Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CCNE | |
Entity Registrant Name | CNB FINANCIAL CORP/PA | |
Entity Central Index Key | 736,772 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 15,285,236 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 31,293 | $ 26,937 |
Interest bearing deposits with other banks | 1,756 | 2,246 |
Total cash and cash equivalents | 33,049 | 29,183 |
Securities available for sale | 453,065 | 495,835 |
Trading securities | 5,751 | 4,858 |
Loans held for sale | 1,652 | 7,528 |
Loans | 2,024,307 | 1,876,966 |
Less: unearned discount | (3,478) | (3,430) |
Less: allowance for loan losses | (17,269) | (16,330) |
Net loans | 2,003,560 | 1,857,206 |
FHLB and other equity interests | 23,298 | 19,186 |
Premises and equipment, net | 50,367 | 49,522 |
Bank owned life insurance | 44,786 | 44,273 |
Mortgage servicing rights | 1,381 | 1,391 |
Goodwill | 38,730 | 38,730 |
Core deposit intangible | 2,192 | 2,854 |
Accrued interest receivable and other assets | 21,078 | 23,255 |
Total Assets | 2,678,909 | 2,573,821 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Non-interest bearing deposits | 313,871 | 289,922 |
Interest bearing deposits | 1,762,918 | 1,727,600 |
Total deposits | 2,076,789 | 2,017,522 |
Short-term borrowings | 44,959 | 134,078 |
FHLB and other long term borrowings | 217,981 | 102,926 |
Subordinated debentures | 70,620 | 70,620 |
Deposits held for sale | 0 | 6,456 |
Accrued interest payable and other liabilities | 28,268 | 30,435 |
Total liabilities | 2,438,617 | 2,362,037 |
Common stock, $0 par value; authorized 50,000,000 shares; issued 15,308,378 shares at June 30, 2017 and 14,473,482 shares at December 31, 2016 | 0 | 0 |
Additional paid in capital | 96,490 | 77,737 |
Retained earnings | 142,409 | 134,295 |
Treasury stock, at cost (23,007 shares at June 30, 2017 and 5,667 shares at December 31, 2016) | (541) | (127) |
Accumulated other comprehensive income (loss) | 1,934 | (121) |
Total shareholders' equity | 240,292 | 211,784 |
Total Liabilities and Shareholders' Equity | $ 2,678,909 | $ 2,573,821 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 15,308,378 | 14,473,482 |
Treasury stock, shares | 23,007 | 5,667 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
INTEREST AND DIVIDEND INCOME: | ||||
Loans including fees | $ 23,915 | $ 19,043 | $ 45,885 | $ 37,729 |
Securities: | ||||
Taxable | 2,125 | 2,414 | 4,316 | 4,769 |
Tax-exempt | 774 | 867 | 1,574 | 1,750 |
Dividends | 189 | 149 | 332 | 291 |
Total interest and dividend income | 27,003 | 22,473 | 52,107 | 44,539 |
INTEREST EXPENSE: | ||||
Deposits | 2,243 | 2,077 | 4,364 | 4,093 |
Borrowed funds | 785 | 794 | 1,594 | 1,708 |
Subordinated debentures (includes $149 and $176 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements in 2017 and 2016, respectively) | 986 | 199 | 1,958 | 393 |
Total interest expense | 4,014 | 3,070 | 7,916 | 6,194 |
NET INTEREST INCOME | 22,989 | 19,403 | 44,191 | 38,345 |
PROVISION FOR LOAN LOSSES | 1,134 | 220 | 2,150 | 1,416 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 21,855 | 19,183 | 42,041 | 36,929 |
NON-INTEREST INCOME: | ||||
Service charges on deposit accounts | 1,165 | 1,006 | 2,255 | 1,987 |
Other service charges and fees | 559 | 624 | 1,088 | 1,184 |
Wealth and asset management fees | 952 | 780 | 1,823 | 1,503 |
Net realized gains on available-for-sale securities (includes $1,538 and $1,005 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities in 2017 and 2016, respectively) | 155 | 1,005 | 1,538 | 1,005 |
Net realized and unrealized gains on trading securities | 127 | 64 | 315 | 30 |
Mortgage banking | 247 | 147 | 431 | 318 |
Bank owned life insurance | 364 | 263 | 716 | 526 |
Card processing and interchange income | 970 | 787 | 1,848 | 1,622 |
Gain on sale of branch | 536 | 0 | 536 | 0 |
Other | 14 | 142 | 312 | 420 |
Total non-interest income | 5,089 | 4,818 | 10,862 | 8,595 |
NON-INTEREST EXPENSES: | ||||
Salaries and benefits | 8,902 | 7,908 | 17,907 | 15,399 |
Net occupancy expense | 2,257 | 1,881 | 4,797 | 3,720 |
Amortization of core deposit intangible | 331 | 217 | 662 | 432 |
Data processing | 1,019 | 1,121 | 1,980 | 2,373 |
State and local taxes | 614 | 558 | 1,353 | 1,050 |
Legal, professional, and examination fees | 666 | 364 | 1,215 | 738 |
Advertising | 619 | 395 | 1,032 | 879 |
FDIC insurance premiums | 370 | 340 | 574 | 662 |
Prepayment penalties - long-term borrowings | 0 | 1,506 | 0 | 1,506 |
Core processing conversion costs | 0 | 1,488 | 0 | 1,555 |
Merger costs | 0 | 173 | 0 | 215 |
Card processing and interchange expenses | 614 | 448 | 1,036 | 1,082 |
Other | 2,405 | 2,353 | 4,275 | 3,955 |
Total non-interest expenses | 17,797 | 18,752 | 34,831 | 33,566 |
INCOME BEFORE INCOME TAXES | 9,147 | 5,249 | 18,072 | 11,958 |
INCOME TAX EXPENSE (includes $28 and $322 income tax expense from reclassification items in 2017 and 2016, respectively) | 2,464 | 1,184 | 4,909 | 2,874 |
NET INCOME | $ 6,683 | $ 4,065 | $ 13,163 | $ 9,084 |
EARNINGS PER SHARE: | ||||
Basic | $ 0.44 | $ 0.28 | $ 0.87 | $ 0.63 |
Diluted | 0.44 | 0.28 | 0.87 | 0.63 |
DIVIDENDS PER SHARE: | ||||
Cash dividends per share | $ 0.165 | $ 0.165 | $ 0.33 | $ 0.33 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements | $ 74 | $ 86 | $ 149 | $ 176 |
Accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities | 155 | 1,005 | 1,538 | 1,005 |
Income tax expense from reclassification | $ 28 | $ 322 | $ 486 | $ 291 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 6,683 | $ 4,065 | $ 13,163 | $ 9,084 |
Net change in fair value of interest rate swap agreements designated as cash flow hedges: | ||||
Unrealized loss on interest rate swaps, net of tax of $5 and $14 for the three months ended June 30, 2017 and 2016, and $1 and $59 for the six months ended June 30, 2017 and 2016 | (8) | (25) | (2) | (109) |
Reclassification adjustment for losses recognized in earnings, net of tax of ($26) and ($31) for the three months ended June 30, 2017 and 2016, and ($52) and ($62) for the six months ended June 30, 2017 and 2016 | 48 | 56 | 97 | 114 |
Net change in fair value of interest rate swap agreements designated as cash flow hedges | 40 | 31 | 95 | 5 |
Unrealized gains on other-than-temporarily impaired securities available for sale: | ||||
Unrealized gains (losses) arising during the period, net of tax of $0 and $179 for the three months ended June 30, 2017 and 2016, and ($47) and $276 for the six months ended June 30, 2017 and 2016 | 0 | (332) | 87 | (513) |
Reclassification adjustment for realized gains included in net income, net of tax of $0 and $323 for the three months ended June 30, 2017 and 2016, and $484 and $323 for the six months ended June 30, 2017 and 2016 | 0 | (599) | (899) | (599) |
Unrealized gains on other-than-temporarily impaired securities available for sale net of reclassification adjustment for realized gains (losses) included in net income | 0 | (931) | (812) | (1,112) |
Unrealized gains on other securities available for sale: | ||||
Unrealized gains arising during the period, net of tax of ($1,088) and ($991) for the three months ended June 30, 2017 and 2016, and ($1,544) and ($2,936) for the six months ended June 30, 2017 and 2016 | 2,023 | 1,839 | 2,873 | 5,454 |
Reclassification adjustment for realized gains included in net income, net of tax of $54 and $29 for the three months ended June 30, 2017 and 2016, and $54 and $29 for the six months ended June 30, 2017 and 2016 | (101) | (54) | (101) | (54) |
Unrealized losses on other securities available for sale net of reclassification adjustment for realized gains included in net income | 1,922 | 1,785 | 2,772 | 5,400 |
Other comprehensive income | 1,962 | 885 | 2,055 | 4,293 |
COMPREHENSIVE INCOME | $ 8,645 | $ 4,950 | $ 15,218 | $ 13,377 |
Consolidated Statements of Com7
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized loss on interest rate swaps, tax | $ 5 | $ 14 | $ 1 | $ 59 |
Reclassification adjustment for losses recognized in earnings, tax | (26) | (31) | (52) | (62) |
Unrealized gains (losses) on other-than-temporarily impaired securities available for sale arising during the period, tax | 0 | 179 | (47) | 276 |
Reclassification adjustment for realized gains included in net income, tax | 0 | 323 | 484 | 323 |
Unrealized gains on other securities available for sale arising during the period, tax | (1,088) | (991) | (1,544) | (2,936) |
Reclassification adjustment for realized gains included in net income, tax | $ 54 | $ 29 | $ 54 | $ 29 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 13,163 | $ 9,084 |
Adjustments to reconcile net income to net cash provided by operations: | ||
PROVISION FOR LOAN LOSSES | 2,150 | 1,416 |
Depreciation and amortization of premises and equipment, core deposit intangible, and mortgage servicing rights | 2,683 | 1,981 |
Amortization and accretion of securities premiums and discounts, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income | (485) | (671) |
Net realized gains on sales of available-for-sale securities | (1,538) | (1,005) |
Net realized and unrealized gains on trading securities | (315) | (30) |
Proceeds from sale of trading securities | 402 | 468 |
Purchase of trading securities | (980) | (300) |
Gain on sale of branch | (536) | 0 |
Gain on sale of loans | (156) | (213) |
Net losses on dispositions of premises and equipment and foreclosed assets | 20 | 70 |
Proceeds from sale of loans | 13,106 | 7,995 |
Origination of loans held for sale | (10,714) | (7,324) |
Income on bank owned life insurance, including death benefit proceeds in excess of cash surrender value | (716) | (526) |
Stock-based compensation expense | 396 | 412 |
Contribution of treasury stock | 0 | 61 |
Changes in: | ||
Accrued interest receivable and other assets | (1,724) | 156 |
Accrued interest payable and other liabilities | (3,073) | (750) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 11,683 | 10,824 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities, prepayments and calls of available-for-sale securities | 41,358 | 29,113 |
Proceeds from sales of available-for-sale securities | 7,618 | 4,420 |
Purchase of available-for-sale securities | (2,268) | (1,703) |
Proceeds from death benefit of BOLI policies | 203 | 0 |
Net cash received from sale of branch | 1,079 | 0 |
Loan origination and payments, net | (148,106) | (78,766) |
Purchase of FHLB and other equity interests | (4,112) | (102) |
Purchase of premises and equipment | (2,995) | (3,384) |
Proceeds from the sale of premises and equipment and foreclosed assets | 236 | 377 |
NET CASH USED IN BY INVESTING ACTIVITIES | (106,987) | (50,045) |
Net change in: | ||
Checking, money market and savings accounts | 53,958 | 71,735 |
Certificates of deposit | 6,388 | 3,807 |
Purchase of treasury stock | (1,357) | (23) |
Cash dividends paid | (5,049) | (4,771) |
Proceeds from stock offering, net of issuance costs | 19,294 | 0 |
Repayment of long-term borrowings | (24,945) | (50,011) |
Advances from long-term borrowings | 140,000 | 0 |
Net change in short-term borrowings | (89,119) | 15,149 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 99,170 | 35,886 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3,866 | (3,335) |
CASH AND CASH EQUIVALENTS, Beginning | 29,183 | 27,261 |
CASH AND CASH EQUIVALENTS, Ending | 33,049 | 23,926 |
Cash paid during the period for: | ||
Interest | 7,916 | 6,664 |
Income taxes | 3,100 | 2,026 |
SUPPLEMENTAL NONCASH DISCLOSURES: | ||
Transfers to other real estate owned | 51 | 40 |
Grant of restricted stock awards from treasury stock | 943 | 874 |
Net assets transferred for sale of branch, excluding cash and cash equivalents | $ 543 | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying consolidated financial statements have been prepared pursuant to rules and regulations of the SEC and in compliance with accounting principles generally accepted in the United States of America (“GAAP”). Because this report is based on an interim period, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management of the registrant, the accompanying consolidated financial statements as of June 30, 2017 and for the three and six month periods ended June 30, 2017 and 2016 include all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial condition and the results of operations for the periods presented. The financial performance reported for CNB Financial Corporation (the “Corporation”) for the three and six month periods ended June 30, 2017 is not necessarily indicative of the results to be expected for the full year. This information should be read in conjunction with the Corporation’s Annual Report on Form 10-K for the period ended December 31, 2016 (the “2016 Form 10-K”). All dollar amounts are stated in thousands, except share and per share data and other amounts as indicated. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Stock Compensation
Stock Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation | 2. STOCK COMPENSATION The Corporation has a stock incentive plan for key employees and independent directors. The stock incentive plan, which is administered by a committee of the Board of Directors, provides for aggregate grants of up to 500,000 shares of common stock in the form of nonqualified options or restricted stock. For key employees, the plan vesting is one-fourth of the granted options or restricted stock per year beginning one year after the grant date, with 100% vested on the fourth anniversary of the grant date. For independent directors, the vesting schedule is one-third of the granted options or restricted stock per year beginning one year after the grant date, with 100% vested on the third anniversary of the grant date. At June 30, 2017, there was no unrecognized compensation cost related to nonvested stock options granted under this plan and no stock options were granted during the three and six month periods ended June 30, 2017 and 2016. On February 14, 2017, the Corporation’s Board of Directors granted performance-based restricted stock awards (“PBRSAs”) with a range of 5,306 to 7,959 shares to an employee. The number of PBRSAs will depend on certain performance conditions and are also subject to service-based vesting. Compensation expense for the restricted stock awards is recognized over the requisite service period noted above based on the fair value of the shares at the date of grant. Nonvested restricted stock awards are recorded as a reduction of additional paid-in-capital in shareholders’ equity until earned. Compensation expense resulting from these restricted stock awards was $207 and $396 for the three and six months ended June 30, 2017 and $172 and $412 for the three and six months ended June 30, 2016. As of June 30, 2017, there was $1,786 of total unrecognized compensation cost related to unvested restricted stock awards. A summary of changes in nonvested restricted stock awards for the three months ended June 30, 2017 follows: Per Share Weighted Average Shares Grant Date Fair Value Nonvested at beginning of period 99,683 $ 20.67 Forfeited (150 ) 17.63 Vested (300 ) 17.83 Nonvested at end of period 99,233 $ 20.68 A summary of changes in nonvested restricted stock awards for the six months ended June 30, 2017 follows: Per Share Weighted Average Shares Grant Date Fair Value Nonvested at beginning of period 100,726 $ 17.36 Granted 38,123 25.92 Forfeited (150 ) 17.63 Vested (39,466 ) 17.28 Nonvested at end of period 99,233 $ 20.68 The fair value of shares vested was $6 and $0 during the three months ended June 30, 2017 and 2016, respectively. The fair value of shares vested was $923 and $542 during the six months ended June 30, 2017 and 2016, respectively. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 3. FAIR VALUE Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy has also been established which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs are used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The fair values of most trading securities and securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The Corporation’s structured pooled trust preferred securities are priced using Level 3 inputs. The decline in the level of observable inputs and market activity in this class of investments by the measurement date has been significant and resulted in unreliable external pricing. Broker pricing and bid/ask spreads, when available, vary widely, and the once-active market has become comparatively inactive. The Corporation engaged a third party consultant who has developed a model for pricing these securities. Information such as historical and current performance of the underlying collateral, deferral and default rates, collateral coverage ratios, break in yield calculations, cash flow projections, liquidity and credit premiums required by a market participant, and financial trend analysis with respect to the individual issuing financial institutions and insurance companies are utilized in determining the security valuation. Due to the current market conditions as well as the limited trading activity of these types of securities, the market value of the Corporation’s structured pooled trust preferred securities are highly sensitive to assumption changes and market volatility. The Corporation’s derivative instruments are interest rate swaps that are similar to those that trade in liquid markets. As such, significant fair value inputs can generally be verified and do not typically involve significant management judgments (Level 2 inputs). The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals prepared by third-parties. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Management also adjusts appraised values based on the length of time that has passed since the appraisal date and other factors. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Assets and liabilities measured at fair value on a recurring basis are as follows at June 30, 2017 and December 31, 2016: Fair Value Measurements at June 30, 2017 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Securities Available For Sale: U.S. Government sponsored entities $ 128,476 $ 0 $ 128,476 $ 0 States and political subdivisions 149,051 0 149,051 0 Residential and multi-family mortgage 116,781 0 116,781 0 Corporate notes and bonds 18,220 0 18,220 0 Pooled SBA 39,565 0 39,565 0 Other equity securities 972 972 0 0 Total Securities Available For Sale $ 453,065 $ 972 $ 452,093 $ 0 Interest Rate swaps $ 235 $ 0 $ 235 $ 0 Trading Securities: Corporate equity securities $ 3,987 $ 3,987 $ 0 $ 0 Mutual funds 1,244 1,244 0 0 Certificates of deposit 211 211 0 0 Corporate notes and bonds 256 256 0 0 U.S. Government sponsored entities 53 0 53 0 Total Trading Securities $ 5,751 $ 5,698 $ 53 $ 0 Liabilities, Interest rate swaps $ (548 ) $ 0 $ (548 ) $ 0 Fair Value Measurements at December 31, 2016 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Securities Available For Sale: U.S. Government sponsored entities $ 140,351 $ 0 $ 140,351 $ 0 States and political subdivisions 157,037 0 157,037 0 Residential and multi-family mortgage 134,976 0 134,976 0 Corporate notes and bonds 17,414 0 17,414 0 Pooled trust preferred 2,049 0 0 2,049 Pooled SBA 43,037 0 43,037 0 Other equity securities 971 971 0 0 Total Securities Available For Sale $ 495,835 $ 971 $ 492,815 $ 2,049 Interest Rate swaps $ 211 $ 0 $ 211 $ 0 Trading Securities: Corporate equity securities $ 3,312 $ 3,312 $ 0 $ 0 Mutual funds 1,037 1,037 0 0 Certificates of deposit 202 202 0 0 Corporate notes and bonds 254 254 0 0 U.S. Government sponsored entities 53 0 53 0 Total Trading Securities $ 4,858 $ 4,805 $ 53 $ 0 Liabilities, Interest rate swaps $ (670 ) $ 0 $ (670 ) $ 0 The table below presents a reconciliation of the fair value of securities available for sale measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30, 2017 and 2016: 2017 2016 Balance, April 1 $ 0 $ 3,109 Total gains or (losses): Included in other comprehensive income (unrealized) 0 (922 ) Sale of available-for-sale securities 0 (485 ) Balance, June 30 $ 0 $ 1,702 The table below presents a reconciliation of the fair value of securities available for sale measured on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2017 and 2016: 2017 2016 Balance, January 1 $ 2,049 $ 3,413 Total gains or (losses): Included in other comprehensive income (unrealized) 134 (922 ) Sale of available-for-sale securities (2,183 ) (789 ) Balance, June 30 $ 0 $ 1,702 The following table presents quantitative information about Level 3 fair value measurements at December 31, 2016: Fair Valuation Unobservable Inputs Input Utilized Pooled trust preferred $ 2,049 Discounted cash flow Collateral default rate 0.5% in 2016 and thereafter Yield (weighted average) 10% Prepayment speed 2.0% constant prepayment rate in 2016 and thereafter At December 31, 2016, the significant unobservable inputs used in the fair value measurement of the Corporation’s pooled trust preferred securities were collateral default rate, yield, and prepayment speed. Significant increases in specific-issuer default assumptions or decreases in specific-issuer recovery assumptions would result in a lower fair value measurement. Conversely, decreases in specific-issuer default assumptions or increases in specific-issuer recovery assumptions would result in a higher fair value measurement. Assets and liabilities measured at fair value on a non-recurring basis are as follows at June 30, 2017 and December 31, 2016: Fair Value Measurements at June 30, 2017 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Commercial mortgages $ 11 0 0 $ 11 Fair Value Measurements at December 31, 2016 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Commercial mortgages $ 2,067 0 0 $ 2,067 Impaired loans, measured for impairment using the fair value of collateral for collateral dependent loans, had a recorded investment of $690 with a valuation allowance of $679 as of June 30, 2017, resulting in a negative provision for loan losses of ($271) and ($373) for the corresponding three and six month periods ended June 30, 2017. Impaired loans had a recorded investment of $3,120 with a valuation allowance of $1,053 as of December 31, 2016. Impaired loans carried at fair value resulted in an additional provision for loan losses of $135 and $53 for the three and six month periods ended June 30, 2016. The estimated fair values of impaired collateral dependent loans such as commercial or residential mortgages are determined primarily through third-party appraisals. When a collateral dependent loan, such as a commercial or residential mortgage loan, becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal, and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral and a further reduction for estimated costs to sell the property is applied, which results in an amount that is considered to be the estimated fair value. If a loan becomes impaired and the appraisal of related loan collateral is outdated, management applies an appropriate adjustment factor based on its experience with current valuations of similar collateral in determining the loan’s estimated fair value and resulting allowance for loan losses. Third-party appraisals are not customarily obtained for unimpaired loans, unless in management’s view changes in circumstances warrant obtaining an updated appraisal. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2017: Fair Valuation Technique Unobservable Inputs Range Impaired loans – commercial mortgages $ 11 Discounted cash flow method Discount used in discounted cash flow method 10% (10%) The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2016: Fair Valuation Technique Unobservable Inputs Range (Weighted Average) Impaired loans – commercial mortgages $ 2,067 Sales comparison approach and discounted cash flow method Adjustment for differences between the comparable sales and discount used in discounted cash flow method 10% - 14% (13%) Fair Value of Financial Instruments The following table presents the carrying amount and fair value of financial instruments at June 30, 2017: Carrying Fair Value Measurement Using: Total Amount Level 1 Level 2 Level 3 Fair Value ASSETS Cash and cash equivalents $ 33,049 $ 33,049 $ 0 $ 0 $ 33,049 Securities available for sale 453,065 972 452,093 0 453,065 Trading securities 5,751 5,698 53 0 5,751 Loans held for sale 1,652 0 1,654 0 1,654 Net loans 2,003,560 0 0 1,960,554 1,960,554 FHLB and other equity interests 23,298 n/a n/a n/a n/a Interest rate swaps 235 0 235 0 235 Accrued interest receivable 7,857 6 2,760 5,091 7,857 LIABILITIES Deposits $ (2,076,789 ) $ (1,839,627 ) $ (225,848 ) $ 0 $ (2,065,475 ) FHLB and other borrowings (262,940 ) 0 (251,585 ) 0 (251,585 ) Subordinated debentures (70,620 ) 0 (62,696 ) 0 (62,696 ) Interest rate swaps (548 ) 0 (548 ) 0 (548 ) Accrued interest payable (510 ) 0 (510 ) 0 (510 ) The following table presents the carrying amount and fair value of financial instruments at December 31, 2016: Carrying Fair Value Measurement Using: Total Amount Level 1 Level 2 Level 3 Fair Value ASSETS Cash and cash equivalents $ 29,183 $ 29,183 $ 0 $ 0 $ 29,183 Securities available for sale 495,835 971 492,815 2,049 495,835 Trading securities 4,858 4,805 53 0 4,858 Loans held for sale 7,528 0 7,553 0 7,553 Net loans 1,857,206 0 0 1,817,341 1,817,341 FHLB and other equity interests 19,186 n/a n/a n/a n/a Interest rate swaps 211 0 211 0 211 Accrued interest receivable 8,264 6 3,014 5,244 8,264 LIABILITIES Deposits $ (2,017,522 ) $ (1,786,748 ) $ (219,765 ) $ 0 (2,006,513 ) FHLB and other borrowings (237,004 ) 0 (226,769 ) 0 (226,769 ) Subordinated debentures (70,620 ) 0 (61,831 ) 0 (61,831 ) Deposits held for sale (6,456 ) 0 (6,417 ) 0 (6,417 ) Interest rate swaps (670 ) 0 (670 ) 0 (670 ) Accrued interest payable (510 ) 0 (510 ) 0 (510 ) The methods and assumptions, not otherwise presented, used to estimate fair values are described as follows: Cash and cash equivalents: Interest bearing time deposits with other banks: Loans held for sale: Loans: FHLB and other equity interests: Accrued interest receivable: Deposits: Deposits held for sale: FHLB and other borrowings: Subordinated debentures: Accrued interest payable: While estimates of fair value are based on management’s judgment of the most appropriate factors as of the balance sheet date, there is no assurance that the estimated fair values would have been realized if the assets had been disposed of or the liabilities settled at that date, since market values may differ depending on various circumstances. The estimated fair values would also not apply to subsequent dates. In addition, other assets and liabilities that are not financial instruments, such as premises and equipment, are not included in the disclosures. Also, non-financial assets such as, among other things, the estimated earnings power of core deposits, the earnings potential of trust accounts, the trained workforce, and customer goodwill, which typically are not recognized on the balance sheet, may have value but are not included in the fair value disclosures. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Securities | 4. SECURITIES Securities available for sale at June 30, 2017 and December 31, 2016 are as follows: June 30, 2017 December 31, 2016 Amortized Unrealized Fair Amortized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Gov’t sponsored entities $ 127,616 $ 1,034 $ (174 ) $ 128,476 $ 139,823 $ 1,107 $ (579 ) $ 140,351 State & political subdivisions 143,886 5,444 (279 ) 149,051 153,492 4,194 (649 ) 157,037 Residential & multi-family mortgage 117,039 774 (1,032 ) 116,781 136,807 551 (2,382 ) 134,976 Corporate notes & bonds 18,612 108 (500 ) 18,220 18,299 77 (962 ) 17,414 Pooled trust preferred 0 0 0 0 800 1,249 0 2,049 Pooled SBA 39,736 424 (595 ) 39,565 43,450 505 (918 ) 43,037 Other equity securities 1,020 0 (48 ) 972 1,020 0 (49 ) 971 Total $ 447,909 $ 7,784 $ (2,628 ) $ 453,065 $ 493,691 $ 7,683 $ (5,539 ) $ 495,835 At June 30, 2017 and December 31, 2016, there were no holdings of securities of any one issuer, other than the U.S. Government sponsored entities, in an amount greater than 10% of shareholders’ equity. The Corporation’s residential and multi-family mortgage securities are issued by government sponsored entities. Trading securities at June 30, 2017 and December 31, 2016 are as follows: June 30, 2017 December 31, 2016 Corporate equity securities $ 3,987 $ 3,312 Mutual funds 1,244 1,037 Certificates of deposit 211 202 Corporate notes and bonds 256 254 U.S. Government sponsored entities 53 53 Total $ 5,751 $ 4,858 Securities with unrealized losses at June 30, 2017 and December 31, 2016, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands): June 30, 2017 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Gov’t sponsored entities $ 59,087 $ (174 ) $ 0 $ (0 ) $ 59,087 $ (174 ) State & political subdivisions 5,866 (86 ) 272 (193 ) 6,138 (279 ) Residential & multi-family mortgage 41,306 (376 ) 33,844 (656 ) 75,150 (1,032 ) Corporate notes & bonds 0 (0 ) 8,993 (500 ) 8,993 (500 ) Pooled SBA 4,991 (69 ) 19,146 (526 ) 24,137 (595 ) Other equity securities 0 (0 ) 972 (48 ) 972 (48 ) $ 111,250 $ (705 ) $ 63,227 $ (1,923 ) $ 174,477 $ (2,628 ) December 31, 2016 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized U.S. Gov’t sponsored entities $ 90,380 $ (579 ) $ 0 $ (0 ) $ 90,380 $ (579 ) State & political subdivisions 32,353 (448 ) 264 (201 ) 32,617 (649 ) Residential and multi-family mortgage 65,598 (1,255 ) 34,611 (1,127 ) 100,209 (2,382 ) Corporate notes & bonds 2,089 (11 ) 8,476 (951 ) 10,565 (962 ) Pooled SBA 6,481 (126 ) 20,560 (792 ) 27,041 (918 ) Other equity securities 0 (0 ) 971 (49 ) 971 (49 ) $ 196,901 $ (2,419 ) $ 64,882 $ (3,120 ) $ 261,783 $ (5,539 ) The Corporation evaluates securities for other-than-temporary impairment on a quarterly basis, or more frequently when economic or market conditions warrant such an evaluation. A roll-forward of the other-than-temporary impairment amount related to credit losses for the three and six months ended June 30, 2017 and 2016 is as follows: 2017 2016 Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, beginning of period $ 2,071 $ 4,054 Credit losses previously recognized on securities sold during the period (2,071 ) (1,983 ) Additional credit loss for which other-than-temporary impairment was not previously recognized 0 0 Additional credit loss for which other-than-temporary impairment was previously recognized 0 0 Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, end of period $ 0 $ 2,071 The adjusted amortized cost of structured pooled trust preferred securities as of December 31, 2016 is insignificant. For the securities that comprise corporate notes and bonds and the securities that are issued by state and political subdivisions, management monitors publicly available financial information, such as filings with the Securities and Exchange Commission, in order to evaluate the securities for other-than-temporary impairment. For financial institution issuers, management monitors information from quarterly “call” report filings that are used to generate Uniform Bank Performance Reports. All other securities that were in an unrealized loss position at the balance sheet date were reviewed by management, and issuer-specific documents were reviewed as appropriate. When reviewing securities for other-than-temporary impairment, management considers the financial condition and near-term prospects of the issuer and whether downgrades by bond rating agencies have occurred. Management also considers the length of time and extent to which fair value has been less than cost, and whether management does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. As of June 30, 2017 and December 31, 2016, management concluded that the securities described in the previous paragraph were not other-than-temporarily impaired for the following reasons: • There is no indication of any significant deterioration of the creditworthiness of the institutions that issued the securities. • All contractual interest payments on the securities have been received as scheduled, and no information has come to management’s attention through the processes previously described which would lead to a conclusion that future contractual payments will not be timely received. The Corporation does not intend to sell and it is not more likely than not that it will be required to sell the securities in an unrealized loss position before recovery of its amortized cost basis. On June 30, 2017 and December 31, 2016, securities carried at $302,593 and $329,379, respectively, were pledged to secure public deposits and for other purposes as provided by law. Information pertaining to security sales on available for sale securities is as follows: Proceeds Gross Gross Three months ended June 30, 2017 $ 5,434 $ 155 $ 0 Three months ended June 30, 2016 $ 4,420 $ 1,005 $ 0 Six months ended June 30, 2017 $ 7,618 $ 1,538 $ 0 Six months ended June 30, 2016 $ 4,420 $ 1,005 $ 0 The tax provision related to these net realized gains was $54 and $538 during the three and six months ended June 30, 2017 and $352 during both the three and six months ended June 30, 2016. The following is a schedule of the contractual maturity of securities available for sale, excluding equity securities, at June 30, 2017: Amortized Fair Cost Value 1 year or less $ 47,977 $ 47,728 1 year – 5 years 170,873 174,756 5 years – 10 years 63,058 64,999 After 10 years 8,206 8,264 290,114 295,747 Residential and multi-family mortgage 117,039 116,781 Pooled SBA 39,736 39,565 Total debt securities $ 446,889 $ 452,093 Mortgage and asset backed securities and pooled SBA securities are not due at a single date; periodic payments are received based on the payment patterns of the underlying collateral. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans | 5. LOANS Total net loans at June 30, 2017 and December 31, 2016 are summarized as follows: June 30, 2017 December 31, 2016 Commercial, industrial, and agricultural $ 636,836 $ 567,800 Commercial mortgages 618,262 574,826 Residential real estate 684,294 652,883 Consumer 76,476 74,816 Credit cards 6,080 6,046 Overdrafts 2,359 595 Less: unearned discount (3,478 ) (3,430 ) allowance for loan losses (17,269 ) (16,330 ) Loans, net $ 2,003,560 $ 1,857,206 At June 30, 2017 and December 31, 2016, net unamortized loan (fees) costs of $(2,347) and $(1,507), respectively, have been included in the carrying value of loans. The Corporation’s outstanding loans and related unfunded commitments are primarily concentrated within Central and Western Pennsylvania, Central and Northeastern Ohio, and Western New York. The Bank attempts to limit concentrations within specific industries by utilizing dollar limitations to single industries or customers, and by entering into participation agreements with third parties. Collateral requirements are established based on management’s assessment of the customer. The Corporation maintains lending policies to control the quality of the loan portfolio. These policies delegate the authority to extend loans under specific guidelines and underwriting standards. These policies are prepared by the Corporation’s management and reviewed and ratified annually by the Corporation’s Board of Directors. Pursuant to the Corporation’s lending policies, management considers a variety of factors when determining whether to extend credit to a customer, including loan-to-value ratios, FICO scores, quality of the borrower’s financial statements, and the ability to obtain personal guarantees. Commercial, industrial, and agricultural loans comprised 31% and 30% of the Corporation’s total loan portfolio at June 30, 2017 and December 31, 2016, respectively. Commercial mortgage loans comprised 31% and 31% of the Corporation’s total loan portfolio at June 30, 2017 and December 31, 2016, respectively. Management assigns a risk rating to all commercial loans at loan origination. The loan-to-value policy guidelines for commercial, industrial, and agricultural loans are generally a maximum of 80% of the value of business equipment, a maximum of 75% of the value of accounts receivable, and a maximum of 60% of the value of business inventory at loan origination. The loan-to-value policy guideline for commercial mortgage loans is generally a maximum of 85% of the appraised value of the real estate. Residential real estate loans comprised 34% and 35% of the Corporation’s total loan portfolio at June 30, 2017 and December 31, 2016, respectively. The loan-to-value policy guidelines for residential real estate loans vary depending on the collateral position and the specific type of loan. Higher loan-to-value terms may be approved with the appropriate private mortgage insurance coverage. The Corporation also originates and prices loans for sale into the secondary market. Loans so originated are classified as loans held for sale and are excluded from residential real estate loans reported above. The rationale for these sales is to mitigate interest rate risk associated with holding lower rate, long-term residential mortgages in the loan portfolio and to generate fee revenue from sales and servicing the loan. The Corporation also offers a variety of unsecured and secured consumer loan and credit card products which represent less than 10% of the total loan portfolio at both June 30, 2017 and December 31, 2016. Terms and collateral requirements vary depending on the size and nature of the loan. Transactions in the allowance for loan losses for the three months ended June 30, 2017 were as follows: Commercial, Residential Industrial, and Commercial Real Credit Agricultural Mortgages Estate Consumer Cards Overdrafts Total Allowance for loan losses, April 1, 2017 $ 4,785 $ 7,357 $ 2,022 $ 2,089 $ 105 $ 188 $ 16,546 Charge-offs (29 ) 0 (130 ) (531 ) (14 ) (60 ) (764 ) Recoveries 119 192 2 12 4 24 353 Provision (benefit) for loan losses 688 92 (224 ) 498 47 33 1,134 Allowance for loan losses, June 30, 2017 $ 5,563 $ 7,641 $ 1,670 $ 2,068 $ 142 $ 185 $ 17,269 Transactions in the allowance for loan losses for the six months ended June 30, 2017 were as follows: Commercial, Residential Industrial, and Commercial Real Credit Agricultural Mortgages Estate Consumer Cards Overdrafts Total Allowance for loan losses, January 1, 2017 $ 5,428 $ 6,753 $ 1,653 $ 2,215 $ 93 $ 188 $ 16,330 Charge-offs (30 ) 0 (198 ) (1,266 ) (72 ) (129 ) (1,695 ) Recoveries 131 194 73 14 15 57 484 Provision (benefit) for loan losses 34 694 142 1,105 106 69 2,150 Allowance for loan losses, June 30, 2017 $ 5,563 $ 7,641 $ 1,670 $ 2,068 $ 142 $ 185 $ 17,269 Transactions in the allowance for loan losses for the three months ended June 30, 2016 were as follows: Commercial, Residential Industrial, and Commercial Real Credit Agricultural Mortgages Estate Consumer Cards Overdrafts Total Allowance for loan losses, April 1, 2016 $ 5,627 $ 6,044 $ 2,574 $ 2,274 $ 81 $ 138 $ 16,738 Charge-offs (162 ) (20 ) (124 ) (701 ) (28 ) (30 ) (1,065 ) Recoveries 39 0 3 30 3 20 95 Provision (benefit) for loan losses (286 ) 183 (154 ) 463 (6 ) 20 220 Allowance for loan losses, June 30, 2016 $ 5,218 $ 6,207 $ 2,299 $ 2,066 $ 50 $ 148 $ 15,988 Transactions in the allowance for loan losses for the six months ended June 30, 2016 were as follows: Commercial, Residential Industrial, and Commercial Real Credit Agricultural Mortgages Estate Consumer Cards Overdrafts Total Allowance for loan losses, January 1, 2016 $ 6,035 $ 5,605 $ 2,475 $ 2,371 $ 90 $ 161 $ 16,737 Charge-offs (433 ) (20 ) (149 ) (1,688 ) (37 ) (81 ) (2,408 ) Recoveries 47 5 62 74 15 40 243 Provision (benefit) for loan losses (431 ) 617 (89 ) 1,309 (18 ) 28 1,416 Allowance for loan losses, June 30, 2016 $ 5,218 $ 6,207 $ 2,299 $ 2,066 $ 50 $ 148 $ 15,988 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and is based on the Corporation’s impairment method as of June 30, 2017 and December 31, 2016. The recorded investment in loans excludes accrued interest and unearned discounts due to their insignificance. June 30, 2017 Commercial, Commercial Residential Estate Consumer Credit Overdrafts Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 0 $ 2,151 $ 0 $ 0 $ 0 $ 0 $ 2,151 Collectively evaluated for impairment 5,442 3,862 1,670 2,068 142 185 13,369 Acquired with deteriorated credit quality 0 0 0 0 0 0 0 Modified in a troubled debt restructuring 121 1,628 0 0 0 0 1,749 Total ending allowance balance $ 5,563 $ 7,641 $ 1,670 $ 2,068 $ 142 $ 185 $ 17,269 Loans: Individually evaluated for impairment $ 630 $ 6,094 $ 0 $ 0 $ 0 $ 0 $ 6,724 Collectively evaluated for impairment 633,655 602,031 684,294 76,476 6,080 2,359 2,004,895 Acquired with deteriorated credit quality 0 1,501 0 0 0 0 1,501 Modified in a troubled debt restructuring 2,551 8,636 0 0 0 0 11,187 Total ending loans balance $ 636,836 $ 618,262 $ 684,294 $ 74,476 $ 6,080 $ 2,359 $ 2,024,307 December 31, 2016 Commercial, Commercial Residential Estate Consumer Credit Overdrafts Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 188 $ 996 $ 0 $ 0 $ 0 $ 0 $ 1,184 Collectively evaluated for impairment 5,115 3,543 1,653 2,215 93 188 12,807 Acquired with deteriorated credit quality 0 0 0 0 0 0 0 Modified in a troubled debt restructuring 125 2,214 0 0 0 0 2,339 Total ending allowance balance $ 5,428 $ 6,753 $ 1,653 $ 2,215 $ 93 $ 188 $ 16,330 Loans: Individually evaluated for impairment $ 775 $ 6,176 $ 0 $ 0 $ 0 $ 0 $ 6,951 Collectively evaluated for impairment 564,180 557,932 652,883 74,816 6,046 595 1,856,452 Acquired with deteriorated credit quality 205 1,527 0 0 0 0 1,732 Modified in a troubled debt restructuring 2,640 9,191 0 0 0 0 11,831 Total ending loans balance $ 567,800 $ 574,826 $ 652,883 $ 74,816 $ 6,046 $ 595 $ 1,876,966 Commercial and commercial real estate loans greater than $250,000 are individually evaluated for impairment. The following tables present information related to loans individually evaluated for impairment, including loans modified in troubled debt restructurings, by portfolio segment as of June 30, 2017 and December 31, 2016 and for the six months ended June 30, 2017 and 2016: June 30, 2017 Unpaid Principal Recorded Allowance for Loan With an allowance recorded: Commercial, industrial, and agricultural $ 1,168 $ 1,168 $ 121 Commercial mortgage 10,167 9,836 3,779 Residential real estate 0 0 0 With no related allowance recorded: Commercial, industrial, and agricultural 2,856 2,013 0 Commercial mortgage 5,629 4,894 0 Residential real estate 0 0 0 Total $ 19,820 $ 17,911 $ 3,900 December 31, 2016 Unpaid Principal Recorded Allowance for Loan With an allowance recorded: Commercial, industrial, and agricultural $ 1,644 $ 1,644 $ 313 Commercial mortgage 16,200 15,367 3,210 Residential real estate 0 0 0 With no related allowance recorded: Commercial, industrial, and agricultural 2,669 1,771 0 Commercial mortgage 0 0 0 Residential real estate 0 0 0 Total $ 20,513 $ 18,782 $ 3,523 The unpaid principal balance of impaired loans includes the Corporation’s recorded investment in the loan and amounts that have been charged off. Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Average Interest Cash Basis Average Interest Cash Basis Recorded Income Interest Recorded Income Interest Investment Recognized Recognized Investment Recognized Recognized With an allowance recorded: Commercial, industrial, and agricultural $ 1,398 $ 18 $ 18 $ 3,150 $ 2 $ 2 Commercial mortgage 12,505 71 71 5,309 4 4 Residential real estate 0 0 0 0 0 0 With no related allowance recorded: Commercial, industrial, and agricultural 1,833 34 34 2,525 2 2 Commercial mortgage 2,447 67 67 4,458 3 3 Residential real estate 0 0 0 0 0 0 Total $ 18,183 $ 190 $ 190 $ 15,442 $ 11 $ 11 Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 Average Interest Cash Basis Average Interest Cash Basis Recorded Income Interest Recorded Income Interest Investment Recognized Recognized Investment Recognized Recognized With an allowance recorded: Commercial, industrial, and agricultural $ 1,480 $ 36 $ 36 $ 3,249 $ 2 $ 2 Commercial mortgage 13,459 216 216 5,320 4 4 Residential real estate 0 0 0 83 6 6 With no related allowance recorded: Commercial, industrial, and agricultural 1,812 50 50 2,612 2 2 Commercial mortgage 1,631 67 67 4,622 3 3 Residential real estate 0 0 0 0 0 0 Total $ 18,382 $ 369 $ 369 $ 15,886 $ 17 $ 17 The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still accruing interest by class of loans as of June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Nonaccrual Past Due Over 90 Days Still on Accrual Nonaccrual Past Due Over 90 Days Still on Accrual Commercial, industrial, and agricultural $ 2,288 $ 0 $ 2,734 $ 0 Commercial mortgages 11,579 0 5,996 0 Residential real estate 5,406 282 5,600 0 Consumer 722 20 999 0 Credit cards 0 12 0 10 Total $ 19,995 $ 314 $ 15,329 $ 10 Nonaccrual loans and loans past due over 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following table presents the aging of the recorded investment in past due loans as of June 30, 2017 and December 31, 2016 by class of loans. June 30, 2017 30-59 Days 60-89 Days Greater Than Past Due Total Past Due Loans Not Total Commercial, industrial, and agricultural $ 2,366 $ 464 $ 948 $ 3,778 $ 633,058 $ 636,836 Commercial mortgages 41 0 1,450 1,491 616,771 618,262 Residential real estate 1,851 1,077 4,385 7,313 676,981 684,294 Consumer 517 277 718 1,512 74,964 76,476 Credit cards 28 32 12 72 6,008 6,080 Overdrafts 0 0 0 0 2,359 2,359 Total $ 4,803 $ 1,850 $ 7,513 $ 14,166 $ 2,010,141 $ 2,024,307 December 31, 2016 30-59 Days 60-89 Days Greater Than Past Due Total Past Due Loans Not Total Commercial, industrial, and agricultural $ 1,558 $ 299 $ 1,294 $ 3,151 $ 564,649 $ 567,800 Commercial mortgages 559 0 1,516 2,075 572,751 574,826 Residential real estate 2,155 737 3,710 6,602 646,281 652,883 Consumer 648 890 974 2,512 72,304 74,816 Credit cards 105 0 10 115 5,931 6,046 Overdrafts 0 0 0 0 595 595 Total $ 5,025 $ 1,926 $ 7,504 $ 14,455 $ 1,862,511 $ 1,876,966 Troubled Debt Restructurings The terms of certain loans have been modified as troubled debt restructurings. The modification of the terms of such loans included either or both of the following: a reduction of the stated interest rate of the loan or an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk. The following table presents the number of loans, loan balances, and specific reserves for loans that have been restructured in a troubled debt restructuring as of June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 Number of Loans Loan Balance Specific Reserve Number of Loans Loan Balance Specific Reserve Commercial, industrial, and agricultural 6 $ 2,551 $ 121 7 $ 2,640 $ 125 Commercial mortgages 8 8,636 1,628 8 9,191 2,214 Residential real estate 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 Credit cards 0 0 0 0 0 0 Total 14 $ 11,187 $ 1,749 15 $ 11,831 $ 2,339 There were no loans modified as troubled debt restructurings during the three or six months ended June 30, 2017 or June 30, 2016. A troubled debt restructured loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. All loans modified in troubled debt restructurings are performing in accordance with their modified terms as of June 30, 2017 and December 31, 2016 and no principal balances were forgiven in connection with the loan restructurings. In order to determine whether a borrower is experiencing financial difficulty, the Corporation performs an evaluation using its internal underwriting policies of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without a loan modification. The Corporation has no further loan commitments to customers whose loans are classified as a troubled debt restructuring. Generally, non-performing troubled debt restructurings are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Credit Quality Indicators The Corporation classifies commercial, industrial, and agricultural loans and commercial mortgage loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation uses the following definitions for risk ratings: Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Corporation’s credit position at some future date. Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not rated as special mention, substandard, or doubtful are considered to be pass rated loans. All loans included in the following tables have been assigned a risk rating within 12 months of the balance sheet date. June 30, 2017 Pass Special Substandard Doubtful Total Commercial, industrial, and agricultural $ 601,561 $ 9,575 $ 25,700 $ 0 $ 636,836 Commercial mortgages 599,015 3,100 16,147 0 618,262 Total $ 1,200,576 $ 12,675 $ 41,847 $ 0 $ 1,255,098 December 31, 2016 Pass Special Substandard Doubtful Total Commercial, industrial, and agricultural $ 531,320 $ 14,638 $ 21,831 $ 11 $ 567,800 Commercial mortgages 551,474 1,809 21,543 0 574,826 Total $ 1,082,794 $ 16,447 $ 43,374 $ 11 $ 1,142,626 The Corporation considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential real estate, consumer, and credit card loan classes, the Corporation also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential, consumer, and credit card loans based on payment activity as of June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Residential Credit Residential Credit Real Estate Consumer Cards Real Estate Consumer Cards Performing $ 678,606 $ 75,734 $ 6,068 $ 647,283 $ 73,817 $ 6,036 Nonperforming 5,688 742 12 5,600 999 10 Total $ 684,294 $ 76,476 $ 6,080 $ 652,883 $ 74,816 $ 6,046 The Corporation’s portfolio of residential real estate and consumer loans maintained within Holiday Financial Services Corporation (“Holiday”) are considered to be subprime loans. Holiday is a subsidiary that offers small balance unsecured and secured loans, primarily collateralized by automobiles and equipment, to borrowers with higher risk characteristics than are typical in the Bank’s consumer loan portfolio. Holiday’s loan portfolio is summarized as follows at June 30, 2017 and December 31, 2016: June 30, December 31, 2017 2016 Consumer $ 22,011 $ 24,026 Residential real estate 1,142 1,209 Less: unearned discount (3,478 ) (3,430 ) Total $ 19,675 $ 21,805 |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | 6. DEPOSITS Total deposits at June 30, 2017 and December 31, 2016 are summarized as follows (in thousands): Percentage Change June 30, 2017 December 31, Checking, non-interest bearing 8.3 % $ 313,871 $ 289,922 Checking, interest bearing 3.4 % 561,871 543,388 Savings accounts 1.1 % 963,885 953,438 Certificates of deposit 2.8 % 237,162 230,774 2.9 % $ 2,076,789 $ 2,017,522 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per share is computed using the weighted average number of shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three and six months ended June 30, 2017 and 2016, there were no outstanding stock options to include in the diluted earnings per share calculations. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Corporation has determined that its outstanding unvested stock awards are participating securities. The computation of basic and diluted earnings per share is shown below (in thousands except per share data): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Basic earnings per common share computation: Net income per consolidated statements of income $ 6,683 $4,065 $ 13,163 $ 9,084 Net earnings allocated to participating securities (40 ) (27 ) (78 ) (60 ) Net earnings allocated to common stock $ 6,643 $ 4,038 $ 13,085 $ 9,024 Distributed earnings allocated to common stock $ 2,507 $ 2,369 $ 5,015 $ 4,737 Undistributed earnings allocated to common stock 4,136 1,669 8,070 4,287 Net earnings allocated to common stock $ 6,643 $ 4,038 13,085 $ 9,024 Weighted average common shares outstanding, including shares considered participating securities 15,294 14,460 15,138 14,448 Less: Average participating securities (88 ) (92 ) (87 ) (86 ) Weighted average shares 15,206 14,368 15,051 14,362 Basic earnings per common share $ 0.44 $ 0.28 $ 0.87 $ 0.63 Diluted earnings per common share computation: Net earnings allocated to common stock $ 6,643 $ 4,038 $ 13,085 $ 9,024 Weighted average shares and dilutive potential common shares 15,206 14,368 15,051 14,362 Diluted earnings per common share $ 0.44 $ 0.28 $ 0.87 $ 0.63 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 8. DERIVATIVE INSTRUMENTS On May 3, 2011, the Corporation executed an interest rate swap agreement with a 5 year term and an effective date of September 15, 2013 in order to hedge cash flows associated with $10 million of a subordinated note that was issued by the Corporation during 2007 and elected cash flow hedge accounting for the agreement. The Corporation’s objective in using this derivative is to add stability to interest expense and to manage its exposure to interest rate risk. The interest rate swap involves the receipt of variable-rate amounts in exchange for fixed-rate payments from September 15, 2013 to September 15, 2018 without exchange of the underlying notional amount. At June 30, 2017, the variable rate on the subordinated debt was 2.80% (LIBOR plus 155 basis points) and the Corporation was paying 5.57% (4.02% fixed rate plus 155 basis points). As of June 30, 2017 and December 31, 2016, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Corporation does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. The following tables provide information about the amounts and locations of activity related to the interest rate swaps designated as cash flow hedges within the Corporation’s consolidated balance sheet and statement of income as of June 30, 2017 and December 31, 2016 and for the three and six months ended June 30, 2017 and 2016: Fair value as of Balance Sheet June 30, December 31, Location 2017 2016 Interest rate contracts Accrued interest and other liabilities $ (313 ) $ (459 ) For the Three Months Ended June 30, 2017 (a) (b) (c) (d) (e) Interest rate contracts $ 40 Interest expense – ($ 74 ) Other $ 0 For the Six Months Ended June 30, 2017 (a ) (b) (c) (d) (e) Interest rate contracts $ 95 Interest expense – ($ 149 ) Other $ 0 For the Three Months Ended June 30, 2016 (a) (b) (c) (d) (e) Interest rate contracts ($ 31 ) Interest ($ 86 ) Other $ 0 For the Six Months Ended June 30, 2016 (a ) (b) (c) (d) (e) Interest rate contracts $ 5 Interest ($ 176 ) Other $ 0 (a) Amount of Gain or (Loss) Recognized in Other Comprehensive Loss on Derivative (Effective Portion), net of tax (b) Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (c) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (d) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) (e) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amounts reported in accumulated other comprehensive loss related to the interest rate swap will be reclassified to interest expense as interest payments are made on the subordinated debentures. Such amounts reclassified from accumulated other comprehensive loss to interest expense in the next twelve months are expected to be $289. As of June 30, 2017 and December 31, 2016, a cash collateral balance in the amount of $1,400 was maintained with a counterparty to the interest rate swaps. These balances are included in interest bearing deposits with other banks on the consolidated balance sheet. The Corporation has entered into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Corporation enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Corporation agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. Concurrently, the Corporation agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the Corporation’s customers to effectively convert a variable rate loan to a fixed rate. Because the Corporation acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not impact the Corporation’s results of operations. The Corporation pledged cash collateral to another financial institution with a balance $750 as of both June 30, 2017 and December 31, 2016. This balance is included in interest bearing deposits with other banks on the consolidated balance sheets. The Corporation does not require its customers to post cash or securities as collateral on its program of back-to-back swaps. However, certain language is included in the International Swaps and Derivatives Association agreement and loan documents where, in default situations, the Corporation is permitted to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Corporation may be required to post additional collateral to swap counterparties in the future in proportion to potential increases in unrealized loss positions. The following table provides information about the amounts and locations of activity related to the back-to-back interest rate swaps within the Corporation’s consolidated balance sheet as of June 30, 2017 and December 31, 2016: Notional Amount Weighted Average Maturity (in years) Weighted Average Fixed Rate Weighted Average Variable Rate Fair Value June 30, 2017 3 rd Party interest rate swaps $ 14,647 8.5 4.43 % 1 month LIBOR + 2.35% $ 235 (a) Customer interest rate swaps (14,647 ) 8.5 4.43 % 1 month LIBOR + 2.35% (235 )(b) December 31, 2016 3 rd Party interest rate swaps $ 14,814 9.0 4.43 % 1 month LIBOR + 2.35% $ 211 (a) Customer interest rate swaps (14,814 ) 9.0 4.43 % 1 month LIBOR + 2.35% (211 )(b) (a) Reported in accrued interest receivable and other assets within the consolidated balance sheets (b) Reported in accrued interest payable and other liabilities within the consolidated balance sheets |
Common Stock Issuance
Common Stock Issuance | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Common Stock Issuance | 9. COMMON STOCK ISSUANCE In February 2017, the Corporation completed an at-the-market common stock issuance. A total of 834,896 shares of the Corporation’s common stock were sold at a weighted average price of approximately $23.96, representing gross proceeds to the Corporation of $20,000. Net proceeds from the transaction, after the sales commission and other expenses, were $19,300, which will be used for general corporate purposes, including loan growth, additional liquidity, and working capital. |
Branch Sale
Branch Sale | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Branch Sale | 10. BRANCH SALE On May 19, 2017, CNB completed its previously announced sale of the Mt. Hope, Ohio branch to First Federal Community Bank. CNB transferred loans totaling $7,800, fixed assets totaling $100, and deposits totaling $7,400 in conjunction with the sale of the branch and realized a gain of $536 based on the 8% deposit premium paid by First Federal Community Bank. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 11. RECENT ACCOUNTING PRONOUNCEMENTS In May 2017, the FASB issued an update (ASU 2017-09, Compensation – Stock Compensation) to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation – Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, and the amendments in this update should be applied prospectively to an award modified on or after the adoption date. The adoption of ASU 2017-09 is not expected to have a material effect on the Corporation’s financial statements. In January 2017, the FASB issued an update (ASU 2017-04, Intangibles – Goodwill and Other) which is intended to simplify the measurement of goodwill in periods following the date on which the goodwill is initially recorded. Under the amendments in this update, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. A public business entity that is a U.S. Securities and Exchange Commission filer should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The adoption of ASU 2017-04 is not expected to have a material effect on the Corporation’s financial statements. In August 2016, the FASB issued an update (ASU 2016-15, Statement of Cash Flows) which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this update apply to all entities, including business entities and not-for-profit entities that are required to present a statement of cash flows, and are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2016-15 is not expected to have a material effect on the Corporation’s financial statements. In June 2016, the FASB issued an update (ASU 2016-13, Financial Instruments – Credit Losses) which will require recognition of an entity’s current estimate of all expected credit losses for assets measured at amortized cost. The amendments in ASU 2016-13 eliminate the probable initial recognition threshold in current U.S. Generally Accepted Accounting Principles. In addition, the amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually, such as loans. The update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. Management is currently in the developmental stages of evaluating the impact of the adoption of ASU 2016-13 on the Corporation’s financial statements and is collecting available historical information in order to assess the expected credit losses. Although management expects the allowance for loan losses will increase upon the adoption of ASU 2016-13, the impact to the financial statements is yet to be determined. In March 2016, the FASB issued Accounting Standards Update 2016-09, “Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 requires recognition of the income tax effects of share-based awards in the income statement when the awards vest or are settled (i.e., Additional Paid-in-Capital pools will be eliminated). The guidance in this ASU became effective in the first quarter of 2017 and did not have a material effect on the Corporation’s financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases (Topic 842)”. ASU 2016-02 requires a lessee to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The update will be effective for reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is currently evaluating the impact of the adoption of ASU 2016-02 on the Corporation’s financial statements and anticipates an increase in the Corporation’s assets and liabilities. However, the amounts that will be adjusted are still to be determined. In January 2016, the FASB issued Accounting Standards Update 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 provides updated accounting and reporting requirements for both public and non-public entities. The most significant provisions that will impact the Corporation are: 1) equity securities available for sale will be measured at fair value, with the changes in fair value recognized in the income statement; 2) eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments at amortized cost on the balance sheet; 3) utilization of exit price notion when measuring the fair value of financial instruments for disclosure purposes; 4) require separate presentation of both financial assets and liabilities by measurement category and form of financial asset on the balance sheet or accompanying notes to the financial statements. The update will be effective for interim and annual reporting periods beginning after December 15, 2017, using a cumulative-effect adjustment to the balance sheet as of the beginning of the year adoption. Early adoption is not permitted. The adoption of ASU 2016-01 is not expected to have a material effect on the Corporation’s financial statements. In May 2014, FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers (Topic 606).” The ASU creates a new topic, Topic 606, to provide guidance on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additional disclosures are required to provide quantitative and qualitative information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, along with disclosures related to the disaggregation of revenues and associated risks. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. Management is currently reviewing contracts and agreements associated with the generation of non-interest income, and the adoption of ASU 2014-09 is not expected to have a material effect on the Corporation’s financial statements. |
Recent Accounting Pronounceme20
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Adoption of New Accounting Standards | In May 2017, the FASB issued an update (ASU 2017-09, Compensation – Stock Compensation) to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation – Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, and the amendments in this update should be applied prospectively to an award modified on or after the adoption date. The adoption of ASU 2017-09 is not expected to have a material effect on the Corporation’s financial statements. In January 2017, the FASB issued an update (ASU 2017-04, Intangibles – Goodwill and Other) which is intended to simplify the measurement of goodwill in periods following the date on which the goodwill is initially recorded. Under the amendments in this update, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. A public business entity that is a U.S. Securities and Exchange Commission filer should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The adoption of ASU 2017-04 is not expected to have a material effect on the Corporation’s financial statements. In August 2016, the FASB issued an update (ASU 2016-15, Statement of Cash Flows) which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this update apply to all entities, including business entities and not-for-profit entities that are required to present a statement of cash flows, and are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2016-15 is not expected to have a material effect on the Corporation’s financial statements. In June 2016, the FASB issued an update (ASU 2016-13, Financial Instruments – Credit Losses) which will require recognition of an entity’s current estimate of all expected credit losses for assets measured at amortized cost. The amendments in ASU 2016-13 eliminate the probable initial recognition threshold in current U.S. Generally Accepted Accounting Principles. In addition, the amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually, such as loans. The update will be effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018. Management is currently in the developmental stages of evaluating the impact of the adoption of ASU 2016-13 on the Corporation’s financial statements and is collecting available historical information in order to assess the expected credit losses. Although management expects the allowance for loan losses will increase upon the adoption of ASU 2016-13, the impact to the financial statements is yet to be determined. In March 2016, the FASB issued Accounting Standards Update 2016-09, “Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 requires recognition of the income tax effects of share-based awards in the income statement when the awards vest or are settled (i.e., Additional Paid-in-Capital pools will be eliminated). The guidance in this ASU became effective in the first quarter of 2017 and did not have a material effect on the Corporation’s financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases (Topic 842)”. ASU 2016-02 requires a lessee to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The update will be effective for reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is currently evaluating the impact of the adoption of ASU 2016-02 on the Corporation’s financial statements and anticipates an increase in the Corporation’s assets and liabilities. However, the amounts that will be adjusted are still to be determined. In January 2016, the FASB issued Accounting Standards Update 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 provides updated accounting and reporting requirements for both public and non-public entities. The most significant provisions that will impact the Corporation are: 1) equity securities available for sale will be measured at fair value, with the changes in fair value recognized in the income statement; 2) eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments at amortized cost on the balance sheet; 3) utilization of exit price notion when measuring the fair value of financial instruments for disclosure purposes; 4) require separate presentation of both financial assets and liabilities by measurement category and form of financial asset on the balance sheet or accompanying notes to the financial statements. The update will be effective for interim and annual reporting periods beginning after December 15, 2017, using a cumulative-effect adjustment to the balance sheet as of the beginning of the year adoption. Early adoption is not permitted. The adoption of ASU 2016-01 is not expected to have a material effect on the Corporation’s financial statements. In May 2014, FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers (Topic 606).” The ASU creates a new topic, Topic 606, to provide guidance on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additional disclosures are required to provide quantitative and qualitative information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, along with disclosures related to the disaggregation of revenues and associated risks. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. Management is currently reviewing contracts and agreements associated with the generation of non-interest income, and the adoption of ASU 2014-09 is not expected to have a material effect on the Corporation’s financial statements. |
Stock Compensation (Tables)
Stock Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Changes in Nonvested Restricted Stock Awards | A summary of changes in nonvested restricted stock awards for the three months ended June 30, 2017 follows: Per Share Weighted Average Shares Grant Date Fair Value Nonvested at beginning of period 99,683 $ 20.67 Forfeited (150 ) 17.63 Vested (300 ) 17.83 Nonvested at end of period 99,233 $ 20.68 A summary of changes in nonvested restricted stock awards for the six months ended June 30, 2017 follows: Per Share Weighted Average Shares Grant Date Fair Value Nonvested at beginning of period 100,726 $ 17.36 Granted 38,123 25.92 Forfeited (150 ) 17.63 Vested (39,466 ) 17.28 Nonvested at end of period 99,233 $ 20.68 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are as follows at June 30, 2017 and December 31, 2016: Fair Value Measurements at June 30, 2017 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Securities Available For Sale: U.S. Government sponsored entities $ 128,476 $ 0 $ 128,476 $ 0 States and political subdivisions 149,051 0 149,051 0 Residential and multi-family mortgage 116,781 0 116,781 0 Corporate notes and bonds 18,220 0 18,220 0 Pooled SBA 39,565 0 39,565 0 Other equity securities 972 972 0 0 Total Securities Available For Sale $ 453,065 $ 972 $ 452,093 $ 0 Interest Rate swaps $ 235 $ 0 $ 235 $ 0 Trading Securities: Corporate equity securities $ 3,987 $ 3,987 $ 0 $ 0 Mutual funds 1,244 1,244 0 0 Certificates of deposit 211 211 0 0 Corporate notes and bonds 256 256 0 0 U.S. Government sponsored entities 53 0 53 0 Total Trading Securities $ 5,751 $ 5,698 $ 53 $ 0 Liabilities, Interest rate swaps $ (548 ) $ 0 $ (548 ) $ 0 Fair Value Measurements at December 31, 2016 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Securities Available For Sale: U.S. Government sponsored entities $ 140,351 $ 0 $ 140,351 $ 0 States and political subdivisions 157,037 0 157,037 0 Residential and multi-family mortgage 134,976 0 134,976 0 Corporate notes and bonds 17,414 0 17,414 0 Pooled trust preferred 2,049 0 0 2,049 Pooled SBA 43,037 0 43,037 0 Other equity securities 971 971 0 0 Total Securities Available For Sale $ 495,835 $ 971 $ 492,815 $ 2,049 Interest Rate swaps $ 211 $ 0 $ 211 $ 0 Trading Securities: Corporate equity securities $ 3,312 $ 3,312 $ 0 $ 0 Mutual funds 1,037 1,037 0 0 Certificates of deposit 202 202 0 0 Corporate notes and bonds 254 254 0 0 U.S. Government sponsored entities 53 0 53 0 Total Trading Securities $ 4,858 $ 4,805 $ 53 $ 0 Liabilities, Interest rate swaps $ (670 ) $ 0 $ (670 ) $ 0 |
Securities Available for Sale Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The table below presents a reconciliation of the fair value of securities available for sale measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30, 2017 and 2016: 2017 2016 Balance, April 1 $ 0 $ 3,109 Total gains or (losses): Included in other comprehensive income (unrealized) 0 (922 ) Sale of available-for-sale securities 0 (485 ) Balance, June 30 $ 0 $ 1,702 The table below presents a reconciliation of the fair value of securities available for sale measured on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2017 and 2016: 2017 2016 Balance, January 1 $ 2,049 $ 3,413 Total gains or (losses): Included in other comprehensive income (unrealized) 134 (922 ) Sale of available-for-sale securities (2,183 ) (789 ) Balance, June 30 $ 0 $ 1,702 |
Quantitative Information about Level 3 Fair Value Measurements | The following table presents quantitative information about Level 3 fair value measurements at December 31, 2016: Fair Valuation Unobservable Inputs Input Utilized Pooled trust preferred $ 2,049 Discounted cash flow Collateral default rate 0.5% in 2016 and thereafter Yield (weighted average) 10% Prepayment speed 2.0% constant prepayment rate in 2016 and thereafter |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are as follows at June 30, 2017 and December 31, 2016: Fair Value Measurements at June 30, 2017 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Commercial mortgages $ 11 0 0 $ 11 Fair Value Measurements at December 31, 2016 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Commercial mortgages $ 2,067 0 0 $ 2,067 |
Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2017: Fair Valuation Technique Unobservable Inputs Range Impaired loans – commercial mortgages $ 11 Discounted cash flow method Discount used in discounted cash flow method 10% (10%) The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2016: Fair Valuation Technique Unobservable Inputs Range (Weighted Average) Impaired loans – commercial mortgages $ 2,067 Sales comparison approach and discounted cash flow method Adjustment for differences between the comparable sales and discount used in discounted cash flow method 10% - 14% (13%) |
Carrying Amount and Fair Value of Financial Instruments | The following table presents the carrying amount and fair value of financial instruments at June 30, 2017: Carrying Fair Value Measurement Using: Total Amount Level 1 Level 2 Level 3 Fair Value ASSETS Cash and cash equivalents $ 33,049 $ 33,049 $ 0 $ 0 $ 33,049 Securities available for sale 453,065 972 452,093 0 453,065 Trading securities 5,751 5,698 53 0 5,751 Loans held for sale 1,652 0 1,654 0 1,654 Net loans 2,003,560 0 0 1,960,554 1,960,554 FHLB and other equity interests 23,298 n/a n/a n/a n/a Interest rate swaps 235 0 235 0 235 Accrued interest receivable 7,857 6 2,760 5,091 7,857 LIABILITIES Deposits $ (2,076,789 ) $ (1,839,627 ) $ (225,848 ) $ 0 $ (2,065,475 ) FHLB and other borrowings (262,940 ) 0 (251,585 ) 0 (251,585 ) Subordinated debentures (70,620 ) 0 (62,696 ) 0 (62,696 ) Interest rate swaps (548 ) 0 (548 ) 0 (548 ) Accrued interest payable (510 ) 0 (510 ) 0 (510 ) The following table presents the carrying amount and fair value of financial instruments at December 31, 2016: Carrying Fair Value Measurement Using: Total Amount Level 1 Level 2 Level 3 Fair Value ASSETS Cash and cash equivalents $ 29,183 $ 29,183 $ 0 $ 0 $ 29,183 Securities available for sale 495,835 971 492,815 2,049 495,835 Trading securities 4,858 4,805 53 0 4,858 Loans held for sale 7,528 0 7,553 0 7,553 Net loans 1,857,206 0 0 1,817,341 1,817,341 FHLB and other equity interests 19,186 n/a n/a n/a n/a Interest rate swaps 211 0 211 0 211 Accrued interest receivable 8,264 6 3,014 5,244 8,264 LIABILITIES Deposits $ (2,017,522 ) $ (1,786,748 ) $ (219,765 ) $ 0 (2,006,513 ) FHLB and other borrowings (237,004 ) 0 (226,769 ) 0 (226,769 ) Subordinated debentures (70,620 ) 0 (61,831 ) 0 (61,831 ) Deposits held for sale (6,456 ) 0 (6,417 ) 0 (6,417 ) Interest rate swaps (670 ) 0 (670 ) 0 (670 ) Accrued interest payable (510 ) 0 (510 ) 0 (510 ) |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Securities Available for Sale | Securities available for sale at June 30, 2017 and December 31, 2016 are as follows: June 30, 2017 December 31, 2016 Amortized Unrealized Fair Amortized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Gov’t sponsored entities $ 127,616 $ 1,034 $ (174 ) $ 128,476 $ 139,823 $ 1,107 $ (579 ) $ 140,351 State & political subdivisions 143,886 5,444 (279 ) 149,051 153,492 4,194 (649 ) 157,037 Residential & multi-family mortgage 117,039 774 (1,032 ) 116,781 136,807 551 (2,382 ) 134,976 Corporate notes & bonds 18,612 108 (500 ) 18,220 18,299 77 (962 ) 17,414 Pooled trust preferred 0 0 0 0 800 1,249 0 2,049 Pooled SBA 39,736 424 (595 ) 39,565 43,450 505 (918 ) 43,037 Other equity securities 1,020 0 (48 ) 972 1,020 0 (49 ) 971 Total $ 447,909 $ 7,784 $ (2,628 ) $ 453,065 $ 493,691 $ 7,683 $ (5,539 ) $ 495,835 |
Trading Securities | Trading securities at June 30, 2017 and December 31, 2016 are as follows: June 30, 2017 December 31, 2016 Corporate equity securities $ 3,987 $ 3,312 Mutual funds 1,244 1,037 Certificates of deposit 211 202 Corporate notes and bonds 256 254 U.S. Government sponsored entities 53 53 Total $ 5,751 $ 4,858 |
Securities with Unrealized Losses Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position | Securities with unrealized losses at June 30, 2017 and December 31, 2016, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands): June 30, 2017 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Gov’t sponsored entities $ 59,087 $ (174 ) $ 0 $ (0 ) $ 59,087 $ (174 ) State & political subdivisions 5,866 (86 ) 272 (193 ) 6,138 (279 ) Residential & multi-family mortgage 41,306 (376 ) 33,844 (656 ) 75,150 (1,032 ) Corporate notes & bonds 0 (0 ) 8,993 (500 ) 8,993 (500 ) Pooled SBA 4,991 (69 ) 19,146 (526 ) 24,137 (595 ) Other equity securities 0 (0 ) 972 (48 ) 972 (48 ) $ 111,250 $ (705 ) $ 63,227 $ (1,923 ) $ 174,477 $ (2,628 ) December 31, 2016 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized U.S. Gov’t sponsored entities $ 90,380 $ (579 ) $ 0 $ (0 ) $ 90,380 $ (579 ) State & political subdivisions 32,353 (448 ) 264 (201 ) 32,617 (649 ) Residential and multi-family mortgage 65,598 (1,255 ) 34,611 (1,127 ) 100,209 (2,382 ) Corporate notes & bonds 2,089 (11 ) 8,476 (951 ) 10,565 (962 ) Pooled SBA 6,481 (126 ) 20,560 (792 ) 27,041 (918 ) Other equity securities 0 (0 ) 971 (49 ) 971 (49 ) $ 196,901 $ (2,419 ) $ 64,882 $ (3,120 ) $ 261,783 $ (5,539 ) |
Roll-Forward of Other-Than-Temporary Impairment Amount Related to Credit Losses | A roll-forward of the other-than-temporary impairment amount related to credit losses for the three and six months ended June 30, 2017 and 2016 is as follows: 2017 2016 Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, beginning of period $ 2,071 $ 4,054 Credit losses previously recognized on securities sold during the period (2,071 ) (1,983 ) Additional credit loss for which other-than-temporary impairment was not previously recognized 0 0 Additional credit loss for which other-than-temporary impairment was previously recognized 0 0 Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, end of period $ 0 $ 2,071 |
Information Pertaining to Security Sales | Information pertaining to security sales on available for sale securities is as follows: Proceeds Gross Gross Three months ended June 30, 2017 $ 5,434 $ 155 $ 0 Three months ended June 30, 2016 $ 4,420 $ 1,005 $ 0 Six months ended June 30, 2017 $ 7,618 $ 1,538 $ 0 Six months ended June 30, 2016 $ 4,420 $ 1,005 $ 0 |
Schedule of Contractual Maturity of Securities Available for Sale, Excluding Equity Securities | The following is a schedule of the contractual maturity of securities available for sale, excluding equity securities, at June 30, 2017: Amortized Fair Cost Value 1 year or less $ 47,977 $ 47,728 1 year – 5 years 170,873 174,756 5 years – 10 years 63,058 64,999 After 10 years 8,206 8,264 290,114 295,747 Residential and multi-family mortgage 117,039 116,781 Pooled SBA 39,736 39,565 Total debt securities $ 446,889 $ 452,093 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Net Loans | Total net loans at June 30, 2017 and December 31, 2016 are summarized as follows: June 30, 2017 December 31, 2016 Commercial, industrial, and agricultural $ 636,836 $ 567,800 Commercial mortgages 618,262 574,826 Residential real estate 684,294 652,883 Consumer 76,476 74,816 Credit cards 6,080 6,046 Overdrafts 2,359 595 Less: unearned discount (3,478 ) (3,430 ) allowance for loan losses (17,269 ) (16,330 ) Loans, net $ 2,003,560 $ 1,857,206 |
Allowance for Loan Losses | Transactions in the allowance for loan losses for the three months ended June 30, 2017 were as follows: Commercial, Residential Industrial, and Commercial Real Credit Agricultural Mortgages Estate Consumer Cards Overdrafts Total Allowance for loan losses, April 1, 2017 $ 4,785 $ 7,357 $ 2,022 $ 2,089 $ 105 $ 188 $ 16,546 Charge-offs (29 ) 0 (130 ) (531 ) (14 ) (60 ) (764 ) Recoveries 119 192 2 12 4 24 353 Provision (benefit) for loan losses 688 92 (224 ) 498 47 33 1,134 Allowance for loan losses, June 30, 2017 $ 5,563 $ 7,641 $ 1,670 $ 2,068 $ 142 $ 185 $ 17,269 Transactions in the allowance for loan losses for the six months ended June 30, 2017 were as follows: Commercial, Residential Industrial, and Commercial Real Credit Agricultural Mortgages Estate Consumer Cards Overdrafts Total Allowance for loan losses, January 1, 2017 $ 5,428 $ 6,753 $ 1,653 $ 2,215 $ 93 $ 188 $ 16,330 Charge-offs (30 ) 0 (198 ) (1,266 ) (72 ) (129 ) (1,695 ) Recoveries 131 194 73 14 15 57 484 Provision (benefit) for loan losses 34 694 142 1,105 106 69 2,150 Allowance for loan losses, June 30, 2017 $ 5,563 $ 7,641 $ 1,670 $ 2,068 $ 142 $ 185 $ 17,269 Transactions in the allowance for loan losses for the three months ended June 30, 2016 were as follows: Commercial, Residential Industrial, and Commercial Real Credit Agricultural Mortgages Estate Consumer Cards Overdrafts Total Allowance for loan losses, April 1, 2016 $ 5,627 $ 6,044 $ 2,574 $ 2,274 $ 81 $ 138 $ 16,738 Charge-offs (162 ) (20 ) (124 ) (701 ) (28 ) (30 ) (1,065 ) Recoveries 39 0 3 30 3 20 95 Provision (benefit) for loan losses (286 ) 183 (154 ) 463 (6 ) 20 220 Allowance for loan losses, June 30, 2016 $ 5,218 $ 6,207 $ 2,299 $ 2,066 $ 50 $ 148 $ 15,988 Transactions in the allowance for loan losses for the six months ended June 30, 2016 were as follows: Commercial, Residential Industrial, and Commercial Real Credit Agricultural Mortgages Estate Consumer Cards Overdrafts Total Allowance for loan losses, January 1, 2016 $ 6,035 $ 5,605 $ 2,475 $ 2,371 $ 90 $ 161 $ 16,737 Charge-offs (433 ) (20 ) (149 ) (1,688 ) (37 ) (81 ) (2,408 ) Recoveries 47 5 62 74 15 40 243 Provision (benefit) for loan losses (431 ) 617 (89 ) 1,309 (18 ) 28 1,416 Allowance for loan losses, June 30, 2016 $ 5,218 $ 6,207 $ 2,299 $ 2,066 $ 50 $ 148 $ 15,988 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and is based on the Corporation’s impairment method as of June 30, 2017 and December 31, 2016. The recorded investment in loans excludes accrued interest and unearned discounts due to their insignificance. June 30, 2017 Commercial, Commercial Residential Estate Consumer Credit Overdrafts Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 0 $ 2,151 $ 0 $ 0 $ 0 $ 0 $ 2,151 Collectively evaluated for impairment 5,442 3,862 1,670 2,068 142 185 13,369 Acquired with deteriorated credit quality 0 0 0 0 0 0 0 Modified in a troubled debt restructuring 121 1,628 0 0 0 0 1,749 Total ending allowance balance $ 5,563 $ 7,641 $ 1,670 $ 2,068 $ 142 $ 185 $ 17,269 Loans: Individually evaluated for impairment $ 630 $ 6,094 $ 0 $ 0 $ 0 $ 0 $ 6,724 Collectively evaluated for impairment 633,655 602,031 684,294 76,476 6,080 2,359 2,004,895 Acquired with deteriorated credit quality 0 1,501 0 0 0 0 1,501 Modified in a troubled debt restructuring 2,551 8,636 0 0 0 0 11,187 Total ending loans balance $ 636,836 $ 618,262 $ 684,294 $ 74,476 $ 6,080 $ 2,359 $ 2,024,307 December 31, 2016 Commercial, Commercial Residential Estate Consumer Credit Overdrafts Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 188 $ 996 $ 0 $ 0 $ 0 $ 0 $ 1,184 Collectively evaluated for impairment 5,115 3,543 1,653 2,215 93 188 12,807 Acquired with deteriorated credit quality 0 0 0 0 0 0 0 Modified in a troubled debt restructuring 125 2,214 0 0 0 0 2,339 Total ending allowance balance $ 5,428 $ 6,753 $ 1,653 $ 2,215 $ 93 $ 188 $ 16,330 Loans: Individually evaluated for impairment $ 775 $ 6,176 $ 0 $ 0 $ 0 $ 0 $ 6,951 Collectively evaluated for impairment 564,180 557,932 652,883 74,816 6,046 595 1,856,452 Acquired with deteriorated credit quality 205 1,527 0 0 0 0 1,732 Modified in a troubled debt restructuring 2,640 9,191 0 0 0 0 11,831 Total ending loans balance $ 567,800 $ 574,826 $ 652,883 $ 74,816 $ 6,046 $ 595 $ 1,876,966 |
Loans Individually Evaluated for Impairment Including Loans Modified in Troubled Debt Restructurings by Portfolio Segment | The following tables present information related to loans individually evaluated for impairment, including loans modified in troubled debt restructurings, by portfolio segment as of June 30, 2017 and December 31, 2016 and for the six months ended June 30, 2017 and 2016: June 30, 2017 Unpaid Principal Recorded Allowance for Loan With an allowance recorded: Commercial, industrial, and agricultural $ 1,168 $ 1,168 $ 121 Commercial mortgage 10,167 9,836 3,779 Residential real estate 0 0 0 With no related allowance recorded: Commercial, industrial, and agricultural 2,856 2,013 0 Commercial mortgage 5,629 4,894 0 Residential real estate 0 0 0 Total $ 19,820 $ 17,911 $ 3,900 December 31, 2016 Unpaid Principal Recorded Allowance for Loan With an allowance recorded: Commercial, industrial, and agricultural $ 1,644 $ 1,644 $ 313 Commercial mortgage 16,200 15,367 3,210 Residential real estate 0 0 0 With no related allowance recorded: Commercial, industrial, and agricultural 2,669 1,771 0 Commercial mortgage 0 0 0 Residential real estate 0 0 0 Total $ 20,513 $ 18,782 $ 3,523 |
Impaired Financing Receivables with Related and not Related Allowances | The unpaid principal balance of impaired loans includes the Corporation’s recorded investment in the loan and amounts that have been charged off. Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Average Interest Cash Basis Average Interest Cash Basis Recorded Income Interest Recorded Income Interest Investment Recognized Recognized Investment Recognized Recognized With an allowance recorded: Commercial, industrial, and agricultural $ 1,398 $ 18 $ 18 $ 3,150 $ 2 $ 2 Commercial mortgage 12,505 71 71 5,309 4 4 Residential real estate 0 0 0 0 0 0 With no related allowance recorded: Commercial, industrial, and agricultural 1,833 34 34 2,525 2 2 Commercial mortgage 2,447 67 67 4,458 3 3 Residential real estate 0 0 0 0 0 0 Total $ 18,183 $ 190 $ 190 $ 15,442 $ 11 $ 11 Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 Average Interest Cash Basis Average Interest Cash Basis Recorded Income Interest Recorded Income Interest Investment Recognized Recognized Investment Recognized Recognized With an allowance recorded: Commercial, industrial, and agricultural $ 1,480 $ 36 $ 36 $ 3,249 $ 2 $ 2 Commercial mortgage 13,459 216 216 5,320 4 4 Residential real estate 0 0 0 83 6 6 With no related allowance recorded: Commercial, industrial, and agricultural 1,812 50 50 2,612 2 2 Commercial mortgage 1,631 67 67 4,622 3 3 Residential real estate 0 0 0 0 0 0 Total $ 18,382 $ 369 $ 369 $ 15,886 $ 17 $ 17 |
Nonaccrual Loans and Loans Past Due over 90 Days Still Accruing Interest by Class of Loans | Thefollowing table presents the recorded investment in nonaccrual loans and loans past due over 90 days still accruing interest by class of loans as of June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Nonaccrual Past Due Over 90 Days Still on Accrual Nonaccrual Past Due Over 90 Days Still on Accrual Commercial, industrial, and agricultural $ 2,288 $ 0 $ 2,734 $ 0 Commercial mortgages 11,579 0 5,996 0 Residential real estate 5,406 282 5,600 0 Consumer 722 20 999 0 Credit cards 0 12 0 10 Total $ 19,995 $ 314 $ 15,329 $ 10 |
Aging of Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans as of June 30, 2017 and December 31, 2016 by class of loans. June 30, 2017 30-59 Days 60-89 Days Greater Than Past Due Total Past Due Loans Not Total Commercial, industrial, and agricultural $ 2,366 $ 464 $ 948 $ 3,778 $ 633,058 $ 636,836 Commercial mortgages 41 0 1,450 1,491 616,771 618,262 Residential real estate 1,851 1,077 4,385 7,313 676,981 684,294 Consumer 517 277 718 1,512 74,964 76,476 Credit cards 28 32 12 72 6,008 6,080 Overdrafts 0 0 0 0 2,359 2,359 Total $ 4,803 $ 1,850 $ 7,513 $ 14,166 $ 2,010,141 $ 2,024,307 December 31, 2016 30-59 Days 60-89 Days Greater Than Past Due Total Past Due Loans Not Total Commercial, industrial, and agricultural $ 1,558 $ 299 $ 1,294 $ 3,151 $ 564,649 $ 567,800 Commercial mortgages 559 0 1,516 2,075 572,751 574,826 Residential real estate 2,155 737 3,710 6,602 646,281 652,883 Consumer 648 890 974 2,512 72,304 74,816 Credit cards 105 0 10 115 5,931 6,046 Overdrafts 0 0 0 0 595 595 Total $ 5,025 $ 1,926 $ 7,504 $ 14,455 $ 1,862,511 $ 1,876,966 |
Restructured in Troubled Debt | The following table presents the number of loans, loan balances, and specific reserves for loans that have been restructured in a troubled debt restructuring as of June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 Number of Loans Loan Balance Specific Reserve Number of Loans Loan Balance Specific Reserve Commercial, industrial, and agricultural 6 $ 2,551 $ 121 7 $ 2,640 $ 125 Commercial mortgages 8 8,636 1,628 8 9,191 2,214 Residential real estate 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 Credit cards 0 0 0 0 0 0 Total 14 $ 11,187 $ 1,749 15 $ 11,831 $ 2,339 |
Schedule of Loan Assigned Risk Rating within 12 Months of Balance Sheet Date | All loans included in the following tables have been assigned a risk rating within 12 months of the balance sheet date. June 30, 2017 Pass Special Substandard Doubtful Total Commercial, industrial, and agricultural $ 601,561 $ 9,575 $ 25,700 $ 0 $ 636,836 Commercial mortgages 599,015 3,100 16,147 0 618,262 Total $ 1,200,576 $ 12,675 $ 41,847 $ 0 $ 1,255,098 December 31, 2016 Pass Special Substandard Doubtful Total Commercial, industrial, and agricultural $ 531,320 $ 14,638 $ 21,831 $ 11 $ 567,800 Commercial mortgages 551,474 1,809 21,543 0 574,826 Total $ 1,082,794 $ 16,447 $ 43,374 $ 11 $ 1,142,626 |
Recorded Investment in Residential, Consumer and Credit Card Loans Based on Payment Activity | The following table presents the recorded investment in residential, consumer, and credit card loans based on payment activity as of June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Residential Credit Residential Credit Real Estate Consumer Cards Real Estate Consumer Cards Performing $ 678,606 $ 75,734 $ 6,068 $ 647,283 $ 73,817 $ 6,036 Nonperforming 5,688 742 12 5,600 999 10 Total $ 684,294 $ 76,476 $ 6,080 $ 652,883 $ 74,816 $ 6,046 |
Summary of Holiday's Loan Portfolio | Holiday’s loan portfolio is summarized as follows at June 30, 2017 and December 31, 2016: June 30, December 31, 2017 2016 Consumer $ 22,011 $ 24,026 Residential real estate 1,142 1,209 Less: unearned discount (3,478 ) (3,430 ) Total $ 19,675 $ 21,805 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Total Deposits | Total deposits at June 30, 2017 and December 31, 2016 are summarized as follows (in thousands): Percentage Change June 30, 2017 December 31, Checking, non-interest bearing 8.3 % $ 313,871 $ 289,922 Checking, interest bearing 3.4 % 561,871 543,388 Savings accounts 1.1 % 963,885 953,438 Certificates of deposit 2.8 % 237,162 230,774 2.9 % $ 2,076,789 $ 2,017,522 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The computation of basic and diluted earnings per share is shown below (in thousands except per share data): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Basic earnings per common share computation: Net income per consolidated statements of income $ 6,683 $4,065 $ 13,163 $ 9,084 Net earnings allocated to participating securities (40 ) (27 ) (78 ) (60 ) Net earnings allocated to common stock $ 6,643 $ 4,038 $ 13,085 $ 9,024 Distributed earnings allocated to common stock $ 2,507 $ 2,369 $ 5,015 $ 4,737 Undistributed earnings allocated to common stock 4,136 1,669 8,070 4,287 Net earnings allocated to common stock $ 6,643 $ 4,038 13,085 $ 9,024 Weighted average common shares outstanding, including shares considered participating securities 15,294 14,460 15,138 14,448 Less: Average participating securities (88 ) (92 ) (87 ) (86 ) Weighted average shares 15,206 14,368 15,051 14,362 Basic earnings per common share $ 0.44 $ 0.28 $ 0.87 $ 0.63 Diluted earnings per common share computation: Net earnings allocated to common stock $ 6,643 $ 4,038 $ 13,085 $ 9,024 Weighted average shares and dilutive potential common shares 15,206 14,368 15,051 14,362 Diluted earnings per common share $ 0.44 $ 0.28 $ 0.87 $ 0.63 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Amounts and Locations of Activity Related to Interest Rate Swaps Designated as Cash Flow Hedges within Corporation's Consolidated Balance Sheet and Statement of Income | The following tables provide information about the amounts and locations of activity related to the interest rate swaps designated as cash flow hedges within the Corporation’s consolidated balance sheet and statement of income as of June 30, 2017 and December 31, 2016 and for the three and six months ended June 30, 2017 and 2016: Fair value as of Balance Sheet June 30, December 31, Location 2017 2016 Interest rate contracts Accrued interest and other liabilities $ (313 ) $ (459 ) For the Three Months Ended June 30, 2017 (a) (b) (c) (d) (e) Interest rate contracts $ 40 Interest expense – ($ 74 ) Other $ 0 For the Six Months Ended June 30, 2017 (a ) (b) (c) (d) (e) Interest rate contracts $ 95 Interest expense – ($ 149 ) Other $ 0 For the Three Months Ended June 30, 2016 (a) (b) (c) (d) (e) Interest rate contracts ($ 31 ) Interest ($ 86 ) Other $ 0 For the Six Months Ended June 30, 2016 (a ) (b) (c) (d) (e) Interest rate contracts $ 5 Interest ($ 176 ) Other $ 0 (a) Amount of Gain or (Loss) Recognized in Other Comprehensive Loss on Derivative (Effective Portion), net of tax (b) Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (c) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (d) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) (e) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) |
Amounts and Locations of Activity Related to Back-to-Back Interest Rate Swaps within Corporation's Consolidated Balance Sheet | The following table provides information about the amounts and locations of activity related to the back-to-back interest rate swaps within the Corporation’s consolidated balance sheet as of June 30, 2017 and December 31, 2016: Notional Amount Weighted Average Maturity (in years) Weighted Average Fixed Rate Weighted Average Variable Rate Fair Value June 30, 2017 3 rd Party interest rate swaps $ 14,647 8.5 4.43 % 1 month LIBOR + 2.35% $ 235 (a) Customer interest rate swaps (14,647 ) 8.5 4.43 % 1 month LIBOR + 2.35% (235 )(b) December 31, 2016 3 rd Party interest rate swaps $ 14,814 9.0 4.43 % 1 month LIBOR + 2.35% $ 211 (a) Customer interest rate swaps (14,814 ) 9.0 4.43 % 1 month LIBOR + 2.35% (211 )(b) (a) Reported in accrued interest receivable and other assets within the consolidated balance sheets (b) Reported in accrued interest payable and other liabilities within the consolidated balance sheets |
Stock Compensation - Additional
Stock Compensation - Additional Information (Detail) - USD ($) | Feb. 14, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of nonqualified options or restricted stock for key employees and independent director | 500,000 | 500,000 | |||
Description of award terms | For key employees, the plan vesting is one-fourth of the granted options or restricted stock per year beginning one year after the grant date, with 100% vested on the fourth anniversary of the grant date. For independent directors, the vesting schedule is one-third of the granted options or restricted stock per year beginning one year after the grant date, with 100% vested on the third anniversary of the grant date | ||||
Unrecognized compensation cost related to nonvested stock options granted | $ 0 | $ 0 | |||
Shares, granted | 0 | 0 | 0 | 0 | |
Compensation expense restricted stock awards | $ 207,000 | $ 172,000 | $ 396,000 | $ 412,000 | |
Fair value of shares vesting during period | 6,000 | $ 0 | 923,000 | $ 542,000 | |
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost related to nonvested restricted stock | $ 1,786,000 | $ 1,786,000 | |||
Performance Based Restricted Stock Awards [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares, granted | 5,306 | ||||
Performance Based Restricted Stock Awards [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares, granted | 7,959 | ||||
Independent Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Starting period of vesting of stock based award | 1 year | ||||
Aggregate percentage of stock based awards to be matured | 100.00% | ||||
Stock incentive plan, vesting per year | 33.33% | ||||
Award vesting period | 3 years | ||||
Key Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Starting period of vesting of stock based award | 1 year | ||||
Aggregate percentage of stock based awards to be matured | 100.00% | ||||
Stock incentive plan, vesting per year | 25.00% | ||||
Award vesting period | 4 years |
Stock Compensation - Summary of
Stock Compensation - Summary of Changes in Nonvested Restricted Stock Awards (Detail) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Nonvested at beginning of period, Shares | 99,683 | 100,726 |
Granted, Shares | 38,123 | |
Forfeited, Shares | (150) | (150) |
Vested, Shares | (300) | (39,466) |
Nonvested at end of period, Shares | 99,233 | 99,233 |
Nonvested at beginning of period, Weighted-average Grant Date Fair Value | $ 20.67 | $ 17.36 |
Granted, Weighted-average Grant Date Fair Value | 25.92 | |
Forfeited , Weighted-average Grant Date Fair Value | 17.63 | 17.63 |
Vested, Weighted-average Grant Date Fair Value | 17.83 | 17.28 |
Nonvested at end of period, Weighted-average Grant Date Fair Value | $ 20.68 | $ 20.68 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Securities Available For Sale: | ||
Securities available for sale | $ 453,065 | $ 495,835 |
Trading Securities: | ||
Trading securities | 5,751 | 4,858 |
Certificates of Deposit [Member] | ||
Trading Securities: | ||
Trading securities | 211 | 202 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 972 | 971 |
Interest Rate swaps | 0 | 0 |
Trading Securities: | ||
Trading securities | 5,698 | 4,805 |
Liabilities | ||
Interest rate swaps | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 452,093 | 492,815 |
Interest Rate swaps | 235 | 211 |
Trading Securities: | ||
Trading securities | 53 | 53 |
Liabilities | ||
Interest rate swaps | (548) | (670) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 2,049 |
Interest Rate swaps | 0 | 0 |
Trading Securities: | ||
Trading securities | 0 | 0 |
Liabilities | ||
Interest rate swaps | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 453,065 | 495,835 |
Interest Rate swaps | 235 | 211 |
Trading Securities: | ||
Trading securities | 5,751 | 4,858 |
Liabilities | ||
Interest rate swaps | (548) | (670) |
Fair Value Measurement on Recurring Basis [Member] | U.S. Government Sponsored Entities [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 128,476 | 140,351 |
Trading Securities: | ||
Trading securities | 53 | 53 |
Fair Value Measurement on Recurring Basis [Member] | States and Political Subdivisions [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 149,051 | 157,037 |
Fair Value Measurement on Recurring Basis [Member] | Residential and Multi-Family Mortgage [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 116,781 | 134,976 |
Fair Value Measurement on Recurring Basis [Member] | Corporate Notes and Bonds [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 18,220 | 17,414 |
Trading Securities: | ||
Trading securities | 256 | 254 |
Fair Value Measurement on Recurring Basis [Member] | Pooled Trust Preferred [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 2,049 | |
Fair Value Measurement on Recurring Basis [Member] | Pooled SBA [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 39,565 | 43,037 |
Fair Value Measurement on Recurring Basis [Member] | Other Equity Securities [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 972 | 971 |
Fair Value Measurement on Recurring Basis [Member] | Corporate Equity Securities [Member] | ||
Trading Securities: | ||
Trading securities | 3,987 | 3,312 |
Fair Value Measurement on Recurring Basis [Member] | Mutual Funds [Member] | ||
Trading Securities: | ||
Trading securities | 1,244 | 1,037 |
Fair Value Measurement on Recurring Basis [Member] | Certificates of Deposit [Member] | ||
Trading Securities: | ||
Trading securities | 211 | 202 |
Fair Value Measurement on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 972 | 971 |
Interest Rate swaps | 0 | 0 |
Trading Securities: | ||
Trading securities | 5,698 | 4,805 |
Liabilities | ||
Interest rate swaps | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Government Sponsored Entities [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | States and Political Subdivisions [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Residential and Multi-Family Mortgage [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Notes and Bonds [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Trading Securities: | ||
Trading securities | 256 | 254 |
Fair Value Measurement on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pooled Trust Preferred [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | |
Fair Value Measurement on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Pooled SBA [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Equity Securities [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 972 | 971 |
Fair Value Measurement on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Equity Securities [Member] | ||
Trading Securities: | ||
Trading securities | 3,987 | 3,312 |
Fair Value Measurement on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mutual Funds [Member] | ||
Trading Securities: | ||
Trading securities | 1,244 | 1,037 |
Fair Value Measurement on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Certificates of Deposit [Member] | ||
Trading Securities: | ||
Trading securities | 211 | 202 |
Fair Value Measurement on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 452,093 | 492,815 |
Interest Rate swaps | 235 | 211 |
Trading Securities: | ||
Trading securities | 53 | 53 |
Liabilities | ||
Interest rate swaps | (548) | (670) |
Fair Value Measurement on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Entities [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 128,476 | 140,351 |
Trading Securities: | ||
Trading securities | 53 | 53 |
Fair Value Measurement on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | States and Political Subdivisions [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 149,051 | 157,037 |
Fair Value Measurement on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Residential and Multi-Family Mortgage [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 116,781 | 134,976 |
Fair Value Measurement on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes and Bonds [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 18,220 | 17,414 |
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Pooled Trust Preferred [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | |
Fair Value Measurement on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Pooled SBA [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 39,565 | 43,037 |
Fair Value Measurement on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Equity Securities [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Equity Securities [Member] | ||
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mutual Funds [Member] | ||
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Certificates of Deposit [Member] | ||
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 2,049 |
Interest Rate swaps | 0 | 0 |
Trading Securities: | ||
Trading securities | 0 | 0 |
Liabilities | ||
Interest rate swaps | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Government Sponsored Entities [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | States and Political Subdivisions [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Residential and Multi-Family Mortgage [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Notes and Bonds [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Pooled Trust Preferred [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 2,049 | |
Fair Value Measurement on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Pooled SBA [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Equity Securities [Member] | ||
Securities Available For Sale: | ||
Securities available for sale | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Equity Securities [Member] | ||
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mutual Funds [Member] | ||
Trading Securities: | ||
Trading securities | 0 | 0 |
Fair Value Measurement on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Certificates of Deposit [Member] | ||
Trading Securities: | ||
Trading securities | $ 0 | $ 0 |
Fair Value - Securities Availab
Fair Value - Securities Available for Sale Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | ||||
Beginning Balance | $ 0 | $ 3,109 | $ 2,049 | $ 3,413 |
Total gains or (losses): | ||||
Included in other comprehensive income (unrealized) | 0 | (922) | 134 | (922) |
Sale of available-for-sale securities | 0 | (485) | (2,183) | (789) |
Ending Balance | $ 0 | $ 1,702 | $ 0 | $ 1,702 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information About Level 3 Fair Value Measurements (Detail) - Pooled Trust Preferred [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair value | $ 2,049 |
Collateral Default Rate [Member] | Discounted Cash Flow [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Input utilized two | 0.5% in 2016 and thereafter |
Yield (Weighted Average) [Member] | Discounted Cash Flow [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Input utilized one | 10.00% |
Prepayment Speed [Member] | Discounted Cash Flow [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Input utilized two | 2.0% constant prepayment rate in 2016 and thereafter |
Fair Value - Assets and Liabi33
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Commercial Mortgages [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Impaired loans: | ||
Fair value assets and liabilities measured on a nonrecurring basis | $ 11 | $ 2,067 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Impaired loans: | ||
Fair value assets and liabilities measured on a nonrecurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Impaired loans: | ||
Fair value assets and liabilities measured on a nonrecurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Impaired loans: | ||
Fair value assets and liabilities measured on a nonrecurring basis | $ 11 | $ 2,067 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Impaired loans, recorded investment | $ 17,911 | $ 17,911 | $ 18,782 | ||
Impaired loans allowance | 3,900 | 3,900 | 3,523 | ||
Collateral Dependent Loans [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Impaired loans, recorded investment | 690 | 690 | 3,120 | ||
Impaired loans allowance | 679 | 679 | $ 1,053 | ||
Impaired loans, additional provisions | $ (271) | $ 135 | $ (373) | $ 53 |
Fair Value - Quantitative Inf35
Fair Value - Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis (Detail) - Impaired Loans - Commercial Mortgages [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 11 | |
Discounted cash flow method | 10.00% | |
Sales Comparison Approach and Discounted Cash Flow Method [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 2,067 | |
Weighted Average [Member] | Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discounted cash flow method | 10.00% | |
Weighted Average [Member] | Sales Comparison Approach and Discounted Cash Flow Method [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Sales comparison approach and discounted cash flow method | 13.00% | |
Minimum [Member] | Sales Comparison Approach and Discounted Cash Flow Method [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Sales comparison approach and discounted cash flow method | 10.00% | |
Maximum [Member] | Sales Comparison Approach and Discounted Cash Flow Method [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Sales comparison approach and discounted cash flow method | 14.00% |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||||
Cash and cash equivalents | $ 33,049 | $ 29,183 | $ 23,926 | $ 27,261 |
Securities available for sale | 453,065 | 495,835 | ||
Trading securities | 5,751 | 4,858 | ||
Loans held for sale | 1,652 | 7,528 | ||
Net loans | 2,003,560 | 1,857,206 | ||
FHLB and other equity interests | 23,298 | 19,186 | ||
Liabilities | ||||
Deposits | (2,076,789) | (2,017,522) | ||
Subordinated debentures | (70,620) | (70,620) | ||
Deposits held for sale | 0 | (6,456) | ||
Carrying Amount [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 33,049 | 29,183 | ||
Securities available for sale | 453,065 | 495,835 | ||
Trading securities | 5,751 | 4,858 | ||
Loans held for sale | 1,652 | 7,528 | ||
Net loans | 2,003,560 | 1,857,206 | ||
FHLB and other equity interests | 23,298 | 19,186 | ||
Interest Rate swaps | 235 | 211 | ||
Accrued interest receivable | 7,857 | 8,264 | ||
Liabilities | ||||
Deposits | (2,076,789) | (2,017,522) | ||
FHLB and other borrowings | (262,940) | (237,004) | ||
Subordinated debentures | (70,620) | (70,620) | ||
Deposits held for sale | (6,456) | |||
Interest rate swaps | (548) | (670) | ||
Accrued interest payable | (510) | (510) | ||
Total Fair Value [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 33,049 | 29,183 | ||
Securities available for sale | 453,065 | 495,835 | ||
Trading securities | 5,751 | 4,858 | ||
Loans held for sale | 1,654 | 7,553 | ||
Net loans | 1,960,554 | 1,817,341 | ||
Interest Rate swaps | 235 | 211 | ||
Accrued interest receivable | 7,857 | 8,264 | ||
Liabilities | ||||
Deposits | (2,065,475) | (2,006,513) | ||
FHLB and other borrowings | (251,585) | (226,769) | ||
Subordinated debentures | (62,696) | (61,831) | ||
Deposits held for sale | (6,417) | |||
Interest rate swaps | (548) | (670) | ||
Accrued interest payable | (510) | (510) | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 33,049 | 29,183 | ||
Securities available for sale | 972 | 971 | ||
Trading securities | 5,698 | 4,805 | ||
Loans held for sale | 0 | 0 | ||
Net loans | 0 | 0 | ||
Interest Rate swaps | 0 | 0 | ||
Accrued interest receivable | 6 | 6 | ||
Liabilities | ||||
Deposits | (1,839,627) | (1,786,748) | ||
FHLB and other borrowings | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
Deposits held for sale | 0 | |||
Interest rate swaps | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 452,093 | 492,815 | ||
Trading securities | 53 | 53 | ||
Loans held for sale | 1,654 | 7,553 | ||
Net loans | 0 | 0 | ||
Interest Rate swaps | 235 | 211 | ||
Accrued interest receivable | 2,760 | 3,014 | ||
Liabilities | ||||
Deposits | (225,848) | (219,765) | ||
FHLB and other borrowings | (251,585) | (226,769) | ||
Subordinated debentures | (62,696) | (61,831) | ||
Deposits held for sale | (6,417) | |||
Interest rate swaps | (548) | (670) | ||
Accrued interest payable | (510) | (510) | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 0 | 2,049 | ||
Trading securities | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Net loans | 1,960,554 | 1,817,341 | ||
Interest Rate swaps | 0 | 0 | ||
Accrued interest receivable | 5,091 | 5,244 | ||
Liabilities | ||||
Deposits | 0 | 0 | ||
FHLB and other borrowings | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
Deposits held for sale | 0 | |||
Interest rate swaps | 0 | 0 | ||
Accrued interest payable | $ 0 | $ 0 |
Securities - Securities Availab
Securities - Securities Available for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 447,909 | $ 493,691 |
Unrealized Gains | 7,784 | 7,683 |
Unrealized Losses | (2,628) | (5,539) |
Fair Value | 453,065 | 495,835 |
U.S. Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 127,616 | 139,823 |
Unrealized Gains | 1,034 | 1,107 |
Unrealized Losses | (174) | (579) |
Fair Value | 128,476 | 140,351 |
States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 143,886 | 153,492 |
Unrealized Gains | 5,444 | 4,194 |
Unrealized Losses | (279) | (649) |
Fair Value | 149,051 | 157,037 |
Residential and Multi-Family Mortgage [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 117,039 | 136,807 |
Unrealized Gains | 774 | 551 |
Unrealized Losses | (1,032) | (2,382) |
Fair Value | 116,781 | 134,976 |
Corporate Notes and Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 18,612 | 18,299 |
Unrealized Gains | 108 | 77 |
Unrealized Losses | (500) | (962) |
Fair Value | 18,220 | 17,414 |
Pooled Trust Preferred [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0 | 800 |
Unrealized Gains | 0 | 1,249 |
Unrealized Losses | 0 | 0 |
Fair Value | 0 | 2,049 |
Pooled SBA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 39,736 | 43,450 |
Unrealized Gains | 424 | 505 |
Unrealized Losses | (595) | (918) |
Fair Value | 39,565 | 43,037 |
Other Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,020 | 1,020 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (48) | (49) |
Fair Value | $ 972 | $ 971 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)Securities | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Securities | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)Securities | |
Investments, Debt and Equity Securities [Abstract] | |||||
Number of securities holdings | Securities | 0 | 0 | 0 | ||
Shareholders' equity percentage | 10.00% | 10.00% | 10.00% | ||
Securities | $ 302,593 | $ 302,593 | $ 329,379 | ||
Tax provision related to net realized gains | $ 54 | $ 352 | $ 538 | $ 352 |
Securities - Trading Securities
Securities - Trading Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | $ 5,751 | $ 4,858 |
Corporate Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 3,987 | 3,312 |
Mutual Funds [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 1,244 | 1,037 |
Corporate Notes and Bonds [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 256 | 254 |
U.S. Government Sponsored Entities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 53 | 53 |
Certificates of Deposit [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | $ 211 | $ 202 |
Securities - Securities with Un
Securities - Securities with Unrealized Losses Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 111,250 | $ 196,901 |
Less than 12 Months, Unrealized Loss | (705) | (2,419) |
12 Months or More, Fair Value | 63,227 | 64,882 |
12 Months or More, Unrealized Loss | (1,923) | (3,120) |
Total, Fair Value | 174,477 | 261,783 |
Total, Unrealized Loss | (2,628) | (5,539) |
U.S. Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 59,087 | 90,380 |
Less than 12 Months, Unrealized Loss | (174) | (579) |
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Loss | 0 | 0 |
Total, Fair Value | 59,087 | 90,380 |
Total, Unrealized Loss | (174) | (579) |
States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 5,866 | 32,353 |
Less than 12 Months, Unrealized Loss | (86) | (448) |
12 Months or More, Fair Value | 272 | 264 |
12 Months or More, Unrealized Loss | (193) | (201) |
Total, Fair Value | 6,138 | 32,617 |
Total, Unrealized Loss | (279) | (649) |
Residential and Multi-Family Mortgage [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 41,306 | 65,598 |
Less than 12 Months, Unrealized Loss | (376) | (1,255) |
12 Months or More, Fair Value | 33,844 | 34,611 |
12 Months or More, Unrealized Loss | (656) | (1,127) |
Total, Fair Value | 75,150 | 100,209 |
Total, Unrealized Loss | (1,032) | (2,382) |
Corporate Notes and Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 2,089 |
Less than 12 Months, Unrealized Loss | 0 | (11) |
12 Months or More, Fair Value | 8,993 | 8,476 |
12 Months or More, Unrealized Loss | (500) | (951) |
Total, Fair Value | 8,993 | 10,565 |
Total, Unrealized Loss | (500) | (962) |
Pooled SBA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 4,991 | 6,481 |
Less than 12 Months, Unrealized Loss | (69) | (126) |
12 Months or More, Fair Value | 19,146 | 20,560 |
12 Months or More, Unrealized Loss | (526) | (792) |
Total, Fair Value | 24,137 | 27,041 |
Total, Unrealized Loss | (595) | (918) |
Other Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Loss | 0 | 0 |
12 Months or More, Fair Value | 972 | 971 |
12 Months or More, Unrealized Loss | (48) | (49) |
Total, Fair Value | 972 | 971 |
Total, Unrealized Loss | $ (48) | $ (49) |
Securities - Roll-Forward of Ot
Securities - Roll-Forward of Other-Than-Temporary Impairment Amount Related to Credit Losses (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Marketable Securities [Abstract] | ||
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, beginning of period | $ 2,071 | $ 4,054 |
Credit losses previously recognized on securities sold during the period | (2,071) | (1,983) |
Additional credit loss for which other-than-temporary impairment was not previously recognized | 0 | 0 |
Additional credit loss for which other-than-temporary impairment was previously recognized | 0 | 0 |
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, end of period | $ 0 | $ 2,071 |
Securities - Information Pertai
Securities - Information Pertaining to Security Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds | $ 5,434 | $ 4,420 | $ 7,618 | $ 4,420 |
Gross Gains | 155 | 1,005 | 1,538 | 1,005 |
Gross Losses | $ 0 | $ 0 | $ 0 | $ 0 |
Securities - Schedule of Contra
Securities - Schedule of Contractual Maturity of Securities Available for Sale, Excluding Equity Securities (Detail) $ in Thousands | Jun. 30, 2017USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
1 year or less, Amortized Cost | $ 47,977 |
1 year - 5 years, Amortized Cost | 170,873 |
5 years - 10 years, Amortized Cost | 63,058 |
After 10 years, Amortized Cost | 8,206 |
Total, Amortized Cost | 290,114 |
1 year or less, Fair Value | 47,728 |
1 year - 5 years, Fair Value | 174,756 |
5 years - 10 years, Fair Value | 64,999 |
After 10 years, Fair Value | 8,264 |
Total, Fair Value | 295,747 |
Total debt securities, Amortized Cost | 446,889 |
Total debt securities, Fair Value | 452,093 |
Residential and Multi-Family Mortgage [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Mortgage & asset backed securities, Amortized Cost | 117,039 |
Mortgage & asset backed securities, Fair Value | 116,781 |
Pooled SBA [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Mortgage & asset backed securities, Amortized Cost | 39,736 |
Mortgage & asset backed securities, Fair Value | $ 39,565 |
Loans - Schedule of Net Loans (
Loans - Schedule of Net Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Loan Portfolio By Loan Grade [Line Items] | ||
Commercial, industrial, and agricultural | $ 636,836 | $ 567,800 |
Commercial mortgages | 618,262 | 574,826 |
Residential real estate | 684,294 | 652,883 |
Credit cards | 6,080 | 6,046 |
Overdrafts | 2,359 | 595 |
Less: unearned discount | (3,478) | (3,430) |
Less: allowance for loan losses | (17,269) | (16,330) |
Net loans | 2,003,560 | 1,857,206 |
Consumer Portfolio Segment [Member] | ||
Loan Portfolio By Loan Grade [Line Items] | ||
Consumer | $ 76,476 | $ 74,816 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($)Loans | Jun. 30, 2016Loans | Jun. 30, 2017USD ($)Loans | Jun. 30, 2016Loans | Dec. 31, 2016USD ($)Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Net unamortized loan (fees) costs | $ (2,347,000) | $ (2,347,000) | $ (1,507,000) | ||
Percentage of comprised loan, commercial, industrial and agricultural loans | 31.00% | 31.00% | 30.00% | ||
Percentage of comprised loan, commercial mortgage loans | 31.00% | 31.00% | 31.00% | ||
Percentage of loan-to-value to business equipment | 80.00% | ||||
Percentage of loan-to-value to accounts receivable | 75.00% | ||||
Percentage of loan-to-value to business inventory | 60.00% | ||||
Percentage of loan-to-value to real estate | 85.00% | ||||
Percentage of residential real estate loan in portfolio | 34.00% | 34.00% | 35.00% | ||
Number of Loans | Loans | 14 | 15 | |||
Minimum period to be considered for loan to have defaulted | 90 days | ||||
Principal balances forgiven in connection with loan restructuring | $ 0 | $ 0 | $ 0 | ||
Trouble Debt Restructuring [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Loans | Loans | 0 | 0 | 0 | 0 | |
Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maximum percentage of consumer loan and credit card in portfolio | 10.00% | 10.00% | 10.00% | ||
Minimum [Member] | Commercial And Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Individually evaluated for impairment threshold | $ 250,000 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Beginning Balance | $ 16,546 | $ 16,738 | $ 16,330 | $ 16,737 |
Charge-offs | (764) | (1,065) | (1,695) | (2,408) |
Recoveries | 353 | 95 | 484 | 243 |
Provision (benefit) for loan losses | 1,134 | 220 | 2,150 | 1,416 |
Allowance for loan losses, Ending Balance | 17,269 | 15,988 | 17,269 | 15,988 |
Commercial, Industrial, and Agricultural [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Beginning Balance | 4,785 | 5,627 | 5,428 | 6,035 |
Charge-offs | (29) | (162) | (30) | (433) |
Recoveries | 119 | 39 | 131 | 47 |
Provision (benefit) for loan losses | 688 | (286) | 34 | (431) |
Allowance for loan losses, Ending Balance | 5,563 | 5,218 | 5,563 | 5,218 |
Commercial Mortgages [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Beginning Balance | 7,357 | 6,044 | 6,753 | 5,605 |
Charge-offs | 0 | (20) | 0 | (20) |
Recoveries | 192 | 0 | 194 | 5 |
Provision (benefit) for loan losses | 92 | 183 | 694 | 617 |
Allowance for loan losses, Ending Balance | 7,641 | 6,207 | 7,641 | 6,207 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Beginning Balance | 2,022 | 2,574 | 1,653 | 2,475 |
Charge-offs | (130) | (124) | (198) | (149) |
Recoveries | 2 | 3 | 73 | 62 |
Provision (benefit) for loan losses | (224) | (154) | 142 | (89) |
Allowance for loan losses, Ending Balance | 1,670 | 2,299 | 1,670 | 2,299 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Beginning Balance | 2,089 | 2,274 | 2,215 | 2,371 |
Charge-offs | (531) | (701) | (1,266) | (1,688) |
Recoveries | 12 | 30 | 14 | 74 |
Provision (benefit) for loan losses | 498 | 463 | 1,105 | 1,309 |
Allowance for loan losses, Ending Balance | 2,068 | 2,066 | 2,068 | 2,066 |
Credit Cards [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Beginning Balance | 105 | 81 | 93 | 90 |
Charge-offs | (14) | (28) | (72) | (37) |
Recoveries | 4 | 3 | 15 | 15 |
Provision (benefit) for loan losses | 47 | (6) | 106 | (18) |
Allowance for loan losses, Ending Balance | 142 | 50 | 142 | 50 |
Overdrafts [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Beginning Balance | 188 | 138 | 188 | 161 |
Charge-offs | (60) | (30) | (129) | (81) |
Recoveries | 24 | 20 | 57 | 40 |
Provision (benefit) for loan losses | 33 | 20 | 69 | 28 |
Allowance for loan losses, Ending Balance | $ 185 | $ 148 | $ 185 | $ 148 |
Loans - Allowance for Loan Lo47
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Ending allowance balance attributable to loans: | ||||||
Allowance for loan losses, Individually evaluated for impairment | $ 2,151 | $ 1,184 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 13,369 | 12,807 | ||||
Allowance for loan losses, Modified in a troubled debt restructuring | 1,749 | 2,339 | ||||
Acquired with deteriorated credit quality | 17,269 | $ 16,546 | 16,330 | $ 15,988 | $ 16,738 | $ 16,737 |
Loans: | ||||||
Loans individually evaluated for impairment | 6,724 | 6,951 | ||||
Loans collectively evaluated for impairment | 2,004,895 | 1,856,452 | ||||
Acquired with deteriorated credit quality | 1,255,098 | 1,142,626 | ||||
Loans modified in a troubled debt restructuring | 11,187 | 11,831 | ||||
Total ending loans balance | 2,024,307 | 1,876,966 | ||||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 1,501 | 1,732 | ||||
Commercial, Industrial, and Agricultural [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 0 | 188 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 5,442 | 5,115 | ||||
Allowance for loan losses, Modified in a troubled debt restructuring | 121 | 125 | ||||
Acquired with deteriorated credit quality | 5,563 | 4,785 | 5,428 | 5,218 | 5,627 | 6,035 |
Loans: | ||||||
Loans individually evaluated for impairment | 630 | 775 | ||||
Loans collectively evaluated for impairment | 633,655 | 564,180 | ||||
Acquired with deteriorated credit quality | 636,836 | 567,800 | ||||
Loans modified in a troubled debt restructuring | 2,551 | 2,640 | ||||
Total ending loans balance | 636,836 | 567,800 | ||||
Commercial, Industrial, and Agricultural [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 0 | 205 | ||||
Commercial Mortgages [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 2,151 | 996 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 3,862 | 3,543 | ||||
Allowance for loan losses, Modified in a troubled debt restructuring | 1,628 | 2,214 | ||||
Acquired with deteriorated credit quality | 7,641 | 7,357 | 6,753 | 6,207 | 6,044 | 5,605 |
Loans: | ||||||
Loans individually evaluated for impairment | 6,094 | 6,176 | ||||
Loans collectively evaluated for impairment | 602,031 | 557,932 | ||||
Acquired with deteriorated credit quality | 618,262 | 574,826 | ||||
Loans modified in a troubled debt restructuring | 8,636 | 9,191 | ||||
Total ending loans balance | 618,262 | 574,826 | ||||
Commercial Mortgages [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 1,501 | 1,527 | ||||
Residential Real Estate [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 1,670 | 1,653 | ||||
Allowance for loan losses, Modified in a troubled debt restructuring | 0 | 0 | ||||
Acquired with deteriorated credit quality | 1,670 | 2,022 | 1,653 | 2,299 | 2,574 | 2,475 |
Loans: | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 684,294 | 652,883 | ||||
Loans modified in a troubled debt restructuring | 0 | 0 | ||||
Total ending loans balance | 684,294 | 652,883 | ||||
Residential Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Consumer [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 2,068 | 2,215 | ||||
Allowance for loan losses, Modified in a troubled debt restructuring | 0 | 0 | ||||
Acquired with deteriorated credit quality | 2,068 | 2,089 | 2,215 | 2,066 | 2,274 | 2,371 |
Loans: | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 76,476 | 74,816 | ||||
Loans modified in a troubled debt restructuring | 0 | 0 | ||||
Total ending loans balance | 74,476 | 74,816 | ||||
Consumer [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Credit Cards [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 142 | 93 | ||||
Allowance for loan losses, Modified in a troubled debt restructuring | 0 | 0 | ||||
Acquired with deteriorated credit quality | 142 | 105 | 93 | 50 | 81 | 90 |
Loans: | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 6,080 | 6,046 | ||||
Loans modified in a troubled debt restructuring | 0 | 0 | ||||
Total ending loans balance | 6,080 | 6,046 | ||||
Credit Cards [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Overdrafts [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 185 | 188 | ||||
Allowance for loan losses, Modified in a troubled debt restructuring | 0 | 0 | ||||
Acquired with deteriorated credit quality | 185 | $ 188 | 188 | $ 148 | $ 138 | $ 161 |
Loans: | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 2,359 | 595 | ||||
Loans modified in a troubled debt restructuring | 0 | 0 | ||||
Total ending loans balance | 2,359 | 595 | ||||
Overdrafts [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Acquired with deteriorated credit quality | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | $ 0 | $ 0 |
Loans - Loans Individually Eval
Loans - Loans Individually Evaluated for Impairment Including Loans Modified in Troubled Debt Restructurings by Portfolio Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance, Total | $ 19,820 | $ 20,513 |
Recorded Investment, Total | 17,911 | 18,782 |
Allowance for Loan Losses Allocated | 3,900 | 3,523 |
Commercial, Industrial, and Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance, Related Allowance | 1,168 | 1,644 |
Recorded Investment, Related Allowance | 1,168 | 1,644 |
Allowance for Loan Losses Allocated | 121 | 313 |
Unpaid Principal Balance, No Related Allowance | 2,856 | 2,669 |
Recorded Investment, No Related Allowance | 2,013 | 1,771 |
Allowance for Loan Losses Allocated, No Related Allowance | 0 | 0 |
Commercial Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance, Related Allowance | 10,167 | 16,200 |
Recorded Investment, Related Allowance | 9,836 | 15,367 |
Allowance for Loan Losses Allocated | 3,779 | 3,210 |
Unpaid Principal Balance, No Related Allowance | 5,629 | 0 |
Recorded Investment, No Related Allowance | 4,894 | 0 |
Allowance for Loan Losses Allocated, No Related Allowance | 0 | 0 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance, Related Allowance | 0 | 0 |
Recorded Investment, Related Allowance | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Unpaid Principal Balance, No Related Allowance | 0 | 0 |
Recorded Investment, No Related Allowance | 0 | 0 |
Allowance for Loan Losses Allocated, No Related Allowance | $ 0 | $ 0 |
Loans - Impaired Financing Rece
Loans - Impaired Financing Receivables with Related and not Related Allowances (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment, Total | $ 18,183 | $ 18,382 | $ 15,442 | $ 15,886 |
Interest Income Recognized, Total | 190 | 369 | 11 | 17 |
Cash Basis Interest Recognized, Total | 190 | 369 | 11 | 17 |
Commercial, Industrial, and Agricultural [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment, Related Allowance | 1,398 | 1,480 | 3,150 | 3,249 |
Average Recorded Investment, No Related Allowance | 1,833 | 1,812 | 2,525 | 2,612 |
Interest Income Recognized, Related Allowance | 18 | 36 | 2 | 2 |
Interest Income Recognized, No Related Allowance | 34 | 50 | 2 | 2 |
Cash Basis Interest Recognized, Related Allowance | 18 | 36 | 2 | 2 |
Cash Basis Interest Recognized, No Related Allowance | 34 | 50 | 2 | 2 |
Commercial Mortgages [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment, Related Allowance | 12,505 | 13,459 | 5,309 | 5,320 |
Average Recorded Investment, No Related Allowance | 2,447 | 1,631 | 4,458 | 4,622 |
Interest Income Recognized, Related Allowance | 71 | 216 | 4 | 4 |
Interest Income Recognized, No Related Allowance | 67 | 67 | 3 | 3 |
Cash Basis Interest Recognized, Related Allowance | 71 | 216 | 4 | 4 |
Cash Basis Interest Recognized, No Related Allowance | 67 | 67 | 3 | 3 |
Residential Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment, Related Allowance | 0 | 0 | 0 | 83 |
Average Recorded Investment, No Related Allowance | 0 | 0 | 0 | 0 |
Interest Income Recognized, Related Allowance | 0 | 0 | 0 | 6 |
Interest Income Recognized, No Related Allowance | 0 | 0 | 0 | 0 |
Cash Basis Interest Recognized, Related Allowance | 0 | 0 | 0 | 6 |
Cash Basis Interest Recognized, No Related Allowance | $ 0 | $ 0 | $ 0 | $ 0 |
Loans - Nonaccrual Loans and Lo
Loans - Nonaccrual Loans and Loans Past Due over 90 Days Still Accruing Interest by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 19,995 | $ 15,329 |
Past Due Over 90 Days Still on Accrual | 314 | 10 |
Commercial, Industrial, and Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,288 | 2,734 |
Past Due Over 90 Days Still on Accrual | 0 | 0 |
Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 11,579 | 5,996 |
Past Due Over 90 Days Still on Accrual | 0 | 0 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 5,406 | 5,600 |
Past Due Over 90 Days Still on Accrual | 282 | 0 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 722 | 999 |
Past Due Over 90 Days Still on Accrual | 20 | 0 |
Credit Cards [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Past Due Over 90 Days Still on Accrual | $ 12 | $ 10 |
Loans - Aging of Recorded Inves
Loans - Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 14,166 | $ 14,455 |
Loans Not Past Due | 2,010,141 | 1,862,511 |
Total | 2,024,307 | 1,876,966 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,803 | 5,025 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,850 | 1,926 |
Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,513 | 7,504 |
Commercial, Industrial, and Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,778 | 3,151 |
Loans Not Past Due | 633,058 | 564,649 |
Total | 636,836 | 567,800 |
Commercial, Industrial, and Agricultural [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,366 | 1,558 |
Commercial, Industrial, and Agricultural [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 464 | 299 |
Commercial, Industrial, and Agricultural [Member] | Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 948 | 1,294 |
Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,491 | 2,075 |
Loans Not Past Due | 616,771 | 572,751 |
Total | 618,262 | 574,826 |
Commercial Mortgages [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 41 | 559 |
Commercial Mortgages [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Mortgages [Member] | Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,450 | 1,516 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,313 | 6,602 |
Loans Not Past Due | 676,981 | 646,281 |
Total | 684,294 | 652,883 |
Residential Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,851 | 2,155 |
Residential Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,077 | 737 |
Residential Real Estate [Member] | Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,385 | 3,710 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,512 | 2,512 |
Loans Not Past Due | 74,964 | 72,304 |
Total | 76,476 | 74,816 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 517 | 648 |
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 277 | 890 |
Consumer [Member] | Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 718 | 974 |
Credit Cards [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 72 | 115 |
Loans Not Past Due | 6,008 | 5,931 |
Total | 6,080 | 6,046 |
Credit Cards [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 28 | 105 |
Credit Cards [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32 | 0 |
Credit Cards [Member] | Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12 | 10 |
Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Loans Not Past Due | 2,359 | 595 |
Total | 2,359 | 595 |
Overdrafts [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Overdrafts [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Overdrafts [Member] | Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans - Restructured in Trouble
Loans - Restructured in Troubled Debt (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($)Loans | Dec. 31, 2016USD ($)Loans | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loans | 14 | 15 |
Loan Balance | $ 11,187 | $ 11,831 |
Specific Reserve | $ 1,749 | $ 2,339 |
Commercial, Industrial, and Agricultural [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loans | 6 | 7 |
Loan Balance | $ 2,551 | $ 2,640 |
Specific Reserve | $ 121 | $ 125 |
Commercial Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loans | 8 | 8 |
Loan Balance | $ 8,636 | $ 9,191 |
Specific Reserve | $ 1,628 | $ 2,214 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loans | 0 | 0 |
Loan Balance | $ 0 | $ 0 |
Specific Reserve | $ 0 | $ 0 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loans | 0 | 0 |
Loan Balance | $ 0 | $ 0 |
Specific Reserve | $ 0 | $ 0 |
Credit Cards [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loans | 0 | 0 |
Loan Balance | $ 0 | $ 0 |
Specific Reserve | $ 0 | $ 0 |
Loans - Schedule of Loan Assign
Loans - Schedule of Loan Assigned Risk Rating within 12 Months of Balance Sheet Date (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | $ 1,255,098 | $ 1,142,626 |
Commercial, Industrial, and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 636,836 | 567,800 |
Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 618,262 | 574,826 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 1,200,576 | 1,082,794 |
Pass [Member] | Commercial, Industrial, and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 601,561 | 531,320 |
Pass [Member] | Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 599,015 | 551,474 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 12,675 | 16,447 |
Special Mention [Member] | Commercial, Industrial, and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 9,575 | 14,638 |
Special Mention [Member] | Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 3,100 | 1,809 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 41,847 | 43,374 |
Substandard [Member] | Commercial, Industrial, and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 25,700 | 21,831 |
Substandard [Member] | Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 16,147 | 21,543 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 0 | 11 |
Doubtful [Member] | Commercial, Industrial, and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | 0 | 11 |
Doubtful [Member] | Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable recorded investment | $ 0 | $ 0 |
Loans - Recorded Investment in
Loans - Recorded Investment in Residential, Consumer and Credit Card Loans Based on Payment Activity (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Residential real estate | $ 684,294 | $ 652,883 |
Credit cards | 6,080 | 6,046 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Consumer | 76,476 | 74,816 |
Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Residential real estate | 678,606 | 647,283 |
Credit cards | 6,068 | 6,036 |
Performing [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Consumer | 75,734 | 73,817 |
Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Residential real estate | 5,688 | 5,600 |
Credit cards | 12 | 10 |
Non-Performing [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Consumer | $ 742 | $ 999 |
Loans - Summary of Holiday's Lo
Loans - Summary of Holiday's Loan Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential real estate | $ 684,294 | $ 652,883 |
Less: unearned discount | (3,478) | (3,430) |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer | 76,476 | 74,816 |
Holiday Financial Services Corporation [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential real estate | 1,142 | 1,209 |
Less: unearned discount | (3,478) | (3,430) |
Total | 19,675 | 21,805 |
Holiday Financial Services Corporation [Member] | Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer | $ 22,011 | $ 24,026 |
Deposits - Total Deposits (Deta
Deposits - Total Deposits (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Banking and Thrift [Abstract] | ||
Percentage Change, Checking, non-interest bearing | 8.30% | |
Percentage Change, Checking, interest bearing | 3.40% | |
Percentage Change, Savings accounts | 1.10% | |
Percentage Change, Certificates of deposit | 2.80% | |
Percentage change, Total | 2.90% | |
Checking, non-interest bearing | $ 313,871 | $ 289,922 |
Checking, interest bearing | 561,871 | 543,388 |
Savings accounts | 963,885 | 953,438 |
Certificates of deposit | 237,162 | 230,774 |
Total deposits | $ 2,076,789 | $ 2,017,522 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Dilutive effects of assumed exercises of stock options | 0 | 0 | 0 | 0 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basic earnings per common share computation: | ||||
Net income per consolidated statements of income | $ 6,683 | $ 4,065 | $ 13,163 | $ 9,084 |
Net earnings allocated to participating securities | (40) | (27) | (78) | (60) |
Net earnings allocated to common stock | $ 6,643 | $ 4,038 | $ 13,085 | $ 9,024 |
Weighted average common shares outstanding, including shares considered participating securities | 15,294 | 14,460 | 15,138 | 14,448 |
Less: Average participating securities | (88) | (92) | (87) | (86) |
Weighted average shares | 15,206 | 14,368 | 15,051 | 14,362 |
Basic earnings per common share | $ 0.44 | $ 0.28 | $ 0.87 | $ 0.63 |
Diluted earnings per common share computation: | ||||
Net earnings allocated to common stock | $ 6,643 | $ 4,038 | $ 13,085 | $ 9,024 |
Weighted average shares and dilutive potential common shares | 15,206 | 14,368 | 15,051 | 14,362 |
Diluted earnings per common share | $ 0.44 | $ 0.28 | $ 0.87 | $ 0.63 |
Distributed Earnings Allocated to Common Stock [Member] | ||||
Basic earnings per common share computation: | ||||
Net earnings allocated to common stock | $ 2,507 | $ 2,369 | $ 5,015 | $ 4,737 |
Undistributed Earnings Allocated to Common Stock [Member] | ||||
Basic earnings per common share computation: | ||||
Net earnings allocated to common stock | $ 4,136 | $ 1,669 | $ 8,070 | $ 4,287 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) | May 03, 2011 | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Term of interest rate swap agreement executed | 5 years | ||
Interest rate swap inception date | May 3, 2011 | ||
Value of subordinated note hedged | $ 10,000,000 | ||
Interest rate swap effective date | Sep. 15, 2013 | ||
Interest rate | The interest rate swap involves the receipt of variable-rate amounts in exchange for fixed-rate payments from September 15, 2013 to September 15, 2018 without exchange of the underlying notional amount. | ||
Derivatives designated as fair value hedges | $ 0 | $ 0 | |
Accumulated other comprehensive loss estimated | 289,000 | ||
Collateral amount for counterparty interest rate swap | $ 1,400,000 | 1,400,000 | |
LIBOR Plus 155 Basis Points [Member] | |||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Variable rate on the subordinated debt on effective date in case of interest rate swap | LIBOR plus 155 basis points | ||
Variable interest rate on subordinate debt | 2.80% | ||
4.02% Fixed Rate Plus 155 Basis Points [Member] | |||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Variable rate on the subordinated debt on effective date in case of interest rate swap | 4.02% fixed rate plus 155 basis points | ||
Interest rate being paid by the corporation | 5.57% | ||
Interest Rate Swaps [Member] | |||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Derivative basis spread on variable rate | 1.55% | ||
Derivative fixed interest rate rate basis | 4.02% | ||
Cash collateral pledged | $ 750,000 | $ 750,000 |
Derivative Instruments - Amount
Derivative Instruments - Amounts and Locations of Activity Related to Interest Rate Swaps Designated as Cash Flow Hedges within Corporation's Consolidated Balance Sheet and Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Interest rate contracts | $ 40 | $ (31) | $ 95 | $ 5 | |
Accrued Interest and Other Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Interest rate contract, fair value | (313) | (313) | $ (459) | ||
Interest Expense - Subordinated Debentures [Member] | |||||
Derivative [Line Items] | |||||
Interest expense, Fair Value | (74) | (86) | (149) | (176) | |
Other Income [Member] | |||||
Derivative [Line Items] | |||||
Other income | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Amou61
Derivative Instruments - Amounts and Locations of Activity Related to Back-to-Back Interest Rate Swaps within Corporation's Consolidated Balance Sheet (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
3rd Party Interest Rate Swaps [Member] | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Notional Amount | $ 14,647,000 | $ 14,814,000 |
Weighted Average Maturity (in years) | 8 years 6 months | 9 years |
Weighted Average Fixed Rate | 4.43% | 4.43% |
Weighted Average Variable Rate, Description | 1 month LIBOR + 2.35% | 1 month LIBOR + 2.35% |
Weighted Average Variable Rate | 2.35% | 2.35% |
Fair Value | $ 235,000 | $ 211,000 |
Customer Interest Rate Swaps [Member] | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Notional Amount | $ (14,647,000) | $ (14,814,000) |
Weighted Average Maturity (in years) | 8 years 6 months | 9 years |
Weighted Average Fixed Rate | 4.43% | 4.43% |
Weighted Average Variable Rate, Description | 1 month LIBOR + 2.35% | 1 month LIBOR + 2.35% |
Weighted Average Variable Rate | 2.35% | 2.35% |
Fair Value | $ (235,000) | $ (211,000) |
Common Stock Issuance - Additio
Common Stock Issuance - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
Feb. 28, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Proceeds from Issuance or Sale of Equity [Abstract] | |||
Number of common stock issued | 834,896 | ||
Weighted average sale price for common stock issuance | $ 23.96 | ||
Gross proceeds from common stock issuance | $ 20,000 | ||
Net proceeds from common stock issuance | $ 19,300 | $ 19,294 | $ 0 |
Branch Sale - Additional Inform
Branch Sale - Additional Information (Detail) - USD ($) $ in Thousands | May 19, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain from sale of branch | $ 536 | $ 0 | $ 536 | $ 0 | |
First Federal Community Bank [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loans transferred | $ 7,800 | ||||
Fixed assets | 100 | ||||
Deposits transferred | 7,400 | ||||
Gain from sale of branch | $ 536 | ||||
Deposit Premium | 8.00% |