FHLB advances, the subsidiary banks pledge FHLB stock and certain qualifying mortgage loans as collateral . Pledged loans consist primarily of fully disbursed, otherwise unencumbered, 1 4 first $147 2016 . During 2005, two two $10.0 $15.0 September 30, 2035 In January 2016, and recorded a pretax gain of $4.1 $15 $11.0 $15.5 Farmers Capital Bank Trust III (“Trust III”), a Delaware statutory trust sponsored by the Company, was formed during 2007. $22.5 November 1, 2037 The Trusts used the proceeds from the sale of preferred securities, plus capital contributed to establish the trusts, to purchase the Company’s subordinated notes in amounts and bearing terms that parallel the amounts and terms of the respective preferred securities. The subordinated notes to Trust I and Trust III mature in 2035 2037, three 150 three 132 may 20 The subordinated notes are redeemable in whole or in part, without penalty, at the Company’s option. The notes are junior in right of payment of all present and future senior indebtedness. At December 31, 2016 $10.3 $23.2 December 31, 2015 $10.3 $15.5 $23.2 2016 2.50% 2.21% 2015 2.10%, 2.26%, 1.65% The Company is not considered the primary beneficiary of the Trusts; therefore the Trusts are not consolidated into its financial statements. Accordingly, the Company does not report the securities issued by the Trusts as liabilities, but instead reports as liabilities the subordinated notes issued by the Company and held by the Trusts. The Company, which owns all of the common securities of the Trusts, accounts for its investment in each of the Trusts as other assets. The Company records interest expense on the corresponding notes issued to the Trusts on its statements of income. The subordinated notes, net of the Company’s investment in the Trusts, may 1 may 2 2016 2015, 1 $32.5 $47.5 The Company entered into a balance sheet leverage transaction in 2007 $200 3.95% September 2016, $100 November 2017. The Company has $1.3 December 31, 2016 0. 75%. Maturities of long-term borrowings at December 31, 2016 (In thousands) Amount 2017 $ 15,258 2018 3,251 2019 786 2020 636 2021 - Thereafter 33,506 Total $ 53,437 Securities sold under agreements to repurchase represent transactions where the Company sells certain of its investment securities and agrees to repurchase them at a specific date in the future. Securities sold under agreements to repurchase are accounted for as secured borrowing and reflect the amount of cash received in connection with the transaction. Securities sold under agreements to repurchase are collateralized by U.S. government agency securities, primarily mortgage-backed securities. The Company may The following table represents the remaining maturity of both short and long-term repurchase agreements disaggregated by the class of securities pledged. Remaining Contractual Maturity of the Agreements December 31, 2016 (In thousands) Overnight/ Continuous Less Than 30 Days 30-89 Days 90 Days to One Year Over One Year to Four Years Total U.S. government agency securities $ 33,682 $ 1,203 $ - $ 458 $ 1,027 $ 36,370 Total $ 33,682 $ 1,203 $ - $ 458 $ 1,027 $ 36,370 Remaining Contractual Maturity of the Agreements December 31, 2015 (In thousands) Overnight/ Continuous Less Than 30 Days 30-89 Days 90 Days to One Year Over One Year to Four Years Total U.S. government agency securities $ 33,151 $ 1,202 $ - $ 716 $ 100,758 $ 135,827 Total $ 33,151 $ 1,202 $ - $ 716 $ 100,758 $ 135,827 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10 . Income Taxes The components of income tax expense from operations are as follows: December 31, (In thousands) 2016 2015 2014 Currently payable $ 5,556 $ 3,662 $ 2,168 Deferred 885 1,631 3,931 Income tax expense $ 6,441 $ 5,293 $ 6,099 Components of income tax (benefit) expense recorded to shareholders’ equity are as follows: December 31, (In thousands) 2016 2015 2014 Unfunded status of postretirement benefits $ 211 $ (74 ) $ (382 ) Net unrealized securities (losses) gains (3,545 ) (1,052 ) 4,737 Total income tax (benefit) expense recorded directly to shareholders’ equity $ (3,334 ) $ (1,126 ) $ 4,355 An analysis of the difference between the effective income tax rates and the statutory federal income tax rate follows. December 31, 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % Changes from statutory rates resulting from: Tax-exempt interest (4.6 ) (5.8 ) (5.2 ) Nondeductible interest to carry tax-exempt obligations .2 .2 .2 Premium income not subject to tax (1.3 ) (1.5 ) (1.2 ) Company-owned life insurance (1.5 ) (1.6 ) (1.9 ) Uncertain tax position - - (.3 ) Other, net .1 (.2 ) .4 Effective tax rate on pretax income 27.9 % 26.1 % 27.0 % The tax effects of the significant temporary differences that comprise deferred tax assets and liabilities at December 31, 2016 2015 December 31, (In thousands) 2016 2015 Assets Allowance for loan losses $ 3,285 $ 3,625 Deferred directors’ fees 236 242 Postretirement benefit obligations 5,825 5,665 Other real estate owned 1,303 1,968 Self-funded insurance 232 230 Paid time off 815 756 Depreciation 1,630 1,440 Intangibles 1,878 2,432 Unrealized loss on available for sale investment securities, net 1,811 - Other 239 307 Total deferred tax assets 17,254 16,665 Liabilities Unrealized gains on available for sale investment securities, net - 1,734 Prepaid expenses 153 306 Federal Home Loan Bank stock dividends 1,035 1,035 Deferred loan fees 846 806 Other 52 65 Total deferred tax liabilities 2,086 3,946 Net deferred tax asset $ 15,168 $ 12,719 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences at December 31, 2016 . The Company had no 2016, 2015, 2014 not 2016 2016. no December 31, 2016 2015. No three December 31, 2016. The Company files U.S. federal and various state income tax returns. The Company is no longer subject to income tax examinations by taxing authorities for the years before 2013. |
Note 11 - Retirement Plans
Note 11 - Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Employee Retirement Plan [Member] | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11 . Retirement Plans The Company maintains a salary savings plan that covers substantially all of its employees. The Company matches voluntary tax deferred employee contributions at 50% 6% may, not 2016, 2015, 2014. 2016, 2015, 2014 $563 $531 $483 In connection with its acquisition of Citizens Northern, the Company acquired nonqualified supplemental retirement plans for certain key employees. Benefits provided under these plans are unfunded, and payments to plan participants are made by the Company. The following schedules set forth a reconciliation of the changes in the supplemental retirement plans’ benefit obligation and funded status for the years ended December 31, 2016 2015 . (In thousands) 2016 2015 Change in Benefit Obligation Obligation at beginning of year $ 600 $ 583 Service cost 19 15 Interest cost 24 19 Actuarial loss 111 19 Benefit payments (36 ) (36 ) Obligation at end of year $ 718 $ 600 The following table provides disclosure of the net periodic benefit cost as of December 31 . (In thousands) 2016 2015 Service cost $ 19 $ 15 Interest cost 24 19 Recognized net actuarial loss 5 - Net periodic benefit cost $ 48 $ 34 Major assumptions: Discount rate used to determine net period benefit cost 3.39 % 3.22 % Discount rate used to determine benefit obligation at year end 3.31 3.39 Rate of compensation increase 4.00 4.00 The following table presents estimated future benefit payments in the period indicated. (In thousands) Supplemental Retirement Plan 2017 $ 36 2018 36 2019 36 2020 71 2021 83 2022-2026 356 Total $ 618 Amounts recognized in accumulated other comprehensive income as of December 31, 2016 2015 (In thousands) 2016 2015 Unrecognized net actuarial loss (gain) $ 87 $ (19 ) Total $ 87 $ (19 ) The estimated cost that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is as follows: (In thousands) Supplemental Retirement Plan Unrecognized net actuarial loss $ 5 Total $ 5 |
Note 12 - Common Stock Options
Note 12 - Common Stock Options | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 12 . Common Stock Options During 1997, 450,000 ten one Options forfeited from the initial grant in 1997 2000 2004. 450,000, 54,000, 40,049 1997, 2000, 2004, 2014 no three December 31, 2016, |
Note 13 - Postretirement Medica
Note 13 - Postretirement Medical Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Postretirement Health Coverage [Member] | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 13 . Postretirement Medical Benefits The Company provides lifetime medical and dental benefits upon retirement for certain employees meeting the eligibility requirements as of December 31, 1989 1”). 1 37 1 2016. 2003, 2”). 2 , any employee meeting the service requirement of 20 55 100% 1. 50% 2. . Employees hired on or after January 1, 2016 2. The following schedules set forth a reconciliation of the changes to the benefit obligation and funded status of the plans for the years ended December 31, 2016 2015 . (In thousands) 2016 2015 Change in Benefit Obligation Obligation at beginning of year $ 16,204 $ 14,792 Service cost 637 739 Interest cost 683 649 Actuarial (gain) loss (660 ) 313 Participant contributions 153 129 Benefit payments (462 ) (418 ) Obligation at end of year $ 16,555 $ 16,204 The Company’s contributions were $309 $289 2016 2015, $416 2017 . The following table provides disclosure of the net periodic benefit cost as of December 31 . (In thousands) 2016 2015 Service cost $ 637 $ 739 Interest cost 683 649 Recognized prior service cost 50 51 Amortization of net actuarial loss - 42 Net periodic benefit cost $ 1,370 $ 1,481 Major assumptions: Discount rate used to determine net periodic benefit cost 4.34 % 3.92 % Discount rate used to determine benefit obligation as of year end 4.12 4.34 Retiree participation rate (Plan 1) 100.00 100.00 Retiree participation rate (Plan 2) 72.00 72.00 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. For measurement purposes, the rate of increase in pre-Medicare medical care claims costs was 6.5%, 6.0%, 5.5% 2017, 2018, 2019, .25% 4.75% 2022 5% 2017 1% (In thousands) 1% Increase 1% Decrease Effect on total of service and interest cost components of net periodic postretirement health care benefit cost $ 335 $ (250 ) Effect on accumulated postretirement benefit obligation 3,366 (2,612 ) The following table presents estimated future benefit payments in the period indicated. (In thousands) Postretirement Medical Benefits 2017 $ 416 2018 451 2019 481 2020 516 2021 573 2022-2026 3,507 Total $ 5,944 Amounts recognized in accumulated other comprehensive income as of December 31, 2016 2015 (In thousands) 2016 2015 Unrecognized net actuarial (gain) loss $ (93 ) $ 566 Unrecognized prior service cost 75 125 Total $ (18 ) $ 691 The estimated costs that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are as follows: (In thousands) Postretirement Medical Benefits Unrecognized prior service cost $ 49 Total $ 49 |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 1 4 . Leases The Company leases certain branch sites and banking equipment under various operating leases. Branch site leases have renewal options of varying lengths and terms. The following table presents estimated future minimum rental commitments under these leases for the period indicated. (In thousands) Operating Leases 2017 $ 397 2018 390 2019 327 2020 292 2021 255 Thereafter 889 Total $ 2,550 Rent expense was $434 $419 $407 2016 , 2015, 2014, |
Note 15 - Financial Instruments
Note 15 - Financial Instruments With Off-balance Sheet Risk | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Financial Instruments With Off-balance Sheet Risk [Text Block] | 15 . Financial Instruments With Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The financial instruments include commitments to extend credit in the form of unused lines of credit and standby letters of credit. These financial instruments involve to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract amounts of these instruments reflect the extent of involvement the Company has in particular classes of financial 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. Commitments generally have fixed expiration dates or other termination clauses and may $188 $172 December 31, 2016 2015, - party. Collateral held varies, but may Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third . The Company had $4.1 $10.5 December 31, 2016 2015, The contractual amount of financial instruments with off-balance sheet risk was as follows at year-end: December 31, 2016 2015 (In thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit, including unused lines of credit $ 71,369 $ 116,926 $ 61,188 $ 111,202 Standby letters of credit 2,284 1,769 2,495 7,999 Total $ 73,653 $ 118,695 $ 63,683 $ 119,201 |
Note 16 - Concentration of Cred
Note 16 - Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 16 . Concentration of Credit Risk The Company’s bank subsidiaries actively engage in lending, primarily in their home counties around Central and Northern Kentucky and adjacent areas. Collateral is received to support these loans as deemed necessary. The more significant categories of collateral include cash on deposit with the Company’s banks, marketable securities, income producing properties, commercial real estate, home mortgages, and consumer durables. Loans outstanding, commitments to make loans, and letters of credit range across a large number of industries and individuals. The obligations are significantly diverse and reflect no material concentration in one |
Note 17 - Loss Contingencies
Note 17 - Loss Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 17 . Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. As of December 31, 2016, |
Note 18 - Regulatory Matters
Note 18 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 18 . Regulatory Matters The Company and its subsidiary banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements will initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and its bank subsidiaries must meet specific capital guidelines that involve quantitative measures of the assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company and its subsidiary banks’ capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. U.S. banking regulators adopted final rules related to standards on bank capital adequacy and liquidity (commonly referred to “Basel III”) that were effective for the Company beginning on January 1, 2015, January 1, 2019. , the Company and its subsidiary banks are required to maintain minimum capital amounts and risk-based capital ratios (set forth in the tables below) as well as a capital conservation buffer in excess of the required minimum. The capital conservation buffer is being phased in from 0.0% 2015 2.50% 2019. 2016, 0.625%. 2016 . As of December 31, 2016, 1 1 1 The regulatory capital amounts and ratios of the consolidated Company and its subsidiary banks are presented in the following tables for the dates indicated. The minimums presented below are before the capital conservation buffer which was .0625% 0% December 31, 2016 2015, (Dollars in thousands) Actual For Capital Adequacy Purposes To Be Well-Capitalized Under Prompt Corrective Action Provisions December 31, 201 6 Amount Ratio Amount Ratio Amount Ratio Common Equity Tier 1 Risk-based Capital 1 Consolidated $ 187,474 16.43 % $ 51,349 4.50 % N/A N/A Farmers Bank 64,016 16.53 17,425 4.50 $ 25,170 6.50 % United Bank 58,180 15.54 16,848 4.50 24,337 6.50 First Citizens 28,324 13.56 9,401 4.50 13,580 6.50 Citizens Northern 24,661 15.24 7,280 4.50 10,516 6.50 Tier 1 Risk-based Capital 1 Consolidated $ 219,974 19.28 % $ 68,466 6.00 % N/A N/A Farmers Bank 64,016 16.53 23,234 6.00 $ 30,978 8.00 % United Bank 58,180 15.54 22,465 6.00 29,953 8.00 First Citizens 28,324 13.56 12,535 6.00 16,714 8.00 Citizens Northern 24,661 15.24 9,707 6.00 12,942 8.00 Total Risk-based Capital 1 Consolidated $ 229,318 20.10 % $ 91,288 8.00 % N/A N/A Farmers Bank 66,720 17.23 30,978 8.00 $ 38,723 10.00 % United Bank 61,680 16.47 29,953 8.00 37,441 10.00 First Citizens 29,590 14.16 16,714 8.00 20,892 10.00 Citizens Northern 26,534 16.40 12,942 8.00 16,178 10.00 Tier 1 Leverage Capital 2 Consolidated $ 219,974 13.20 % $ 66,656 4.00 % N/A N/A Farmers Bank 64,016 9.80 26,121 4.00 $ 32,651 5.00 % United Bank 58,180 12.38 18,798 4.00 23,497 5.00 First Citizens 28,324 9.76 11,606 4.00 14,507 5.00 Citizens Northern 24,661 10.68 9,234 4.00 11,543 5.00 (Dollars in thousands) Actual For Capital Adequacy Purposes To Be Well-Capitalized Under Prompt Corrective Action Provisions December 31, 201 5 Amount Ratio Amount Ratio Amount Ratio Common Equity Tier 1 Risk-based Capital 1 Consolidated $ 172,871 14.91 % $ 52,184 4.50 % N/A N/A Farmers Bank 63,552 15.57 18,366 4.50 $ 26,529 6.50 % United Bank 65,862 18.67 15,879 4.50 22,936 6.50 First Citizens 28,743 13.55 9,543 4.50 13,784 6.50 Citizens Northern 25,770 14.42 8,044 4.50 11,619 6.50 Tier 1 Risk-based Capital 1 Consolidated $ 220,371 19.00 % $ 69,579 6.00 % N/A N/A Farmers Bank 63,552 15.57 24,488 6.00 $ 32,651 8.00 % United Bank 65,862 18.67 21,171 6.00 28,228 8.00 First Citizens 28,743 13.55 12,724 6.00 16,965 8.00 Citizens Northern 25,770 14.42 10,725 6.00 14,300 8.00 Total Risk-based Capital 1 Consolidated $ 230,686 19.89 % $ 92,772 8.00 % N/A N/A Farmers Bank 66,728 16.35 32,651 8.00 $ 40,814 10.00 % United Bank 69,456 19.68 28,228 8.00 35,286 10.00 First Citizens 30,048 14.17 16,965 8.00 21,207 10.00 Citizens Northern 28,004 15.67 14,300 8.00 17,875 10.00 Tier 1 Leverage Capital 2 Consolidated $ 220,371 12.46 % $ 70,746 4.00 % N/A N/A Farmers Bank 63,552 9.20 27,629 4.00 $ 34,537 5.00 % United Bank 65,862 12.89 20,442 4.00 25,553 5.00 First Citizens 28,743 9.20 12,493 4.00 15,617 5.00 Citizens Northern 25,770 10.79 9,555 4.00 11,943 5.00 1 1 1 1, 1, 2 1 1 Payment of dividends by the Company’s subsidiary banks is subject to certain regulatory restrictions as set forth in national and state banking laws and regulations. Generally, capital distributions are limited to undistributed net income for the current and prior two . |
Note 19 - Fair Value Measuremen
Note 19 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 19 . Fair Value Measurements ASC Topic 820, “Fair Value Measurements and Disclosures , ” 825, “Financial Instruments , ” ASC Topic 820 three may Level 1: Quoted prices for identical assets or liabilities in active markets that the entity has the ability to access at the measurement date. Level 2: Significant other observable inputs other than Level 1 Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions supported by little or no market activity, about the assumptions that market participants would use in pricing the asset or liability. Following is a description of the valuation method used for instruments measured at fair value on a recurring basis. For this disclosure, the Company only has available for sale investment securities and money market mutual funds classified as cash equivalents that meet the requirement. The carrying value of the $18.6 1 Available for sale investment securities Valued primarily by independent third ● Mutual funds and equity securities are priced utilizing real-time data feeds from active market exchanges for identical securities and are considered Level 1 ● Government-sponsored agency debt securities, obligations of states and political subdivisions, mortgage-backed securities, corporate bonds, and other similar investment securities are priced with available market information through processes using benchmark yields, matrix pricing, prepayment speeds, cash flows, live trading data, and market spreads sourced from new issues, dealer quotes, and trade prices, among others sources and are considered Level 2 Fair value disclosures for available for sale investment securities as of December 31, 2016 2015 Fair Value Measurements Using (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 201 6 Obligations of U.S. government-sponsored entities $ 71,694 $ - $ 71,694 $ - Obligations of states and political subdivisions 132,292 - 132,292 - Mortgage-backed securities – residential 224,307 - 224,307 - Mortgage-backed securities – commercial 45,613 - 45,613 - Corporate debt securities 6,125 - 6,125 - Mutual funds and equity securities 833 833 - - Total $ 480,864 $ 833 $ 480,031 $ - December 31, 201 5 Obligations of U.S. government-sponsored entities $ 106,906 $ - $ 106,906 $ - Obligations of states and political subdivisions 150,266 - 150,266 - Mortgage-backed securities – residential 297,861 - 297,861 - Mortgage-backed securities – commercial 20,584 - 20,584 - Corporate debt securities 5,840 - 5,840 - Mutual funds and equity securities 745 745 - - Total $ 582,202 $ 745 $ 581,457 $ - The Company is required to measure and disclose certain other assets at fair value on a nonrecurring basis in periods following their initial recognition. The Company’s disclosure about assets measured at fair value on a nonrecurring basis consists of impaired loans and OREO. The carrying value of these assets are adjusted to fair value on a nonrecurring basis through impairment charges further as described below. Impairment charges on collateral-dependent loans are recorded by either an increase to the provision for loan losses and related allowance or by direct loan charge-offs. The fair value of collateral-dependent impaired loans with specific allocations of the allowance for loan losses is measured based on recent appraisals of the underlying collateral. These appraisals may 3 OREO includes properties acquired by the Company through, or in lieu of, actual loan foreclosures and is carried at fair value less estimated costs to sell. Fair value of OREO at acquisition is generally based on third 3 The following table represents the carrying amount of assets measured at fair value on a nonrecurring basis and still held by the Company as of the dates indicated. The amounts in the table only represent assets whose carrying amount has been adjusted by impairment charges during the period in a manner as described above; therefore, these amounts will differ from the total amounts outstanding. With the exception of those calculated using the collateral valuation method, collateral-dependent impaired loan amounts in the tables below exclude restructured loans since they are measured based on present value techniques, which are outside the scope of the fair value reporting framework. Fair Value Measurements Using (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 201 6 Collateral-dependent Impaired Loans Real estate mortgage – construction and land development $ 2,909 $ - $ - $ 2,909 Real estate mortgage – residential 3,137 - - 3,137 Real estate mortgage – farmland and other commercial enterprises 351 351 Total $ 6,397 $ - $ - $ 6,397 OREO Construction and land development $ 4,883 $ - $ - $ 4,883 Residential real estate 234 - - 234 Farmland and other commercial enterprises 1,070 - - 1,070 Total $ 6,187 $ - $ - $ 6,187 Fair Value Measurements Using (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 201 5 Collateral-dependent Impaired Loans Real estate mortgage – construction and land development $ 2,908 $ - $ - $ 2,908 Real estate mortgage – residential 3,720 - - 3,720 Total $ 6,628 $ - $ - $ 6,628 OREO Construction and land development $ 2,252 $ - $ - $ 2,252 Residential real estate 406 - - 406 Farmland and other commercial enterprises 2,868 - - 2,868 Total $ 5,526 $ - $ - $ 5,526 The following table presents impairment charges recorded in earnings on assets measured at fair value on a nonrecurring basis. (In thousands) Years Ended December 31, 2016 2015 Impairment charges: Collateral-dependent impaired loans $ 858 $ 259 OREO 634 768 Total $ 1,492 $ 1,027 The following table presents quantitative information about unobservable inputs for assets measured on a nonrecurring basis using Level 3 third 2016 2015. (In thousands) Fair Value Valuation Technique Unobservable Inputs Range Weighted Average December 31, 201 6 Collateral-dependent impaired loans $ 6,397 Discounted appraisals Marketability discount 0% - 67.8% 3.5 % OREO $ 6,187 Discounted appraisals Marketability discount 0% - 50.0% 11.2 % December 31, 201 5 Collateral-dependent impaired loans $ 6,628 Discounted appraisals Marketability discount 0% - 8.3% 7.9 % OREO $ 5,526 Discounted appraisals Marketability discount 2.3% - 26.9% 6.5 % Fair Value of Financial Instruments The table that follows represents the estimated fair values of the Company’s financial instruments made in accordance with the requirements of ASC Topic 825, “Financial Instruments . ” 825 , for which it is practicable to estimate that value. The estimated fair value amounts have been determined by the Company using available market information and present value or other valuation techniques. These derived fair values are subjective in nature, involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. ASC Topic 825 . The following methods and assumptions were used to estimate the fair value of each class of financial instruments not presented elsewhere for which it is practicable to estimate that value. Cash and Cash Equivalents, Accrued Interest Receivable, and Accrued Interest Payable The carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization or settlement. Investment Securities Held to Maturity Fair value is based on quoted market price, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities or with available market information through processes using benchmark yields, matrix pricing, prepayment speeds, cash flows, live trading data, and market spreads sourced from new issues, dealer quotes, and trade prices, among others sources. Loans The fair value of loans is estimated by discounting expected future cash flows using current discount rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Expected future cash flows are projected based on contractual cash flows adjusted for estimated prepayments. Federal Home Loan Bank and Federal Reserve Bank Stock It is not practical to determine the fair value of Federal Home Loan Bank and Federal Reserve Bank stock due to restrictions placed on its transferability . Deposit Liabilities The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date and fair value approximates carrying value. The fair value of fixed maturity certificates of deposit is estimated by discounting the expected future cash flows using the rates currently offered for certificates of deposit with similar remaining maturities. Federal Funds Purchased and S hort-term Securities Sold Under A greements to R epurchase The carrying amount is the estimated fair value for these borrowings which reprice frequently in the near term. Securities Sold Under Agreements to Repurchase, Subordinated Notes Payable, and Other Long-term Borrowings The fair value of these borrowings is estimated by discounting the expected future cash flows using rates currently available for debt with similar terms and remaining maturities. For subordinated notes payable, the Company uses its best estimate to determine an appropriate discount rate since active markets for similar debt transactions are very limited. Commitments to Extend Credit and Standby Letters of Credit Pricing of these financial instruments is based on the credit quality and relationship, fees, interest rates, probability of funding, compensating balance, and other covenants or requirements. Loan commitments generally have fixed expiration dates, variable interest rates and contain termination and other clauses that provide for relief from funding in the event there is a significant deterioration in the credit quality of the customer. Many loan commitments are expected to, and typically do, expire without being drawn upon. The rates and terms of the Company’s commitments to lend and standby letters of credit are competitive with others in the various markets in which the Company operates. There are no unamortized fees relating to these financial instruments, as such the carrying value and fair value are both zero The following table presents the estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2016 2015. Fair Value Measurements Using (In thousands) Carrying Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 201 6 Assets Cash and cash equivalents $ 113,534 $ 113,534 $ 113,534 $ - $ - Held to maturity investment securities 3,488 3,597 - 3,597 - Loans, net 961,631 962,437 - - 962,437 Accrued interest receivable 5,019 5,019 - 5,019 - Federal Home Loan Bank and Federal Reserve Bank Stock 9,840 N/A - - - Liabilities Deposits 1,369,907 1,369,567 1,099,211 - 270,356 Federal funds purchased and short-term securities sold under agreements to repurchase 35,085 35,085 - 35,085 - Securities sold under agreements to repurchase and other long-term borrowings 19,931 20,410 - 20,410 - Subordinated notes payable to unconsolidated trusts 33,506 21,234 - - 21,234 Accrued interest payable 321 321 - 321 - December 31, 201 5 Assets Cash and cash equivalents $ 120,493 $ 120,493 $ 120,493 $ - $ - Held to maturity investment securities 3,611 3,809 - 3,809 - Loans, net 948,960 945,809 - - 945,809 Accrued interest receivable 5,392 5,392 - 5,392 - Federal Home Loan Bank and Federal Reserve Bank Stock 9,368 N/A - - - Liabilities Deposits 1,368,994 1,369,016 1,043,616 - 325,400 Federal funds purchased and short-term securities sold under agreements to repurchase 34,353 34,353 - 34,353 - Securities sold under agreements to repurchase and other long-term borrowings 120,280 126,964 - 126,964 - Subordinated notes payable to unconsolidated trusts 48,970 31,515 - - 31,515 Accrued interest payable 851 851 - 851 - |
Note 20 - Parent Company Financ
Note 20 - Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 20 . Parent Company Financial Statements Condensed Balance Sheets December 31, (In thousands) 2016 2015 Assets Cash and cash equivalents $ 44,286 $ 35,964 Investment in subsidiaries 175,935 191,630 Other assets 1,378 1,243 Total assets $ 221,599 $ 228,837 Liabilities Dividends payable, common stock $ 751 $ - Subordinated notes payable to unconsolidated trusts 33,506 48,970 Other liabilities 3,276 4,169 Total liabilities 37,533 53,139 Shareholders’ Equity Common stock 939 937 Capital surplus 51,885 51,608 Retained earnings 134,650 120,371 Accumulated other comprehensive (loss) income (3,408 ) 2,782 Total shareholders’ equity 184,066 175,698 Total liabilities and shareholders’ equity $ 221,599 $ 228,837 Condensed Statements of Income and Comprehensive Income Years Ended December 31, (In thousands) 2016 2015 2014 Income Dividends from subsidiaries $ 24,820 $ 14,426 $ 16,525 Interest 39 12 28 Gain on debt extinguishment 4,050 - - Other noninterest income 2,442 2,555 3,132 Total income 31,351 16,993 19,685 Expense Interest expense – subordinated notes payable to unconsolidated trusts 723 866 844 Noninterest expense 5,050 4,938 3,977 Total expense 5,773 5,804 4,821 Income before income tax benefit and equity in undistributed income of subsidiaries 25,578 11,189 14,864 Income tax expense (benefit) 273 (1,076 ) (555 ) Income before equity in undistributed income of subsidiaries 25,305 12,265 15,419 Equity in undistributed (loss) income of subsidiaries (8,700 ) 2,727 1,040 Net income 16,605 14,992 16,459 Other comprehensive (loss) income (6,190 ) (2,093 ) 8,087 Comprehensive income $ 10,415 $ 12,899 $ 24,546 Condensed Statements of Cash Flows Years Ended December 31, (In thousands) 2016 2015 2014 Cash Flows From Operating Activities Net income $ 16,605 $ 14,992 $ 16,459 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed loss (income) of subsidiaries 8,700 (2,727 ) (1,040 ) Noncash employee stock purchase plan expense 7 4 4 Noncash director fee compensation 92 104 82 Change in other assets and liabilities, net (1,116 ) 582 454 Deferred income tax (benefit) expense (46 ) (54 ) 17 Gain on extinguishment of subordinated notes payable to unconsolidated trusts (4,050 ) - - Net cash provided by operating activities 20,192 12,901 15,976 Cash Flows From Investing Activities Return of equity from nonbank subsidiary 500 1,355 1,500 Net cash provided by investing activities 500 1,355 1,500 Cash Flows From Financing Activities Cash paid to extinguish subordinated notes payable to unconsolidated trusts (10,950 ) - - Dividends paid, common stock (1,575 ) - - Redemption of preferred stock - (10,000 ) (20,000 ) Dividends paid, preferred stock - (508 ) (1,990 ) Shares issued under employee stock purchase plan 155 130 129 Net cash used in financing activities (12,370 ) (10,378 ) (21,861 ) Net increase (decrease) in cash and cash equivalents 8,322 3,878 (4,385 ) Cash and cash equivalents at beginning of year 35,964 32,086 36,471 Cash and cash equivalents at end of year $ 44,286 $ 35,964 $ 32,086 |
Note 21 - Quarterly Financial D
Note 21 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 21 . Quarterly Financial Data (Unaudited) (In thousands, except per share data) Quarters Ended 2016 March 31 June 30 Sept. 30 Dec. 31 Interest income $ 15,330 $ 14,973 $ 14,619 $ 14,449 Interest expense 2,043 1,975 1,809 928 Net interest income 13,287 12,998 12,810 13,521 Provision for loan losses (473 ) (156 ) (190 ) 175 Net interest income after provision for loan losses 13,760 13,154 13,000 13,346 Noninterest income 9,542 1 5,521 10,772 2 5,351 Noninterest expense 14,407 13,884 17,888 2 15,221 Income before income taxes 8,895 4,791 5,884 3,476 Income tax expense 2,715 1,235 1,560 931 Net income 6,180 3,556 4,324 2,545 Less preferred stock dividends and discount accretion - - - - Net income available to common shareholders $ 6,180 $ 3,556 $ 4,324 $ 2,545 Net income per common share, basic and diluted $ .82 $ .47 $ .58 $ .34 Weighted average common shares outstanding, basic and diluted 7,500 7,502 7,505 7,508 1 $4.1 2 $3.8 $3.8 (In thousands, except per share data) Quarters Ended 2015 March 31 June 30 Sept. 30 Dec. 31 Interest income $ 15,220 $ 15,721 $ 15,123 $ 15,172 Interest expense 2,217 2,148 2,158 2,118 Net interest income 13,003 13,573 12,965 13,054 Provision for loan losses (1,545 ) (264 ) (898 ) (722 ) Net interest income after provision for loan losses 14,548 13,837 13,863 13,776 Noninterest income 5,441 5,508 5,689 5,573 Noninterest expense 14,510 14,474 14,281 14,685 Income before income taxes 5,479 4,871 5,271 4,664 Income tax expense 1,405 1,369 1,439 1,080 Net income 4,074 3,502 3,832 3,584 Less preferred stock dividends and discount accretion 225 170 - - Net income available to common shareholders $ 3,849 $ 3,332 $ 3,832 $ 3,584 Net income per common share, basic and diluted $ .51 $ .44 $ .51 $ .48 Weighted average common shares outstanding, basic and diluted 7,490 7,492 7,495 7,497 The quarterly financial information in the tables above reflects all adjustments which are necessary for a fair statement of results of the interim period. |
Note 22 - Intangible Assets
Note 22 - Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 22 . Intangible Assets Intangible assets were zero 2016 2015. $2.4 2004 2014. $4.5 2015 . Aggregate amortization expense of core deposit and customer relationship intangible assets was zero $449 $405 2016, 2015, 2014, |
Note 23 - Preferred Stock
Note 23 - Preferred Stock | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 23 . Preferred Stock On January 9, 2009, 30,000 no $30.0 June 2012, July 2012, Upon settlement of the warrant repurchase, the Treasury had no remaining equity stake in the Company. The Company redeemed 20,000 2014 $1 two 10,000 one second fourth On June 8, 2015, 10,000 $1 third |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of Farmers Capital Bank Corporation (the “Company” or “Parent Company”), a financial holding company, and its bank and nonbank subsidiaries. Bank subsidiaries include Farmers Bank & Capital Trust Company (“Farmers Bank”) in Frankfort, KY, United Bank & Trust Company (“United Bank”) in Versailles, KY, First Citizens Bank (“First Citizens”) in Elizabethtown, KY, and Citizens Bank of Northern Kentucky, Inc. (“Citizens Northern”) in Newport, KY. In February 2017, Farmers Bank’s significant subsidiaries include EG Properties, Inc. and Farmers Capital Insurance Corporation (“Farmers Insurance”). EG Properties, Inc. is involved in real estate management and liquidation for certain repossessed properties of Farmers Bank. Farmers Insurance is an insurance agency in Frankfort, KY. Leasing One Corporation, a company formed to lease commercial property, was dissolved effective at year-end 2015. one one one The Company has two may . At year-end 2015, three January 2016, one three The Company provides financial services at its 34 21 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates used in the preparation of the financial statements are based on various factors including the current interest rate environment and the general strength of the local economy. Changes in the overall interest rate environment can significantly affect the Company’s net interest income and the value of its recorded assets and liabilities. Actual results could differ from those estimates used in the preparation of the financial statements. The allowance for loan losses, carrying value of other real estate owned, actuarial assumptions used to calculate postretirement benefits, and the fair values of financial instruments are estimates that are particularly subject to change. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain amounts in the accompanying consolidated financial statements presented for prior years have been reclassified to conform to the 2016 |
Segment Reporting, Policy [Policy Text Block] | Segment Information The Company provides a broad range of financial services to individuals, corporations, and others through its 34 While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Operating segments are aggregated into one one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Flows For purposes of reporting cash flows, cash and cash equivalents include the following: cash on hand, deposits from other financial institutions that have an initial maturity of less than 90 one , deposit, and short-term borrowing transactions. |
Marketable Securities, Policy [Policy Text Block] | Investment Securities Investments in debt and equity securities are classified into three no 2016, 2015, 2014. Interest income includes amortization and accretion of purchase premiums or discounts. Premiums and discounts on securities are amortized using the interest method over the expected life of the securities without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Realized gains and losses on the sales of securities are recorded on the trade date and computed on the basis of specific identification of the adjusted cost of each security and are included in noninterest income. The Company evaluates investment securities for OTTI at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. A decline in the market value of investment securities 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. Substantially all of the Company’s investment securities are debt securities. In estimating OTTI for debt securities, management considers each of the following: (1) (2) (3) (4) no three December 31, 2016. Investment securities classified as available for sale or held-to-maturity are generally evaluated for OTTI under Financial Accounting Standard Board (“ FASB”) Accounting Standards Codification TM (“ASC”) Topic 320, Investments-Debt and Equity Securities .” 320 |
Federal Home Loan Bank and Federal Reserve Board Stock, Policy [Policy Text Block] | Federal Home Loan Bank and Federal Reserve Bank Stock Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank stock is carried at cost and recognized in other assets on the consolidated balance sheets under the caption “Other assets.” These stocks are classified as restricted securities and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. The amount outstanding at December 31, 2016 2015 $9.8 $9.4 |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans and Interest Income Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their unpaid principal amount outstanding adjusted for any charge-offs , deferred fees or costs on originated loans, and unamortized premiums and discount on purchased loans. Interest income on loans is recognized using the interest method based on loan principal amounts outstanding during the period. Interest income also includes amortization and accretion of any premiums or discounts over the expected life of acquired loans at the time of purchase or business acquisition. Loan origination fees , net of certain direct origination costs , are deferred and amortized as yield adjustments over the contractual term of the loans. The Company disaggregates certain disclosure information related to loans, the related allowance for loan losses, and credit quality measures by either portfolio segment or by loan class. The Company segregates its loan portfolio segments based on similar risk characteristics as follows: real estate loans, commercial loans, and consumer loans. Portfolio segments are further disaggregated into classes for certain required disclosures as follows: Portfolio Segment Class Real estate loans Real estate mortgage – construction and land development Real estate mortgage – residential Real estate mortgage – farmland and other commercial enterprises Commercial loans Commercial and industrial Depository institutions Agriculture production and other loans to farmers States and political subdivisions Other Consumer loans Secured Unsecured Loan disclosures include presenting certain disaggregated information based on recorded investment. The recorded investment in a loan includes its principal amount outstanding adjusted for certain items that include net deferred loan costs or fees, unamortized premiums or discounts, charge offs, and accrued interest. The Company had a total of $301 $285 2016 2015, .03% 2016 2015. 4 $2.8 $2.9 2016 2015, 0 .3% 4. The Company has a loan policy in place that is amended and approved from time to time as needed to reflect current economic conditions and product offerings in its markets. The policy establishes written procedures concerning areas such as the lending authorities of loan officers, committee review and approval of certain credit requests, underwriting criteria, policy exceptions, appraisal requirements, and loan review. Credit is extended to borrowers based primarily on their ability to repay as demonstrated by income and cash flow analysis. Loans secured by real estate make up the largest segment of the Company’s loan portfolio. If a borrower fails to repay a loan secured by real estate, the Company may third Commercial loans are made to businesses and are secured mainly by assets such as inventory, accounts receivable, machinery, fixtures and equipment, or other business assets. Commercial lending involves significant risk, as loan repayments are more dependent on the successful operation or management of the business and its cash flows. Consumer lending includes loans to individuals mainly for personal autos, boats, or a variety of other personal uses and may The accrual of interest on loans is discontinued when it is determined that the collection of interest or principal is doubtful, or when a default of interest or principal has existed for 90 Commercial and real estate loans delinquent in excess of 120 180 , unless the collateral securing the debt is of such value that any loss appears to be unlikely. In all cases, loans are charged off at an earlier date if classified as loss under the Company’s loan grading process or as a result of regulatory examination. The Company’s charge-off policy for impaired loans does not differ from the charge-off policy for loans outside the definition of impaired . |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale Mortgage banking activities include the origination of fixed-rate residential mortgage loans for sale to various third secondary , are carried at the lower of cost or estimated fair value determined in the aggregate and included in net loans on the balance sheet until sold. These loans are sold with the related servicing rights either retained or released by the Company depending on the economic conditions present at the time of origination. Mortgage loans held for sale included in net loans totaled $1.7 $715 December 31, 2016 2015, 1.6%, 1.6%, 1.1% the Company’s total revenue for the years ended December 31, 2016, 2015, 2014, . |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Provision and Allowance for Loan Losses The provision for loan losses represents charges or credits made to earnings to maintain an allowance for loan losses at a level considered adequate to provide for probable incurred credit losses at the balance sheet date. The allowance for loan losses is a valuation allowance increased by the provision for loan losses and decreased by net charge-offs. Loan losses are charged against the allowance when management believes the uncollectibility of a loan is confirmed. Subsequent recoveries, if any, are credited to the allowance. The Company estimates the adequacy of the allowance using a risk-rated methodology which is based on the Company’s past loan loss experience, known and inherent risks in the loan portfolio, adverse situations that may may The allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current risk factors. The general portfolio is segregated into portfolio segments having similar risk characteristics identified as follows: real estate loans, commercial loans, and consumer loans. Each of these portfolio segments is assigned a loss percentage based on their respective sixteen may The qualitative risk factors used in the methodology are consistent with the guidance in the most recent Interagency Policy Statement on the Allowance for Loan Losses issued. Each factor is supported by a detailed analysis performed at each subsidiary bank and is both measureable and supportable. Some factors include a minimum allocation in some instances where loss levels are extremely low and it is determined to be prudent from a safety and soundness perspective. Qualitative risk factors that are used in the methodology include the following for each loan portfolio segment: ● Delinquency trends ● Trends in net charge-offs ● Trends in loan volume ● Lending philosophy risk ● Management experience risk ● Concentration of credit risk ● Economic conditions risk A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company accounts for impaired loans in accordance with ASC Topic 310, “Receivables . ” 310 may . Loans that are part of a large group of smaller-balance homogeneous loans, such as residential mortgage , consumer, and smaller-balance commercial loans, are collectively evaluated for impairment. Troubled debt restructurings are measured at the present value of estimated future cash flows using the loan’s effective interest rate at inception, or at the fair value of collateral. The Company determines the amount of reserve for troubled debt restructurings that subsequently default in accordance with its accounting policy for the allowance for loan losses. |
Mortgage Servicing Rights, Policy [Policy Text Block] | Mortgage Servicing Rights Mortgage servicing rights are recognized in other assets on the Company’s consolidated balance sheet at their initial fair value on loans sold with servicing retained. Fair value is based on market prices for comparable mortgage servicing contracts when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Mortgage servicing rights are subsequently measured using the amortization method in which the mortgage servicing right is expensed in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Impairment is evaluated based on the fair value of the rights, grouping the underlying loans by interest rates. Impairment of a grouping is reported as a valuation allowance. Capitalized mortgage servicing rights were $731 $691 December 31, 2016 2015, No $202 $200 December 31, 2016 2015, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 19. |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, which are issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Intangible assets consist of core deposit and customer relationship intangible assets arising from business acquisitions. Intangible assets are initially measured at fair value and then amortized on an accelerated method over their estimated useful lives, which range between seven ten 2015 2014 . |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Other Real Estate Owned Other real estate owned (“OREO”) and held for sale in the accompanying consolidated balance sheets includes properties acquired by the Company through, or in lieu of, actual loan foreclosures. OREO is initially carried at fair value less estimated costs to sell. Fair value of assets is generally based on third |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense is the total of current year income tax due or refundable and the change in deferred tax assets and liabilities, except for the deferred tax assets and liabilities related to business combinations or components of other comprehensive income. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% The Company files a consolidated federal income tax return with its subsidiaries. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. The Company’s policy is to record the accrual of interest and/or penalties relative to income tax matters, if any, in income tax expense . |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises, equipment, and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation is computed primarily on the straight-line method over the estimated useful lives generally ranging from two seven ten 40 |
Company-owned Life Insurance, Policy [Policy Text Block] | Company-owned Life Insurance The Company has purchased life insurance policies on certain key employees with their knowledge and written consent. Company-owned life insurance is recorded on the consolidated balance sheet at its cash surrender value, which is the amount that can be realized under the insurance contract at the balance sheet date. The related change in cash surrender value and proceeds received under the policies are reported on the consolidated statements of income under the caption “Income from company-owned life insurance.” |
Related Party Transactions, Policy [Policy Text Block] | Related Party Transactions In the ordinary course of business, the Company offers loan and deposit products to its directors, executive officers, and principal shareholders – including affiliated companies of which they are principal owners (“Related Parties”). These products are offered on substantially the same terms as those prevailing at the time for comparable transactions with unrelated parties, and these receivables and deposits are included in loans and deposits in the Company’s consolidated balance sheets. Additional information related to these transactions can be found in Note 4 7. The Company makes payments to Related Parties in the normal course of business for various services, primarily related to legal fees. For example, certain directors of the Parent Company and its subsidiary banks are partners in law firms that act as counsel to the Company. The following table represents the amount and type of payments to Related Parties, other than director fees, for the periods indicated: (In thousands) Years Ended December 31, 2016 2015 2014 Legal fees $ 257 $ 221 $ 212 Commissions and fees related to the sale of repossessed commercial real estate and property management - 9 10 Insurance premiums/commissions - 1 8 Other 2 5 9 Total $ 259 $ 236 $ 239 |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Retirement Plans The Company maintains a 401(k) |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Common Share Basic net income per common share is determined by dividing net income available to common shareholders by the weighted average total number of common shares issued and outstanding. Net income available to common shareholders represents net income adjusted for preferred stock dividends including dividends declared, accretion of discounts on preferred stock issuances, and cumulative dividends related to the current dividend period that have not been declared as of the end of the period. Diluted net income per common share is determined by dividing net income available to common shareholders by the total weighted average number of common shares issued and outstanding plus amounts representing the dilutive effect of stock options outstanding and outstanding warrants. The effects of stock options outstanding are excluded from the computation of diluted earnings per common share in periods in which the effect would be antidilutive. Dilutive potential common shares are calculated using the treasury stock method. Net income per common share computations were as follows for the years ended December 31, 2016, 2015, 2014. (In thousands, except per share data) Years Ended December 31, 2016 2015 2014 Net income, basic and diluted $ 16,605 $ 14,992 $ 16,459 Less preferred stock dividends and discount accretion - 395 1,927 Net income available to common shareholders, basic and diluted $ 16,605 $ 14,597 $ 14,532 Average common shares outstanding, basic and diluted 7,504 7,494 7,483 Net income per common share, basic and diluted $ 2.21 $ 1.95 $ 1.94 There were no 2016, 2015, 2014. no 2004. 2014. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. For the Company this includes net income , the after tax effect of changes in the net unrealized gains and losses on available for sale investment securities, and the after tax changes to the funded status of postretirement benefit plans . |
Dividend Restrictions, Policy [Policy Text Block] | Dividend Restrictions Banking regulations require maintaining certain capital levels which limit the amount of dividends paid to the Company by its bank subsidiaries. Generally, capital distributions are limited to undistributed net income for the current and prior two |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash The Company is required to maintain funds in cash and/or on deposit with the Federal Reserve Bank in accordance with reserve requirements specified by the Federal Reserve Board of Governors. The required reserve was $18.0 December 31, 2016 2015 . |
Stockholders' Equity, Policy [Policy Text Block] | Equity Outstanding common shares purchased by the Company are retired. When common shares are purchased, the Company allocates a portion of the purchase price of the common shares that are retired to each of the following balance sheet line items: common stock, capital surplus, and retained earnings. The Company did not 2016 2015. |
Trust Assets, Policy [Policy Text Block] | Trust Assets Assets of the Company’s trust departments, other than cash on deposit by trust customers at subsidiary banks, are not included in the accompanying financial statements because they are not assets of the Company. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Long-term Assets Premises and equipment, core deposit and other intangible assets, and other long-term assets are reviewed for impairment when events indicate their carrying amount may |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company recognizes compensation cost for its Employee Stock Purchase Plan (“ESPP”) and for stock options granted based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of ESPP and stock option awards. Compensation cost is recognized over the required service period, generally defined as the vesting period, on a straight-line basis. There have been no stock options granted by the Company since 2004. 2014. The ESPP was approved by the Company’s shareholders in 2004. may 85% July 1, 2004. 6,631, 6,329, 6,894 2016, 2015, 2014, $32 $31 $32 2016, 2015, 2014, Following are the weighted average assumptions used and estimated fair market value for the ESPP, which is considered a compensatory plan under ASC Topic 718, Compensation-Stock Compensation . ” ESPP 2016 2015 2014 Expected volatility 26.3 % 32.6 % 37.4 % Dividend yield .83 - - Risk-free interest rate .26 .02 .04 Expected life (in years) .25 .25 .25 Fair value $ 5.31 $ 5.08 $ 4.69 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued But Not Yet Effective Accounting Standards In May 2014, ASU No. 2014 09, Revenue from Contracts with Customers (Topic 606) 2015 2016. 2014 09 As amended, ASU No. 2014 09 December 15, 2017, Earlier application is permitted, but only as of annual reporting periods beginning after December 15, 2016, expects to adopt ASU No. 2014 09 first 2018. consolidated financial statements as well as the most appropriate transition method of application. Based on this evaluation to date, the Company has determined that the majority of its revenues earned are excluded from the scope of ASU No. 2014 09. 2014 09, 2014 09 In February 2016, 2016 02, “Leases (Topic 842),” twelve 606, Revenue from Contracts with Customers For public companies, the amendments in ASU No. 2016 02 December 15, 2018, may 2016 02 In March 2016, 2016 08, “Revenue from Contracts with Customers (Topic 606): . ” three 2014 09, December 15, 2017. The Company does not expect ASU No. 2016 08 In March 2016, 2016 09, “Compensation—Stock Compensation (Topic 718): , ” This ASU simplifies several aspects of the accounting for share-based payment award transactions, including income tax consequences , classification of awards as either equity or liabilities, forfeitures, and classification on the statement of cash flows. ASU No. 2016 09 December 15, 2016. In April 2016, 2016 10, “Revenue from Contracts with Customers (Topic 606): . ” The amendments in this ASU clarify the following two 606: 606. December 15, 2017. The Company does not expect there to be a material impact on its consolidated financial position, results of operations, or cash flows upon adoption. In May 2016, 2016 12, “ Revenue from Contracts with Customers (Topic 606): ,” 606 606. ASU No. 2016 12 December 15, 2017. In June 2016, 2016 13, “ Financial Instruments—Credit Losses (Topic 326): , ” The ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU requires enhanced disclosures, including qualitative and quantitative requirements , which provide additional information about the amounts recorded in the financial statements. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU No. 2016 13 December 15, 2019. December 15, 2018, . In August 2016, 2016 15, “Statement of Cash Flows (Topic 230): eight zero ASU No. 2016 15 December 15, 2017. . Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Note 1 - Summary of Significa34
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | (In thousands) Years Ended December 31, 2016 2015 2014 Legal fees $ 257 $ 221 $ 212 Commissions and fees related to the sale of repossessed commercial real estate and property management - 9 10 Insurance premiums/commissions - 1 8 Other 2 5 9 Total $ 259 $ 236 $ 239 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) Years Ended December 31, 2016 2015 2014 Net income, basic and diluted $ 16,605 $ 14,992 $ 16,459 Less preferred stock dividends and discount accretion - 395 1,927 Net income available to common shareholders, basic and diluted $ 16,605 $ 14,597 $ 14,532 Average common shares outstanding, basic and diluted 7,504 7,494 7,483 Net income per common share, basic and diluted $ 2.21 $ 1.95 $ 1.94 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | ESPP 2016 2015 2014 Expected volatility 26.3 % 32.6 % 37.4 % Dividend yield .83 - - Risk-free interest rate .26 .02 .04 Expected life (in years) .25 .25 .25 Fair value $ 5.31 $ 5.08 $ 4.69 |
Note 2 - Accumulated Other Co35
Note 2 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Year Ended December 31, 2016 2015 (In thousands) Unrealized Gains and Losses on Available for Sale Investment Securities Postretirement Benefit Obligation Total Unrealized Gains and Losses on Available for Sale Investment Securities Postretirement Benefit Obligation Total Beginning balance $ 3,219 $ (437 ) $ 2,782 $ 5,174 $ (299 ) $ 4,875 Other comprehensive (loss) income before reclassifications (3,983 ) 356 (3,627 ) (1,844 ) (198 ) (2,042 ) Amounts reclassified from accumulated other comprehensive income (2,599 ) 36 (2,563 ) (111 ) 60 (51 ) Net current-period other comprehensive (loss) income (6,582 ) 392 (6,190 ) (1,955 ) (138 ) (2,093 ) Ending balance $ (3,363 ) $ (45 ) $ (3,408 ) $ 3,219 $ (437 ) $ 2,782 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | (In thousands) Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement Where Net Income is Presented Year Ended December 31, 2016 2015 2014 Unrealized gains and losses on available for sale investment securities $ 3,998 $ 171 $ (63 ) Investment securities gains (losses), net (1,399 ) (60 ) 22 Income tax (expense) benefit $ 2,599 $ 111 $ (41 ) Net of tax Amortization related to postretirement benefits Prior service costs $ (50 ) $ (51 ) $ (207 ) Salaries and employee benefits Actuarial losses (5 ) (42 ) 67 Salaries and employee benefits (55 ) (93 ) (140 ) Total before tax 19 33 49 Income tax expense $ (36 ) $ (60 ) $ (91 ) Net of tax Total reclassifications for the period $ 2,563 $ 51 $ (132 ) Net of tax |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of AFS and HTM Reconciliation [Table Text Block] | December 31, 2016 (In thousands) Amortized Gross Unrealized Gross Unrealized Estimated Available For Sale Obligations of U.S. government-sponsored entities $ 71,941 $ 213 $ 460 $ 71,694 Obligations of states and political subdivisions 134,055 773 2,536 132,292 Mortgage-backed securities – residential 225,489 1,505 2,687 224,307 Mortgage-backed securities – commercial 47,164 6 1,557 45,613 Corporate debt securities 6,565 1 441 6,125 Mutual funds and equity securities 824 20 11 833 Total securities – available for sale $ 486,038 $ 2,518 $ 7,692 $ 480,864 Held To Maturity Obligations of states and political subdivisions $ 3,488 $ 109 $ - $ 3,597 December 31, 2015 (In thousands) Amortized Gross Unrealized Gross Unrealized Estimated Available For Sale Obligations of U.S. government-sponsored entities $ 107,135 $ 309 $ 538 $ 106,906 Obligations of states and political subdivisions 147,875 2,604 213 150,266 Mortgage-backed securities – residential 294,140 5,210 1,489 297,861 Mortgage-backed securities – commercial 20,655 52 123 20,584 Corporate debt securities 6,629 11 800 5,840 Mutual funds and equity securities 814 - 69 745 Total securities – available for sale $ 577,248 $ 8,186 $ 3,232 $ 582,202 Held To Maturity Obligations of states and political subdivisions $ 3,611 $ 198 $ - $ 3,809 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available For Sale Held To Maturity December 31, 2016 (In thousands) Amortized Estimated Amortized Estimated Due in one year or less $ 19,743 $ 19,762 $ - $ - Due after one year through five years 87,628 87,504 - - Due after five years through ten years 85,007 83,317 570 630 Due after ten years 20,183 19,528 2,918 2,967 Mortgage-backed securities 272,653 269,920 - - Total $ 485,214 $ 480,031 $ 3,488 $ 3,597 |
Realized Gain (Loss) on Investments [Table Text Block] | (In thousands) 2016 2015 2014 Gross realized gains $ 4,191 $ 224 $ 190 Gross realized losses 193 53 253 Net realized gain (loss) $ 3,998 $ 171 $ (63 ) Income tax provision (benefit) related to net realized gain (loss) $ 1,399 $ 60 $ (22 ) |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or More Total December 31, 2016 (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. government-sponsored entities $ 51,657 $ 460 $ - $ - $ 51,657 $ 460 Obligations of states and political subdivisions 91,728 2,526 1,999 10 93,727 2,536 Mortgage-backed securities – residential 154,397 2,485 5,841 202 160,238 2,687 Mortgage-backed securities – commercial 43,309 1,557 - - 43,309 1,557 Corporate debt securities 536 6 5,476 435 6,012 441 Mutual funds and equity securities 128 2 113 9 241 11 Total $ 341,755 $ 7,036 $ 13,429 $ 656 $ 355,184 $ 7,692 Less than 12 Months 12 Months or More Total December 31, 2015 (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. government-sponsored entities $ 57,927 $ 275 $ 21,576 $ 263 $ 79,503 $ 538 Obligations of states and political subdivisions 30,426 123 8,276 90 38,702 213 Mortgage-backed securities – residential 118,978 851 21,723 638 140,701 1,489 Mortgage-backed securities – commercial 10,882 123 - - 10,882 123 Corporate debt securities 204 6 5,155 794 5,359 800 Mutual funds and equity securities 481 21 264 48 745 69 Total $ 218,898 $ 1,399 $ 56,994 $ 1,833 $ 275,892 $ 3,232 |
Note 4 - Loans and Allowance 37
Note 4 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, (In thousands) 2016 2015 Real Estate Real estate mortgage – construction and land development $ 120,230 $ 115,516 Real estate mortgage – residential 350,295 355,134 Real estate mortgage – farmland and other commercial enterprises 400,367 386,386 Commercial Commercial and industrial 48,607 48,379 States and political subdivisions 18,933 17,643 Other 23,308 23,798 Consumer Secured 4,554 6,665 Unsecured 4,681 5,754 Total loans 970,975 959,275 Less unearned income - - Total loans, net of unearned income $ 970,975 $ 959,275 |
Schedule of Related Party Transactions [Table Text Block] | (In thousands) Years Ended December 31, 2016 2015 2014 Legal fees $ 257 $ 221 $ 212 Commissions and fees related to the sale of repossessed commercial real estate and property management - 9 10 Insurance premiums/commissions - 1 8 Other 2 5 9 Total $ 259 $ 236 $ 239 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands) Real Estate Commercial Consumer Total 2016 Balance at beginning of period $ 9,173 $ 820 $ 322 $ 10,315 Provision for loan losses (702 ) 50 8 (644 ) Recoveries 141 203 69 413 Loans charged off (407 ) (219 ) (114 ) (740 ) Balance at end of period $ 8,205 $ 854 $ 285 $ 9,344 2015 Balance at beginning of period $ 12,542 $ 1,153 $ 273 $ 13,968 Provision for loan losses (3,099 ) (449 ) 119 (3,429 ) Recoveries 463 210 112 785 Loans charged off (733 ) (94 ) (182 ) (1,009 ) Balance at end of period $ 9,173 $ 820 $ 322 $ 10,315 2014 Balance at beginning of period $ 18,716 $ 1,409 $ 452 $ 20,577 Provision for loan losses (4,922 ) 620 (62 ) (4,364 ) Recoveries 624 786 97 1,507 Loans charged off (1,876 ) (1,662 ) (214 ) (3,752 ) Balance at end of period $ 12,542 $ 1,153 $ 273 $ 13,968 |
Impaired Financing Receivables [Table Text Block] | As of and for the Year Ended December 31, 2016 Unpaid Balance Recorded With No Allowance Recorded With Allowance Total Recorded Investment Allowance for Average Interest Income Recognized Cash Basis Interest Recognized Real Estate Real estate mortgage – construction and land development $ 9,076 $ 2,599 $ 3,800 $ 6,399 $ 759 $ 7,706 $ 310 $ 298 Real estate mortgage – residential 9,930 4,388 5,590 9,978 1,503 9,146 491 465 Real estate mortgage – farmland and other commercial enterprises 25,045 9,699 15,235 24,934 304 25,557 1,197 1,153 Commercial Commercial and industrial 435 20 418 438 236 419 23 21 Consumer Unsecured 146 - 146 146 146 151 7 6 Total $ 44,632 $ 16,706 $ 25,189 $ 41,895 $ 2,948 $ 42,979 $ 2,028 $ 1,943 As of and for the Year Ended December 31, 2015 Unpaid Balance Recorded Recorded Total Recorded Investment Allowance for Average Interest Income Recognized Cash Basis Interest Recognized Real Estate Real estate mortgage – construction and land development $ 9,932 $ 3,875 $ 3,372 $ 7,247 $ 556 $ 9,409 $ 343 $ 337 Real estate mortgage – residential 8,655 2,502 6,024 8,526 1,278 9,810 448 438 Real estate mortgage – farmland and other commercial enterprises 20,980 4,149 16,703 20,852 681 22,439 890 887 Commercial Commercial and industrial 399 - 400 400 223 523 16 16 Consumer Unsecured 156 - 157 157 156 127 6 6 Total $ 40,122 $ 10,526 $ 26,656 $ 37,182 $ 2,894 $ 42,308 $ 1,703 $ 1,684 Year Ended December 31, 2014 Average Interest Income Recognized Cash Basis Interest Recognized Real Estate Real estate mortgage – construction and land development $ 13,557 $ 424 $ 423 Real estate mortgage – residential 11,254 550 535 Real estate mortgage – farmland and other commercial enterprises 28,711 1,088 1,070 Commercial Commercial and industrial 255 6 5 Consumer Secured 6 - - Unsecured 54 4 4 Total $ 53,837 $ 2,072 $ 2,037 |
Loans and ALL Disaggregated Impairment Method [Table Text Block] | December 31, 2016 (In thousands) Real Estate Commercial Consumer Total Allowance for Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 2,566 $ 236 $ 146 $ 2,948 Collectively evaluated for impairment 5,639 618 139 6,396 Total ending allowance balance $ 8,205 $ 854 $ 285 $ 9,344 Loans Loans individually evaluated for impairment $ 41,311 $ 438 $ 146 $ 41,895 Loans collectively evaluated for impairment 829,581 90,410 9,089 929,080 Total ending loan balance, net of unearned income $ 870,892 $ 90,848 $ 9,235 $ 970,975 December 31, 2015 (In thousands) Real Estate Commercial Consumer Total Allowance for Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 2,515 $ 223 $ 156 $ 2,894 Collectively evaluated for impairment 6,658 597 166 7,421 Total ending allowance balance $ 9,173 $ 820 $ 322 $ 10,315 Loans Loans individually evaluated for impairment $ 36,625 $ 400 $ 157 $ 37,182 Loans collectively evaluated for impairment 820,411 89,420 12,262 922,093 Total ending loan balance, net of unearned income $ 857,036 $ 89,820 $ 12,419 $ 959,275 |
Non-performing Loans Including TDR's [Table Text Block] | December 31, 2016 (In thousands) Nonaccrual Restructured Loans Loans Past Due 90 Days or More and Still Accruing Real Estate Real estate mortgage – construction and land development $ 712 $ 3,637 $ - Real estate mortgage – residential 2,316 4,006 - Real estate mortgage – farmland and other commercial enterprises 3,383 14,787 - Commercial Commercial and industrial - 377 - Consumer Secured 4 - - Unsecured 8 135 - Total $ 6,423 $ 22,942 $ - December 31, 2015 (In thousands) Nonaccrual Restructured Loans Loans Past Due 90 Days or More and Still Accruing Real Estate Real estate mortgage – construction and land development $ 1,567 $ 3,674 $ - Real estate mortgage – residential 2,485 4,127 - Real estate mortgage – farmland and other commercial enterprises 4,266 15,503 - Commercial Commercial and industrial 44 384 - Other 8 - - Consumer 10 - Unsecured - 143 - Total $ 8,380 $ 23,831 $ - |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | (Dollars in thousands) Troubled Debt Restructurings: Number of Loans Pre-Modification Recorded Post-Modification Recorded 2015 Commercial: Commercial and industrial 2 $ 388 $ 388 Consumer: Secured 1 145 145 Total 3 $ 533 $ 533 |
Past Due Financing Receivables [Table Text Block] | December 31, 2016 (In thousands) 30-89 Days Past Due 90 Days or More Past Due Total Current Total Loans Loans Past Due 90 Days or More and Still Accruing Nonaccrual Loans Real Estate Real estate mortgage – construction and land development $ 393 $ 227 $ 620 $ 119,610 $ 120,230 $ - $ 712 Real estate mortgage – residential 1,935 798 2,733 347,562 350,295 - 2,316 Real estate mortgage – farmland and other commercial enterprises - 2,483 2,483 397,884 400,367 - 3,383 Commercial Commercial and industrial - - - 48,607 48,607 - - States and political subdivisions - - - 18,933 18,933 - - Other 24 - 24 23,284 23,308 - - Consumer Secured 13 - 13 4,541 4,554 - 4 Unsecured 30 8 38 4,643 4,681 - 8 Total $ 2,395 $ 3,516 $ 5,911 $ 965,064 $ 970,975 $ - $ 6,423 December 31, 2015 (In thousands) 30-89 Days Past Due 90 Days or More Past Due Total Current Total Loans Loans Past Due 90 Days or More and Still Accruing Nonaccrual Loans Real Estate Real estate mortgage – construction and land development $ - $ 227 $ 227 $ 115,289 $ 115,516 $ - $ 1,567 Real estate mortgage – residential 421 1,448 1,869 353,265 355,134 - 2,485 Real estate mortgage – farmland and other commercial enterprises 42 2,376 2,418 383,968 386,386 - 4,266 Commercial Commercial and industrial 42 43 85 48,294 48,379 - 44 States and political subdivisions - - - 17,643 17,643 - - Other 39 - 39 23,759 23,798 - 8 Consumer Secured 9 1 10 6,655 6,665 - 10 Unsecured 18 - 18 5,736 5,754 - - Total $ 571 $ 4,095 $ 4,666 $ 954,609 $ 959,275 $ - $ 8,380 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Real Estate Commercial December 31, 2016 (In thousands) Real Estate Mortgage – Construction and Land Development Real Estate Mortgage – Residential Real Estate Mortgage – Farmland and Other Commercial Enterprises Commercial and Industrial States and Political Subdivisions Other Credit risk profile by internally assigned rating grades Pass $ 112,435 $ 323,300 $ 363,448 $ 47,254 $ 18,933 $ 23,308 Special Mention 1,413 12,147 21,088 764 - - Substandard 6,382 14,806 15,831 589 - - Doubtful - 42 - - - - Total $ 120,230 $ 350,295 $ 400,367 $ 48,607 $ 18,933 $ 23,308 Real Estate Commercial December 31, 2015 Real Estate Mortgage – Construction and Land Development Real Estate Mortgage – Residential Real Estate Mortgage – Farmland and Other Commercial Enterprises Commercial and Industrial States and Political Subdivisions Other Credit risk profile by internally assigned rating grades Pass $ 104,383 $ 324,333 $ 343,894 $ 46,934 $ 17,643 $ 23,777 Special Mention 1,651 16,225 22,859 937 - - Substandard 9,482 14,576 19,633 508 - 21 Doubtful - - - - - - Total $ 115,516 $ 355,134 $ 386,386 $ 48,379 $ 17,643 $ 23,798 |
Risk Category of Loans by Class-Consumer [Table Text Block] | December 31, 2016 December 31, 2015 Consumer Consumer (In thousands) Secured Unsecured Secured Unsecured Credit risk profile based on payment activity Performing $ 4,550 $ 4,538 $ 6,655 $ 5,611 Nonperforming 4 143 10 143 Total $ 4,554 $ 4,681 $ 6,665 $ 5,754 |
Loans to Related Parties Made in Ordinary Course of Business [Member] | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | (In thousands) Amount Balance at December 31, 2015 $ 18,540 New loans 5,067 Repayments (9,008 ) Loans no longer meeting disclosure requirements, new loans meeting disclosure requirements, and other adjustments, net (1,100 ) Balance at December 31, 2016 $ 13,499 |
Note 5 - Other Real Estate Ow38
Note 5 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
OREO Detail [Table Text Block] | December 31, (In thousands) 2016 2015 Construction and land development $ 7,996 $ 12,997 Residential real estate 871 960 Farmland and other commercial enterprises 1,806 7,886 Total $ 10,673 $ 21,843 |
OREO Activity [Table Text Block] | (In thousands) 2016 2015 Beginning balance $ 21,843 $ 31,960 Transfers from loans and other increases 2,044 1,514 Proceeds from sales (11,289 ) (10,342 ) Loss on sales, net (473 ) (188 ) Write downs and other decreases, net (1,452 ) (1,101 ) Ending balance $ 10,673 $ 21,843 |
Note 6 - Premises and Equipme39
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, (In thousands) 2016 2015 Land, buildings, and leasehold improvements $ 60,399 $ 59,708 Furniture and equipment 18,188 17,586 Total premises and equipment 78,587 77,294 Less accumulated depreciation and amortization 46,687 44,182 Premises and equipment, net $ 31,900 $ 33,112 |
Note 7 - Deposit Liabilities (T
Note 7 - Deposit Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Deposit Liabilities [Table Text Block] | December 31, (In thousands) 2016 2015 Noninterest Bearing $ 334,676 $ 313,969 Interest Bearing Demand 348,197 328,803 Savings 416,611 400,844 Time 270,423 325,378 Total interest bearing 1,035,231 1,055,025 Total Deposits $ 1,369,907 $ 1,368,994 |
Schedule of Maturities of Time Deposits [Table Text Block] | (In thousands) Amount 2017 $ 168,407 2018 54,791 2019 24,107 2020 14,200 2021 4,951 Thereafter 3,967 Total $ 270,423 |
Note 8 - Federal Funds Purcha41
Note 8 - Federal Funds Purchased and Other Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | December 31, (Dollars in thousands) 2016 2015 Federal funds purchased and short-term securities sold under agreements to repurchase $ 35,085 $ 34,353 Total short-term $ 35,085 $ 34,353 Average balance during the year $ 36,919 $ 31,580 Maximum month-end balance during the year 41,397 39,474 Average interest rate during the year .27 % .16 % Average interest rate at year-end .35 .24 |
Note 9 - Securities Sold Unde42
Note 9 - Securities Sold Under Agreements to Repurchase and Other Long-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, (Dollars in thousands) 2016 Average Rate 2015 Average Rate Federal Home Loan Bank advances $ 18,646 3.97 % $ 18,806 3.98 % Subordinated notes payable 33,506 2.30 48,970 1.94 Securities sold under agreements to repurchase 1,285 0.75 101,474 3.90 Total long-term borrowings $ 53,437 2.84 % $ 169,250 3.34 % |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) Amount 2017 $ 15,258 2018 3,251 2019 786 2020 636 2021 - Thereafter 33,506 Total $ 53,437 |
Schedule of Repurchase Agreements [Table Text Block] | Remaining Contractual Maturity of the Agreements December 31, 2016 (In thousands) Overnight/ Continuous Less Than 30 Days 30-89 Days 90 Days to One Year Over One Year to Four Years Total U.S. government agency securities $ 33,682 $ 1,203 $ - $ 458 $ 1,027 $ 36,370 Total $ 33,682 $ 1,203 $ - $ 458 $ 1,027 $ 36,370 Remaining Contractual Maturity of the Agreements December 31, 2015 (In thousands) Overnight/ Continuous Less Than 30 Days 30-89 Days 90 Days to One Year Over One Year to Four Years Total U.S. government agency securities $ 33,151 $ 1,202 $ - $ 716 $ 100,758 $ 135,827 Total $ 33,151 $ 1,202 $ - $ 716 $ 100,758 $ 135,827 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | December 31, (In thousands) 2016 2015 2014 Currently payable $ 5,556 $ 3,662 $ 2,168 Deferred 885 1,631 3,931 Income tax expense $ 6,441 $ 5,293 $ 6,099 |
Schedule of Components of Income Tax Expense (Benefit) Recorded to Shareholders' Equity [Table Text Block] | December 31, (In thousands) 2016 2015 2014 Unfunded status of postretirement benefits $ 211 $ (74 ) $ (382 ) Net unrealized securities (losses) gains (3,545 ) (1,052 ) 4,737 Total income tax (benefit) expense recorded directly to shareholders’ equity $ (3,334 ) $ (1,126 ) $ 4,355 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % Changes from statutory rates resulting from: Tax-exempt interest (4.6 ) (5.8 ) (5.2 ) Nondeductible interest to carry tax-exempt obligations .2 .2 .2 Premium income not subject to tax (1.3 ) (1.5 ) (1.2 ) Company-owned life insurance (1.5 ) (1.6 ) (1.9 ) Uncertain tax position - - (.3 ) Other, net .1 (.2 ) .4 Effective tax rate on pretax income 27.9 % 26.1 % 27.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, (In thousands) 2016 2015 Assets Allowance for loan losses $ 3,285 $ 3,625 Deferred directors’ fees 236 242 Postretirement benefit obligations 5,825 5,665 Other real estate owned 1,303 1,968 Self-funded insurance 232 230 Paid time off 815 756 Depreciation 1,630 1,440 Intangibles 1,878 2,432 Unrealized loss on available for sale investment securities, net 1,811 - Other 239 307 Total deferred tax assets 17,254 16,665 Liabilities Unrealized gains on available for sale investment securities, net - 1,734 Prepaid expenses 153 306 Federal Home Loan Bank stock dividends 1,035 1,035 Deferred loan fees 846 806 Other 52 65 Total deferred tax liabilities 2,086 3,946 Net deferred tax asset $ 15,168 $ 12,719 |
Note 11 - Retirement Plans (Tab
Note 11 - Retirement Plans (Tables) - Supplemental Employee Retirement Plan [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | (In thousands) 2016 2015 Change in Benefit Obligation Obligation at beginning of year $ 600 $ 583 Service cost 19 15 Interest cost 24 19 Actuarial loss 111 19 Benefit payments (36 ) (36 ) Obligation at end of year $ 718 $ 600 |
Schedule of Net Benefit Costs [Table Text Block] | (In thousands) 2016 2015 Service cost $ 19 $ 15 Interest cost 24 19 Recognized net actuarial loss 5 - Net periodic benefit cost $ 48 $ 34 Major assumptions: Discount rate used to determine net period benefit cost 3.39 % 3.22 % Discount rate used to determine benefit obligation at year end 3.31 3.39 Rate of compensation increase 4.00 4.00 |
Schedule of Expected Benefit Payments [Table Text Block] | (In thousands) Supplemental Retirement Plan 2017 $ 36 2018 36 2019 36 2020 71 2021 83 2022-2026 356 Total $ 618 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | (In thousands) 2016 2015 Unrecognized net actuarial loss (gain) $ 87 $ (19 ) Total $ 87 $ (19 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | (In thousands) Supplemental Retirement Plan Unrecognized net actuarial loss $ 5 Total $ 5 |
Note 13 - Postretirement Medi45
Note 13 - Postretirement Medical Benefits (Tables) - Postretirement Health Coverage [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | (In thousands) 2016 2015 Change in Benefit Obligation Obligation at beginning of year $ 16,204 $ 14,792 Service cost 637 739 Interest cost 683 649 Actuarial (gain) loss (660 ) 313 Participant contributions 153 129 Benefit payments (462 ) (418 ) Obligation at end of year $ 16,555 $ 16,204 |
Schedule of Net Benefit Costs [Table Text Block] | (In thousands) 2016 2015 Service cost $ 637 $ 739 Interest cost 683 649 Recognized prior service cost 50 51 Amortization of net actuarial loss - 42 Net periodic benefit cost $ 1,370 $ 1,481 Major assumptions: Discount rate used to determine net periodic benefit cost 4.34 % 3.92 % Discount rate used to determine benefit obligation as of year end 4.12 4.34 Retiree participation rate (Plan 1) 100.00 100.00 Retiree participation rate (Plan 2) 72.00 72.00 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | (In thousands) 1% Increase 1% Decrease Effect on total of service and interest cost components of net periodic postretirement health care benefit cost $ 335 $ (250 ) Effect on accumulated postretirement benefit obligation 3,366 (2,612 ) |
Schedule of Expected Benefit Payments [Table Text Block] | (In thousands) Postretirement Medical Benefits 2017 $ 416 2018 451 2019 481 2020 516 2021 573 2022-2026 3,507 Total $ 5,944 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | (In thousands) 2016 2015 Unrecognized net actuarial (gain) loss $ (93 ) $ 566 Unrecognized prior service cost 75 125 Total $ (18 ) $ 691 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | (In thousands) Postretirement Medical Benefits Unrecognized prior service cost $ 49 Total $ 49 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (In thousands) Operating Leases 2017 $ 397 2018 390 2019 327 2020 292 2021 255 Thereafter 889 Total $ 2,550 |
Note 15 - Financial Instrumen47
Note 15 - Financial Instruments With Off-balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | December 31, 2016 2015 (In thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit, including unused lines of credit $ 71,369 $ 116,926 $ 61,188 $ 111,202 Standby letters of credit 2,284 1,769 2,495 7,999 Total $ 73,653 $ 118,695 $ 63,683 $ 119,201 |
Note 18 - Regulatory Matters (T
Note 18 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (Dollars in thousands) Actual For Capital Adequacy Purposes To Be Well-Capitalized Under Prompt Corrective Action Provisions December 31, 201 6 Amount Ratio Amount Ratio Amount Ratio Common Equity Tier 1 Risk-based Capital 1 Consolidated $ 187,474 16.43 % $ 51,349 4.50 % N/A N/A Farmers Bank 64,016 16.53 17,425 4.50 $ 25,170 6.50 % United Bank 58,180 15.54 16,848 4.50 24,337 6.50 First Citizens 28,324 13.56 9,401 4.50 13,580 6.50 Citizens Northern 24,661 15.24 7,280 4.50 10,516 6.50 Tier 1 Risk-based Capital 1 Consolidated $ 219,974 19.28 % $ 68,466 6.00 % N/A N/A Farmers Bank 64,016 16.53 23,234 6.00 $ 30,978 8.00 % United Bank 58,180 15.54 22,465 6.00 29,953 8.00 First Citizens 28,324 13.56 12,535 6.00 16,714 8.00 Citizens Northern 24,661 15.24 9,707 6.00 12,942 8.00 Total Risk-based Capital 1 Consolidated $ 229,318 20.10 % $ 91,288 8.00 % N/A N/A Farmers Bank 66,720 17.23 30,978 8.00 $ 38,723 10.00 % United Bank 61,680 16.47 29,953 8.00 37,441 10.00 First Citizens 29,590 14.16 16,714 8.00 20,892 10.00 Citizens Northern 26,534 16.40 12,942 8.00 16,178 10.00 Tier 1 Leverage Capital 2 Consolidated $ 219,974 13.20 % $ 66,656 4.00 % N/A N/A Farmers Bank 64,016 9.80 26,121 4.00 $ 32,651 5.00 % United Bank 58,180 12.38 18,798 4.00 23,497 5.00 First Citizens 28,324 9.76 11,606 4.00 14,507 5.00 Citizens Northern 24,661 10.68 9,234 4.00 11,543 5.00 (Dollars in thousands) Actual For Capital Adequacy Purposes To Be Well-Capitalized Under Prompt Corrective Action Provisions December 31, 201 5 Amount Ratio Amount Ratio Amount Ratio Common Equity Tier 1 Risk-based Capital 1 Consolidated $ 172,871 14.91 % $ 52,184 4.50 % N/A N/A Farmers Bank 63,552 15.57 18,366 4.50 $ 26,529 6.50 % United Bank 65,862 18.67 15,879 4.50 22,936 6.50 First Citizens 28,743 13.55 9,543 4.50 13,784 6.50 Citizens Northern 25,770 14.42 8,044 4.50 11,619 6.50 Tier 1 Risk-based Capital 1 Consolidated $ 220,371 19.00 % $ 69,579 6.00 % N/A N/A Farmers Bank 63,552 15.57 24,488 6.00 $ 32,651 8.00 % United Bank 65,862 18.67 21,171 6.00 28,228 8.00 First Citizens 28,743 13.55 12,724 6.00 16,965 8.00 Citizens Northern 25,770 14.42 10,725 6.00 14,300 8.00 Total Risk-based Capital 1 Consolidated $ 230,686 19.89 % $ 92,772 8.00 % N/A N/A Farmers Bank 66,728 16.35 32,651 8.00 $ 40,814 10.00 % United Bank 69,456 19.68 28,228 8.00 35,286 10.00 First Citizens 30,048 14.17 16,965 8.00 21,207 10.00 Citizens Northern 28,004 15.67 14,300 8.00 17,875 10.00 Tier 1 Leverage Capital 2 Consolidated $ 220,371 12.46 % $ 70,746 4.00 % N/A N/A Farmers Bank 63,552 9.20 27,629 4.00 $ 34,537 5.00 % United Bank 65,862 12.89 20,442 4.00 25,553 5.00 First Citizens 28,743 9.20 12,493 4.00 15,617 5.00 Citizens Northern 25,770 10.79 9,555 4.00 11,943 5.00 |
Note 19 - Fair Value Measurem49
Note 19 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 201 6 Obligations of U.S. government-sponsored entities $ 71,694 $ - $ 71,694 $ - Obligations of states and political subdivisions 132,292 - 132,292 - Mortgage-backed securities – residential 224,307 - 224,307 - Mortgage-backed securities – commercial 45,613 - 45,613 - Corporate debt securities 6,125 - 6,125 - Mutual funds and equity securities 833 833 - - Total $ 480,864 $ 833 $ 480,031 $ - December 31, 201 5 Obligations of U.S. government-sponsored entities $ 106,906 $ - $ 106,906 $ - Obligations of states and political subdivisions 150,266 - 150,266 - Mortgage-backed securities – residential 297,861 - 297,861 - Mortgage-backed securities – commercial 20,584 - 20,584 - Corporate debt securities 5,840 - 5,840 - Mutual funds and equity securities 745 745 - - Total $ 582,202 $ 745 $ 581,457 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements Using (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 201 6 Collateral-dependent Impaired Loans Real estate mortgage – construction and land development $ 2,909 $ - $ - $ 2,909 Real estate mortgage – residential 3,137 - - 3,137 Real estate mortgage – farmland and other commercial enterprises 351 351 Total $ 6,397 $ - $ - $ 6,397 OREO Construction and land development $ 4,883 $ - $ - $ 4,883 Residential real estate 234 - - 234 Farmland and other commercial enterprises 1,070 - - 1,070 Total $ 6,187 $ - $ - $ 6,187 Fair Value Measurements Using (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 201 5 Collateral-dependent Impaired Loans Real estate mortgage – construction and land development $ 2,908 $ - $ - $ 2,908 Real estate mortgage – residential 3,720 - - 3,720 Total $ 6,628 $ - $ - $ 6,628 OREO Construction and land development $ 2,252 $ - $ - $ 2,252 Residential real estate 406 - - 406 Farmland and other commercial enterprises 2,868 - - 2,868 Total $ 5,526 $ - $ - $ 5,526 |
Asset Impairment Charges on Assets Nonrecurring [Table Text Block] | (In thousands) Years Ended December 31, 2016 2015 Impairment charges: Collateral-dependent impaired loans $ 858 $ 259 OREO 634 768 Total $ 1,492 $ 1,027 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | (In thousands) Fair Value Valuation Technique Unobservable Inputs Range Weighted Average December 31, 201 6 Collateral-dependent impaired loans $ 6,397 Discounted appraisals Marketability discount 0% - 67.8% 3.5 % OREO $ 6,187 Discounted appraisals Marketability discount 0% - 50.0% 11.2 % December 31, 201 5 Collateral-dependent impaired loans $ 6,628 Discounted appraisals Marketability discount 0% - 8.3% 7.9 % OREO $ 5,526 Discounted appraisals Marketability discount 2.3% - 26.9% 6.5 % |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Using (In thousands) Carrying Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 201 6 Assets Cash and cash equivalents $ 113,534 $ 113,534 $ 113,534 $ - $ - Held to maturity investment securities 3,488 3,597 - 3,597 - Loans, net 961,631 962,437 - - 962,437 Accrued interest receivable 5,019 5,019 - 5,019 - Federal Home Loan Bank and Federal Reserve Bank Stock 9,840 N/A - - - Liabilities Deposits 1,369,907 1,369,567 1,099,211 - 270,356 Federal funds purchased and short-term securities sold under agreements to repurchase 35,085 35,085 - 35,085 - Securities sold under agreements to repurchase and other long-term borrowings 19,931 20,410 - 20,410 - Subordinated notes payable to unconsolidated trusts 33,506 21,234 - - 21,234 Accrued interest payable 321 321 - 321 - December 31, 201 5 Assets Cash and cash equivalents $ 120,493 $ 120,493 $ 120,493 $ - $ - Held to maturity investment securities 3,611 3,809 - 3,809 - Loans, net 948,960 945,809 - - 945,809 Accrued interest receivable 5,392 5,392 - 5,392 - Federal Home Loan Bank and Federal Reserve Bank Stock 9,368 N/A - - - Liabilities Deposits 1,368,994 1,369,016 1,043,616 - 325,400 Federal funds purchased and short-term securities sold under agreements to repurchase 34,353 34,353 - 34,353 - Securities sold under agreements to repurchase and other long-term borrowings 120,280 126,964 - 126,964 - Subordinated notes payable to unconsolidated trusts 48,970 31,515 - - 31,515 Accrued interest payable 851 851 - 851 - |
Note 20 - Parent Company Fina50
Note 20 - Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, (In thousands) 2016 2015 Assets Cash and cash equivalents $ 44,286 $ 35,964 Investment in subsidiaries 175,935 191,630 Other assets 1,378 1,243 Total assets $ 221,599 $ 228,837 Liabilities Dividends payable, common stock $ 751 $ - Subordinated notes payable to unconsolidated trusts 33,506 48,970 Other liabilities 3,276 4,169 Total liabilities 37,533 53,139 Shareholders’ Equity Common stock 939 937 Capital surplus 51,885 51,608 Retained earnings 134,650 120,371 Accumulated other comprehensive (loss) income (3,408 ) 2,782 Total shareholders’ equity 184,066 175,698 Total liabilities and shareholders’ equity $ 221,599 $ 228,837 |
Condensed Income Statement [Table Text Block] | Years Ended December 31, (In thousands) 2016 2015 2014 Income Dividends from subsidiaries $ 24,820 $ 14,426 $ 16,525 Interest 39 12 28 Gain on debt extinguishment 4,050 - - Other noninterest income 2,442 2,555 3,132 Total income 31,351 16,993 19,685 Expense Interest expense – subordinated notes payable to unconsolidated trusts 723 866 844 Noninterest expense 5,050 4,938 3,977 Total expense 5,773 5,804 4,821 Income before income tax benefit and equity in undistributed income of subsidiaries 25,578 11,189 14,864 Income tax expense (benefit) 273 (1,076 ) (555 ) Income before equity in undistributed income of subsidiaries 25,305 12,265 15,419 Equity in undistributed (loss) income of subsidiaries (8,700 ) 2,727 1,040 Net income 16,605 14,992 16,459 Other comprehensive (loss) income (6,190 ) (2,093 ) 8,087 Comprehensive income $ 10,415 $ 12,899 $ 24,546 |
Condensed Cash Flow Statement [Table Text Block] | Years Ended December 31, (In thousands) 2016 2015 2014 Cash Flows From Operating Activities Net income $ 16,605 $ 14,992 $ 16,459 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed loss (income) of subsidiaries 8,700 (2,727 ) (1,040 ) Noncash employee stock purchase plan expense 7 4 4 Noncash director fee compensation 92 104 82 Change in other assets and liabilities, net (1,116 ) 582 454 Deferred income tax (benefit) expense (46 ) (54 ) 17 Gain on extinguishment of subordinated notes payable to unconsolidated trusts (4,050 ) - - Net cash provided by operating activities 20,192 12,901 15,976 Cash Flows From Investing Activities Return of equity from nonbank subsidiary 500 1,355 1,500 Net cash provided by investing activities 500 1,355 1,500 Cash Flows From Financing Activities Cash paid to extinguish subordinated notes payable to unconsolidated trusts (10,950 ) - - Dividends paid, common stock (1,575 ) - - Redemption of preferred stock - (10,000 ) (20,000 ) Dividends paid, preferred stock - (508 ) (1,990 ) Shares issued under employee stock purchase plan 155 130 129 Net cash used in financing activities (12,370 ) (10,378 ) (21,861 ) Net increase (decrease) in cash and cash equivalents 8,322 3,878 (4,385 ) Cash and cash equivalents at beginning of year 35,964 32,086 36,471 Cash and cash equivalents at end of year $ 44,286 $ 35,964 $ 32,086 |
Note 21 - Quarterly Financial51
Note 21 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | (In thousands, except per share data) Quarters Ended 2016 March 31 June 30 Sept. 30 Dec. 31 Interest income $ 15,330 $ 14,973 $ 14,619 $ 14,449 Interest expense 2,043 1,975 1,809 928 Net interest income 13,287 12,998 12,810 13,521 Provision for loan losses (473 ) (156 ) (190 ) 175 Net interest income after provision for loan losses 13,760 13,154 13,000 13,346 Noninterest income 9,542 1 5,521 10,772 2 5,351 Noninterest expense 14,407 13,884 17,888 2 15,221 Income before income taxes 8,895 4,791 5,884 3,476 Income tax expense 2,715 1,235 1,560 931 Net income 6,180 3,556 4,324 2,545 Less preferred stock dividends and discount accretion - - - - Net income available to common shareholders $ 6,180 $ 3,556 $ 4,324 $ 2,545 Net income per common share, basic and diluted $ .82 $ .47 $ .58 $ .34 Weighted average common shares outstanding, basic and diluted 7,500 7,502 7,505 7,508 (In thousands, except per share data) Quarters Ended 2015 March 31 June 30 Sept. 30 Dec. 31 Interest income $ 15,220 $ 15,721 $ 15,123 $ 15,172 Interest expense 2,217 2,148 2,158 2,118 Net interest income 13,003 13,573 12,965 13,054 Provision for loan losses (1,545 ) (264 ) (898 ) (722 ) Net interest income after provision for loan losses 14,548 13,837 13,863 13,776 Noninterest income 5,441 5,508 5,689 5,573 Noninterest expense 14,510 14,474 14,281 14,685 Income before income taxes 5,479 4,871 5,271 4,664 Income tax expense 1,405 1,369 1,439 1,080 Net income 4,074 3,502 3,832 3,584 Less preferred stock dividends and discount accretion 225 170 - - Net income available to common shareholders $ 3,849 $ 3,332 $ 3,832 $ 3,584 Net income per common share, basic and diluted $ .51 $ .44 $ .51 $ .48 Weighted average common shares outstanding, basic and diluted 7,490 7,492 7,495 7,497 |
Note 1 - Summary of Significa52
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 156 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2004 | Dec. 31, 2000 | Dec. 31, 1997 | Dec. 31, 2016 | Dec. 31, 2013 | |
Number of Operating Segments | 1 | |||||||
Number of Reportable Segments | 1 | |||||||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | $ 9,800 | $ 9,400 | $ 9,800 | |||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 301 | $ 285 | $ 301 | |||||
Net Deferred Loan Costs, Percent of Average Loans Outstanding | 0.03% | 0.30% | 0.03% | |||||
Interest Receivable, Percent of Average Loans Outstanding | 0.30% | 0.30% | 0.30% | |||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 1,700 | $ 715 | $ 1,700 | |||||
Mortgage Banking Revenues, Percent of Total Revenue | 1.60% | 1.60% | 1.10% | |||||
Servicing Asset at Fair Value, Amount | $ 731 | $ 691 | 731 | |||||
Mortgage Loans Serviced for Others | 202,000 | 200,000 | 202,000 | |||||
Cash Reserve Deposit Required and Made | $ 18,000 | $ 18,000 | $ 18,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 6,631 | 6,329 | 6,894 | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition | $ 32 | $ 31 | $ 32 | |||||
Trading Securities | 0 | 0 | $ 0 | |||||
Other than Temporary Impairment Losses, Investments | 0 | 0 | $ 0 | |||||
Servicing Asset at Amortized Cost, Other than Temporary Impairments | $ 0 | $ 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 0 | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | 40,049 | 54,000 | 450,000 | 0 | |
Treasury Stock, Shares, Acquired | 0 | 0 | ||||||
Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||||
Minimum [Member] | Furniture and Fixtures [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||||
Minimum [Member] | Building and Building Improvements [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||
Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||
Maximum [Member] | Furniture and Fixtures [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||||
Maximum [Member] | Building and Building Improvements [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 40 years | |||||||
Loans Receivable [Member] | ||||||||
Interest Receivable | $ 2,800 | $ 2,900 | $ 2,800 |
Note 1 - Summary of Significa53
Note 1 - Summary of Significant Accounting Policies - Payments to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Legal fees | $ 474 | $ 843 | $ 856 |
Other | 7,228 | 7,302 | 7,359 |
Payments to Related Parties for Services Made in Ordinary Course of Business [Member] | |||
Legal fees | 257 | 221 | 212 |
Commissions and fees related to the sale of repossessed commercial real estate and property management | 9 | 10 | |
Insurance premiums/commissions | 1 | 8 | |
Other | 2 | 5 | 9 |
Total | $ 259 | $ 236 | $ 239 |
Note 1 - Summary of Significa54
Note 1 - Summary of Significant Accounting Policies - Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 2,545 | $ 4,324 | $ 3,556 | $ 6,180 | $ 3,584 | $ 3,832 | $ 3,502 | $ 4,074 | $ 16,605 | $ 14,992 | $ 16,459 |
Less preferred stock dividends and discount accretion | 170 | 225 | 395 | 1,927 | |||||||
Net income available to common shareholders, basic and diluted | $ 2,545 | $ 4,324 | $ 3,556 | $ 6,180 | $ 3,584 | $ 3,832 | $ 3,332 | $ 3,849 | $ 16,605 | $ 14,597 | $ 14,532 |
Average common shares outstanding, basic and diluted (in shares) | 7,508 | 7,505 | 7,502 | 7,500 | 7,497 | 7,495 | 7,492 | 7,490 | 7,504 | 7,494 | 7,483 |
Net income per common share, basic and diluted (in dollars per share) | $ 0.34 | $ 0.58 | $ 0.47 | $ 0.82 | $ 0.48 | $ 0.51 | $ 0.44 | $ 0.51 | $ 2.21 | $ 1.95 | $ 1.94 |
Note 1 - Summary of Significa55
Note 1 - Summary of Significant Accounting Policies - Estimated Fair Market Value Assumptions - ESPP (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expected volatility | 26.30% | 32.60% | 37.40% |
Dividend yield | 0.83% | 0.00% | 0.00% |
Risk-free interest rate | 0.26% | 0.02% | 0.04% |
Expected life (Year) | 91 days | 91 days | 91 days |
Fair value (in dollars per share) | $ 5.31 | $ 5.08 | $ 4.69 |
Note 2 - Accumulated Other Co56
Note 2 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ 175,698 | $ 172,929 | $ 170,055 |
Other comprehensive (loss) income | (6,190) | (2,093) | 8,087 |
Balance | 184,066 | 175,698 | 172,929 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Balance | 3,219 | 5,174 | |
Other comprehensive (loss) income before reclassifications | (3,983) | (1,844) | |
Amounts reclassified from accumulated other comprehensive income | (2,599) | (111) | |
Other comprehensive (loss) income | (6,582) | (1,955) | |
Balance | (3,363) | 3,219 | 5,174 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (437) | (299) | |
Other comprehensive (loss) income before reclassifications | 356 | (198) | |
Amounts reclassified from accumulated other comprehensive income | 36 | 60 | |
Other comprehensive (loss) income | 392 | (138) | |
Balance | (45) | (437) | (299) |
AOCI Attributable to Parent [Member] | |||
Balance | 2,782 | 4,875 | (3,212) |
Other comprehensive (loss) income before reclassifications | (3,627) | (2,042) | |
Amounts reclassified from accumulated other comprehensive income | (2,563) | (51) | |
Other comprehensive (loss) income | (6,190) | (2,093) | 8,087 |
Balance | $ (3,408) | $ 2,782 | $ 4,875 |
Note 2 - Accumulated Other Co57
Note 2 - Accumulated Other Comprehensive Income - Amounts Reclassified Out of Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment securities gains (losses), net | $ 3,800 | $ 3,998 | $ 171 | $ (63) | |||||||
Income tax benefit (expense) | $ (931) | (1,560) | $ (1,235) | $ (2,715) | $ (1,080) | $ (1,439) | $ (1,369) | $ (1,405) | (6,441) | (5,293) | (6,099) |
Net income | 2,545 | 4,324 | 3,556 | 6,180 | 3,584 | 3,832 | 3,502 | 4,074 | 16,605 | 14,992 | 16,459 |
Salaries and employee benefits | (32,296) | (32,008) | (29,763) | ||||||||
Total before tax | 23,046 | 20,285 | 22,558 | ||||||||
Income tax expense | $ 931 | $ 1,560 | $ 1,235 | $ 2,715 | $ 1,080 | $ 1,439 | $ 1,369 | $ 1,405 | 6,441 | 5,293 | 6,099 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Net income | 2,563 | 51 | (132) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||||||
Investment securities gains (losses), net | 3,998 | 171 | (63) | ||||||||
Income tax benefit (expense) | (1,399) | (60) | 22 | ||||||||
Net income | 2,599 | 111 | (41) | ||||||||
Total before tax | (55) | (93) | (140) | ||||||||
Income tax expense | 1,399 | 60 | (22) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||||||||
Salaries and employee benefits | (50) | (51) | (207) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||||||||
Salaries and employee benefits | (5) | (42) | 67 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||||
Income tax benefit (expense) | (19) | (33) | (49) | ||||||||
Net income | (36) | (60) | (91) | ||||||||
Income tax expense | $ 19 | $ 33 | $ 49 |
Note 3 - Investment Securitie58
Note 3 - Investment Securities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities Pledged as Collateral | $ 191,000 | $ 315,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 656 | 1,833 |
Available-for-sale Securities | 480,864 | 582,202 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 7,692 | 3,232 |
Single Issuer Corporate Debt Security [Member] | ||
Available-for-sale Securities | 5,500 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 793 | |
Corporate Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 435 | 794 |
Available-for-sale Securities | 6,125 | 5,840 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 441 | $ 800 |
Note 3 - Investment Securitie59
Note 3 - Investment Securities - The Amortized Costs and Estimated Fair Value of the Securities Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available for Sale Securities - Amortized Cost | $ 486,038 | $ 577,248 |
Available for Sale Securities - Gross Unrealized Gains | 2,518 | 8,186 |
Available for Sale Securities - Gross Unrealized Losses | 7,692 | 3,232 |
Available-for-sale Securities | 480,864 | 582,202 |
Held to Maturity Securities - Amortized Cost | 3,488 | 3,611 |
Held to Maturity Securities - Estimated Fair Value | 3,597 | 3,809 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Available for Sale Securities - Amortized Cost | 71,941 | 107,135 |
Available for Sale Securities - Gross Unrealized Gains | 213 | 309 |
Available for Sale Securities - Gross Unrealized Losses | 460 | 538 |
Available-for-sale Securities | 71,694 | 106,906 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for Sale Securities - Amortized Cost | 134,055 | 147,875 |
Available for Sale Securities - Gross Unrealized Gains | 773 | 2,604 |
Available for Sale Securities - Gross Unrealized Losses | 2,536 | 213 |
Available-for-sale Securities | 132,292 | 150,266 |
Held to Maturity Securities - Amortized Cost | 3,488 | 3,611 |
Held to Maturity Securities - Gross Unrealized Gains | 109 | 198 |
Held to Maturity Securities - Gross Unrealized Losses | 0 | 0 |
Held to Maturity Securities - Estimated Fair Value | 3,597 | 3,809 |
Residential Mortgage Backed Securities [Member] | ||
Available for Sale Securities - Amortized Cost | 225,489 | 294,140 |
Available for Sale Securities - Gross Unrealized Gains | 1,505 | 5,210 |
Available for Sale Securities - Gross Unrealized Losses | 2,687 | 1,489 |
Available-for-sale Securities | 224,307 | 297,861 |
Commercial Mortgage Backed Securities [Member] | ||
Available for Sale Securities - Amortized Cost | 47,164 | 20,655 |
Available for Sale Securities - Gross Unrealized Gains | 6 | 52 |
Available for Sale Securities - Gross Unrealized Losses | 1,557 | 123 |
Available-for-sale Securities | 45,613 | 20,584 |
Corporate Debt Securities [Member] | ||
Available for Sale Securities - Amortized Cost | 6,565 | 6,629 |
Available for Sale Securities - Gross Unrealized Gains | 1 | 11 |
Available for Sale Securities - Gross Unrealized Losses | 441 | 800 |
Available-for-sale Securities | 6,125 | 5,840 |
Mutual Funds and Equity Securities [Member] | ||
Available for Sale Securities - Amortized Cost | 824 | 814 |
Available for Sale Securities - Gross Unrealized Gains | 20 | |
Available for Sale Securities - Gross Unrealized Losses | 11 | 69 |
Available-for-sale Securities | $ 833 | $ 745 |
Note 3 - Investment Securitie60
Note 3 - Investment Securities - The Amortized Cost and Estimated Fair Value of the Securities Portfolio by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale, amortized cost, due in one year or less | $ 19,743 | |
Available-for-sale, estimated fair value, due in one year or less | 19,762 | |
Held-to-maturity, amortized cost, due in one year or less | 0 | |
Held-to-maturity, estimated fair value, due in one year or less | 0 | |
Available-for-sale, amortized cost, due after one year through five years | 87,628 | |
Available-for-sale, estimated fair value, due after one year through five years | 87,504 | |
Held-to-maturity, amortized cost, due after one year through five years | 0 | |
Held-to-maturity, estimated fair value, due after one year through five years | 0 | |
Available-for-sale, amortized cost, due after five years through ten years | 85,007 | |
Available-for-sale, estimated fair value, due after five years through ten years | 83,317 | |
Held-to-maturity, amortized cost, due after five years through ten years | 570 | |
Held-to-maturity, estimated fair value, due after five years through ten years | 630 | |
Available-for-sale, amortized cost, due after ten years | 20,183 | |
Available-for-sale, estimated fair value, due after ten years | 19,528 | |
Held-to-maturity, amortized cost, due after ten years | 2,918 | |
Held-to-maturity, estimated fair value, due after ten years | 2,967 | |
Available-for-sale, amortized cost, mortgage-backed securities | 272,653 | |
Available-for-sale, estimated fair value, mortgage-backed securities | 269,920 | |
Held-to-maturity, amortized cost, mortgage-backed securities | 0 | |
Held-to-maturity, estimated fair value, mortgage-backed securities | 0 | |
Available-for-sale, amortized cost | 485,214 | |
Available-for-sale, estimated fair value | 480,031 | |
Held-to-maturity, amortized cost | 3,488 | $ 3,611 |
Held-to-maturity, estimated fair value | $ 3,597 | $ 3,809 |
Note 3 - Investment Securitie61
Note 3 - Investment Securities - Gross Realized Gains and Losses on the Sale of Available for Sale Investment Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gross realized gains | $ 4,191 | $ 224 | $ 190 |
Gross realized losses | 193 | 53 | 253 |
Net realized gain (loss) | 3,998 | 171 | (63) |
Income tax provision (benefit) related to net realized gain (loss) | $ 1,399 | $ 60 | $ (22) |
Note 3 - Investment Securitie62
Note 3 - Investment Securities - Investment Securities With Unrealized Losses Not Recognized In Income (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Less than 12 Months Fair Value | $ 341,755 | $ 218,898 |
Less than 12 Months Unrealized Losses | 7,036 | 1,399 |
12 Months or More Fair Value | 13,429 | 56,994 |
12 Months or More Unrealized Losses | 656 | 1,833 |
Total Fair Value | 355,184 | 275,892 |
Total Unrealized Losses | 7,692 | 3,232 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Less than 12 Months Fair Value | 51,657 | 57,927 |
Less than 12 Months Unrealized Losses | 460 | 275 |
12 Months or More Fair Value | 21,576 | |
12 Months or More Unrealized Losses | 263 | |
Total Fair Value | 51,657 | 79,503 |
Total Unrealized Losses | 460 | 538 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 Months Fair Value | 91,728 | 30,426 |
Less than 12 Months Unrealized Losses | 2,526 | 123 |
12 Months or More Fair Value | 1,999 | 8,276 |
12 Months or More Unrealized Losses | 10 | 90 |
Total Fair Value | 93,727 | 38,702 |
Total Unrealized Losses | 2,536 | 213 |
Residential Mortgage Backed Securities [Member] | ||
Less than 12 Months Fair Value | 154,397 | 118,978 |
Less than 12 Months Unrealized Losses | 2,485 | 851 |
12 Months or More Fair Value | 5,841 | 21,723 |
12 Months or More Unrealized Losses | 202 | 638 |
Total Fair Value | 160,238 | 140,701 |
Total Unrealized Losses | 2,687 | 1,489 |
Commercial Mortgage Backed Securities [Member] | ||
Less than 12 Months Fair Value | 43,309 | 10,882 |
Less than 12 Months Unrealized Losses | 1,557 | 123 |
12 Months or More Fair Value | 0 | |
12 Months or More Unrealized Losses | 0 | |
Total Fair Value | 43,309 | 10,882 |
Total Unrealized Losses | 1,557 | 123 |
Corporate Debt Securities [Member] | ||
Less than 12 Months Fair Value | 536 | 204 |
Less than 12 Months Unrealized Losses | 6 | 6 |
12 Months or More Fair Value | 5,476 | 5,155 |
12 Months or More Unrealized Losses | 435 | 794 |
Total Fair Value | 6,012 | 5,359 |
Total Unrealized Losses | 441 | 800 |
Mutual Funds and Equity Securities [Member] | ||
Less than 12 Months Fair Value | 128 | 481 |
Less than 12 Months Unrealized Losses | 2 | 21 |
12 Months or More Fair Value | 113 | 264 |
12 Months or More Unrealized Losses | 9 | 48 |
Total Fair Value | 241 | 745 |
Total Unrealized Losses | $ 11 | $ 69 |
Note 4 - Loans and Allowance 63
Note 4 - Loans and Allowance for Loan Losses (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Payments to Acquire Loans Receivable | $ 2,512 | $ 8,613 | $ 3,756 |
Loans Receivable Acquired, Average Amount Outstanding | 120 | 99 | |
Loans Pledged as Collateral | 416,000 | 440,000 | |
Loans and Leases Receivable, Gross | 970,975 | 959,275 | |
Allowance for Credit Losses, Change in Method of Calculating Impairment | $ 2,000 | $ 1,900 | |
Financing Receivable, Modifications, Number of Contracts | 0 | 3 | |
Financing Receivable, Modifications, Recorded Investment | $ 22,942 | $ 23,831 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | $ 0 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
TDR Financing Receivable [Member] | |||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 356 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | ||
Purchased Loan at Discount [Member] | |||
Financing Receivable, Modifications, Purchase Price Discount | $ 482 | ||
Financing Receivable Modification Discount in Percentage | 15.00% | ||
Financing Receivable, Modifications, Recorded Investment | $ 11,000 | ||
Percent of Total Restructed Loans | 47.80% | ||
Directors, Executive Officers, Principal Shareholders, and Immediate Family Members [Member] | |||
Loans and Leases Receivable, Gross | $ 13,500 |
Note 4 - Loans and Allowance 64
Note 4 - Loans and Allowance for Loan Losses - Major Classifications of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loan receivable | $ 970,975 | $ 959,275 |
Less unearned income | 0 | |
Loans, net of unearned income | 970,975 | 959,275 |
Real Estate Portfolio Segment [Member] | ||
Loans, net of unearned income | 870,892 | 857,036 |
Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | ||
Loan receivable | 120,230 | 115,516 |
Loans, net of unearned income | 120,230 | 115,516 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | ||
Loan receivable | 350,295 | 355,134 |
Loans, net of unearned income | 350,295 | 355,134 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | ||
Loan receivable | 400,367 | 386,386 |
Loans, net of unearned income | 400,367 | 386,386 |
Commercial Portfolio Segment [Member] | ||
Loans, net of unearned income | 90,848 | 89,820 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loan receivable | 48,607 | 48,379 |
Loans, net of unearned income | 48,607 | 48,379 |
Commercial Portfolio Segment [Member] | States and Political Subdivisions [Member] | ||
Loan receivable | 18,933 | 17,643 |
Loans, net of unearned income | 18,933 | 17,643 |
Commercial Portfolio Segment [Member] | Commercial Other [Member] | ||
Loan receivable | 23,308 | 23,798 |
Loans, net of unearned income | 23,308 | 23,798 |
Consumer Portfolio Segment [Member] | ||
Loans, net of unearned income | 9,235 | 12,419 |
Consumer Portfolio Segment [Member] | Consumer Secured [Member] | ||
Loan receivable | 4,554 | 6,665 |
Loans, net of unearned income | 4,554 | 6,665 |
Consumer Portfolio Segment [Member] | Consumer Unsecured [Member] | ||
Loan receivable | 4,681 | 5,754 |
Loans, net of unearned income | $ 4,681 | $ 5,754 |
Note 4 - Loans and Allowance 65
Note 4 - Loans and Allowance for Loan Losses - Activity of Loan Balances - Directors, Executive Officers, and Principal Shareholders (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Balance | $ 18,540 |
New loans | 5,067 |
Repayments | (9,008) |
Loans no longer meeting disclosure requirements, new loans meeting disclosure requirements, and other adjustments, net | (1,100) |
Balance | $ 13,499 |
Note 4 - Loans and Allowance 66
Note 4 - Loans and Allowance for Loan Losses - Activity In the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at beginning of period | $ 10,315 | $ 13,968 | $ 10,315 | $ 13,968 | $ 20,577 | ||||||
Provision for loan losses | $ 175 | $ (190) | $ (156) | (473) | $ (722) | $ (898) | $ (264) | (1,545) | (644) | (3,429) | (4,364) |
Recoveries | 413 | 785 | 1,507 | ||||||||
Loans charged off | (740) | (1,009) | (3,752) | ||||||||
Balance at end of period | 9,344 | 10,315 | 9,344 | 10,315 | 13,968 | ||||||
Real Estate Portfolio Segment [Member] | |||||||||||
Balance at beginning of period | 9,173 | 12,542 | 9,173 | 12,542 | 18,716 | ||||||
Provision for loan losses | (702) | (3,099) | (4,922) | ||||||||
Recoveries | 141 | 463 | 624 | ||||||||
Loans charged off | (407) | (733) | (1,876) | ||||||||
Balance at end of period | 8,205 | 9,173 | 8,205 | 9,173 | 12,542 | ||||||
Commercial Portfolio Segment [Member] | |||||||||||
Balance at beginning of period | 820 | 1,153 | 820 | 1,153 | 1,409 | ||||||
Provision for loan losses | 50 | (449) | 620 | ||||||||
Recoveries | 203 | 210 | 786 | ||||||||
Loans charged off | (219) | (94) | (1,662) | ||||||||
Balance at end of period | 854 | 820 | 854 | 820 | 1,153 | ||||||
Consumer Portfolio Segment [Member] | |||||||||||
Balance at beginning of period | $ 322 | $ 273 | 322 | 273 | 452 | ||||||
Provision for loan losses | 8 | 119 | (62) | ||||||||
Recoveries | 69 | 112 | 97 | ||||||||
Loans charged off | (114) | (182) | (214) | ||||||||
Balance at end of period | $ 285 | $ 322 | $ 285 | $ 322 | $ 273 |
Note 4 - Loans and Allowance 67
Note 4 - Loans and Allowance for Loan Losses - Individually Impaired Loans by Class of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unpaid principal balance | $ 44,632 | $ 40,122 | |
Recorded investment with no allowance | 16,706 | 10,526 | |
Recorded investment with allowance | 25,189 | 26,656 | |
Total recorded investment | 41,895 | 37,182 | |
Allowance for loan losses allocated | 2,948 | 2,894 | |
Average | 42,979 | 42,308 | $ 53,837 |
Interest income recognized | 2,028 | 1,703 | 2,072 |
Cash basis interest recognized | 1,943 | 1,684 | 2,037 |
Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | |||
Unpaid principal balance | 9,076 | 9,932 | |
Recorded investment with no allowance | 2,599 | 3,875 | |
Recorded investment with allowance | 3,800 | 3,372 | |
Total recorded investment | 6,399 | 7,247 | |
Allowance for loan losses allocated | 759 | 556 | |
Average | 7,706 | 9,409 | 13,557 |
Interest income recognized | 310 | 343 | 424 |
Cash basis interest recognized | 298 | 337 | 423 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | |||
Unpaid principal balance | 9,930 | 8,655 | |
Recorded investment with no allowance | 4,388 | 2,502 | |
Recorded investment with allowance | 5,590 | 6,024 | |
Total recorded investment | 9,978 | 8,526 | |
Allowance for loan losses allocated | 1,503 | 1,278 | |
Average | 9,146 | 9,810 | 11,254 |
Interest income recognized | 491 | 448 | 550 |
Cash basis interest recognized | 465 | 438 | 535 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | |||
Unpaid principal balance | 25,045 | 20,980 | |
Recorded investment with no allowance | 9,699 | 4,149 | |
Recorded investment with allowance | 15,235 | 16,703 | |
Total recorded investment | 24,934 | 20,852 | |
Allowance for loan losses allocated | 304 | 681 | |
Average | 25,557 | 22,439 | 28,711 |
Interest income recognized | 1,197 | 890 | 1,088 |
Cash basis interest recognized | 1,153 | 887 | 1,070 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Unpaid principal balance | 435 | 399 | |
Recorded investment with no allowance | 20 | ||
Recorded investment with allowance | 418 | 400 | |
Total recorded investment | 438 | 400 | |
Allowance for loan losses allocated | 236 | 223 | |
Average | 419 | 523 | 255 |
Interest income recognized | 23 | 16 | 6 |
Cash basis interest recognized | 21 | 16 | 5 |
Consumer Portfolio Segment [Member] | Consumer Unsecured [Member] | |||
Unpaid principal balance | 146 | 156 | |
Recorded investment with no allowance | |||
Recorded investment with allowance | 146 | 157 | |
Total recorded investment | 146 | 157 | |
Allowance for loan losses allocated | 146 | 156 | |
Average | 151 | 127 | 54 |
Interest income recognized | 7 | 6 | 4 |
Cash basis interest recognized | $ 6 | $ 6 | 4 |
Consumer Portfolio Segment [Member] | Consumer Secured [Member] | |||
Average | 6 | ||
Interest income recognized | |||
Cash basis interest recognized |
Note 4 - Loans and Allowance 68
Note 4 - Loans and Allowance for Loan Losses - Allowance for Loan Losses and the Recorded Investment In Loans by Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Individually evaluated for impairment | $ 2,948 | $ 2,894 | ||
Collectively evaluated for impairment | 6,396 | 7,421 | ||
Total ending allowance balance | 9,344 | 10,315 | $ 13,968 | $ 20,577 |
Loans individually evaluated for impairment | 41,895 | 37,182 | ||
Loans collectively evaluated for impairment | 929,080 | 922,093 | ||
Loans, net of unearned income | 970,975 | 959,275 | ||
Real Estate Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 2,566 | 2,515 | ||
Collectively evaluated for impairment | 5,639 | 6,658 | ||
Total ending allowance balance | 8,205 | 9,173 | 12,542 | 18,716 |
Loans individually evaluated for impairment | 41,311 | 36,625 | ||
Loans collectively evaluated for impairment | 829,581 | 820,411 | ||
Loans, net of unearned income | 870,892 | 857,036 | ||
Commercial Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 236 | 223 | ||
Collectively evaluated for impairment | 618 | 597 | ||
Total ending allowance balance | 854 | 820 | 1,153 | 1,409 |
Loans individually evaluated for impairment | 438 | 400 | ||
Loans collectively evaluated for impairment | 90,410 | 89,420 | ||
Loans, net of unearned income | 90,848 | 89,820 | ||
Consumer Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 146 | 156 | ||
Collectively evaluated for impairment | 139 | 166 | ||
Total ending allowance balance | 285 | 322 | $ 273 | $ 452 |
Loans individually evaluated for impairment | 146 | 157 | ||
Loans collectively evaluated for impairment | 9,089 | 12,262 | ||
Loans, net of unearned income | $ 9,235 | $ 12,419 |
Note 4 - Loans and Allowance 69
Note 4 - Loans and Allowance for Loan Losses - Recorded Investment In Nonperforming Loans by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Nonaccrual | $ 6,423 | $ 8,380 |
Restructured Loans | 22,942 | 23,831 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | ||
Nonaccrual | 712 | 1,567 |
Restructured Loans | 3,637 | 3,674 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | ||
Nonaccrual | 2,316 | 2,485 |
Restructured Loans | 4,006 | 4,127 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | ||
Nonaccrual | 3,383 | 4,266 |
Restructured Loans | 14,787 | 15,503 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Nonaccrual | 44 | |
Restructured Loans | 377 | 384 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Other [Member] | ||
Nonaccrual | 8 | |
Restructured Loans | 0 | |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | Consumer Secured [Member] | ||
Nonaccrual | 4 | 10 |
Restructured Loans | 0 | 0 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | Consumer Unsecured [Member] | ||
Nonaccrual | 8 | 0 |
Restructured Loans | 135 | 143 |
Loans Past Due 90 Days or More and Still Accruing | $ 0 | $ 0 |
Note 4 - Loans and Allowance 70
Note 4 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015USD ($) | |
Number of loans | 0 | 3 |
Pre-modification outstanding recorded investment | $ 533 | |
Post-modification outstanding recorded investment | $ 533 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Number of loans | 2 | |
Pre-modification outstanding recorded investment | $ 388 | |
Post-modification outstanding recorded investment | $ 388 | |
Consumer Portfolio Segment [Member] | Consumer Secured [Member] | ||
Number of loans | 1 | |
Pre-modification outstanding recorded investment | $ 145 | |
Post-modification outstanding recorded investment | $ 145 |
Note 4 - Loans and Allowance 71
Note 4 - Loans and Allowance for Loan Losses - Aging Analysis of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans, past due | $ 5,911 | $ 4,666 |
Loans, current | 965,064 | 954,609 |
Loans, net of unearned income | 970,975 | 959,275 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Nonaccrual | 6,423 | 8,380 |
Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans, past due | 2,395 | 571 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 3,516 | 4,095 |
Real Estate Portfolio Segment [Member] | ||
Loans, net of unearned income | 870,892 | 857,036 |
Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | ||
Loans, past due | 620 | 227 |
Loans, current | 119,610 | 115,289 |
Loans, net of unearned income | 120,230 | 115,516 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Nonaccrual | 712 | 1,567 |
Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans, past due | 393 | 0 |
Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 227 | 227 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | ||
Loans, past due | 2,733 | 1,869 |
Loans, current | 347,562 | 353,265 |
Loans, net of unearned income | 350,295 | 355,134 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Nonaccrual | 2,316 | 2,485 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans, past due | 1,935 | 421 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 798 | 1,448 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | ||
Loans, past due | 2,483 | 2,418 |
Loans, current | 397,884 | 383,968 |
Loans, net of unearned income | 400,367 | 386,386 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Nonaccrual | 3,383 | 4,266 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans, past due | 42 | |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 2,483 | 2,376 |
Commercial Portfolio Segment [Member] | ||
Loans, net of unearned income | 90,848 | 89,820 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans, past due | 85 | |
Loans, current | 48,607 | 48,294 |
Loans, net of unearned income | 48,607 | 48,379 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Nonaccrual | 44 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans, past due | 42 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 43 | |
Commercial Portfolio Segment [Member] | States and Political Subdivisions [Member] | ||
Loans, past due | 0 | 0 |
Loans, current | 18,933 | 17,643 |
Loans, net of unearned income | 18,933 | 17,643 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Commercial Portfolio Segment [Member] | States and Political Subdivisions [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans, past due | 0 | 0 |
Commercial Portfolio Segment [Member] | States and Political Subdivisions [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Other [Member] | ||
Loans, past due | 24 | 39 |
Loans, current | 23,284 | 23,759 |
Loans, net of unearned income | 23,308 | 23,798 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Nonaccrual | 8 | |
Commercial Portfolio Segment [Member] | Commercial Other [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans, past due | 24 | 39 |
Commercial Portfolio Segment [Member] | Commercial Other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 0 | |
Consumer Portfolio Segment [Member] | ||
Loans, net of unearned income | 9,235 | 12,419 |
Consumer Portfolio Segment [Member] | Consumer Secured [Member] | ||
Loans, past due | 13 | 10 |
Loans, current | 4,541 | 6,655 |
Loans, net of unearned income | 4,554 | 6,665 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Nonaccrual | 4 | 10 |
Consumer Portfolio Segment [Member] | Consumer Secured [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans, past due | 13 | 9 |
Consumer Portfolio Segment [Member] | Consumer Secured [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 1 | |
Consumer Portfolio Segment [Member] | Consumer Unsecured [Member] | ||
Loans, past due | 38 | 18 |
Loans, current | 4,643 | 5,736 |
Loans, net of unearned income | 4,681 | 5,754 |
Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
Nonaccrual | 8 | 0 |
Consumer Portfolio Segment [Member] | Consumer Unsecured [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans, past due | 30 | 18 |
Consumer Portfolio Segment [Member] | Consumer Unsecured [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | $ 8 |
Note 4 - Loans and Allowance 72
Note 4 - Loans and Allowance for Loan Losses - Risk Category of Non Consumer Loans by Class (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans, net of unearned income | $ 970,975 | $ 959,275 |
Real Estate Portfolio Segment [Member] | ||
Loans, net of unearned income | 870,892 | 857,036 |
Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | ||
Loans, net of unearned income | 120,230 | 115,516 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | ||
Loans, net of unearned income | 350,295 | 355,134 |
Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | ||
Loans, net of unearned income | 400,367 | 386,386 |
Commercial Portfolio Segment [Member] | ||
Loans, net of unearned income | 90,848 | 89,820 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans, net of unearned income | 48,607 | 48,379 |
Commercial Portfolio Segment [Member] | States and Political Subdivisions [Member] | ||
Loans, net of unearned income | 18,933 | 17,643 |
Commercial Portfolio Segment [Member] | Lease Financing [Member] | ||
Loans, net of unearned income | 23,798 | |
Commercial Portfolio Segment [Member] | Commercial Other [Member] | ||
Loans, net of unearned income | 23,308 | 23,798 |
Pass [Member] | Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | ||
Loans, net of unearned income | 112,435 | 104,383 |
Pass [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | ||
Loans, net of unearned income | 323,300 | 324,333 |
Pass [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | ||
Loans, net of unearned income | 363,448 | 343,894 |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans, net of unearned income | 47,254 | 46,934 |
Pass [Member] | Commercial Portfolio Segment [Member] | States and Political Subdivisions [Member] | ||
Loans, net of unearned income | 18,933 | 17,643 |
Pass [Member] | Commercial Portfolio Segment [Member] | Lease Financing [Member] | ||
Loans, net of unearned income | 23,777 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial Other [Member] | ||
Loans, net of unearned income | 23,308 | |
Special Mention [Member] | Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | ||
Loans, net of unearned income | 1,413 | 1,651 |
Special Mention [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | ||
Loans, net of unearned income | 12,147 | 16,225 |
Special Mention [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | ||
Loans, net of unearned income | 21,088 | 22,859 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans, net of unearned income | 764 | 937 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | States and Political Subdivisions [Member] | ||
Loans, net of unearned income | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Lease Financing [Member] | ||
Loans, net of unearned income | 0 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial Other [Member] | ||
Loans, net of unearned income | 0 | |
Substandard [Member] | Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | ||
Loans, net of unearned income | 6,382 | 9,482 |
Substandard [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | ||
Loans, net of unearned income | 14,806 | 14,576 |
Substandard [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | ||
Loans, net of unearned income | 15,831 | 19,633 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans, net of unearned income | 589 | 508 |
Substandard [Member] | Commercial Portfolio Segment [Member] | States and Political Subdivisions [Member] | ||
Loans, net of unearned income | 0 | 0 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Lease Financing [Member] | ||
Loans, net of unearned income | 21 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial Other [Member] | ||
Loans, net of unearned income | 0 | |
Doubtful [Member] | Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | ||
Loans, net of unearned income | 0 | 0 |
Doubtful [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | ||
Loans, net of unearned income | 42 | 0 |
Doubtful [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | ||
Loans, net of unearned income | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans, net of unearned income | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | States and Political Subdivisions [Member] | ||
Loans, net of unearned income | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Lease Financing [Member] | ||
Loans, net of unearned income | $ 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Commercial Other [Member] | ||
Loans, net of unearned income | $ 0 |
Note 4 - Loans and Allowance 73
Note 4 - Loans and Allowance for Loan Losses - Risk Category of Consumer Loans by Class (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans, net of unearned income | $ 970,975 | $ 959,275 |
Consumer Portfolio Segment [Member] | ||
Loans, net of unearned income | 9,235 | 12,419 |
Consumer Portfolio Segment [Member] | Consumer Secured [Member] | ||
Loans, net of unearned income | 4,554 | 6,665 |
Consumer Portfolio Segment [Member] | Consumer Unsecured [Member] | ||
Loans, net of unearned income | 4,681 | 5,754 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Consumer Secured [Member] | ||
Loans, net of unearned income | 4,550 | 6,655 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Consumer Unsecured [Member] | ||
Loans, net of unearned income | 4,538 | 5,611 |
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Consumer Secured [Member] | ||
Loans, net of unearned income | 4 | 10 |
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Consumer Unsecured [Member] | ||
Loans, net of unearned income | $ 143 | $ 143 |
Note 5 - Other Real Estate Ow74
Note 5 - Other Real Estate Owned (Details Textual) $ in Thousands | Dec. 31, 2016USD ($) |
Mortgage Loans in Process of Foreclosure, Amount | $ 661 |
Note 5 - Other Real Estate Ow75
Note 5 - Other Real Estate Owned - Other Real Estate Owned (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Other Real Estate Owned | $ 10,673 | $ 21,843 | $ 31,960 |
Construction and Land Development OREO [Member] | |||
Other Real Estate Owned | 7,996 | 12,997 | |
Residential Real Estate OREO [Member] | |||
Other Real Estate Owned | 871 | 960 | |
Farmland and Other Commercial Enterprises OREO [Member] | |||
Other Real Estate Owned | 1,806 | 7,886 | |
OREO [Member] | |||
Other Real Estate Owned | $ 10,673 | $ 21,843 |
Note 5 - Other Real Estate Ow76
Note 5 - Other Real Estate Owned - OREO Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning balance | $ 21,843 | $ 31,960 |
Transfers from loans and other increases | 2,044 | 1,514 |
Proceeds from sales | (11,289) | (10,342) |
Loss on sales, net | (473) | (188) |
Write downs and other decreases, net | (1,452) | (1,101) |
Ending balance | $ 10,673 | $ 21,843 |
Note 6 - Premises and Equipme77
Note 6 - Premises and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation, Depletion and Amortization | $ 3.4 | $ 3.5 | $ 3.5 |
Note 6 - Premises and Equipme78
Note 6 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Land, buildings, and leasehold improvements | $ 60,399 | $ 59,708 |
Furniture and equipment | 18,188 | 17,586 |
Total premises and equipment | 78,587 | 77,294 |
Less accumulated depreciation and amortization | 46,687 | 44,182 |
Premises and equipment, net | $ 31,900 | $ 33,112 |
Note 7 - Deposit Liabilities (D
Note 7 - Deposit Liabilities (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Time Deposits, $250,000 or More | $ 18.6 | $ 23.3 |
Related Party Deposit Liabilities | $ 28.6 | $ 28.1 |
Note 7 - Deposit Liabilities -
Note 7 - Deposit Liabilities - Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Noninterest Bearing | $ 334,676 | $ 313,969 |
Interest Bearing | ||
Demand | 348,197 | 328,803 |
Savings | 416,611 | 400,844 |
Time | 270,423 | 325,378 |
Total interest bearing | 1,035,231 | 1,055,025 |
Total Deposits | $ 1,369,907 | $ 1,368,994 |
Note 7 - Deposit Liabilities 81
Note 7 - Deposit Liabilities - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 168,407 |
2,018 | 54,791 |
2,019 | 24,107 |
2,020 | 14,200 |
2,021 | 4,951 |
Thereafter | 3,967 |
Total | $ 270,423 |
Note 8 - Federal Funds Purcha82
Note 8 - Federal Funds Purchased and Other Short-term Borrowings - Federal Funds Purchased and Other Short-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal funds purchased and short-term securities sold under agreements to repurchase | $ 35,085 | $ 34,353 |
Total short-term | 35,085 | 34,353 |
Average balance during the year | 36,919 | 31,580 |
Maximum month-end balance during the year | $ 41,397 | $ 39,474 |
Average interest rate during the year | 0.27% | 0.16% |
Average interest rate at year-end | 0.35% | 0.24% |
Note 9 - Securities Sold Unde83
Note 9 - Securities Sold Under Agreements to Repurchase and Other Long-term Borrowings (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2007 | Dec. 31, 2005 | Sep. 30, 2016 | |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate for Year | 3.97% | 3.98% | |||||
Federal Home Loan Bank Advances, General Debt Obligations, Remaining Maturity Period | 292 days | 1 year 292 days | |||||
Long-term Federal Home Loan Bank Advances | $ 18,646 | $ 18,806 | |||||
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 147,000 | ||||||
Gain (Loss) on Extinguishment of Debt | 4,050 | ||||||
Preferred Trust Securities Sold, Carrying Amount | $ 15,500 | ||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 33,506 | 48,970 | |||||
Securities Sold under Agreements to Repurchase | $ 1,285 | $ 101,474 | |||||
Assets Sold under Agreements to Repurchase, Interest Rate | 0.75% | 3.90% | |||||
Amount Allowable in Tier 1 Capital [Member] | |||||||
Proceeds from Issuance of Trust Preferred Securities | $ 32,500 | $ 47,500 | |||||
Trust Preferred Securities [Member] | |||||||
Gain (Loss) on Extinguishment of Debt | 4,100 | ||||||
Preferred Trust Securities Sold, Carrying Amount | 15,000 | ||||||
Payments for Repurchase of Trust Preferred Securities | $ 11,000 | ||||||
Farmers Capital Bank Trust I [Member] | |||||||
Proceeds from Issuance of Trust Preferred Securities | $ 10,000 | ||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $ 10,300 | $ 10,300 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.50% | 2.10% | |||||
Farmers Capital Bank Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
Farmers Capital Bank Trust II [Member] | |||||||
Proceeds from Issuance of Trust Preferred Securities | $ 15,000 | ||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $ 15,500 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.26% | ||||||
Farmers Capital Bank Trust III [Member] | |||||||
Proceeds from Issuance of Trust Preferred Securities | $ 22,500 | ||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $ 23,200 | $ 23,200 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.21% | 1.65% | |||||
Farmers Capital Bank Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.32% | ||||||
Putable [Member] | |||||||
Long-term Federal Home Loan Bank Advances | $ 18,000 | ||||||
Long-term Repurchase Agreements, Leverage Transaction [Member] | |||||||
Securities Sold under Agreements to Repurchase | $ 200,000 | $ 100,000 | |||||
Assets Sold under Agreements to Repurchase, Interest Rate | 3.95% | ||||||
Other Long-term Repurchase Agreements [Member] | |||||||
Securities Sold under Agreements to Repurchase | $ 1,300 | ||||||
Assets Sold under Agreements to Repurchase, Interest Rate | 0.75% | ||||||
Minimum [Member] | |||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 2.99% | 2.99% | |||||
Maximum [Member] | |||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 5.81% | 5.81% |
Note 9 - Securities Sold Unde84
Note 9 - Securities Sold Under Agreements to Repurchase and Other Long-term Borrowings - Long-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal Home Loan Bank advances | $ 18,646 | $ 18,806 |
Federal Home Loan Bank advances, average rate | 3.97% | 3.98% |
Subordinated notes payable | $ 33,506 | $ 48,970 |
Subordinated notes payable, average rate | 2.30% | 1.94% |
Securities sold under agreements to repurchase | $ 1,285 | $ 101,474 |
Securities sold under agreements to repurchase, average rate | 0.75% | 3.90% |
Total long-term borrowings | $ 53,437 | $ 169,250 |
Total long-term borrowings, average rate | 2.84% | 3.34% |
Note 9 - Securities Sold Unde85
Note 9 - Securities Sold Under Agreements to Repurchase and Other Long-term Borrowings - Maturities of Long-term Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
2,017 | $ 15,258 | |
2,018 | 3,251 | |
2,019 | 786 | |
2,020 | 636 | |
2,021 | ||
Thereafter | 33,506 | |
Total | $ 53,437 | $ 169,250 |
Note 9 - Securities Sold Unde86
Note 9 - Securities Sold Under Agreements to Repurchase and Other Long-term Borrowings - Maturity of Short and Long-term Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Short and long-term purchase agreements | $ 36,370 | $ 135,827 |
Maturity Overnight [Member] | ||
Short and long-term purchase agreements | 33,682 | 33,151 |
Maturity Less than 30 Days [Member] | ||
Short and long-term purchase agreements | 1,203 | 1,202 |
Maturity 30 to 90 Days [Member] | ||
Short and long-term purchase agreements | ||
Maturity 90 Days to One Year [Member] | ||
Short and long-term purchase agreements | 458 | 716 |
Maturity Over One Year to Four Years [Member] | ||
Short and long-term purchase agreements | 1,027 | 100,758 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Short and long-term purchase agreements | 36,370 | 135,827 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Maturity Overnight [Member] | ||
Short and long-term purchase agreements | 33,682 | 33,151 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Maturity Less than 30 Days [Member] | ||
Short and long-term purchase agreements | 1,203 | 1,202 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Maturity 30 to 90 Days [Member] | ||
Short and long-term purchase agreements | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Maturity 90 Days to One Year [Member] | ||
Short and long-term purchase agreements | 458 | 716 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Maturity Over One Year to Four Years [Member] | ||
Short and long-term purchase agreements | $ 1,027 | $ 100,758 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 0 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 0 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 0 | $ 0 | $ 0 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Currently payable | $ 5,556 | $ 3,662 | $ 2,168 | ||||||||
Deferred | 885 | 1,631 | 3,931 | ||||||||
Income tax expense | $ 931 | $ 1,560 | $ 1,235 | $ 2,715 | $ 1,080 | $ 1,439 | $ 1,369 | $ 1,405 | $ 6,441 | $ 5,293 | $ 6,099 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in unfunded portion of postretirement benefit obligation, tax | $ 211 | $ (74) | $ (382) |
Net unrealized securities (losses) gains | (3,545) | (1,052) | 4,737 |
Total income tax (benefit) expense recorded directly to shareholders’ equity | $ (3,334) | $ (1,126) | $ 4,355 |
Note 10 - Income Taxes - Inco90
Note 10 - Income Taxes - Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Changes from statutory rates resulting from: | |||
Company-owned life insurance | (1.50%) | (1.60%) | (1.90%) |
Uncertain tax position | (0.30%) | ||
Other, net | 0.10% | (0.20%) | 0.40% |
Effective tax rate on pretax income | 27.90% | 26.10% | 27.00% |
Interest Income [Member] | |||
Changes from statutory rates resulting from: | |||
Tax-exempt interest | (4.60%) | (5.80%) | (5.20%) |
Interest to Carry Tax-exempt Obligations [Member] | |||
Changes from statutory rates resulting from: | |||
Nondeductible interest to carry tax-exempt obligations | 0.20% | 0.20% | 0.20% |
Other Income [Member] | |||
Changes from statutory rates resulting from: | |||
Tax-exempt interest | (1.30%) | (1.50%) | (1.20%) |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Allowance for loan losses | $ 3,285 | $ 3,625 |
Deferred directors’ fees | 236 | 242 |
Postretirement benefit obligations | 5,825 | 5,665 |
Other real estate owned | 1,303 | 1,968 |
Self-funded insurance | 232 | 230 |
Paid time off | 815 | 756 |
Depreciation | 1,630 | 1,440 |
Intangibles | 1,878 | 2,432 |
Unrealized loss on available for sale investment securities, net | 1,811 | |
Other | 239 | 307 |
Total deferred tax assets | 17,254 | 16,665 |
Unrealized gains on available for sale investment securities, net | 1,734 | |
Prepaid expenses | 153 | 306 |
Federal Home Loan Bank stock dividends | 1,035 | 1,035 |
Deferred loan fees | 846 | 806 |
Other | 52 | 65 |
Total deferred tax liabilities | 2,086 | 3,946 |
Net deferred tax asset | $ 15,168 | $ 12,719 |
Note 11 - Retirement Plans (Det
Note 11 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Cost Recognized | $ 563 | $ 531 | $ 483 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 | $ 0 |
Note 11 - Retirement Plans - Ch
Note 11 - Retirement Plans - Changes in Supplemental Retirement Plans' Benefit Obligation (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Benefit Obligation | ||
Obligation at beginning of year | $ 600 | $ 583 |
Service cost | 19 | 15 |
Interest cost | 24 | 19 |
Actuarial loss | 111 | 19 |
Benefit payments | (36) | (36) |
Obligation at end of year | $ 718 | $ 600 |
Note 11 - Retirement Plans - Ne
Note 11 - Retirement Plans - Net Periodic Benefit Cost (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Service cost | $ 19 | $ 15 |
Interest cost | 24 | 19 |
Recognized net actuarial loss | 5 | |
Net periodic benefit cost | $ 48 | $ 34 |
Discount rate used to determine net period benefit cost | 3.39% | 3.22% |
Discount rate used to determine benefit obligation at year end | 3.31% | 3.39% |
Rate of compensation increase | 4.00% | 4.00% |
Note 11 - Retirement Plans - Es
Note 11 - Retirement Plans - Estimated Future Benefit Payments (Details) - Supplemental Employee Retirement Plan [Member] $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 36 |
2,018 | 36 |
2,019 | 36 |
2,020 | 71 |
2,021 | 83 |
2022-2026 | 356 |
Total | $ 618 |
Note 11 - Retirement Plans - Am
Note 11 - Retirement Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Unrecognized net actuarial loss (gain) | $ 87 | $ (19) |
Total | $ 87 | $ (19) |
Note 11 - Retirement Plans - 97
Note 11 - Retirement Plans - Estimated Cost Amortized From Accumulated Other Comprehensive Income Into Net Periodic Cost (Details) - Supplemental Employee Retirement Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Unrecognized net actuarial loss | $ 5 |
Total | $ 5 |
Note 12 - Common Stock Options
Note 12 - Common Stock Options (Details Textual) - shares | 12 Months Ended | 156 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2004 | Dec. 31, 2000 | Dec. 31, 1997 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 450,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 91 days | 91 days | 91 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | 40,049 | 54,000 | 450,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 0 | ||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years |
Note 13 - Postretirement Medi99
Note 13 - Postretirement Medical Benefits (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Postretirement Medical and Dental Plan Participants | 37 | |
Defined Benefit Plan, Contributions by Employer | $ 309 | $ 289 |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 416 | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.50% | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Year Two | 6.00% | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Year Three | 5.50% | |
Plan 2 [Member] | ||
Employee Service Requirement | 20 years | |
Employee Age Requirement | 55 years | |
Contributions Plan 2 | 50.00% | |
Plan 1 [Member] | ||
Company Contributions Plan 1 | 100.00% | |
Medical [Member] | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.75% | |
Dental [Member] | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% |
Note 13 - Postretirement Med100
Note 13 - Postretirement Medical Benefits - Plans Benefit Obligation (Details) - Postretirement Health Coverage [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Obligation at beginning of year | $ 16,204 | $ 14,792 |
Service cost | 637 | 739 |
Interest cost | 683 | 649 |
Actuarial (gain) loss | (660) | 313 |
Participant contributions | 153 | 129 |
Benefit payments | (462) | (418) |
Obligation at end of year | $ 16,555 | $ 16,204 |
Note 13 - Postretirement Med101
Note 13 - Postretirement Medical Benefits - Net Periodic Benefit Cost (Details) - Postretirement Health Coverage [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Service cost | $ 637 | $ 739 |
Interest cost | 683 | 649 |
Recognized prior service cost | 50 | 51 |
Amortization of net actuarial loss | 42 | |
Net periodic benefit cost | $ 1,370 | $ 1,481 |
Discount rate used to determine net periodic benefit cost | 4.34% | 3.92% |
Discount rate used to determine benefit obligation as of year end | 4.12% | 4.34% |
Retiree participation rate (Plan 1) | 100.00% | 100.00% |
Retiree participation rate (Plan 2) | 72.00% | 72.00% |
Note 13 - Postretirement Med102
Note 13 - Postretirement Medical Benefits - Incremental Effects From a One Percent Change in Assumed Health Care Cost (Details) - Postretirement Health Coverage [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Effect on total of service and interest cost components of net periodic postretirement health care benefit cost, 1% Increase | $ 335 |
Effect on total of service and interest cost components of net periodic postretirement health care benefit cost, 1% Decrease | (250) |
Effect on accumulated postretirement benefit obligation, 1% Increase | 3,366 |
Effect on accumulated postretirement benefit obligation, 1% Decrease | $ (2,612) |
Note 13 - Postretirement Med103
Note 13 - Postretirement Medical Benefits - Estimated Future Benefit Payments (Details) - Postretirement Health Coverage [Member] $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 416 |
2,018 | 451 |
2,019 | 481 |
2,020 | 516 |
2,021 | 573 |
2022-2026 | 3,507 |
Total | $ 5,944 |
Note 13 - Postretirement Med104
Note 13 - Postretirement Medical Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Details) - Postretirement Health Coverage [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Unrecognized net actuarial (gain) loss | $ (93) | $ 566 |
Unrecognized prior service cost | 75 | 125 |
Total | $ (18) | $ 691 |
Note 13 - Postretirement Med105
Note 13 - Postretirement Medical Benefits - Estimated Cost Amortized From Accumulated Other Comprehensive Income Into Net Periodic Cost (Details) - Postretirement Health Coverage [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Unrecognized prior service cost | $ 49 |
Total | $ 49 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Rent Expense | $ 434 | $ 419 | $ 407 |
Note 14 - Leases - Estimated Fu
Note 14 - Leases - Estimated Future Minimum Rental Commitments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 397 |
2,018 | 390 |
2,019 | 327 |
2,020 | 292 |
2,021 | 255 |
Thereafter | 889 |
Total | $ 2,550 |
Note 15 - Financial Instrume108
Note 15 - Financial Instruments With Off-balance Sheet Risk (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Standby Letters of Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 4.1 | $ 10.5 |
Commitments to Extend Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 188 | $ 172 |
Note 15 - Financial Instrume109
Note 15 - Financial Instruments With Off-balance Sheet Risk - Contractual Amount of Financial Instruments with Off-balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Standby Letters of Credit [Member] | ||
Commitments to extend credit, including unused lines of credit | $ 4,100 | $ 10,500 |
Commitments to Extend Credit [Member] | ||
Commitments to extend credit, including unused lines of credit | 188,000 | 172,000 |
Fixed Rate [Member] | ||
Commitments to extend credit, including unused lines of credit | 73,653 | 63,683 |
Fixed Rate [Member] | Standby Letters of Credit [Member] | ||
Commitments to extend credit, including unused lines of credit | 2,284 | 2,495 |
Fixed Rate [Member] | Commitments to Extend Credit [Member] | ||
Commitments to extend credit, including unused lines of credit | 71,369 | 61,188 |
Variable Rate [Member] | ||
Commitments to extend credit, including unused lines of credit | 118,695 | 119,201 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Commitments to extend credit, including unused lines of credit | 1,769 | 7,999 |
Variable Rate [Member] | Commitments to Extend Credit [Member] | ||
Commitments to extend credit, including unused lines of credit | $ 116,926 | $ 111,202 |
Note 18 - Regulatory Matters (D
Note 18 - Regulatory Matters (Details Textual) | Dec. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Conservation Buffer | 0.625% | 0.00% | |
Scenario, Forecast [Member] | |||
Capital Conservation Buffer | 2.50% |
Note 18 - Regulatory Matters -
Note 18 - Regulatory Matters - Regulatory Ratios of the Consolidated Company and Its Subsidiary Banks (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |||
Consolidated Entities [Member] | |||||
Common Equity Tier 1 Risk-based Capital, actual, amount | [1] | $ 187,474,000 | $ 172,871,000 | ||
Common Equity Tier 1 Risk-based Capital, actual, ratio | [1] | 16.43% | 14.91% | ||
Common Equity Tier 1 Risk-based Capital, for Capital Adequacy Purposes, amount | [1] | $ 51,349,000 | $ 52,184,000 | ||
Common Equity Tier 1 Risk-based Capital, for Capital Adequacy Purposes, ratio | [1] | 4.50% | 4.50% | ||
Common Equity Tier 1 Risk-based Capital, to Be Well-capitalized, amount | |||||
Common Equity Tier 1 Risk-based Capital, to Be Well-capitalized, ratio | |||||
Tier 1 Risk-based Capital, actual, amount | [1] | $ 219,974,000 | $ 220,371 | ||
Tier 1 Risk-based Capital, actual, ratio | [1] | 19.28% | 19.00% | ||
Tier 1 Risk-based Capital, for Capital Adequacy Purposes, amount | [1] | $ 68,466,000 | $ 69,579 | ||
Tier 1 Risk-based Capital, for Capital Adequacy Purposes, ratio | [1] | 6.00% | 6.00% | ||
Tier 1 Risk-based Capital, to Be Well-capitalized, amount | |||||
Tier 1 Risk-based Capital, to Be Well-capitalized, ratio | |||||
Total Risk-based Capital, actual, amount | $ 229,318,000 | [1] | $ 230,686 | [2] | |
Total Risk-based Capital, actual, ratio | 20.10% | [1] | 19.89% | [2] | |
Total Risk-based Capital, for Capital Adequacy Purposes, amount | $ 91,288,000 | [1] | $ 92,772 | [2] | |
Total Risk-based Capital, for Capital Adequacy Purposes, ratio | 8.00% | [1] | 8.00% | [2] | |
Total Risk-based Capital, to Be Well-capitalized, amount | |||||
Total Risk-based Capital, to Be Well-capitalized, ratio | |||||
Tier 1 Leverage Capital, actual, amount | $ 219,974,000 | [2] | $ 220,371 | ||
Tier 1 Leverage Capital, actual, ratio | 13.20% | [2] | 12.46% | ||
Tier 1 Leverage Capital, for Capital Adequacy Purposes, amount | $ 66,656,000 | [2] | $ 70,746 | ||
Tier 1 Leverage Capital, for Capital Adequacy Purposes, ratio | 4.00% | [2] | 4.00% | ||
Ter 1 Leverage Capital, to Be Well-capitalized, amount | [2] | ||||
Tier 1 Leverage Capital, to Be Well-capitalized, ratio | [2] | ||||
Farmers Bank [Member] | |||||
Common Equity Tier 1 Risk-based Capital, actual, amount | [1] | $ 64,016,000 | $ 63,552 | ||
Common Equity Tier 1 Risk-based Capital, actual, ratio | [1] | 16.53% | 15.57% | ||
Common Equity Tier 1 Risk-based Capital, for Capital Adequacy Purposes, amount | [1] | $ 17,425,000 | $ 18,366 | ||
Common Equity Tier 1 Risk-based Capital, for Capital Adequacy Purposes, ratio | [1] | 4.50% | 4.50% | ||
Common Equity Tier 1 Risk-based Capital, to Be Well-capitalized, amount | [1] | $ 25,170,000 | $ 26,529 | ||
Common Equity Tier 1 Risk-based Capital, to Be Well-capitalized, ratio | [1] | 6.50% | 6.50% | ||
Tier 1 Risk-based Capital, actual, amount | [1] | $ 64,016,000 | $ 63,552 | ||
Tier 1 Risk-based Capital, actual, ratio | [1] | 16.53% | 15.57% | ||
Tier 1 Risk-based Capital, for Capital Adequacy Purposes, amount | [1] | $ 23,234,000 | $ 24,488 | ||
Tier 1 Risk-based Capital, for Capital Adequacy Purposes, ratio | [1] | 6.00% | 6.00% | ||
Tier 1 Risk-based Capital, to Be Well-capitalized, amount | [1] | $ 30,978,000 | $ 32,651 | ||
Tier 1 Risk-based Capital, to Be Well-capitalized, ratio | [1] | 8.00% | 8.00% | ||
Total Risk-based Capital, actual, amount | $ 66,720,000 | [1] | $ 66,728 | [2] | |
Total Risk-based Capital, actual, ratio | 17.23% | [1] | 16.35% | [2] | |
Total Risk-based Capital, for Capital Adequacy Purposes, amount | $ 30,978,000 | [1] | $ 32,651 | [2] | |
Total Risk-based Capital, for Capital Adequacy Purposes, ratio | 8.00% | [1] | 8.00% | [2] | |
Total Risk-based Capital, to Be Well-capitalized, amount | $ 38,723,000 | [1] | $ 40,814 | [2] | |
Total Risk-based Capital, to Be Well-capitalized, ratio | 10.00% | [1] | 10.00% | [2] | |
Tier 1 Leverage Capital, actual, amount | $ 64,016,000 | [2] | $ 63,552 | ||
Tier 1 Leverage Capital, actual, ratio | 9.80% | [2] | 9.20% | ||
Tier 1 Leverage Capital, for Capital Adequacy Purposes, amount | $ 26,121,000 | [2] | $ 27,629 | ||
Tier 1 Leverage Capital, for Capital Adequacy Purposes, ratio | 4.00% | [2] | 4.00% | ||
Ter 1 Leverage Capital, to Be Well-capitalized, amount | $ 32,651,000 | [2] | $ 34,537 | ||
Tier 1 Leverage Capital, to Be Well-capitalized, ratio | 5.00% | [2] | 5.00% | ||
United Bank [Member] | |||||
Common Equity Tier 1 Risk-based Capital, actual, amount | [1] | $ 58,180,000 | $ 65,862 | ||
Common Equity Tier 1 Risk-based Capital, actual, ratio | [1] | 15.54% | 18.67% | ||
Common Equity Tier 1 Risk-based Capital, for Capital Adequacy Purposes, amount | [1] | $ 16,848,000 | $ 15,879 | ||
Common Equity Tier 1 Risk-based Capital, for Capital Adequacy Purposes, ratio | [1] | 4.50% | 4.50% | ||
Common Equity Tier 1 Risk-based Capital, to Be Well-capitalized, amount | [1] | $ 24,337,000 | $ 22,936 | ||
Common Equity Tier 1 Risk-based Capital, to Be Well-capitalized, ratio | [1] | 6.50% | 6.50% | ||
Tier 1 Risk-based Capital, actual, amount | [1] | $ 58,180,000 | $ 65,862 | ||
Tier 1 Risk-based Capital, actual, ratio | [1] | 15.54% | 18.67% | ||
Tier 1 Risk-based Capital, for Capital Adequacy Purposes, amount | [1] | $ 22,465,000 | $ 21,171 | ||
Tier 1 Risk-based Capital, for Capital Adequacy Purposes, ratio | [1] | 6.00% | 6.00% | ||
Tier 1 Risk-based Capital, to Be Well-capitalized, amount | [1] | $ 29,953,000 | $ 28,228 | ||
Tier 1 Risk-based Capital, to Be Well-capitalized, ratio | [1] | 8.00% | 8.00% | ||
Total Risk-based Capital, actual, amount | $ 61,680,000 | [1] | $ 69,456 | [2] | |
Total Risk-based Capital, actual, ratio | 16.47% | [1] | 19.68% | [2] | |
Total Risk-based Capital, for Capital Adequacy Purposes, amount | $ 29,953,000 | [1] | $ 28,228 | [2] | |
Total Risk-based Capital, for Capital Adequacy Purposes, ratio | 8.00% | [1] | 8.00% | [2] | |
Total Risk-based Capital, to Be Well-capitalized, amount | $ 37,441,000 | [1] | $ 35,286 | [2] | |
Total Risk-based Capital, to Be Well-capitalized, ratio | 10.00% | [1] | 10.00% | [2] | |
Tier 1 Leverage Capital, actual, amount | $ 58,180,000 | [2] | $ 65,862 | ||
Tier 1 Leverage Capital, actual, ratio | 12.38% | [2] | 12.89% | ||
Tier 1 Leverage Capital, for Capital Adequacy Purposes, amount | $ 18,798,000 | [2] | $ 20,442 | ||
Tier 1 Leverage Capital, for Capital Adequacy Purposes, ratio | 4.00% | [2] | 4.00% | ||
Ter 1 Leverage Capital, to Be Well-capitalized, amount | $ 23,497,000 | [2] | $ 25,553 | ||
Tier 1 Leverage Capital, to Be Well-capitalized, ratio | 5.00% | [2] | 5.00% | ||
First Citizens Bank [Member] | |||||
Common Equity Tier 1 Risk-based Capital, actual, amount | [1] | $ 28,324,000 | $ 28,743 | ||
Common Equity Tier 1 Risk-based Capital, actual, ratio | [1] | 13.56% | 13.55% | ||
Common Equity Tier 1 Risk-based Capital, for Capital Adequacy Purposes, amount | [1] | $ 9,401,000 | $ 9,543 | ||
Common Equity Tier 1 Risk-based Capital, for Capital Adequacy Purposes, ratio | [1] | 4.50% | 4.50% | ||
Common Equity Tier 1 Risk-based Capital, to Be Well-capitalized, amount | [1] | $ 13,580,000 | $ 13,784 | ||
Common Equity Tier 1 Risk-based Capital, to Be Well-capitalized, ratio | [1] | 6.50% | 6.50% | ||
Tier 1 Risk-based Capital, actual, amount | [1] | $ 28,324,000 | |||
Tier 1 Risk-based Capital, actual, ratio | [1] | 13.56% | 13.55% | ||
Tier 1 Risk-based Capital, for Capital Adequacy Purposes, amount | [1] | $ 12,535,000 | $ 12,724 | ||
Tier 1 Risk-based Capital, for Capital Adequacy Purposes, ratio | [1] | 6.00% | 6.00% | ||
Tier 1 Risk-based Capital, to Be Well-capitalized, amount | [1] | $ 16,714,000 | $ 16,965 | ||
Tier 1 Risk-based Capital, to Be Well-capitalized, ratio | [1] | 8.00% | 8.00% | ||
Total Risk-based Capital, actual, amount | $ 29,590,000 | [1] | $ 30,048 | [2] | |
Total Risk-based Capital, actual, ratio | 14.16% | [1] | 14.17% | [2] | |
Total Risk-based Capital, for Capital Adequacy Purposes, amount | $ 16,714,000 | [1] | $ 16,965 | [2] | |
Total Risk-based Capital, for Capital Adequacy Purposes, ratio | 8.00% | [1] | 8.00% | [2] | |
Total Risk-based Capital, to Be Well-capitalized, amount | $ 20,892,000 | [1] | $ 21,207 | [2] | |
Total Risk-based Capital, to Be Well-capitalized, ratio | 10.00% | [1] | 10.00% | [2] | |
Tier 1 Leverage Capital, actual, amount | $ 28,324,000 | [2] | $ 28,743 | ||
Tier 1 Leverage Capital, actual, ratio | 9.76% | [2] | 9.20% | ||
Tier 1 Leverage Capital, for Capital Adequacy Purposes, amount | $ 11,606,000 | [2] | $ 12,493 | ||
Tier 1 Leverage Capital, for Capital Adequacy Purposes, ratio | 4.00% | [2] | 4.00% | ||
Ter 1 Leverage Capital, to Be Well-capitalized, amount | $ 14,507,000 | [2] | $ 15,617 | ||
Tier 1 Leverage Capital, to Be Well-capitalized, ratio | 5.00% | [2] | 5.00% | ||
Citizens Northern [Member] | |||||
Common Equity Tier 1 Risk-based Capital, actual, amount | [1] | $ 24,661,000 | $ 25,770 | ||
Common Equity Tier 1 Risk-based Capital, actual, ratio | [1] | 15.24% | 14.42% | ||
Common Equity Tier 1 Risk-based Capital, for Capital Adequacy Purposes, amount | [1] | $ 7,280,000 | $ 8,044 | ||
Common Equity Tier 1 Risk-based Capital, for Capital Adequacy Purposes, ratio | [1] | 4.50% | 4.50% | ||
Common Equity Tier 1 Risk-based Capital, to Be Well-capitalized, amount | [1] | $ 10,516,000 | $ 11,619 | ||
Common Equity Tier 1 Risk-based Capital, to Be Well-capitalized, ratio | [1] | 6.50% | 6.50% | ||
Tier 1 Risk-based Capital, actual, amount | [1] | $ 24,661,000 | $ 25,770 | ||
Tier 1 Risk-based Capital, actual, ratio | [1] | 15.24% | 14.42% | ||
Tier 1 Risk-based Capital, for Capital Adequacy Purposes, amount | [1] | $ 9,707,000 | $ 10,725 | ||
Tier 1 Risk-based Capital, for Capital Adequacy Purposes, ratio | [1] | 6.00% | 6.00% | ||
Tier 1 Risk-based Capital, to Be Well-capitalized, amount | [1] | $ 12,942,000 | $ 14,300 | ||
Tier 1 Risk-based Capital, to Be Well-capitalized, ratio | [1] | 8.00% | 8.00% | ||
Total Risk-based Capital, actual, amount | $ 26,534,000 | [1] | $ 28,004 | [2] | |
Total Risk-based Capital, actual, ratio | 16.40% | [1] | 15.67% | [2] | |
Total Risk-based Capital, for Capital Adequacy Purposes, amount | $ 12,942,000 | [1] | $ 14,300 | [2] | |
Total Risk-based Capital, for Capital Adequacy Purposes, ratio | 8.00% | [1] | 8.00% | [2] | |
Total Risk-based Capital, to Be Well-capitalized, amount | $ 16,178,000 | [1] | $ 17,875 | [2] | |
Total Risk-based Capital, to Be Well-capitalized, ratio | 10.00% | [1] | 10.00% | [2] | |
Tier 1 Leverage Capital, actual, amount | $ 24,661,000 | [2] | $ 25,770 | ||
Tier 1 Leverage Capital, actual, ratio | 10.68% | [2] | 10.79% | ||
Tier 1 Leverage Capital, for Capital Adequacy Purposes, amount | $ 9,234,000 | [2] | $ 9,555 | ||
Tier 1 Leverage Capital, for Capital Adequacy Purposes, ratio | 4.00% | [2] | 4.00% | ||
Ter 1 Leverage Capital, to Be Well-capitalized, amount | $ 11,543,000 | [2] | $ 11,943 | ||
Tier 1 Leverage Capital, to Be Well-capitalized, ratio | 5.00% | [2] | 5.00% | ||
[1] | Common Equity Tier 1 Risk-based, Tier 1 Risk-based, and Total Risk-based Capital ratios are computed by dividing a bank's Common Equity Tier 1, Tier 1, or Total Capital, as defined by regulation, by a risk-weighted sum of the bank's assets, with the risk weighting determined by general standards established by regulation. | ||||
[2] | Tier 1 Leverage ratio is computed by dividing a bank's Tier 1 Capital by its total quarterly average assets, as defined by regulation. |
Note 19 - Fair Value Measure112
Note 19 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Money Market Funds, at Carrying Value | $ 18,550 | $ 11,000 |
Loans and Leases Receivable, Deferred Income | 0 | |
Commitments to Extend Credit [Member] | ||
Loans and Leases Receivable, Deferred Income | 0 | |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 0 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure | 18,600 | |
Financial Standby Letter of Credit [Member] | ||
Loans and Leases Receivable, Deferred Income | 0 | |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 0 |
Note 19 - Fair Value Measure113
Note 19 - Fair Value Measurements - Available for Sale Investment Securities Measured At Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities | $ 480,864 | $ 582,202 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities | 833 | 745 |
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities | 480,031 | 581,457 |
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Available-for-sale Securities | 71,694 | 106,906 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities | 71,694 | 106,906 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale Securities | 132,292 | 150,266 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities | 132,292 | 150,266 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities | 0 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale Securities | 224,307 | 297,861 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities | 224,307 | 297,861 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale Securities | 45,613 | 20,584 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities | 45,613 | 20,584 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities | 0 | 0 |
Corporate Debt Securities [Member] | ||
Available-for-sale Securities | 6,125 | 5,840 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities | 6,125 | 5,840 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities | 0 | 0 |
Mutual Funds and Equity Securities [Member] | ||
Available-for-sale Securities | 833 | 745 |
Mutual Funds and Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities | 833 | 745 |
Mutual Funds and Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities | 0 | 0 |
Mutual Funds and Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities | $ 0 | $ 0 |
Note 19 - Fair Value Measure114
Note 19 - Fair Value Measurements - Assets Measured At Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Impaired Loans [Member] | ||
Fair Value | $ 6,397 | $ 6,628 |
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 0 | 0 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 6,397 | 6,628 |
Impaired Loans [Member] | Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | ||
Fair Value | 2,909 | 2,908 |
Impaired Loans [Member] | Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
Impaired Loans [Member] | Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 0 | 0 |
Impaired Loans [Member] | Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 2,909 | 2,908 |
Impaired Loans [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | ||
Fair Value | 3,137 | 3,720 |
Impaired Loans [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
Impaired Loans [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 0 | 0 |
Impaired Loans [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 3,137 | 3,720 |
Impaired Loans [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | ||
Fair Value | 351 | |
Impaired Loans [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | |
Impaired Loans [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 0 | |
Impaired Loans [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 351 | |
OREO [Member] | ||
Fair Value | 6,187 | 5,526 |
OREO [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
OREO [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 0 | 0 |
OREO [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 6,187 | 5,526 |
OREO [Member] | Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | ||
Fair Value | 4,883 | 2,252 |
OREO [Member] | Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
OREO [Member] | Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 0 | 0 |
OREO [Member] | Real Estate Portfolio Segment [Member] | Real Estate Construction and Land Development [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 4,883 | 2,252 |
OREO [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | ||
Fair Value | 234 | 406 |
OREO [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
OREO [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 0 | 0 |
OREO [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Residential [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 234 | 406 |
OREO [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | ||
Fair Value | 1,070 | 2,868 |
OREO [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
OREO [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 0 | 0 |
OREO [Member] | Real Estate Portfolio Segment [Member] | Real Estate Mortgage Farmland and Other Commercial Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | $ 1,070 | $ 2,868 |
Note 19 - Fair Value Measure115
Note 19 - Fair Value Measurements - Impairment Charges On Assets Measured At Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Impairment charges | $ 1,492 | $ 1,027 |
OREO [Member] | ||
Impairment charges | 634 | 768 |
Impaired Loans [Member] | ||
Impairment charges | $ 858 | $ 259 |
Note 19 - Fair Value Measure116
Note 19 - Fair Value Measurements - Quantitative Information About Unobservable Inputs for Assets Measured on a Nonrecurring Basis Using Level 3 Measurements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired Loans [Member] | ||
Fair Value | $ 6,397,000 | $ 6,628,000 |
OREO [Member] | ||
Fair Value | 6,187,000 | 5,526,000 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Fair Value | 6,397,000 | 6,628,000 |
Fair Value, Inputs, Level 3 [Member] | OREO [Member] | ||
Fair Value | 6,187,000 | 5,526,000 |
Fair Value, Inputs, Level 3 [Member] | Income Approach Valuation Technique [Member] | Impaired Loans [Member] | ||
Fair Value | $ 6,397 | $ 6,628 |
Valuation Technique | Discounted appraisals | Discounted appraisals |
Unobservable Inputs | Marketability discount | Marketability discount |
Fair Value, Inputs, Level 3 [Member] | Income Approach Valuation Technique [Member] | Impaired Loans [Member] | Minimum [Member] | ||
Marketability Discount | 0.00% | 0.00% |
Fair Value, Inputs, Level 3 [Member] | Income Approach Valuation Technique [Member] | Impaired Loans [Member] | Maximum [Member] | ||
Marketability Discount | 67.80% | 8.30% |
Fair Value, Inputs, Level 3 [Member] | Income Approach Valuation Technique [Member] | Impaired Loans [Member] | Weighted Average [Member] | ||
Marketability Discount | 3.50% | 7.90% |
Fair Value, Inputs, Level 3 [Member] | Income Approach Valuation Technique [Member] | OREO [Member] | ||
Fair Value | $ 6,187 | $ 5,526 |
Valuation Technique | Discounted appraisals | Discounted appraisals |
Unobservable Inputs | Marketability discount | Marketability discount |
Fair Value, Inputs, Level 3 [Member] | Income Approach Valuation Technique [Member] | OREO [Member] | Minimum [Member] | ||
Marketability Discount | 0.00% | 2.30% |
Fair Value, Inputs, Level 3 [Member] | Income Approach Valuation Technique [Member] | OREO [Member] | Maximum [Member] | ||
Marketability Discount | 50.00% | 26.90% |
Fair Value, Inputs, Level 3 [Member] | Income Approach Valuation Technique [Member] | OREO [Member] | Weighted Average [Member] | ||
Marketability Discount | 11.20% | 6.50% |
Note 19 - Fair Value Measure117
Note 19 - Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Held to Maturity Securities - Estimated Fair Value | $ 3,597 | $ 3,809 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 113,534 | 120,493 |
Held to Maturity Securities - Estimated Fair Value | 3,488 | 3,611 |
Loans, net | 961,631 | 948,960 |
Accrued interest receivable | 5,019 | 5,392 |
Federal Home Loan Bank and Federal Reserve Bank Stock | 9,840 | 9,368 |
Deposits | 1,369,907 | 1,368,994 |
Federal funds purchased and short-term securities sold under agreements to repurchase | 35,085 | 34,353 |
Securities sold under agreements to repurchase and other long-term borrowings | 19,931 | 120,280 |
Subordinated notes payable to unconsolidated trusts | 33,506 | 48,970 |
Accrued interest payable | 321 | 851 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 113,534 | 120,493 |
Held to Maturity Securities - Estimated Fair Value | 3,597 | 3,809 |
Loans, net | 962,437 | 945,809 |
Accrued interest receivable | 5,019 | 5,392 |
Federal Home Loan Bank and Federal Reserve Bank Stock | 0 | 0 |
Deposits | 1,369,567 | 1,369,016 |
Federal funds purchased and short-term securities sold under agreements to repurchase | 35,085 | 34,353 |
Securities sold under agreements to repurchase and other long-term borrowings | 20,410 | 126,964 |
Subordinated notes payable to unconsolidated trusts | 21,234 | 31,515 |
Accrued interest payable | 321 | 851 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 113,534 | 120,493 |
Held to Maturity Securities - Estimated Fair Value | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Federal Home Loan Bank and Federal Reserve Bank Stock | 0 | 0 |
Deposits | 1,099,211 | 1,043,616 |
Federal funds purchased and short-term securities sold under agreements to repurchase | 0 | 0 |
Securities sold under agreements to repurchase and other long-term borrowings | 0 | 0 |
Subordinated notes payable to unconsolidated trusts | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Held to Maturity Securities - Estimated Fair Value | 3,597 | 3,809 |
Loans, net | 0 | 0 |
Accrued interest receivable | 5,019 | 5,392 |
Federal Home Loan Bank and Federal Reserve Bank Stock | 0 | 0 |
Deposits | 0 | 0 |
Federal funds purchased and short-term securities sold under agreements to repurchase | 35,085 | 34,353 |
Securities sold under agreements to repurchase and other long-term borrowings | 20,410 | 126,964 |
Subordinated notes payable to unconsolidated trusts | 0 | 0 |
Accrued interest payable | 321 | 851 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Held to Maturity Securities - Estimated Fair Value | 0 | 0 |
Loans, net | 962,437 | 945,809 |
Accrued interest receivable | 0 | 0 |
Federal Home Loan Bank and Federal Reserve Bank Stock | 0 | 0 |
Deposits | 270,356 | 325,400 |
Federal funds purchased and short-term securities sold under agreements to repurchase | 0 | |
Securities sold under agreements to repurchase and other long-term borrowings | 0 | 0 |
Subordinated notes payable to unconsolidated trusts | 21,234 | 31,515 |
Accrued interest payable | $ 0 | $ 0 |
Note 20 - Parent Company Fin118
Note 20 - Parent Company Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | $ 113,534 | $ 120,493 | $ 100,914 | $ 68,253 |
Other assets | 38,026 | 35,460 | ||
Total assets | 1,671,030 | 1,775,950 | ||
Dividends payable, common stock | 751 | |||
Subordinated notes payable | 33,506 | 48,970 | ||
Other liabilities | 27,784 | 27,655 | ||
Total liabilities | 1,486,964 | 1,600,252 | ||
Common stock | 939 | 937 | ||
Capital surplus | 51,885 | 51,608 | ||
Retained earnings | 134,650 | 120,371 | ||
Accumulated other comprehensive (loss) income | (3,408) | 2,782 | ||
Total liabilities and shareholders’ equity | 1,671,030 | 1,775,950 | ||
Parent Company [Member] | ||||
Cash and cash equivalents | 44,286 | 35,964 | $ 32,086 | $ 36,471 |
Investment in subsidiaries | 175,935 | 191,630 | ||
Other assets | 1,378 | 1,243 | ||
Total assets | 221,599 | 228,837 | ||
Dividends payable, common stock | 751 | |||
Subordinated notes payable | 33,506 | 48,970 | ||
Other liabilities | 3,276 | 4,169 | ||
Total liabilities | 37,533 | 53,139 | ||
Common stock | 939 | 937 | ||
Capital surplus | 51,885 | 51,608 | ||
Retained earnings | 134,650 | 120,371 | ||
Accumulated other comprehensive (loss) income | (3,408) | 2,782 | ||
Total shareholders’ equity | 184,066 | 175,698 | ||
Total liabilities and shareholders’ equity | $ 221,599 | $ 228,837 |
Note 20 - Parent Company Fin119
Note 20 - Parent Company Financial Statements - Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Gain on debt extinguishment | $ 4,050 | |||||||||||
Other noninterest income | 420 | 450 | 984 | |||||||||
Interest on subordinated notes payable to unconsolidated trusts | 723 | 866 | 844 | |||||||||
Noninterest expense | $ 15,221 | $ 17,888 | [1] | $ 13,884 | $ 14,407 | $ 14,685 | $ 14,281 | $ 14,474 | $ 14,510 | 61,400 | 57,950 | 59,278 |
Income before income tax benefit and equity in undistributed income of subsidiaries | 3,476 | 5,884 | 4,791 | 8,895 | 4,664 | 5,271 | 4,871 | 5,479 | ||||
Income tax expense | 931 | 1,560 | 1,235 | 2,715 | 1,080 | 1,439 | 1,369 | 1,405 | 6,441 | 5,293 | 6,099 | |
Net income | $ 2,545 | $ 4,324 | $ 3,556 | $ 6,180 | $ 3,584 | $ 3,832 | $ 3,502 | $ 4,074 | 16,605 | 14,992 | 16,459 | |
Other comprehensive income | (6,190) | (2,093) | 8,087 | |||||||||
Comprehensive income | 10,415 | 12,899 | 24,546 | |||||||||
Parent Company [Member] | ||||||||||||
Dividends from subsidiaries | 24,820 | 14,426 | 16,525 | |||||||||
Interest | 39 | 12 | 28 | |||||||||
Gain on debt extinguishment | 4,050 | |||||||||||
Other noninterest income | 2,442 | 2,555 | 3,132 | |||||||||
Total income | 31,351 | 16,993 | 19,685 | |||||||||
Interest on subordinated notes payable to unconsolidated trusts | 723 | 866 | 844 | |||||||||
Noninterest expense | 5,050 | 4,938 | 3,977 | |||||||||
Total expense | 5,773 | 5,804 | 4,821 | |||||||||
Income before income tax benefit and equity in undistributed income of subsidiaries | 25,578 | 11,189 | 14,864 | |||||||||
Income tax expense | 273 | (1,076) | (555) | |||||||||
Income before equity in undistributed income of subsidiaries | 25,305 | 12,265 | 15,419 | |||||||||
Equity in undistributed (loss) income of subsidiaries | (8,700) | 2,727 | 1,040 | |||||||||
Net income | 16,605 | 14,992 | 16,459 | |||||||||
Other comprehensive income | (6,190) | (2,093) | 8,087 | |||||||||
Comprehensive income | $ 10,415 | $ 12,899 | $ 24,546 | |||||||||
[1] | Noninterest income includes $3.8 million of gain on the sale of investment securities and noninterest expense includes $3.8 million of loss on the early extinguishment of debt, both related to a series of transactions to deleverage the balance sheet. |
Note 20 - Parent Company Fin120
Note 20 - Parent Company Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 2,545 | $ 4,324 | $ 3,556 | $ 6,180 | $ 3,584 | $ 3,832 | $ 3,502 | $ 4,074 | $ 16,605 | $ 14,992 | $ 16,459 |
Deferred income tax (benefit) expense | 885 | 1,631 | 3,931 | ||||||||
Gain on extinguishment of subordinated notes payable to unconsolidated trusts | (4,050) | ||||||||||
Net cash provided by operating activities | 20,740 | 25,930 | 29,011 | ||||||||
Net cash provided by investing activities | 87,151 | 15,875 | 57,254 | ||||||||
Cash paid to extinguish subordinated notes payable to unconsolidated trusts | (10,950) | ||||||||||
Dividends paid, common stock | (1,575) | ||||||||||
Redemption of preferred stock | (10,000) | (20,000) | |||||||||
Dividends paid, preferred stock | (508) | (1,990) | |||||||||
Shares issued under employee stock purchase plan | 155 | 130 | 129 | ||||||||
Net cash used in financing activities | (114,850) | (22,226) | (53,604) | ||||||||
Net increase (decrease) in cash and cash equivalents | (6,959) | 19,579 | 32,661 | ||||||||
Cash and cash equivalents at beginning of year | 120,493 | 100,914 | 120,493 | 100,914 | 68,253 | ||||||
Cash and cash equivalents at end of year | 113,534 | 120,493 | 113,534 | 120,493 | 100,914 | ||||||
Employee Stock Purchase Plan Expense [Member] | |||||||||||
Noncash compensation expense | 32 | 31 | 32 | ||||||||
Director Fee Compensation [Member] | |||||||||||
Noncash compensation expense | 92 | 104 | 82 | ||||||||
Parent Company [Member] | |||||||||||
Net income | 16,605 | 14,992 | 16,459 | ||||||||
Equity in undistributed loss (income) of subsidiaries | 8,700 | (2,727) | (1,040) | ||||||||
Change in other assets and liabilities, net | (1,116) | 582 | 454 | ||||||||
Deferred income tax (benefit) expense | (46) | (54) | 17 | ||||||||
Gain on extinguishment of subordinated notes payable to unconsolidated trusts | (4,050) | ||||||||||
Net cash provided by operating activities | 20,192 | 12,901 | 15,976 | ||||||||
Return of equity from nonbank subsidiary | 500 | 1,355 | 1,500 | ||||||||
Net cash provided by investing activities | 500 | 1,355 | 1,500 | ||||||||
Cash paid to extinguish subordinated notes payable to unconsolidated trusts | (10,950) | ||||||||||
Dividends paid, common stock | (1,575) | ||||||||||
Redemption of preferred stock | (10,000) | (20,000) | |||||||||
Dividends paid, preferred stock | (508) | (1,990) | |||||||||
Shares issued under employee stock purchase plan | 155 | 130 | 129 | ||||||||
Net cash used in financing activities | (12,370) | (10,378) | (21,861) | ||||||||
Net increase (decrease) in cash and cash equivalents | 8,322 | 3,878 | (4,385) | ||||||||
Cash and cash equivalents at beginning of year | $ 35,964 | $ 32,086 | 35,964 | 32,086 | 36,471 | ||||||
Cash and cash equivalents at end of year | $ 44,286 | $ 35,964 | 44,286 | 35,964 | 32,086 | ||||||
Parent Company [Member] | Employee Stock Purchase Plan Expense [Member] | |||||||||||
Noncash compensation expense | 7 | 4 | 4 | ||||||||
Parent Company [Member] | Director Fee Compensation [Member] | |||||||||||
Noncash compensation expense | $ 92 | $ 104 | $ 82 |
Note 21 - Quarterly Financia121
Note 21 - Quarterly Financial Data (Unaudited) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain on Extinguishment of Debt | $ 4,050 | ||||
Gain (Loss) on Sale of Securities, Net | $ 3,800 | 3,998 | 171 | (63) | |
Loss on Extinguishment of Debt | $ 3,800 | $ 3,776 | |||
Subordinated Debt [Member] | |||||
Gain on Extinguishment of Debt | $ 4,100 |
Note 21 - Quarterly Financia122
Note 21 - Quarterly Financial Data - Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Interest income | $ 14,449 | $ 14,619 | $ 14,973 | $ 15,330 | $ 15,172 | $ 15,123 | $ 15,721 | $ 15,220 | $ 59,371 | $ 61,236 | $ 64,352 | ||
Interest expense | 928 | 1,809 | 1,975 | 2,043 | 2,118 | 2,158 | 2,148 | 2,217 | 6,755 | 8,641 | 10,153 | ||
Net interest income | 13,521 | 12,810 | 12,998 | 13,287 | 13,054 | 12,965 | 13,573 | 13,003 | 52,616 | 52,595 | 54,199 | ||
Provision for loan losses | 175 | (190) | (156) | (473) | (722) | (898) | (264) | (1,545) | (644) | (3,429) | (4,364) | ||
Net interest income after provision for loan losses | 13,346 | 13,000 | 13,154 | 13,760 | 13,776 | 13,863 | 13,837 | 14,548 | 53,260 | 56,024 | 58,563 | ||
Noninterest income | 5,351 | 10,772 | [1] | 5,521 | 9,542 | [2] | 5,573 | 5,689 | 5,508 | 5,441 | 31,186 | 22,211 | 23,273 |
Noninterest expense | 15,221 | 17,888 | [1] | 13,884 | 14,407 | 14,685 | 14,281 | 14,474 | 14,510 | 61,400 | 57,950 | 59,278 | |
Income before income tax benefit and equity in undistributed income of subsidiaries | 3,476 | 5,884 | 4,791 | 8,895 | 4,664 | 5,271 | 4,871 | 5,479 | |||||
Income tax expense | 931 | 1,560 | 1,235 | 2,715 | 1,080 | 1,439 | 1,369 | 1,405 | 6,441 | 5,293 | 6,099 | ||
Net income | 2,545 | 4,324 | 3,556 | 6,180 | 3,584 | 3,832 | 3,502 | 4,074 | 16,605 | 14,992 | 16,459 | ||
Less preferred stock dividends and discount accretion | 170 | 225 | 395 | 1,927 | |||||||||
Net income available to common shareholders, basic and diluted | $ 2,545 | $ 4,324 | $ 3,556 | $ 6,180 | $ 3,584 | $ 3,832 | $ 3,332 | $ 3,849 | $ 16,605 | $ 14,597 | $ 14,532 | ||
Net income per common share, basic and diluted (in dollars per share) | $ 0.34 | $ 0.58 | $ 0.47 | $ 0.82 | $ 0.48 | $ 0.51 | $ 0.44 | $ 0.51 | $ 2.21 | $ 1.95 | $ 1.94 | ||
Weighted average common shares outstanding, basic and diluted (in shares) | 7,508 | 7,505 | 7,502 | 7,500 | 7,497 | 7,495 | 7,492 | 7,490 | 7,504 | 7,494 | 7,483 | ||
[1] | Noninterest income includes $3.8 million of gain on the sale of investment securities and noninterest expense includes $3.8 million of loss on the early extinguishment of debt, both related to a series of transactions to deleverage the balance sheet. | ||||||||||||
[2] | Noninterest income includes $4.1 million related to the gain on the early extinguishment of subordinated notes payable. |
Note 22 - Intangible Assets (De
Note 22 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets, Net | $ 0 | $ 0 | |
Amortization of Intangible Assets | $ 0 | 449 | $ 405 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 2,400 | ||
Fully Amortized [Member] | |||
Finite-Lived Core Deposits, Gross | $ 4,500 |
Note 23 - Preferred Stock (Deta
Note 23 - Preferred Stock (Details Textual) - Series A Preferred Stock [Member] - USD ($) $ / shares in Thousands, $ in Millions | Jun. 08, 2015 | Jan. 09, 2009 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 |
Stock Issued During Period, Shares, New Issues | 30,000 | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 30 | ||||
Stock Redeemed or Called During Period, Shares | 10,000 | 10,000 | 10,000 | 20,000 | |
Preferred Stock, Liquidation Preference Per Share | $ 1 | $ 1 | $ 1 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0 |