Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HILLS BANCORPORATION | |
Entity Central Index Key | 732,417 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,364,666 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 27,969 | $ 29,174 |
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | 246,944 | 258,992 |
Stock of Federal Home Loan Bank | 9,645 | 8,248 |
Loans held for sale | 7,198 | 4,476 |
Loans, net of allowance for loan losses (June 30, 2015 $25,800; December 31, 2014 $24,020) | 2,001,950 | 1,961,369 |
Property and equipment, net | 33,366 | 29,071 |
Tax credit real estate | 16,819 | 17,259 |
Accrued interest receivable | 8,919 | 8,276 |
Deferred income taxes, net | 11,402 | 9,938 |
Other real estate | 1,006 | 1,213 |
Goodwill | 2,500 | 2,500 |
Other assets | 2,923 | 3,802 |
Total Assets | 2,370,641 | 2,334,318 |
Liabilities | ||
Noninterest-bearing deposits | 292,211 | 288,718 |
Interest-bearing deposits | 1,527,379 | 1,546,351 |
Total deposits | 1,819,590 | 1,835,069 |
Other borrowings | 58,725 | 47,499 |
Federal Home Loan Bank borrowings | 170,000 | 140,000 |
Accrued interest payable | 825 | 902 |
Other liabilities | 23,487 | 20,749 |
Total Liabilities | 2,072,627 | 2,044,219 |
Redeemable Common Stock Held by Employee Stock Ownership Plan (ESOP) | 35,092 | 34,571 |
STOCKHOLDERS' EQUITY | ||
Common stock, no par value; authorized 20,000,000 shares; issued June 30, 2015 10,182,064 shares; December 31, 2014 10,177,854 shares | 0 | 0 |
Paid in capital | 43,201 | 42,925 |
Retained earnings | 280,920 | 271,924 |
Accumulated other comprehensive loss | (966) | (448) |
Unearned ESOP shares | (504) | (504) |
Treasury stock at cost (June 30, 2015 817,453 shares; December 31, 2014 797,422 shares) | (24,637) | (23,798) |
Total Stockholders' Equity | 298,014 | 290,099 |
Less maximum cash obligation related to ESOP shares | 35,092 | 34,571 |
Total Stockholders' Equity Less Maximum Cash Obligations Related to ESOP Shares | 262,922 | 255,528 |
Total Liabilities & Stockholders' Equity | $ 2,370,641 | $ 2,334,318 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Investment securities available for sale, amortized cost | $ 245,460 | $ 256,920 |
Loans, allowance for loan losses | $ 25,800 | $ 24,020 |
STOCKHOLDERS' EQUITY | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 10,182,064 | 10,177,854 |
Treasury stock at cost (in shares) | 817,453 | 797,422 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income: | ||||
Loans, including fees | $ 21,900 | $ 20,350 | $ 42,980 | $ 40,099 |
Investment securities: | ||||
Taxable | 300 | 270 | 586 | 540 |
Nontaxable | 817 | 837 | 1,660 | 1,673 |
Federal funds sold | 10 | 16 | 15 | 26 |
Total interest income | 23,027 | 21,473 | 45,241 | 42,338 |
Interest expense: | ||||
Deposits | 2,110 | 2,322 | 4,274 | 4,791 |
Short-term borrowings | 42 | 44 | 59 | 47 |
FHLB borrowings | 1,507 | 1,394 | 2,961 | 2,772 |
Total interest expense | 3,659 | 3,760 | 7,294 | 7,610 |
Net interest income | 19,368 | 17,713 | 37,947 | 34,728 |
Provision for Loan and Lease Losses | 517 | (246) | 455 | (201) |
Net interest income after provision for loan losses | 18,851 | 17,959 | 37,492 | 34,929 |
Noninterest income: | ||||
Net gain on sale of loans | 440 | 189 | 748 | 300 |
Trust fees | 1,679 | 1,439 | 3,248 | 2,899 |
Service charges and fees | 2,081 | 2,012 | 4,027 | 3,849 |
Rental revenue on tax credit real estate | 393 | 378 | 904 | 735 |
Net gain on sale of other real estate owned and other repossessed assets | 110 | 168 | 117 | 240 |
Other noninterest income | 803 | 761 | 1,452 | 1,345 |
Noninterest income | 5,506 | 4,947 | 10,496 | 9,368 |
Noninterest expenses: | ||||
Salaries and employee benefits | 6,924 | 6,385 | 13,575 | 12,642 |
Occupancy | 953 | 944 | 1,968 | 1,953 |
Furniture and equipment | 1,309 | 1,242 | 2,607 | 2,473 |
Office supplies and postage | 413 | 385 | 854 | 767 |
Advertising and business development | 919 | 813 | 1,693 | 1,441 |
Outside services | 1,619 | 1,673 | 3,433 | 3,208 |
Rental expenses on tax credit real estate | 559 | 553 | 1,161 | 1,083 |
FDIC insurance assessment | 284 | 271 | 573 | 541 |
Other noninterest expense | 524 | 271 | 839 | 687 |
Noninterest expenses | 13,504 | 12,537 | 26,703 | 24,795 |
Income before income taxes | 10,853 | 10,369 | 21,285 | 19,502 |
Income taxes | 3,383 | 3,188 | 6,435 | 5,577 |
Net income | $ 7,470 | $ 7,181 | $ 14,850 | $ 13,925 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.80 | $ 0.77 | $ 1.59 | $ 1.48 |
Diluted (in dollars per share) | $ 0.80 | $ 0.77 | $ 1.59 | $ 1.48 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 7,470 | $ 7,181 | $ 14,850 | $ 13,925 |
Securities: | ||||
Net change in unrealized gain on securities available for sale | (1,721) | 741 | (588) | 825 |
Reclassification adjustment for net gains realized in net income | 0 | 0 | 0 | 0 |
Income taxes | 658 | (283) | 225 | (315) |
Other comprehensive (loss) income on securities available for sale | (1,063) | 458 | (363) | 510 |
Derivatives used in cash flow hedging relationships: | ||||
Net change in unrealized loss on derivatives | 840 | (1,100) | (252) | (2,179) |
Income taxes | (321) | 420 | 97 | 833 |
Other comprehensive income (loss) on cash flow hedges | 519 | (680) | (155) | (1,346) |
Other comprehensive loss, net of tax | (544) | (222) | (518) | (836) |
Comprehensive income | $ 6,926 | $ 6,959 | $ 14,332 | $ 13,089 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Unearned ESOP Shares [Member] | Treasury Stock [Member] | Maximum Cash Obligation Related To ESOP Shares [Member] |
Beginning Balance at Dec. 31, 2013 | $ 243,789 | $ 42,194 | $ 250,370 | $ 1,591 | $ (1,008) | $ (19,784) | $ (29,574) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of 8,466 and 2,844 shares of common stock for 6 months ended June 30, 2014 and 2015, respectively | 200 | 200 | |||||
Issuance 2,052 and 2,048 shares of common stock under the employee stock purchase plan for 6 months ended June 30, 2014 and 2015, respectively | 76 | 76 | |||||
Unearned restricted stock compensation | 46 | 46 | |||||
Forfeiture of 868 and 682 shares of common stock for 6 months ended June 30, 2014 and 2015, respectively | (31) | (31) | |||||
Share-based compensation | 14 | 14 | |||||
Income tax benefit related to share-based compensation | 51 | 51 | |||||
Change related to ESOP shares | (1,831) | (1,831) | |||||
Net income | 13,925 | 13,925 | |||||
Cash dividends ($0.575 and $0.625 per share for 6 months ended June, 2014 and 2015, respectively) | (5,420) | (5,420) | |||||
Purchase of 40,458 and 20,031 shares of common stock for 6 months ended June 30, 2014 and 2015, respectively | (1,539) | (1,539) | |||||
Other comprehensive loss | (836) | (836) | |||||
Ending Balance at Jun. 30, 2014 | 248,444 | 42,550 | 258,875 | 755 | (1,008) | (21,323) | (31,405) |
Beginning Balance at Dec. 31, 2014 | 255,528 | 42,925 | 271,924 | (448) | (504) | (23,798) | (34,571) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of 8,466 and 2,844 shares of common stock for 6 months ended June 30, 2014 and 2015, respectively | 119 | 119 | |||||
Issuance 2,052 and 2,048 shares of common stock under the employee stock purchase plan for 6 months ended June 30, 2014 and 2015, respectively | 83 | 83 | |||||
Unearned restricted stock compensation | 79 | 79 | |||||
Forfeiture of 868 and 682 shares of common stock for 6 months ended June 30, 2014 and 2015, respectively | (22) | (22) | |||||
Share-based compensation | 14 | 14 | |||||
Income tax benefit related to share-based compensation | 3 | 3 | |||||
Change related to ESOP shares | (521) | (521) | |||||
Net income | 14,850 | 14,850 | |||||
Cash dividends ($0.575 and $0.625 per share for 6 months ended June, 2014 and 2015, respectively) | (5,854) | (5,854) | |||||
Purchase of 40,458 and 20,031 shares of common stock for 6 months ended June 30, 2014 and 2015, respectively | (839) | (839) | |||||
Other comprehensive loss | (518) | (518) | |||||
Ending Balance at Jun. 30, 2015 | $ 262,922 | $ 43,201 | $ 280,920 | $ (966) | $ (504) | $ (24,637) | $ (35,092) |
CONSOLIDATED STATEMENTS OF STO7
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance of common stock (in shares) | 2,844 | 8,466 |
Issuance of common stock purchased under the employee stock purchase plan (in shares) | 2,048 | 2,052 |
Forfeiture of common stock (in shares) | 682 | 868 |
Cash dividends (in dollars per share) | $ 0.625 | $ 0.575 |
Purchase of common stock (in shares) | 20,031 | 40,458 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities | ||
Net income | $ 14,850 | $ 13,925 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
Depreciation | 1,370 | 1,361 |
Provision for loan losses | 455 | (201) |
Share-based compensation | 14 | 14 |
Forfeiture of common stock | (22) | (31) |
Compensation expensed through issuance of common stock | 202 | 175 |
Excess tax benefits from share-based compensation | (3) | (51) |
Provision for deferred income taxes | (1,142) | (107) |
Net gain on sale of other real estate owned and other repossessed assets | (117) | (240) |
Increase in accrued interest receivable | (643) | (575) |
Amortization of discount on investment securities, net | 336 | 433 |
Decrease (increase) in other assets | 882 | (82) |
Increase in accrued interest payable and other liabilities | 2,488 | 1,170 |
Loans originated for sale | (90,671) | (49,191) |
Proceeds on sales of loans | 88,697 | 46,459 |
Net gain on sales of loans | (748) | (300) |
Net cash and cash equivalents provided by operating activities | 15,948 | 12,759 |
Cash Flows from Investing Activities | ||
Proceeds from maturities of investment securities available for sale | 35,652 | 37,774 |
Purchases of investment securities available for sale | (25,925) | (38,752) |
Loans made to customers, net of collections | 41,072 | 62,599 |
Proceeds on sale of other real estate owned and other repossessed assets | 360 | 963 |
Purchases of property and equipment | (5,665) | (352) |
Income from tax credit real estate, net | 440 | 445 |
Net cash and cash equivalents used in investing activities | (36,210) | (62,521) |
Cash Flows from Financing Activities | ||
Net (decrease) increase in deposits | (15,479) | 16,447 |
Net increase in other borrowings | 11,226 | 26,556 |
Net increase in FHLB borrowings | 30,000 | 0 |
Stock options exercised | 0 | 101 |
Excess tax benefits related to share-based compensation | 3 | 51 |
Purchase of treasury stock | (839) | (1,539) |
Dividends paid | (5,854) | (5,420) |
Net cash and cash equivalents provided by financing activities | 19,057 | 36,196 |
Decrease in cash and cash equivalents | (1,205) | (13,566) |
Cash and cash equivalents: | ||
Beginning of year | 29,174 | 43,702 |
End of period | 27,969 | 30,136 |
Cash payments for: | ||
Interest paid to depositors | 4,351 | 4,963 |
Interest paid on other obligations | 3,020 | 2,819 |
Income taxes paid | 5,808 | 5,268 |
Noncash activities: | ||
Increase in maximum cash obligation related to ESOP shares | 521 | 1,831 |
Transfers to other real estate owned | 36 | 1,715 |
Sale and financing of other real estate owned | $ 266 | $ 242 |
Summary of Significant Accounti
Summary of Significant Accounting Policies Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and with instructions for Form 10-Q and Regulation S-X. These financial statements include all adjustments (consisting of normal recurring accruals) which in the opinion of management are considered necessary for the fair presentation of the financial position and results of operations for the periods shown. Certain prior year amounts have been reclassified to conform to the current year presentation. The Company considers that it operates as one business segment, a commercial bank. Operating results for the six month period ended June 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in the Form 10-K Annual Report of Hills Bancorporation and subsidiary (the “Company”) for the year ended December 31, 2014 filed with the Securities Exchange Commission on March 11, 2015 . The consolidated balance sheet as of December 31, 2014 , has been derived from the audited consolidated financial statements for that period. The Company evaluated subsequent events through the filing date of its quarterly report on Form 10-Q with the SEC. Effect of New Financial Accounting Standards: In May 2014, The FASB and International Accounting Standards Board (IASB) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of ASU 2014-09 is that a company should recognize revenue to depict the transfer of promised good or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. For financial institutions, significant changes are not expected given that most financial instruments are not in the scope of the accounting standard update. ASU 2014-09 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently reviewing the provisions of this standard to determine the application to financial institutions. In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The adoption of ASU 2015-05 by the Company is not expected to have a material impact. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed using the weighted average number of actual common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that would occur from the exercise of common stock options outstanding. ESOP shares are considered outstanding for this calculation unless unearned. On March 24, 2015, the Company declared a payment of a two-for-one stock split of each issued and unissued share of the Company's common stock outstanding as of April 27, 2015. The additional shares were issued as a result of the stock split and were mailed to the shareholders as of May 4, 2015. All shares and earnings per share numbers have been restated for the stock split. The computation of basic and diluted earnings per share for the periods presented is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Common shares outstanding at the beginning of the period 9,362,061 9,417,152 9,365,176 9,423,990 Weighted average number of net shares redeemed (7,153 ) (12,942 ) (6,075 ) (11,392 ) Weighted average shares outstanding (basic) 9,354,908 9,404,210 9,359,101 9,412,598 Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method 5,448 4,120 5,159 4,850 Weighted average number of shares (diluted) 9,360,356 9,408,330 9,364,260 9,417,448 Net income (In thousands) $ 7,470 $ 7,181 $ 14,850 $ 13,925 Earnings per share: Basic $ 0.80 $ 0.77 $ 1.59 $ 1.48 Diluted $ 0.80 $ 0.77 $ 1.59 $ 1.48 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income (Loss) The following table summarizes the balances of each component of accumulated other comprehensive income (AOCI), included in stockholders’ equity, at June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 (amounts in thousands) Net unrealized gain on available-for-sale securities $ 1,484 $ 2,072 Net unrealized loss on derivatives used for cash flow hedges (3,048 ) (2,796 ) Tax effect 598 276 Net-of-tax amount $ (966 ) $ (448 ) |
Securities
Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The carrying values of investment securities at June 30, 2015 and December 31, 2014 are summarized in the following table (dollars in thousands): June 30, 2015 December 31, 2014 Amount Percent Amount Percent Securities available for sale U.S. Treasury $ 22,549 9.13 % $ 22,333 8.62 % Other securities (FHLB, FHLMC and FNMA) 70,839 28.69 67,691 26.14 State and political subdivisions 153,556 62.18 168,968 65.24 Total securities available for sale $ 246,944 100.00 % $ 258,992 100.00 % Investment securities have been classified in the consolidated balance sheets according to management’s intent. Available-for-sale securities consist of debt securities not classified as trading or held to maturity. Available-for-sale securities are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are reported as a separate component of stockholders' equity. There were no trading or held to maturity securities as of June 30, 2015 or December 31, 2014 . The carrying amount of available-for-sale securities and their approximate fair values were as follows as of June 30, 2015 and December 31, 2014 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value June 30, 2015: U.S. Treasury $ 22,374 $ 175 $ — $ 22,549 Other securities (FHLB, FHLMC and FNMA) 70,662 257 (80 ) 70,839 State and political subdivisions 152,424 1,878 (746 ) 153,556 Total $ 245,460 $ 2,310 $ (826 ) $ 246,944 December 31, 2014: U.S. Treasury $ 22,351 $ 18 $ (36 ) $ 22,333 Other securities (FHLB, FHLMC and FNMA) 67,644 147 (100 ) 67,691 State and political subdivisions 166,925 2,499 (456 ) 168,968 Total $ 256,920 $ 2,664 $ (592 ) $ 258,992 The amortized cost and estimated fair value of available-for-sale securities classified according to their contractual maturities at June 30, 2015 , were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 32,111 $ 32,248 Due after one year through five years 148,365 150,009 Due after five years through ten years 63,370 63,073 Due over ten years 1,614 1,614 Total $ 245,460 $ 246,944 As of June 30, 2015 investment securities with a carrying value of $58.73 million were pledged to collateralize repurchase agreements, derivative financial instruments, and other borrowings. The following table shows the fair value, gross unrealized losses and the percentage of fair value represented by gross unrealized losses of applicable investment securities owned by the Company, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2015 and December 31, 2014 (in thousands): Less than 12 months 12 months or more Total June 30, 2015 # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % U.S. Treasury — $ — $ — — % — $ — $ — — % — $ — $ — — % Other securities (FHLB, FHLMC and FNMA) 8 20,885 (80 ) 0.38 — — — — 8 20,885 (80 ) 0.38 State and political subdivisions 204 45,813 (581 ) 1.27 28 6,007 (165 ) 2.75 232 51,820 (746 ) 1.44 Total temporarily impaired securities 212 $ 66,698 $ (661 ) 0.99 % 28 $ 6,007 $ (165 ) 2.75 % 240 $ 72,705 $ (826 ) 1.14 % Less than 12 months 12 months or more Total December 31, 2014 # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % U.S. Treasury 5 $ 12,396 $ (36 ) 0.29 % — $ — $ — — % 5 $ 12,396 $ (36 ) 0.29 % Other securities (FHLB, FHLMC and FNMA) 10 24,382 (100 ) 0.41 — — — — 10 24,382 (100 ) 0.41 State and political subdivisions 91 21,724 (124 ) 0.57 78 16,154 (332 ) 2.06 169 37,878 (456 ) 1.20 Total temporarily impaired securities 106 $ 58,502 $ (260 ) 0.44 % 78 $ 16,154 $ (332 ) 2.06 % 184 $ 74,656 $ (592 ) 0.79 % The Company considered the following information in reaching the conclusion that the impairments disclosed in the table above are temporary and not other-than-temporary impairments. None of the unrealized losses in the above table was due to the deterioration in the credit quality of any of the issues that might result in the non-collection of contractual principal and interest. The unrealized losses are due to changes in interest rates. The Company has not recognized any unrealized loss in income because management does not have the intent to sell the securities included in the previous table. Management has concluded that it is more likely than not that the Company will not be required to sell these securities prior to recovery of the amortized cost basis. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans | Loans Classes of loans are as follows: June 30, December 31, (Amounts In Thousands) Agricultural $ 91,095 $ 97,645 Commercial and financial 172,854 174,738 Real estate: Construction, 1 to 4 family residential 55,640 45,949 Construction, land development and commercial 95,893 77,020 Mortgage, farmland 173,529 162,503 Mortgage, 1 to 4 family first liens 695,157 672,674 Mortgage, 1 to 4 family junior liens 113,116 110,284 Mortgage, multi-family 242,454 245,213 Mortgage, commercial 311,470 321,601 Loans to individuals 21,362 21,342 Obligations of state and political subdivisions 54,456 55,729 $ 2,027,026 $ 1,984,698 Net unamortized fees and costs 724 691 $ 2,027,750 $ 1,985,389 Less allowance for loan losses 25,800 24,020 $ 2,001,950 $ 1,961,369 Changes in the allowance for loan losses, the allowance for loan losses applicable to impaired loans and the related loan balance of impaired loans for the three and six months ended June 30, 2015 were as follows: Three Months Ended June 30, 2015 Agricultural Commercial and Financial Real Estate: Construction and land development Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family Real Estate: Mortgage, multi- family and commercial Other Total (Amounts In Thousands) Allowance for loan losses: Beginning balance $ 2,544 $ 4,358 $ 2,250 $ 2,777 $ 7,456 $ 4,125 $ 850 $ 24,360 Charge-offs (214 ) (250 ) (63 ) — (321 ) (1 ) (102 ) (951 ) Recoveries 1 334 153 — 146 1,200 40 1,874 Provision 452 256 685 48 115 (1,213 ) 174 517 Ending balance $ 2,783 $ 4,698 $ 3,025 $ 2,825 $ 7,396 $ 4,111 $ 962 $ 25,800 Six Months Ended June 30, 2015 Agricultural Commercial and Financial Real Estate: Construction and land development Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family Real Estate: Mortgage, multi- family and commercial Other Total (Amounts In Thousands) Allowance for loan losses: Beginning balance $ 2,515 $ 4,231 $ 2,241 $ 2,672 $ 7,419 $ 4,195 $ 747 $ 24,020 Charge-offs (257 ) (316 ) (147 ) — (668 ) (180 ) (150 ) (1,718 ) Recoveries 83 735 304 6 559 1,270 86 3,043 Provision 442 48 627 147 86 (1,174 ) 279 455 Ending balance $ 2,783 $ 4,698 $ 3,025 $ 2,825 $ 7,396 $ 4,111 $ 962 $ 25,800 Ending balance, individually evaluated for impairment $ 2 $ 507 $ 11 $ — $ 76 $ 55 $ 15 $ 666 Ending balance, collectively evaluated for impairment $ 2,781 $ 4,191 $ 3,014 $ 2,825 $ 7,320 $ 4,056 $ 947 $ 25,134 Loans: Ending balance $ 91,095 $ 172,854 $ 151,533 $ 173,529 $ 808,273 $ 553,924 $ 75,818 $ 2,027,026 Ending balance, individually evaluated for impairment $ 1,593 $ 2,481 $ 656 $ 2,314 $ 3,707 $ 3,407 $ 15 $ 14,173 Ending balance, collectively evaluated for impairment $ 89,502 $ 170,373 $ 150,877 $ 171,215 $ 804,566 $ 550,517 $ 75,803 $ 2,012,853 Changes in the allowance for loan losses for the three and six months ended June 30, 2014 were as follows: Three Months Ended June 30, 2014 Agricultural Commercial and Financial Real Estate: Construction and land development Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family Real Estate: Mortgage, multi- family and commercial Other Total (Amounts In Thousands) Allowance for loan losses: Beginning balance $ 4,062 $ 4,519 $ 2,961 $ 2,782 $ 6,621 $ 4,264 $ 651 $ 25,860 Charge-offs (25 ) (370 ) (245 ) — (185 ) (48 ) (173 ) (1,046 ) Recoveries 2 259 88 — 273 119 41 782 Provision (1,003 ) 424 627 (33 ) 122 (596 ) 213 (246 ) Ending balance $ 3,036 $ 4,832 $ 3,431 $ 2,749 $ 6,831 $ 3,739 $ 732 $ 25,350 Six Months Ended June 30, 2014 Agricultural Commercial and Financial Real Estate: Construction and land development Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family Real Estate: Mortgage, multi- family and commercial Other Total (Amounts In Thousands) Allowance for loan losses: Beginning balance $ 2,852 $ 4,733 $ 2,918 $ 2,557 $ 7,064 $ 4,787 $ 639 $ 25,550 Charge-offs (125 ) (455 ) (247 ) — (492 ) (48 ) (205 ) $ (1,572 ) Recoveries 5 609 274 — 452 160 73 $ 1,573 Provision 304 (55 ) 486 192 (193 ) (1,160 ) 225 $ (201 ) Ending balance $ 3,036 $ 4,832 $ 3,431 $ 2,749 $ 6,831 $ 3,739 $ 732 $ 25,350 Ending balance, individually evaluated for impairment $ 3 $ 11 $ 28 $ 15 $ 23 $ 14 $ — $ 94 Ending balance, collectively evaluated for impairment $ 3,033 $ 4,821 $ 3,403 $ 2,734 $ 6,808 $ 3,725 $ 732 $ 25,256 Loans: Ending balance $ 85,204 $ 178,227 $ 110,677 $ 144,050 $ 736,863 $ 556,061 $ 75,943 $ 1,887,025 Ending balance, individually evaluated for impairment $ 292 $ 2,585 $ 846 $ 387 $ 4,087 $ 18,021 $ — $ 26,218 Ending balance, collectively evaluated for impairment $ 84,912 $ 175,642 $ 109,831 $ 143,663 $ 732,776 $ 538,040 $ 75,943 $ 1,860,807 The following table presents the credit quality indicators by type of loans in each category as of June 30, 2015 and December 31, 2014 , respectively (amounts in thousands): Agricultural Commercial and Financial Real Estate: Construction, 1 to 4 family residential Real Estate: Construction, land development and commercial June 30, 2015 Grade: Excellent $ 1,305 $ 2,933 $ — $ 268 Good 11,606 30,228 6,590 21,724 Satisfactory 39,549 103,356 35,131 56,415 Monitor 11,359 20,168 9,321 2,775 Special Mention 24,886 11,261 3,772 14,481 Substandard 2,390 4,908 826 230 Total $ 91,095 $ 172,854 $ 55,640 $ 95,893 Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family first liens Real Estate: Mortgage, 1 to 4 family junior liens Real Estate: Mortgage, multi- family June 30, 2015 Grade: Excellent $ 2,824 $ 450 $ — $ 6,836 Good 32,412 21,035 3,089 71,593 Satisfactory 108,897 592,013 101,898 123,004 Monitor 17,318 46,404 4,149 34,824 Special Mention 8,746 15,654 2,287 5,641 Substandard 3,332 19,601 1,693 556 Total $ 173,529 $ 695,157 $ 113,116 $ 242,454 Real Estate: Mortgage, commercial Loans to individuals Obligations of state and political subdivisions Total June 30, 2015 Grade: Excellent $ 12,976 $ — $ 2,403 $ 29,995 Good 80,065 49 41,395 319,786 Satisfactory 181,456 20,568 10,632 1,372,919 Monitor 24,898 350 — 171,566 Special Mention 8,242 215 26 95,211 Substandard 3,833 180 — 37,549 Total $ 311,470 $ 21,362 $ 54,456 $ 2,027,026 Agricultural Commercial and Financial Real Estate: Construction, 1 to 4 family residential Real Estate: Construction, land development and commercial December 31, 2014 Grade: Excellent $ 1,375 $ 4,820 $ — $ 276 Good 13,214 37,941 6,893 13,875 Satisfactory 51,107 94,158 27,738 47,852 Monitor 15,243 20,445 8,435 2,811 Special Mention 13,070 11,031 1,881 11,870 Substandard 3,636 6,343 1,002 336 Total $ 97,645 $ 174,738 $ 45,949 $ 77,020 Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family first liens Real Estate: Mortgage, 1 to 4 family junior liens Real Estate: Mortgage, multi- family December 31, 2014 Grade: Excellent $ 2,867 $ 474 $ — $ 7,011 Good 36,680 22,094 2,875 73,852 Satisfactory 103,552 571,546 99,095 111,650 Monitor 11,754 41,805 3,377 35,812 Special Mention 4,721 18,428 2,520 16,611 Substandard 2,929 18,327 2,417 277 Total $ 162,503 $ 672,674 $ 110,284 $ 245,213 Real Estate: Mortgage, commercial Loans to individuals Obligations of state and political subdivisions Total December 31, 2014 Grade: Excellent $ 15,416 $ 87 $ 2,440 $ 34,766 Good 87,612 94 43,108 338,238 Satisfactory 178,069 20,465 10,181 1,315,413 Monitor 25,165 251 — 165,098 Special Mention 9,371 353 — 89,856 Substandard 5,968 92 — 41,327 Total $ 321,601 $ 21,342 $ 55,729 $ 1,984,698 The below are descriptions of the credit quality indicators: Excellent – Excellent rated loans are prime quality loans covered by highly liquid collateral with generous margins or supported by superior current financial conditions reflecting substantial net worth, relative to total credit extended, and based on assets of a stable and non-speculative nature whose values can be readily verified. Identified repayment source or cash flow is abundant and assured. Good – Good rated loans are adequately secured by readily marketable collateral or good financial condition characterized by liquidity, flexibility and sound net worth. Loans are supported by sound primary and secondary payment sources and timely and accurate financial information. Satisfactory – Satisfactory rated loans are loans to borrowers of average financial means not especially vulnerable to changes in economic or other circumstances, where the major support for the extension is sufficient collateral of a marketable nature, and the primary source of repayment is seen to be clear and adequate. Monitor – Monitor rated loans are identified by management as warranting special attention for a variety of reasons that may bear on ultimate collectability. This may be due to adverse trends, a particular industry, loan structure, or repayment that is dependent on projections, or a one-time occurrence. Special Mention – Special mention rated loans are supported by a marginal payment capacity and are marginally protected by collateral. There are identified weaknesses that if not monitored and corrected may adversely affect the Company’s credit position. A special mention credit would typically have a weakness in one of the general categories (cash flow, collateral position or payment history) but not in all categories. Substandard – Substandard loans are not adequately supported by the paying capacity of the borrower and may be inadequately collateralized. These loans have a well-defined weakness or weaknesses. For these loans, it is more probable than not that the Company could sustain some loss if the deficiency(ies) is not corrected. Past due loans as of June 30, 2015 and December 31, 2014 were as follows: 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Accruing Loans Past Due 90 Days or More (Amounts In Thousands) June 30, 2015 Agricultural $ 88 $ 9 $ 70 $ 167 $ 90,928 $ 91,095 $ — Commercial and financial 288 150 127 565 172,289 172,854 17 Real estate: Construction, 1 to 4 family residential 309 503 173 985 54,655 55,640 — Construction, land development and commercial 98 — — 98 95,795 95,893 — Mortgage, farmland 45 — — 45 173,484 173,529 — Mortgage, 1 to 4 family first liens 475 1,262 827 2,564 692,593 695,157 376 Mortgage, 1 to 4 family junior liens 115 12 19 146 112,970 113,116 19 Mortgage, multi-family 192 — — 192 242,262 242,454 — Mortgage, commercial 226 45 443 714 310,756 311,470 — Loans to individuals 35 8 — 43 21,319 21,362 — Obligations of state and political subdivisions — — — — 54,456 54,456 — $ 1,871 $ 1,989 $ 1,659 $ 5,519 $ 2,021,507 $ 2,027,026 $ 412 December 31, 2014 Agricultural $ 310 $ 99 $ — $ 409 $ 97,236 $ 97,645 $ — Commercial and financial 397 14 1,048 1,459 $ 173,279 174,738 — Real estate: Construction, 1 to 4 family residential — — — — $ 45,949 45,949 — Construction, land development and commercial 937 — — 937 $ 76,083 77,020 — Mortgage, farmland 753 — — 753 $ 161,750 162,503 — Mortgage, 1 to 4 family first liens 3,594 1,656 1,582 6,832 $ 665,842 672,674 348 Mortgage, 1 to 4 family junior liens 181 12 244 437 $ 109,847 110,284 — Mortgage, multi-family — 21 — 21 $ 245,192 245,213 — Mortgage, commercial 359 557 34 950 $ 320,651 321,601 — Loans to individuals 27 — — 27 $ 21,315 21,342 — Obligations of state and political subdivisions — — — — 55,729 55,729 — $ 6,558 $ 2,359 $ 2,908 $ 11,825 $ 1,972,873 $ 1,984,698 $ 348 The Company does not have a material amount of loans that are past due less than 90 days where there are serious doubts as to the ability of the borrowers to comply with the loan repayment terms. Certain impaired loan information by loan type at June 30, 2015 and December 31, 2014 , was as follows: June 30, 2015 December 31, 2014 Non-accrual loans (1) Accruing loans past due 90 days or more TDR loans Non- accrual loans (1) Accruing loans past due 90 days or more TDR loans (Amounts In Thousands) (Amounts In Thousands) Agricultural $ 70 $ — $ 1,523 $ — $ — $ 1,942 Commercial and financial 1,281 17 683 1,343 — 1,366 Real estate: Construction, 1 to 4 family residential 173 — 359 — — 431 Construction, land development and commercial — — 124 127 — — Mortgage, farmland — — 2,314 — — 2,220 Mortgage, 1 to 4 family first liens 1,768 376 1,331 1,912 348 1,199 Mortgage, 1 to 4 family junior liens 186 19 27 369 — — Mortgage, multi-family 249 — — 55 — 5,470 Mortgage, commercial 1,442 — 1,674 2,275 — 1,712 Loans to individuals — — — — — — $ 5,169 $ 412 $ 8,035 $ 6,081 $ 348 $ 14,340 (1) There were $2.34 million and $2.14 million of TDR loans included within nonaccrual loans as of June 30, 2015 and December 31, 2014 , respectively. Loans 90 days or more past due that are still accruing interest increased $0.06 million from December 31, 2014 to June 30, 2015 due to an increase in the number of loans past due greater than 90 days. As of June 30, 2015 there were 6 accruing loans past due 90 days or more. The average accruing loans past due as of June 30, 2015 are $0.07 million . The average accruing loans past due 90 days or more as of December 31, 2014 was $0.07 million . The accruing loans past due 90 days or more balances are believed to be adequately collateralized and the Company expects to collect all principal and interest as contractually due under these loans. The Company may modify the terms of a loan to maximize the collection of amounts due. Such a modification is considered a troubled debt restructuring (“TDR”). In most cases, the modification is either a reduction in interest rate, conversion to interest only payments or an extension of the maturity date. The borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term, so a concessionary modification is granted to the borrower that would otherwise not be considered. TDR loans accrue interest as long as the borrower complies with the revised terms and conditions and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Below is a summary of information for TDR loans as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Number of contracts Recorded investment Commitments outstanding Number of contracts Recorded investment Commitments outstanding (Amounts In Thousands) (Amounts In Thousands) Agricultural 8 $ 1,524 $ 471 9 $ 1,942 $ 272 Commercial and financial 9 1,646 158 13 2,202 53 Real estate: Construction, 1 to 4 family residential 3 532 29 3 431 111 Construction, land development and commercial 1 124 — 1 127 — Mortgage, farmland 5 2,314 — 4 2,220 — Mortgage, 1 to 4 family first liens 14 1,612 — 11 1,467 — Mortgage, 1 to 4 family junior liens 2 40 — 1 225 65 Mortgage, multi-family 1 71 — 2 5,470 — Mortgage, commercial 10 2,511 — 8 2,398 — Loans to individuals — — — — — — 53 $ 10,374 $ 658 52 $ 16,482 $ 501 The following is a summary of TDR loans that were modified during the three and six months ended June 30, 2015 : Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Number of contracts Pre-modification recorded investment Post-modification recorded investment Number Pre-modification Post-modification (Amounts In Thousands) Agricultural 2 $ 234 $ 118 5 $ 394 $ 278 Commercial and financial — — — 1 191 177 Real estate: Construction, 1 to 4 family residential — — — — — — Construction, land development and commercial — — — — — — Mortgage, farmland — — — 3 644 531 Mortgage, 1 to 4 family first lien 3 107 107 4 264 264 Mortgage, 1 to 4 family junior liens 1 15 15 2 42 42 Mortgage, multi-family 1 71 71 1 71 71 Mortgage, commercial 1 44 44 2 222 190 8 $ 471 $ 355 18 $ 1,828 $ 1,553 The Company had commitments to lend $0.66 million in additional borrowings to restructured loan customers as of June 30, 2015 . The Company had commitments to lend $0.50 million in additional borrowings to restructured loan customers as of December 31, 2014 . These commitments were in the normal course of business. The additional borrowings were not used to facilitate payments on these loans. There were $0.28 million and $0.00 million of TDR loans that were in payment default (defined as past due 90 days or more) as of June 30, 2015 and December 31, 2014 , respectively. As of June 30, 2015 , TDR loans in payment default consisted of a $0.17 million 1 to 4 family residential construction loan and a $0.11 million commercial real estate mortgage loan. Information regarding impaired loans as of and for the three and six months ended June 30, 2015 is as follows: June 30, 2015 Three Months Ended Six Months Ended Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income With no related allowance recorded: (Amounts In Thousands) Agricultural $ 1,487 $ 1,629 $ — $ 1,703 $ 20 $ 1,595 $ 37 Commercial and financial 1,388 2,029 — 1,450 1 1,489 3 Real estate: Construction, 1 to 4 family residential 189 189 — 173 1 139 2 Construction, land development and commercial 124 219 — 125 1 126 3 Mortgage, farmland 2,314 2,427 — 2,323 27 2,346 55 Mortgage, 1 to 4 family first liens 2,786 3,450 — 2,875 13 2,958 26 Mortgage, 1 to 4 family junior liens 186 626 — 263 — 271 — Mortgage, multi-family 178 235 — 183 — 185 — Mortgage, commercial 2,427 3,894 — 2,428 12 2,512 24 Loans to individuals — 20 — — — — — $ 11,079 $ 14,718 $ — $ 11,523 $ 75 $ 11,621 $ 150 With an allowance recorded: Agricultural $ 106 $ 106 $ 2 $ 108 $ 1 $ 108 $ 2 Commercial and financial 1,093 1,390 507 1,266 14 1,289 35 Real estate: Construction, 1 to 4 family residential 343 354 11 343 2 343 4 Construction, land development and commercial — — — — — — — Mortgage, farmland — — — — — — — Mortgage, 1 to 4 family first liens 689 734 70 710 9 710 21 Mortgage, 1 to 4 family junior liens 46 46 6 46 1 46 1 Mortgage, multi-family 71 109 7 71 — 91 — Mortgage, commercial 731 731 48 734 9 738 20 Loans to individuals 15 15 15 11 — 9 1 $ 3,094 $ 3,485 $ 666 $ 3,289 $ 36 $ 3,334 $ 84 Total: Agricultural $ 1,593 $ 1,735 $ 2 $ 1,811 $ 21 $ 1,703 $ 39 Commercial and financial 2,481 3,419 507 2,716 15 2,778 38 Real estate: Construction, 1 to 4 family residential 532 543 11 516 3 482 6 Construction, land development and commercial 124 219 — 125 1 126 3 Mortgage, farmland 2,314 2,427 — 2,323 27 2,346 55 Mortgage, 1 to 4 family first liens 3,475 4,184 70 3,585 22 3,668 47 Mortgage, 1 to 4 family junior liens 232 672 6 309 1 317 1 Mortgage, multi-family 249 344 7 254 — 276 — Mortgage, commercial 3,158 4,625 48 3,162 21 3,250 44 Loans to individuals 15 35 15 11 — 9 1 $ 14,173 $ 18,203 $ 666 $ 14,812 $ 111 $ 14,955 $ 234 Information regarding impaired loans as of December 31, 2014 is as follows: Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: (Amounts In Thousands) Agricultural $ 1,634 $ 1,696 $ — Commercial and financial 2,076 3,695 — Real estate: Construction, 1 to 4 family residential 89 89 — Construction, land development and commercial 128 220 — Mortgage, farmland 2,040 2,040 — Mortgage, 1 to 4 family first liens 2,951 3,705 — Mortgage, 1 to 4 family junior liens 369 673 — Mortgage, multi-family 5,525 5,632 — Mortgage, commercial 3,290 4,588 — Loans to individuals — 20 — $ 18,102 $ 22,358 $ — With an allowance recorded: Agricultural $ 210 $ 247 $ 44 Commercial and financial 633 633 9 Real estate: Construction, 1 to 4 family residential 343 354 28 Construction, land development and commercial — — — Mortgage, farmland 278 278 12 Mortgage, 1 to 4 family first liens 506 596 52 Mortgage, 1 to 4 family junior liens — — — Mortgage, multi-family — — — Mortgage, commercial 697 697 9 Loans to individuals — — — $ 2,667 $ 2,805 $ 154 Total: Agricultural $ 1,844 $ 1,943 $ 44 Commercial and financial 2,709 4,328 9 Real estate: Construction, 1 to 4 family residential 432 443 28 Construction, land development and commercial 128 220 — Mortgage, farmland 2,318 2,318 12 Mortgage, 1 to 4 family first liens 3,457 4,301 52 Mortgage, 1 to 4 family junior liens 369 673 — Mortgage, multi-family 5,525 5,632 — Mortgage, commercial 3,987 5,285 9 Loans to individuals — 20 — $ 20,769 $ 25,163 $ 154 Impaired loans decreased $7.15 million from December 31, 2014 to June 30, 2015 . Impaired loans include any loan that has been placed on nonaccrual status, accruing loans past due 90 days or more and TDR loans. Impaired loans also include loans that, based on management’s evaluation of current information and events, the Company expects to be unable to collect in full according to the contractual terms of the original loan agreement. Impaired loans were 0.68% of loans held for investment as of June 30, 2015 and 1.05% as of December 31, 2014 . The decrease in impaired loans is due mainly to a decrease in nonaccrual loans of $.91 million and a decrease in TDR loans of $6.31 million from December 31, 2014 to June 30, 2015 . The Company regularly reviews a substantial portion of the loans in the portfolio and assesses whether the loans are impaired in accordance with ASC 310. If the loans are impaired, the Company determines if a specific allowance is appropriate. In addition, the Company's management also reviews and, where determined necessary, provides allowances for particular loans based upon (1) reviews of specific borrowers and (2) management’s assessment of areas that management considers are of higher credit risk, including loans that have been restructured. Loans that are determined not to be impaired and for which there are no specific allowances are classified into one or more risk categories. Based upon the risk category assigned, the Company allocates a percentage, as determined by management, for a required allowance needed. The determination of the appropriate percentage begins with historical loss experience factors, which are then adjusted for levels and trends in past due loans, levels and trends in charged-off and recovered loans, trends in volume growth, trends in problem and watch loans, trends in restructured loans, local economic trends and conditions, industry and other conditions, and effects of changing interest rates. Specific allowances for losses on impaired loans are established if the loan balances exceed the net present value of the relevant future cash flows or the fair value of the relevant collateral based on updated appraisals and/or updated collateral analysis for the properties if the loan is collateral dependent. The Company recognizes a charge off related to an impaired loan if there is a collateral shortfall or it is unlikely the borrower can make all principal and interest payments as contractually due. For loans that are collateral dependent, losses are evaluated based on the portion of a loan that exceeds the fair market value of the collateral. In general, this is the amount that the carrying value of the loan exceeds the related appraised value less estimated costs to sell the collateral. Generally, it is the Company’s policy not to rely on appraisals that are older than one year prior to the date the impairment is being measured. The most recent appraisal values may be adjusted if, in the Company’s judgment, experience and other market data indicate that the property’s value, use, condition, exit market or other variable affecting its value may have changed since the appraisal was performed, consistent with the December 2006 joint interagency guidance on the allowance for loan losses. The charge off or loss adjustment supported by an appraisal is considered the minimum charge off. Any adjustments made to the appraised value are to provide an additional charge off or specific reserve based on the applicable facts and circumstances. In instances where there is an estimated decline in value, a specific reserve may be provided or a charge off taken pending confirmation of the amount of the loss from an updated appraisal. Upon receipt of the new appraisals, an additional specific reserve may be provided or charge off taken based on the appraised value of the collateral. On average, appraisals are obtained within one month of order. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying value and estimated fair values of the Company's financial instruments as of June 30, 2015 are as follows: June 30, 2015 Carrying Amount Estimated Fair Value Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) (Amounts In Thousands) Financial instrument assets: Cash and cash equivalents $ 27,969 $ 27,969 $ 27,969 $ — $ — Investment securities 256,589 256,589 — 256,589 — Loans held for sale 7,198 7,198 — 7,198 — Loans Agricultural 88,312 88,365 — — 88,365 Commercial and financial 168,156 168,634 — — 168,634 Real estate: Construction, 1 to 4 family residential 54,572 54,613 — — 54,613 Construction, land development and commercial 93,936 93,887 — — 93,887 Mortgage, farmland 170,704 170,353 — — 170,353 Mortgage, 1 to 4 family first liens 688,909 691,027 — — 691,027 Mortgage, 1 to 4 family junior liens 111,968 117,579 — — 117,579 Mortgage, multi-family 240,966 243,702 — — 243,702 Mortgage, commercial 308,847 307,863 — — 307,863 Loans to individuals 20,836 20,806 — — 20,806 Obligations of state and political subdivisions 54,020 53,688 — — 53,688 Accrued interest receivable 8,919 8,919 — 8,919 — Total financial instrument assets $ 2,301,901 $ 2,311,192 $ 27,969 $ 272,706 $ 2,010,517 Financial instrument liabilities Deposits Noninterest-bearing deposits $ 292,211 $ 292,211 $ — $ 292,211 $ — Interest-bearing deposits 1,527,379 1,529,239 — 1,529,239 — Other borrowings 58,725 58,725 — 58,725 — Federal Home Loan Bank borrowings 170,000 175,025 — 175,025 — Interest rate swaps 3,048 3,048 — 3,048 — Accrued interest payable 825 825 — 825 — Total financial instrument liabilities $ 2,052,188 $ 2,059,073 $ — $ 2,059,073 $ — Face Amount Financial instrument with off-balance sheet risk: Loan commitments $ 378,755 $ — $ — $ — $ — Letters of credit 8,726 — — — — Total financial instrument liabilities with off-balance-sheet risk $ 387,481 $ — $ — $ — $ — (1) Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. The carrying value and estimated fair values of the Company's financial instruments as of December 31, 2014 are as follows: December 31, 2014 Carrying Amount Estimated Fair Value Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) (Amounts In Thousands) Financial instrument assets: Cash and cash equivalents $ 29,174 $ 29,174 $ 29,174 $ — $ — Investment securities 267,240 267,240 — 267,240 — Loans held for sale 4,476 4,476 — 4,476 — Loans Agricultural 95,130 95,126 — — 95,126 Commercial and financial 170,507 171,081 — — 171,081 Real estate: Construction, 1 to 4 family residential 45,139 45,159 — — 45,159 Construction, land development and commercial 75,589 75,623 — — 75,623 Mortgage, farmland 159,831 159,623 — — 159,623 Mortgage, 1 to 4 family first liens 666,406 665,428 — — 665,428 Mortgage, 1 to 4 family junior liens 109,133 115,726 — — 115,726 Mortgage, multi-family 243,723 246,191 — — 246,191 Mortgage, commercial 318,896 318,211 — — 318,211 Loans to individuals 21,043 21,016 — — 21,016 Obligations of state and political subdivisions 55,281 54,800 — — 54,800 Accrued interest receivable 8,276 8,276 — 8,276 — Total financial instrument assets $ 2,269,844 $ 2,277,150 $ 29,174 $ 279,992 $ 1,967,984 Financial instrument liabilities: Deposits Noninterest-bearing deposits $ 288,718 $ 288,718 $ — $ 288,718 $ — Interest-bearing deposits 1,546,351 1,550,974 — 1,550,974 — Other borrowings 47,499 47,499 — 47,499 — Federal Home Loan Bank borrowings 140,000 145,210 — 145,210 — Interest rate swaps 2,796 2,796 — 2,796 — Accrued interest payable 902 902 — 902 — Total financial instrument liabilities $ 2,026,266 $ 2,036,099 $ — $ 2,036,099 $ — Face Amount Financial instrument with off-balance sheet risk: Loan commitments $ 334,100 $ — $ — $ — $ — Letters of credit 12,437 — — — — Total financial instrument liabilities with off-balance-sheet risk $ 346,537 $ — $ — $ — $ — (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. Fair value of financial instruments : FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) provides a single definition for fair value, a framework for measuring fair value and expanded disclosures concerning fair value. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company determines the fair market value of its financial instruments based on the fair value hierarchy established in ASC 820. There are three levels of inputs that may be used to measure fair value as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than quoted prices included within Level 1. Observable inputs include the quoted prices for similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability. Level 3 Unobservable inputs supported by little or no market activity for financial instruments. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. It is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. The Company is required to use observable inputs, to the extent available, in the fair value estimation process unless that data results from forced liquidations or distressed sales. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for assets or liabilities not recorded at fair value. ASSETS Cash and cash equivalents : The carrying amounts reported in the consolidated balance sheets for cash and short-term instruments approximate their fair values (Level 1). Investment securities available for sale : Investment securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If a quoted price is not available, the fair value is obtained from benchmarking the security against similar securities. All of the Company’s securities are considered Level 2. The pricing for investment securities is obtained from an independent source. There are no level 1 or level 3 investment securities owned by the Company. The Company obtains an understanding of the independent source’s valuation methodologies used to determine fair value by level of security. The Company validates assigned fair values on a sample basis using an additional third-party provider pricing service to determine if the fair value measurement is reasonable. Due to the nature of our investment portfolio, we do not expect significant and unusual fluctuations as fair value changes primarily relate to interest rate changes. No unusual fluctuations were identified during the six months ended June 30, 2015 . If a fluctuation requiring investigation was identified, the Company would research the change with the independent source or other available information. Loans held for sale : Loans held for sale are carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the short time between origination of the loan and its sale on the secondary market (Level 2). The market is active for these loans and as a result prices for similar assets are available. Loans : The Company does not record loans at fair value on a recurring basis. For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values (Level 3). The fair values for other loans are determined using estimated future cash flows, discounted at the interest rates currently being offered for loans with similar terms to borrowers with similar credit quality utilizing an entrance price concept (Level 3). The Company does record nonrecurring fair value adjustments to loans to reflect (1) partial write-downs that are based on the observable market price or appraised value of the collateral or (2) the full charge-off of the loan carrying value (Level 3). These loans are considered Level 3 as the instruments used to determine fair market value require significant management judgment and estimation. Foreclosed assets : The Company does not record foreclosed assets at fair value on a recurring basis. Foreclosed assets consist mainly of other real estate owned but may include other types of assets repossessed by the Company. Foreclosed assets are adjusted to the lower of carrying value or fair value less the cost of disposal. Fair value is generally based upon independent market prices or appraised values of the collateral, and may include a marketability discount as deemed necessary by management based on its experience with similar types of real estate. The value of foreclosed assets is evaluated periodically as a nonrecurring fair value adjustment. Foreclosed assets are classified as Level 3. Off-balance sheet instruments : Fair values for outstanding letters of credit are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. The fair value of the outstanding letters of credit is not significant. Unfunded loan commitments are not valued since the loans are generally priced at market at the time of funding (Level 2). Accrued interest receivable : The fair value of accrued interest receivable equals the amount receivable due to the current nature of the amounts receivable (Level 2). Non-marketable equity investments : Non-marketable equity investments are recorded under the cost or equity method of accounting. There are generally restrictions on the sale and/or liquidation of these investments, including stock of the Federal Home Loan Bank. The carrying value of stock of the Federal Home Loan Bank approximates fair value (Level 2). LIABILITIES Deposit liabilities : Deposit liabilities are carried at historical cost. The fair value of demand deposits, savings accounts and certain money market account deposits is the amount payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. If the fair value of the fixed maturity certificates of deposit is calculated at less than the carrying amount, the carrying value of these deposits is reported as the fair value (Level 2). Deposit liabilities are classified as Level 2 due to available prices for similar liabilities in the market. Other borrowings : Other borrowings are carried at historical cost and include federal funds purchased and securities sold under agreements to repurchase. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the liability and its expected realization (Level 2). Other borrowings are classified as Level 2 due to available prices for similar liabilities in the market. Federal Home Loan Bank borrowings : Federal Home Loan Bank borrowings are recorded at historical cost. The fair values of the Company’s Federal Home Loan Bank borrowings are estimated using discounted cash flow analysis, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements (Level 2). Federal Home Loan Bank borrowings are classified as Level 2 due to available prices for similar liabilities in the market. Interest Rate Swap Agreements : The fair value is estimated using forward-looking interest rate curves and is calculated using discounted cash flows that are observable or that can be corroborated by observable market data (Level 2). Accrued interest payable : The fair value of accrued interest payable equals the amount payable due to the current nature of the amounts payable (Level 2). Assets and Liabilities Recorded at Fair Value on a Recurring Basis The table below represents the balances of assets and liabilities measured at fair value on a recurring basis: June 30, 2015 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Securities available for sale (Amounts In Thousands) U.S. Treasury $ — $ 22,549 $ — $ 22,549 State and political subdivisions — 153,556 — 153,556 Other securities (FHLB, FHLMC and FNMA) — 70,839 — 70,839 Derivative Financial Instruments Interest rate swaps $ — (3,048 ) $ — (3,048 ) Total $ — $ 243,896 $ — $ 243,896 December 31, 2014 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Securities available for sale (Amounts In Thousands) U.S. Treasury $ — $ 22,333 $ — $ 22,333 State and political subdivisions — 168,968 — 168,968 Other securities (FHLB, FHLMC and FNMA) — 67,691 — 67,691 Derivative Financial Instruments Interest rate swaps — (2,796 ) — (2,796 ) Total $ — $ 256,196 $ — $ 256,196 (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. There were no transfers between Levels 1, 2 or 3 during the six months ended June 30, 2015 and the year ended December 31, 2014 . Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis The Company is required to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The valuation methodologies used to measure these fair value adjustments are described above. The following tables present the Company’s assets that are measured at fair value on a nonrecurring basis. June 30, 2015 Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Total Losses Total Losses (Amounts in Thousands) Loans (4) Agricultural $ — $ — $ 1,379 $ 1,379 $ 116 $ 116 Commercial and financial — — 1,281 1,281 28 28 Real Estate: Construction, 1 to 4 family residential — — 332 332 — 61 Construction, land development and commercial — — — — — — Mortgage, farmland — — 2,314 2,314 — — Mortgage, 1 to 4 family first liens — — 2,484 2,484 81 335 Mortgage, 1 to 4 family junior liens — — 207 207 149 149 Mortgage, multi-family — — 243 243 — 38 Mortgage, commercial — — 1,288 1,288 — 140 Loans to individuals — — — — — — Foreclosed assets (5) — — 494 494 10 40 Total $ — $ — $ 10,022 $ 10,022 $ 384 $ 907 (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. (4) Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero. (5) Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis (continued) December 31, 2014 Year Ended December 31, 2014 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Total Losses (Amounts in Thousands) Loans (4) Agricultural $ — $ — $ 1,679 $ 1,679 $ 25 Commercial and financial — — 1,709 1,709 206 Real Estate: Construction, 1 to 4 family residential — — 315 315 — Construction, land development and commercial — — — — — Mortgage, farmland — — 2,040 2,040 — Mortgage, 1 to 4 family first liens — — 2,500 2,500 576 Mortgage, 1 to 4 family junior liens — — 369 369 24 Mortgage, multi-family — — 5,525 5,525 — Mortgage, commercial — — 1,918 1,918 328 Loans to individuals — — — — — Foreclosed assets (5) — — 301 301 210 Total $ — $ — $ 16,356 $ 16,356 $ 1,369 (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. (4) Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero. (5) Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. |
Stock Repurchase Program
Stock Repurchase Program | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program On July 26, 2005, the Company’s Board of Directors authorized a program to repurchase up to a total of 1,500,000 shares of the Company’s common stock (the “2005 Stock Repurchase Program”). The Company’s Board of Directors has authorized the 2005 Stock Repurchase Program through December 31, 2016. The Company expects the purchases pursuant to the 2005 Stock Repurchase Program to be made from time to time in private transactions at a price equal to the most recent quarterly independent appraisal of the shares of the Company’s common stock and with the Board reviewing the overall results of the 2005 Stock Repurchase Program on a quarterly basis. All purchases made pursuant to the 2005 Stock Repurchase Program since its inception have been made on that basis. The amount and timing of stock repurchases will be based on various factors, such as the Board’s assessment of the Company’s capital structure and liquidity, the amount of interest shown by shareholders in selling shares of stock to the Company at their appraised value, and applicable regulatory, legal and accounting factors. The Company has purchased 817,453 shares of its common stock in privately negotiated transactions from August 1, 2005 through June 30, 2015 . Of these 817,453 shares, 20,031 shares were purchased during the quarter ended June 30, 2015 , at an average price per share of $41.86 . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Concentrations of credit risk : The Bank’s loans, commitments to extend credit, unused lines of credit and outstanding letters of credit have been granted to customers within the Bank's market area. Investments in securities issued by state and political subdivisions within the state of Iowa totaled approximately $73.64 million . The concentrations of credit by type of loan are set forth in Note 5 to the Consolidated Financial Statements. Outstanding letters of credit were granted primarily to commercial borrowers. Although the Bank has a diversified loan portfolio, a substantial portion of its debtors' ability to honor their contracts is dependent upon the economic conditions in Johnson, Linn and Washington Counties, Iowa. Contingencies : In the normal course of business, the Company and Bank are involved in various legal proceedings. While the ultimate outcome of such legal proceedings cannot be predicted with certainty, after reviewing pending and threatened litigation with counsel, management believes at this time that the outcome of such litigation will not have a material adverse effect on the Company's business, financial condition or results of operations. Financial instruments with off-balance sheet risk : The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, credit card participations and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, credit card participations and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. A summary of the Bank’s commitments at June 30, 2015 and December 31, 2014 is as follows: June 30, 2015 December 31, 2014 (Amounts In Thousands) Firm loan commitments and unused portion of lines of credit: Home equity loans $ 42,677 $ 40,484 Credit cards 48,767 46,573 Commercial, real estate and home construction 106,010 81,613 Commercial lines and real estate purchase loans 181,301 165,430 Outstanding letters of credit 8,726 12,437 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Federal income tax expense for the six months ended June 30, 2015 and 2014 was computed using the consolidated effective federal tax rate. The Company also recognized income tax expense pertaining to state franchise taxes payable individually by the subsidiary bank. The Company files a consolidated tax return for federal purposes and separate tax returns for State of Iowa purposes. The tax years ended December 31, 2014, 2013, and 2012 remain subject to examination by the Internal Revenue Service. For state tax purposes, the tax years ended December 31, 2014, 2013, and 2012 remain open for examination. There were no material unrecognized tax benefits at June 30, 2015 and December 31, 2014 and therefore no interest or penalties on unrecognized tax benefits has been recorded. As of June 30, 2015 , the Company does not anticipate any significant increase in unrecognized tax benefits during the twelve-month period ending March 31, 2016 . Income taxes as a percentage of income before taxes were 30.23% for the six months ended June 30, 2015 and 28.60% for the same period in 2014 . The increase in the effective tax rate is due to a decrease in the amount of low-income housing tax credits earned by the Company in 2015 . |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments In the normal course of business, the Bank may use derivative financial instruments to manage its interest rate risk. These instruments carry varying degrees of credit, interest rate and market or liquidity risks. Derivative instruments are recognized as either assets or liabilities in the accompanying financial statement and are measured at fair value. The Bank’s objectives are to add stability to its net interest margin and to manage its exposure to movements in interest rates. The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amount to be exchanged between the counterparties. The Bank is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. The Bank minimizes this risk by entering into derivative contracts with large, stable financial institutions. The Bank has not experienced any losses from nonperformance by counterparties. The Bank monitors counterparty risk in accordance with the provisions of ASC 815. In addition, the Bank’s interest rate-related derivative instruments contain language outlining collateral pledging requirements for each counterparty. Collateral must be posted when the market value exceeds certain threshold limits which are determined by credit ratings of each counterparty. The Bank was required to pledge $3.05 million of collateral as of June 30, 2015 . Cash Flow Hedges: The Bank executed two forward-starting interest rate swap transactions on November 7, 2013. One of the interest rate swap transactions has an effective date of November 9, 2015, and an expiration date of November 9, 2020, to effectively convert $25.00 million of variable rate debt to fixed rate debt. The other interest rate swap transaction has an effective date of November 7, 2016 and an expiration date of November 7, 2023, also to effectively convert $25.00 million of variable rate debt to fixed rate debt. For accounting purposes, these swap transactions are designated as a cash flow hedge of the changes in cash flows attributable to changes in three-month LIBOR, the benchmark interest rate being hedged, associated with the interest payments made on an amount of the Bank’s debt principal equal to the then-outstanding swap notional amount. At inception, the Bank asserted that the underlying principal balance would remain outstanding throughout the hedge transaction making it probable that sufficient LIBOR-based interest payments would exist through the maturity date of the swaps. The table below identifies the balance sheet category and fair values of the Bank’s derivative instruments designated as cash flow hedges as of June 30, 2015 and December 31, 2014 : Notional Amount Fair Value Balance Sheet Category Maturity (Amounts in Thousands) June 30, 2015 Interest rate swap $ 25,000 $ (1,140 ) Other Liabilities 11/9/2020 Interest rate swap 25,000 (1,908 ) Other Liabilities 11/7/2023 December 31, 2014 Interest rate swap $ 25,000 $ (864 ) Other Liabilities 11/9/2020 Interest rate swap 25,000 (1,932 ) Other Liabilities 11/7/2023 The table below identifies the gains and losses recognized on the Bank’s derivative instruments designated as cash flow hedges as of June 30, 2015 and December 31, 2014 : Effective Portion Ineffective Portion Recognized in OCI Reclassifed from AOCI into Income Recognized in Income on Derivatives Amount of Gain (Loss) Category Amount of Gain (Loss) Category Amount of Gain (Loss) (Amounts in Thousands) June 30, 2015 Interest rate swap $ (170 ) Interest Expense $ — Other Income $ — Interest rate swap 15 Interest Expense — Other Income — December 31, 2014 Interest rate swap $ (754 ) Interest Expense $ — Other Income $ — Interest rate swap (1,448 ) Interest Expense — Other Income — |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and with instructions for Form 10-Q and Regulation S-X. These financial statements include all adjustments (consisting of normal recurring accruals) which in the opinion of management are considered necessary for the fair presentation of the financial position and results of operations for the periods shown. Certain prior year amounts have been reclassified to conform to the current year presentation. The Company considers that it operates as one business segment, a commercial bank. Operating results for the six month period ended June 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in the Form 10-K Annual Report of Hills Bancorporation and subsidiary (the “Company”) for the year ended December 31, 2014 filed with the Securities Exchange Commission on March 11, 2015 . The consolidated balance sheet as of December 31, 2014 , has been derived from the audited consolidated financial statements for that period. The Company evaluated subsequent events through the filing date of its quarterly report on Form 10-Q with the SEC. |
Effect of New Financial Accounting Standards | In May 2014, The FASB and International Accounting Standards Board (IASB) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of ASU 2014-09 is that a company should recognize revenue to depict the transfer of promised good or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. For financial institutions, significant changes are not expected given that most financial instruments are not in the scope of the accounting standard update. ASU 2014-09 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently reviewing the provisions of this standard to determine the application to financial institutions. In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The adoption of ASU 2015-05 by the Company is not expected to have a material impact. |
Earnings Per Share | Basic earnings per share is computed using the weighted average number of actual common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that would occur from the exercise of common stock options outstanding. ESOP shares are considered outstanding for this calculation unless unearned. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The computation of basic and diluted earnings per share for the periods presented is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Common shares outstanding at the beginning of the period 9,362,061 9,417,152 9,365,176 9,423,990 Weighted average number of net shares redeemed (7,153 ) (12,942 ) (6,075 ) (11,392 ) Weighted average shares outstanding (basic) 9,354,908 9,404,210 9,359,101 9,412,598 Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method 5,448 4,120 5,159 4,850 Weighted average number of shares (diluted) 9,360,356 9,408,330 9,364,260 9,417,448 Net income (In thousands) $ 7,470 $ 7,181 $ 14,850 $ 13,925 Earnings per share: Basic $ 0.80 $ 0.77 $ 1.59 $ 1.48 Diluted $ 0.80 $ 0.77 $ 1.59 $ 1.48 |
Other Comprehensive Income (L21
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Components of accumulated other comprehensive income (AOCI) | The following table summarizes the balances of each component of accumulated other comprehensive income (AOCI), included in stockholders’ equity, at June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 (amounts in thousands) Net unrealized gain on available-for-sale securities $ 1,484 $ 2,072 Net unrealized loss on derivatives used for cash flow hedges (3,048 ) (2,796 ) Tax effect 598 276 Net-of-tax amount $ (966 ) $ (448 ) |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Carrying values of investment securities | The carrying values of investment securities at June 30, 2015 and December 31, 2014 are summarized in the following table (dollars in thousands): June 30, 2015 December 31, 2014 Amount Percent Amount Percent Securities available for sale U.S. Treasury $ 22,549 9.13 % $ 22,333 8.62 % Other securities (FHLB, FHLMC and FNMA) 70,839 28.69 67,691 26.14 State and political subdivisions 153,556 62.18 168,968 65.24 Total securities available for sale $ 246,944 100.00 % $ 258,992 100.00 % |
Carrying amount of available-for-sale securities and approximate fair values | The carrying amount of available-for-sale securities and their approximate fair values were as follows as of June 30, 2015 and December 31, 2014 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value June 30, 2015: U.S. Treasury $ 22,374 $ 175 $ — $ 22,549 Other securities (FHLB, FHLMC and FNMA) 70,662 257 (80 ) 70,839 State and political subdivisions 152,424 1,878 (746 ) 153,556 Total $ 245,460 $ 2,310 $ (826 ) $ 246,944 December 31, 2014: U.S. Treasury $ 22,351 $ 18 $ (36 ) $ 22,333 Other securities (FHLB, FHLMC and FNMA) 67,644 147 (100 ) 67,691 State and political subdivisions 166,925 2,499 (456 ) 168,968 Total $ 256,920 $ 2,664 $ (592 ) $ 258,992 |
Available-for-sale securities classified as per contractual maturities | The amortized cost and estimated fair value of available-for-sale securities classified according to their contractual maturities at June 30, 2015 , were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 32,111 $ 32,248 Due after one year through five years 148,365 150,009 Due after five years through ten years 63,370 63,073 Due over ten years 1,614 1,614 Total $ 245,460 $ 246,944 |
Available-for-sale securities, continuous unrealized loss position, fair value | The following table shows the fair value, gross unrealized losses and the percentage of fair value represented by gross unrealized losses of applicable investment securities owned by the Company, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2015 and December 31, 2014 (in thousands): Less than 12 months 12 months or more Total June 30, 2015 # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % U.S. Treasury — $ — $ — — % — $ — $ — — % — $ — $ — — % Other securities (FHLB, FHLMC and FNMA) 8 20,885 (80 ) 0.38 — — — — 8 20,885 (80 ) 0.38 State and political subdivisions 204 45,813 (581 ) 1.27 28 6,007 (165 ) 2.75 232 51,820 (746 ) 1.44 Total temporarily impaired securities 212 $ 66,698 $ (661 ) 0.99 % 28 $ 6,007 $ (165 ) 2.75 % 240 $ 72,705 $ (826 ) 1.14 % Less than 12 months 12 months or more Total December 31, 2014 # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % # Fair Value Unrealized Loss % U.S. Treasury 5 $ 12,396 $ (36 ) 0.29 % — $ — $ — — % 5 $ 12,396 $ (36 ) 0.29 % Other securities (FHLB, FHLMC and FNMA) 10 24,382 (100 ) 0.41 — — — — 10 24,382 (100 ) 0.41 State and political subdivisions 91 21,724 (124 ) 0.57 78 16,154 (332 ) 2.06 169 37,878 (456 ) 1.20 Total temporarily impaired securities 106 $ 58,502 $ (260 ) 0.44 % 78 $ 16,154 $ (332 ) 2.06 % 184 $ 74,656 $ (592 ) 0.79 % |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of classes of loans | Classes of loans are as follows: June 30, December 31, (Amounts In Thousands) Agricultural $ 91,095 $ 97,645 Commercial and financial 172,854 174,738 Real estate: Construction, 1 to 4 family residential 55,640 45,949 Construction, land development and commercial 95,893 77,020 Mortgage, farmland 173,529 162,503 Mortgage, 1 to 4 family first liens 695,157 672,674 Mortgage, 1 to 4 family junior liens 113,116 110,284 Mortgage, multi-family 242,454 245,213 Mortgage, commercial 311,470 321,601 Loans to individuals 21,362 21,342 Obligations of state and political subdivisions 54,456 55,729 $ 2,027,026 $ 1,984,698 Net unamortized fees and costs 724 691 $ 2,027,750 $ 1,985,389 Less allowance for loan losses 25,800 24,020 $ 2,001,950 $ 1,961,369 |
Schedule of changes in allowance for loan losses | Changes in the allowance for loan losses, the allowance for loan losses applicable to impaired loans and the related loan balance of impaired loans for the three and six months ended June 30, 2015 were as follows: Three Months Ended June 30, 2015 Agricultural Commercial and Financial Real Estate: Construction and land development Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family Real Estate: Mortgage, multi- family and commercial Other Total (Amounts In Thousands) Allowance for loan losses: Beginning balance $ 2,544 $ 4,358 $ 2,250 $ 2,777 $ 7,456 $ 4,125 $ 850 $ 24,360 Charge-offs (214 ) (250 ) (63 ) — (321 ) (1 ) (102 ) (951 ) Recoveries 1 334 153 — 146 1,200 40 1,874 Provision 452 256 685 48 115 (1,213 ) 174 517 Ending balance $ 2,783 $ 4,698 $ 3,025 $ 2,825 $ 7,396 $ 4,111 $ 962 $ 25,800 Six Months Ended June 30, 2015 Agricultural Commercial and Financial Real Estate: Construction and land development Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family Real Estate: Mortgage, multi- family and commercial Other Total (Amounts In Thousands) Allowance for loan losses: Beginning balance $ 2,515 $ 4,231 $ 2,241 $ 2,672 $ 7,419 $ 4,195 $ 747 $ 24,020 Charge-offs (257 ) (316 ) (147 ) — (668 ) (180 ) (150 ) (1,718 ) Recoveries 83 735 304 6 559 1,270 86 3,043 Provision 442 48 627 147 86 (1,174 ) 279 455 Ending balance $ 2,783 $ 4,698 $ 3,025 $ 2,825 $ 7,396 $ 4,111 $ 962 $ 25,800 Ending balance, individually evaluated for impairment $ 2 $ 507 $ 11 $ — $ 76 $ 55 $ 15 $ 666 Ending balance, collectively evaluated for impairment $ 2,781 $ 4,191 $ 3,014 $ 2,825 $ 7,320 $ 4,056 $ 947 $ 25,134 Loans: Ending balance $ 91,095 $ 172,854 $ 151,533 $ 173,529 $ 808,273 $ 553,924 $ 75,818 $ 2,027,026 Ending balance, individually evaluated for impairment $ 1,593 $ 2,481 $ 656 $ 2,314 $ 3,707 $ 3,407 $ 15 $ 14,173 Ending balance, collectively evaluated for impairment $ 89,502 $ 170,373 $ 150,877 $ 171,215 $ 804,566 $ 550,517 $ 75,803 $ 2,012,853 Changes in the allowance for loan losses for the three and six months ended June 30, 2014 were as follows: Three Months Ended June 30, 2014 Agricultural Commercial and Financial Real Estate: Construction and land development Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family Real Estate: Mortgage, multi- family and commercial Other Total (Amounts In Thousands) Allowance for loan losses: Beginning balance $ 4,062 $ 4,519 $ 2,961 $ 2,782 $ 6,621 $ 4,264 $ 651 $ 25,860 Charge-offs (25 ) (370 ) (245 ) — (185 ) (48 ) (173 ) (1,046 ) Recoveries 2 259 88 — 273 119 41 782 Provision (1,003 ) 424 627 (33 ) 122 (596 ) 213 (246 ) Ending balance $ 3,036 $ 4,832 $ 3,431 $ 2,749 $ 6,831 $ 3,739 $ 732 $ 25,350 Six Months Ended June 30, 2014 Agricultural Commercial and Financial Real Estate: Construction and land development Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family Real Estate: Mortgage, multi- family and commercial Other Total (Amounts In Thousands) Allowance for loan losses: Beginning balance $ 2,852 $ 4,733 $ 2,918 $ 2,557 $ 7,064 $ 4,787 $ 639 $ 25,550 Charge-offs (125 ) (455 ) (247 ) — (492 ) (48 ) (205 ) $ (1,572 ) Recoveries 5 609 274 — 452 160 73 $ 1,573 Provision 304 (55 ) 486 192 (193 ) (1,160 ) 225 $ (201 ) Ending balance $ 3,036 $ 4,832 $ 3,431 $ 2,749 $ 6,831 $ 3,739 $ 732 $ 25,350 Ending balance, individually evaluated for impairment $ 3 $ 11 $ 28 $ 15 $ 23 $ 14 $ — $ 94 Ending balance, collectively evaluated for impairment $ 3,033 $ 4,821 $ 3,403 $ 2,734 $ 6,808 $ 3,725 $ 732 $ 25,256 Loans: Ending balance $ 85,204 $ 178,227 $ 110,677 $ 144,050 $ 736,863 $ 556,061 $ 75,943 $ 1,887,025 Ending balance, individually evaluated for impairment $ 292 $ 2,585 $ 846 $ 387 $ 4,087 $ 18,021 $ — $ 26,218 Ending balance, collectively evaluated for impairment $ 84,912 $ 175,642 $ 109,831 $ 143,663 $ 732,776 $ 538,040 $ 75,943 $ 1,860,807 |
Schedule of credit quality indicators by type of loans | The following table presents the credit quality indicators by type of loans in each category as of June 30, 2015 and December 31, 2014 , respectively (amounts in thousands): Agricultural Commercial and Financial Real Estate: Construction, 1 to 4 family residential Real Estate: Construction, land development and commercial June 30, 2015 Grade: Excellent $ 1,305 $ 2,933 $ — $ 268 Good 11,606 30,228 6,590 21,724 Satisfactory 39,549 103,356 35,131 56,415 Monitor 11,359 20,168 9,321 2,775 Special Mention 24,886 11,261 3,772 14,481 Substandard 2,390 4,908 826 230 Total $ 91,095 $ 172,854 $ 55,640 $ 95,893 Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family first liens Real Estate: Mortgage, 1 to 4 family junior liens Real Estate: Mortgage, multi- family June 30, 2015 Grade: Excellent $ 2,824 $ 450 $ — $ 6,836 Good 32,412 21,035 3,089 71,593 Satisfactory 108,897 592,013 101,898 123,004 Monitor 17,318 46,404 4,149 34,824 Special Mention 8,746 15,654 2,287 5,641 Substandard 3,332 19,601 1,693 556 Total $ 173,529 $ 695,157 $ 113,116 $ 242,454 Real Estate: Mortgage, commercial Loans to individuals Obligations of state and political subdivisions Total June 30, 2015 Grade: Excellent $ 12,976 $ — $ 2,403 $ 29,995 Good 80,065 49 41,395 319,786 Satisfactory 181,456 20,568 10,632 1,372,919 Monitor 24,898 350 — 171,566 Special Mention 8,242 215 26 95,211 Substandard 3,833 180 — 37,549 Total $ 311,470 $ 21,362 $ 54,456 $ 2,027,026 Agricultural Commercial and Financial Real Estate: Construction, 1 to 4 family residential Real Estate: Construction, land development and commercial December 31, 2014 Grade: Excellent $ 1,375 $ 4,820 $ — $ 276 Good 13,214 37,941 6,893 13,875 Satisfactory 51,107 94,158 27,738 47,852 Monitor 15,243 20,445 8,435 2,811 Special Mention 13,070 11,031 1,881 11,870 Substandard 3,636 6,343 1,002 336 Total $ 97,645 $ 174,738 $ 45,949 $ 77,020 Real Estate: Mortgage, farmland Real Estate: Mortgage, 1 to 4 family first liens Real Estate: Mortgage, 1 to 4 family junior liens Real Estate: Mortgage, multi- family December 31, 2014 Grade: Excellent $ 2,867 $ 474 $ — $ 7,011 Good 36,680 22,094 2,875 73,852 Satisfactory 103,552 571,546 99,095 111,650 Monitor 11,754 41,805 3,377 35,812 Special Mention 4,721 18,428 2,520 16,611 Substandard 2,929 18,327 2,417 277 Total $ 162,503 $ 672,674 $ 110,284 $ 245,213 Real Estate: Mortgage, commercial Loans to individuals Obligations of state and political subdivisions Total December 31, 2014 Grade: Excellent $ 15,416 $ 87 $ 2,440 $ 34,766 Good 87,612 94 43,108 338,238 Satisfactory 178,069 20,465 10,181 1,315,413 Monitor 25,165 251 — 165,098 Special Mention 9,371 353 — 89,856 Substandard 5,968 92 — 41,327 Total $ 321,601 $ 21,342 $ 55,729 $ 1,984,698 |
Schedule of past due loans | Past due loans as of June 30, 2015 and December 31, 2014 were as follows: 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Accruing Loans Past Due 90 Days or More (Amounts In Thousands) June 30, 2015 Agricultural $ 88 $ 9 $ 70 $ 167 $ 90,928 $ 91,095 $ — Commercial and financial 288 150 127 565 172,289 172,854 17 Real estate: Construction, 1 to 4 family residential 309 503 173 985 54,655 55,640 — Construction, land development and commercial 98 — — 98 95,795 95,893 — Mortgage, farmland 45 — — 45 173,484 173,529 — Mortgage, 1 to 4 family first liens 475 1,262 827 2,564 692,593 695,157 376 Mortgage, 1 to 4 family junior liens 115 12 19 146 112,970 113,116 19 Mortgage, multi-family 192 — — 192 242,262 242,454 — Mortgage, commercial 226 45 443 714 310,756 311,470 — Loans to individuals 35 8 — 43 21,319 21,362 — Obligations of state and political subdivisions — — — — 54,456 54,456 — $ 1,871 $ 1,989 $ 1,659 $ 5,519 $ 2,021,507 $ 2,027,026 $ 412 December 31, 2014 Agricultural $ 310 $ 99 $ — $ 409 $ 97,236 $ 97,645 $ — Commercial and financial 397 14 1,048 1,459 $ 173,279 174,738 — Real estate: Construction, 1 to 4 family residential — — — — $ 45,949 45,949 — Construction, land development and commercial 937 — — 937 $ 76,083 77,020 — Mortgage, farmland 753 — — 753 $ 161,750 162,503 — Mortgage, 1 to 4 family first liens 3,594 1,656 1,582 6,832 $ 665,842 672,674 348 Mortgage, 1 to 4 family junior liens 181 12 244 437 $ 109,847 110,284 — Mortgage, multi-family — 21 — 21 $ 245,192 245,213 — Mortgage, commercial 359 557 34 950 $ 320,651 321,601 — Loans to individuals 27 — — 27 $ 21,315 21,342 — Obligations of state and political subdivisions — — — — 55,729 55,729 — $ 6,558 $ 2,359 $ 2,908 $ 11,825 $ 1,972,873 $ 1,984,698 $ 348 |
Schedule of impaired loan information | Certain impaired loan information by loan type at June 30, 2015 and December 31, 2014 , was as follows: June 30, 2015 December 31, 2014 Non-accrual loans (1) Accruing loans past due 90 days or more TDR loans Non- accrual loans (1) Accruing loans past due 90 days or more TDR loans (Amounts In Thousands) (Amounts In Thousands) Agricultural $ 70 $ — $ 1,523 $ — $ — $ 1,942 Commercial and financial 1,281 17 683 1,343 — 1,366 Real estate: Construction, 1 to 4 family residential 173 — 359 — — 431 Construction, land development and commercial — — 124 127 — — Mortgage, farmland — — 2,314 — — 2,220 Mortgage, 1 to 4 family first liens 1,768 376 1,331 1,912 348 1,199 Mortgage, 1 to 4 family junior liens 186 19 27 369 — — Mortgage, multi-family 249 — — 55 — 5,470 Mortgage, commercial 1,442 — 1,674 2,275 — 1,712 Loans to individuals — — — — — — $ 5,169 $ 412 $ 8,035 $ 6,081 $ 348 $ 14,340 (1) There were $2.34 million and $2.14 million of TDR loans included within nonaccrual loans as of June 30, 2015 and December 31, 2014 , respectively. |
Schedule of information for TDR loans | Below is a summary of information for TDR loans as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Number of contracts Recorded investment Commitments outstanding Number of contracts Recorded investment Commitments outstanding (Amounts In Thousands) (Amounts In Thousands) Agricultural 8 $ 1,524 $ 471 9 $ 1,942 $ 272 Commercial and financial 9 1,646 158 13 2,202 53 Real estate: Construction, 1 to 4 family residential 3 532 29 3 431 111 Construction, land development and commercial 1 124 — 1 127 — Mortgage, farmland 5 2,314 — 4 2,220 — Mortgage, 1 to 4 family first liens 14 1,612 — 11 1,467 — Mortgage, 1 to 4 family junior liens 2 40 — 1 225 65 Mortgage, multi-family 1 71 — 2 5,470 — Mortgage, commercial 10 2,511 — 8 2,398 — Loans to individuals — — — — — — 53 $ 10,374 $ 658 52 $ 16,482 $ 501 The following is a summary of TDR loans that were modified during the three and six months ended June 30, 2015 : Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Number of contracts Pre-modification recorded investment Post-modification recorded investment Number Pre-modification Post-modification (Amounts In Thousands) Agricultural 2 $ 234 $ 118 5 $ 394 $ 278 Commercial and financial — — — 1 191 177 Real estate: Construction, 1 to 4 family residential — — — — — — Construction, land development and commercial — — — — — — Mortgage, farmland — — — 3 644 531 Mortgage, 1 to 4 family first lien 3 107 107 4 264 264 Mortgage, 1 to 4 family junior liens 1 15 15 2 42 42 Mortgage, multi-family 1 71 71 1 71 71 Mortgage, commercial 1 44 44 2 222 190 8 $ 471 $ 355 18 $ 1,828 $ 1,553 |
Schedule of impaired loans | Information regarding impaired loans as of and for the three and six months ended June 30, 2015 is as follows: June 30, 2015 Three Months Ended Six Months Ended Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income With no related allowance recorded: (Amounts In Thousands) Agricultural $ 1,487 $ 1,629 $ — $ 1,703 $ 20 $ 1,595 $ 37 Commercial and financial 1,388 2,029 — 1,450 1 1,489 3 Real estate: Construction, 1 to 4 family residential 189 189 — 173 1 139 2 Construction, land development and commercial 124 219 — 125 1 126 3 Mortgage, farmland 2,314 2,427 — 2,323 27 2,346 55 Mortgage, 1 to 4 family first liens 2,786 3,450 — 2,875 13 2,958 26 Mortgage, 1 to 4 family junior liens 186 626 — 263 — 271 — Mortgage, multi-family 178 235 — 183 — 185 — Mortgage, commercial 2,427 3,894 — 2,428 12 2,512 24 Loans to individuals — 20 — — — — — $ 11,079 $ 14,718 $ — $ 11,523 $ 75 $ 11,621 $ 150 With an allowance recorded: Agricultural $ 106 $ 106 $ 2 $ 108 $ 1 $ 108 $ 2 Commercial and financial 1,093 1,390 507 1,266 14 1,289 35 Real estate: Construction, 1 to 4 family residential 343 354 11 343 2 343 4 Construction, land development and commercial — — — — — — — Mortgage, farmland — — — — — — — Mortgage, 1 to 4 family first liens 689 734 70 710 9 710 21 Mortgage, 1 to 4 family junior liens 46 46 6 46 1 46 1 Mortgage, multi-family 71 109 7 71 — 91 — Mortgage, commercial 731 731 48 734 9 738 20 Loans to individuals 15 15 15 11 — 9 1 $ 3,094 $ 3,485 $ 666 $ 3,289 $ 36 $ 3,334 $ 84 Total: Agricultural $ 1,593 $ 1,735 $ 2 $ 1,811 $ 21 $ 1,703 $ 39 Commercial and financial 2,481 3,419 507 2,716 15 2,778 38 Real estate: Construction, 1 to 4 family residential 532 543 11 516 3 482 6 Construction, land development and commercial 124 219 — 125 1 126 3 Mortgage, farmland 2,314 2,427 — 2,323 27 2,346 55 Mortgage, 1 to 4 family first liens 3,475 4,184 70 3,585 22 3,668 47 Mortgage, 1 to 4 family junior liens 232 672 6 309 1 317 1 Mortgage, multi-family 249 344 7 254 — 276 — Mortgage, commercial 3,158 4,625 48 3,162 21 3,250 44 Loans to individuals 15 35 15 11 — 9 1 $ 14,173 $ 18,203 $ 666 $ 14,812 $ 111 $ 14,955 $ 234 Information regarding impaired loans as of December 31, 2014 is as follows: Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: (Amounts In Thousands) Agricultural $ 1,634 $ 1,696 $ — Commercial and financial 2,076 3,695 — Real estate: Construction, 1 to 4 family residential 89 89 — Construction, land development and commercial 128 220 — Mortgage, farmland 2,040 2,040 — Mortgage, 1 to 4 family first liens 2,951 3,705 — Mortgage, 1 to 4 family junior liens 369 673 — Mortgage, multi-family 5,525 5,632 — Mortgage, commercial 3,290 4,588 — Loans to individuals — 20 — $ 18,102 $ 22,358 $ — With an allowance recorded: Agricultural $ 210 $ 247 $ 44 Commercial and financial 633 633 9 Real estate: Construction, 1 to 4 family residential 343 354 28 Construction, land development and commercial — — — Mortgage, farmland 278 278 12 Mortgage, 1 to 4 family first liens 506 596 52 Mortgage, 1 to 4 family junior liens — — — Mortgage, multi-family — — — Mortgage, commercial 697 697 9 Loans to individuals — — — $ 2,667 $ 2,805 $ 154 Total: Agricultural $ 1,844 $ 1,943 $ 44 Commercial and financial 2,709 4,328 9 Real estate: Construction, 1 to 4 family residential 432 443 28 Construction, land development and commercial 128 220 — Mortgage, farmland 2,318 2,318 12 Mortgage, 1 to 4 family first liens 3,457 4,301 52 Mortgage, 1 to 4 family junior liens 369 673 — Mortgage, multi-family 5,525 5,632 — Mortgage, commercial 3,987 5,285 9 Loans to individuals — 20 — $ 20,769 $ 25,163 $ 154 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Carrying value and estimated fair values of entity's financial instruments | The carrying value and estimated fair values of the Company's financial instruments as of June 30, 2015 are as follows: June 30, 2015 Carrying Amount Estimated Fair Value Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) (Amounts In Thousands) Financial instrument assets: Cash and cash equivalents $ 27,969 $ 27,969 $ 27,969 $ — $ — Investment securities 256,589 256,589 — 256,589 — Loans held for sale 7,198 7,198 — 7,198 — Loans Agricultural 88,312 88,365 — — 88,365 Commercial and financial 168,156 168,634 — — 168,634 Real estate: Construction, 1 to 4 family residential 54,572 54,613 — — 54,613 Construction, land development and commercial 93,936 93,887 — — 93,887 Mortgage, farmland 170,704 170,353 — — 170,353 Mortgage, 1 to 4 family first liens 688,909 691,027 — — 691,027 Mortgage, 1 to 4 family junior liens 111,968 117,579 — — 117,579 Mortgage, multi-family 240,966 243,702 — — 243,702 Mortgage, commercial 308,847 307,863 — — 307,863 Loans to individuals 20,836 20,806 — — 20,806 Obligations of state and political subdivisions 54,020 53,688 — — 53,688 Accrued interest receivable 8,919 8,919 — 8,919 — Total financial instrument assets $ 2,301,901 $ 2,311,192 $ 27,969 $ 272,706 $ 2,010,517 Financial instrument liabilities Deposits Noninterest-bearing deposits $ 292,211 $ 292,211 $ — $ 292,211 $ — Interest-bearing deposits 1,527,379 1,529,239 — 1,529,239 — Other borrowings 58,725 58,725 — 58,725 — Federal Home Loan Bank borrowings 170,000 175,025 — 175,025 — Interest rate swaps 3,048 3,048 — 3,048 — Accrued interest payable 825 825 — 825 — Total financial instrument liabilities $ 2,052,188 $ 2,059,073 $ — $ 2,059,073 $ — Face Amount Financial instrument with off-balance sheet risk: Loan commitments $ 378,755 $ — $ — $ — $ — Letters of credit 8,726 — — — — Total financial instrument liabilities with off-balance-sheet risk $ 387,481 $ — $ — $ — $ — (1) Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. The carrying value and estimated fair values of the Company's financial instruments as of December 31, 2014 are as follows: December 31, 2014 Carrying Amount Estimated Fair Value Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) (Amounts In Thousands) Financial instrument assets: Cash and cash equivalents $ 29,174 $ 29,174 $ 29,174 $ — $ — Investment securities 267,240 267,240 — 267,240 — Loans held for sale 4,476 4,476 — 4,476 — Loans Agricultural 95,130 95,126 — — 95,126 Commercial and financial 170,507 171,081 — — 171,081 Real estate: Construction, 1 to 4 family residential 45,139 45,159 — — 45,159 Construction, land development and commercial 75,589 75,623 — — 75,623 Mortgage, farmland 159,831 159,623 — — 159,623 Mortgage, 1 to 4 family first liens 666,406 665,428 — — 665,428 Mortgage, 1 to 4 family junior liens 109,133 115,726 — — 115,726 Mortgage, multi-family 243,723 246,191 — — 246,191 Mortgage, commercial 318,896 318,211 — — 318,211 Loans to individuals 21,043 21,016 — — 21,016 Obligations of state and political subdivisions 55,281 54,800 — — 54,800 Accrued interest receivable 8,276 8,276 — 8,276 — Total financial instrument assets $ 2,269,844 $ 2,277,150 $ 29,174 $ 279,992 $ 1,967,984 Financial instrument liabilities: Deposits Noninterest-bearing deposits $ 288,718 $ 288,718 $ — $ 288,718 $ — Interest-bearing deposits 1,546,351 1,550,974 — 1,550,974 — Other borrowings 47,499 47,499 — 47,499 — Federal Home Loan Bank borrowings 140,000 145,210 — 145,210 — Interest rate swaps 2,796 2,796 — 2,796 — Accrued interest payable 902 902 — 902 — Total financial instrument liabilities $ 2,026,266 $ 2,036,099 $ — $ 2,036,099 $ — Face Amount Financial instrument with off-balance sheet risk: Loan commitments $ 334,100 $ — $ — $ — $ — Letters of credit 12,437 — — — — Total financial instrument liabilities with off-balance-sheet risk $ 346,537 $ — $ — $ — $ — (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
Schedule of assets and liabilities measured at fair value on a recurring basis | The table below represents the balances of assets and liabilities measured at fair value on a recurring basis: June 30, 2015 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Securities available for sale (Amounts In Thousands) U.S. Treasury $ — $ 22,549 $ — $ 22,549 State and political subdivisions — 153,556 — 153,556 Other securities (FHLB, FHLMC and FNMA) — 70,839 — 70,839 Derivative Financial Instruments Interest rate swaps $ — (3,048 ) $ — (3,048 ) Total $ — $ 243,896 $ — $ 243,896 December 31, 2014 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Securities available for sale (Amounts In Thousands) U.S. Treasury $ — $ 22,333 $ — $ 22,333 State and political subdivisions — 168,968 — 168,968 Other securities (FHLB, FHLMC and FNMA) — 67,691 — 67,691 Derivative Financial Instruments Interest rate swaps — (2,796 ) — (2,796 ) Total $ — $ 256,196 $ — $ 256,196 (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
Schedule of assets measured at fair value on a nonrecurring basis | The following tables present the Company’s assets that are measured at fair value on a nonrecurring basis. June 30, 2015 Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Total Losses Total Losses (Amounts in Thousands) Loans (4) Agricultural $ — $ — $ 1,379 $ 1,379 $ 116 $ 116 Commercial and financial — — 1,281 1,281 28 28 Real Estate: Construction, 1 to 4 family residential — — 332 332 — 61 Construction, land development and commercial — — — — — — Mortgage, farmland — — 2,314 2,314 — — Mortgage, 1 to 4 family first liens — — 2,484 2,484 81 335 Mortgage, 1 to 4 family junior liens — — 207 207 149 149 Mortgage, multi-family — — 243 243 — 38 Mortgage, commercial — — 1,288 1,288 — 140 Loans to individuals — — — — — — Foreclosed assets (5) — — 494 494 10 40 Total $ — $ — $ 10,022 $ 10,022 $ 384 $ 907 (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. (4) Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero. (5) Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis (continued) December 31, 2014 Year Ended December 31, 2014 Readily Available Market Prices(1) Observable Market Prices(2) Company Determined Market Prices(3) Total at Fair Value Total Losses (Amounts in Thousands) Loans (4) Agricultural $ — $ — $ 1,679 $ 1,679 $ 25 Commercial and financial — — 1,709 1,709 206 Real Estate: Construction, 1 to 4 family residential — — 315 315 — Construction, land development and commercial — — — — — Mortgage, farmland — — 2,040 2,040 — Mortgage, 1 to 4 family first liens — — 2,500 2,500 576 Mortgage, 1 to 4 family junior liens — — 369 369 24 Mortgage, multi-family — — 5,525 5,525 — Mortgage, commercial — — 1,918 1,918 328 Loans to individuals — — — — — Foreclosed assets (5) — — 301 301 210 Total $ — $ — $ 16,356 $ 16,356 $ 1,369 (1) Considered Level 1 under ASC 820. (2) Considered Level 2 under ASC 820. (3) Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. (4) Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero. (5) Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of banks commitments | A summary of the Bank’s commitments at June 30, 2015 and December 31, 2014 is as follows: June 30, 2015 December 31, 2014 (Amounts In Thousands) Firm loan commitments and unused portion of lines of credit: Home equity loans $ 42,677 $ 40,484 Credit cards 48,767 46,573 Commercial, real estate and home construction 106,010 81,613 Commercial lines and real estate purchase loans 181,301 165,430 Outstanding letters of credit 8,726 12,437 |
Derivative Financial Instrume26
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Identification of the balance sheet category and fair values of the derivative instruments designated as cash flow hedges | The table below identifies the balance sheet category and fair values of the Bank’s derivative instruments designated as cash flow hedges as of June 30, 2015 and December 31, 2014 : Notional Amount Fair Value Balance Sheet Category Maturity (Amounts in Thousands) June 30, 2015 Interest rate swap $ 25,000 $ (1,140 ) Other Liabilities 11/9/2020 Interest rate swap 25,000 (1,908 ) Other Liabilities 11/7/2023 December 31, 2014 Interest rate swap $ 25,000 $ (864 ) Other Liabilities 11/9/2020 Interest rate swap 25,000 (1,932 ) Other Liabilities 11/7/2023 |
Identification of the gains and losses recognized on the derivative instruments designated as cash flow hedges | The table below identifies the gains and losses recognized on the Bank’s derivative instruments designated as cash flow hedges as of June 30, 2015 and December 31, 2014 : Effective Portion Ineffective Portion Recognized in OCI Reclassifed from AOCI into Income Recognized in Income on Derivatives Amount of Gain (Loss) Category Amount of Gain (Loss) Category Amount of Gain (Loss) (Amounts in Thousands) June 30, 2015 Interest rate swap $ (170 ) Interest Expense $ — Other Income $ — Interest rate swap 15 Interest Expense — Other Income — December 31, 2014 Interest rate swap $ (754 ) Interest Expense $ — Other Income $ — Interest rate swap (1,448 ) Interest Expense — Other Income — |
Summary of Significant Accoun27
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2015segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Summary of computation of basic and diluted earnings per share [Abstract] | ||||||||
Common shares outstanding at the beginning of the period | 9,362,061 | 9,365,176 | 9,417,152 | 9,423,990 | ||||
Weighted average number of net shares redeemed | (7,153) | (12,942) | (6,075) | (11,392) | ||||
Weighted average shares outstanding (basic) | 9,354,908 | 9,404,210 | 9,359,101 | 9,412,598 | ||||
Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method | 5,448 | 4,120 | 5,159 | 4,850 | ||||
Weighted average number of shares (diluted) | 9,360,356 | 9,408,330 | 9,364,260 | 9,417,448 | ||||
Net income (In thousands) | $ 7,470 | $ 7,181 | $ 14,850 | $ 13,925 | ||||
Earnings per share [Abstract] | ||||||||
Basic (in dollars per share) | $ 0.80 | $ 0.77 | $ 1.59 | $ 1.48 | ||||
Diluted (in dollars per share) | $ 0.80 | $ 0.77 | $ 1.59 | $ 1.48 |
Other Comprehensive Income (L29
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Tax effect | $ 598 | $ 276 |
Net-of-tax amount | (966) | (448) |
Unrealized gains on available-for-sale securities [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), before Tax | 1,484 | 2,072 |
Net unrealized (loss) gain on derivatives used for cash flow hedges [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), before Tax | $ (3,048) | $ (2,796) |
Securities (Details)
Securities (Details) $ in Thousands | Jun. 30, 2015USD ($)security | Dec. 31, 2014USD ($)security |
Available-for-sale Securities [Abstract] | ||
Securities available for sale, Amount | $ 246,944 | $ 258,992 |
Securities available for sale, Percent | 100.00% | 100.00% |
Available-for-sale Securities Reconciliation [Abstract] | ||
Amortized Cost | $ 245,460 | $ 256,920 |
Gross Unrealized Gains | 2,310 | 2,664 |
Gross Unrealized (Losses) | (826) | (592) |
Estimated Fair Value | 246,944 | 258,992 |
Amortized Cost [Abstract] | ||
Due in one year or less | 32,111 | |
Due after one year through five years | 148,365 | |
Due after five years through ten years | 63,370 | |
Due over ten years | 1,614 | |
Amortized Cost | 245,460 | |
Fair Value [Abstract] | ||
Due in one year or less | 32,248 | |
Due after one year through five years | 150,009 | |
Due after five years through ten years | 63,073 | |
Due over ten years | 1,614 | |
Fair Value | 246,944 | $ 258,992 |
Carrying value of investment securities pledged to collateralize short-term borrowings | $ 58,730 | |
Less than 12 months [Abstract] | ||
Number of securities | security | 212 | 106 |
Fair Value | $ 66,698 | $ 58,502 |
Unrealized Loss | $ (661) | $ (260) |
Percentage | 0.99% | 0.44% |
12 months or more [Abstract] | ||
Number of securities | security | 28 | 78 |
Fair Value | $ 6,007 | $ 16,154 |
Unrealized Loss | $ (165) | $ (332) |
Percentage | 2.75% | 2.06% |
Total [Abstract] | ||
Number of securities | security | 240 | 184 |
Fair Value | $ 72,705 | $ 74,656 |
Unrealized Loss | $ (826) | $ (592) |
Percentage | 1.14% | 0.79% |
U.S. Treasury [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities available for sale, Amount | $ 22,549 | $ 22,333 |
Securities available for sale, Percent | 9.13% | 8.62% |
Available-for-sale Securities Reconciliation [Abstract] | ||
Amortized Cost | $ 22,374 | $ 22,351 |
Gross Unrealized Gains | 175 | 18 |
Gross Unrealized (Losses) | 0 | (36) |
Estimated Fair Value | 22,549 | 22,333 |
Fair Value [Abstract] | ||
Fair Value | $ 22,549 | $ 22,333 |
Less than 12 months [Abstract] | ||
Number of securities | security | 0 | 5 |
Fair Value | $ 0 | $ 12,396 |
Unrealized Loss | $ 0 | $ (36) |
Percentage | 0.00% | 0.29% |
12 months or more [Abstract] | ||
Number of securities | security | 0 | 0 |
Fair Value | $ 0 | $ 0 |
Unrealized Loss | $ 0 | $ 0 |
Percentage | 0.00% | 0.00% |
Total [Abstract] | ||
Number of securities | security | 0 | 5 |
Fair Value | $ 0 | $ 12,396 |
Unrealized Loss | $ 0 | $ (36) |
Percentage | 0.00% | 0.29% |
Other securities (FHLB, FHLMC and FNMA) [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities available for sale, Amount | $ 70,839 | $ 67,691 |
Securities available for sale, Percent | 28.69% | 26.14% |
Available-for-sale Securities Reconciliation [Abstract] | ||
Amortized Cost | $ 70,662 | $ 67,644 |
Gross Unrealized Gains | 257 | 147 |
Gross Unrealized (Losses) | (80) | (100) |
Estimated Fair Value | 70,839 | 67,691 |
Fair Value [Abstract] | ||
Fair Value | $ 70,839 | $ 67,691 |
Less than 12 months [Abstract] | ||
Number of securities | security | 8 | 10 |
Fair Value | $ 20,885 | $ 24,382 |
Unrealized Loss | $ (80) | $ (100) |
Percentage | 0.38% | 0.41% |
12 months or more [Abstract] | ||
Number of securities | security | 0 | 0 |
Fair Value | $ 0 | $ 0 |
Unrealized Loss | $ 0 | $ 0 |
Percentage | 0.00% | 0.00% |
Total [Abstract] | ||
Number of securities | security | 8 | 10 |
Fair Value | $ 20,885 | $ 24,382 |
Unrealized Loss | $ (80) | $ (100) |
Percentage | 0.38% | 0.41% |
State and political subdivisions [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities available for sale, Amount | $ 153,556 | $ 168,968 |
Securities available for sale, Percent | 62.18% | 65.24% |
Available-for-sale Securities Reconciliation [Abstract] | ||
Amortized Cost | $ 152,424 | $ 166,925 |
Gross Unrealized Gains | 1,878 | 2,499 |
Gross Unrealized (Losses) | (746) | (456) |
Estimated Fair Value | 153,556 | 168,968 |
Fair Value [Abstract] | ||
Fair Value | $ 153,556 | $ 168,968 |
Less than 12 months [Abstract] | ||
Number of securities | security | 204 | 91 |
Fair Value | $ 45,813 | $ 21,724 |
Unrealized Loss | $ (581) | $ (124) |
Percentage | 1.27% | 0.57% |
12 months or more [Abstract] | ||
Number of securities | security | 28 | 78 |
Fair Value | $ 6,007 | $ 16,154 |
Unrealized Loss | $ (165) | $ (332) |
Percentage | 2.75% | 2.06% |
Total [Abstract] | ||
Number of securities | security | 232 | 169 |
Fair Value | $ 51,820 | $ 37,878 |
Unrealized Loss | $ (746) | $ (456) |
Percentage | 1.44% | 1.20% |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Summary of classes of loans (abstract) | |||
Loans and receivable | $ 2,027,026 | $ 1,984,698 | $ 1,887,025 |
Net unamortized fees and costs | 724 | 691 | |
Loans and receivable, gross | 2,027,750 | 1,985,389 | |
Less allowance for loan losses | 25,800 | 24,020 | |
Loans and receivable, net | 2,001,950 | 1,961,369 | |
Agricultural [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 91,095 | 97,645 | 85,204 |
Commercial and financial [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 172,854 | 174,738 | 178,227 |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 55,640 | 45,949 | |
Real Estate: Construction, land development and commercial [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 95,893 | 77,020 | |
Real Estate: Mortgage, farmland [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 173,529 | 162,503 | $ 144,050 |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 695,157 | 672,674 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 113,116 | 110,284 | |
Real Estate: Mortgage, multi-family [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 242,454 | 245,213 | |
Real Estate: Mortgage, commercial [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 311,470 | 321,601 | |
Loans to individuals [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | 21,362 | 21,342 | |
Obligations of state and political subdivisions [Member] | |||
Summary of classes of loans (abstract) | |||
Loans and receivable | $ 54,456 | $ 55,729 |
Loans, Allowance For Credit Los
Loans, Allowance For Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | $ 24,360 | $ 25,860 | $ 24,020 | $ 25,550 | |||
Charge-offs | (951) | (1,046) | (1,718) | (1,572) | |||
Recoveries | 1,874 | 782 | 3,043 | 1,573 | |||
Provision | 517 | (246) | 455 | (201) | |||
Ending balance | 24,360 | 25,860 | 24,020 | 25,550 | $ 25,800 | $ 24,020 | $ 25,350 |
Ending balance, individually evaluated for impairment | 666 | 94 | 666 | 94 | |||
Ending balance, collectively evaluated for impairment | 25,134 | 25,256 | 25,134 | 25,256 | |||
Loan [Abstract] | |||||||
Total Loans Receivable | 2,027,026 | 1,984,698 | 1,887,025 | ||||
Ending balance, individually evaluated for impairment | 14,173 | 26,218 | 14,173 | 26,218 | |||
Ending balance, collectively evaluated for impairment | 2,012,853 | 1,860,807 | 2,012,853 | 1,860,807 | |||
Agricultural [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 2,544 | 4,062 | 2,515 | 2,852 | |||
Charge-offs | (214) | (25) | (257) | (125) | |||
Recoveries | 1 | 2 | 83 | 5 | |||
Provision | 452 | (1,003) | 442 | 304 | |||
Ending balance | 2,544 | 4,062 | 2,515 | 2,852 | 2,783 | 2,515 | 3,036 |
Ending balance, individually evaluated for impairment | 2 | 3 | 2 | 3 | |||
Ending balance, collectively evaluated for impairment | 2,781 | 3,033 | 2,781 | 3,033 | |||
Loan [Abstract] | |||||||
Total Loans Receivable | 91,095 | 97,645 | 85,204 | ||||
Ending balance, individually evaluated for impairment | 1,593 | 292 | 1,593 | 292 | |||
Ending balance, collectively evaluated for impairment | 89,502 | 84,912 | 89,502 | 84,912 | |||
Commercial and Financial [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 4,358 | 4,519 | 4,231 | 4,733 | |||
Charge-offs | (250) | (370) | (316) | (455) | |||
Recoveries | 334 | 259 | 735 | 609 | |||
Provision | 256 | 424 | 48 | (55) | |||
Ending balance | 4,358 | 4,519 | 4,231 | 4,733 | 4,698 | 4,231 | 4,832 |
Ending balance, individually evaluated for impairment | 507 | 11 | 507 | 11 | |||
Ending balance, collectively evaluated for impairment | 4,191 | 4,821 | 4,191 | 4,821 | |||
Loan [Abstract] | |||||||
Total Loans Receivable | 172,854 | 174,738 | 178,227 | ||||
Ending balance, individually evaluated for impairment | 2,481 | 2,585 | 2,481 | 2,585 | |||
Ending balance, collectively evaluated for impairment | 170,373 | 175,642 | 170,373 | 175,642 | |||
Real Estate: Construction and land development [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 2,250 | 2,961 | 2,241 | 2,918 | |||
Charge-offs | (63) | (245) | (147) | (247) | |||
Recoveries | 153 | 88 | 304 | 274 | |||
Provision | 685 | 627 | 627 | 486 | |||
Ending balance | 2,250 | 2,961 | 2,241 | 2,918 | 3,025 | 2,241 | 3,431 |
Ending balance, individually evaluated for impairment | 11 | 28 | 11 | 28 | |||
Ending balance, collectively evaluated for impairment | 3,014 | 3,403 | 3,014 | 3,403 | |||
Loan [Abstract] | |||||||
Total Loans Receivable | 151,533 | 110,677 | |||||
Ending balance, individually evaluated for impairment | 656 | 846 | 656 | 846 | |||
Ending balance, collectively evaluated for impairment | 150,877 | 109,831 | 150,877 | 109,831 | |||
Real Estate: Mortgage, farmland [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 2,777 | 2,782 | 2,672 | 2,557 | |||
Charge-offs | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 6 | 0 | |||
Provision | 48 | (33) | 147 | 192 | |||
Ending balance | 2,777 | 2,782 | 2,672 | 2,557 | 2,825 | 2,672 | 2,749 |
Ending balance, individually evaluated for impairment | 0 | 15 | 0 | 15 | |||
Ending balance, collectively evaluated for impairment | 2,825 | 2,734 | 2,825 | 2,734 | |||
Loan [Abstract] | |||||||
Total Loans Receivable | 173,529 | 162,503 | 144,050 | ||||
Ending balance, individually evaluated for impairment | 2,314 | 387 | 2,314 | 387 | |||
Ending balance, collectively evaluated for impairment | 171,215 | 143,663 | 171,215 | 143,663 | |||
Real Estate: Mortgage, 1 to 4 family [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 7,456 | 6,621 | 7,419 | 7,064 | |||
Charge-offs | (321) | (185) | (668) | (492) | |||
Recoveries | 146 | 273 | 559 | 452 | |||
Provision | 115 | 122 | 86 | (193) | |||
Ending balance | 7,456 | 6,621 | 7,419 | 7,064 | 7,396 | 7,419 | 6,831 |
Ending balance, individually evaluated for impairment | 76 | 23 | 76 | 23 | |||
Ending balance, collectively evaluated for impairment | 7,320 | 6,808 | 7,320 | 6,808 | |||
Loan [Abstract] | |||||||
Total Loans Receivable | 808,273 | 736,863 | |||||
Ending balance, individually evaluated for impairment | 3,707 | 4,087 | 3,707 | 4,087 | |||
Ending balance, collectively evaluated for impairment | 804,566 | 732,776 | 804,566 | 732,776 | |||
Real Estate: Mortgage, multi-family and commercial [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 4,125 | 4,264 | 4,195 | 4,787 | |||
Charge-offs | (1) | (48) | (180) | (48) | |||
Recoveries | 1,200 | 119 | 1,270 | 160 | |||
Provision | (1,213) | (596) | (1,174) | (1,160) | |||
Ending balance | 4,125 | 4,264 | 4,195 | 4,787 | 4,111 | 4,195 | 3,739 |
Ending balance, individually evaluated for impairment | 55 | 14 | 55 | 14 | |||
Ending balance, collectively evaluated for impairment | 4,056 | 3,725 | 4,056 | 3,725 | |||
Loan [Abstract] | |||||||
Total Loans Receivable | 553,924 | 556,061 | |||||
Ending balance, individually evaluated for impairment | 3,407 | 18,021 | 3,407 | 18,021 | |||
Ending balance, collectively evaluated for impairment | 550,517 | 538,040 | 550,517 | 538,040 | |||
Others [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 850 | 651 | 747 | 639 | |||
Charge-offs | (102) | (173) | (150) | (205) | |||
Recoveries | 40 | 41 | 86 | 73 | |||
Provision | 174 | 213 | 279 | 225 | |||
Ending balance | 850 | 651 | 747 | 639 | 962 | $ 747 | 732 |
Ending balance, individually evaluated for impairment | 15 | 0 | 15 | 0 | |||
Ending balance, collectively evaluated for impairment | 947 | 732 | 947 | 732 | |||
Loan [Abstract] | |||||||
Total Loans Receivable | $ 75,818 | $ 75,943 | |||||
Ending balance, individually evaluated for impairment | 15 | 0 | 15 | 0 | |||
Ending balance, collectively evaluated for impairment | $ 75,803 | $ 75,943 | $ 75,803 | $ 75,943 |
Loans, Credit Quality Indicator
Loans, Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | $ 2,027,026 | $ 1,984,698 | $ 1,887,025 |
Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 29,995 | 34,766 | |
Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 319,786 | 338,238 | |
Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 1,372,919 | 1,315,413 | |
Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 171,566 | 165,098 | |
Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 95,211 | 89,856 | |
Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 37,549 | 41,327 | |
Agricultural [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 91,095 | 97,645 | 85,204 |
Agricultural [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 1,305 | 1,375 | |
Agricultural [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 11,606 | 13,214 | |
Agricultural [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 39,549 | 51,107 | |
Agricultural [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 11,359 | 15,243 | |
Agricultural [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 24,886 | 13,070 | |
Agricultural [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 2,390 | 3,636 | |
Commercial and Financial [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 172,854 | 174,738 | 178,227 |
Commercial and Financial [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 2,933 | 4,820 | |
Commercial and Financial [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 30,228 | 37,941 | |
Commercial and Financial [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 103,356 | 94,158 | |
Commercial and Financial [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 20,168 | 20,445 | |
Commercial and Financial [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 11,261 | 11,031 | |
Commercial and Financial [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 4,908 | 6,343 | |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 55,640 | 45,949 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 0 | 0 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 6,590 | 6,893 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 35,131 | 27,738 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 9,321 | 8,435 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 3,772 | 1,881 | |
Real Estate: Construction, 1 to 4 family residential [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 826 | 1,002 | |
Real Estate: Construction, land development and commercial [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 95,893 | 77,020 | |
Real Estate: Construction, land development and commercial [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 268 | 276 | |
Real Estate: Construction, land development and commercial [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 21,724 | 13,875 | |
Real Estate: Construction, land development and commercial [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 56,415 | 47,852 | |
Real Estate: Construction, land development and commercial [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 2,775 | 2,811 | |
Real Estate: Construction, land development and commercial [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 14,481 | 11,870 | |
Real Estate: Construction, land development and commercial [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 230 | 336 | |
Real Estate: Mortgage, farmland [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 173,529 | 162,503 | $ 144,050 |
Real Estate: Mortgage, farmland [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 2,824 | 2,867 | |
Real Estate: Mortgage, farmland [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 32,412 | 36,680 | |
Real Estate: Mortgage, farmland [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 108,897 | 103,552 | |
Real Estate: Mortgage, farmland [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 17,318 | 11,754 | |
Real Estate: Mortgage, farmland [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 8,746 | 4,721 | |
Real Estate: Mortgage, farmland [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 3,332 | 2,929 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 695,157 | 672,674 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 450 | 474 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 21,035 | 22,094 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 592,013 | 571,546 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 46,404 | 41,805 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 15,654 | 18,428 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 19,601 | 18,327 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 113,116 | 110,284 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 0 | 0 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 3,089 | 2,875 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 101,898 | 99,095 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 4,149 | 3,377 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 2,287 | 2,520 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 1,693 | 2,417 | |
Real Estate: Mortgage, multi-family [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 242,454 | 245,213 | |
Real Estate: Mortgage, multi-family [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 6,836 | 7,011 | |
Real Estate: Mortgage, multi-family [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 71,593 | 73,852 | |
Real Estate: Mortgage, multi-family [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 123,004 | 111,650 | |
Real Estate: Mortgage, multi-family [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 34,824 | 35,812 | |
Real Estate: Mortgage, multi-family [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 5,641 | 16,611 | |
Real Estate: Mortgage, multi-family [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 556 | 277 | |
Real Estate: Mortgage, commercial [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 311,470 | 321,601 | |
Real Estate: Mortgage, commercial [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 12,976 | 15,416 | |
Real Estate: Mortgage, commercial [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 80,065 | 87,612 | |
Real Estate: Mortgage, commercial [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 181,456 | 178,069 | |
Real Estate: Mortgage, commercial [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 24,898 | 25,165 | |
Real Estate: Mortgage, commercial [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 8,242 | 9,371 | |
Real Estate: Mortgage, commercial [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 3,833 | 5,968 | |
Loans to individuals [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 21,362 | 21,342 | |
Loans to individuals [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 0 | 87 | |
Loans to individuals [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 49 | 94 | |
Loans to individuals [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 20,568 | 20,465 | |
Loans to individuals [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 350 | 251 | |
Loans to individuals [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 215 | 353 | |
Loans to individuals [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 180 | 92 | |
Obligations of state and political subdivisions [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 54,456 | 55,729 | |
Obligations of state and political subdivisions [Member] | Excellent [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 2,403 | 2,440 | |
Obligations of state and political subdivisions [Member] | Good [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 41,395 | 43,108 | |
Obligations of state and political subdivisions [Member] | Satisfactory [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 10,632 | 10,181 | |
Obligations of state and political subdivisions [Member] | Monitor [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 0 | 0 | |
Obligations of state and political subdivisions [Member] | Special Mention [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | 26 | 0 | |
Obligations of state and political subdivisions [Member] | Substandard [Member] | |||
Summary of credit quality indicators by type of loans [Abstract] | |||
Loans and receivable | $ 0 | $ 0 |
Loans, Past Due Receivables (De
Loans, Past Due Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | $ 1,871 | $ 6,558 | |
60 - 89 Days Past Due | 1,989 | 2,359 | |
90 Days or More Past Due | 1,659 | 2,908 | |
Total Past Due | 5,519 | 11,825 | |
Current | 2,021,507 | 1,972,873 | |
Total Loans Receivable | 2,027,026 | 1,984,698 | $ 1,887,025 |
Accruing Loans Past Due 90 Days or More | 412 | 348 | |
Agricultural [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 88 | 310 | |
60 - 89 Days Past Due | 9 | 99 | |
90 Days or More Past Due | 70 | 0 | |
Total Past Due | 167 | 409 | |
Current | 90,928 | 97,236 | |
Total Loans Receivable | 91,095 | 97,645 | 85,204 |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Commercial and Financial [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 288 | 397 | |
60 - 89 Days Past Due | 150 | 14 | |
90 Days or More Past Due | 127 | 1,048 | |
Total Past Due | 565 | 1,459 | |
Current | 172,289 | 173,279 | |
Total Loans Receivable | 172,854 | 174,738 | 178,227 |
Accruing Loans Past Due 90 Days or More | 17 | 0 | |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 309 | 0 | |
60 - 89 Days Past Due | 503 | 0 | |
90 Days or More Past Due | 173 | 0 | |
Total Past Due | 985 | 0 | |
Current | 54,655 | 45,949 | |
Total Loans Receivable | 55,640 | 45,949 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Real Estate: Construction, land development and commercial [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 98 | 937 | |
60 - 89 Days Past Due | 0 | 0 | |
90 Days or More Past Due | 0 | 0 | |
Total Past Due | 98 | 937 | |
Current | 95,795 | 76,083 | |
Total Loans Receivable | 95,893 | 77,020 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Real Estate: Mortgage, farmland [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 45 | 753 | |
60 - 89 Days Past Due | 0 | 0 | |
90 Days or More Past Due | 0 | 0 | |
Total Past Due | 45 | 753 | |
Current | 173,484 | 161,750 | |
Total Loans Receivable | 173,529 | 162,503 | $ 144,050 |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 475 | 3,594 | |
60 - 89 Days Past Due | 1,262 | 1,656 | |
90 Days or More Past Due | 827 | 1,582 | |
Total Past Due | 2,564 | 6,832 | |
Current | 692,593 | 665,842 | |
Total Loans Receivable | 695,157 | 672,674 | |
Accruing Loans Past Due 90 Days or More | 376 | 348 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 115 | 181 | |
60 - 89 Days Past Due | 12 | 12 | |
90 Days or More Past Due | 19 | 244 | |
Total Past Due | 146 | 437 | |
Current | 112,970 | 109,847 | |
Total Loans Receivable | 113,116 | 110,284 | |
Accruing Loans Past Due 90 Days or More | 19 | 0 | |
Real Estate: Mortgage, multi-family [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 192 | 0 | |
60 - 89 Days Past Due | 0 | 21 | |
90 Days or More Past Due | 0 | 0 | |
Total Past Due | 192 | 21 | |
Current | 242,262 | 245,192 | |
Total Loans Receivable | 242,454 | 245,213 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Real Estate: Mortgage, commercial [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 226 | 359 | |
60 - 89 Days Past Due | 45 | 557 | |
90 Days or More Past Due | 443 | 34 | |
Total Past Due | 714 | 950 | |
Current | 310,756 | 320,651 | |
Total Loans Receivable | 311,470 | 321,601 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Loans to individuals [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 35 | 27 | |
60 - 89 Days Past Due | 8 | 0 | |
90 Days or More Past Due | 0 | 0 | |
Total Past Due | 43 | 27 | |
Current | 21,319 | 21,315 | |
Total Loans Receivable | 21,362 | 21,342 | |
Accruing Loans Past Due 90 Days or More | 0 | 0 | |
Obligations of state and political subdivisions [Member] | |||
Schedule of past due loans [Abstract] | |||
30 - 59 Days Past Due | 0 | 0 | |
60 - 89 Days Past Due | 0 | 0 | |
90 Days or More Past Due | 0 | 0 | |
Total Past Due | 0 | 0 | |
Current | 54,456 | 55,729 | |
Total Loans Receivable | 54,456 | 55,729 | |
Accruing Loans Past Due 90 Days or More | $ 0 | $ 0 |
Loans, Impaired Financing Recei
Loans, Impaired Financing Receivable Loan Type (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | ||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | $ 5,169 | $ 6,081 |
Accruing loans past due 90 days or more | 412 | 348 | |
TDR loans | 8,035 | 14,340 | |
Increase in accruing loans past due 90 days or more creased | 60 | ||
Average 90 days or more past due loan balance | 70 | 70 | |
Agricultural [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 70 | 0 |
Accruing loans past due 90 days or more | 0 | 0 | |
TDR loans | 1,523 | 1,942 | |
Commercial and financial [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 1,281 | 1,343 |
Accruing loans past due 90 days or more | 17 | 0 | |
TDR loans | 683 | 1,366 | |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 173 | 0 |
Accruing loans past due 90 days or more | 0 | 0 | |
TDR loans | 359 | 431 | |
Real Estate: Construction, land development and commercial [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 0 | 127 |
Accruing loans past due 90 days or more | 0 | 0 | |
TDR loans | 124 | 0 | |
Real Estate: Mortgage, farmland [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 0 | 0 |
Accruing loans past due 90 days or more | 0 | 0 | |
TDR loans | 2,314 | 2,220 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 1,768 | 1,912 |
Accruing loans past due 90 days or more | 376 | 348 | |
TDR loans | 1,331 | 1,199 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 186 | 369 |
Accruing loans past due 90 days or more | 19 | 0 | |
TDR loans | 27 | 0 | |
Real Estate: Mortgage, multi-family [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 249 | 55 |
Accruing loans past due 90 days or more | 0 | 0 | |
TDR loans | 0 | 5,470 | |
Real Estate: Mortgage, commercial [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 1,442 | 2,275 |
Accruing loans past due 90 days or more | 0 | 0 | |
TDR loans | 1,674 | 1,712 | |
Loans to individuals [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
Non-accrual loans | [1] | 0 | 0 |
Accruing loans past due 90 days or more | 0 | 0 | |
TDR loans | 0 | 0 | |
Troubled Debt Restructuring [Member] | |||
Summary of certain impaired loan information [Abstract] | |||
TDR Loans included within nonaccrual loans | $ 2,340 | $ 2,140 | |
[1] | There were $2.34 million and $2.14 million of TDR loans included within nonaccrual loans as of June 30, 2015 and December 31, 2014, respectively. |
Loans, Troubled Debt Restructur
Loans, Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)contract | Jun. 30, 2015USD ($)contract | Dec. 31, 2014USD ($)contract | |
Summary of information for TDR loans [Abstract] | |||
Number of contracts | contract | 53 | 52 | |
Recorded investment | $ 10,374 | $ 10,374 | $ 16,482 |
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 658 | $ 658 | 501 |
Summary of troubled debt restructuring loans were modified [Abstract] | |||
Number of Contracts | contract | 8 | 18 | |
Pre-modification recorded investment | $ 471 | $ 1,828 | |
Post-modification recorded investment | 355 | 1,553 | |
Commitments to lend additional borrowings | 500 | ||
TDR loans default payment | $ 280 | $ 0 | |
Agricultural [Member] | |||
Summary of information for TDR loans [Abstract] | |||
Number of contracts | contract | 8 | 9 | |
Recorded investment | 1,524 | $ 1,524 | $ 1,942 |
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 471 | $ 471 | $ 272 |
Summary of troubled debt restructuring loans were modified [Abstract] | |||
Number of Contracts | contract | 2 | 5 | |
Pre-modification recorded investment | $ 234 | $ 394 | |
Post-modification recorded investment | 118 | $ 278 | |
Commercial and Financial [Member] | |||
Summary of information for TDR loans [Abstract] | |||
Number of contracts | contract | 9 | 13 | |
Recorded investment | 1,646 | $ 1,646 | $ 2,202 |
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 158 | $ 158 | $ 53 |
Summary of troubled debt restructuring loans were modified [Abstract] | |||
Number of Contracts | contract | 0 | 1 | |
Pre-modification recorded investment | $ 0 | $ 191 | |
Post-modification recorded investment | 0 | $ 177 | |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Summary of information for TDR loans [Abstract] | |||
Number of contracts | contract | 3 | 3 | |
Recorded investment | 532 | $ 532 | $ 431 |
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 29 | $ 29 | $ 111 |
Summary of troubled debt restructuring loans were modified [Abstract] | |||
Number of Contracts | contract | 0 | 0 | |
Pre-modification recorded investment | $ 0 | $ 0 | |
Post-modification recorded investment | 0 | 0 | |
TDR loans default payment | $ 170 | ||
Real Estate: Construction, land development and commercial [Member] | |||
Summary of information for TDR loans [Abstract] | |||
Number of contracts | contract | 1 | 1 | |
Recorded investment | 124 | $ 124 | $ 127 |
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 | $ 0 |
Summary of troubled debt restructuring loans were modified [Abstract] | |||
Number of Contracts | contract | 0 | 0 | |
Pre-modification recorded investment | $ 0 | $ 0 | |
Post-modification recorded investment | 0 | $ 0 | |
Real Estate: Mortgage, farmland [Member] | |||
Summary of information for TDR loans [Abstract] | |||
Number of contracts | contract | 5 | 4 | |
Recorded investment | 2,314 | $ 2,314 | $ 2,220 |
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 | $ 0 |
Summary of troubled debt restructuring loans were modified [Abstract] | |||
Number of Contracts | contract | 0 | 3 | |
Pre-modification recorded investment | $ 0 | $ 644 | |
Post-modification recorded investment | 0 | $ 531 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Summary of information for TDR loans [Abstract] | |||
Number of contracts | contract | 14 | 11 | |
Recorded investment | 1,612 | $ 1,612 | $ 1,467 |
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 | $ 0 |
Summary of troubled debt restructuring loans were modified [Abstract] | |||
Number of Contracts | contract | 3 | 4 | |
Pre-modification recorded investment | $ 107 | $ 264 | |
Post-modification recorded investment | 107 | $ 264 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Summary of information for TDR loans [Abstract] | |||
Number of contracts | contract | 2 | 1 | |
Recorded investment | 40 | $ 40 | $ 225 |
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 | $ 65 |
Summary of troubled debt restructuring loans were modified [Abstract] | |||
Number of Contracts | contract | 1 | 2 | |
Pre-modification recorded investment | $ 15 | $ 42 | |
Post-modification recorded investment | 15 | $ 42 | |
Real Estate: Mortgage, multi-family [Member] | |||
Summary of information for TDR loans [Abstract] | |||
Number of contracts | contract | 1 | 2 | |
Recorded investment | 71 | $ 71 | $ 5,470 |
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 | $ 0 |
Summary of troubled debt restructuring loans were modified [Abstract] | |||
Number of Contracts | contract | 1 | 1 | |
Pre-modification recorded investment | $ 71 | $ 71 | |
Post-modification recorded investment | 71 | $ 71 | |
Real Estate: Mortgage, commercial [Member] | |||
Summary of information for TDR loans [Abstract] | |||
Number of contracts | contract | 10 | 8 | |
Recorded investment | 2,511 | $ 2,511 | $ 2,398 |
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 | $ 0 |
Summary of troubled debt restructuring loans were modified [Abstract] | |||
Number of Contracts | contract | 1 | 2 | |
Pre-modification recorded investment | $ 44 | $ 222 | |
Post-modification recorded investment | 44 | 190 | |
TDR loans default payment | $ 110 | ||
Loans to individuals [Member] | |||
Summary of information for TDR loans [Abstract] | |||
Number of contracts | contract | 0 | 0 | |
Recorded investment | 0 | $ 0 | $ 0 |
Financing Receivable Troubled Debt Restructuring Commitments Outstanding | $ 0 | $ 0 | $ 0 |
Loans, Impaired Financing Rec37
Loans, Impaired Financing Receivables Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Recorded Investment [Abstract] | |||
With no related allowance recorded | $ 11,079 | $ 11,079 | $ 18,102 |
With an allowance recorded | 3,094 | 3,094 | 2,667 |
Total impaired loans | 14,173 | 14,173 | 20,769 |
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 14,718 | 14,718 | 22,358 |
With an allowance recorded | 3,485 | 3,485 | 2,805 |
Total | 18,203 | 18,203 | 25,163 |
Related Allowance [Abstract] | |||
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 666 | 666 | 154 |
Total | 666 | 666 | $ 154 |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 11,523 | 11,621 | |
With an allowance recorded | 3,289 | 3,334 | |
Total | 14,812 | 14,955 | |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 75 | 150 | |
With an allowance recorded | 36 | 84 | |
Total | $ 111 | 234 | |
Impaired loans decrease | $ 7,150 | ||
Percentages of impaired loans to loans held for investment (in hundredths) | 0.68% | 0.68% | 1.05% |
Decrease In nonaccrual loans | $ 910 | ||
Decrease in TDR Loans | $ 6,310 | ||
Prior period within which impairment is being measured | 1 year | ||
Number of period within which average appraisals obtained | 1 month | ||
Agricultural [Member] | |||
Recorded Investment [Abstract] | |||
With no related allowance recorded | $ 1,487 | $ 1,487 | $ 1,634 |
With an allowance recorded | 106 | 106 | 210 |
Total impaired loans | 1,593 | 1,593 | 1,844 |
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 1,629 | 1,629 | 1,696 |
With an allowance recorded | 106 | 106 | 247 |
Total | 1,735 | 1,735 | 1,943 |
Related Allowance [Abstract] | |||
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 2 | 2 | 44 |
Total | 2 | 2 | 44 |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 1,703 | 1,595 | |
With an allowance recorded | 108 | 108 | |
Total | 1,811 | 1,703 | |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 20 | 37 | |
With an allowance recorded | 1 | 2 | |
Total | 21 | 39 | |
Commercial and Financial [Member] | |||
Recorded Investment [Abstract] | |||
With no related allowance recorded | 1,388 | 1,388 | 2,076 |
With an allowance recorded | 1,093 | 1,093 | 633 |
Total impaired loans | 2,481 | 2,481 | 2,709 |
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 2,029 | 2,029 | 3,695 |
With an allowance recorded | 1,390 | 1,390 | 633 |
Total | 3,419 | 3,419 | 4,328 |
Related Allowance [Abstract] | |||
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 507 | 507 | 9 |
Total | 507 | 507 | 9 |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 1,450 | 1,489 | |
With an allowance recorded | 1,266 | 1,289 | |
Total | 2,716 | 2,778 | |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 1 | 3 | |
With an allowance recorded | 14 | 35 | |
Total | 15 | 38 | |
Real Estate: Construction, 1 to 4 family residential [Member] | |||
Recorded Investment [Abstract] | |||
With no related allowance recorded | 189 | 189 | 89 |
With an allowance recorded | 343 | 343 | 343 |
Total impaired loans | 532 | 532 | 432 |
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 189 | 189 | 89 |
With an allowance recorded | 354 | 354 | 354 |
Total | 543 | 543 | 443 |
Related Allowance [Abstract] | |||
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 11 | 11 | 28 |
Total | 11 | 11 | 28 |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 173 | 139 | |
With an allowance recorded | 343 | 343 | |
Total | 516 | 482 | |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 1 | 2 | |
With an allowance recorded | 2 | 4 | |
Total | 3 | 6 | |
Real Estate: Construction, land development and commercial [Member] | |||
Recorded Investment [Abstract] | |||
With no related allowance recorded | 124 | 124 | 128 |
With an allowance recorded | 0 | 0 | 0 |
Total impaired loans | 124 | 124 | 128 |
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 219 | 219 | 220 |
With an allowance recorded | 0 | 0 | 0 |
Total | 219 | 219 | 220 |
Related Allowance [Abstract] | |||
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 125 | 126 | |
With an allowance recorded | 0 | 0 | |
Total | 125 | 126 | |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 1 | 3 | |
With an allowance recorded | 0 | 0 | |
Total | 1 | 3 | |
Real Estate: Mortgage, farmland [Member] | |||
Recorded Investment [Abstract] | |||
With no related allowance recorded | 2,314 | 2,314 | 2,040 |
With an allowance recorded | 0 | 0 | 278 |
Total impaired loans | 2,314 | 2,314 | 2,318 |
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 2,427 | 2,427 | 2,040 |
With an allowance recorded | 0 | 0 | 278 |
Total | 2,427 | 2,427 | 2,318 |
Related Allowance [Abstract] | |||
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 0 | 0 | 12 |
Total | 0 | 0 | 12 |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 2,323 | 2,346 | |
With an allowance recorded | 0 | 0 | |
Total | 2,323 | 2,346 | |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 27 | 55 | |
With an allowance recorded | 0 | 0 | |
Total | 27 | 55 | |
Real Estate: Mortgage, 1 to 4 family first liens [Member] | |||
Recorded Investment [Abstract] | |||
With no related allowance recorded | 2,786 | 2,786 | 2,951 |
With an allowance recorded | 689 | 689 | 506 |
Total impaired loans | 3,475 | 3,475 | 3,457 |
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 3,450 | 3,450 | 3,705 |
With an allowance recorded | 734 | 734 | 596 |
Total | 4,184 | 4,184 | 4,301 |
Related Allowance [Abstract] | |||
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 70 | 70 | 52 |
Total | 70 | 70 | 52 |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 2,875 | 2,958 | |
With an allowance recorded | 710 | 710 | |
Total | 3,585 | 3,668 | |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 13 | 26 | |
With an allowance recorded | 9 | 21 | |
Total | 22 | 47 | |
Real Estate: Mortgage, 1 to 4 family junior liens [Member] | |||
Recorded Investment [Abstract] | |||
With no related allowance recorded | 186 | 186 | 369 |
With an allowance recorded | 46 | 46 | 0 |
Total impaired loans | 232 | 232 | 369 |
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 626 | 626 | 673 |
With an allowance recorded | 46 | 46 | 0 |
Total | 672 | 672 | 673 |
Related Allowance [Abstract] | |||
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 6 | 6 | 0 |
Total | 6 | 6 | 0 |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 263 | 271 | |
With an allowance recorded | 46 | 46 | |
Total | 309 | 317 | |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 0 | 0 | |
With an allowance recorded | 1 | 1 | |
Total | 1 | 1 | |
Real Estate: Mortgage, multi-family [Member] | |||
Recorded Investment [Abstract] | |||
With no related allowance recorded | 178 | 178 | 5,525 |
With an allowance recorded | 71 | 71 | 0 |
Total impaired loans | 249 | 249 | 5,525 |
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 235 | 235 | 5,632 |
With an allowance recorded | 109 | 109 | 0 |
Total | 344 | 344 | 5,632 |
Related Allowance [Abstract] | |||
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 7 | 7 | 0 |
Total | 7 | 7 | 0 |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 183 | 185 | |
With an allowance recorded | 71 | 91 | |
Total | 254 | 276 | |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 0 | 0 | |
With an allowance recorded | 0 | 0 | |
Total | 0 | 0 | |
Real Estate: Mortgage, commercial [Member] | |||
Recorded Investment [Abstract] | |||
With no related allowance recorded | 2,427 | 2,427 | 3,290 |
With an allowance recorded | 731 | 731 | 697 |
Total impaired loans | 3,158 | 3,158 | 3,987 |
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 3,894 | 3,894 | 4,588 |
With an allowance recorded | 731 | 731 | 697 |
Total | 4,625 | 4,625 | 5,285 |
Related Allowance [Abstract] | |||
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 48 | 48 | 9 |
Total | 48 | 48 | 9 |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 2,428 | 2,512 | |
With an allowance recorded | 734 | 738 | |
Total | 3,162 | 3,250 | |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 12 | 24 | |
With an allowance recorded | 9 | 20 | |
Total | 21 | 44 | |
Loans to individuals [Member] | |||
Recorded Investment [Abstract] | |||
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 15 | 15 | 0 |
Total impaired loans | 15 | 15 | 0 |
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 20 | 20 | 20 |
With an allowance recorded | 15 | 15 | 0 |
Total | 35 | 35 | 20 |
Related Allowance [Abstract] | |||
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 15 | 15 | 0 |
Total | 15 | 15 | $ 0 |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 0 | 0 | |
With an allowance recorded | 11 | 9 | |
Total | 11 | 9 | |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 0 | 0 | |
With an allowance recorded | 0 | 1 | |
Total | $ 0 | $ 1 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | ||
Readily Available Market Prices [Member] | ||||
Financial instrument assets: | ||||
Cash and cash equivalents | $ 27,969 | [1] | $ 29,174 | [2] |
Investment securities | 0 | [1] | 0 | [2] |
Loans held for sale | 0 | [1] | 0 | [2] |
Loans | ||||
Agricultural | 0 | [1] | 0 | [2] |
Commercial and financial | 0 | [1] | 0 | [2] |
Real estate: | ||||
Construction, 1 to 4 family residential | 0 | [1] | 0 | [2] |
Construction, land development and commercial | 0 | [1] | 0 | [2] |
Mortgage, farmland | 0 | [1] | 0 | [2] |
Mortgage, 1 to 4 family first liens | 0 | [1] | 0 | [2] |
Mortgage, 1 to 4 family junior liens | 0 | [1] | 0 | [2] |
Mortgage, multi-family | 0 | [1] | 0 | [2] |
Mortgage, commercial | 0 | [1] | 0 | [2] |
Loans to individuals | 0 | [1] | 0 | [2] |
Obligations of state and political subdivisions | 0 | [1] | 0 | [2] |
Accrued interest receivable | 0 | [1] | 0 | [2] |
Total financial instrument assets | 27,969 | [1] | 29,174 | [2] |
Deposits | ||||
Noninterest-bearing deposits | 0 | [1] | 0 | [2] |
Interest-bearing deposits | 0 | [1] | 0 | [2] |
Other borrowings | 0 | [1] | 0 | [2] |
Federal Home Loan Bank borrowings | 0 | [1] | 0 | [2] |
Interest rate swaps | 0 | [1] | 0 | [2] |
Accrued interest payable | 0 | [1] | 0 | [2] |
Total financial instrument liabilities | 0 | [1] | 0 | [2] |
Financial instrument with off-balance sheet risk: | ||||
Loan commitments | 0 | [1] | 0 | [2] |
Letters of credit | 0 | [1] | 0 | [2] |
Total financial instrument liabilities with off-balance-sheet risk | 0 | [1] | 0 | [2] |
Observable Market Prices [Member] | ||||
Financial instrument assets: | ||||
Cash and cash equivalents | 0 | [3] | 0 | [4] |
Investment securities | 256,589 | [3] | 267,240 | [4] |
Loans held for sale | 7,198 | [3] | 4,476 | [4] |
Loans | ||||
Agricultural | 0 | [3] | 0 | [4] |
Commercial and financial | 0 | [3] | 0 | [4] |
Real estate: | ||||
Construction, 1 to 4 family residential | 0 | [3] | 0 | [4] |
Construction, land development and commercial | 0 | [3] | 0 | [4] |
Mortgage, farmland | 0 | [3] | 0 | [4] |
Mortgage, 1 to 4 family first liens | 0 | [3] | 0 | [4] |
Mortgage, 1 to 4 family junior liens | 0 | [3] | 0 | [4] |
Mortgage, multi-family | 0 | [3] | 0 | [4] |
Mortgage, commercial | 0 | [3] | 0 | [4] |
Loans to individuals | 0 | [3] | 0 | [4] |
Obligations of state and political subdivisions | 0 | [3] | 0 | [4] |
Accrued interest receivable | 8,919 | [3] | 8,276 | [4] |
Total financial instrument assets | 272,706 | [3] | 279,992 | [4] |
Deposits | ||||
Noninterest-bearing deposits | 292,211 | [3] | 288,718 | [4] |
Interest-bearing deposits | 1,529,239 | [3] | 1,550,974 | [4] |
Other borrowings | 58,725 | [3] | 47,499 | [4] |
Federal Home Loan Bank borrowings | 175,025 | [3] | 145,210 | [4] |
Interest rate swaps | 3,048 | [3] | 2,796 | [4] |
Accrued interest payable | 825 | [3] | 902 | [4] |
Total financial instrument liabilities | 2,059,073 | [3] | 2,036,099 | [4] |
Financial instrument with off-balance sheet risk: | ||||
Loan commitments | 0 | [3] | 0 | [4] |
Letters of credit | 0 | [3] | 0 | [4] |
Total financial instrument liabilities with off-balance-sheet risk | 0 | [3] | 0 | [4] |
Company Determined Market Prices [Member] | ||||
Financial instrument assets: | ||||
Cash and cash equivalents | 0 | [5] | 0 | [6] |
Investment securities | 0 | [5] | 0 | [6] |
Loans held for sale | 0 | [5] | 0 | [6] |
Loans | ||||
Agricultural | 88,365 | [5] | 95,126 | [6] |
Commercial and financial | 168,634 | [5] | 171,081 | [6] |
Real estate: | ||||
Construction, 1 to 4 family residential | 54,613 | [5] | 45,159 | [6] |
Construction, land development and commercial | 93,887 | [5] | 75,623 | [6] |
Mortgage, farmland | 170,353 | [5] | 159,623 | [6] |
Mortgage, 1 to 4 family first liens | 691,027 | [5] | 665,428 | [6] |
Mortgage, 1 to 4 family junior liens | 117,579 | [5] | 115,726 | [6] |
Mortgage, multi-family | 243,702 | [5] | 246,191 | [6] |
Mortgage, commercial | 307,863 | [5] | 318,211 | [6] |
Loans to individuals | 20,806 | [5] | 21,016 | [6] |
Obligations of state and political subdivisions | 53,688 | [5] | 54,800 | [6] |
Accrued interest receivable | 0 | [5] | 0 | [6] |
Total financial instrument assets | 2,010,517 | [5] | 1,967,984 | [6] |
Deposits | ||||
Noninterest-bearing deposits | 0 | [5] | 0 | [6] |
Interest-bearing deposits | 0 | [5] | 0 | [6] |
Other borrowings | 0 | [5] | 0 | [6] |
Federal Home Loan Bank borrowings | 0 | [5] | 0 | [6] |
Interest rate swaps | 0 | [5] | 0 | [6] |
Accrued interest payable | 0 | [5] | 0 | [6] |
Total financial instrument liabilities | 0 | [5] | 0 | [6] |
Financial instrument with off-balance sheet risk: | ||||
Loan commitments | 0 | [5] | 0 | [6] |
Letters of credit | 0 | [5] | 0 | [6] |
Total financial instrument liabilities with off-balance-sheet risk | 0 | [5] | 0 | [6] |
Carrying Amount [Member] | ||||
Financial instrument assets: | ||||
Cash and cash equivalents | 27,969 | 29,174 | ||
Investment securities | 256,589 | 267,240 | ||
Loans held for sale | 7,198 | 4,476 | ||
Loans | ||||
Agricultural | 88,312 | 95,130 | ||
Commercial and financial | 168,156 | 170,507 | ||
Real estate: | ||||
Construction, 1 to 4 family residential | 54,572 | 45,139 | ||
Construction, land development and commercial | 93,936 | 75,589 | ||
Mortgage, farmland | 170,704 | 159,831 | ||
Mortgage, 1 to 4 family first liens | 688,909 | 666,406 | ||
Mortgage, 1 to 4 family junior liens | 111,968 | 109,133 | ||
Mortgage, multi-family | 240,966 | 243,723 | ||
Mortgage, commercial | 308,847 | 318,896 | ||
Loans to individuals | 20,836 | 21,043 | ||
Obligations of state and political subdivisions | 54,020 | 55,281 | ||
Accrued interest receivable | 8,919 | 8,276 | ||
Total financial instrument assets | 2,301,901 | 2,269,844 | ||
Deposits | ||||
Noninterest-bearing deposits | 292,211 | 288,718 | ||
Interest-bearing deposits | 1,527,379 | 1,546,351 | ||
Other borrowings | 58,725 | 47,499 | ||
Federal Home Loan Bank borrowings | 170,000 | 140,000 | ||
Interest rate swaps | 3,048 | 2,796 | ||
Accrued interest payable | 825 | 902 | ||
Total financial instrument liabilities | 2,052,188 | 2,026,266 | ||
Financial instrument with off-balance sheet risk: | ||||
Loan commitments | 378,755 | 334,100 | ||
Letters of credit | 8,726 | 12,437 | ||
Total financial instrument liabilities with off-balance-sheet risk | 387,481 | 346,537 | ||
Estimated Fair Value [Member] | ||||
Financial instrument assets: | ||||
Cash and cash equivalents | 27,969 | 29,174 | ||
Investment securities | 256,589 | 267,240 | ||
Loans held for sale | 7,198 | 4,476 | ||
Loans | ||||
Agricultural | 88,365 | 95,126 | ||
Commercial and financial | 168,634 | 171,081 | ||
Real estate: | ||||
Construction, 1 to 4 family residential | 54,613 | 45,159 | ||
Construction, land development and commercial | 93,887 | 75,623 | ||
Mortgage, farmland | 170,353 | 159,623 | ||
Mortgage, 1 to 4 family first liens | 691,027 | 665,428 | ||
Mortgage, 1 to 4 family junior liens | 117,579 | 115,726 | ||
Mortgage, multi-family | 243,702 | 246,191 | ||
Mortgage, commercial | 307,863 | 318,211 | ||
Loans to individuals | 20,806 | 21,016 | ||
Obligations of state and political subdivisions | 53,688 | 54,800 | ||
Accrued interest receivable | 8,919 | 8,276 | ||
Total financial instrument assets | 2,311,192 | 2,277,150 | ||
Deposits | ||||
Noninterest-bearing deposits | 292,211 | 288,718 | ||
Interest-bearing deposits | 1,529,239 | 1,550,974 | ||
Other borrowings | 58,725 | 47,499 | ||
Federal Home Loan Bank borrowings | 175,025 | 145,210 | ||
Interest rate swaps | 3,048 | 2,796 | ||
Accrued interest payable | 825 | 902 | ||
Total financial instrument liabilities | 2,059,073 | 2,036,099 | ||
Financial instrument with off-balance sheet risk: | ||||
Loan commitments | 0 | 0 | ||
Letters of credit | 0 | 0 | ||
Total financial instrument liabilities with off-balance-sheet risk | $ 0 | $ 0 | ||
[1] | Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). | |||
[2] | Considered Level 1 under ASC 820. | |||
[3] | Considered Level 2 under ASC 820. | |||
[4] | Considered Level 2 under ASC 820. | |||
[5] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. | |||
[6] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
Fair Value Measurements, Assets
Fair Value Measurements, Assets and Liabilities Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | $ 246,944 | $ 258,992 | |||
U.S. Treasury [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | 22,549 | 22,333 | |||
State and political subdivisions [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | 153,556 | 168,968 | |||
Readily Available Market Prices [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Derivative Liability | 0 | [1] | 0 | [2] | |
Total financial instrument assets | 27,969 | [1] | 29,174 | [2] | |
Observable Market Prices [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Derivative Liability | (3,048) | [3] | (2,796) | [4] | |
Total financial instrument assets | 272,706 | [3] | 279,992 | [4] | |
Company Determined Market Prices [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Derivative Liability | 0 | [5] | 0 | [6] | |
Total financial instrument assets | 2,010,517 | [5] | 1,967,984 | [6] | |
Recurring Basis [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Total financial instrument assets | 243,896 | 256,196 | |||
Recurring Basis [Member] | U.S. Treasury [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | 22,549 | 22,333 | |||
Recurring Basis [Member] | State and political subdivisions [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | 153,556 | 168,968 | |||
Recurring Basis [Member] | Other securities (FHLB, FHLMC and FNMA) [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | 70,839 | 67,691 | |||
Recurring Basis [Member] | Derivative Financial Instruments, Liabilities [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Derivative Liability | (3,048) | (2,796) | |||
Recurring Basis [Member] | Readily Available Market Prices [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Total financial instrument assets | [7] | 0 | 0 | ||
Recurring Basis [Member] | Readily Available Market Prices [Member] | U.S. Treasury [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | [7] | 0 | 0 | ||
Recurring Basis [Member] | Readily Available Market Prices [Member] | State and political subdivisions [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | [7] | 0 | 0 | ||
Recurring Basis [Member] | Readily Available Market Prices [Member] | Other securities (FHLB, FHLMC and FNMA) [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | [7] | 0 | 0 | ||
Recurring Basis [Member] | Observable Market Prices [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Total financial instrument assets | [8] | 243,896 | 256,196 | ||
Recurring Basis [Member] | Observable Market Prices [Member] | U.S. Treasury [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | [8] | 22,549 | 22,333 | ||
Recurring Basis [Member] | Observable Market Prices [Member] | State and political subdivisions [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | [8] | 153,556 | 168,968 | ||
Recurring Basis [Member] | Observable Market Prices [Member] | Other securities (FHLB, FHLMC and FNMA) [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | [8] | 70,839 | 67,691 | ||
Recurring Basis [Member] | Observable Market Prices [Member] | Derivative Financial Instruments, Liabilities [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Derivative Liability | [8] | (3,048) | (2,796) | ||
Recurring Basis [Member] | Company Determined Market Prices [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Total financial instrument assets | [9] | 0 | 0 | ||
Recurring Basis [Member] | Company Determined Market Prices [Member] | U.S. Treasury [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | [9] | 0 | 0 | ||
Recurring Basis [Member] | Company Determined Market Prices [Member] | State and political subdivisions [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | [9] | 0 | 0 | ||
Recurring Basis [Member] | Company Determined Market Prices [Member] | Other securities (FHLB, FHLMC and FNMA) [Member] | |||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||
Investment securities available for sale at fair value (amortized cost June 30, 2015 $245,460; December 31, 2014 $256,920) | [9] | $ 0 | $ 0 | ||
[1] | Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). | ||||
[2] | Considered Level 1 under ASC 820. | ||||
[3] | Considered Level 2 under ASC 820. | ||||
[4] | Considered Level 2 under ASC 820. | ||||
[5] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. | ||||
[6] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. | ||||
[7] | Considered Level 1 under ASC 820. | ||||
[8] | Considered Level 2 under ASC 820. | ||||
[9] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
Fair Value Measurements, Asse40
Fair Value Measurements, Assets and Liabilities on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | ||||
Readily Available Market Prices [Member] | ||||||
Loans | ||||||
Agricultural | $ 0 | [1] | $ 0 | [1] | $ 0 | [2] |
Commercial and financial | 0 | [1] | 0 | [1] | 0 | [2] |
Real Estate [Abstract] | ||||||
Construction, land development and commercial | 0 | [1] | 0 | [1] | 0 | [2] |
Mortgage, farmland | 0 | [1] | 0 | [1] | 0 | [2] |
Mortgage, 1 to 4 family first liens | 0 | [1] | 0 | [1] | 0 | [2] |
Mortgage, 1 to 4 family junior liens | 0 | [1] | 0 | [1] | 0 | [2] |
Mortgage, multi-family | 0 | [1] | 0 | [1] | 0 | [2] |
Mortgage, commercial | 0 | [1] | 0 | [1] | 0 | [2] |
Loans to individuals | 0 | [1] | 0 | [1] | 0 | [2] |
Total financial instrument assets | 27,969 | [1] | 27,969 | [1] | 29,174 | [2] |
Observable Market Prices [Member] | ||||||
Loans | ||||||
Agricultural | 0 | [3] | 0 | [3] | 0 | [4] |
Commercial and financial | 0 | [3] | 0 | [3] | 0 | [4] |
Real Estate [Abstract] | ||||||
Construction, land development and commercial | 0 | [3] | 0 | [3] | 0 | [4] |
Mortgage, farmland | 0 | [3] | 0 | [3] | 0 | [4] |
Mortgage, 1 to 4 family first liens | 0 | [3] | 0 | [3] | 0 | [4] |
Mortgage, 1 to 4 family junior liens | 0 | [3] | 0 | [3] | 0 | [4] |
Mortgage, multi-family | 0 | [3] | 0 | [3] | 0 | [4] |
Mortgage, commercial | 0 | [3] | 0 | [3] | 0 | [4] |
Loans to individuals | 0 | [3] | 0 | [3] | 0 | [4] |
Total financial instrument assets | 272,706 | [3] | 272,706 | [3] | 279,992 | [4] |
Company Determined Market Prices [Member] | ||||||
Loans | ||||||
Agricultural | 88,365 | [5] | 88,365 | [5] | 95,126 | [6] |
Commercial and financial | 168,634 | [5] | 168,634 | [5] | 171,081 | [6] |
Real Estate [Abstract] | ||||||
Construction, land development and commercial | 93,887 | [5] | 93,887 | [5] | 75,623 | [6] |
Mortgage, farmland | 170,353 | [5] | 170,353 | [5] | 159,623 | [6] |
Mortgage, 1 to 4 family first liens | 691,027 | [5] | 691,027 | [5] | 665,428 | [6] |
Mortgage, 1 to 4 family junior liens | 117,579 | [5] | 117,579 | [5] | 115,726 | [6] |
Mortgage, multi-family | 243,702 | [5] | 243,702 | [5] | 246,191 | [6] |
Mortgage, commercial | 307,863 | [5] | 307,863 | [5] | 318,211 | [6] |
Loans to individuals | 20,806 | [5] | 20,806 | [5] | 21,016 | [6] |
Total financial instrument assets | 2,010,517 | [5] | 2,010,517 | [5] | 1,967,984 | [6] |
Nonrecurring Basis [Member] | ||||||
Loans | ||||||
Agricultural | 1,379 | [7] | 1,379 | [7] | 1,679 | [8] |
Commercial and financial | 1,281 | [7] | 1,281 | [7] | 1,709 | [8] |
Real Estate [Abstract] | ||||||
Construction, 1 to 4 family residential | 332 | [7] | 332 | [7] | 315 | [8] |
Construction, land development and commercial | 0 | [7] | 0 | [7] | 0 | [8] |
Mortgage, farmland | 2,314 | [7] | 2,314 | [7] | 2,040 | [8] |
Mortgage, 1 to 4 family first liens | 2,484 | [7] | 2,484 | [7] | 2,500 | [8] |
Mortgage, 1 to 4 family junior liens | 207 | [7] | 207 | [7] | 369 | [8] |
Mortgage, multi-family | 243 | [7] | 243 | [7] | 5,525 | [8] |
Mortgage, commercial | 1,288 | [7] | 1,288 | [7] | 1,918 | [8] |
Loans to individuals | 0 | [7] | 0 | [7] | 0 | [8] |
Foreclosed assets | 494 | [9] | 494 | [9] | 301 | [10] |
Total financial instrument assets | 10,022 | [7] | 10,022 | [7] | 16,356 | |
Total Losses | 384 | 907 | [7] | 1,369 | ||
Nonrecurring Basis [Member] | Agricultural [Member] | ||||||
Real Estate [Abstract] | ||||||
Total Losses | 116 | [7] | 116 | [7] | 25 | [8] |
Nonrecurring Basis [Member] | Commercial and financial [Member] | ||||||
Real Estate [Abstract] | ||||||
Total Losses | 28 | [7] | 28 | [7] | 206 | [8] |
Nonrecurring Basis [Member] | Real Estate: Construction, 1 to 4 family residential [Member] | ||||||
Real Estate [Abstract] | ||||||
Total Losses | 0 | [7] | 61 | [7] | 0 | [8] |
Nonrecurring Basis [Member] | Real Estate: Construction, land development and commercial [Member] | ||||||
Real Estate [Abstract] | ||||||
Total Losses | 0 | [7] | 0 | [7] | 0 | [8] |
Nonrecurring Basis [Member] | Real Estate: Mortgage, farmland [Member] | ||||||
Real Estate [Abstract] | ||||||
Total Losses | 0 | [7] | 0 | [7] | 0 | [8] |
Nonrecurring Basis [Member] | Real Estate: Mortgage, 1 to 4 family first liens [Member] | ||||||
Real Estate [Abstract] | ||||||
Total Losses | 81 | [7] | 335 | [7] | 576 | [8] |
Nonrecurring Basis [Member] | Real Estate: Mortgage, 1 to 4 family junior liens [Member] | ||||||
Real Estate [Abstract] | ||||||
Total Losses | 149 | [7] | 149 | [7] | 24 | [8] |
Nonrecurring Basis [Member] | Real Estate: Mortgage, multi-family [Member] | ||||||
Real Estate [Abstract] | ||||||
Total Losses | 0 | [7] | 38 | [7] | 0 | [8] |
Nonrecurring Basis [Member] | Real Estate: Mortgage, commercial [Member] | ||||||
Real Estate [Abstract] | ||||||
Total Losses | 0 | [7] | 140 | [7] | 328 | [8] |
Nonrecurring Basis [Member] | Loans to individuals [Member] | ||||||
Real Estate [Abstract] | ||||||
Total Losses | 0 | [7] | 0 | [7] | 0 | [8] |
Nonrecurring Basis [Member] | Foreclosed assets [Member] | ||||||
Real Estate [Abstract] | ||||||
Total Losses | 10 | [9] | 40 | [9] | 210 | [10] |
Nonrecurring Basis [Member] | Readily Available Market Prices [Member] | ||||||
Loans | ||||||
Agricultural | 0 | [7],[11] | 0 | [7],[11] | 0 | [8],[12] |
Commercial and financial | 0 | [7],[11] | 0 | [7],[11] | 0 | [8],[12] |
Real Estate [Abstract] | ||||||
Construction, 1 to 4 family residential | 0 | [7],[11] | 0 | [7],[11] | 0 | [8],[12] |
Construction, land development and commercial | 0 | [7],[11] | 0 | [7],[11] | 0 | [8],[12] |
Mortgage, farmland | 0 | [7],[11] | 0 | [7],[11] | 0 | [8],[12] |
Mortgage, 1 to 4 family first liens | 0 | [7],[11] | 0 | [7],[11] | 0 | [8],[12] |
Mortgage, 1 to 4 family junior liens | 0 | [7],[11] | 0 | [7],[11] | 0 | [8],[12] |
Mortgage, multi-family | 0 | [7],[11] | 0 | [7],[11] | 0 | [8],[12] |
Mortgage, commercial | 0 | [7],[11] | 0 | [7],[11] | 0 | [8],[12] |
Loans to individuals | 0 | [7],[11] | 0 | [7],[11] | 0 | [8],[12] |
Foreclosed assets | 0 | [9],[11] | 0 | [9],[11] | 0 | [10],[12] |
Total financial instrument assets | 0 | [11] | 0 | [11] | 0 | [12] |
Nonrecurring Basis [Member] | Observable Market Prices [Member] | ||||||
Loans | ||||||
Agricultural | 0 | [7],[13] | 0 | [7],[13] | 0 | [8],[14] |
Commercial and financial | 0 | [7],[13] | 0 | [7],[13] | 0 | [8],[14] |
Real Estate [Abstract] | ||||||
Construction, 1 to 4 family residential | 0 | [7],[13] | 0 | [7],[13] | 0 | [8],[14] |
Construction, land development and commercial | 0 | [7],[13] | 0 | [7],[13] | 0 | [8],[14] |
Mortgage, farmland | 0 | [7],[13] | 0 | [7],[13] | 0 | [8],[14] |
Mortgage, 1 to 4 family first liens | 0 | [7],[13] | 0 | [7],[13] | 0 | [8],[14] |
Mortgage, 1 to 4 family junior liens | 0 | [7],[13] | 0 | [7],[13] | 0 | [8],[14] |
Mortgage, multi-family | 0 | [7],[13] | 0 | [7],[13] | 0 | [8],[14] |
Mortgage, commercial | 0 | [7],[13] | 0 | [7],[13] | 0 | [8],[14] |
Loans to individuals | 0 | [7],[13] | 0 | [7],[13] | 0 | [8],[14] |
Foreclosed assets | 0 | [9],[13] | 0 | [9],[13] | 0 | [10],[14] |
Total financial instrument assets | 0 | [7],[13] | 0 | [7],[13] | 0 | [14] |
Nonrecurring Basis [Member] | Company Determined Market Prices [Member] | ||||||
Loans | ||||||
Agricultural | 1,379 | [7],[15] | 1,379 | [7],[15] | 1,679 | [8],[16] |
Commercial and financial | 1,281 | [7],[15] | 1,281 | [7],[15] | 1,709 | [8],[16] |
Real Estate [Abstract] | ||||||
Construction, 1 to 4 family residential | 332 | [7],[15] | 332 | [7],[15] | 315 | [8],[16] |
Construction, land development and commercial | 0 | [7],[15] | 0 | [7],[15] | 0 | [8],[16] |
Mortgage, farmland | 2,314 | [7],[15] | 2,314 | [7],[15] | 2,040 | [8],[16] |
Mortgage, 1 to 4 family first liens | 2,484 | [7],[15] | 2,484 | [7],[15] | 2,500 | [8],[16] |
Mortgage, 1 to 4 family junior liens | 207 | [7],[15] | 207 | [7],[15] | 369 | [8],[16] |
Mortgage, multi-family | 243 | [7],[15] | 243 | [7],[15] | 5,525 | [8],[16] |
Mortgage, commercial | 1,288 | [7],[15] | 1,288 | [7],[15] | 1,918 | [8],[16] |
Loans to individuals | 0 | [7],[15] | 0 | [7],[15] | 0 | [8],[16] |
Foreclosed assets | 494 | [9],[15] | 494 | [9],[15] | 301 | [10],[16] |
Total financial instrument assets | $ 10,022 | [7],[15] | $ 10,022 | [7],[15] | $ 16,356 | [16] |
[1] | Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). | |||||
[2] | Considered Level 1 under ASC 820. | |||||
[3] | Considered Level 2 under ASC 820. | |||||
[4] | Considered Level 2 under ASC 820. | |||||
[5] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. | |||||
[6] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. | |||||
[7] | Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero. | |||||
[8] | Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero. | |||||
[9] | Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. | |||||
[10] | Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. | |||||
[11] | Considered Level 1 under ASC 820. | |||||
[12] | Considered Level 1 under ASC 820. | |||||
[13] | Considered Level 2 under ASC 820. | |||||
[14] | Considered Level 2 under ASC 820. | |||||
[15] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. | |||||
[16] | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - $ / shares | 6 Months Ended | 119 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jul. 26, 2005 | |
Equity [Abstract] | ||||
Maximum number of share authorized to repurchase under the program (in shares) | 1,500,000 | |||
Common stock purchased during the period (in shares) | 20,031 | 40,458 | 817,453 | |
Average price per share (in dollars per share) | $ 41.86 |
Commitments and Contingencies42
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
State and political subdivisions [Member] | ||
Concentration Risk [Line Items] | ||
Investment in securities issued by state and political subdivisions within the state of Iowa | $ 73,640 | |
Home equity loans [Member] | ||
Firm loan commitments and unused portion of lines of credit [Abstract] | ||
Total financial instrument liabilities with off-balance-sheet risk | 42,677 | $ 40,484 |
Credit cards [Member] | ||
Firm loan commitments and unused portion of lines of credit [Abstract] | ||
Total financial instrument liabilities with off-balance-sheet risk | 48,767 | 46,573 |
Commercial, real estate and home construction [Member] | ||
Firm loan commitments and unused portion of lines of credit [Abstract] | ||
Total financial instrument liabilities with off-balance-sheet risk | 106,010 | 81,613 |
Commercial lines and real estate purchase loan [Member] | ||
Firm loan commitments and unused portion of lines of credit [Abstract] | ||
Total financial instrument liabilities with off-balance-sheet risk | 181,301 | 165,430 |
Outstanding letters of credit [Member] | ||
Firm loan commitments and unused portion of lines of credit [Abstract] | ||
Total financial instrument liabilities with off-balance-sheet risk | $ 8,726 | $ 12,437 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Examination [Line Items] | ||
Effective tax rate | 30.23% | 28.60% |
Internal Revenue Service (IRS) [Member] | ||
Income Tax Examination [Line Items] | ||
Income tax examination, years under examination | December 31, 2014, 2013, and 2012 | |
State and Local Jurisdiction [Member] | ||
Income Tax Examination [Line Items] | ||
Income tax examination, years under examination | December 31, 2014, 2013, and 2012 |
Derivative Financial Instrume44
Derivative Financial Instruments (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 07, 2013USD ($)derivative | |
Derivatives, Fair Value [Line Items] | |||
Owned and pledged as collateral | $ 3,050,000 | ||
Interest Rate Swap 1 [Member] | Interest Expense [Member] | |||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | |||
Amount of Gain (Loss), Reclassified from AOCI into Income (Effective Portion) | 0 | $ 0 | |
Interest Rate Swap 1 [Member] | Other Income [Member] | |||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | |||
Amount of Gain (Loss), Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | |
Interest Rate Swap 1 [Member] | Other Liabilities [Member] | |||
Derivative instrument according to type of hedges [Abstract] | |||
Notional Amount | 25,000,000 | $ 25,000,000 | |
Fair Value | $ (1,140,000) | ||
Maturity | Nov. 9, 2020 | ||
Interest Rate Swap 1 [Member] | Other Assets [Member] | |||
Derivative instrument according to type of hedges [Abstract] | |||
Notional Amount | 25,000,000 | ||
Fair Value | $ (864,000) | ||
Maturity | Nov. 9, 2020 | ||
Interest Rate Swap 1 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | |||
Amount of Gain (Loss), Recognized in OCI (Effective Portion) | $ (170,000) | $ (754,000) | |
Interest Rate Swap 2 [Member] | Interest Expense [Member] | |||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | |||
Amount of Gain (Loss), Reclassified from AOCI into Income (Effective Portion) | 0 | 0 | |
Interest Rate Swap 2 [Member] | Other Income [Member] | |||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | |||
Amount of Gain (Loss), Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | |
Interest Rate Swap 2 [Member] | Other Liabilities [Member] | |||
Derivative instrument according to type of hedges [Abstract] | |||
Notional Amount | 25,000,000 | $ 25,000,000 | |
Fair Value | $ (1,908,000) | ||
Maturity | Nov. 7, 2023 | ||
Interest Rate Swap 2 [Member] | Other Assets [Member] | |||
Derivative instrument according to type of hedges [Abstract] | |||
Notional Amount | 25,000,000 | ||
Fair Value | $ (1,932,000) | ||
Maturity | Nov. 7, 2023 | ||
Interest Rate Swap 2 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | |||
Amount of Gain (Loss), Recognized in OCI (Effective Portion) | $ 15,000 | $ (1,448,000) | |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Number of interest rate swaps held | derivative | 2 | ||
Description of terms | three-month LIBOR |
Uncategorized Items - hbia-2015
Label | Element | Value |
Gain (Loss) on Sales of Loans, Net | us-gaap_GainLossOnSalesOfLoansNet | $ 189 |
Gain (Loss) on Sales of Loans, Net | us-gaap_GainLossOnSalesOfLoansNet | 440 |
Provision for Loan and Lease Losses | us-gaap_ProvisionForLoanAndLeaseLosses | (246) |
Provision for Loan and Lease Losses | us-gaap_ProvisionForLoanAndLeaseLosses | $ 517 |