Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | CAPITAL CITY BANK GROUP INC | ||
Entity Central Index Key | 726,601 | ||
Document Type | 10-K | ||
Trading Symbol | CCBG | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Public Float | $ 270,798,560 | ||
Entity Common Stock, Shares Outstanding | 16,807,883 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and Due From Banks | $ 62,032,000 | $ 58,419,000 |
Federal Funds Sold and Interest Bearing Deposits | 213,968,000 | 227,023,000 |
Total Cash and Cash Equivalents | 276,000,000 | 285,442,000 |
Investment Securities, Available for Sale, at fair value | 446,157,000 | 480,911,000 |
Investment Securities, Held to Maturity, at amortized cost (fair value of $214,413 and $215,007) | 217,320,000 | 216,679,000 |
Total Investment Securities | 663,477,000 | 697,590,000 |
Loans Held For Sale | 6,869,000 | 4,817,000 |
Loans, Net of Unearned Income | 1,774,225,000 | 1,653,492,000 |
Allowance for Loan Losses | (14,210,000) | (13,307,000) |
Loans, Net | 1,760,015,000 | 1,640,185,000 |
Premises and Equipment, Net | 87,190,000 | 91,698,000 |
Goodwill | 84,811,000 | 84,811,000 |
Other Real Estate Owned | 2,229,000 | 3,941,000 |
Other Assets | 78,592,000 | 90,310,000 |
Total Assets | 2,959,183,000 | 2,898,794,000 |
Deposits: | ||
Noninterest Bearing Deposits | 947,858,000 | 874,583,000 |
Interest Bearing Deposits | 1,583,998,000 | 1,595,294,000 |
Total Deposits | 2,531,856,000 | 2,469,877,000 |
Short-Term Borrowings | 13,541,000 | 7,480,000 |
Subordinated Notes Payable | 52,887,000 | 52,887,000 |
Other Long-Term Borrowings | 8,568,000 | 13,967,000 |
Other Liabilities | 49,744,000 | 70,373,000 |
Total Liabilities | 2,656,596,000 | 2,614,584,000 |
SHAREOWNERS' EQUITY | ||
Preferred Stock, $.01 par value; 3,000,000 shares authorized; no shares issued and outstanding | ||
Common Stock, $.01 par value; 90,000,000 shares authorized; 16,747,571 and 16,988,951 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 167,000 | 170,000 |
Additional Paid-In Capital | 31,058,000 | 36,674,000 |
Retained Earnings | 300,177,000 | 279,410,000 |
Accumulated Other Comprehensive Loss, Net of Tax | (28,815,000) | (32,044,000) |
Total Shareowners' Equity | 302,587,000 | 284,210,000 |
Total Liabilities and Shareowners' Equity | $ 2,959,183,000 | $ 2,898,794,000 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Investment securities, held to maturity, fair value | $ 214,413 | $ 215,007 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, authorized | 3,000,000 | 3,000,000 |
Preferred Stock, outstanding | 0 | 0 |
Preferred Stock, issued | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized | 90,000,000 | 90,000,000 |
Common Stock, issued | 16,747,571 | 16,988,951 |
Common Stock, outstanding | 16,747,571 | 16,988,951 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
INTEREST INCOME | |||
Loans, including Fees | $ 84,117 | $ 75,717 | $ 72,867 |
Investment Securities: | |||
Taxable | 12,081 | 8,095 | 6,317 |
Tax Exempt | 787 | 1,052 | 866 |
Funds Sold | 2,410 | 2,066 | 1,104 |
Total Interest Income | 99,395 | 86,930 | 81,154 |
INTEREST EXPENSE | |||
Deposits | 4,243 | 1,789 | 879 |
Short-Term Borrowings | 110 | 82 | 148 |
Subordinated Notes Payable | 2,167 | 1,634 | 1,434 |
Other Long-Term Borrowings | 371 | 443 | 728 |
Total Interest Expense | 6,891 | 3,948 | 3,189 |
NET INTEREST INCOME | 92,504 | 82,982 | 77,965 |
Provision for Loan Losses | 2,921 | 2,215 | 819 |
Net Interest Income After Provision for Loan Losses | 89,583 | 80,767 | 77,146 |
NONINTEREST INCOME | |||
Other | 6,648 | 6,182 | 8,907 |
Total Noninterest Income | 51,565 | 51,746 | 53,681 |
NONINTEREST EXPENSE | |||
Compensation | 63,921 | 62,312 | 62,733 |
Occupancy, Net | 18,503 | 17,837 | 18,296 |
Other Real Estate Owned, Net | (442) | 1,135 | 3,649 |
Other | 29,521 | 28,163 | 28,536 |
Total Noninterest Expense | 111,503 | 109,447 | 113,214 |
INCOME BEFORE INCOME TAXES | 29,645 | 23,066 | 17,613 |
Income Tax Expense | 3,421 | 12,203 | 5,867 |
NET INCOME | $ 26,224 | $ 10,863 | $ 11,746 |
BASIC NET INCOME PER SHARE (in dollars per share) | $ 1.54 | $ 0.64 | $ 0.69 |
DILUTED NET INCOME PER SHARE (in dollars per share) | $ 1.54 | $ 0.64 | $ 0.69 |
Average Basic Common Shares Outstanding (in shares) | 17,029 | 16,952 | 16,989 |
Average Diluted Common Shares Outstanding (in shares) | 17,072 | 17,013 | 17,061 |
Deposit fees [Member] | |||
NONINTEREST INCOME | |||
Revenue, fees and commissions | $ 20,093 | $ 20,335 | $ 21,332 |
Bank card fees [Member] | |||
NONINTEREST INCOME | |||
Revenue, fees and commissions | 11,378 | 11,191 | 11,221 |
Wealth managment fees [Member] | |||
NONINTEREST INCOME | |||
Revenue, fees and commissions | 8,711 | 8,284 | 7,029 |
Mortgage fees [Member] | |||
NONINTEREST INCOME | |||
Revenue, fees and commissions | $ 4,735 | $ 5,754 | $ 5,192 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
NET INCOME | $ 26,224 | $ 10,863 | $ 11,746 |
Investment Securities: | |||
Change in net unrealized gain/loss on securities available for sale | (409) | (1,459) | (828) |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity | 55 | 73 | 82 |
Total Investment Securities | (354) | (1,386) | (746) |
Benefit Plans: | |||
Reclassification adjustment for amortization of prior service cost | 199 | 223 | 278 |
Reclassification adjustment for amortization of net loss | 5,299 | 4,409 | 3,960 |
Current year actuarial (loss) gain | (815) | (3,470) | (9,958) |
Total Benefit Plans | 4,683 | 1,162 | (5,720) |
Other comprehensive (loss) income, before tax: | 4,329 | (224) | (6,466) |
Deferred tax benefit (expense) related to other comprehensive income | (1,100) | (14) | 2,498 |
Other comprehensive (loss) income, net of tax | 3,229 | (238) | (3,968) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 29,453 | $ 10,625 | $ 7,778 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss, Net of Taxes [Member] |
Balance beginning at Dec. 31, 2015 | $ 274,352 | $ 172 | $ 38,256 | $ 258,181 | $ (22,257) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 11,746 | 0 | 0 | 11,746 | 0 |
Other Comprehensive Income, Other, Net of Tax | (3,968) | 0 | 0 | 0 | (3,968) |
Cash Dividends | (2,890) | 0 | 0 | (2,890) | 0 |
Repurchase of Common Stock | $ (6,312) | (4) | (6,308) | ||
Repurchase of Common Stock (in shares) | (435,461) | ||||
Stock Compensation Expense | $ 1,260 | 0 | 1,260 | 0 | 0 |
Impact of Transactions Under Compensation Plans, net | $ 980 | 0 | 980 | 0 | 0 |
Impact of Transactions Under Compensation Plans, net (in shares) | 123,240 | ||||
Balance ending at Dec. 31, 2016 | $ 275,168 | 168 | 34,188 | 267,037 | (26,225) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 10,863 | 0 | 0 | 10,863 | 0 |
Other Comprehensive Income, Other, Net of Tax | (238) | 0 | 0 | 0 | (238) |
Cash Dividends | (4,071) | 0 | 0 | (4,071) | 0 |
Repurchase of Common Stock | $ 0 | 0 | 0 | 0 | 0 |
Repurchase of Common Stock (in shares) | 0 | ||||
Stock Compensation Expense | $ 1,502 | 0 | 1,502 | 0 | 0 |
Impact of Transactions Under Compensation Plans, net | $ 986 | 2 | 984 | 0 | 0 |
Impact of Transactions Under Compensation Plans, net (in shares) | 144,253 | ||||
Adoption of Accounting Standards Update 2018-02, total | $ 0 | 0 | 0 | 5,581 | (5,581) |
Balance ending at Dec. 31, 2017 | $ 284,210 | 170 | 36,674 | 279,410 | (32,044) |
Balance ending (in shares) at Dec. 31, 2017 | 16,988,951 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | $ 26,224 | 0 | 0 | 26,224 | 0 |
Other Comprehensive Income, Other, Net of Tax | 3,229 | 0 | 0 | 0 | 3,229 |
Cash Dividends | (5,457) | 0 | 0 | (5,457) | 0 |
Repurchase of Common Stock | $ (8,030) | (3) | (8,027) | 0 | 0 |
Repurchase of Common Stock (in shares) | (324,441) | ||||
Stock Compensation Expense | $ 1,421 | 0 | 1,421 | 0 | 0 |
Impact of Transactions Under Compensation Plans, net | $ 990 | 0 | 990 | 0 | 0 |
Impact of Transactions Under Compensation Plans, net (in shares) | 83,061 | ||||
Balance ending at Dec. 31, 2018 | $ 302,587 | $ 167 | $ 31,058 | $ 300,177 | $ (28,815) |
Balance ending (in shares) at Dec. 31, 2018 | 16,747,571 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash Dividends (in dollars per share) | $ 0.32 | $ 0.24 | $ 0.17 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 26,224 | $ 10,863 | $ 11,746 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | |||
Provision for Loan Losses | 2,921 | 2,215 | 819 |
Depreciation | 6,453 | 6,558 | 6,975 |
Amortization of Premiums, Discounts, and Fees, net | 6,698 | 6,626 | 6,219 |
Gain on Retirement of Trust Preferred Securities | 0 | 0 | (2,487) |
Originations of Loans Held for Sale | (177,742) | (191,978) | (177,022) |
Proceeds From Sales of Loans Held for Sale | 180,425 | 192,915 | 171,328 |
Gain Loss On Sale Of Mortgage Loans | (4,735) | (5,754) | (5,192) |
Stock Compensation | 1,421 | 1,502 | 1,260 |
Excess Tax Benefit From Share Based Compensation Operating Activities | (41) | (223) | 0 |
Deferred Income Taxes | 4,837 | 7,576 | 3,457 |
Loss on Sales and Write-Downs of Other Real Estate Owned | (935) | 783 | 3,225 |
Impairment Loss on Premises | (1,213) | 0 | 0 |
Loss on Sale or Disposal of Premises and Equipment | 87 | 276 | 131 |
Net Decrease (Increase) in Other Assets | 7,168 | 2,063 | (18,374) |
Net Increase (Decrease) in Other Liabilities | (16,942) | (5,531) | 8,904 |
Net Cash Provided By Operating Activities | 34,626 | 38,777 | 22,621 |
Securities Held to Maturity: | |||
Purchases | (102,428) | (98,861) | (50,001) |
Payments, Maturities, and Calls | 100,131 | 58,449 | 59,460 |
Securities Available for Sale: | |||
Purchases | (132,895) | (163,469) | (192,005) |
Payments, Maturities, and Calls | 161,332 | 198,027 | 114,189 |
Payments To Acquire Loans Held For Investment | (26,070) | (44,083) | 0 |
Net (Increase) Decrease in Loans | (98,068) | (51,625) | (73,997) |
Proceeds From Insurance Claims on Premises | 663 | 0 | 0 |
Proceeds From Sales of Other Real Estate Owned | 4,774 | 8,031 | 9,443 |
Purchases of Premises and Equipment, net | (1,458) | (3,997) | (4,450) |
Net Cash Used In by Investing Activities | (94,019) | (97,528) | (137,361) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net Increase (Decrease) in Deposits | 61,979 | 57,591 | 109,437 |
Net Increase (Decrease) in Short-Term Borrowings | 2,551 | (2,489) | (52,666) |
Repayments of Subordinated Notes | 0 | 0 | (7,500) |
Repayment of Other Long-Term Borrowings | (1,889) | (3,694) | (9,027) |
Dividends Paid | (5,457) | (4,071) | (2,890) |
Payments to Repurchase Common Stock | (8,030) | 0 | (6,312) |
Issuance of Common Stock Under Compensation Plans | 797 | 809 | 840 |
Net Cash Provided By (Used In) Financing Activities | 49,951 | 48,146 | 31,882 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (9,442) | (10,605) | (82,858) |
Cash and Cash Equivalents at Beginning of Year | 285,442 | 296,047 | 378,905 |
Cash and Cash Equivalents at End of Year | 276,000 | 285,442 | 296,047 |
Supplemental Cash Flow Disclosures: | |||
Interest Paid | 6,879 | 3,952 | 3,195 |
Income Taxes Paid (Refunded) | 157 | 6,514 | (330) |
Noncash Investing and Financing Activities: | |||
Loans Transferred to Other Real Estate Owned | $ 2,140 | $ 2,384 | $ 4,016 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | Notes to Consolidated Financial Statements Note 1 SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Capital City Bank Group, Inc. (“CCBG” or the “Company”) provides a full range of banking and banking-related services to individual and corporate clients through its subsidiary, Capital City Bank, with banking offices located in Florida, Georgia, and Alabama. The Company is subject to competition from other financial institutions, is subject to regulation by certain government agencies and undergoe s periodic examinations by those regulatory authorities. Basis of Presentation The consolidated financial statements include the accounts of Capital City Bank Group, Inc. ( “ CCBG ” ), and its wholly owned subsidiary, Capital City Bank ( “ CCB ” or the “ Bank ” a nd together with CCBG, the “ Company ” ). All material inter-company transactions and accounts have been eliminated in consolidation. The Company, which operates a single reportable business segment that is comprised of commercial banking within the states of Florida, Georgia, and Alabama, follows accounting principles generally accepted in the United States of America and reporting practices applicable to the banking industry. The principles which materially affect the financial position, results of operat ions and cash flows are summarized below. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under accounting principles gene rally accepted in the United States of America. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provide the equity holders with the obligation to abso rb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicabl e accounting standards, variable interest entities (“VIE’s”) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in an entity is present when an enterprise has a variable interest, or a c ombination of variable interests, that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, co nsolidates the VIE. CCBG's wholly owned subsidiaries, CCBG Capital Trust I (established November 1, 2004) and CCBG Capital Trust II (established May 24, 2005) are VIEs for which the Company is not the primary beneficiary. Accordingly, the accounts of the se entities are not included in the Company’s consolidated financial statements. Certain previously reported amounts have been reclassified to conform to the current year’s presentation. The Company has evaluated subsequent events for potential recogniti on and/or disclosure through the date the consolidated financial statements included in this Annual Report on Form 10-K were filed with the United States Securities and Exchange Commission. Use of Estimates The preparation of financial statements in co nformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from these estimates. Material estimates that are particularly susceptible to significant changes in the near-term r elate to the determination of the allowance for loan losses, pension expense, income taxes, loss contingencies, valuation of other real estate owned, and valuation of goodwill and their respective analysis of impairment. Cash and Cash Equivalents Cash an d cash equivalents include cash and due from banks, interest-bearing deposits in other banks, and federal funds sold. Generally, federal funds are purchased and sold for one-day periods and all other cash equivalents have a maturity of 90 days or less. Th e Company is required to maintain average reserve balances with the Federal Reserve Bank based upon a percentage of deposits. The average amounts of these required reserve balances for the years ended December 31, 2018 and 2017 were $ 23.3 million and $ 18. 8 million, respectively. Investment Securities Securities are classified as held to maturity and carried at amortized cost when the Company has the positive intent and ability to hold them until maturity. Securities not classified as held to maturity or trading securities are classified as available for sale and carried at fair value, with the unrealized holding gains and losses reported as a component of other comprehensive income, net of tax. The Company determines the appropriate classification of se curities at the time of purchase. Securities with limited marketability, such as stock in the Federal Reserve Bank and the Federal Home Loan Bank, are carried at cost. Securities transferred from available for sale to held to maturity are recorded at fai r value at the time of transfer. The respective gain or loss is reclassified as a separate component of other comprehensive income and amortized as an adjustment to interest income over the remaining life of the security. Interest income includes amortiz ation of purchase premiums and discounts. Realized gains and losses are derived from the amortized cost of the security sold. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other th an temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, the Company considers, (i) whether it has decided to sell the security, (ii) whether it is more likely than not that the Company will be requi red to sell the security before its market value recovers, and (iii) whether the present value of expected cash flows is sufficient to recover the entire amortized cost basis. When assessing the security’s expected cash flows, the Company considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost and (ii) the financial condition and near-term prospects of the issuer. Loans Held For Sale Certain residential mortgage loans are originated for sale in the secondary mortgage loan market. Additionally, certain other loans are periodically identified to be sold. The Company has the ability and intent to sell these loans and they are classified as loans held for sale and carried at the lower of cost or fair value. Fair value is determined on the basis of rates quoted in the respective secondary market for the type of loan held for sale. Loans are generally sold with servicing released at a premium or discount from the carrying amount of the loans. Suc h premium or discount is recognized as mortgage banking revenue at the date of sale. Fixed commitments are generally used at the time loans are originated or identified for sale to mitigate interest rate risk. The fair value of fixed commitments to origi nate and sell loans held for sale is not material. Loans Loans are stated at the principal amount outstanding, net of unearned income. Interest income is accrued on the effective yield method based on outstanding balances, and includes loan late fees. Fees charged to originate loans and direct loan origination costs are deferred and amortized over the life of the loan as a yield adjustment. The Company defines loans as past due when one full payment is past due or a contractual maturity is over 30 days late. The accrual of interest is generally suspended on loans more than 90 days past due with respect to principal or interest. When a loan is placed on nonaccrual status, all previously accrued and uncollected interest is reversed against curren t income. Interest income on nonaccrual loans is recognized when the ultimate collectability is no longer considered doubtful. Loans are returned to accrual status when the principal and interest amounts contractually due are brought current or when futu re payments are reasonably assured. Loan charge-offs on commercial and investor real estate loans are recorded when the facts and circumstances of the individual loan confirm the loan is not fully collectible and the loss is reasonably quantifiable. Fa ctors considered in making these determinations are the borrower’s and any guarantor’s ability and willingness to pay, the status of the account in bankruptcy court (if applicable), and collateral value. Charge-off decisions for consumer loans are dictate d by the Federal Financial Institutions Examination Council’s (FFIEC) Uniform Retail Credit Classification and Account Management Policy which establishes standards for the classification and treatment of consumer loans, which generally require charge-off after 120 days of delinquency. Allowance for Loan Losses The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing por tfolio of loans. The allowance is that amount considered adequate to absorb losses inherent in the loan portfolio based on management’s evaluation of credit risk as of the balance sheet date. The allowance for loan losses includes allowance allocations calculated in accordance with FASB ASC Topic 310 – Receivables and ASC Topic 450 - Contingencies. The level of the allowance reflects management’s continuing evaluation of specific credit risks, loan loss experience, current loan portfolio quality, presen t economic conditions and unidentified losses inherent in the current loan portfolio, as well as trends in the foregoing. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information b ecomes available. The Company’s allowance for loan losses consists of two components: (i) specific reserves established for probable losses on impaired loans; and (ii) general reserve for non-homogenous loans not deemed impaired and homogenous loan pools based on, but not limited to, historical loan loss experience, current economic conditions, levels of past due loans, and levels of problem loans. Loans are deemed to be impaired when, based on current information and events, it is probable that the Compa ny will not be able to collect all amounts due (principal and interest payments), according to the contractual terms of the loan agreement. Loans to borrowers who are experiencing financial difficulties and whose loans were modified with concessions are c lassified as troubled debt restructurings and measured for impairment. Loans to borrowers that have filed Chapter 7 bankruptcy, but continue to perform as agreed are classified as troubled debt restructurings and measured for impairment. Long-Lived Asset s Premises and equipment is stated at cost less accumulated depreciation, computed on the straight-line method over the estimated useful lives for each type of asset with premises being depreciated over a range of 10 to 40 years, and equipment being depre ciated over a range of 3 to 10 years. Additions, renovations and leasehold improvements to premises are capitalized and depreciated over the lesser of the useful life or the remaining lease term. Repairs and maintenance are charged to noninterest expense as incurred. Long-lived assets are evaluated for impairment if circumstances suggest that their carrying value may not be recoverable, by comparing the carrying value to estimated undiscounted cash flows. If the asset is deemed impaired, an impairment c harge is recorded equal to the carrying value less the fair value. Bank Owned Life Insurance (BOLI) The Company, through its subsidiary bank, has purchased life insurance policies on certain key officers. Bank owned life insurance is recorded at the am ount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Goodwill Goodwill represents the excess of the cost of bu sinesses acquired over the fair value of the net assets acquired. In accordance with FASB ASC Topic 350, the Company determined it has one goodwill reporting unit. Goodwill is tested for impairment annually during the fourth quarter or on an interim basi s if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. See Note 5 – Goodwill for additional information. Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lower of cost or fair value less estimated selling costs, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Revenue and expenses from operatio ns and changes in value are included in noninterest expense. 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. Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities relat ed to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed usin g enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and r ecoverable taxes paid in prior years. The income tax effects related to settlements of share-based payment awards are reported in earnings as an increase or decrease in income tax expense. Prior to 2017, income tax benefits at settlement of an award were reported as an increase or decrease to additional paid-in capital to the extent that those benefits were greater than (or less than) the income tax benefits recognized in earnings during the award’s vesting period. On December 22, 2017, H.R.1, commonly k nown as the Tax Cuts and Jobs Act (the “Tax Act”), was signed into law. Among other things, the Tax Act reduced the Company's corporate federal tax rate from 35% to 21% effective January 1, 2018. As a result, the Company was required to re-measure as of December 31, 2017 , through income tax expense, its deferred tax assets and liabilities using the enacted rate at which they are expected to be recovered or settled. Further discussion is provided in Note 10 – Income Taxes. The Company files a consolida ted federal income tax return and each subsidiary files a separate state income tax return. Earnings Per Common Share Basic earnings per common share is based on net income divided by the weighted-average number of common shares outstanding during the pe riod excluding non-vested stock. Diluted earnings per common share include the dilutive effect of stock options and non-vested stock awards granted using the treasury stock method. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 13 — Earnings Per Share. Comprehensive Income Comprehensive income includes all changes in shareowners’ equity during a period, except those resulting from transactions with shareowners. Besides net income, other components of the Company’s comprehensive income include the after tax effect of changes in the net unrealized gain/loss on securi ties available for sale and changes in the funded status of defined benefit and supplemental executive retirement plans. Comprehensive income is reported in the accompanying Consolidated Statements of Comprehensive Income and Changes in Shareowners’ Equit y. In 2017, the Company adopted FASB ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income and reclassif ied to retained earnings the stranded effects in accumulated other comprehensive income related to the Tax Ac t. Stock Based Compensation Compensation cost is recognized for share-based awards issued to employees, based on the fair value of these awards at the date of grant. Compensation cost is recognized over the requisite service period, generally defined as the vesting period. The market price of the Company’s common stock at the date of the grant is used for restricted stock awards. For stock purchase plan awards, a Black-Scholes model is u tilized to estimate the fair value of the award. The impact of forfeitures of share-based awards on compensation expense is recognized as forfeitures occur. Revenue Recognition Accounting Standards Codification ("ASC") 606, Revenue from Contracts with C ustomers ("ASC 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are sa tisfied. The majority of the Company’s revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit, and investment securities, and revenue related to the sale of residential mortgages in the secondary market, as these activities are subject to other GAAP discussed elsewhere within our disclosures. The Company recognizes revenue from these activities as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Descriptions of the major revenue-generating activities that are within the scope of ASC 606, which are presented in t he accompanying statements of income as components of non-interest income are as follows: Deposit Fees - these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when the Company’s performance obligation is completed which is generally monthly for account maintenance services or when a t ransaction has been completed. Payment for such performance obligations are generally received at the time the performance obligations are satisfied. Wealth Management - trust fees and retail brokerage fees – trust fees represent monthly fees due from we alth management clients as consideration for managing the client’s assets. Trust services include custody of assets, investment management, fees for trust services and similar fiduciary activities. Revenue is recognized when the Company’s performance oblig ation is completed each month or quarter, which is the time that payment is received. Also, retail brokerage fees are received from a third party broker-dealer, for which the Company acts as an agent, as part of a revenue-sharing agreement for fees earned from customers that are referred to the third party. These fees are for transactional and advisory services and are paid by the third party on a monthly basis and recognized ratably throughout the quarter as the Company’s performance obligation is satisfi ed. Bank Card Fees – bank card related fees primarily includes interchange income from client use of consumer and business debit cards. Interchange income is a fee paid by a merchant bank to the card-issuing bank through the interchange network. Interchange fees are set by the credit card associations and are based on cardholder purchase volumes. The Company records interchange income as transactions occur. Gains and Losses from the Sale of Bank Owned Property – the performance obligation in the sale of other real estate owned typically will be the delivery of control over the property to the buyer. If the Company is not providing the financing of the sale, the transaction price is typically identified in the purchase and sale agreement. Howeve r, if the Company provides seller financing, the Company must determine a transaction price, depending on if the sale contract is at market terms and taking into account the credit risk inherent in the arrangement. Other non-interest income primarily in cludes items such as mortgage banking fees (gains from the sale of residential mortgage loans held for sale), bank-owned life insurance, and safe deposit box fees none of which are subject to the requirements of ASC 606. The Company has made no significan t judgments in applying the revenue guidance prescribed in ASC 606 that affects the determination of the amount and timing of revenue from the above-described contracts with clients. The Company has applied ASC 606 using the modified retrospective approa ch effective on January 1, 2018 to all existing contracts with clients covered under the scope of the standard. The Company did not have an aggregate effect of modification resulting from adoption of ASC 606, and no financial statement line items were aff ected by this change in accounting standard. Accounting Changes and Reclassifications Equity Securities Beginning January 1, 2018, upon adoption of ASU 2016-01, equity securities with readily determinable fair values are stated at fair value with realized and unrealized gains and losses reported in income. For periods prior to January 1, 2018, equity securities were classified as available-for-sale and stated at fair value with unrealized gains and losses reported as a separate component of AOCI, n et of tax. Equity securities without readily determinable fair values are recorded at cost less any impairment, if any. Upon adoption, the Company reclassified one security in the amount of $0.8 million to other assets in accordance with this accounting standard. Employee Benefit Plans Beginning January 1, 2018, upon adoption of ASU 2 017-07, an employer must report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other com ponents of net benefit cost must be disclosed. In accordance with this accounting standard, the Company reclassified the non-service cost components of its net periodic benefit cost to other noninterest expense in the accompanying statements of income (See Note 12 – Employee Benefit Plans). Prior year amounts were retrospectively adjusted in accordance with the accounting standard. The effects on the statements of income were as follows: Period Presented Line Item (Dollars in Thousands) Compensation Other Expense Year Ended December 31, 2018 ($1,828) $1,828 Year Ended December 31, 2017 ($2,565) $2,565 Year Ended December 31, 2016 ($2,251) $2,251 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | Note 2 INVESTMENT SECURITIES Investment Portfolio Composition . The amortized cost and related market value of investment securities available-for-sale and held-to-maturity were as follows: 2018 2017 Amortized Unrealized Unrealized Market Amortized Unrealized Unrealized Market (Dollars in Thousands) Cost Gains Losses Value Cost Gain Losses Value Available for Sale U.S. Government Treasury $ 264,298 $ 167 $ 2,616 $ 261,849 $ 237,505 $ - $ 2,164 $ 235,341 U.S. Government Agency 133,201 520 515 133,206 144,324 727 407 144,644 States and Political Subdivisions 42,509 - 144 42,365 91,533 2 378 91,157 Mortgage-Backed Securities 903 40 - 943 1,102 83 - 1,185 Equity Securities (1) 7,794 - - 7,794 8,584 - - 8,584 Total $ 448,705 $ 727 $ 3,275 $ 446,157 $ 483,048 $ 812 $ 2,949 $ 480,911 Held to Maturity U.S. Government Treasury $ 35,088 $ - $ 477 $ 34,611 $ 98,256 $ - $ 441 $ 97,815 States and Political Subdivisions 6,512 - 26 6,486 6,996 - 41 6,955 Mortgage-Backed Securities 175,720 220 2,624 173,316 111,427 22 1,212 110,237 Total $ 217,320 $ 220 $ 3,127 $ 214,413 $ 216,679 $ 22 $ 1,694 $ 215,007 Total Investment Securities $ 666,025 $ 947 $ 6,402 $ 660,570 $ 699,727 $ 834 $ 4,643 $ 695,918 (1) Includes Federal Home Loan Bank and Federal Reserve Bank recorded at cost of $3.0 million and $4.8 million , respectively, at December 31, 2018 and Federal Home Loan Bank, Federal Reserve Bank and FNBB, Inc. stock at $3.1 million, $4.8 million and $0.8 million , respectively, at December 31, 2017 . The FNBB Inc. equity investment was reclassified to other assets in accordance with ASU 2016-01, which was adopted prospectively as allowed by the standard. Securities with an amortized cost of $ 319 .6 million and $ 328.1 million at December 31, 2018 and December 31, 2017 , respectively, were pledged to secure public deposits and f or other purposes. The Bank, as a member of the Federal Home Loan Bank of Atlanta (“FHLB”), is required to own capital stock in the FHLB based generally upon the balances of residential and commercial real estate loans, and FHLB advances. FHLB stock whic h is included in other securities is pledged to secure FHLB advances. No ready market exists for this stock, and it has no quoted market value; however, redemption of this stock has historically been at par value. As a member of the Federal Reserve Bank of Atlanta , the Bank is required to maintain stock in the Federal Reserve Bank of Atlanta based on a specified ratio relative to the Bank’s capital. Federal Reserve Bank stock is carried at cost and may be sold back to the Federal Reserve Bank at its carr ying value. Investment Sales . There were no sales of investment securities for each of the last three years. Maturity Distribution . At December 31, 2018 , the Company's investment securities had the following maturity distribution based on contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. Mortgage-backed securities and certain amortizing U.S. government agency securities are shown separately since they are not due at a certain maturity date. Available for Sale Held to Maturity Amortized Market Amortized Market (Dollars in Thousands) Cost Value Cost Value Due in one year or less $ 117,923 $ 117,163 $ 20,104 $ 19,924 Due after one through five years 208,237 206,247 21,496 21,173 Mortgage-Backed Securities 903 943 175,720 173,316 U.S. Government Agency 113,848 114,010 - - Equity Securities 7,794 7,794 - - Total $ 448,705 $ 446,157 $ 217,320 $ 214,413 Unrealized Losses . The following table summarizes the investment securities with unrealized losses at December 31, aggregated by major security type and length of time in a continuous unrealized loss position: Less Than 12 Months Greater Than 12 Months Total Market Unrealized Market Unrealized Market Unrealized (Dollars in Thousands) Value Losses Value Losses Value Losses December 31, 2018 Available for Sale U.S. Government Treasury $ 28,420 $ 80 $ 193,501 $ 2,536 $ 221,921 $ 2,616 U.S. Government Agency 53,237 271 28,735 244 81,972 515 States and Political Subdivisions 8,243 12 31,417 132 39,660 144 Mortgage-Backed Securities 10 - - - 10 - Total 89,910 363 253,653 2,912 343,563 3,275 Held to Maturity U.S. Government Treasury - - 34,612 477 34,612 477 States and Political Subdivisions 204 - 6,281 26 6,485 26 Mortgage-Backed Securities 51,327 389 84,705 2,235 136,032 2,624 Total $ 51,531 $ 389 $ 125,598 $ 2,738 $ 177,129 $ 3,127 December 31, 2017 Available for Sale U.S. Government Treasury $ 155,443 $ 963 $ 79,900 $ 1,201 $ 235,343 $ 2,164 U.S. Government Agency 45,737 150 25,757 257 71,494 407 States and Political Subdivisions 82,999 320 5,549 58 88,548 378 Mortgage-Backed Securities 2 - - - 2 - Total 284,181 1,433 111,206 1,516 395,387 2,949 Held to Maturity U.S. Government Treasury 77,861 298 14,939 143 92,800 441 States and Political Subdivisions 6,955 41 - - 6,955 41 Mortgage-Backed Securities 56,030 469 30,216 743 86,246 1,212 Total $ 140,846 $ 808 $ 45,155 $ 886 $ 186,001 $ 1,694 Management evaluates securities for other than temporary impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, the Company considers, (i) whether it has decided to sell the security, (ii) whether it is more likel y than not that the Company will have to sell the security before its market value recovers, and (iii) whether the present value of expected cash flows is sufficient to recover the entire amortized cost basis. When assessing a security’s expected cash flo ws, the Company considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost and (ii) the financial condition and near-term prospects of the issuer. In analyzing an issuer’s financial condition, mana gement considers whether the securities are issued by the federal government or its agencies, whether downgrades by rating agencies have occurred, regulatory issues, and analysts’ reports. At December 31, 2018 , there were 492 positions (combined AFS and HTM) with unrealized losses totaling $ 6.4 million. 53 of these positions were U.S. government treasury securities guaranteed by the U.S. government. 292 of these positions were U.S. government agency and mortgage-backed securities issued by U.S. governm ent sponsored entities. The remaining 147 securities are direct obligations of the U.S. government (10) and municipal bonds (137). Municipal bonds are relatively short-term in nature (less than 5 years), and hold a minimum rating of A+, with over 80% of o ur municipal bond portfolio pre-refunded or escrowed to maturity with U.S. government securities. Because the declines in the market value of these securities are attributable to changes in interest rates and not credit quality and because the Company has the present ability and intent to hold these investments until there is a recovery in fair value, which may be at maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2018. |
LOANS, NET
LOANS, NET | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
LOANS, NET | Note 3 LOANS, NET Loan Portfolio Composition . The composition of the loan portfolio at December 31 was as follows: (Dollars in Thousands) 2018 2017 Commercial, Financial and Agricultural $ 233,689 $ 218,166 Real Estate – Construction 89,527 77,966 Real Estate – Commercial Mortgage 602,061 535,707 Real Estate – Residential (1) 342,215 311,906 Real Estate – Home Equity 210,111 229,513 Consumer (2) 296,622 280,234 Loans, Net of Unearned Income $ 1,774,225 $ 1,653,492 (1) Includes loans in process with outstanding balances of $ 9.2 million and $ 9.1 million for 201 8 and 201 7 , respectively. (2 ) Includes overdraft balances of $1.6 million for 201 8 and 201 7 . Net deferred costs included in loans were $ 1 .5 million at December 31, 2018 and $ 1 .5 million at December 31, 2017 . The Company has pledged a blanket floating lien on all 1-4 family residential mortgage loans, commercial real estate mortgage loans, and home equity loans to support avail able borrowing capacity at the FHLB of Atlanta and has pledged a blanket floating lien on all consumer loans, commercial loans, and construction loans to support available borrowing capacity at the Federal Reserve Bank of Atlanta. Nonaccrual Loans . Loan s are generally placed on nonaccrual status if principal or interest payments become 90 days past due and/or management deems the collectability of the principal and/or interest to be doubtful. Loans are returned to accrual status when the principal and interest amounts contractually due are brought current or when future payments are reasonably assured. The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans at December 31: 2018 2017 (Dollars in Thousands) Nonaccrual 90 + Days Nonaccrual 90 + Days Commercial, Financial and Agricultural $ 267 $ - $ 629 $ - Real Estate – Construction 722 - 297 - Real Estate – Commercial Mortgage 2,860 - 2,370 - Real Estate – Residential 2,119 - 1,938 - Real Estate – Home Equity 584 - 1,748 - Consumer 320 - 177 36 Total Nonaccrual Loans $ 6,872 $ - $ 7,159 $ 36 Loan Portfolio Aging. A loan is defined as a past due loan when one full payment is past due or a contractual maturity is over 30 days past due (“DPD”). The following table presents the aging of the recorded investment in past due loans by class of loans at December 31, 30-59 60-89 90 + Total Total Total (Dollars in Thousands) DPD DPD DPD Past Due Current Loans (1) 2018 Commercial, Financial and Agricultural $ 104 $ 58 $ - $ 162 $ 233,260 $ 233,689 Real Estate – Construction 489 - - 489 88,316 89,527 Real Estate – Commercial Mortgage 124 - - 124 599,077 602,061 Real Estate – Residential 745 627 - 1,372 338,724 342,215 Real Estate – Home Equity 512 124 - 636 208,891 210,111 Consumer 1,661 313 - 1,974 294,328 296,622 Total Past Due Loans $ 3,635 $ 1,122 $ - $ 4,757 $ 1,762,596 $ 1,774,225 2017 Commercial, Financial and Agricultural $ 87 $ 55 $ - $ 142 $ 217,395 $ 218,166 Real Estate – Construction 811 - - 811 76,858 77,966 Real Estate – Commercial Mortgage 437 195 - 632 532,705 535,707 Real Estate – Residential 701 446 - 1,147 308,821 311,906 Real Estate – Home Equity 80 2 - 82 227,683 229,513 Consumer 1,316 413 36 1,765 278,292 280,234 Total Past Due Loans $ 3,432 $ 1,111 $ 36 $ 4,579 $ 1,641,754 $ 1,653,492 (1) Total Loans include nonaccrual loans of $6.9 million for 2018 and $7.2 million for 2017. Allowance for Loan Losses . The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing portfolio of loans. Loans are charged-off to the allowance when losses are deemed to be probable and reasonably quantifiable. The following table details the activity in the allowance for loan losses by portfolio class for the years ended December 31. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands) Agricultural Construction Mortgage Residential Home Equity Consumer Total 2018 Beginning Balance $ 1,191 $ 122 $ 4,346 $ 3,206 $ 2,506 $ 1,936 $ 13,307 Provision for Loan Losses 428 139 (223) 331 137 2,109 2,921 Charge-Offs (644) (7) (315) (780) (533) (2,395) (4,674) Recoveries 459 26 373 643 191 964 2,656 Net Charge-Offs (185) 19 58 (137) (342) (1,431) (2,018) Ending Balance $ 1,434 $ 280 $ 4,181 $ 3,400 $ 2,301 $ 2,614 $ 14,210 2017 Beginning Balance $ 1,198 $ 168 $ 4,315 $ 3,445 $ 2,297 $ 2,008 $ 13,431 Provision for Loan Losses 1,037 (96) 542 (444) 180 996 2,215 Charge-Offs (1,357) - (685) (411) (190) (2,193) (4,836) Recoveries 313 50 174 616 219 1,125 2,497 Net Charge-Offs (1,044) 50 (511) 205 29 (1,068) (2,339) Ending Balance $ 1,191 $ 122 $ 4,346 $ 3,206 $ 2,506 $ 1,936 $ 13,307 2016 Beginning Balance $ 905 $ 101 $ 4,498 $ 4,409 $ 2,473 $ 1,567 $ 13,953 Provision for Loan Losses 817 67 (242) (1,296) (135) 1,608 819 Charge-Offs (861) - (349) (899) (450) (2,127) (4,686) Recoveries 337 - 408 1,231 409 960 3,345 Net Charge-Offs (524) - 59 332 (41) (1,167) (1,341) Ending Balance $ 1,198 $ 168 $ 4,315 $ 3,445 $ 2,297 $ 2,008 $ 13,431 The following table details the amount of the allowance for loan losses by portfolio class at December 31, disaggregated on the basis of the Company’s impairment methodology: Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands) Agricultural Construction Mortgage Residential Home Equity Consumer Total 2018 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 118 $ 52 $ 1,026 $ 919 $ 289 $ 1 $ 2,405 Loans Collectively Evaluated for Impairment 1,316 228 3,155 2,481 2,012 2,613 11,805 Ending Balance $ 1,434 $ 280 $ 4,181 $ 3,400 $ 2,301 $ 2,614 $ 14,210 2017 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 215 $ 1 $ 2,165 $ 1,220 $ 515 $ 1 $ 4,117 Loans Collectively Evaluated for Impairment 976 121 2,181 1,986 1,991 1,935 9,190 Ending Balance $ 1,191 $ 122 $ 4,346 $ 3,206 $ 2,506 $ 1,936 $ 13,307 2016 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 80 $ - $ 2,038 $ 1,561 $ 335 $ 6 $ 4,020 Loans Collectively Evaluated for Impairment 1,118 168 2,277 1,884 1,962 2,002 9,411 Ending Balance $ 1,198 $ 168 $ 4,315 $ 3,445 $ 2,297 $ 2,008 $ 13,431 The Company’s recorded investment in loans as of December 31 related to each balance in the allowance for loan losses by portfolio class and disaggregated on the basis of the Company’s impairment methodology was as follows: Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands) Agricultural Construction Mortgage Residential Home Equity Consumer Total 2018 Individually Evaluated for Impairment $ 873 $ 781 $ 12,650 $ 10,593 $ 2,210 $ 88 $ 27,195 Collectively Evaluated for Impairment 232,816 88,746 589,411 331,622 207,901 296,534 1,747,030 Total $ 233,689 $ 89,527 $ 602,061 $ 342,215 $ 210,111 $ 296,622 $ 1,774,225 2017 Individually Evaluated for Impairment $ 1,378 $ 361 $ 19,280 $ 12,871 $ 3,332 $ 113 $ 37,335 Collectively Evaluated for Impairment 216,788 77,605 516,427 299,035 226,181 280,121 1,616,157 Total $ 218,166 $ 77,966 $ 535,707 $ 311,906 $ 229,513 $ 280,234 $ 1,653,492 2016 Individually Evaluated for Impairment $ 1,042 $ 247 $ 23,855 $ 15,596 $ 3,375 $ 174 $ 44,289 Collectively Evaluated for Impairment 215,362 58,196 480,123 265,913 233,137 264,269 1,517,000 Total $ 216,404 $ 58,443 $ 503,978 $ 281,509 $ 236,512 $ 264,443 $ 1,561,289 Impaired Loans . Loans are deemed to be impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts due (principal and interest payments), according to the contractual terms of the loan agreement. Loans , for which the terms have been modified, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. The following table presents loans individually evaluated for impairment by class of loans at December 31: Unpaid Recorded Recorded Principal Investment Investment Related (Dollars in Thousands) Balance With No Allowance With Allowance Allowance 2018 Commercial, Financial and Agricultural $ 873 $ 101 $ 772 $ 118 Real Estate – Construction 781 459 322 52 Real Estate – Commercial Mortgage 12,650 2,384 10,266 1,026 Real Estate – Residential 10,593 1,482 9,111 919 Real Estate – Home Equity 2,210 855 1,355 289 Consumer 88 49 39 1 Total $ 27,195 $ 5,330 $ 21,865 $ 2,405 2017 Commercial, Financial and Agricultural $ 1,378 $ 118 $ 1,260 $ 215 Real Estate – Construction 361 297 64 1 Real Estate – Commercial Mortgage 19,280 1,763 17,517 2,165 Real Estate – Residential 12,871 1,516 11,355 1,220 Real Estate – Home Equity 3,332 1,157 2,175 515 Consumer 113 45 68 1 Total $ 37,335 $ 4,896 $ 32,439 $ 4,117 Nonaccrual loans include both smaller balance homogenous loans that are collectively evaluated for impairment and individually classified impaired loans. Therefore, the sum of nonaccrual loans and accruing troubled debt restructurings will differ from the total individually classified impaired amount. The following table summarizes the average recorded investment and interest income recognized for each of the last three years by class of impaired loans: 2018 2017 2016 Average Total Average Total Average Total Recorded Interest Recorded Interest Recorded Interest (Dollars in Thousands) Investment Income Investment Income Investment Income Commercial, Financial and Agricultural $ 1,123 $ 87 $ 1,117 $ 48 $ 886 $ 49 Real Estate – Construction 729 3 339 4 69 1 Real Estate – Commercial Mortgage 17,463 653 21,682 911 21,376 920 Real Estate – Residential 11,890 550 14,261 683 17,314 786 Real Estate – Home Equity 2,714 98 3,290 108 3,076 115 Consumer 99 7 141 8 207 9 Total $ 34,018 $ 1,398 $ 40,830 $ 1,762 $ 42,928 $ 1,880 Credit Risk Management . The Company has adopted comprehensive lending policies, underwriting standards and loan review procedures designed to maximize loan income within an acceptable level of risk. Management and the Board of Directors review and approve these policies and pr ocedures on a regular basis (at least annually). Reporting systems have been implemented to monitor loan originations, loan quality, concentrations of credit, loan delinquencies and nonperforming loans and potential problem loans. Management and th e Credit Risk Oversight Committee periodically review our lines of business to monitor asset quality trends and the appropriateness of credit policies. In addition, total borrower exposure limits are established and concentration risk is monitored. As pa rt of this process, the overall composition of the portfolio is reviewed to gauge diversification of risk, client concentrations, industry group, loan type, geographic area, or other relevant classifications of loans. Specific segments of the loan portfol io are monitored and reported to the Board on a quarterly basis and have strategic plans in place to supplement Board approved credit policies governing exposure limits and underwriting standards. Detailed below are the types of loans within the Company’s loan portfolio and risk characteristics unique to each. Commercial, Financial, and Agricultural – Loans in this category are primarily made based on identified cash flows of the borrower with consideration given to underlying collateral and person al or other guarantees. Lending policy establishes debt service coverage ratio limits that require a borrower’s cash flow to be sufficient to cover principal and interest payments on all new and existing debt. The majority of these loans are secured by t he assets being financed or other business assets such as accounts receivable, inventory, or equipment. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established po licy guidelines. Real Estate Construction – Loans in this category consist of short-term construction loans, revolving and non-revolving credit lines and construction/permanent loans made to individuals and investors to finance the acquisition, developm ent, construction or rehabilitation of real property. These loans are primarily made based on identified cash flows of the borrower or project and generally secured by the property being financed, including 1-4 family residential properties and commercial properties that are either owner-occupied or investment in nature. These properties may include either vacant or improved property. Construction loans are generally based upon estimates of costs and value associated with the completed project. Collater al values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy guidelines. The disbursement of funds for construction loans is made in relation to the progress of the pro ject and as such these loans are closely monitored by on-site inspections. Real Estate Commercial Mortgage – Loans in this category consists of commercial mortgage loans secured by property that is either owner-occupied or investment in nature. T hese loans are primarily made based on identified cash flows of the borrower or project with consideration given to underlying real estate collateral and personal guarantees. Lending policy establishes debt service coverage ratios and loan to value ratios specific to the property type. Collateral values are determined based upon third party appraisals and evaluations. Real Estate Residential – Residential mortgage loans held in the Company’s loan portfolio are made to borrowers that demonstrate the ab ility to make scheduled payments with full consideration to underwriting factors such as current income, employment status, current assets, and other financial resources, credit history, and the value of the collateral. Collateral consists of mortgage lie ns on 1-4 family residential properties. Collateral values are determined based upon third party appraisals and evaluations. The Company does not originate sub-prime loans. Real Estate Home Equity – Home equity loans and lines are made to qualified in dividuals for legitimate purposes generally secured by senior or junior mortgage liens on owner-occupied 1-4 family homes or vacation homes. Borrower qualifications include favorable credit history combined with supportive income and debt ratio requiremen ts and combined loan to value ratios within established policy guidelines. Collateral values are determined based upon third party appraisals and evaluations. Consumer Loans – This loan portfolio includes personal installment loans, direct and indirec t automobile financing, and overdraft lines of credit. The majority of the consumer loan portfolio consists of indirect and direct automobile loans. Lending policy establishes maximum debt to income ratios, minimum credit scores, and includes guidelines for verification of applicants’ income and receipt of credit reports. Credit Quality Indicators . As part of the ongoing monitoring of the Company’s loan portfolio quality, management categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, histor ical payment performance, credit documentation, and current economic/market trends, among other factors. Risk ratings are assigned to each loan and revised as needed through established monitoring procedures for individual loan relationships over a predet ermined amount and review of smaller balance homogenous loan pools. The Company uses the definitions noted below for categorizing and managing its criticized loans. Loans categorized as “Pass” do not meet the criteria set forth for the Special Mention, S ubstandard, or Doubtful categories and are not considered criticized. Special Mention – Loans in this category are presently protected from loss, but weaknesses are apparent which, if not corrected, could cause future problems. Loans in this category may not meet required underwriting criteria and have no mitigating factors. More than the ordinary amount of attention is warranted for these loans. Substandard – Loans in this category exhibit well-defined weaknesses that would typically bring normal repay ment into jeopardy. These loans are no longer adequately protected due to well-defined weaknesses that affect the repayment capacity of the borrower. The possibility of loss is much more evident and above average supervision is required for these loans. Doubtful – Loans in this category have all the weaknesses inherent in a loan categorized as Substandard, with the characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, h ighly questionable and improbable. The following table presents the risk category of loans by segment at December 31: Commercial, Financial, Total (Dollars in Thousands) Agriculture Real Estate Consumer Loans 2018 Pass $ 232,417 $ 1,211,451 $ 295,888 $ 1,739,756 Special Mention 479 11,048 54 11,581 Substandard 793 21,415 680 22,888 Doubtful - - - - Total Loans $ 233,689 $ 1,243,914 $ 296,622 $ 1,774,225 2017 Pass $ 209,230 $ 1,112,477 $ 279,515 $ 1,601,222 Special Mention 7,879 13,324 65 21,268 Substandard 1,057 29,291 654 31,002 Doubtful - - - - Total Loans $ 218,166 $ 1,155,092 $ 280,234 $ 1,653,492 Troubled Debt Restructurings (“TDRs”) . TDRs are loans in which the borrower is experiencing financial difficulty and the Company has granted an economic concession to the borrower that it would not otherwise consider. In these instances, as part of a work-out alternative, the Company will make concessions including the extension of the loan term, a principal moratorium, a reduction in the interest rate, or a combination thereof. The impact of the TDR modifications and defaults are factored into the al lowance for loan losses on a loan-by-loan basis as all TDRs are, by definition, impaired loans. Thus, specific reserves are established based upon the results of either a discounted cash flow analysis or the underlying collateral value, if the loan is dee med to be collateral dependent. A TDR classification can be removed if the borrower’s financial condition improves such that the borrower is no longer in financial difficulty, the loan has not had any forgiveness of principal or interest, and the loan is subsequently refinanced or restructured at market terms and qualifies as a new loan. The following table presents loans classified as TDRs at December 31: 2018 2017 (Dollars in Thousands) Accruing Nonaccruing Accruing Nonaccruing Commercial, Financial and Agricultural $ 873 $ - $ 822 $ - Real Estate – Construction 59 - 64 - Real Estate – Commercial Mortgage 9,910 1,239 17,058 1,636 Real Estate – Residential 9,234 1,222 11,666 503 Real Estate – Home Equity 1,920 179 2,441 186 Consumer 88 - 113 - Total TDRs $ 22,084 $ 2,640 $ 32,164 $ 2,325 For TDRs, the Company estimated $2.3 million and $3.8 million of impaired loan loss reserves for these loans at December 31, 2018 and December 31, 2017, respectively. Loans classified as TDRs during 2018, 2017, and 2016 are presented in the table below. The modifications made during the reporting period involved either an extension of the loan term, a principal moratorium, a reduction in the interest rate, or a combination thereof. The financial impact of these modifications was not material. 2018 2017 2016 Number Number Number of Recorded of Recorded of Recorded (Dollars in Thousands) Contracts Investment (1) Contracts Investment (1) Contracts Investment (1) Commercial, Financial and Agricultural 1 $ 230 1 $ 22 - $ - Real Estate – Construction - - 1 65 - - Real Estate – Commercial Mortgage 1 228 1 70 3 5,012 Real Estate – Residential 2 108 2 283 6 590 Real Estate – Home Equity 2 110 4 203 5 206 Consumer - - - - - - Total TDRs 6 $ 676 9 $ 643 14 $ 5,808 (1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. The following table provides information on how TDRs were modified during the periods included. 2018 2017 2016 Number Post-Modified Number Post-Modified Number Post-Modified of Recorded of Recorded of Recorded (Dollars in Thousands) Contracts Investment Contracts Investment Contracts Investment Extended amortization 2 $ 303 1 $ 70 3 $ 4,703 Interest rate adjustment 1 33 3 302 - - Extended amortization and interest rate adjustment 1 27 4 249 11 1,105 Principal Moratorium 2 313 - - - - Other - - 1 22 - - Total TDRs 6 $ 676 9 $ 643 14 $ 5,808 The following table presents loans classified as TDRs for which there was a payment default and the loans were modified within the twelve months prior to default. 2018 2017 2016 Number Number Number of Recorded of Recorded of Recorded (Dollars in Thousands) Contracts Investment (1) Contracts Investment (1) Contracts Investment (1) Commercial, Financial and Agricultural - $ - - $ - - $ - Real Estate – Construction - - - - - - Real Estate – Commercial Mortgage - - - - - - Real Estate – Residential 1 76 - - - - Total TDRs 1 $ 76 - $ - - $ - (1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | Note 4 PREMISES AND EQUIPMENT The composition of the Company's premises and equipment at December 31 was as follows: (Dollars in Thousands) 2018 2017 Land $ 23,697 $ 24,061 Buildings (1) 109,711 111,716 Fixtures and Equipment 45,572 45,012 Total 178,980 180,789 Accumulated Depreciation (91,790) (89,091) Premises and Equipment, Net $ 87,190 $ 91,698 Depreciation expense for the above premises and equipment was approximately $6.5 million in 2018 and $6.6 million in 2017. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | Note 5 GOODWILL At December 31, 201 8 and December 31, 201 7 , the Company had goodwill of $84.8 million. Goodwill is tested for impairment on an annual basis, or more often if impairment indicators exist. Testing allows for a qualitative assessment of goodwill impairment indicators. If the assessment indicates that impairment has more than likely occurred, the Company must compare the estimated fair value of the reporting unit to its carrying amount. If the carrying amount of the reporting unit exceed s its estimated fair value, an impairment charge is recorded equal to the excess. During the fourth quarter of 2018, the Company performed its annual goodwill impairment testing and determined that no goodwill impairment existed at December 31, 2018. The Company will continue to evaluate goodwill for impairment as defined by ASC Topic 350. |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 12 Months Ended |
Dec. 31, 2018 | |
Other Real Estate [Abstract] | |
OTHER REAL ESTATE OWNED | Note 6 OTHER REAL ESTATE OWNED The following table presents other real estate owned activity at of December 31, (Dollars in Thousands) 2018 2017 2016 Beginning Balance $ 3,941 $ 10,638 $ 19,290 Additions 2,140 2,384 4,016 Valuation Write-Downs (1,046) (1,318) (2,363) Sales (2,793) (7,496) (10,305) Other (13) (267) - Ending Balance $ 2,229 $ 3,941 $ 10,638 Net expenses applicable to other real estate owned for the three years ended December 31, was as follows: (Dollars in Thousands) 2018 2017 2016 Gains from the Sale of Properties $ (2,288) $ (1,054) $ (410) Losses from the Sale of Properties 307 518 1,272 Rental Income from Properties (12) (76) (88) Property Carrying Costs 505 429 511 Valuation Adjustments 1,046 1,318 2,364 Total $ (442) $ 1,135 $ 3,649 At December 31, 2018, the Company had $ 1.2 million of loans secured by residential real estate in the process of foreclosure . |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
DEPOSITS | Note 7 DEPOSITS The composition of the Company's interest bearing deposits at December 31 was as follows : (Dollars in Thousands) 2018 2017 NOW Accounts $ 867,209 $ 877,820 Money Market Accounts 237,739 239,212 Savings Deposits 358,306 335,140 Time Deposits 120,744 143,122 Total Interest Bearing Deposits $ 1,583,998 $ 1,595,294 At December 31, 2018 and 2017, $ 1.6 million in overdrawn deposit accounts were reclassified as loans. Time deposits that meet or exceed the FDIC insurance limit of $250,000 totaled $ 6.5 million and $ 8.2 million at December 31, 2018 and December 31, 2017, respectively. At December 31, the scheduled maturities of time deposits were as follows: (Dollars in Thousands) 2018 2019 $ 98,960 2020 13,563 2021 5,045 2022 1,668 2023 and thereafter 1,508 Total $ 120,744 Interest expense on deposits for the three years ended December 31, was as follows: (Dollars in Thousands) 2018 2017 2016 NOW Accounts $ 3,152 $ 1,094 $ 292 Money Market Accounts 675 252 120 Savings Deposits 172 159 144 Time Deposits < $250,000 234 274 306 Time Deposits > $250,000 10 10 17 Total $ 4,243 $ 1,789 $ 879 |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2018 | |
Short Term Borrowings [Abstract] | |
SHORT-TERM BORROWINGS | Note 8 SHORT-TERM BORROWINGS Short-term borrowings included the following: (Dollars in Thousands) Federal Funds Purchased Securities Sold Under Repurchase Agreements (1) Other Short-Term Borrowings (2) 2018 Balance at December 31 $ - $ 10,092 $ 3,449 Maximum indebtedness at any month end - 10,092 10,044 Daily average indebtedness outstanding 20 7,951 3,021 Average rate paid for the year 2.41 % 0.49 % 2.31 % Average rate paid on period-end borrowings - % 0.88 % 1.61 % 2017 Balance at December 31 $ - $ 7,272 $ 208 Maximum indebtedness at any month end - 7,272 6,218 Daily average indebtedness outstanding 7 7,266 2,654 Average rate paid for the year 1.60 % 0.10 % 2.79 % Average rate paid on period-end borrowings - % 0.15 % 6.13 % 2016 Balance at December 31 $ - $ 6,490 $ 6,259 Maximum indebtedness at any month end - 74,911 7,961 Daily average indebtedness outstanding 11 32,732 4,019 Average rate paid for the year 1.00 % 0.05 % 3.28 % Average rate paid on period-end borrowings - % 0.05 % 3.05 % (1) Balances are fully collateralized by government treasury or agency securities held in the Company's investment portfolio. (2) Comprised of FHLB advances. |
LONG-TERM BORROWINGS
LONG-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Debt, Unclassified [Abstract] | |
LONG-TERM BORROWINGS | Note 9 LONG-TERM BORROWINGS Federal Home Loan Bank Advances. FHLB long-term advances totaled $ 6.5 million at December 31, 2018 and $ 11.3 million at December 31, 2017. The advances mature at varying dates from 2020 through 2025 and had a weighted-average rate of 2.99% and 2.48% at December 31, 2018 and 2017, respectively. The FHLB advances are collateralized by a blanket floating lien on all 1-4 family residential mortgage loans, commercial real estate mortgage loans, and home equity mort gage loans. Interest on the FHLB advances is paid on a monthly basis. Note Payable. L ong-term note payable totaled $ 2.1 million at December 31, 2018 and $ 2.7 million at December 31, 2017. The note matures on March 30, 2027 . Interest is payable quarter ly on the note equal to the prime interest rate which is adjusted quarterly. A principal payment of $ 0.3 million is required on an annual basis. Scheduled minimum future principal payments on our other long-term borrowings at December 31 were as follows: (Dollars in Thousands) 2018 2019 $ 1,314 2020 1,667 2021 1,209 2022 2,891 2023 553 2024 and thereafter 934 Total $ 8,568 Junior Subordinated Deferrable Interest Notes. The Company has issued two junior subordinated deferrable interest notes to wholly owned Delaware statutory trusts. The first note for $ 30.9 million was issued to CCBG Capital Trust I. The second note for $ 32.0 million was issued to CCBG Capital Trust II. The two trusts are considered variable interest entities for which the Company is not the primary beneficiary. Accordingly, the accounts of the trusts are not included in the Company’s consolidated financ ial statements. See Note 1 - Summary of Significant Accounting Policies for additional information about the Company’s consolidation policy. Details of the Company’s transaction with the two trusts are provided below. In November 2004, CCBG Capital Trust I issued $ 30.0 million of trust preferred securities which represent interest in the assets of the trust. The interest payments are due quarterly at 3-month LIBOR plus a margin of 1.90%, adjusted quarterly. The trust preferred securities will mature on December 31, 2034 , and are redeemable upon approval of the Federal Reserve in whole or in part at the option of the Company at any time after December 31, 2009 and in whole at any time upon occurrence of certain events affecting their tax or regulatory cap ital treatment. Distributions on the trust preferred securities are payable quarterly on March 31, June 30, September 30, and December 31 of each year. CCBG Capital Trust I also issued $928,000 of common equity securities to CCBG. The proceeds of the off ering of trust preferred securities and common equity securities were used to purchase a $ 30.9 million junior subordinated deferrable interest note issued by the Company, which has terms similar to the trust preferred securities. In May 2005, CCBG Capital Trust II issued $ 31.0 million of trust preferred securities which represent interest in the assets of the trust. The interest payments are due quarterly at 3-month LIBOR plus a margin of 1.80%, adjusted quarterly. The trust preferred securities will mat ure on June 15, 2035 , and are redeemable upon approval of the Federal Reserve in whole or in part at the option of the Company and in whole at any time upon occurrence of certain events affecting their tax or regulatory capital treatment. Distributions on the trust preferred securities are payable quarterly on March 15, June 15, September 15, and December 15 of each year. CCBG Capital Trust II also issued $959,000 of common equity securities to CCBG. The proceeds of the offering of trust preferred securi ties and common equity securities were used to purchase a $ 32.0 million junior subordinated deferrable interest note issued by the Company, which has terms substantially similar to the trust preferred securities. The Company has the right to defer payment s of interest on the two notes at any time or from time to time for a period of up to twenty consecutive quarterly interest payment periods. Under the terms of each note, in the event that under certain circumstances there is an event of default under the note or the Company has elected to defer interest on the note, the Company may not, with certain exceptions, declare or pay any dividends or distributions on its capital stock or purchase or acquire any of its capital stock. At December 31, 2018, the Com pany has paid all interest payments in full. The Company has entered into agreements to guarantee the payments of distributions on the trust preferred securities and payments of redemption of the trust preferred securities. Under these agreements, the Company also agrees, on a subordinated basis, to pay expenses and liabilities of the two trusts other than those arising under the trust preferred securities. The obligations of the Company under the two junior subordinated notes, the trust agreements est ablishing the two trusts, the guarantee and agreement as to expenses and liabilities, in aggregate, constitute a full and unconditional guarantee by the Company of the two trusts' obligations under the two trust preferred security issuances. On April 12, 2016, the Company retired $ 10 million in face value of trust preferred securities that were auctioned as part of a liquidation of a pooled collateralized debt obligation fund. The trust preferred securities were originally issued through CCBG Capital Trus t I. The Company’s winning bid equated to approximately 75% of the $10 million par value, with the 25% discount resulting in a pre-tax gain of approximately $ 2.5 million. The Company utilized internal resources and a $3.75 million draw on a short-term bo rrowing facility to fund the repurchase. Despite the fact that the accounts of CCBG Capital Trust I and CCBG Capital Trust II are not included in the Company’s consolidated financial statements, the $ 20.0 million and $ 31.0 million, respectively, in trust preferred securities issued by these subsidiary trusts are included in the Tier 1 Capital of Capital City Bank Group, Inc. as allowed by Federal Reserve guidelines. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Note 10 INCOME TAXES The provision for income taxes reflected in the statements of comprehensive income is comprised of the following components: (Dollars in Thousands) 2018 2017 2016 Current: Federal $ (1,617) $ 5,792 $ 2,295 State 201 140 115 (1,416) 5,932 2,410 Deferred: Federal 3,620 1,232 2,742 State 1,285 974 712 Expense Due to Enactment of Federal Tax Reform - 4,066 - Change in Valuation Allowance (68) (1) 3 4,837 6,271 3,457 Total: Federal 2,003 7,024 5,037 State 1,486 1,114 827 Expense Due to Enactment of Federal Tax Reform - 4,066 - Change in Valuation Allowance (68) (1) 3 Total $ 3,421 $ 12,203 $ 5,867 On December 22, 2017, H.R.1, commonly known as the Tax Cuts and Jobs Act (the “Tax Act”), was signed into law. Among other things, the Tax Act reduced our corporate federal tax rate from 35% to 21% effective January 1, 2018. As a result, we were required to re-measure, through 2017 income tax expense, our deferred tax assets and liabilities using the enacted rate at which we expect them to be recovered or settled. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740, Income Taxes. The Company’s 2017 financial results reflect ed the income tax effects of the Act for which the account ing under ASC Topic 740 was complete and provisional amounts for those specific income tax effects of the 2017 Tax Act for which the accounting under ASC Topic 740 was incomplete but a reasonable estimate could be determined. The Company recorded a provisio nal amount of $4.1 million tax expense for the impact of the re-measurement of its deferred tax inventory. No adjustments to the provisional amounts were recorded during the one year measurement period ended December 22, 2018 . Income taxes provided were different than the tax expense computed by applying the statutory federal income tax rate of 21 % in 2018 and 35% in 2017 and 2016 to pre-tax income as a result of the following: (Dollars in Thousands) 2018 2017 2016 Tax Expense at Federal Statutory Rate $ 6,225 $ 8,074 $ 6,165 Increases (Decreases) Resulting From: Tax-Exempt Interest Income (494) (805) (662) 2017 Provision to Return - Impact of Federal Tax Reform (3,590) - - State Taxes, Net of Federal Benefit 1,174 724 538 Other 348 439 121 Change in Valuation Allowance (68) (1) 3 Tax-Exempt Cash Surrender Value Life Insurance Benefit (174) (294) (298) Expense Due to Enactment of Federal Tax Reform - 4,066 - Actual Tax Expense $ 3,421 $ 12,203 $ 5,867 In connection with filing its 2017 income tax returns, the Company recorded a permanent net income tax benefit of $3.6 million. This benefit was a result of deductions claimed on the Company’s 2017 income tax returns, partially offset by repricing of its current and deferred income tax position associated with the Tax Cuts and Jobs Act of 2017. Deferred income tax liabilities and assets result from differences between assets and liabilities measured for financial reporting purposes and for income tax return purposes. These assets and liabilities are measured using the enacted tax rates and laws that are currently in effect. The net deferred tax asset and the temporary differences comprising that balance at December 31, 2018 and 2017 are as follows: (Dollars in Thousands) 2018 2017 Deferred Tax Assets Attributable to: Allowance for Loan Losses $ 3,602 $ 3,373 Accrued Pension/SERP 9,102 10,289 State Net Operating Loss and Tax Credit Carry-Forwards 4,532 5,074 Other Real Estate Owned 1,270 1,520 Federal Net Operating Loss and Tax Credit Carry-Forwards - 50 Accrued SERP Liability 1,869 1,398 Other 3,101 2,694 Total Deferred Tax Assets $ 23,476 $ 24,398 Deferred Tax Liabilities Attributable to: Depreciation on Premises and Equipment $ 3,970 $ 3,272 Deferred Loan Fees and Costs 2,356 2,266 Intangible Assets 3,232 3,035 Accrued Pension Liability 5,001 907 Investments 469 469 Other 4 5 Total Deferred Tax Liabilities 15,032 9,954 Valuation Allowance 1,688 1,755 Net Deferred Tax Asset $ 6,756 $ 12,689 In the opinion of management, it is more likely than not that all of the deferred tax assets, with the exception of certain state net operating loss carry-forwards, certain state tax credit carry-forwards, and certain state capital loss carry-forwards expected to expire prior to utilization, will be realized. Accordingly, a valuation allowance of $ 1.7 million is recorded at December 31, 2018. At December 31, 2018, the Company had state loss and tax credit carry-forwards of approximately $ 4.5 million, which exp ire at various dates from 2019 through 2038 . The Company had no unrecognized tax benefits at December 31, 2018, December 31, 2017, and December 31, 2016. It is the Company’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income taxes accounts. There were no penalties and interest related to income taxes recorded in the income statement for the years ended December 31, 2018, 2017 and 2016. There were no amounts accrued in the balance sheet for penalties and interest at December 31, 2018 and 2017 . The Company and its subsidiaries file a consolidated U.S. federal income tax retu rn, as well as file various returns in states where its banking offices are located. The Company is no longer subject to U.S. federal or state tax examinations for years before 2015. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | Note 11 STOCK-BASED COMPENSATION At December 31, 2018, the Company had three stock-based compensation plans, consisting of the 2011 Associate Incentive Plan ( “ AIP”), the 2011 Associate Stock Purchase Plan ( “ ASPP”), and the 2011 Director Stock Purchase Plan ( “ DSPP”). These plans, which were approved by the shareowners in April 2011, replaced substantially similar plans approved by the shareowners in 2004. Total compensation expense associated with these plans for 2016 through 2018 was $ 1.8 million, $ 2 .0 million, and $ 1.9 million, respectively. AIP. The AIP allows the Company's Board of Directors to award key associates various forms of equity-based incentive compensation. Under the 2011 AIP there were 875,000 shares reserved for issuance. In 2018, the Company, pursuant to the terms and conditions of the AIP, created the 2018 Incentive Plan (“2018 Plan”), under which a ll participants in the 2018 Plan were eligible to earn performance shares. Awards under the 2018 Plan were tied to internally e stablished performance goals. At base level targets, the grant-date fair value of the shares eligible to be awarded in 2018 was approximately $0. 9 million. Approximately 75% of the award is in the form of stock and 25% in the form of a cash bonus. For 2 018, a total of 28,800 shares were eligible for issuance, but additional shares could be earned if performance exceeded established goals. A total of 3 4 , 436 shares were earned for 2018. The Company recognized expense of $ 1 . 1 million, $ 0.8 million, and $ 1 .2 million for years ended 2018, 2017 and 2016, respectively. Executive Long-Term Incentive Plan (“LTIP”) . In 2007, the Company established a Perf ormance Share Unit Plan under the provisions of the AIP that allows William G. Smith, Jr., the Chairman, President, and Chief Executive Officer of CCBG, Inc. to earn shares based on the compound annual growth rate in diluted earnings per share over a three -year period. At December 31, 2018, there were three LTIP agreements in place for the years 2016-2018. The Company recognized $ 0. 3 million, $ 0.6 million, and $ 0.3 million in expense for years 2018, 2017 and 2016, respectively, under these LTIP agreements . At Mr. Smith’s request, the Compensation Committee, with board approval, exercised its negative discretion option whereby the grant for the three-year period beginning 2016 was cancelled and therefore there was no pay-out. In addition, the Company ente red into similar LTIP agreements with Thomas A. Barron, the President of CCB for the years 2016-2018 that allows shares to be earned based on the compound annual growth rate in diluted earnings per share over a three-year period. At December 31, 2018, the re were three LTIP agreements in place for the years 2016-2018. The Company recognized $ 0. 2 million, $ 0.4 , and $ 0.2 million in expense for years 2018, 2017 and 2016, respectively. Shares issued under Mr. Barron’s LTIP plans were 9,810 in 2018 and 6,450 i n 2017. The Company also entered into a similar agreement with J. Kimbrough Davis, Chief Financial Officer of the Company, which is being phased in over a three - year period (2017-2019) that allows shares to be earned based on the compound annual growth ra te in diluted earnings per share. The Company recognized $ 0. 2 million and $ 0.1 million in expense for the years ended 2018 and 2017, respectively, under this agreement. Shares issued under Mr. Davis’s LTIP plan were 2,406 in 2018. After deducting the shares earned in 2018 under the AIP and LTIP , 4 26 , 472 shares remain eligible for issuance under the 2011 AIP. DSPP. The Company’s DSPP allows the directors to purchase the Company’s common stock at a price equal to 90% of the closing price on the date of purchase. Stock purchases under the DSPP are limited to the amount of the directors' annual retainer and meeting fees. Under the 2011 DSPP there were 150,000 shares reserved for issuance. For 2018, the Company issued 14,470 shares and recognized approximately $ 35,000 in expense under the DSPP. For 2017, the Company issued 10,340 shares and recognized approximately $ 22,000 in expe nse under the DSPP. For 2016, the Company issued 15,530 shares under the DSPP and recognized approximately $ 23,000 in expense related to this plan. At December 31, 2018, there are 33,910 shares eligible for issuance under the 2011 DSPP. ASPP. Under the Company’s ASPP, substantially all associates may purchase the Company’s common stock through payroll deductions at a price equal to 90% of the lower of the fair market value at the beginning or end of each six-month offering period. Stock purchases under the ASPP are limited to 10% of an associate's eligible compensation, up to a maximum of $ 25,000 (fair market value on each enrollment date) in any plan year. Under the 2011 ASPP there were 593,750 shares of common stock reserved for issuance. For 2018, 19,503 shares were acquired and approximately $ 70,000 in expense was recognized under the ASPP. For 2017, 28,874 shares were acquired and approximately $ 94,000 in expense was recognized under the ASPP. For 2016, 44,782 shares were acquired under the ASP P and approximately $ 100,000 in expense was recognized related to this plan. At December 31, 2018, 304,073 shares remained eligible for issuance under the ASPP. Based on the Black-Scholes option pricing model, the weighted average estimated fair value of each of the purchase rights granted under the ASPP was $ 3.57 for 2018. For 2017 and 2016, the weighted average fair value purchase right granted was $ 3.28 and $ 2.22 , respectively. In calculating compensation, the fair value of each stock purchase right was estimated on the date of grant using the following weighted average assumptions: 2018 2017 2016 Dividend yield 1.4 % 1.2 % 1.1 % Expected volatility 18.7 % 21.6 % 19.5 % Risk-free interest rate 1.8 % 0.9 % 0.4 % Expected life (in years) 0.5 0.5 0.5 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2018 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | Note 12 EMPLOYEE BENEFIT PLANS Pension Plan The Company sponsors a noncontributory pension plan covering substantially all of its associates. Benefits under this plan generally are based on the associate's total years of service and average of the five highest years of compensation during the ten years immediately preceding their departure. The Company’s general funding policy is to contribute amounts sufficient to meet minimum funding requirements as set by law and to ensure deductibility for fede ral income tax purposes. The following table details on a consolidated basis the changes in benefit obligation, changes in plan assets, the funded status of the plan, components of pension expense, amounts recognized in the Company's consolidated statemen ts of financial condition, and major assumptions used to determine these amounts. (Dollars in Thousands) 2018 2017 2016 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 165,084 $ 152,585 $ 141,039 Service Cost 6,884 6,752 6,453 Interest Cost 5,661 5,750 5,587 Actuarial (Gain) Loss (16,349) 10,877 9,118 Benefits Paid (11,686) (10,541) (9,412) Expenses Paid (247) (339) (200) Projected Benefit Obligation at End of Year $ 149,347 $ 165,084 $ 152,585 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 129,719 $ 113,813 $ 105,792 Actual (Loss) Return on Plan Assets (6,251) 16,786 7,633 Employer Contributions 23,000 10,000 10,000 Benefits Paid (11,686) (10,541) (9,412) Expenses Paid (247) (339) (200) Fair Value of Plan Assets at End of Year $ 134,535 $ 129,719 $ 113,813 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 14,812 $ 35,365 $ 38,772 Accumulated Benefit Obligation at End of Year $ 130,477 $ 144,139 $ 130,109 Components of Net Periodic Benefit Costs: Service Cost $ 6,884 $ 6,752 $ 6,453 Interest Cost 5,661 5,750 5,587 Expected Return on Plan Assets (9,564) (8,026) (7,736) Amortization of Prior Service Costs 199 223 278 Net Loss Amortization 3,673 3,812 3,201 Net Periodic Benefit Cost $ 6,853 $ 8,511 $ 7,783 Weighted-Average Assumptions Used to Determine Benefit Obligation: Discount Rate 4.43% 3.71% 4.21% Rate of Compensation Increase (1) 4.00% 3.25% 3.25% Measurement Date 12/31/18 12/31/17 12/31/16 Weighted-Average Assumptions Used to Determine Benefit Cost: Discount Rate 3.71% 4.21% 4.52% Expected Return on Plan Assets 7.25% 7.25% 7.50% Rate of Compensation Increase 3.25% 3.25% 3.25% Amortization Amounts from Accumulated Other Comprehensive Income: Net Actuarial (Gain) Loss $ (533) $ 2,117 $ 9,221 Prior Service Cost (199) (223) (278) Net Loss (3,673) (3,812) (3,201) Deferred Tax Expense (Benefit) 1,118 5,898 (2,216) Other Comprehensive Loss (Gain), net of tax $ (3,287) $ 3,980 $ 3,526 Amounts Recognized in Accumulated Other Comprehensive Income: Net Actuarial Losses $ 34,491 $ 38,698 $ 40,392 Prior Service Cost 66 265 488 Deferred Tax Benefit (8,757) (9,876) (15,772) Accumulated Other Comprehensive Loss, net of tax $ 25,800 $ 29,087 $ 25,108 (1) For 12/31/2018, the Company utilized an age-graded approach that varies the rate based on the age of the participants. The service cost component of net periodic benefit cost is reflected in compensation expense in the accompanying statements of income. The other components of net periodic cost are included in “other” within the noninterest expense category in the statements of income. See Note 1 – Significant Accounting Policies for additional information. The Company expects to recognize $ 3.9 million of the net actuarial loss reflected in accumulated other comprehensive income at December 31, 2018 as a component of net periodic benefit cost during 2019. Plan Assets. The Company’s pension plan asset allocation at December 31, 2018 and 2017, and the target asset allocation for 2019 are as follows: Target Percentage of Plan Allocation Assets at December 31 (1) 2019 2018 2017 Equity Securities 68 % 67 % 74 % Debt Securities 27 % 21 % 21 % Cash and Cash Equivalents 5 % 12 % 5 % Total 100 % 100 % 100 % (1) Represents asset allocation at December 31 which may differ from the average target allocation for the year due to the year-end cash contribution to the plan. The Company’s pension plan assets are overseen by the CCBG Retirement Committee. Capital City Trust Company acts as the investment manager for the plan. The investment strategy is to maximize return on investments while minimizing risk. The Company believes the best way to accomplish this goal is to take a conservative approach to its invest ment strategy by investing in mutual funds that include various high-grade equity securities and investment-grade debt issuances with varying investment strategies. The target asset allocation will periodically be adjusted based on market conditions and will operate within the following investment policy statement allocation ranges: equity securities ranging from 55% and 8 1 %, debt securitie s ranging from 17% and 37%, and cash and cash equivalents ranging from 0% and 10%. The overall expected long-term rate of return on assets is a weighted-average expectation for the return on plan assets. The Company considers historical performance data and econo mic/financial data to arrive at expected long-term rates of return for each asset category. The major categories of assets in the Company’s pension plan at December 31 are presented in the following table. Assets are segregated by the level of the valuat ion inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 19 – Fair Value Measurements). (Dollars in Thousands) 2018 2017 Level 1: U.S. Treasury Securities $ 398 $ - Mutual Funds 112,131 $ 118,474 Cash and Cash Equivalents 16,788 7,103 Level 2: U.S. Government Agency 2,822 4,142 Corporate Notes/Bonds 2,396 - Total Fair Value of Plan Assets $ 134,535 $ 129,719 Expected Benefit Payments. At December 31, expected benefit payments related to the defined benefit pension plan were as follows: (Dollars in Thousands) 2018 2019 $ 11,271 2020 11,536 2021 11,466 2022 11,435 2023 11,571 2024 through 2028 54,525 Total $ 111,804 Contributions. The following table details the amounts contributed to the pension plan in 2018 and 2017 , and the expected amount to be contributed in 2019. Expected Contribution (Dollars in Thousands) 2017 2018 2019 (1) Actual Contributions $ 10,000 $ 23,000 $ 5,000 (1) For 2019, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances . Supplemental Executive Retirement Plan The Company has a Supplemental Executive Retirement Plan (“SERP ” ) covering selected executive officers. Benefits under this plan generally are based on the same service and compensation as used for the pension plan, except the benefits are calculated without regard to the limits set by the Internal Revenue Code on compensation and benefi ts. The net benefit payable from the SERP is the difference between this gross benefit and the benefit payable by the pension plan. The following table details on a consolidated basis the changes in benefit obligation, the funded status of the plan, comp onents of pension expense, amounts recognized in the Company's consolidated statements of financial condition, and major assumptions used to determine these amounts. (Dollars in Thousands) 2018 2017 2016 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 7,285 $ 5,741 $ 4,842 Interest Cost 227 191 162 Actuarial Loss 1,348 1,353 737 Projected Benefit Obligation at End of Year $ 8,860 $ 7,285 $ 5,741 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 8,860 $ 7,285 $ 5,741 Accumulated Benefit Obligation at End of Year $ 7,557 $ 6,485 $ 4,913 Components of Net Periodic Benefit Costs: Interest Cost 227 191 162 Net Loss Amortization 1,626 597 759 Net Periodic Benefit Cost $ 1,853 $ 788 $ 921 Weighted-Average Assumptions Used to Determine Benefit Obligation: Discount Rate 4.23% 3.53% 3.92% Rate of Compensation Increase (1) 4.00% 3.25% 3.25% Measurement Date 12/31/18 12/31/17 12/31/16 Weighted-Average Assumptions Used to Determine Benefit Cost: Discount Rate 3.53% 3.92% 4.13% Rate of Compensation Increase 3.25% 3.25% 3.25% Amortization Amounts from Accumulated Other Comprehensive Income: Net Actuarial Loss $ 1,348 $ 1,353 $ 737 Net Loss (1,626) (597) (759) Deferred Tax (Benefit) Expense 71 (77) 8 Other Comprehensive Loss (Gain), net of tax $ (207) $ 679 $ (14) Amounts Recognized in Accumulated Other Comprehensive Income: Net Actuarial Loss $ 1,348 $ 1,626 $ 870 Deferred Tax Benefit (341) (412) (336) Accumulated Other Comprehensive Loss, net of tax $ 1,007 $ 1,214 $ 534 (1) For 12/31/2018, the Company utilized an age-graded approach that varies the rate based on the age of the participants. The Company expects to recognize approximately $ 0.8 million of the net actuarial loss reflected in accumulated other comprehensive income at December 31, 2018 as a component of net periodic benefit cost during 2019. Expected Benefit Payments . As of December 31, expected benefit payments related to the SERP were as follows: (Dollars in Thousands) 2018 2019 $ 3,638 2020 2,294 2021 1,454 2022 1,244 2023 823 2024 through 2028 89 Total $ 9,542 401(k) Plan The Company has a 401(k) Plan which enables associates to defer a portion of their salary on a pre-tax basis. The plan covers substantially all associates of the Company who meet minimum age requirements. The plan is designed to enable participants to contribute any amount, up to the maximum annual limit allowed by the IRS, of their compensation withheld in any plan year placed in the 401(k) Plan trust account. Matching contributions of 50% from the Company are made up to 6% of the parti cipant's compensation for eligible associates. For the years 2016-2018, the Company made annual matching contributions of $ 0.6 million. The participant may choose to invest their contributions into thirty-three investment options available to 401(k) part icipants, including the Company’s common stock. A total of 50,000 shares of CCBG common stock have been reserved for issuance. Shares issued to participants have historically been purchased in the open market. Other Plans The Company has a Dividend Rei nvestment and Optional Stock Purchase Plan. A total of 250,000 shares have been reserved for issuance. In recent years, shares for the Dividend Reinvestment and Optional Stock Purchase Plan have been acquired in the open market and, thus, the Company did not issue any shares under this plan in 2018, 2017 and 2016. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | Note 13 EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: (Dollars and Per Share Data in Thousands) 2018 2017 2016 Numerator: Net Income $ 26,224 $ 10,863 $ 11,746 Denominator: Denominator for Basic Earnings Per Share Weighted-Average Shares 17,029 16,952 16,989 Effects of Dilutive Securities Stock Compensation Plans 43 61 72 Denominator for Diluted Earnings Per Share Adjusted Weighted-Average Shares and Assumed Conversions 17,072 17,013 17,061 Basic Earnings Per Share $ 1.54 $ 0.64 $ 0.69 Diluted Earnings Per Share $ 1.54 $ 0.64 $ 0.69 |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
REGULATORY MATTERS | Note 14 REGULATORY MATTERS Regulatory Capital Requirements . The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional d iscretionary actions by regulators that, if undertaken, could have a direct material effect on the Company and Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action , the Company and the Ba nk must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qu alitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. A detailed description of these regulatory capital requirements is provided in t he section captioned “Regulatory Considerations – Capital Regulations” section on page 14 . Management believes, at December 31, 2018 and 2017, that the Company and the Bank meet all capital adequacy requirements to which they are subject. At December 31, 2018, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain mi nimum common equity tier 1, total risk-based, tier 1 risk based and tier 1 leverage ratios as set forth in the following tables. There are not conditions or events since the notification that management believes have changed the Bank’s category. The Comp any and Bank’s actual capital amounts and ratios at December 31, 2018 and 2017 are presented in the following table. To Be Well- Capitalized Under Required Prompt For Capital Corrective Actual Adequacy Purposes Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio 2018 Common Equity Tier 1: CCBG $ 249,774 13.58% $ 82,748 4.50% * * CCB 290,014 15.82% 82,503 4.50% $ 119,172 6.50% Tier 1 Capital: CCBG 300,774 16.36% 110,331 6.00% * * CCB 290,014 15.82% 110,005 6.00% 146,673 8.00% Total Capital: CCBG 314,984 17.13% 147,108 8.00% * * CCB 304,224 16.59% 146,673 8.00% 183,341 10.00% Tier 1 Leverage: CCBG 300,774 10.89% 110,491 4.00% * * CCB 290,014 10.53% 110,216 4.00% 137,770 5.00% 2017 Common Equity Tier 1: CCBG $ 234,477 13.42% $ 78,648 4.50% * * CCB 275,796 15.83% 78,418 4.50% $ 113,270 6.50% Tier 1 Capital: CCBG 285,477 16.33% 104,864 6.00% * * CCB 275,796 15.83% 104,557 6.00% 139,410 8.00% Total Capital: CCBG 298,784 17.10% 139,819 8.00% * * CCB 289,103 16.59% 139,410 8.00% 174,262 10.00% Tier 1 Leverage: CCBG 285,477 10.47% 109,082 4.00% * * CCB 275,796 10.14% 108,764 4.00% 135,956 5.00% * Not applicable to bank holding companies. Dividend Restrictions . In the ordinary course of business, the Company is dependent upon dividends from its banking subsidiary to provide funds for the payment of dividends to shareowners and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Company’s banking subsidiary to fall below specified minimum levels. Approval is also required if div idends declared exceed the net profits of the banking subsidiary for that year combined with the retained net profits for proceeding two years. In 2019 , the bank subsidiary may declare dividends without regulatory approval of $ 17 .0 million plus an addition al amount equal to net profits of the Company’s subsidiary bank for 2019 up to the date of any such dividend declaration. |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | Note 15 OTHER COMPREHENSIVE INCOME (LOSS) FASB Topic ASC 220, “Comprehensive Income” requires that certain transactions and other economic events that bypass the income statement be displayed as other comprehensive income. Total comprehensive income is reported in the consolidated statements of comprehensive income and changes in shareowners’ equity. The following table summarizes the tax effects for each component of other comprehensive income (loss) and includes separately the reclassification adjustm ent for investment securities and benefit plans: Before Tax Net of Tax (Expense) Tax (Dollars in Thousands) Amount Benefit Amount 2018 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ (409) $ 103 $ (306) Amortization of losses on securities transferred from available for sale to held to maturity 55 (14) 41 Total Investment Securities (354) 89 (265) Benefit Plans: Reclassification adjustment for amortization of prior service cost 199 (50) 149 Reclassification adjustment for amortization of net loss 5,299 (1,346) 3,953 Current year actuarial loss (815) 207 (608) Total Benefit Plans 4,683 (1,189) 3,494 Total Other Comprehensive Income $ 4,329 $ (1,100) $ 3,229 2017 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ (1,459) $ 564 $ (895) Amortization of losses on securities transferred from available for sale to held to maturity 73 (29) 44 Total Investment Securities (1,386) 535 (851) Benefit Plans: Reclassification adjustment for amortization of prior service cost 223 (86) 137 Reclassification adjustment for amortization of net loss 4,409 (1,622) 2,787 Current year actuarial loss (3,470) 1,159 (2,311) Total Benefit Plans 1,162 (549) 613 Total Other Comprehensive Loss $ (224) $ (14) $ (238) 2016 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ (828) $ 322 $ (506) Amortization of losses on securities transferred from available for sale to held to maturity 82 (32) 50 Total Investment Securities (746) 290 (456) Benefit Plans: Reclassification adjustment for amortization of prior service cost 278 (107) 171 Reclassification adjustment for amortization of net loss 3,960 (1,528) 2,432 Current year actuarial loss (9,958) 3,843 (6,115) Total Benefit Plans (5,720) 2,208 (3,512) Total Other Comprehensive Loss $ (6,466) $ 2,498 $ (3,968) Accumulated other comprehensive loss was comprised of the following components: Accumulated Securities Other Available Retirement Comprehensive (Dollars in Thousands) for Sale Plans Loss Balance as of January 1, 2018 $ (1,743) $ (30,301) $ (32,044) Other comprehensive (loss) income during the period (265) 3,494 3,229 Balance as of December 31, 2018 $ (2,008) $ (26,807) $ (28,815) Balance as of January 1, 2017 $ (583) $ (25,642) $ (26,225) Other comprehensive (loss) income during the period (851) 613 (238) Adoption of ASU No. 2018-02 (309) (5,272) (5,581) Balance as of December 31, 2017 $ (1,743) $ (30,301) $ (32,044) Balance as of January 1, 2016 $ (127) $ (22,130) $ (22,257) Other comprehensive loss during the period (456) (3,512) (3,968) Balance as of December 31, 2016 $ (583) $ (25,642) $ (26,225) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 16 RELATED PARTY TRANSACTIONS At December 31, 2018 and 2017, certain officers and directors were indebted to the Company’s bank subsidiary in the aggregate amount of $ 8.6 million and $ 7.4 million, respectively. During 2018, $ 10.6 million in new loans were made and repayments totaled $ 9.4 million. In the opinion of management, these loans were made on similar terms as loans to other individuals of comparable creditworthiness and were all current at year-end. Deposits from certain directors, exec utive officers, and their related interests totaled $ 37.9 million and $ 26.6 million at December 31, 2018 and 2017, respectively. Under a lease agreement expiring in 2024, the Bank leases land from a partnership in which William G. Smith, Jr. has an intere st. The lease agreement with Smith Interests General Partnership L.L.P. provides for annual lease payments of approximately $ 170,000 , to be adjusted for inflation in future years. On December 10, 2018 , the Company entered into a negotiated private transa ction to repurchase 324,441 shares of its common stock from the Estate of Robert H. Smith, a 5% beneficial owner of the Company’s common stock. The purchase price per share was $ 24.75 . The transaction was reviewed, processed and approved in accordance wi th the Company’s Related Party Transaction Policy. William G. Smith, III, the son of our Chairman, President and Chief Executive Officer, William G. Smith, Jr., is employed as a Vice President of Capital City Bank. In 201 8 , William G. Smith, III’s total compensation (consisting of annual base salary, annual bonus, and stock-based compensation) was approximately $ 1 42 , 0 00 . His compensation was determined in accordance with our standard employment and compensation practices applicable to associates with sim ila r responsibilities and positions . |
OTHER NONINTEREST EXPENSE
OTHER NONINTEREST EXPENSE | 12 Months Ended |
Dec. 31, 2018 | |
Other Noninterest Expense [Abstract] | |
OTHER NONINTEREST EXPENSE | Note 17 OTHER NONINTEREST EXPENSE Components of other noninterest expense in excess of 1 % of the sum of total interest income and noninterest income, which are not disclosed separately elsewhere, are presented below for each of the respective years. (Dollars in Thousands) 2018 2017 2016 Legal Fees $ 2,055 $ 1,933 $ 2,311 Professional Fees 5,003 3,689 3,424 Telephone 2,224 2,405 2,296 Advertising 1,611 1,731 1,702 Processing Services 5,978 6,253 6,471 Insurance – Other 1,625 1,626 2,060 Pension – Other 1,828 2,565 2,251 Other 9,197 7,961 8,021 Total $ 29,521 $ 28,163 $ 28,536 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 18 COMMITMENTS AND CONTINGENCIES Lending Commitments . The Company is a party to financial instruments with off-balance sheet risks in the normal course of business to meet the financing needs of its clients. These financial instruments consist of commitments to extend credit and standby letters of credit. The Company’s maximum exposure to credit loss under standby letters of credit and commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in establishing commitments and issuing letters of credit as it does for on-balance sheet instruments. At December 31, the amounts associated with the Company’s off-balance sheet obligations were as follows: 2018 2017 (Dollars in Thousands) Fixed Variable Total Fixed Variable Total Commitments to Extend Credit (1) $ 94,572 $ 373,438 $ 468,010 $ 78,390 $ 366,750 $ 445,140 Standby Letters of Credit 4,986 - 4,986 4,678 - 4,678 Total $ 99,558 $ 373,438 $ 472,996 $ 83,068 $ 366,750 $ 449,818 (1) Commitments include unfunded loans, revolving lines of credit, and other unused commitments. Commitments to extend credit are agreements to lend to a client so 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 require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Company to guarantee th e performance of a client to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities. In general, management does not anticipate any material losses as a result of particip ating in these types of transactions. However, any potential losses arising from such transactions are reserved for in the same manner as management reserves for its other credit facilities. For both on- and off-balance sheet financial instruments, the C ompany requires collateral to support such instruments when it is deemed necessary. The Company evaluates each client’s creditworthiness on a case-by-case basis. The amount of collateral obtained upon extension of credit is based on management’s credit e valuation of the counterparty. Collateral held varies, but may include deposits held in financial institutions; U.S. Treasury securities; other marketable securities; real estate; accounts receivable; property, plant and equipment; and inventory. Other C ommitments . In the normal course of business, the Company enters into lease commitments which are classified as operating leases. Rent expense incurred under these leases was approximately $ 0.5 million in 2018, 2017, and 2016. Minimum lease payments und er these leases due in each of the five years subsequent to December 31, 2018, are as follows (dollars in millions): 2019, $ 0.5 ; 2020, $ 0.4 ; 2021, $ 0.4 ; 2022, $ 0.4 , thereafter, $ 1.5 . Contingencies . The Company is a party to lawsuits and claims arising o ut of the normal course of business. In management's opinion, there are no known pending claims or litigation, the outcome of which would, individually or in the aggregate, have a material effect on the consolidated results of operations, financial positi on, or cash flows of the Company. Indemnification Obligation . The Company is a member of the Visa U.S.A. network. Visa U.S.A believes that its member banks are required to indemnify it for potential future settlement of certain litigation (the “Covered Litigation”) that relates to several antitrust lawsuits challenging the practices of Visa and MasterCard International. In 2008, the Company, as a member of the Visa U.S.A. network, obtained Class B shares of Visa, Inc. upon its initial public offering. Since its initial public offering, Visa, Inc. has funded a litigation reserve for the Covered Litigation resulting in a reduction in the Class B shares held by the Company. During the first quarter of 2011, the Company sold its remaining Class B shares re sulting in a $ 3.2 million pre-tax gain. Associated with this sale, the Company entered into a swap contract with the purchaser of the shares that requires a payment to the counterparty in the event that Visa, Inc. makes subsequent revisions to the convers ion ratio for its Class B shares. Further information on the swap contract is contained within Note 19 below. In June 2018, Visa increased the litigation reserve by $600 million and revised the conversion ratio for the Class B shares resulting in a $0.2 million payable due the counterparty under the swap contract. Fixed charges included in the swap liability are payable quarterly until the litigation reserve is fully liquidated and at which time the aforementioned swap contract will be terminated . Quarte rly payments during 2018 totaled $ 495,000 . Conversion ratio payments and ongoing fixed quarterly charges are reflected in earnings in the period incurred. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | N ote 19 FAIR VALUE MEASUREMENTS The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quo ted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date . Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices f or similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatil ities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from, or corroborated, by market data by correlation or other means . Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that re flect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Assets and Liabilities Measured at Fair Value on a Recurring Basis Securities Available for Sale. U.S. Treasury securities a re reported at fair value utilizing Level 1 inputs. Other securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing servi ce. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, credit information and the bond’s terms and conditions, among ot her things. In general, the Company does not purchase securities that have a complicated structure. The Company’s entire portfolio consists of traditional investments, nearly all of which are U.S. Treasury obligations, federal agency bullet or mortgage p ass-through securities, or general obligation or revenue based municipal bonds. Pricing for such instruments is easily obtained . A t least annually, the Company will validate prices supplied by the independent pricing service by comparing them to prices obtained from an independent third-party source. Fair Value Swap . The Company entered into a stand-alone derivative contract with the purchaser of its Visa Class B shares. The valuation represents the amount due and payable to the counterparty based up on the revised share conversion rate, if any, during the period. At December 31, 2018, there were no amounts payable. A summary of fair values for assets and liabilities at December 31 consisted of the following: (Dollars in Thousands) Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value 2018 Securities Available for Sale: U.S. Government Treasury $ 261,849 $ - $ - $ 261,849 U.S. Government Agency - 133,206 - 133,206 States and Political Subdivisions - 42,365 - 42,365 Mortgage-Backed Securities - 943 - 943 Equity Securities - 7,794 - 7,794 2017 Securities Available for Sale: U.S. Government Treasury $ 235,341 $ - $ - $ 235,341 U.S. Government Agency - 144,644 - 144,644 State and Political Subdivisions - 91,157 - 91,157 Mortgage-Backed Securities - 1,185 - 1,185 Equity Securities - 8,584 - 8,584 Assets Measured at Fair Value on a Non-Recurring Basis Certain assets are measured at fair value on a non-recurring basis (i.e., the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances). An example would be assets exhibiting evidence of impairment. The following is a description of valuation methodologies used for assets measured on a non-recurring basis. Impaired Loans . Impairment for collateral dependent loans is measured using the fair value of the collateral less selling costs. The fair value of collateral is determined by an independent valuation or professional appraisal in conformance with banking regulations. Collateral values are estimated using Level 3 inputs due to the volatility in the real estate market, and the judgmen t and estimation involved in the real estate appraisal process. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. Valuation techniques are consistent with those techniques applied in prior periods. Impaired collateral dependent loans had a carrying value of $ 5.6 million with a valuation allowance of $ 0.8 million at December 31, 2018 and $ 6.1 million and $ 1.1 million, respectively, at December 31, 2017. Loans Held for Sale . These loans are carried at the lower of cost or fair value and are adjusted to fair value on a non-recurring basis. Fair value is based on observable markets rates for comparable loan products, which is considered a Level 2 fair value measurement. Other Real E state Owned . During 2018 and 2017, certain foreclosed assets, upon initial recognition, were measured and reported at fair value through a charge-off to the allowance for loan losses based on the fair value of the foreclosed asset less estimated cost to s ell. The fair value of the foreclosed asset is determined by an independent valuation or professional appraisal in conformance with banking regulations. On an ongoing basis, we obtain updated appraisals on foreclosed assets and record valuation adjustmen ts as necessary. The fair value of foreclosed assets is estimated using Level 3 inputs due to the judgment and estimation involved in the real estate valuation process. Assets and Liabilities Disclosed at Fair Value The Company is required to disclo se the estimated fair value of financial instruments, both assets and liabilities, for which it is practical to estimate fair value and the following is a description of valuation methodologies used for those assets and liabilities. Cash and Short-Term In vestments. The carrying amount of cash and short-term investments is used to approximate fair value, given the short time frame to maturity and as such assets do not present unanticipated credit concerns. Securities Held to Maturity . Securities held to maturity are valued in accordance with the methodology previously noted in the caption “Assets and Liabilities Measured at Fair Value on a Recurring Basis – Securities Available for Sale”. Loans. The loan portfolio is segregated into categories and the fair value of each loan category is calculated using present value techniques based upon projected cash flows and estimated discount rates. For values reported prior to 2018, the discount rates used to projecting cash flows reflected the credit and intere st rate risks inherent in each loan category. The calculated present values are then reduced by an allocation of the allowance for loan losses against each respective loan category. Pursuant to the adoption of ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , for values reported for 2018, fair value reflects the incorporation of a liquidity discount to meet the objective of “exit price” valuation. Deposits. The fair value of Noninterest Bearing Deposits, NOW Account s, Money Market Accounts and Savings Accounts are the amounts payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using present value techniques and rates currently offered for deposits of similar remaining maturities. Subordinated Notes Payable. The fair value of each note is calculated using present value techniques, based upon projected cash flows and estimated discount rates as well as rates being offered for similar obligations. Short-Term and Long-Term Borrowings. The fair value of each note is calculated using present value techniques, based upon projected cash flows and estimated discount rates as well as rates being offered for similar debt. A summary of estimated fair values of significant financial instruments at December 31 consisted of the following: 2018 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 Value Inputs Inputs Inputs ASSETS: Cash $ 62,032 $ 62,032 $ - $ - Short-Term Investments 213,968 213,968 - - Investment Securities, Available for Sale 446,157 261,849 184,308 - Investment Securities, Held to Maturity 217,320 34,611 179,802 - Loans Held for Sale 6,869 - 6,869 - Equity Securities (1) 3,591 - 3,591 - Loans, Net of Allowance for Loan Losses 1,760,015 - - 1,730,161 LIABILITIES: Deposits $ 2,531,856 $ - $ 2,529,841 $ - Short-Term Borrowings 13,541 - 13,541 - Subordinated Notes Payable 52,887 - 42,359 - Long-Term Borrowings 8,568 - 7,879 - (1) Not readily marketable securities are reflected in other assets. 2017 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 Value Inputs Inputs Inputs ASSETS: Cash $ 58,419 $ 58,419 $ - $ - Short-Term Investments 227,023 227,023 - - Investment Securities, Available for Sale 480,911 235,341 245,570 - Investment Securities, Held to Maturity 216,679 97,815 117,192 - Loans Held for Sale 4,817 - 4,817 - Loans, Net of Allowance for Loan Losses 1,640,185 - - 1,625,310 LIABILITIES: Deposits $ 2,469,877 $ - $ 2,382,818 $ - Short-Term Borrowings 7,480 - 7,482 - Subordinated Notes Payable 52,887 - 41,718 - Long-Term Borrowings 13,967 - 14,081 - All non-financial instruments are excluded from the above table. The disclosures also do not include goodwill. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | Note 20 PARENT COMPANY FINANCIAL INFORMATION The following are condensed statements of financial condition of the parent company at December 31: Parent Company Statements of Financial Condition (Dollars in Thousands, Except Per Share Data) 2018 2017 ASSETS Cash and Due From Subsidiary Bank $ 19,053 $ 17,515 Investment in Subsidiary Bank 344,714 327,416 Other Assets 5,440 5,112 Total Assets $ 369,207 $ 350,043 LIABILITIES Long-Term Borrowings $ 2,100 $ 2,700 Subordinated Notes Payable 52,887 52,887 Other Liabilities 11,633 10,246 Total Liabilities 66,620 65,833 SHAREOWNERS’ EQUITY Common Stock, $.01 par value; 90,000,000 shares authorized; 16,747,571 and 16,988,951 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively 167 170 Additional Paid-In Capital 31,058 36,674 Retained Earnings 300,177 279,410 Accumulated Other Comprehensive Loss, Net of Tax (28,815) (32,044) Total Shareowners’ Equity 302,587 284,210 Total Liabilities and Shareowners’ Equity $ 369,207 $ 350,043 The operating results of the parent company for the three years ended December 31 are shown below: Parent Company Statements of Operations (Dollars in Thousands) 2018 2017 2016 OPERATING INCOME Income Received from Subsidiary Bank: Administrative Fees $ 5,700 $ 4,813 $ 4,700 Dividends 15,000 12,000 9,300 Other Income 171 124 2,675 Total Operating Income 20,871 16,937 16,675 OPERATING EXPENSE Salaries and Associate Benefits 3,679 3,783 3,581 Interest on Subordinated Notes Payable 2,286 1,761 1,527 Professional Fees 1,210 1,072 1,114 Advertising 106 130 160 Legal Fees 166 140 167 Other 2,170 1,338 1,384 Total Operating Expense 9,617 8,224 7,933 Earnings Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank 11,254 8,713 8,742 Income Tax (Benefit) Expense (901) 166 (1,492) Earnings Before Equity in Undistributed Earnings of Subsidiary Bank 12,155 8,547 10,234 Equity in Undistributed Earnings of Subsidiary Bank 14,069 2,316 1,512 Net Income $ 26,224 $ 10,863 $ 11,746 The cash flows for the parent company for the three years ended December 31 were as follows: Parent Company Statements of Cash Flows (Dollars in Thousands) 2018 2017 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 26,224 $ 10,863 $ 11,746 Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: Equity in Undistributed Earnings of Subsidiary Bank (14,069) (2,316) (1,512) Stock Compensation 1,421 1,502 1,260 Gain on Retirement of Trust Preferred Securities - - (2,487) Decrease (Increase) in Other Assets (327) 450 (399) Increase in Other Liabilities 1,579 960 345 Net Cash Provided By Operating Activities 14,828 11,459 8,953 CASH FROM FINANCING ACTIVITIES: Redemption of Subordinated Notes - - (7,500) Proceeds from Short-Term Borrowings - - 3,750 Repayment of Short-Term Borrowings - - (750) Repayment of Long-Term Borrowings (600) (300) - Dividends Paid (5,457) (4,071) (2,890) Issuance of Common Stock Under Compensation Plans 797 809 840 Payments to Repurchase Common Stock (8,030) - (6,312) Net Cash Used In Financing Activities (13,290) (3,562) (12,862) Net Increase (Decrease) in Cash 1,538 7,897 (3,909) Cash at Beginning of Year 17,515 9,618 13,527 Cash at End of Year $ 19,053 $ 17,515 $ 9,618 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies Policies | |
Nature of Operations | Nature of Operations Capital City Bank Group, Inc. (“CCBG” or the “Company”) provides a full range of banking and banking-related services to individual and corporate clients through its subsidiary, Capital City Bank, with banking offices located in Florida, Georgia, and Alabama. The Company is subject to competition from other financial institutions, is subject to regulation by certain government agencies and undergoe s periodic examinations by those regulatory authorities. |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Capital City Bank Group, Inc. ( “ CCBG ” ), and its wholly owned subsidiary, Capital City Bank ( “ CCB ” or the “ Bank ” a nd together with CCBG, the “ Company ” ). All material inter-company transactions and accounts have been eliminated in consolidation. The Company, which operates a single reportable business segment that is comprised of commercial banking within the states of Florida, Georgia, and Alabama, follows accounting principles generally accepted in the United States of America and reporting practices applicable to the banking industry. The principles which materially affect the financial position, results of operat ions and cash flows are summarized below. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under accounting principles gene rally accepted in the United States of America. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provide the equity holders with the obligation to abso rb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicabl e accounting standards, variable interest entities (“VIE’s”) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in an entity is present when an enterprise has a variable interest, or a c ombination of variable interests, that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, co nsolidates the VIE. CCBG's wholly owned subsidiaries, CCBG Capital Trust I (established November 1, 2004) and CCBG Capital Trust II (established May 24, 2005) are VIEs for which the Company is not the primary beneficiary. Accordingly, the accounts of the se entities are not included in the Company’s consolidated financial statements. Certain previously reported amounts have been reclassified to conform to the current year’s presentation. The Company has evaluated subsequent events for potential recogniti on and/or disclosure through the date the consolidated financial statements included in this Annual Report on Form 10-K were filed with the United States Securities and Exchange Commission. |
Use of Estimates | Use of Estimates The preparation of financial statements in co nformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from these estimates. Material estimates that are particularly susceptible to significant changes in the near-term r elate to the determination of the allowance for loan losses, pension expense, income taxes, loss contingencies, valuation of other real estate owned, and valuation of goodwill and their respective analysis of impairment. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash an d cash equivalents include cash and due from banks, interest-bearing deposits in other banks, and federal funds sold. Generally, federal funds are purchased and sold for one-day periods and all other cash equivalents have a maturity of 90 days or less. Th e Company is required to maintain average reserve balances with the Federal Reserve Bank based upon a percentage of deposits. The average amounts of these required reserve balances for the years ended December 31, 2018 and 2017 were $ 23.3 million and $ 18. 8 million, respectively. |
Investment Securities | Investment Securities Securities are classified as held to maturity and carried at amortized cost when the Company has the positive intent and ability to hold them until maturity. Securities not classified as held to maturity or trading securities are classified as available for sale and carried at fair value, with the unrealized holding gains and losses reported as a component of other comprehensive income, net of tax. The Company determines the appropriate classification of se curities at the time of purchase. Securities with limited marketability, such as stock in the Federal Reserve Bank and the Federal Home Loan Bank, are carried at cost. Securities transferred from available for sale to held to maturity are recorded at fai r value at the time of transfer. The respective gain or loss is reclassified as a separate component of other comprehensive income and amortized as an adjustment to interest income over the remaining life of the security. Interest income includes amortiz ation of purchase premiums and discounts. Realized gains and losses are derived from the amortized cost of the security sold. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other th an temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, the Company considers, (i) whether it has decided to sell the security, (ii) whether it is more likely than not that the Company will be requi red to sell the security before its market value recovers, and (iii) whether the present value of expected cash flows is sufficient to recover the entire amortized cost basis. When assessing the security’s expected cash flows, the Company considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost and (ii) the financial condition and near-term prospects of the issuer. |
Loans Held For Sale | Loans Held For Sale Certain residential mortgage loans are originated for sale in the secondary mortgage loan market. Additionally, certain other loans are periodically identified to be sold. The Company has the ability and intent to sell these loans and they are classified as loans held for sale and carried at the lower of cost or fair value. Fair value is determined on the basis of rates quoted in the respective secondary market for the type of loan held for sale. Loans are generally sold with servicing released at a premium or discount from the carrying amount of the loans. Suc h premium or discount is recognized as mortgage banking revenue at the date of sale. Fixed commitments are generally used at the time loans are originated or identified for sale to mitigate interest rate risk. The fair value of fixed commitments to origi nate and sell loans held for sale is not material. |
Loans | Loans Loans are stated at the principal amount outstanding, net of unearned income. Interest income is accrued on the effective yield method based on outstanding balances, and includes loan late fees. Fees charged to originate loans and direct loan origination costs are deferred and amortized over the life of the loan as a yield adjustment. The Company defines loans as past due when one full payment is past due or a contractual maturity is over 30 days late. The accrual of interest is generally suspended on loans more than 90 days past due with respect to principal or interest. When a loan is placed on nonaccrual status, all previously accrued and uncollected interest is reversed against curren t income. Interest income on nonaccrual loans is recognized when the ultimate collectability is no longer considered doubtful. Loans are returned to accrual status when the principal and interest amounts contractually due are brought current or when futu re payments are reasonably assured. Loan charge-offs on commercial and investor real estate loans are recorded when the facts and circumstances of the individual loan confirm the loan is not fully collectible and the loss is reasonably quantifiable. Fa ctors considered in making these determinations are the borrower’s and any guarantor’s ability and willingness to pay, the status of the account in bankruptcy court (if applicable), and collateral value. Charge-off decisions for consumer loans are dictate d by the Federal Financial Institutions Examination Council’s (FFIEC) Uniform Retail Credit Classification and Account Management Policy which establishes standards for the classification and treatment of consumer loans, which generally require charge-off after 120 days of delinquency. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing por tfolio of loans. The allowance is that amount considered adequate to absorb losses inherent in the loan portfolio based on management’s evaluation of credit risk as of the balance sheet date. The allowance for loan losses includes allowance allocations calculated in accordance with FASB ASC Topic 310 – Receivables and ASC Topic 450 - Contingencies. The level of the allowance reflects management’s continuing evaluation of specific credit risks, loan loss experience, current loan portfolio quality, presen t economic conditions and unidentified losses inherent in the current loan portfolio, as well as trends in the foregoing. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information b ecomes available. The Company’s allowance for loan losses consists of two components: (i) specific reserves established for probable losses on impaired loans; and (ii) general reserve for non-homogenous loans not deemed impaired and homogenous loan pools based on, but not limited to, historical loan loss experience, current economic conditions, levels of past due loans, and levels of problem loans. Loans are deemed to be impaired when, based on current information and events, it is probable that the Compa ny will not be able to collect all amounts due (principal and interest payments), according to the contractual terms of the loan agreement. Loans to borrowers who are experiencing financial difficulties and whose loans were modified with concessions are c lassified as troubled debt restructurings and measured for impairment. Loans to borrowers that have filed Chapter 7 bankruptcy, but continue to perform as agreed are classified as troubled debt restructurings and measured for impairment. |
Long-Lived Assets | Long-Lived Asset s Premises and equipment is stated at cost less accumulated depreciation, computed on the straight-line method over the estimated useful lives for each type of asset with premises being depreciated over a range of 10 to 40 years, and equipment being depre ciated over a range of 3 to 10 years. Additions, renovations and leasehold improvements to premises are capitalized and depreciated over the lesser of the useful life or the remaining lease term. Repairs and maintenance are charged to noninterest expense as incurred. Long-lived assets are evaluated for impairment if circumstances suggest that their carrying value may not be recoverable, by comparing the carrying value to estimated undiscounted cash flows. If the asset is deemed impaired, an impairment c harge is recorded equal to the carrying value less the fair value. |
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance (BOLI) The Company, through its subsidiary bank, has purchased life insurance policies on certain key officers. Bank owned life insurance is recorded at the am ount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Goodwill | Goodwill Goodwill represents the excess of the cost of bu sinesses acquired over the fair value of the net assets acquired. In accordance with FASB ASC Topic 350, the Company determined it has one goodwill reporting unit. Goodwill is tested for impairment annually during the fourth quarter or on an interim basi s if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. See Note 5 – Goodwill for additional information. |
Other Real Estate Owned | Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lower of cost or fair value less estimated selling costs, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Revenue and expenses from operatio ns and changes in value are included in noninterest expense. |
Loss Contingencies | 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. |
Income Taxes | Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities relat ed to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed usin g enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and r ecoverable taxes paid in prior years. The income tax effects related to settlements of share-based payment awards are reported in earnings as an increase or decrease in income tax expense. Prior to 2017, income tax benefits at settlement of an award were reported as an increase or decrease to additional paid-in capital to the extent that those benefits were greater than (or less than) the income tax benefits recognized in earnings during the award’s vesting period. On December 22, 2017, H.R.1, commonly k nown as the Tax Cuts and Jobs Act (the “Tax Act”), was signed into law. Among other things, the Tax Act reduced the Company's corporate federal tax rate from 35% to 21% effective January 1, 2018. As a result, the Company was required to re-measure as of December 31, 2017 , through income tax expense, its deferred tax assets and liabilities using the enacted rate at which they are expected to be recovered or settled. Further discussion is provided in Note 10 – Income Taxes. The Company files a consolida ted federal income tax return and each subsidiary files a separate state income tax return. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is based on net income divided by the weighted-average number of common shares outstanding during the pe riod excluding non-vested stock. Diluted earnings per common share include the dilutive effect of stock options and non-vested stock awards granted using the treasury stock method. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 13 — Earnings Per Share. |
Comprehensive Income | Comprehensive Income Comprehensive income includes all changes in shareowners’ equity during a period, except those resulting from transactions with shareowners. Besides net income, other components of the Company’s comprehensive income include the after tax effect of changes in the net unrealized gain/loss on securi ties available for sale and changes in the funded status of defined benefit and supplemental executive retirement plans. Comprehensive income is reported in the accompanying Consolidated Statements of Comprehensive Income and Changes in Shareowners’ Equit y. In 2017, the Company adopted FASB ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income and reclassif ied to retained earnings the stranded effects in accumulated other comprehensive income related to the Tax Ac t. |
Stock Based Compensation | Stock Based Compensation Compensation cost is recognized for share-based awards issued to employees, based on the fair value of these awards at the date of grant. Compensation cost is recognized over the requisite service period, generally defined as the vesting period. The market price of the Company’s common stock at the date of the grant is used for restricted stock awards. For stock purchase plan awards, a Black-Scholes model is u tilized to estimate the fair value of the award. The impact of forfeitures of share-based awards on compensation expense is recognized as forfeitures occur. |
Revenue Recognition | Revenue Recognition Accounting Standards Codification ("ASC") 606, Revenue from Contracts with C ustomers ("ASC 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are sa tisfied. The majority of the Company’s revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit, and investment securities, and revenue related to the sale of residential mortgages in the secondary market, as these activities are subject to other GAAP discussed elsewhere within our disclosures. The Company recognizes revenue from these activities as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Descriptions of the major revenue-generating activities that are within the scope of ASC 606, which are presented in t he accompanying statements of income as components of non-interest income are as follows: Deposit Fees - these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when the Company’s performance obligation is completed which is generally monthly for account maintenance services or when a t ransaction has been completed. Payment for such performance obligations are generally received at the time the performance obligations are satisfied. Wealth Management - trust fees and retail brokerage fees – trust fees represent monthly fees due from we alth management clients as consideration for managing the client’s assets. Trust services include custody of assets, investment management, fees for trust services and similar fiduciary activities. Revenue is recognized when the Company’s performance oblig ation is completed each month or quarter, which is the time that payment is received. Also, retail brokerage fees are received from a third party broker-dealer, for which the Company acts as an agent, as part of a revenue-sharing agreement for fees earned from customers that are referred to the third party. These fees are for transactional and advisory services and are paid by the third party on a monthly basis and recognized ratably throughout the quarter as the Company’s performance obligation is satisfi ed. Bank Card Fees – bank card related fees primarily includes interchange income from client use of consumer and business debit cards. Interchange income is a fee paid by a merchant bank to the card-issuing bank through the interchange network. Interchange fees are set by the credit card associations and are based on cardholder purchase volumes. The Company records interchange income as transactions occur. Gains and Losses from the Sale of Bank Owned Property – the performance obligation in the sale of other real estate owned typically will be the delivery of control over the property to the buyer. If the Company is not providing the financing of the sale, the transaction price is typically identified in the purchase and sale agreement. Howeve r, if the Company provides seller financing, the Company must determine a transaction price, depending on if the sale contract is at market terms and taking into account the credit risk inherent in the arrangement. Other non-interest income primarily in cludes items such as mortgage banking fees (gains from the sale of residential mortgage loans held for sale), bank-owned life insurance, and safe deposit box fees none of which are subject to the requirements of ASC 606. The Company has made no significan t judgments in applying the revenue guidance prescribed in ASC 606 that affects the determination of the amount and timing of revenue from the above-described contracts with clients. The Company has applied ASC 606 using the modified retrospective approa ch effective on January 1, 2018 to all existing contracts with clients covered under the scope of the standard. The Company did not have an aggregate effect of modification resulting from adoption of ASC 606, and no financial statement line items were aff ected by this change in accounting standard. |
Reclassifications | Accounting Changes and Reclassifications Equity Securities Beginning January 1, 2018, upon adoption of ASU 2016-01, equity securities with readily determinable fair values are stated at fair value with realized and unrealized gains and losses reported in income. For periods prior to January 1, 2018, equity securities were classified as available-for-sale and stated at fair value with unrealized gains and losses reported as a separate component of AOCI, n et of tax. Equity securities without readily determinable fair values are recorded at cost less any impairment, if any. Upon adoption, the Company reclassified one security in the amount of $0.8 million to other assets in accordance with this accounting standard. Employee Benefit Plans Beginning January 1, 2018, upon adoption of ASU 2 017-07, an employer must report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other com ponents of net benefit cost must be disclosed. In accordance with this accounting standard, the Company reclassified the non-service cost components of its net periodic benefit cost to other noninterest expense in the accompanying statements of income (See Note 12 – Employee Benefit Plans). Prior year amounts were retrospectively adjusted in accordance with the accounting standard. The effects on the statements of income were as follows: Period Presented Line Item (Dollars in Thousands) Compensation Other Expense Year Ended December 31, 2018 ($1,828) $1,828 Year Ended December 31, 2017 ($2,565) $2,565 Year Ended December 31, 2016 ($2,251) $2,251 |
NEW AUTHORITATIVE ACCOUNTING GUIDANCE | NEW AUTHORITATIVE ACCOUNTING GUIDANCE – NOT YET ADOPTED ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 requires that lessees and lessors recognize assets and liabilities on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 was effective for the Company on January 1, 2019. ASU 2016-02 provides for a modified retrospective transition approach requiring lessees to recognize leases on the balance sheet at the beginning of either the earliest period presented or as of t he beginning of the period of adoption with the option to elect certain practical expedients. The Company will elect to apply ASU 2016-02 as of the beginning of the period of adoption (January 1, 2019) and will not restate comparative periods. The Compan y is also expected to elect certain practical expedients provided under ASU 2016-02 and will not reassess: (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, and (iii) init ial and direct costs of any existing leases . The Company does not expect to apply the recognition requirements of ASU 2016-02 to any short-term leases (as defined by the accounting guidance). The Company has completed the evaluation of lease obligations as defined by ASU 2016-02 and due to the small number of lease agreements , the effect of adopting ASU 2016-02 was not significant, an approximate $2 million increase in assets and liabilities with no material impact to the statement of income compared to the current lease accounting model. ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements.” ASU 2016-13 re quires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant e stimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and pur chased financial assets with credit deterioration. ASU 2016-13 will be effective for the Company on January 1, 2020. The Company is currently evaluating the potential impact of ASU 2016-13 on its financial statements and related disclosures. As part of its implementation efforts to date, management has formed a cross-functional implementation team and developed a project plan. The Company has also engaged a vendor to assist in model development. The data set-up process is near completion and the overal l project plan remains on schedule. In conjunction with the implementation, the Company is reviewing business process and evaluating potential changes to the control environment. The Company expects the new guidance will result in an increase in the allo wance for credit losses given the change from accounting for losses inherent in the loan portfolio to accounting for losses over the remaining expected life of the portfolio. However, since the magnitude of the anticipated increase in the allowance for cr edit losses will be impacted by economic conditions and trends in the Company’s portfolio at the time of adoption, the quantitative impact cannot yet be reasonably estimated . ASU 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Ac counting for Hedging Activities.” ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk man agement activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. ASU 2017-12 is effective for Company on Ja nuary 1, 2019 and is not expected to have a significant impact on its financial statements. ASU 2018-03, "Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2018-03 clarifies certain aspects of the guidance issued in ASU 2016-01. This includes the ability to irrevocably elect to change the measurement approach for equity securities measured using the practical expedient (at cost plus or minus observable transactions less impairment) to a fair value method in accordance with Topic 820, Fair Value Measurement; clarification that if an observable transaction occurs for such securities, the adjustment is as of the observable transaction date; clarification that the prospective transition approach for equity securities without a readily determinable fair values is meant only for instanc es in which the practical expedient is elected; and various other clarifications. ASU 2018-03 was effective for the Company on July 1, 2018 and did not have a significant impact on its financial statements. ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 fair value measurements, the policy for timi ng of transfers between levels and the valuation processes for Level 3 fair value measurements. It also adds a requirement to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 f air value held at the end of the reporting period. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quanti tative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective for the Company January 1, 2020 and is not expected to have a si gnificant impact on its financial statements. ASU 2018-14, "Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20: Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 removes the disclosure requirements to include amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and the amount and timing of plan assets expected to be returned to the employer. It also adds the requirement to disclose the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. ASU 2018-14 is effective for the company January 1, 2021. The Company is currently evaluating the potential impact of ASU 2018-15 on its financial statements and related disclosures. AS U 2018-15, "Intangibles – Goodwill and Other – Internal – Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 aligns the requirements for capital izing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use s oftware license). ASU 2018-15 is effective for the company January 1, 2020. The Company is currently evaluating the potential impact of ASU 2018-15 on its financial statements and related disclosures. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and related market value of investment securities available-for-sale | Note 2 INVESTMENT SECURITIES Investment Portfolio Composition . The amortized cost and related market value of investment securities available-for-sale and held-to-maturity were as follows: 2018 2017 Amortized Unrealized Unrealized Market Amortized Unrealized Unrealized Market (Dollars in Thousands) Cost Gains Losses Value Cost Gain Losses Value Available for Sale U.S. Government Treasury $ 264,298 $ 167 $ 2,616 $ 261,849 $ 237,505 $ - $ 2,164 $ 235,341 U.S. Government Agency 133,201 520 515 133,206 144,324 727 407 144,644 States and Political Subdivisions 42,509 - 144 42,365 91,533 2 378 91,157 Mortgage-Backed Securities 903 40 - 943 1,102 83 - 1,185 Equity Securities (1) 7,794 - - 7,794 8,584 - - 8,584 Total $ 448,705 $ 727 $ 3,275 $ 446,157 $ 483,048 $ 812 $ 2,949 $ 480,911 Held to Maturity U.S. Government Treasury $ 35,088 $ - $ 477 $ 34,611 $ 98,256 $ - $ 441 $ 97,815 States and Political Subdivisions 6,512 - 26 6,486 6,996 - 41 6,955 Mortgage-Backed Securities 175,720 220 2,624 173,316 111,427 22 1,212 110,237 Total $ 217,320 $ 220 $ 3,127 $ 214,413 $ 216,679 $ 22 $ 1,694 $ 215,007 Total Investment Securities $ 666,025 $ 947 $ 6,402 $ 660,570 $ 699,727 $ 834 $ 4,643 $ 695,918 |
Schedule of investment securities with maturity distribution based on contractual maturities | Available for Sale Held to Maturity Amortized Market Amortized Market (Dollars in Thousands) Cost Value Cost Value Due in one year or less $ 117,923 $ 117,163 $ 20,104 $ 19,924 Due after one through five years 208,237 206,247 21,496 21,173 Mortgage-Backed Securities 903 943 175,720 173,316 U.S. Government Agency 113,848 114,010 - - Equity Securities 7,794 7,794 - - Total $ 448,705 $ 446,157 $ 217,320 $ 214,413 |
Schedule of investment securities with continuous unrealized loss position | Less Than 12 Months Greater Than 12 Months Total Market Unrealized Market Unrealized Market Unrealized (Dollars in Thousands) Value Losses Value Losses Value Losses December 31, 2018 Available for Sale U.S. Government Treasury $ 28,420 $ 80 $ 193,501 $ 2,536 $ 221,921 $ 2,616 U.S. Government Agency 53,237 271 28,735 244 81,972 515 States and Political Subdivisions 8,243 12 31,417 132 39,660 144 Mortgage-Backed Securities 10 - - - 10 - Total 89,910 363 253,653 2,912 343,563 3,275 Held to Maturity U.S. Government Treasury - - 34,612 477 34,612 477 States and Political Subdivisions 204 - 6,281 26 6,485 26 Mortgage-Backed Securities 51,327 389 84,705 2,235 136,032 2,624 Total $ 51,531 $ 389 $ 125,598 $ 2,738 $ 177,129 $ 3,127 December 31, 2017 Available for Sale U.S. Government Treasury $ 155,443 $ 963 $ 79,900 $ 1,201 $ 235,343 $ 2,164 U.S. Government Agency 45,737 150 25,757 257 71,494 407 States and Political Subdivisions 82,999 320 5,549 58 88,548 378 Mortgage-Backed Securities 2 - - - 2 - Total 284,181 1,433 111,206 1,516 395,387 2,949 Held to Maturity U.S. Government Treasury 77,861 298 14,939 143 92,800 441 States and Political Subdivisions 6,955 41 - - 6,955 41 Mortgage-Backed Securities 56,030 469 30,216 743 86,246 1,212 Total $ 140,846 $ 808 $ 45,155 $ 886 $ 186,001 $ 1,694 |
LOANS, NET (Tables)
LOANS, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of composition of the loan portfolio | (Dollars in Thousands) 2018 2017 Commercial, Financial and Agricultural $ 233,689 $ 218,166 Real Estate – Construction 89,527 77,966 Real Estate – Commercial Mortgage 602,061 535,707 Real Estate – Residential (1) 342,215 311,906 Real Estate – Home Equity 210,111 229,513 Consumer (2) 296,622 280,234 Loans, Net of Unearned Income $ 1,774,225 $ 1,653,492 |
Schedule of recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | 2018 2017 (Dollars in Thousands) Nonaccrual 90 + Days Nonaccrual 90 + Days Commercial, Financial and Agricultural $ 267 $ - $ 629 $ - Real Estate – Construction 722 - 297 - Real Estate – Commercial Mortgage 2,860 - 2,370 - Real Estate – Residential 2,119 - 1,938 - Real Estate – Home Equity 584 - 1,748 - Consumer 320 - 177 36 Total Nonaccrual Loans $ 6,872 $ - $ 7,159 $ 36 |
Schedule of aging of past due loans by class of loans | 30-59 60-89 90 + Total Total Total (Dollars in Thousands) DPD DPD DPD Past Due Current Loans (1) 2018 Commercial, Financial and Agricultural $ 104 $ 58 $ - $ 162 $ 233,260 $ 233,689 Real Estate – Construction 489 - - 489 88,316 89,527 Real Estate – Commercial Mortgage 124 - - 124 599,077 602,061 Real Estate – Residential 745 627 - 1,372 338,724 342,215 Real Estate – Home Equity 512 124 - 636 208,891 210,111 Consumer 1,661 313 - 1,974 294,328 296,622 Total Past Due Loans $ 3,635 $ 1,122 $ - $ 4,757 $ 1,762,596 $ 1,774,225 2017 Commercial, Financial and Agricultural $ 87 $ 55 $ - $ 142 $ 217,395 $ 218,166 Real Estate – Construction 811 - - 811 76,858 77,966 Real Estate – Commercial Mortgage 437 195 - 632 532,705 535,707 Real Estate – Residential 701 446 - 1,147 308,821 311,906 Real Estate – Home Equity 80 2 - 82 227,683 229,513 Consumer 1,316 413 36 1,765 278,292 280,234 Total Past Due Loans $ 3,432 $ 1,111 $ 36 $ 4,579 $ 1,641,754 $ 1,653,492 (1) Total Loans include nonaccrual loans of $6.9 million for 2018 and $7.2 million for 2017. |
Schedule of activity in the allowance for loan losses by portfolio class | Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands) Agricultural Construction Mortgage Residential Home Equity Consumer Total 2018 Beginning Balance $ 1,191 $ 122 $ 4,346 $ 3,206 $ 2,506 $ 1,936 $ 13,307 Provision for Loan Losses 428 139 (223) 331 137 2,109 2,921 Charge-Offs (644) (7) (315) (780) (533) (2,395) (4,674) Recoveries 459 26 373 643 191 964 2,656 Net Charge-Offs (185) 19 58 (137) (342) (1,431) (2,018) Ending Balance $ 1,434 $ 280 $ 4,181 $ 3,400 $ 2,301 $ 2,614 $ 14,210 2017 Beginning Balance $ 1,198 $ 168 $ 4,315 $ 3,445 $ 2,297 $ 2,008 $ 13,431 Provision for Loan Losses 1,037 (96) 542 (444) 180 996 2,215 Charge-Offs (1,357) - (685) (411) (190) (2,193) (4,836) Recoveries 313 50 174 616 219 1,125 2,497 Net Charge-Offs (1,044) 50 (511) 205 29 (1,068) (2,339) Ending Balance $ 1,191 $ 122 $ 4,346 $ 3,206 $ 2,506 $ 1,936 $ 13,307 2016 Beginning Balance $ 905 $ 101 $ 4,498 $ 4,409 $ 2,473 $ 1,567 $ 13,953 Provision for Loan Losses 817 67 (242) (1,296) (135) 1,608 819 Charge-Offs (861) - (349) (899) (450) (2,127) (4,686) Recoveries 337 - 408 1,231 409 960 3,345 Net Charge-Offs (524) - 59 332 (41) (1,167) (1,341) Ending Balance $ 1,198 $ 168 $ 4,315 $ 3,445 $ 2,297 $ 2,008 $ 13,431 |
Schedule of allowance for loan losses by portfolio class and disaggregated on the basis of the impairment methodology | Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands) Agricultural Construction Mortgage Residential Home Equity Consumer Total 2018 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 118 $ 52 $ 1,026 $ 919 $ 289 $ 1 $ 2,405 Loans Collectively Evaluated for Impairment 1,316 228 3,155 2,481 2,012 2,613 11,805 Ending Balance $ 1,434 $ 280 $ 4,181 $ 3,400 $ 2,301 $ 2,614 $ 14,210 2017 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 215 $ 1 $ 2,165 $ 1,220 $ 515 $ 1 $ 4,117 Loans Collectively Evaluated for Impairment 976 121 2,181 1,986 1,991 1,935 9,190 Ending Balance $ 1,191 $ 122 $ 4,346 $ 3,206 $ 2,506 $ 1,936 $ 13,307 2016 Period-end amount Allocated to: Loans Individually Evaluated for Impairment $ 80 $ - $ 2,038 $ 1,561 $ 335 $ 6 $ 4,020 Loans Collectively Evaluated for Impairment 1,118 168 2,277 1,884 1,962 2,002 9,411 Ending Balance $ 1,198 $ 168 $ 4,315 $ 3,445 $ 2,297 $ 2,008 $ 13,431 |
Schedule of allowance for loan losses by portfolio class | Commercial, Real Estate Financial, Real Estate Commercial Real Estate Real Estate (Dollars in Thousands) Agricultural Construction Mortgage Residential Home Equity Consumer Total 2018 Individually Evaluated for Impairment $ 873 $ 781 $ 12,650 $ 10,593 $ 2,210 $ 88 $ 27,195 Collectively Evaluated for Impairment 232,816 88,746 589,411 331,622 207,901 296,534 1,747,030 Total $ 233,689 $ 89,527 $ 602,061 $ 342,215 $ 210,111 $ 296,622 $ 1,774,225 2017 Individually Evaluated for Impairment $ 1,378 $ 361 $ 19,280 $ 12,871 $ 3,332 $ 113 $ 37,335 Collectively Evaluated for Impairment 216,788 77,605 516,427 299,035 226,181 280,121 1,616,157 Total $ 218,166 $ 77,966 $ 535,707 $ 311,906 $ 229,513 $ 280,234 $ 1,653,492 2016 Individually Evaluated for Impairment $ 1,042 $ 247 $ 23,855 $ 15,596 $ 3,375 $ 174 $ 44,289 Collectively Evaluated for Impairment 215,362 58,196 480,123 265,913 233,137 264,269 1,517,000 Total $ 216,404 $ 58,443 $ 503,978 $ 281,509 $ 236,512 $ 264,443 $ 1,561,289 |
Schedule of loans individually evaluated for impairment by class of loans | Unpaid Recorded Recorded Principal Investment Investment Related (Dollars in Thousands) Balance With No Allowance With Allowance Allowance 2018 Commercial, Financial and Agricultural $ 873 $ 101 $ 772 $ 118 Real Estate – Construction 781 459 322 52 Real Estate – Commercial Mortgage 12,650 2,384 10,266 1,026 Real Estate – Residential 10,593 1,482 9,111 919 Real Estate – Home Equity 2,210 855 1,355 289 Consumer 88 49 39 1 Total $ 27,195 $ 5,330 $ 21,865 $ 2,405 2017 Commercial, Financial and Agricultural $ 1,378 $ 118 $ 1,260 $ 215 Real Estate – Construction 361 297 64 1 Real Estate – Commercial Mortgage 19,280 1,763 17,517 2,165 Real Estate – Residential 12,871 1,516 11,355 1,220 Real Estate – Home Equity 3,332 1,157 2,175 515 Consumer 113 45 68 1 Total $ 37,335 $ 4,896 $ 32,439 $ 4,117 |
Schedule of Average recorded investment and interest income recognized by class of impaired loans | 2018 2017 2016 Average Total Average Total Average Total Recorded Interest Recorded Interest Recorded Interest (Dollars in Thousands) Investment Income Investment Income Investment Income Commercial, Financial and Agricultural $ 1,123 $ 87 $ 1,117 $ 48 $ 886 $ 49 Real Estate – Construction 729 3 339 4 69 1 Real Estate – Commercial Mortgage 17,463 653 21,682 911 21,376 920 Real Estate – Residential 11,890 550 14,261 683 17,314 786 Real Estate – Home Equity 2,714 98 3,290 108 3,076 115 Consumer 99 7 141 8 207 9 Total $ 34,018 $ 1,398 $ 40,830 $ 1,762 $ 42,928 $ 1,880 |
Schedule of risk category of loans by segment | Commercial, Financial, Total (Dollars in Thousands) Agriculture Real Estate Consumer Loans 2018 Pass $ 232,417 $ 1,211,451 $ 295,888 $ 1,739,756 Special Mention 479 11,048 54 11,581 Substandard 793 21,415 680 22,888 Doubtful - - - - Total Loans $ 233,689 $ 1,243,914 $ 296,622 $ 1,774,225 2017 Pass $ 209,230 $ 1,112,477 $ 279,515 $ 1,601,222 Special Mention 7,879 13,324 65 21,268 Substandard 1,057 29,291 654 31,002 Doubtful - - - - Total Loans $ 218,166 $ 1,155,092 $ 280,234 $ 1,653,492 |
Schedule of troubled debt restructurings loans | 2018 2017 (Dollars in Thousands) Accruing Nonaccruing Accruing Nonaccruing Commercial, Financial and Agricultural $ 873 $ - $ 822 $ - Real Estate – Construction 59 - 64 - Real Estate – Commercial Mortgage 9,910 1,239 17,058 1,636 Real Estate – Residential 9,234 1,222 11,666 503 Real Estate – Home Equity 1,920 179 2,441 186 Consumer 88 - 113 - Total TDRs $ 22,084 $ 2,640 $ 32,164 $ 2,325 |
Schedule of loans classified as troubled debt in which modifications made | 2018 2017 2016 Number Number Number of Recorded of Recorded of Recorded (Dollars in Thousands) Contracts Investment (1) Contracts Investment (1) Contracts Investment (1) Commercial, Financial and Agricultural 1 $ 230 1 $ 22 - $ - Real Estate – Construction - - 1 65 - - Real Estate – Commercial Mortgage 1 228 1 70 3 5,012 Real Estate – Residential 2 108 2 283 6 590 Real Estate – Home Equity 2 110 4 203 5 206 Consumer - - - - - - Total TDRs 6 $ 676 9 $ 643 14 $ 5,808 (1) Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. 2018 2017 2016 Number Post-Modified Number Post-Modified Number Post-Modified of Recorded of Recorded of Recorded (Dollars in Thousands) Contracts Investment Contracts Investment Contracts Investment Extended amortization 2 $ 303 1 $ 70 3 $ 4,703 Interest rate adjustment 1 33 3 302 - - Extended amortization and interest rate adjustment 1 27 4 249 11 1,105 Principal Moratorium 2 313 - - - - Other - - 1 22 - - Total TDRs 6 $ 676 9 $ 643 14 $ 5,808 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of composition of premises and equipment | (Dollars in Thousands) 2018 2017 Land $ 23,697 $ 24,061 Buildings (1) 109,711 111,716 Fixtures and Equipment 45,572 45,012 Total 178,980 180,789 Accumulated Depreciation (91,790) (89,091) Premises and Equipment, Net $ 87,190 $ 91,698 |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Real Estate [Abstract] | |
Schedule of other real estate owned activity | (Dollars in Thousands) 2018 2017 2016 Beginning Balance $ 3,941 $ 10,638 $ 19,290 Additions 2,140 2,384 4,016 Valuation Write-Downs (1,046) (1,318) (2,363) Sales (2,793) (7,496) (10,305) Other (13) (267) - Ending Balance $ 2,229 $ 3,941 $ 10,638 |
Schedule of net expenses | Net expenses applicable to other real estate owned for the three years ended December 31, was as follows: (Dollars in Thousands) 2018 2017 2016 Gains from the Sale of Properties $ (2,288) $ (1,054) $ (410) Losses from the Sale of Properties 307 518 1,272 Rental Income from Properties (12) (76) (88) Property Carrying Costs 505 429 511 Valuation Adjustments 1,046 1,318 2,364 Total $ (442) $ 1,135 $ 3,649 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Schedule of Interest bearing deposits | (Dollars in Thousands) 2018 2017 NOW Accounts $ 867,209 $ 877,820 Money Market Accounts 237,739 239,212 Savings Deposits 358,306 335,140 Time Deposits 120,744 143,122 Total Interest Bearing Deposits $ 1,583,998 $ 1,595,294 |
Schedule of maturities of time deposits | (Dollars in Thousands) 2018 2019 $ 98,960 2020 13,563 2021 5,045 2022 1,668 2023 and thereafter 1,508 Total $ 120,744 |
Schedule of interest expense on deposits | Interest expense on deposits for the three years ended December 31, was as follows: (Dollars in Thousands) 2018 2017 2016 NOW Accounts $ 3,152 $ 1,094 $ 292 Money Market Accounts 675 252 120 Savings Deposits 172 159 144 Time Deposits < $250,000 234 274 306 Time Deposits > $250,000 10 10 17 Total $ 4,243 $ 1,789 $ 879 |
SHORT-TERM BORROWINGS (Tables)
SHORT-TERM BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Short Term Borrowings [Abstract] | |
Schedule of Short-term borrowings | (Dollars in Thousands) Federal Funds Purchased Securities Sold Under Repurchase Agreements (1) Other Short-Term Borrowings (2) 2018 Balance at December 31 $ - $ 10,092 $ 3,449 Maximum indebtedness at any month end - 10,092 10,044 Daily average indebtedness outstanding 20 7,951 3,021 Average rate paid for the year 2.41 % 0.49 % 2.31 % Average rate paid on period-end borrowings - % 0.88 % 1.61 % 2017 Balance at December 31 $ - $ 7,272 $ 208 Maximum indebtedness at any month end - 7,272 6,218 Daily average indebtedness outstanding 7 7,266 2,654 Average rate paid for the year 1.60 % 0.10 % 2.79 % Average rate paid on period-end borrowings - % 0.15 % 6.13 % 2016 Balance at December 31 $ - $ 6,490 $ 6,259 Maximum indebtedness at any month end - 74,911 7,961 Daily average indebtedness outstanding 11 32,732 4,019 Average rate paid for the year 1.00 % 0.05 % 3.28 % Average rate paid on period-end borrowings - % 0.05 % 3.05 % (1) Balances are fully collateralized by government treasury or agency securities held in the Company's investment portfolio. (2) Comprised of FHLB advances. |
LONG-TERM BORROWINGS (Tables)
LONG-TERM BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of minimum future principal payments on FHLB advances | (Dollars in Thousands) 2018 2019 $ 1,314 2020 1,667 2021 1,209 2022 2,891 2023 553 2024 and thereafter 934 Total $ 8,568 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | (Dollars in Thousands) 2018 2017 2016 Current: Federal $ (1,617) $ 5,792 $ 2,295 State 201 140 115 (1,416) 5,932 2,410 Deferred: Federal 3,620 1,232 2,742 State 1,285 974 712 Expense Due to Enactment of Federal Tax Reform - 4,066 - Change in Valuation Allowance (68) (1) 3 4,837 6,271 3,457 Total: Federal 2,003 7,024 5,037 State 1,486 1,114 827 Expense Due to Enactment of Federal Tax Reform - 4,066 - Change in Valuation Allowance (68) (1) 3 Total $ 3,421 $ 12,203 $ 5,867 |
Schedule of effective income tax rate reconciliation | (Dollars in Thousands) 2018 2017 2016 Tax Expense at Federal Statutory Rate $ 6,225 $ 8,074 $ 6,165 Increases (Decreases) Resulting From: Tax-Exempt Interest Income (494) (805) (662) 2017 Provision to Return - Impact of Federal Tax Reform (3,590) - - State Taxes, Net of Federal Benefit 1,174 724 538 Other 348 439 121 Change in Valuation Allowance (68) (1) 3 Tax-Exempt Cash Surrender Value Life Insurance Benefit (174) (294) (298) Expense Due to Enactment of Federal Tax Reform - 4,066 - Actual Tax Expense $ 3,421 $ 12,203 $ 5,867 |
Schedule of deferred income tax liabilities and assets | (Dollars in Thousands) 2018 2017 Deferred Tax Assets Attributable to: Allowance for Loan Losses $ 3,602 $ 3,373 Accrued Pension/SERP 9,102 10,289 State Net Operating Loss and Tax Credit Carry-Forwards 4,532 5,074 Other Real Estate Owned 1,270 1,520 Federal Net Operating Loss and Tax Credit Carry-Forwards - 50 Accrued SERP Liability 1,869 1,398 Other 3,101 2,694 Total Deferred Tax Assets $ 23,476 $ 24,398 Deferred Tax Liabilities Attributable to: Depreciation on Premises and Equipment $ 3,970 $ 3,272 Deferred Loan Fees and Costs 2,356 2,266 Intangible Assets 3,232 3,035 Accrued Pension Liability 5,001 907 Investments 469 469 Other 4 5 Total Deferred Tax Liabilities 15,032 9,954 Valuation Allowance 1,688 1,755 Net Deferred Tax Asset $ 6,756 $ 12,689 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock purchase right estimated on the date of grant using weighted average assumption | 2018 2017 2016 Dividend yield 1.4 % 1.2 % 1.1 % Expected volatility 18.7 % 21.6 % 19.5 % Risk-free interest rate 1.8 % 0.9 % 0.4 % Expected life (in years) 0.5 0.5 0.5 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of components of pension expense, the funded status of the plan, amounts recognized in the consolidated statements of financial condition, and major assumptions | (Dollars in Thousands) 2018 2017 2016 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 165,084 $ 152,585 $ 141,039 Service Cost 6,884 6,752 6,453 Interest Cost 5,661 5,750 5,587 Actuarial (Gain) Loss (16,349) 10,877 9,118 Benefits Paid (11,686) (10,541) (9,412) Expenses Paid (247) (339) (200) Projected Benefit Obligation at End of Year $ 149,347 $ 165,084 $ 152,585 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 129,719 $ 113,813 $ 105,792 Actual (Loss) Return on Plan Assets (6,251) 16,786 7,633 Employer Contributions 23,000 10,000 10,000 Benefits Paid (11,686) (10,541) (9,412) Expenses Paid (247) (339) (200) Fair Value of Plan Assets at End of Year $ 134,535 $ 129,719 $ 113,813 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 14,812 $ 35,365 $ 38,772 Accumulated Benefit Obligation at End of Year $ 130,477 $ 144,139 $ 130,109 Components of Net Periodic Benefit Costs: Service Cost $ 6,884 $ 6,752 $ 6,453 Interest Cost 5,661 5,750 5,587 Expected Return on Plan Assets (9,564) (8,026) (7,736) Amortization of Prior Service Costs 199 223 278 Net Loss Amortization 3,673 3,812 3,201 Net Periodic Benefit Cost $ 6,853 $ 8,511 $ 7,783 Weighted-Average Assumptions Used to Determine Benefit Obligation: Discount Rate 4.43% 3.71% 4.21% Rate of Compensation Increase (1) 4.00% 3.25% 3.25% Measurement Date 12/31/18 12/31/17 12/31/16 Weighted-Average Assumptions Used to Determine Benefit Cost: Discount Rate 3.71% 4.21% 4.52% Expected Return on Plan Assets 7.25% 7.25% 7.50% Rate of Compensation Increase 3.25% 3.25% 3.25% Amortization Amounts from Accumulated Other Comprehensive Income: Net Actuarial (Gain) Loss $ (533) $ 2,117 $ 9,221 Prior Service Cost (199) (223) (278) Net Loss (3,673) (3,812) (3,201) Deferred Tax Expense (Benefit) 1,118 5,898 (2,216) Other Comprehensive Loss (Gain), net of tax $ (3,287) $ 3,980 $ 3,526 Amounts Recognized in Accumulated Other Comprehensive Income: Net Actuarial Losses $ 34,491 $ 38,698 $ 40,392 Prior Service Cost 66 265 488 Deferred Tax Benefit (8,757) (9,876) (15,772) Accumulated Other Comprehensive Loss, net of tax $ 25,800 $ 29,087 $ 25,108 (1) For 12/31/2018, the Company utilized an age-graded approach that varies the rate based on the age of the participants. |
Schedule of pension plan asset allocation and the target asset allocation | Target Percentage of Plan Allocation Assets at December 31 (1) 2019 2018 2017 Equity Securities 68 % 67 % 74 % Debt Securities 27 % 21 % 21 % Cash and Cash Equivalents 5 % 12 % 5 % Total 100 % 100 % 100 % |
Schedule of fair value of plan assets by level of the valuation inputs within the fair value hierarchy | (Dollars in Thousands) 2018 2017 Level 1: U.S. Treasury Securities $ 398 $ - Mutual Funds 112,131 $ 118,474 Cash and Cash Equivalents 16,788 7,103 Level 2: U.S. Government Agency 2,822 4,142 Corporate Notes/Bonds 2,396 - Total Fair Value of Plan Assets $ 134,535 $ 129,719 |
Schedule of expected benefit payments related to the defined benefit pension plan | Expected Benefit Payments. At December 31, expected benefit payments related to the defined benefit pension plan were as follows: (Dollars in Thousands) 2018 2019 $ 11,271 2020 11,536 2021 11,466 2022 11,435 2023 11,571 2024 through 2028 54,525 Total $ 111,804 |
Schedule of amounts contributed to the pension plan and the expected amount to be contributed | Expected Contribution (Dollars in Thousands) 2017 2018 2019 (1) Actual Contributions $ 10,000 $ 23,000 $ 5,000 |
Schedule of components of SERP's periodic benefit cost, the funded status of the plan, amounts recognized in the consolidated statements of financial condition, and major assumptions | (Dollars in Thousands) 2018 2017 2016 Change in Projected Benefit Obligation: Benefit Obligation at Beginning of Year $ 7,285 $ 5,741 $ 4,842 Interest Cost 227 191 162 Actuarial Loss 1,348 1,353 737 Projected Benefit Obligation at End of Year $ 8,860 $ 7,285 $ 5,741 Funded Status of Plan and Accrued Liability Recognized at End of Year: Other Liabilities $ 8,860 $ 7,285 $ 5,741 Accumulated Benefit Obligation at End of Year $ 7,557 $ 6,485 $ 4,913 Components of Net Periodic Benefit Costs: Interest Cost 227 191 162 Net Loss Amortization 1,626 597 759 Net Periodic Benefit Cost $ 1,853 $ 788 $ 921 Weighted-Average Assumptions Used to Determine Benefit Obligation: Discount Rate 4.23% 3.53% 3.92% Rate of Compensation Increase (1) 4.00% 3.25% 3.25% Measurement Date 12/31/18 12/31/17 12/31/16 Weighted-Average Assumptions Used to Determine Benefit Cost: Discount Rate 3.53% 3.92% 4.13% Rate of Compensation Increase 3.25% 3.25% 3.25% Amortization Amounts from Accumulated Other Comprehensive Income: Net Actuarial Loss $ 1,348 $ 1,353 $ 737 Net Loss (1,626) (597) (759) Deferred Tax (Benefit) Expense 71 (77) 8 Other Comprehensive Loss (Gain), net of tax $ (207) $ 679 $ (14) Amounts Recognized in Accumulated Other Comprehensive Income: Net Actuarial Loss $ 1,348 $ 1,626 $ 870 Deferred Tax Benefit (341) (412) (336) Accumulated Other Comprehensive Loss, net of tax $ 1,007 $ 1,214 $ 534 (1) For 12/31/2018, the Company utilized an age-graded approach that varies the rate based on the age of the participants. |
Schedule of expected benefit payments related to the SERP | (Dollars in Thousands) 2018 2019 $ 3,638 2020 2,294 2021 1,454 2022 1,244 2023 823 2024 through 2028 89 Total $ 9,542 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | (Dollars and Per Share Data in Thousands) 2018 2017 2016 Numerator: Net Income $ 26,224 $ 10,863 $ 11,746 Denominator: Denominator for Basic Earnings Per Share Weighted-Average Shares 17,029 16,952 16,989 Effects of Dilutive Securities Stock Compensation Plans 43 61 72 Denominator for Diluted Earnings Per Share Adjusted Weighted-Average Shares and Assumed Conversions 17,072 17,013 17,061 Basic Earnings Per Share $ 1.54 $ 0.64 $ 0.69 Diluted Earnings Per Share $ 1.54 $ 0.64 $ 0.69 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Schedule of Company and Bank's actual capital amounts and ratios | To Be Well- Capitalized Under Required Prompt For Capital Corrective Actual Adequacy Purposes Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio 2018 Common Equity Tier 1: CCBG $ 249,774 13.58% $ 82,748 4.50% * * CCB 290,014 15.82% 82,503 4.50% $ 119,172 6.50% Tier 1 Capital: CCBG 300,774 16.36% 110,331 6.00% * * CCB 290,014 15.82% 110,005 6.00% 146,673 8.00% Total Capital: CCBG 314,984 17.13% 147,108 8.00% * * CCB 304,224 16.59% 146,673 8.00% 183,341 10.00% Tier 1 Leverage: CCBG 300,774 10.89% 110,491 4.00% * * CCB 290,014 10.53% 110,216 4.00% 137,770 5.00% 2017 Common Equity Tier 1: CCBG $ 234,477 13.42% $ 78,648 4.50% * * CCB 275,796 15.83% 78,418 4.50% $ 113,270 6.50% Tier 1 Capital: CCBG 285,477 16.33% 104,864 6.00% * * CCB 275,796 15.83% 104,557 6.00% 139,410 8.00% Total Capital: CCBG 298,784 17.10% 139,819 8.00% * * CCB 289,103 16.59% 139,410 8.00% 174,262 10.00% Tier 1 Leverage: CCBG 285,477 10.47% 109,082 4.00% * * CCB 275,796 10.14% 108,764 4.00% 135,956 5.00% * Not applicable to bank holding companies. |
OTHER COMPREHENSIVE INCOME (L_2
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of other comprehensive income loss | Before Tax Net of Tax (Expense) Tax (Dollars in Thousands) Amount Benefit Amount 2018 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ (409) $ 103 $ (306) Amortization of losses on securities transferred from available for sale to held to maturity 55 (14) 41 Total Investment Securities (354) 89 (265) Benefit Plans: Reclassification adjustment for amortization of prior service cost 199 (50) 149 Reclassification adjustment for amortization of net loss 5,299 (1,346) 3,953 Current year actuarial loss (815) 207 (608) Total Benefit Plans 4,683 (1,189) 3,494 Total Other Comprehensive Income $ 4,329 $ (1,100) $ 3,229 2017 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ (1,459) $ 564 $ (895) Amortization of losses on securities transferred from available for sale to held to maturity 73 (29) 44 Total Investment Securities (1,386) 535 (851) Benefit Plans: Reclassification adjustment for amortization of prior service cost 223 (86) 137 Reclassification adjustment for amortization of net loss 4,409 (1,622) 2,787 Current year actuarial loss (3,470) 1,159 (2,311) Total Benefit Plans 1,162 (549) 613 Total Other Comprehensive Loss $ (224) $ (14) $ (238) 2016 Investment Securities: Change in net unrealized gain/loss on securities available for sale $ (828) $ 322 $ (506) Amortization of losses on securities transferred from available for sale to held to maturity 82 (32) 50 Total Investment Securities (746) 290 (456) Benefit Plans: Reclassification adjustment for amortization of prior service cost 278 (107) 171 Reclassification adjustment for amortization of net loss 3,960 (1,528) 2,432 Current year actuarial loss (9,958) 3,843 (6,115) Total Benefit Plans (5,720) 2,208 (3,512) Total Other Comprehensive Loss $ (6,466) $ 2,498 $ (3,968) |
Activity in accumulated other comprehensive loss, net of tax | Accumulated other comprehensive loss was comprised of the following components: Accumulated Securities Other Available Retirement Comprehensive (Dollars in Thousands) for Sale Plans Loss Balance as of January 1, 2018 $ (1,743) $ (30,301) $ (32,044) Other comprehensive (loss) income during the period (265) 3,494 3,229 Balance as of December 31, 2018 $ (2,008) $ (26,807) $ (28,815) Balance as of January 1, 2017 $ (583) $ (25,642) $ (26,225) Other comprehensive (loss) income during the period (851) 613 (238) Adoption of ASU No. 2018-02 (309) (5,272) (5,581) Balance as of December 31, 2017 $ (1,743) $ (30,301) $ (32,044) Balance as of January 1, 2016 $ (127) $ (22,130) $ (22,257) Other comprehensive loss during the period (456) (3,512) (3,968) Balance as of December 31, 2016 $ (583) $ (25,642) $ (26,225) |
OTHER NONINTEREST EXPENSE (Tabl
OTHER NONINTEREST EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Noninterest Expense [Abstract] | |
Schedule of components of other noninterest expense | (Dollars in Thousands) 2018 2017 2016 Legal Fees $ 2,055 $ 1,933 $ 2,311 Professional Fees 5,003 3,689 3,424 Telephone 2,224 2,405 2,296 Advertising 1,611 1,731 1,702 Processing Services 5,978 6,253 6,471 Insurance – Other 1,625 1,626 2,060 Pension – Other 1,828 2,565 2,251 Other 9,197 7,961 8,021 Total $ 29,521 $ 28,163 $ 28,536 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of amounts associated with the entities off-balance sheet obligations | 2018 2017 (Dollars in Thousands) Fixed Variable Total Fixed Variable Total Commitments to Extend Credit (1) $ 94,572 $ 373,438 $ 468,010 $ 78,390 $ 366,750 $ 445,140 Standby Letters of Credit 4,986 - 4,986 4,678 - 4,678 Total $ 99,558 $ 373,438 $ 472,996 $ 83,068 $ 366,750 $ 449,818 (1) Commitments include unfunded loans, revolving lines of credit, and other unused commitments. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis | (Dollars in Thousands) Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value 2018 Securities Available for Sale: U.S. Government Treasury $ 261,849 $ - $ - $ 261,849 U.S. Government Agency - 133,206 - 133,206 States and Political Subdivisions - 42,365 - 42,365 Mortgage-Backed Securities - 943 - 943 Equity Securities - 7,794 - 7,794 2017 Securities Available for Sale: U.S. Government Treasury $ 235,341 $ - $ - $ 235,341 U.S. Government Agency - 144,644 - 144,644 State and Political Subdivisions - 91,157 - 91,157 Mortgage-Backed Securities - 1,185 - 1,185 Equity Securities - 8,584 - 8,584 |
Schedule of financial instruments with estimated fair values | 2018 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 Value Inputs Inputs Inputs ASSETS: Cash $ 62,032 $ 62,032 $ - $ - Short-Term Investments 213,968 213,968 - - Investment Securities, Available for Sale 446,157 261,849 184,308 - Investment Securities, Held to Maturity 217,320 34,611 179,802 - Loans Held for Sale 6,869 - 6,869 - Equity Securities (1) 3,591 - 3,591 - Loans, Net of Allowance for Loan Losses 1,760,015 - - 1,730,161 LIABILITIES: Deposits $ 2,531,856 $ - $ 2,529,841 $ - Short-Term Borrowings 13,541 - 13,541 - Subordinated Notes Payable 52,887 - 42,359 - Long-Term Borrowings 8,568 - 7,879 - (1) Not readily marketable securities are reflected in other assets. 2017 (Dollars in Thousands) Carrying Level 1 Level 2 Level 3 Value Inputs Inputs Inputs ASSETS: Cash $ 58,419 $ 58,419 $ - $ - Short-Term Investments 227,023 227,023 - - Investment Securities, Available for Sale 480,911 235,341 245,570 - Investment Securities, Held to Maturity 216,679 97,815 117,192 - Loans Held for Sale 4,817 - 4,817 - Loans, Net of Allowance for Loan Losses 1,640,185 - - 1,625,310 LIABILITIES: Deposits $ 2,469,877 $ - $ 2,382,818 $ - Short-Term Borrowings 7,480 - 7,482 - Subordinated Notes Payable 52,887 - 41,718 - Long-Term Borrowings 13,967 - 14,081 - |
PARENT COMPANY FINANCIAL INFO_2
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of condensed statements of financial condition of the parent company | (Dollars in Thousands, Except Per Share Data) 2018 2017 ASSETS Cash and Due From Subsidiary Bank $ 19,053 $ 17,515 Investment in Subsidiary Bank 344,714 327,416 Other Assets 5,440 5,112 Total Assets $ 369,207 $ 350,043 LIABILITIES Long-Term Borrowings $ 2,100 $ 2,700 Subordinated Notes Payable 52,887 52,887 Other Liabilities 11,633 10,246 Total Liabilities 66,620 65,833 SHAREOWNERS’ EQUITY Common Stock, $.01 par value; 90,000,000 shares authorized; 16,747,571 and 16,988,951 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively 167 170 Additional Paid-In Capital 31,058 36,674 Retained Earnings 300,177 279,410 Accumulated Other Comprehensive Loss, Net of Tax (28,815) (32,044) Total Shareowners’ Equity 302,587 284,210 Total Liabilities and Shareowners’ Equity $ 369,207 $ 350,043 |
Schedule of operating results of the parent company | (Dollars in Thousands) 2018 2017 2016 OPERATING INCOME Income Received from Subsidiary Bank: Administrative Fees $ 5,700 $ 4,813 $ 4,700 Dividends 15,000 12,000 9,300 Other Income 171 124 2,675 Total Operating Income 20,871 16,937 16,675 OPERATING EXPENSE Salaries and Associate Benefits 3,679 3,783 3,581 Interest on Subordinated Notes Payable 2,286 1,761 1,527 Professional Fees 1,210 1,072 1,114 Advertising 106 130 160 Legal Fees 166 140 167 Other 2,170 1,338 1,384 Total Operating Expense 9,617 8,224 7,933 Earnings Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank 11,254 8,713 8,742 Income Tax (Benefit) Expense (901) 166 (1,492) Earnings Before Equity in Undistributed Earnings of Subsidiary Bank 12,155 8,547 10,234 Equity in Undistributed Earnings of Subsidiary Bank 14,069 2,316 1,512 Net Income $ 26,224 $ 10,863 $ 11,746 |
Schedule of cash flows for the parent company | (Dollars in Thousands) 2018 2017 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 26,224 $ 10,863 $ 11,746 Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: Equity in Undistributed Earnings of Subsidiary Bank (14,069) (2,316) (1,512) Stock Compensation 1,421 1,502 1,260 Gain on Retirement of Trust Preferred Securities - - (2,487) Decrease (Increase) in Other Assets (327) 450 (399) Increase in Other Liabilities 1,579 960 345 Net Cash Provided By Operating Activities 14,828 11,459 8,953 CASH FROM FINANCING ACTIVITIES: Redemption of Subordinated Notes - - (7,500) Proceeds from Short-Term Borrowings - - 3,750 Repayment of Short-Term Borrowings - - (750) Repayment of Long-Term Borrowings (600) (300) - Dividends Paid (5,457) (4,071) (2,890) Issuance of Common Stock Under Compensation Plans 797 809 840 Payments to Repurchase Common Stock (8,030) - (6,312) Net Cash Used In Financing Activities (13,290) (3,562) (12,862) Net Increase (Decrease) in Cash 1,538 7,897 (3,909) Cash at Beginning of Year 17,515 9,618 13,527 Cash at End of Year $ 19,053 $ 17,515 $ 9,618 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||
Average federal reserves | $ 23.3 | $ 18.8 |
Premises [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 10 years | |
Premises [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 40 years | |
Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite lived intangible assets, estimated useful life (in years) | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Finite lived intangible assets, estimated useful life (in years) | 10 years |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale | ||
Amortized Cost | $ 448,705 | $ 483,048 |
Unrealized Gains | 727 | 812 |
Unrealized Losses | 3,275 | 2,949 |
Market Value | 446,157 | 480,911 |
Held to Maturity | ||
Amortized Cost | 217,320 | 216,679 |
Unrealized Gains | 220 | 22 |
Unrealized Losses | 3,127 | 1,694 |
Market Value | 214,413 | 215,007 |
Available For Sale Securities And Held To Maturity Securities [Abstract] | ||
Amortized Cost | 666,025 | 699,727 |
Unrealized Gains | 947 | 834 |
Unrealized Loss | 6,402 | 4,643 |
Fair Value | 660,570 | 695,918 |
U.S. Treasury [Member] | ||
Available-for-sale | ||
Amortized Cost | 264,298 | 237,505 |
Unrealized Gains | 167 | 0 |
Unrealized Losses | 2,616 | 2,164 |
Market Value | 261,849 | 235,341 |
Held to Maturity | ||
Amortized Cost | 35,088 | 98,256 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 477 | 441 |
Market Value | 34,611 | 97,815 |
U.S. Government Agency [Member] | ||
Available-for-sale | ||
Amortized Cost | 133,201 | 144,324 |
Unrealized Gains | 520 | 727 |
Unrealized Losses | 515 | 407 |
Market Value | 133,206 | 144,644 |
Held to Maturity | ||
Amortized Cost | 0 | 0 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Market Value | 0 | 0 |
States and Political Subdivisions [Member] | ||
Available-for-sale | ||
Amortized Cost | 42,509 | 91,533 |
Unrealized Gains | 0 | 2 |
Unrealized Losses | 144 | 378 |
Market Value | 42,365 | 91,157 |
Held to Maturity | ||
Amortized Cost | 6,512 | 6,996 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 26 | 41 |
Market Value | 6,486 | 6,955 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale | ||
Amortized Cost | 903 | 1,102 |
Unrealized Gains | 40 | 83 |
Unrealized Losses | 0 | 0 |
Market Value | 943 | 1,185 |
Held to Maturity | ||
Amortized Cost | 175,720 | 111,427 |
Unrealized Gains | 220 | 22 |
Unrealized Losses | 2,624 | 1,212 |
Market Value | 173,316 | 110,237 |
Equity Securities [Member] | ||
Available-for-sale | ||
Amortized Cost | 7,794 | 8,584 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Market Value | 7,794 | 8,584 |
Federal Home Loan Bank | 3,000 | 3,100 |
Federal Reserve Bank stock | $ 4,800 | 4,800 |
FNBB, Inc. stock | $ 800 |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Amortized Cost | ||
Due in one year or less | $ 117,923 | |
Due after one through five years | 208,237 | |
Total Investment Securities | 448,705 | |
Market Value | ||
Due in one year or less | 117,163 | |
Due after one through five years | 206,247 | |
Total Investment Securities | 446,157 | |
Amortized Cost | ||
Due in one year or less | 20,104 | |
Due after one through five years | 21,496 | |
Total Investment Securities | 217,320 | $ 216,679 |
Market Value | ||
Due in one year or less | 19,924 | |
Due after one through five years | 21,173 | |
Total Investment Securities | 214,413 | 215,007 |
U.S. Treasury [Member] | ||
Amortized Cost | ||
Total Investment Securities | 35,088 | 98,256 |
U.S. Government Agency [Member] | ||
Amortized Cost | ||
Due without single maturity date | 113,848 | |
Market Value | ||
Due without single maturity date | 114,010 | |
Amortized Cost | ||
Total Investment Securities | 0 | 0 |
States and Political Subdivisions [Member] | ||
Amortized Cost | ||
Total Investment Securities | 6,512 | 6,996 |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | 903 | |
Market Value | ||
Due without single maturity date | 943 | |
Amortized Cost | ||
Due without single maturity date | 175,720 | |
Total Investment Securities | 175,720 | $ 111,427 |
Market Value | ||
Due without single maturity date | 173,316 | |
Equity Securities [Member] | ||
Amortized Cost | ||
Due without single maturity date | 7,794 | |
Market Value | ||
Due without single maturity date | $ 7,794 |
INVESTMENT SECURITIES (Detail_2
INVESTMENT SECURITIES (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale securities | ||
Less Than 12 Months, Market Value | $ 89,910 | $ 284,181 |
Less Than 12 Months, Unrealized Losses | 363 | 1,433 |
Greater Than 12 Months, Market Value | 253,653 | 111,206 |
Greater Than 12 Months, Unrealized Losses | 2,912 | 1,516 |
Total Market Value | 343,563 | 395,387 |
Total Unrealized Losses | 3,275 | 2,949 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Market Value | 51,531 | 140,846 |
Less Than 12 Months, Unrealized Losses | 389 | 808 |
Greater Than 12 Months, Market Value | 125,598 | 45,155 |
Greater Than 12 Months Or Longer, Unrealized Losses | 2,738 | 886 |
Total Market Value | 177,129 | 186,001 |
Total Unrealized Losses | 3,127 | 1,694 |
U.S. Treasury [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Market Value | 28,420 | 155,443 |
Less Than 12 Months, Unrealized Losses | 80 | 963 |
Greater Than 12 Months, Market Value | 193,501 | 79,900 |
Greater Than 12 Months, Unrealized Losses | 2,536 | 1,201 |
Total Market Value | 221,921 | 235,343 |
Total Unrealized Losses | 2,616 | 2,164 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Market Value | 0 | 77,861 |
Less Than 12 Months, Unrealized Losses | 0 | 298 |
Greater Than 12 Months, Market Value | 34,612 | 14,939 |
Greater Than 12 Months Or Longer, Unrealized Losses | 477 | 143 |
Total Market Value | 34,612 | 92,800 |
Total Unrealized Losses | 477 | 441 |
U.S. Government Agency [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Market Value | 53,237 | 45,737 |
Less Than 12 Months, Unrealized Losses | 271 | 150 |
Greater Than 12 Months, Market Value | 28,735 | 25,757 |
Greater Than 12 Months, Unrealized Losses | 244 | 257 |
Total Market Value | 81,972 | 71,494 |
Total Unrealized Losses | 515 | 407 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Market Value | 0 | 0 |
Less Than 12 Months, Unrealized Losses | 0 | 0 |
Greater Than 12 Months, Market Value | 0 | 0 |
Greater Than 12 Months Or Longer, Unrealized Losses | 0 | 0 |
Total Market Value | 0 | 0 |
Total Unrealized Losses | 0 | 0 |
States and Political Subdivisions [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Market Value | 8,243 | 82,999 |
Less Than 12 Months, Unrealized Losses | 12 | 320 |
Greater Than 12 Months, Market Value | 31,417 | 5,549 |
Greater Than 12 Months, Unrealized Losses | 132 | 58 |
Total Market Value | 39,660 | 88,548 |
Total Unrealized Losses | 144 | 378 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Market Value | 204 | 6,955 |
Less Than 12 Months, Unrealized Losses | 0 | 41 |
Greater Than 12 Months, Market Value | 6,281 | 0 |
Greater Than 12 Months Or Longer, Unrealized Losses | 26 | 0 |
Total Market Value | 6,485 | 6,955 |
Total Unrealized Losses | 26 | 41 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Market Value | 10 | 2 |
Less Than 12 Months, Unrealized Losses | 0 | 0 |
Greater Than 12 Months, Market Value | 0 | 0 |
Greater Than 12 Months, Unrealized Losses | 0 | 0 |
Total Market Value | 10 | 2 |
Total Unrealized Losses | 0 | 0 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Market Value | 51,327 | 56,030 |
Less Than 12 Months, Unrealized Losses | 389 | 469 |
Greater Than 12 Months, Market Value | 84,705 | 30,216 |
Greater Than 12 Months Or Longer, Unrealized Losses | 2,235 | 743 |
Total Market Value | 136,032 | 86,246 |
Total Unrealized Losses | $ 2,624 | $ 1,212 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) $ in Millions | Dec. 31, 2018USD ($)Securities | Dec. 31, 2017USD ($) |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged to secure public deposits | $ | $ 319.6 | $ 328.1 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities and Held-to-maturity investments in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 492 | |
Available-for-sale Securities and Held-To-Maturity, Continuous Unrealized Loss Position, Accumulated Loss | $ | $ 6.4 | |
Ginnie Mae mortgage-backed securities (GNMA), U.S. Treasuries, or SBA securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities and Held-to-maturity investments in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 292 | |
Debt Securities [Member] | Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities and Held-to-maturity investments in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 137 | |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities and Held-to-maturity investments in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 53 | |
U.S. Government Agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities and Held-to-maturity investments in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 10 |
LOANS, NET (Details)
LOANS, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Net of Unearned Income | $ 1,774,225 | $ 1,653,492 |
Net deferred fees | 1,500 | 1,500 |
Loans in process with outstanding balances | 9,200 | 9,100 |
Loans From Overdraft Deposit Balances | 1,600 | 1,600 |
Commercial, Financial and Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Net of Unearned Income | 233,689 | 218,166 |
Real Estate - Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Net of Unearned Income | 89,527 | 77,966 |
Real Estate - Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Net of Unearned Income | 602,061 | 535,707 |
Real Estate - Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Net of Unearned Income | 342,215 | 311,906 |
Real Estate - Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Net of Unearned Income | 210,111 | 229,513 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Net of Unearned Income | $ 296,622 | $ 280,234 |
LOANS, NET (Details 1)
LOANS, NET (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | $ 6,872 | $ 7,159 |
Total Past Due | 4,757 | 4,579 |
90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | 0 | 36 |
Commercial, Financial and Agricultural [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | 267 | 629 |
Total Past Due | 162 | 142 |
Commercial, Financial and Agricultural [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | 0 | 0 |
Real Estate - Construction [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | 722 | 297 |
Total Past Due | 489 | 811 |
Real Estate - Construction [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | 0 | 0 |
Real Estate - Commercial Mortgage [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | 2,860 | 2,370 |
Total Past Due | 124 | 632 |
Real Estate - Commercial Mortgage [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | 0 | 0 |
Real Estate - Residential [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | 2,119 | 1,938 |
Total Past Due | 1,372 | 1,147 |
Real Estate - Residential [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | 0 | 0 |
Real Estate - Home Equity [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | 584 | 1,748 |
Total Past Due | 636 | 82 |
Real Estate - Home Equity [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | 0 | 0 |
Consumer [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Nonaccrual | 320 | 177 |
Total Past Due | 1,974 | 1,765 |
Consumer [Member] | 90 +DPD [Member] | ||
Recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans | ||
Total Past Due | $ 0 | $ 36 |
LOANS, NET (Details 2)
LOANS, NET (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | $ 4,757 | $ 4,579 |
Total Current | 1,762,596 | 1,641,754 |
Total Loans | 1,774,225 | 1,653,492 |
30-59 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 3,635 | 3,432 |
60-89 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 1,122 | 1,111 |
90 +DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 0 | 36 |
Commercial, Financial and Agricultural [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 162 | 142 |
Total Current | 233,260 | 217,395 |
Total Loans | 233,689 | 218,166 |
Commercial, Financial and Agricultural [Member] | 30-59 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 104 | 87 |
Commercial, Financial and Agricultural [Member] | 60-89 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 58 | 55 |
Commercial, Financial and Agricultural [Member] | 90 +DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 0 | 0 |
Real Estate - Construction [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 489 | 811 |
Total Current | 88,316 | 76,858 |
Total Loans | 89,527 | 77,966 |
Real Estate - Construction [Member] | 30-59 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 489 | 811 |
Real Estate - Construction [Member] | 60-89 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 0 | 0 |
Real Estate - Construction [Member] | 90 +DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 0 | 0 |
Real Estate - Commercial Mortgage [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 124 | 632 |
Total Current | 599,077 | 532,705 |
Total Loans | 602,061 | 535,707 |
Real Estate - Commercial Mortgage [Member] | 30-59 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 124 | 437 |
Real Estate - Commercial Mortgage [Member] | 60-89 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 0 | 195 |
Real Estate - Commercial Mortgage [Member] | 90 +DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 0 | 0 |
Real Estate - Residential [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 1,372 | 1,147 |
Total Current | 338,724 | 308,821 |
Total Loans | 342,215 | 311,906 |
Real Estate - Residential [Member] | 30-59 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 745 | 701 |
Real Estate - Residential [Member] | 60-89 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 627 | 446 |
Real Estate - Residential [Member] | 90 +DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 0 | 0 |
Real Estate - Home Equity [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 636 | 82 |
Total Current | 208,891 | 227,683 |
Total Loans | 210,111 | 229,513 |
Real Estate - Home Equity [Member] | 30-59 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 512 | 80 |
Real Estate - Home Equity [Member] | 60-89 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 124 | 2 |
Real Estate - Home Equity [Member] | 90 +DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 0 | 0 |
Consumer [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 1,974 | 1,765 |
Total Current | 294,328 | 278,292 |
Total Loans | 296,622 | 280,234 |
Consumer [Member] | 30-59 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 1,661 | 1,316 |
Consumer [Member] | 60-89 DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | 313 | 413 |
Consumer [Member] | 90 +DPD [Member] | ||
Aging of the recorded investment in past due loans by class of loans | ||
Total Past Due | $ 0 | $ 36 |
LOANS, NET (Details 3)
LOANS, NET (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | $ 13,307,000 | $ 13,431,000 | $ 13,953,000 |
Provision for Loan Losses | 2,921,000 | 2,215,000 | 819,000 |
Charge-Offs | (4,674,000) | (4,836,000) | (4,686,000) |
Recoveries | 2,656,000 | 2,497,000 | 3,345,000 |
Net Charge-Offs | (2,018,000) | (2,339,000) | (1,341,000) |
Ending Balance | 14,210,000 | 13,307,000 | 13,431,000 |
Commercial, Financial and Agricultural [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 1,191,000 | 1,198,000 | 905,000 |
Provision for Loan Losses | 428,000 | 1,037,000 | 817,000 |
Charge-Offs | (644,000) | (1,357,000) | (861,000) |
Recoveries | 459,000 | 313,000 | 337,000 |
Net Charge-Offs | (185,000) | (1,044,000) | (524,000) |
Ending Balance | 1,434,000 | 1,191,000 | 1,198,000 |
Real Estate - Construction [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 122,000 | 168,000 | 101,000 |
Provision for Loan Losses | 139,000 | (96,000) | 67,000 |
Charge-Offs | (7,000) | 0 | 0 |
Recoveries | 26,000 | 50,000 | 0 |
Net Charge-Offs | 19,000 | 50,000 | 0 |
Ending Balance | 280,000 | 122,000 | 168,000 |
Real Estate - Commercial Mortgage [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 4,346,000 | 4,315,000 | 4,498,000 |
Provision for Loan Losses | (223,000) | 542,000 | (242,000) |
Charge-Offs | (315,000) | (685,000) | (349,000) |
Recoveries | 373,000 | 174,000 | 408,000 |
Net Charge-Offs | 58,000 | (511,000) | 59,000 |
Ending Balance | 4,181,000 | 4,346,000 | 4,315,000 |
Real Estate - Residential [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 3,206,000 | 3,445,000 | 4,409,000 |
Provision for Loan Losses | 331,000 | (444,000) | (1,296,000) |
Charge-Offs | (780,000) | (411,000) | (899,000) |
Recoveries | 643,000 | 616,000 | 1,231,000 |
Net Charge-Offs | (137,000) | 205,000 | 332,000 |
Ending Balance | 3,400,000 | 3,206,000 | 3,445,000 |
Real Estate - Home Equity [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 2,506,000 | 2,297,000 | 2,473,000 |
Provision for Loan Losses | 137,000 | 180,000 | (135,000) |
Charge-Offs | (533,000) | (190,000) | (450,000) |
Recoveries | 191,000 | 219,000 | 409,000 |
Net Charge-Offs | (342,000) | 29,000 | (41,000) |
Ending Balance | 2,301,000 | 2,506,000 | 2,297,000 |
Consumer [Member] | |||
Activity in the allowance for loan losses by portfolio class | |||
Beginning Balance | 1,936,000 | 2,008,000 | 1,567,000 |
Provision for Loan Losses | 2,109,000 | 996,000 | 1,608,000 |
Charge-Offs | (2,395,000) | (2,193,000) | (2,127,000) |
Recoveries | 964,000 | 1,125,000 | 960,000 |
Net Charge-Offs | (1,431,000) | (1,068,000) | (1,167,000) |
Ending Balance | $ 2,614,000 | $ 1,936,000 | $ 2,008,000 |
LOANS, NET (Details 4)
LOANS, NET (Details 4) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | $ 2,405 | $ 4,117 | $ 4,020 |
Loans Collectively Evaluated for Impairment | 11,805 | 9,190 | 9,411 |
Ending Balance | 14,210 | 13,307 | 13,431 |
Commercial, Financial and Agricultural [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 118 | 215 | 80 |
Loans Collectively Evaluated for Impairment | 1,316 | 976 | 1,118 |
Ending Balance | 1,434 | 1,191 | 1,198 |
Real Estate - Construction [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 52 | 1 | 0 |
Loans Collectively Evaluated for Impairment | 228 | 121 | 168 |
Ending Balance | 280 | 122 | 168 |
Real Estate - Commercial Mortgage [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 1,026 | 2,165 | 2,038 |
Loans Collectively Evaluated for Impairment | 3,155 | 2,181 | 2,277 |
Ending Balance | 4,181 | 4,346 | 4,315 |
Real Estate - Residential [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 919 | 1,220 | 1,561 |
Loans Collectively Evaluated for Impairment | 2,481 | 1,986 | 1,884 |
Ending Balance | 3,400 | 3,206 | 3,445 |
Real Estate - Home Equity [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 289 | 515 | 335 |
Loans Collectively Evaluated for Impairment | 2,012 | 1,991 | 1,962 |
Ending Balance | 2,301 | 2,506 | 2,297 |
Consumer [Member] | |||
Period-end amount allocated to: | |||
Loans Individually Evaluated for Impairment | 1 | 1 | 6 |
Loans Collectively Evaluated for Impairment | 2,613 | 1,935 | 2,002 |
Ending Balance | $ 2,614 | $ 1,936 | $ 2,008 |
LOANS, NET (Details 5)
LOANS, NET (Details 5) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | $ 27,195 | $ 37,335 | $ 44,289 |
Collectively Evaluated for Impairment | 1,747,030 | 1,616,157 | 1,517,000 |
Total | 1,774,225 | 1,653,492 | 1,561,289 |
Commercial, Financial and Agricultural [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 873 | 1,378 | 1,042 |
Collectively Evaluated for Impairment | 232,816 | 216,788 | 215,362 |
Total | 233,689 | 218,166 | 216,404 |
Real Estate - Construction [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 781 | 361 | 247 |
Collectively Evaluated for Impairment | 88,746 | 77,605 | 58,196 |
Total | 89,527 | 77,966 | 58,443 |
Real Estate - Commercial Mortgage [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 12,650 | 19,280 | 23,855 |
Collectively Evaluated for Impairment | 589,411 | 516,427 | 480,123 |
Total | 602,061 | 535,707 | 503,978 |
Real Estate - Residential [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 10,593 | 12,871 | 15,596 |
Collectively Evaluated for Impairment | 331,622 | 299,035 | 265,913 |
Total | 342,215 | 311,906 | 281,509 |
Real Estate - Home Equity [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 2,210 | 3,332 | 3,375 |
Collectively Evaluated for Impairment | 207,901 | 226,181 | 233,137 |
Total | 210,111 | 229,513 | 236,512 |
Consumer [Member] | |||
Recorded investment in loans related to each balance in the allowance for loan losses | |||
Individually Evaluated for Impairment | 88 | 113 | 174 |
Collectively Evaluated for Impairment | 296,534 | 280,121 | 264,269 |
Total | $ 296,622 | $ 280,234 | $ 264,443 |
LOANS, NET (Details 6)
LOANS, NET (Details 6) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 27,195 | $ 37,335 |
Recorded Investment With No Allowance | 5,330 | 4,896 |
Recorded Investment With Allowance | 21,865 | 32,439 |
Related Allowance | 2,405 | 4,117 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 873 | 1,378 |
Recorded Investment With No Allowance | 101 | 118 |
Recorded Investment With Allowance | 772 | 1,260 |
Related Allowance | 118 | 215 |
Real Estate - Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 781 | 361 |
Recorded Investment With No Allowance | 459 | 297 |
Recorded Investment With Allowance | 322 | 64 |
Related Allowance | 52 | 1 |
Real Estate - Commercial Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 12,650 | 19,280 |
Recorded Investment With No Allowance | 2,384 | 1,763 |
Recorded Investment With Allowance | 10,266 | 17,517 |
Related Allowance | 1,026 | 2,165 |
Real Estate - Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 10,593 | 12,871 |
Recorded Investment With No Allowance | 1,482 | 1,516 |
Recorded Investment With Allowance | 9,111 | 11,355 |
Related Allowance | 919 | 1,220 |
Real Estate - Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,210 | 3,332 |
Recorded Investment With No Allowance | 855 | 1,157 |
Recorded Investment With Allowance | 1,355 | 2,175 |
Related Allowance | 289 | 515 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 88 | 113 |
Recorded Investment With No Allowance | 49 | 45 |
Recorded Investment With Allowance | 39 | 68 |
Related Allowance | $ 1 | $ 1 |
LOANS, NET (Details 7)
LOANS, NET (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 34,018 | $ 40,830 | $ 42,928 |
Total Interest Income | 1,398 | 1,762 | 1,880 |
Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 1,123 | 1,117 | 886 |
Total Interest Income | 87 | 48 | 49 |
Real Estate - Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 729 | 339 | 69 |
Total Interest Income | 3 | 4 | 1 |
Real Estate - Commercial Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 17,463 | 21,682 | 21,376 |
Total Interest Income | 653 | 911 | 920 |
Real Estate - Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 11,890 | 14,261 | 17,314 |
Total Interest Income | 550 | 683 | 786 |
Real Estate - Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 2,714 | 3,290 | 3,076 |
Total Interest Income | 98 | 108 | 115 |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 99 | 141 | 207 |
Total Interest Income | $ 7 | $ 8 | $ 9 |
LOANS, NET (Details 8)
LOANS, NET (Details 8) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | $ 1,774,225 | $ 1,653,492 |
Commercial, Financial and Agricultural [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 233,689 | 218,166 |
Real Estate [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 1,243,914 | 1,155,092 |
Consumer [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 296,622 | 280,234 |
PassMember | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 1,739,756 | 1,601,222 |
PassMember | Commercial, Financial and Agricultural [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 232,417 | 209,230 |
PassMember | Real Estate [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 1,211,451 | 1,112,477 |
PassMember | Consumer [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 295,888 | 279,515 |
Special Mention [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 11,581 | 21,268 |
Special Mention [Member] | Commercial, Financial and Agricultural [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 479 | 7,879 |
Special Mention [Member] | Real Estate [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 11,048 | 13,324 |
Special Mention [Member] | Consumer [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 54 | 65 |
Substandard [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 22,888 | 31,002 |
Substandard [Member] | Commercial, Financial and Agricultural [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 793 | 1,057 |
Substandard [Member] | Real Estate [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 21,415 | 29,291 |
Substandard [Member] | Consumer [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 680 | 654 |
Doubtful [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 0 | 0 |
Doubtful [Member] | Commercial, Financial and Agricultural [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 0 | 0 |
Doubtful [Member] | Real Estate [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | ||
Loans, Net of Unearned Income | $ 0 | $ 0 |
LOANS, NET (Details 9)
LOANS, NET (Details 9) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Accruing | $ 22,084 | $ 32,164 |
Nonaccruing | 2,640 | 2,325 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 873 | 822 |
Nonaccruing | 0 | 0 |
Real Estate - Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 59 | 64 |
Nonaccruing | 0 | 0 |
Real Estate - Commercial Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 9,910 | 17,058 |
Nonaccruing | 1,239 | 1,636 |
Real Estate - Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 9,234 | 11,666 |
Nonaccruing | 1,222 | 503 |
Real Estate - Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 1,920 | 2,441 |
Nonaccruing | 179 | 186 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 88 | 113 |
Nonaccruing | $ 0 | $ 0 |
LOANS, NET (Details 10)
LOANS, NET (Details 10) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)LoanContracts | Dec. 31, 2017USD ($)LoanContracts | Dec. 31, 2016USD ($)LoanContracts | ||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 6 | 9 | 14 | |
Recorded Investment | $ | [1] | $ 676 | $ 643 | $ 5,808 |
Commercial, Financial and Agricultural [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 1 | 1 | 0 | |
Recorded Investment | $ | [1] | $ 230 | $ 22 | $ 0 |
Real Estate - Construction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 0 | 1 | 0 | |
Recorded Investment | $ | [1] | $ 0 | $ 65 | $ 0 |
Real Estate - Commercial Mortgage [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 1 | 1 | 3 | |
Recorded Investment | $ | [1] | $ 228 | $ 70 | $ 5,012 |
Real Estate - Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 2 | 2 | 6 | |
Recorded Investment | $ | [1] | $ 108 | $ 283 | $ 590 |
Real Estate - Home Equity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 2 | 4 | 5 | |
Recorded Investment | $ | [1] | $ 110 | $ 203 | $ 206 |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 0 | 0 | 0 | |
Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
LOANS, NET (Details 11)
LOANS, NET (Details 11) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)LoanContracts | Dec. 31, 2017USD ($)LoanContracts | Dec. 31, 2016USD ($)LoanContracts | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | LoanContracts | 6 | 9 | 14 |
Post-Modified Recorded Investment | $ | $ 676 | $ 643 | $ 5,808 |
Extended Amortization And Interest Rate Adjustment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | LoanContracts | 2 | 1 | 3 |
Post-Modified Recorded Investment | $ | $ 303 | $ 70 | $ 4,703 |
Interest Rate Adjustment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | LoanContracts | 1 | 3 | 0 |
Post-Modified Recorded Investment | $ | $ 33 | $ 302 | $ 0 |
Extended Amortization [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | LoanContracts | 1 | 4 | 11 |
Post-Modified Recorded Investment | $ | $ 27 | $ 249 | $ 1,105 |
Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | LoanContracts | 0 | 1 | 0 |
Post-Modified Recorded Investment | $ | $ 0 | $ 22 | $ 0 |
Principal Moratorium [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | LoanContracts | 2 | 0 | 0 |
Post-Modified Recorded Investment | $ | $ 313 | $ 0 | $ 0 |
LOANS, NET (Details 12)
LOANS, NET (Details 12) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)LoanContracts | Dec. 31, 2017USD ($)LoanContracts | Dec. 31, 2016USD ($)LoanContracts | ||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 1 | 0 | 0 | |
Recorded Investment | $ | [1] | $ 76 | $ 0 | $ 0 |
Commercial, Financial and Agricultural [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 0 | 0 | 0 | |
Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Real Estate - Construction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 0 | 0 | 0 | |
Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Real Estate - Commercial Mortgage [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 0 | 0 | 0 | |
Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Real Estate - Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 1 | 0 | 0 | |
Recorded Investment | $ | [1] | $ 76 | $ 0 | $ 0 |
Real Estate - Home Equity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 0 | 0 | 0 | |
Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | LoanContracts | 0 | 0 | 0 | |
Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
[1] | Recorded investment reflects charge-offs and additional funds advanced at time of restructure, if applicable. |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 178,980 | $ 180,789 |
Accumulated Depreciation | (91,790) | (89,091) |
Premises and Equipment, Net | 87,190 | 91,698 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 23,697 | 24,061 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 109,711 | 111,716 |
Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 45,572 | $ 45,012 |
GOODWILL (Details Textuals)
GOODWILL (Details Textuals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 84,811 | $ 84,811 |
OTHER REAL ESTATE OWNED (Detail
OTHER REAL ESTATE OWNED (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Real Estate [Roll Forward] | |||
Beginning Balance | $ 3,941 | $ 10,638 | $ 19,290 |
Additions | 2,140 | 2,384 | 4,016 |
Valuation Write-Downs | (1,046) | (1,318) | (2,363) |
Sales | (2,793) | (7,496) | (10,305) |
Other | (13) | (267) | 0 |
Ending Balance | $ 2,229 | $ 3,941 | $ 10,638 |
OTHER REAL ESTATE OWNED (Deta_2
OTHER REAL ESTATE OWNED (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Real Estate [Abstract] | |||
Gains from the Sale of Properties | $ (2,288) | $ (1,054) | $ (410) |
Losses from the Sale of Properties | 307 | 518 | 1,272 |
Rental Income from Properties | (12) | (76) | (88) |
Property Carrying Costs | 505 | 429 | 511 |
Valuation Adjustments | 1,046 | 1,318 | 2,364 |
Total | $ (442) | $ 1,135 | $ 3,649 |
OTHER REAL ESTATE OWNED (Deta_3
OTHER REAL ESTATE OWNED (Details Textuals) $ in Millions | Dec. 31, 2018USD ($) |
Other Real Estate [Abstract] | |
Loan secured by real estate in process of foreclosure | $ 1.2 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits: | ||
NOW Accounts | $ 867,209 | $ 877,820 |
Money Market Accounts | 237,739 | 239,212 |
Savings Deposits | 358,306 | 335,140 |
Other Time Deposits | 120,744 | 143,122 |
Total Interest Bearing Deposits | $ 1,583,998 | $ 1,595,294 |
DEPOSITS (Details 1)
DEPOSITS (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits: | ||
2,019 | $ 98,960 | |
2,020 | 13,563 | |
2,021 | 5,045 | |
2,022 | 1,668 | |
2023 and thereafter | 1,508 | |
Total | $ 120,744 | $ 143,122 |
DEPOSITS (Details 2)
DEPOSITS (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deposits: | |||
NOW Accounts | $ 3,152 | $ 1,094 | $ 292 |
Money Market Accounts | 675 | 252 | 120 |
Savings Deposits | 172 | 159 | 144 |
Time Deposits less than $250,000 | 234 | 274 | 306 |
Time Deposits more than $250,000 | 10 | 10 | 17 |
Total | $ 4,243 | $ 1,789 | $ 879 |
DEPOSITS (Details Textuals)
DEPOSITS (Details Textuals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deposits: | ||
Overdrawn deposit accounts of loan | $ 1.6 | $ 1.6 |
Time deposits in denominations of $250,000 or more | $ 6.5 | $ 8.2 |
SHORT-TERM BORROWINGS (Details)
SHORT-TERM BORROWINGS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Short-term Debt [Line Items] | ||||
Balance at December 31 | $ 13,541 | $ 7,480 | ||
Federal Funds Purchased [Member] | ||||
Short-term Debt [Line Items] | ||||
Balance at December 31 | 0 | 0 | $ 0 | |
Maximum indebtedness at any month end | 0 | 0 | 0 | |
Daily average indebtedness outstanding | $ 20 | $ 7 | $ 11 | |
Average rate paid for the year (in percent) | 2.41% | 1.60% | 1.00% | |
Average rate paid on period-end borrowings (in percent) | 0.00% | 0.00% | 0.00% | |
Securities Sold Under Repurchase Agreements [Member] | ||||
Short-term Debt [Line Items] | ||||
Balance at December 31 | [1] | $ 10,092 | $ 7,272 | $ 6,490 |
Maximum indebtedness at any month end | [1] | 10,092 | 7,272 | 74,911 |
Daily average indebtedness outstanding | [1] | $ 7,951 | $ 7,266 | $ 32,732 |
Average rate paid for the year (in percent) | 0.49% | 0.10% | 0.05% | |
Average rate paid on period-end borrowings (in percent) | 0.88% | 0.15% | 0.05% | |
Other Short-Term Borrowings [Member] | ||||
Short-term Debt [Line Items] | ||||
Balance at December 31 | [2] | $ 3,449 | $ 208 | $ 6,259 |
Maximum indebtedness at any month end | [2] | 10,044 | 6,218 | 7,961 |
Daily average indebtedness outstanding | [2] | $ 3,021 | $ 2,654 | $ 4,019 |
Average rate paid for the year (in percent) | 2.31% | 2.79% | 3.28% | |
Average rate paid on period-end borrowings (in percent) | 1.61% | 6.13% | 3.05% | |
[1] | Balances are fully collateralized by government treasury or agency securities held in the Company's investment portfolio. | |||
[2] | Comprised of FHLB advances. |
LONG-TERM BORROWINGS (Details)
LONG-TERM BORROWINGS (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Long-term Debt, Unclassified [Abstract] | |
2,019 | $ 1,314 |
2,020 | 1,667 |
2,021 | 1,209 |
2,022 | 2,891 |
2,023 | 553 |
2024 and thereafter | 934 |
Total | $ 8,568 |
LONG-TERM BORROWINGS (Details T
LONG-TERM BORROWINGS (Details Textuals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
FHLB advances | $ 6.5 | $ 11.3 |
Weighted-average rate (in percent) | 2.99% | 2.48% |
FHLB Debt instrument payment terms | The advances mature at varying dates from 2020 through 2025 and had a weighted-average rate of 2.99% and 2.48% at December 31, 2018 and 2017, respectively. | |
Notes Payable To Banks [Member] | ||
Debt Instrument [Line Items] | ||
Note Payable Amount | $ 2.1 | $ 2.7 |
Note Payable Frequency of Payment | quarterly | |
Note Payable Maturity Date | Mar. 30, 2027 | |
Debt Instrument Annual Principa lPayment | $ 0.3 |
LONG-TERM BORROWINGS (Details_2
LONG-TERM BORROWINGS (Details Textuals 1) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
May 31, 2005 | Nov. 30, 2004 | Dec. 31, 2018 | Dec. 31, 2016 | |
CCBG Capital Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Description of interest rate basis | 3-month LIBOR | |||
CCBG Capital Trust I [Member] | ||||
Debt Instrument [Line Items] | ||||
Description of interest rate basis | 3-month LIBOR | |||
Junior Subordinated Deferrable Interest Notes [Member] | CCBG Capital Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Issued | $ 32 | |||
Debt Instrument Issued | $ 31 | |||
Note Payable Maturity Date | Jun. 15, 2035 | |||
Interest rate, basis spread (in percent) | 1.80% | |||
Proceeds received from the Trust | $ 32 | |||
Tier One Risk Based Capital | 31 | |||
Junior Subordinated Deferrable Interest Notes [Member] | CCBG Capital Trust I [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Issued | 30.9 | |||
Debt Instrument Issued | $ 30 | |||
Note Payable Maturity Date | Dec. 31, 2034 | |||
Interest rate, basis spread (in percent) | 1.90% | |||
Proceeds received from the Trust | $ 30.9 | |||
Tier One Risk Based Capital | $ 20 | |||
Subordinated Debt [Member] | ||||
Extinguishment Of Debt [Line Items] | ||||
Extinguishment Of Debt Amount | $ 10 | |||
Gains Losses On Extinguishment Of Debt | $ 2.5 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ (1,617) | $ 5,792 | $ 2,295 |
State | 201 | 140 | 115 |
Total | (1,416) | 5,932 | 2,410 |
Deferred: | |||
Federal | 3,620 | 1,232 | 2,742 |
State | 1,285 | 974 | 712 |
Expense Due to Change in Tax Rate | 0 | 4,066 | 0 |
Valuation Allowance | (68) | (1) | 3 |
Total | 4,837 | 6,271 | 3,457 |
Total | |||
Federal | 2,003 | 7,024 | 5,037 |
State | 1,486 | 1,114 | 827 |
Expense Due to Change in Tax Rate | 0 | 4,066 | 0 |
Valuation Allowance | (68) | (1) | 3 |
Total | $ 3,421 | $ 12,203 | $ 5,867 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Tax Expense at Federal Statutory Rate | $ 6,225 | $ 8,074 | $ 6,165 |
Increases (Decreases) Resulting From: | |||
Tax-Exempt Interest Income | (494) | (805) | (662) |
Income Tax Reconciliation Provision To Return | 3,590 | 0 | 0 |
State Taxes, Net of Federal Benefit | 1,174 | 724 | 538 |
Other | 348 | 439 | 121 |
Change in Valuation Allowance | (68) | (1) | 3 |
Tax-Exempt Cash Surrender Value Life Insurance Benefit | (174) | (294) | (298) |
Excess Death Benefit Payment | 0 | 0 | 0 |
Expense Due to Change in Tax Rate | 0 | 4,066 | 0 |
Actual Tax Expense | $ 3,421 | $ 12,203 | $ 5,867 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets attributable to: | ||
Allowance for Loan Losses | $ 3,602 | $ 3,373 |
Accrued Pension/SERP | 9,102 | 10,289 |
State Net Operating Loss and Tax Credit Carry-Forwards | 4,532 | 5,074 |
Other Real Estate Owned | 1,270 | 1,520 |
Federal Net Operating Loss and Tax Credit Carry-Forwards | 0 | 50 |
Accrued SERP Liability | 1,869 | 1,398 |
Other | 3,101 | 2,694 |
Total Deferred Tax Assets | 23,476 | 24,398 |
Deferred Tax Liabilities attributable to: | ||
Depreciation on Premises and Equipment | 3,970 | 3,272 |
Deferred Loan Fees and Costs | 2,356 | 2,266 |
Intangible Assets | 3,232 | 3,035 |
Pension | 5,001 | 907 |
Investments | 469 | 469 |
Other | 4 | 5 |
Total Deferred Tax Liabilities | 15,032 | 9,954 |
Valuation Allowance | 1,688 | 1,755 |
Net Deferred Tax Assets | $ 6,756 | $ 12,689 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning | $ 0 | $ 0 | $ 0 |
Decrease Due to Settlements With Taxing Authorities | 0 | 0 | 0 |
Balance at ending | $ 0 | $ 0 | $ 0 |
INCOME TAXES (Details Textuals)
INCOME TAXES (Details Textuals) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Statutory federal income tax rate to pre-tax income (in percent) | 21.00% | 35.00% |
INCOME TAXES (Details Textuals
INCOME TAXES (Details Textuals 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 |
Inactive Subsidiary [Member] | State [Member] | Tax Year 2008 through 2015 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, valuation allowance | 1,700 | |||
CCBG [Member] | State [Member] | Tax Year 2008 through 2015 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carry forwards | $ 4,500 | |||
CCBG [Member] | State [Member] | Minimum [Member] | Tax Year 2008 through 2015 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carry forwards, expiration dates | Jan. 1, 2019 | |||
CCBG [Member] | State [Member] | Maximum [Member] | Tax Year 2008 through 2015 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carry forwards, expiration dates | Jan. 1, 2038 |
INCOME TAXES (Details Textual_2
INCOME TAXES (Details Textuals 2) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Amounts accrued for interest and penalties | $ 0 | $ 0 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend yield | 1.40% | 1.20% | 1.10% |
Expected volatility | 18.70% | 21.60% | 19.50% |
Risk-free interest rate | 1.80% | 0.90% | 0.40% |
Expected life (in months) | 6 months | 6 months | 6 months |
STOCK-BASED COMPENSATION (Det_2
STOCK-BASED COMPENSATION (Details Textuals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $ 1,900,000 | $ 2,000,000 | $ 1,800,000 |
2011 Director Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of common stock purchase (in percent) | 90.00% | ||
Shares reserved for issuance (in shares) | 150,000 | ||
Shares issued (in shares) | 14,470 | 10,340 | 15,530 |
Compensation Expense | $ 35,000 | $ 22,000 | $ 23,000 |
Common stock shares remaining reserved for issuance (in shares) | 33,910 | ||
2011 Associate Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of common stock purchase (in percent) | 90.00% | ||
Shares issued (in shares) | 19,503 | 28,874 | 44,782 |
Compensation Expense | $ 70,000 | $ 94,000 | $ 100,000 |
Percentage of outstanding stock purchase (in percent) | 10.00% | ||
Maximum Stock purchases under the plan | $ 25,000 | ||
Common stock shares reserved for issuance (in shares) | 593,750 | ||
Common stock shares remaining reserved for issuance (in shares) | 304,073 | ||
Weighted average estimated fair value (in dollars per shares) | $ 3.57 | $ 3.28 | $ 2.22 |
2011 Associate Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued (in shares) | 34,436 | ||
Compensation Expense | $ 1,100,000 | $ 800,000 | $ 1,200,000 |
Common stock shares reserved for issuance (in shares) | 875,000 | ||
Common stock shares remaining reserved for issuance (in shares) | 426,472 | ||
Executive Long-Term Incentive Plan President[Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued (in shares) | 9,810 | 6,450 | |
Compensation Expense | $ 200,000 | $ 400,000 | 200,000 |
Executive Long TermI Incentive Plan CFO [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued (in shares) | 2,406 | ||
Compensation Expense | $ 200,000 | 100,000 | |
Executive Long Term Incentive Plan CEO [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $ 300,000 | $ 600,000 | $ 300,000 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in Projected Benefit Obligation: | |||
Actuarial Loss (Gain) | $ 815 | $ 3,470 | $ 9,958 |
Change in Plan Assets: | |||
Employer Contributions | 600 | ||
Components of Net Periodic Benefit Costs: | |||
Amortization of Prior Service Costs | 199 | 223 | 278 |
Net Loss Amortization | (5,299) | (4,409) | (3,960) |
Net Periodic Benefit Cost | 4,683 | 1,162 | (5,720) |
Defined benefit pension plan [Member] | |||
Change in Projected Benefit Obligation: | |||
Benefit Obligation at Beginning of Year | 165,084 | 152,585 | 141,039 |
Service Cost | 6,884 | 6,752 | 6,453 |
Interest Cost | 5,661 | 5,750 | 5,587 |
Actuarial Loss (Gain) | (16,349) | 10,877 | 9,118 |
Benefits Paid | (11,686) | (10,541) | (9,412) |
Expenses Paid | (247) | (339) | (200) |
Projected Benefit Obligation at End of Year | 149,347 | 165,084 | 152,585 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 129,719 | 113,813 | 105,792 |
Actual Return on Plan Assets | (6,251) | 16,786 | 7,633 |
Employer Contributions | 23,000 | 10,000 | 10,000 |
Benefits Paid | (11,686) | (10,541) | (9,412) |
Expenses Paid | (247) | (339) | (200) |
Fair Value of Plan Assets at End of Year | 134,535 | 129,719 | 113,813 |
Funded Status of Plan and Accrued Liability Recognized at End of Year: | |||
Other Liabilities | 14,812 | 35,365 | 38,772 |
Accumulated Benefit Obligation at End of Year | 130,477 | 144,139 | 130,109 |
Components of Net Periodic Benefit Costs: | |||
Service Cost | 6,884 | 6,752 | 6,453 |
Interest Cost | 5,661 | 5,750 | 5,587 |
Expected Return on Plan Assets | (9,564) | (8,026) | (7,736) |
Amortization of Prior Service Costs | 199 | 223 | 278 |
Net Loss Amortization | 3,673 | 3,812 | 3,201 |
Net Periodic Benefit Cost | $ 6,853 | $ 8,511 | $ 7,783 |
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate (in percent) | 4.43% | 3.71% | 4.21% |
Rate of Compensation Increase (in percent) | 4.00% | 3.25% | 3.25% |
Measurement Date | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Weighted-Average Assumptions Used to Determine Benefit Cost: | |||
Discount Rate (in percent) | 3.71% | 4.21% | 4.52% |
Expected Return on Plan Assets (in percent) | 7.25% | 7.25% | 7.50% |
Rate of Compensation Increase (in percent) | 3.25% | 3.25% | 3.25% |
Amortization Amounts from Accumulated Other Comprehensive Income: | |||
Net Actuarial Loss | $ (533) | $ 2,117 | $ 9,221 |
Prior Service Cost | (199) | (223) | (278) |
Net Loss | (3,673) | (3,812) | (3,201) |
Deferred Tax Benefit | 1,118 | 5,898 | (2,216) |
Other Comprehensive Loss, net of tax | (3,287) | 3,980 | 3,526 |
Amounts Recognized in Accumulated Other Comprehensive Income: | |||
Net Actuarial Losses | 34,491 | 38,698 | 40,392 |
Prior Service Cost | 66 | 265 | 488 |
Deferred Tax Liability (Benefit) | (8,757) | (9,876) | (15,772) |
Accumulated Other Comprehensive Loss (Gain), net of tax | $ 25,800 | $ 29,087 | $ 25,108 |
EMPLOYEE BENEFIT PLANS (Detai_2
EMPLOYEE BENEFIT PLANS (Details 1) - Defined benefit pension plan [Member] | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2019 (in percent) | 100.00% | |
Percentage of Plan Assets at Year-End (in percent) | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2019 (in percent) | 68.00% | |
Percentage of Plan Assets at Year-End (in percent) | 67.00% | 74.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2019 (in percent) | 27.00% | |
Percentage of Plan Assets at Year-End (in percent) | 21.00% | 21.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2019 (in percent) | 5.00% | |
Percentage of Plan Assets at Year-End (in percent) | 12.00% | 5.00% |
EMPLOYEE BENEFIT PLANS (Detai_3
EMPLOYEE BENEFIT PLANS (Details 2) - Defined benefit pension plan [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | $ 134,535 | $ 129,719 | $ 113,813 | $ 105,792 |
U.S. Treasury [Member] | Level 1 Inputs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 398 | 0 | ||
Mutual Funds [Member] | Level 1 Inputs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 112,131 | 118,474 | ||
Cash and Cash Equivalents [Member] | Level 1 Inputs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 16,788 | 7,103 | ||
U.S. Government Agency [Member] | Level 2 Inputs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | 2,822 | 4,142 | ||
DomesticCorporateDebtSecuritiesMember | Level 2 Inputs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Plan Assets | $ 2,396 | $ 0 |
EMPLOYEE BENEFIT PLANS (Detai_4
EMPLOYEE BENEFIT PLANS (Details 3) - Defined benefit pension plan [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 11,271 |
2,020 | 11,536 |
2,021 | 11,466 |
2,022 | 11,435 |
2,023 | 11,571 |
2024 through 2028 | 54,525 |
Total | $ 111,804 |
EMPLOYEE BENEFIT PLANS (Detai_5
EMPLOYEE BENEFIT PLANS (Details 4) - Defined benefit pension plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual Contributions | $ 23,000 | $ 10,000 | |
Expected contribution for 2019 | [1] | $ 5,000 | |
[1] | For 2019, the Company will have the option to make a cash contribution to the plan or utilize pre-funding balances . |
EMPLOYEE BENEFIT PLANS (Detai_6
EMPLOYEE BENEFIT PLANS (Details 5) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in Projected Benefit Obligation: | |||
Actuarial Loss (Gain) | $ 815,000 | $ 3,470,000 | $ 9,958,000 |
Components of Net Periodic Benefit Costs: | |||
Amortization of Prior Service Cost | 199,000 | 223,000 | 278,000 |
Net Gain Amortization | 5,299,000 | 4,409,000 | 3,960,000 |
Net Periodic Benefit Cost | 4,683,000 | 1,162,000 | (5,720,000) |
Supplemental Executive Retirement Plan ("SERP") [Member] | |||
Change in Projected Benefit Obligation: | |||
Benefit Obligation at Beginning of Year | 7,285,000 | 5,741,000 | 4,842,000 |
Service Cost | 0 | 0 | 0 |
Interest Cost | 227,000 | 191,000 | 162,000 |
Actuarial Loss (Gain) | 1,348,000 | 1,353,000 | 737,000 |
Projected Benefit Obligation at End of Year | 8,860,000 | 7,285,000 | 5,741,000 |
Funded Status of Plan and Accrued Liability Recognized at End of Year: | |||
Other Liabilities | 8,860,000 | 7,285,000 | 5,741,000 |
Accumulated Benefit Obligation at End of Year | 7,557,000 | 6,485,000 | 4,913,000 |
Components of Net Periodic Benefit Costs: | |||
Service Cost | 0 | 0 | 0 |
Interest Cost | 227,000 | 191,000 | 162,000 |
Amortization of Prior Service Cost | 0 | 0 | 0 |
Net Gain Amortization | (1,626,000) | (597,000) | (759,000) |
Net Periodic Benefit Cost | $ 1,853,000 | $ 788,000 | $ 921,000 |
Weighted-average used to determine the benefit obligations: | |||
Discount Rate (in percent) | 4.23% | 3.53% | 3.92% |
Rate of Compensation Increase (in percent) | 4.00% | 3.25% | 3.25% |
Measurement Date | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Weighted-Average Assumptions Used to Determine Benefit Cost: | |||
Discount Rate (in percent) | 3.53% | 3.92% | 4.13% |
Rate of Compensation Increase (in percent) | 3.25% | 3.25% | 3.25% |
Amortization Amounts from Accumulated Other Comprehensive Income: | |||
Net Actuarial Loss (Gain) | $ 1,348,000 | $ 1,353,000 | $ 737,000 |
Prior Service Cost | 0 | 0 | 0 |
Net Gain | (1,626,000) | (597,000) | (759,000) |
Deferred Tax (Benefit) Expense | 71,000 | (77,000) | 8,000 |
Other Comprehensive Loss, net of tax | (207,000) | 679,000 | (14,000) |
Amounts Recognized in Accumulated Other Comprehensive Income: | |||
Net Actuarial Gain | 1,348,000 | 1,626,000 | 870,000 |
Prior Service Cost | 0 | 0 | 0 |
Deferred Tax Liability (Benefit) | (341,000) | (412,000) | (336,000) |
Accumulated Other Comprehensive Loss (Gain), net of tax | $ 1,007,000 | $ 1,214,000 | $ 534,000 |
EMPLOYEE BENEFIT PLANS (Detai_7
EMPLOYEE BENEFIT PLANS (Details 6) - Supplemental Executive Retirement Plan ("SERP") [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 3,638 |
2,020 | 2,294 |
2,021 | 1,454 |
2,022 | 1,244 |
2,023 | 823 |
2024 through 2028 | 89 |
Total | $ 9,542 |
EMPLOYEE BENEFIT PLANS (Detai_8
EMPLOYEE BENEFIT PLANS (Details Textuals) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Supplemental Executive Retirement Plan ("SERP") [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $ 0.8 |
Defined benefit pension plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $ 3.9 |
EMPLOYEE BENEFIT PLANS (Detai_9
EMPLOYEE BENEFIT PLANS (Details Textuals 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contributions | $ 0.6 | ||
Employee Benefit 401 K Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum employee's compensation (in percent) | 0.00% | ||
Maximum employee's compensation (in percent) | 100.00% | ||
Matching contributions (in percent) | 50.00% | ||
Participant's compensation for eligible associates (in percent) | 6.00% | ||
Matching contributions | $ 0.6 | $ 0.6 | |
Common stock reserved for issuance (in shares) | 50,000 | ||
Dividend Reinvestment and Optional Stock Purchase Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Common stock reserved for issuance (in shares) | 250,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||
Net Income (Loss) | $ 26,224 | $ 10,863 | $ 11,746 |
Denominator: | |||
Denominator for Basic Earnings Per Share Weighted-Average Shares | 17,029 | 16,952 | 16,989 |
Effects of Dilutive Securities Stock Compensation Plans | 43 | 61 | 72 |
Denominator for Diluted Earnings Per Share Adjusted Weighted-Average Shares and Assumed Conversions | 17,072 | 17,013 | 17,061 |
Basic Earnings Per Share (in dollers per shares) | $ 1.54 | $ 0.64 | $ 0.69 |
Diluted Earnings Per Share (in dollers per shares) | $ 1.54 | $ 0.64 | $ 0.69 |
REGULATORY MATTERS 2 (Details)
REGULATORY MATTERS 2 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Capital City Bank Group [Member] | ||
Actual [Abstract] | ||
Common Equity Tier 1 | $ 249,774 | $ 234,477 |
Tier I capital to total average assets | 300,774 | 285,477 |
Capital | 314,984 | 298,784 |
Tier 1 leverage | $ 300,774 | $ 285,477 |
Common Equity Tier 1, percent | 13.58% | 13.42% |
Tier 1 Based Capital, percent | 16.36% | 16.33% |
Total Capital, percent | 17.13% | 17.10% |
Tier 1 Leverage, percent | 10.89% | 10.47% |
Required for Capital Adequacy Purposes [Abstract] | ||
Common Equity Tier 1, Required for Capital | $ 82,748 | $ 78,648 |
Tier I Capital, Requied for Capital | 110,331 | 104,864 |
Total Capital, Requied for Capital | 147,108 | 139,819 |
Tier 1 Leverage, Required for Capital | $ 110,491 | $ 109,082 |
Common Equity Tier 1, Required for Capital, percent | 4.50% | 4.50% |
Tier 1 Capital, Required for Capital, percent | 6.00% | 6.00% |
Total Capital, Required for Capital, percent | 8.00% | 8.00% |
Tier I Leverage, Required for Capital, percent | 4.00% | 4.00% |
Capital City Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 17,000 | |
Actual [Abstract] | ||
Common Equity Tier 1 | 290,014 | $ 275,796 |
Tier I capital to total average assets | 290,014 | 275,796 |
Capital | 304,224 | 289,103 |
Tier 1 leverage | $ 290,014 | $ 275,796 |
Common Equity Tier 1, percent | 15.82% | 15.83% |
Tier 1 Based Capital, percent | 15.82% | 15.83% |
Total Capital, percent | 16.59% | 16.59% |
Tier 1 Leverage, percent | 10.53% | 10.14% |
Required for Capital Adequacy Purposes [Abstract] | ||
Common Equity Tier 1, Required for Capital | $ 82,503 | $ 78,418 |
Tier I Capital, Requied for Capital | 110,005 | 104,557 |
Total Capital, Requied for Capital | 146,673 | 139,410 |
Tier 1 Leverage, Required for Capital | $ 110,216 | $ 108,764 |
Common Equity Tier 1, Required for Capital, percent | 4.50% | 4.50% |
Tier 1 Capital, Required for Capital, percent | 6.00% | 6.00% |
Total Capital, Required for Capital, percent | 8.00% | 8.00% |
Tier I Leverage, Required for Capital, percent | 4.00% | 4.00% |
To Be Well Capitialized Under Prompt Corrective Action Provisions [Abstract] | ||
Common Equity Tier 1, Well-Capitialized | $ 119,172 | $ 113,270 |
Tier 1 Capital, Well-Capitalized | 146,673 | 139,410 |
Total Capital, Well-Capitalized | 183,341 | 174,262 |
Tier 1 Leverage, Well-Capitalized | $ 137,770 | $ 135,956 |
Common Equity Tier 1, Well-Capitalized, percent | 6.50% | 6.50% |
Tier 1 Capital, Well-Capitalized, percent | 8.00% | 8.00% |
Total Capital, Well-Capitalized, percent | 10.00% | 10.00% |
Tier 1 Leverage, Well-Capitalized, percent | 5.00% | 5.00% |
OTHER COMPREHENSIVE INCOME (L_3
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investment Securities Before Tax Amount [Abstract] | |||
Change in net unrealized gain/loss on securities available for sale before tax | $ 409,000 | $ 1,459,000 | $ 828,000 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity before tax | 55,000 | 73,000 | 82,000 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent | (354,000) | (1,386,000) | (746,000) |
Benefit Plans: | |||
Reclassification adjustment for amortization of prior service cost | (199,000) | (223,000) | (278,000) |
Reclassification adjustment for amortization of net loss | 5,299,000 | 4,409,000 | 3,960,000 |
Current year actuarial (loss) gain | (815,000) | (3,470,000) | (9,958,000) |
Total Benefit Plans | (4,683,000) | (1,162,000) | 5,720,000 |
Total Other Comprehensive Loss Before Tax | 4,329,000 | (224,000) | (6,466,000) |
Investment Securities Tax Expense (Benefit) [Abstract] | |||
Change in net unrealized gain/loss on securities available for sale tax expense (benefit) | 103,000 | 564,000 | 322,000 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity tax expense (benefit) | (14,000) | (29,000) | (32,000) |
Other Comprehensive Income Loss Available For SaleSecurities Tax | 89,000 | 535,000 | 290,000 |
Benefit Plans: | |||
Reclassification adjustment for amortization of prior service cost | (50,000) | (86,000) | (107,000) |
Reclassification adjustment for amortization of net loss | (1,346,000) | (1,622,000) | (1,528,000) |
Current year actuarial gain (loss) | 207,000 | 1,159,000 | 3,843,000 |
Total Benefit Plans | (1,189,000) | (549,000) | 2,208,000 |
Total Other Comprehensive Loss Tax | (1,100,000) | (14,000) | 2,498,000 |
Investment Securities Net of Tax Amount [Abstract] | |||
Change in net unrealized gain/loss on securities available for sale Net of Tax amount | (306,000) | (895,000) | (506,000) |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity net of tax | 41,000 | 44,000 | 50,000 |
Total other comprehensive income (loss) Net of Tax | (265,000) | (851,000) | (456,000) |
Benefit Plans: | |||
Reclassification adjustment for amortization of prior service cost | 149,000 | 137,000 | 171,000 |
Reclassification adjustment for amortization of net loss | 3,953,000 | 2,787,000 | 2,432,000 |
Current year actuarial gain (loss) | (608,000) | (2,311,000) | (6,115,000) |
Total Benefit Plans | 3,494,000 | 613,000 | (3,512,000) |
Total Other Comprehensive Loss After Tax | $ 3,229,000 | $ (238,000) | $ (3,968,000) |
OTHER COMPREHENSIVE INCOME (L_4
OTHER COMPREHENSIVE INCOME (LOSS) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Activity in accumulated other comprehensive loss, net of tax | |||
Balance, Begining | $ (32,044) | $ (26,225) | $ (22,257) |
Other comprehensive loss during the period | 3,229 | (238) | (3,968) |
Balance, Ending | (28,815) | (32,044) | (26,225) |
Securities Available for Sale [Member] | |||
Activity in accumulated other comprehensive loss, net of tax | |||
Balance, Begining | (1,743) | (583) | (127) |
Other comprehensive loss during the period | (265) | (851) | (456) |
Adoption of Accounting Standards Update 2018-02 | (309,000) | ||
Balance, Ending | (2,008) | (1,743) | (583) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Activity in accumulated other comprehensive loss, net of tax | |||
Balance, Begining | (30,301) | (25,642) | (22,130) |
Other comprehensive loss during the period | 3,494 | 613 | (3,512) |
Adoption of Accounting Standards Update 2018-02 | (5,272,000) | ||
Balance, Ending | (26,807) | (30,301) | (25,642) |
Accumulated Other Comprehensive Loss, Net of Taxes [Member] | |||
Activity in accumulated other comprehensive loss, net of tax | |||
Other comprehensive loss during the period | $ 3,229 | (238) | $ (3,968) |
Adoption of Accounting Standards Update 2018-02 | $ (5,581,000) |
RELATED PARTY INFORMATION (Deta
RELATED PARTY INFORMATION (Details Textuals) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Deposits | $ 2,531,856,000 | $ 2,469,877,000 |
Management [Member] | ||
Related Party Transaction [Line Items] | ||
Officers and directors indebted aggregate amount | 8,600,000 | 7,400,000 |
Loan taken | 10,600,000 | |
Loan payment made | 9,400,000 | |
Deposits | 37,900,000 | $ 26,600,000 |
Lease Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Annual lease payments of approximately | $ 170,000 | |
Lease Agreement [Member] | Beneficial Owner, Estate of Robert H. Smith [Member] | Common Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Date | Dec. 10, 2018 | |
Stock Repurchased And Retired During Period, Shares | 324,441 | |
Equity Method Investment, Ownership Percentage | 5.00% | |
Common Share Purchase Price | $ 24.75 | |
Lease Agreement [Member] | Officer Transactions, William Smith III | Common Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Officers' Compensation | $ 142,000 |
OTHER NONINTEREST EXPENSE (Deta
OTHER NONINTEREST EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Noninterest Expense: | |||
Legal Fees | $ 2,055 | $ 1,933 | $ 2,311 |
Professional Fees | 5,003 | 3,689 | 3,424 |
Telephone | 2,224 | 2,405 | 2,296 |
Advertising | 1,611 | 1,731 | 1,702 |
Processing Services | 5,978 | 6,253 | 6,471 |
Insurance - Other | 1,625 | 1,626 | 2,060 |
Pension - Other | 1,828 | 2,565 | 2,251 |
Other | 9,197 | 7,961 | 8,021 |
Total | $ 29,521 | $ 28,163 | $ 28,536 |
OTHER NONINTEREST EXPENSE (De_2
OTHER NONINTEREST EXPENSE (Details Textuals) | 12 Months Ended |
Dec. 31, 2018 | |
Other Noninterest Expense [Abstract] | |
Expense not disclosed separately of percentage of total interest and non interest expense | 1.00% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |||
Fixed | $ 99,558 | $ 83,068 | |
Variable | 373,438 | 366,750 | |
Total | 472,996 | 449,818 | |
Commitments to Extend Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fixed | [1] | 94,572 | 78,390 |
Variable | [1] | 373,438 | 366,750 |
Total | [1] | 468,010 | 445,140 |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fixed | 4,986 | 4,678 | |
Variable | 0 | 0 | |
Total | $ 4,986 | $ 4,678 | |
[1] | Commitments include unfunded loans, revolving lines of credit, and other unused commitments. |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details Textuals) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2011 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense | $ 500,000 | $ 500,000 | $ 500,000 | |
Operating Leases, Future Minimum Payments Due | ||||
2,019 | 500,000 | |||
2,020 | 400,000 | |||
2,021 | 400,000 | |||
2,022 | 400,000 | |||
thereafter | 1,500,000 | |||
Pre-tax gain on Class B shares | $ 3,200,000 | |||
Quartely payment until settlement is finalized | $ 495,000 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
U.S. Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 261,849 | $ 235,341 |
U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 133,206 | 144,644 |
States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 42,365 | 91,157 |
Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 943 | 1,185 |
Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 7,794 | 8,584 |
Level 1 Inputs [Member] | U.S. Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 261,849 | 235,341 |
Level 1 Inputs [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 1 Inputs [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 1 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 1 Inputs [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 2 Inputs [Member] | U.S. Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 2 Inputs [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 133,206 | 144,644 |
Level 2 Inputs [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 42,365 | 91,157 |
Level 2 Inputs [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 943 | 1,185 |
Level 2 Inputs [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 7,794 | 8,584 |
Fair Value, Inputs, Level 3 [Member] | U.S. Treasury [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | U.S. Government Agency [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | States and Political Subdivisions [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
ASSETS: | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Deta_2
FAIR VALUE MEASUREMENTS (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS: | ||
Federal Funds Sold and Interest Bearing Deposits | $ 213,968 | $ 227,023 |
Investment Securities Available for Sale | 446,157 | 480,911 |
Investment Securities Held to Maturity | 214,413 | 215,007 |
Level 1 Inputs [Member] | ||
ASSETS: | ||
Cash | 62,032 | 58,419 |
Federal Funds Sold and Interest Bearing Deposits | 213,968 | 227,023 |
Investment Securities Available for Sale | 261,849 | 235,341 |
Investment Securities Held to Maturity | 34,611 | 97,815 |
Loans Held for Sale | 0 | 0 |
Equity Securities | 0 | |
Loans, Net of Allowance for Loan Losses | 0 | 0 |
LIABILITIES: | ||
Deposits | 0 | 0 |
Short-Term Borrowings | 0 | 0 |
Subordinated Notes Payable | 0 | 0 |
Long-Term Borrowings | 0 | 0 |
Level 2 Inputs [Member] | ||
ASSETS: | ||
Cash | 0 | 0 |
Federal Funds Sold and Interest Bearing Deposits | 0 | 0 |
Investment Securities Available for Sale | 184,308 | 245,570 |
Investment Securities Held to Maturity | 179,802 | 117,192 |
Loans Held for Sale | 6,869 | 4,817 |
Equity Securities | 3,591 | |
Loans, Net of Allowance for Loan Losses | 0 | 0 |
LIABILITIES: | ||
Deposits | 2,529,841 | 2,382,818 |
Short-Term Borrowings | 13,541 | 7,482 |
Subordinated Notes Payable | 42,359 | 41,718 |
Long-Term Borrowings | 7,879 | 14,081 |
Fair Value, Inputs, Level 3 [Member] | ||
ASSETS: | ||
Cash | 0 | 0 |
Federal Funds Sold and Interest Bearing Deposits | 0 | 0 |
Investment Securities Available for Sale | 0 | 0 |
Investment Securities Held to Maturity | 0 | 0 |
Loans Held for Sale | 0 | 0 |
Equity Securities | 0 | |
Loans, Net of Allowance for Loan Losses | 1,730,161 | 1,625,310 |
LIABILITIES: | ||
Deposits | 0 | 0 |
Short-Term Borrowings | 0 | 0 |
Subordinated Notes Payable | 0 | 0 |
Long-Term Borrowings | 0 | 0 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
ASSETS: | ||
Cash | 62,032 | 58,419 |
Federal Funds Sold and Interest Bearing Deposits | 213,968 | 227,023 |
Investment Securities Available for Sale | 446,157 | 480,911 |
Investment Securities Held to Maturity | 217,320 | 216,679 |
Loans Held for Sale | 6,869 | 4,817 |
Equity Securities | 3,591 | |
Loans, Net of Allowance for Loan Losses | 1,760,015 | 1,640,185 |
LIABILITIES: | ||
Deposits | 2,531,856 | 2,469,877 |
Short-Term Borrowings | 13,541 | 7,480 |
Subordinated Notes Payable | 52,887 | 52,887 |
Long-Term Borrowings | $ 8,568 | $ 13,967 |
FAIR VALUE MEASUREMENTS (Deta_3
FAIR VALUE MEASUREMENTS (Details Textuals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans valuation allowance | $ 2,405 | $ 4,117 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, Carrying value | 5,600 | 6,100 |
Impaired loans valuation allowance | $ 800 | $ 1,100 |
PARENT COMPANY FINANCIAL INFO_3
PARENT COMPANY FINANCIAL INFORMATION - Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||||
Cash and Due From Subsidiary Bank | $ 62,032 | $ 58,419 | ||
Other Assets | 78,592 | 90,310 | ||
Total Assets | 2,959,183 | 2,898,794 | ||
LIABILITIES | ||||
Short-Term Borrowings | 13,541 | 7,480 | ||
Other Long-Term Borrowings | 8,568 | 13,967 | ||
Subordinated Notes Payable | 52,887 | 52,887 | ||
Other Liabilities | 49,744 | 70,373 | ||
Total Liabilities | 2,656,596 | 2,614,584 | ||
SHAREOWNERS' EQUITY | ||||
Preferred Stock, $.01 par value, 3,000,000 shares authorized; no shares issued and outstanding | ||||
Common Stock, $.01 par value; 90,000,000 shares authorized; 16,747,571 and 16,988,951 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 167 | 170 | ||
Additional Paid-In Capital | 31,058 | 36,674 | ||
Retained Earnings | 300,177 | 279,410 | ||
Accumulated Other Comprehensive Loss, Net of Tax | (28,815) | (32,044) | $ (26,225) | $ (22,257) |
Total Shareowners' Equity | 302,587 | 284,210 | $ 275,168 | $ 274,352 |
Total Liabilities and Shareowners' Equity | 2,959,183 | 2,898,794 | ||
CCBG [Member] | ||||
ASSETS | ||||
Cash and Due From Subsidiary Bank | 19,053 | 17,515 | ||
Investment in Subsidiary Bank | 344,714 | 327,416 | ||
Other Assets | 5,440 | 5,112 | ||
Total Assets | 369,207 | 350,043 | ||
LIABILITIES | ||||
Other Long-Term Borrowings | 2,100 | 2,700 | ||
Subordinated Notes Payable | 52,887 | 52,887 | ||
Other Liabilities | 11,633 | 10,246 | ||
Total Liabilities | 66,620 | 65,833 | ||
SHAREOWNERS' EQUITY | ||||
Common Stock, $.01 par value; 90,000,000 shares authorized; 16,747,571 and 16,988,951 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 167 | 170 | ||
Additional Paid-In Capital | 31,058 | 36,674 | ||
Retained Earnings | 300,177 | 279,410 | ||
Accumulated Other Comprehensive Loss, Net of Tax | (28,815) | (32,044) | ||
Total Shareowners' Equity | 302,587 | 284,210 | ||
Total Liabilities and Shareowners' Equity | $ 369,207 | $ 350,043 |
PARENT COMPANY FINANCIAL INFO_4
PARENT COMPANY FINANCIAL INFORMATION - Statements of Financial Condition (Parentheticals) (Details 1) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||
Preferred stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 16,747,571 | 16,988,951 |
Common stock, shares outstanding | 16,747,571 | 16,988,951 |
PARENT COMPANY FINANCIAL INFO_5
PARENT COMPANY FINANCIAL INFORMATION - Statements of Operations (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING EXPENSE | |||
Salaries and Associate Benefits | $ 63,921 | $ 62,312 | $ 62,733 |
Interest on Subordinated Notes Payable | 2,167 | 1,634 | 1,434 |
Professional Fees | 5,003 | 3,689 | 3,424 |
Advertising | 1,611 | 1,731 | 1,702 |
Legal Fees | 2,055 | 1,933 | 2,311 |
Earnings (Loss) Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank | 29,645 | 23,066 | 17,613 |
Income Tax Expense | 3,421 | 12,203 | 5,867 |
Net Income | 26,224 | 10,863 | 11,746 |
CCBG [Member] | |||
OPERATING INCOME | |||
Overhead Fees | 5,700 | 4,813 | 4,700 |
Dividends | 15,000 | 12,000 | 9,300 |
Other Income | 171 | 124 | 2,675 |
Total Operating Income | 20,871 | 16,937 | 16,675 |
OPERATING EXPENSE | |||
Salaries and Associate Benefits | 3,679 | 3,783 | 3,581 |
Interest on Subordinated Notes Payable | 2,286 | 1,761 | 1,527 |
Professional Fees | 1,210 | 1,072 | 1,114 |
Advertising | 106 | 130 | 160 |
Legal Fees | 166 | 140 | 167 |
Other | 2,170 | 1,338 | 1,384 |
Total Operating Expense | 9,617 | 8,224 | 7,933 |
Earnings (Loss) Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank | 11,254 | 8,713 | 8,742 |
Income Tax Expense | (901) | 166 | (1,492) |
Earnings (Loss) Before Equity in Undistributed Earnings of Subsidiary Bank | 12,155 | 8,547 | 10,234 |
Equity in Undistributed Earnings of Subsidiary Bank | 14,069 | 2,316 | 1,512 |
Net Income | $ 26,224 | $ 10,863 | $ 11,746 |
PARENT COMPANY FINANCIAL INFO_6
PARENT COMPANY FINANCIAL INFORMATION - Statements of Cash Flows (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 26,224 | $ 10,863 | $ 11,746 |
Adjustments to Reconcile Net Income to Net Cash Provided By (Used In) Operating Activities: | |||
Stock Compensation | 1,421 | 1,502 | 1,260 |
Gain on Retirement of Trust Preferred Securities | 0 | 0 | (2,487) |
Decrease (Increase) in Other Assets | 7,168 | 2,063 | (18,374) |
Increase (Decrease) in Other Liabilities | (16,942) | (5,531) | 8,904 |
Net Cash Provided By (Used In) Operating Activities | 34,626 | 38,777 | 22,621 |
CASH FROM FINANCING ACTIVITIES: | |||
Repayments of Long-term Debt | 1,889 | 3,694 | 9,027 |
Repayments of Subordinated Notes | 0 | 0 | (7,500) |
Dividends Paid | (5,457) | (4,071) | (2,890) |
Issuance of Common Stock Under Compensation Plans | 797 | 809 | 840 |
Payments to Repurchase Common Stock | 8,030 | 0 | 6,312 |
Net Cash (Used In) Provided By in Financing Activities | 49,951 | 48,146 | 31,882 |
Net Increase (Decrease) in Cash | (9,442) | (10,605) | (82,858) |
Cash and Cash Equivalents at Beginning of Year | 285,442 | 296,047 | 378,905 |
Cash and Cash Equivalents at End of Year | 276,000 | 285,442 | 296,047 |
CCBG [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | 26,224 | 10,863 | 11,746 |
Adjustments to Reconcile Net Income to Net Cash Provided By (Used In) Operating Activities: | |||
Equity in Undistributed Earnings of Subsidiary Bank | (14,069) | (2,316) | (1,512) |
Stock Compensation | 1,421 | 1,502 | 1,260 |
Gain on Retirement of Trust Preferred Securities | 0 | 0 | (2,487) |
Decrease (Increase) in Other Assets | (327) | 450 | (399) |
Increase (Decrease) in Other Liabilities | 1,579 | 960 | 345 |
Net Cash Provided By (Used In) Operating Activities | 14,828 | 11,459 | 8,953 |
CASH FROM FINANCING ACTIVITIES: | |||
Proceeds From Short Term Borrowings | 0 | 0 | 3,750 |
Repayments Of Short Term Borrwings | 0 | 0 | (750) |
Repayments of Long-term Debt | (600) | (300) | 0 |
Repayments of Subordinated Notes | 0 | 0 | (7,500) |
Dividends Paid | (5,457) | (4,071) | (2,890) |
Issuance of Common Stock Under Compensation Plans | 797 | 809 | 840 |
Payments to Repurchase Common Stock | (8,030) | 0 | (6,312) |
Net Cash (Used In) Provided By in Financing Activities | (13,290) | (3,562) | (12,862) |
Net Increase (Decrease) in Cash | 1,538 | 7,897 | (3,909) |
Cash and Cash Equivalents at Beginning of Year | 17,515 | 9,618 | 13,527 |
Cash and Cash Equivalents at End of Year | $ 19,053 | $ 17,515 | $ 9,618 |