Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 09, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MIDSOUTH BANCORP INC | |
Entity Central Index Key | 745,981 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,362,716 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks, including required reserves of $5,702 and $8,522, respectively | $ 31,883 | $ 37,170 |
Interest-bearing deposits in banks | 93,850 | 48,331 |
Federal funds sold | 934 | 3,700 |
Securities available-for-sale, at fair value (cost of $311,164 at September 30, 2016 and $317,375 at December 31, 2015) | 316,145 | 318,159 |
Securities held-to-maturity (fair value of $106,009 at September 30, 2016 and $117,698 at December 31, 2015) | 103,412 | 116,792 |
Other investments | 11,339 | 11,188 |
Loans | 1,272,800 | 1,263,645 |
Allowance for loan losses | (23,268) | (19,011) |
Loans, net | 1,249,532 | 1,244,634 |
Bank premises and equipment, net | 69,778 | 69,105 |
Accrued interest receivable | 7,162 | 6,594 |
Goodwill | 42,171 | 42,171 |
Intangibles | 4,898 | 5,728 |
Cash surrender value of life insurance | 14,272 | 13,622 |
Other real estate | 2,317 | 4,187 |
Other assets | 6,227 | 6,352 |
Total assets | 1,953,920 | 1,927,733 |
Deposits: | ||
Non-interest-bearing | 403,301 | 374,261 |
Interest-bearing | 1,181,906 | 1,176,589 |
Total deposits | 1,585,207 | 1,550,850 |
Securities sold under agreements to repurchase | 95,210 | 85,957 |
Short-term Federal Home Loan Bank advances | 0 | 25,000 |
Long-term Federal Home Loan Bank advances | 25,531 | 25,851 |
Junior subordinated debentures | 22,167 | 22,167 |
Other liabilities | 7,679 | 4,771 |
Total liabilities | 1,735,794 | 1,714,596 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock, $0.10 par value; 30,000,000 shares authorized, 11,362,716 and 11,362,150 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 1,136 | 1,136 |
Additional paid-in capital | 111,116 | 110,771 |
Unearned ESOP shares | (1,342) | (1,093) |
Accumulated other comprehensive income | 3,273 | 509 |
Retained earnings | 62,833 | 60,694 |
Total shareholders’ equity | 218,126 | 213,137 |
Total liabilities and shareholders’ equity | 1,953,920 | 1,927,733 |
Series B Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock | 32,000 | 32,000 |
Series C Preferred stock | ||
Shareholders’ equity: | ||
Preferred stock | $ 9,110 | $ 9,120 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks, reserves | $ 5,702 | $ 8,522 |
Securities available-for-sale, at cost | 311,164 | 317,375 |
Securities held-to-maturity, at fair value | $ 106,009 | $ 117,698 |
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, issued (in shares) | 11,362,716 | 11,362,150 |
Common stock, outstanding (in shares) | 11,362,716 | 11,362,150 |
Series B Preferred Stock | ||
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 32,000 | 32,000 |
Preferred stock, outstanding (in shares) | 32,000 | 32,000 |
Series C Preferred stock | ||
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 100,000 | 100,000 |
Preferred stock, issued (in shares) | 91,098 | 91,200 |
Preferred stock, outstanding (in shares) | 91,098 | 91,200 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income: | ||||
Loans, including fees | $ 17,373 | $ 17,992 | $ 51,334 | $ 54,314 |
Securities and other investments: | ||||
Taxable | 1,983 | 1,850 | 5,959 | 5,642 |
Nontaxable | 416 | 536 | 1,294 | 1,679 |
Federal funds sold | 3 | 1 | 11 | 5 |
Time and interest bearing deposits in other banks | 83 | 40 | 274 | 112 |
Other investments | 95 | 113 | 273 | 259 |
Total interest income | 19,953 | 20,532 | 59,145 | 62,011 |
Interest expense: | ||||
Deposits | 915 | 883 | 2,725 | 2,751 |
Securities sold under agreements to repurchase | 236 | 249 | 702 | 721 |
Other borrowings and payables | 93 | 109 | 297 | 309 |
Junior subordinated debentures | 170 | 150 | 507 | 451 |
Total interest expense | 1,414 | 1,391 | 4,231 | 4,232 |
Net interest income | 18,539 | 19,141 | 54,914 | 57,779 |
Provision for loan losses | 2,900 | 3,800 | 8,000 | 10,900 |
Net interest income after provision for loan losses | 15,639 | 15,341 | 46,914 | 46,879 |
Non-interest income: | ||||
Service charges on deposits | 2,509 | 2,491 | 7,213 | 7,170 |
Gain on sale of securities, net | 0 | 0 | 20 | 1,243 |
ATM and debit card income | 1,620 | 1,563 | 4,897 | 4,847 |
Income from death benefit on BOLI | 0 | 0 | 0 | 160 |
Other charges and fees | 737 | 714 | 2,096 | 2,326 |
Total non-interest income | 4,866 | 4,768 | 14,226 | 15,746 |
Non-interest expenses: | ||||
Salaries and employee benefits | 8,034 | 7,653 | 24,206 | 23,792 |
Occupancy expense | 3,635 | 3,815 | 10,899 | 11,365 |
ATM and debit card expense | 833 | 770 | 2,410 | 2,126 |
Data Processing | 527 | 476 | 1,463 | 1,400 |
FDIC insurance | 365 | 391 | 1,214 | 1,003 |
Legal and Professional Fees | 516 | 385 | 1,335 | 1,112 |
Other | 3,204 | 3,002 | 9,387 | 8,831 |
Total non-interest expenses | 17,114 | 16,492 | 50,914 | 49,629 |
Income before income taxes | 3,391 | 3,617 | 10,226 | 12,996 |
Income tax expense | 993 | 1,028 | 2,986 | 3,817 |
Net earnings | 2,398 | 2,589 | 7,240 | 9,179 |
Dividends on preferred stock | 811 | 172 | 2,049 | 517 |
Net earnings available to common shareholders | $ 1,587 | $ 2,417 | $ 5,191 | $ 8,662 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.14 | $ 0.21 | $ 0.46 | $ 0.76 |
Diluted (in dollars per share) | $ 0.14 | $ 0.21 | $ 0.46 | $ 0.75 |
Weighted average number of shares outstanding: | ||||
Basic (in shares) | 11,262 | 11,312 | 11,260 | 11,321 |
Diluted (in shares) | 11,263 | 11,831 | 11,260 | 11,848 |
Dividends declared per common share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.27 | $ 0.27 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 2,398 | $ 2,589 | $ 7,240 | $ 9,179 |
Unrealized (losses) gains on securities available-for-sale: | ||||
Unrealized holding (losses) gains arising during the year | (645) | 1,717 | 4,217 | 447 |
Less: reclassification adjustment for gains on sales of securities available-for-sale | 0 | 0 | (20) | (1,243) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | (645) | 1,717 | 4,197 | (796) |
Other Comprehensive Income (loss): Derivatives qualifying as hedges: Before Tax Amount | ||||
Change in fair value of derivative instruments designated as cash flow hedges | 55 | 0 | 55 | 0 |
Total other comprehensive (loss) income, before tax | (590) | 1,717 | 4,252 | (796) |
Income tax effect related to items of other comprehensive (loss) income | 206 | (601) | (1,488) | 279 |
Total other comprehensive (loss) income, net of tax | (384) | 1,116 | 2,764 | (517) |
Total comprehensive income | $ 2,014 | $ 3,705 | $ 10,004 | $ 8,662 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Unearned ESOP Shares | Accumulated Other Comprehensive Income | Retained Earnings |
Beginning balance at Dec. 31, 2015 | $ 213,137 | $ 41,120 | $ 1,136 | $ 110,771 | $ (1,093) | $ 509 | $ 60,694 |
Beginning balance (in shares) at Dec. 31, 2015 | 123,200 | 11,362,150 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 7,240 | 7,240 | |||||
Dividends on Series B and Series C preferred stock | (2,049) | (2,049) | |||||
Dividends on common stock, $0.27 per share | (3,052) | (3,052) | |||||
Conversion of Series C preferred stock to common stock | $ (10) | $ 0 | 10 | ||||
Conversion of Series C preferred stock to common stock (in shares) | (102) | 566 | |||||
Increase in ESOP obligation, net of repayments | (249) | (249) | |||||
Tax benefit resulting from distribution from Directors Deferred Compensation Plan | 127 | 127 | |||||
Stock option and restricted stock compensation expense | 165 | 165 | |||||
ESOP compensation expense | (88) | (88) | |||||
Tax benefit for dividends paid to the ESOP | 131 | 131 | |||||
Change in accumulated other comprehensive income | 2,764 | 2,764 | |||||
Ending balance at Sep. 30, 2016 | $ 218,126 | $ 41,110 | $ 1,136 | $ 111,116 | $ (1,342) | $ 3,273 | $ 62,833 |
Ending balance (in shares) at Sep. 30, 2016 | 123,098 | 11,362,716 |
Consolidated Statement of Shar7
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends on common stock (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.27 | $ 0.27 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net earnings | $ 7,240 | $ 9,179 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 4,431 | 4,652 |
Accretion of purchase accounting adjustments | (569) | (1,003) |
Provision for loan losses | 8,000 | 10,900 |
Deferred tax benefit | (781) | (1,633) |
Amortization of premiums on securities, net | 2,170 | 2,141 |
Accretion of other investments | 0 | (1) |
Stock option expense | 126 | 253 |
Restricted stock expense | 39 | 6 |
Excess of book value over market value of ESOP shares released | (88) | 0 |
Net gain on sale of investment securities | (20) | (1,243) |
Net loss (gain) on sale of other real estate owned | 56 | (13) |
Net write down of other real estate owned | 130 | 111 |
Net gain on sale/disposal of premises and equipment | (6) | (8) |
Income recognized from death benefit on bank owned life insurance | 0 | (160) |
Change in accrued interest receivable | (568) | (20) |
Change in accrued interest payable | (42) | (48) |
Change in other assets & other liabilities, net | 1,152 | 481 |
Net cash provided by operating activities | 21,270 | 23,594 |
Cash flows from investing activities: | ||
Proceeds from maturities and calls of securities available-for-sale | 47,547 | 55,874 |
Proceeds from maturities and calls of securities held-to-maturity | 12,629 | 19,299 |
Proceeds from sale of securities available-for-sale | 6,803 | 40,277 |
Purchases of securities available-for-sale | (49,538) | (105,486) |
Proceeds from sale of other investments | 600 | 898 |
Purchases of other investments | (751) | (2,970) |
Net change in loans | (12,736) | (20,669) |
Proceeds from bank owned life insurance death benefit | 0 | 498 |
Purchases of premises and equipment | (5,152) | (3,439) |
Proceeds from sale of premises and equipment | 54 | 35 |
Proceeds from sale of other real estate owned | 2,374 | 857 |
Payments to Acquire Other Real Estate | 0 | 351 |
Net cash provided by (used in) investing activities | 1,830 | (15,177) |
Cash flows from financing activities: | ||
Change in deposits | 34,385 | (41,728) |
Change in securities sold under agreements to repurchase | 9,253 | 29,987 |
Borrowings on Federal Home Loan Bank advances | 25,000 | 150,000 |
Repayments of Federal Home Loan Bank advances | (50,050) | (105,047) |
Proceeds and tax benefit from exercise of stock options | 0 | 99 |
Tax benefit resulting from distribution from Directors Deferred Compensation Plan | 127 | 420 |
ExcessTaxBenefitFromDividendsPaidtoESOP | 131 | 0 |
Payment of dividends on preferred stock | (1,409) | (519) |
Payment of dividends on common stock | (3,071) | (3,064) |
Net cash provided by financing activities | 14,366 | 30,148 |
Net increase in cash and cash equivalents | 37,466 | 38,565 |
Cash and cash equivalents, beginning of period | 89,201 | 86,872 |
Cash and cash equivalents, end of period | 126,667 | 125,437 |
Supplemental cash flow information: | ||
Interest paid | 4,274 | 4,280 |
Income taxes paid | 2,853 | 5,180 |
Noncash investing and financing activities: | ||
Transfer of loans to other real estate | 690 | 1,031 |
Change in accrued common stock dividends | 0 | 3 |
Change in accrued preferred stock dividends | 640 | (2) |
Net change in loan to ESOP | $ (249) | $ (905) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the financial position of MidSouth Bancorp, Inc. (the “Company”) and its subsidiaries as of September 30, 2016 and the results of their operations and their cash flows for the periods presented. The interim financial information should be read in conjunction with the annual consolidated financial statements and the notes thereto included in the Company’s 2015 Annual Report on Form 10-K. The results of operations for the nine -month period ended September 30, 2016 are not necessarily indicative of the results to be expected for the entire year. Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Summary of Significant Accounting Policies — The accounting and reporting policies of the Company conform with GAAP and general practices within the banking industry. There have been no material changes or developments in the application of accounting principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies and Estimates as disclosed in our 2015 Annual Report on Form 10-K. Recent Accounting Pronouncements — ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities is the first ASU issued under the FASB's financial instruments project. ASU 2016-01 primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The guidance in this ASU requires all equity securities with readily determinable fair values to be measured at fair value on the balance sheet, with changes in fair value recorded through earnings. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires changes in the fair value of a financial liabilities attributable to a change in instrument-specific credit risk to be recorded separately in other comprehensive income. This ASU eliminates the requirement to disclose the methods and significant assumptions used to estimate fair value. It does require public entities to use the exit price when measuring the fair value of financial instruments measured at amortized cost for disclosure purposes In addition, the new guidance requires financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The effective date of this Update is for fiscal years beginning on or after December 15, 2017. The Company is evaluating the impact, if any, that ASU 2016-01 will have on its financial position, results of operations, and its financial statement disclosures. ASU 2016-02, Leases (Topic 842) was issued with the intention of improving financial reporting about leasing transactions. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP - which requires only capital leases to be recognized on the balance sheet - the guidance in the ASU will require both types of leases to be recognized on the balance sheet. The ASU also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The effective date of this Update is for fiscal years beginning on or after December 15, 2018. The Company is evaluating the impact that ASU 2016-02 will have on its financial position, results of operations, and its financial statement disclosures. ASU 2016-09, Compensation - Stock Compensation (Topic 718) was issued as part of the FASB's simplification initiative. Under the new guidance, several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The effective date of this Update is for fiscal years beginning on or after December 15, 2016. The Company is evaluating the impact that ASU 2016-09 will have on its financial position, results of operations, and its financial statement disclosures. ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments was issued with the intention of improving financial reporting by requiring timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets not recorded at fair value based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will be required to be implemented through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the amendments are effective. The effective date of this Update is for fiscal years beginning on or after December 15, 2019. The Company is evaluating the impact that ASU 2016-13 will have on its financial position, results of operations, and its financial statement disclosures. We expect the new accounting guidance to increase the allowance for loan losses with a resulting negative adjustment to retained earnings, and we are planning on implementing a new software program during 2017 to enable us to determine the extent of the impact, which could be material. ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments was issued to address diversity in practice of how certain cash receipts and cash payments are currently presented and classified in the statement of cash flows. The amendments in the ASU provide guidance on the following issues: debit prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees and beneficial interests in securitization transactions. Further, the ASU addresses the topic of separately identifiable cash flows and application of the predominance principle. The effective date of this Update is for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company is evaluating the impact that ASU 2016-15 will have, if any, on its financial statement disclosures. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The portfolio of investment securities consisted of the following (in thousands): September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 31,104 $ 446 $ 29 $ 31,521 GSE mortgage-backed securities 65,916 3,229 — 69,145 Collateralized mortgage obligations: residential 195,047 1,289 331 196,005 Collateralized mortgage obligations: commercial 3,497 — 32 3,465 Mutual funds 2,100 25 — 2,125 Corporate debt securities 13,500 384 — 13,884 $ 311,164 $ 5,373 $ 392 $ 316,145 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 30,750 $ 770 $ 27 $ 31,493 GSE mortgage-backed securities 84,946 2,321 229 87,038 Collateralized mortgage obligations: residential 194,067 297 2,276 192,088 Collateralized mortgage obligations: commercial 5,512 1 65 5,448 Mutual funds 2,100 — 8 2,092 $ 317,375 $ 3,389 $ 2,605 $ 318,159 September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 40,695 $ 1,151 $ — $ 41,846 GSE mortgage-backed securities 47,451 1,496 — 48,947 Collateralized mortgage obligations: residential 9,414 — 76 9,338 Collateralized mortgage obligations: commercial 5,852 26 — 5,878 $ 103,412 $ 2,673 $ 76 $ 106,009 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 43,737 $ 697 $ 6 $ 44,428 GSE mortgage-backed securities 55,696 705 131 56,270 Collateralized mortgage obligations: residential 10,803 — 361 10,442 Collateralized mortgage obligations: commercial 6,556 2 — 6,558 $ 116,792 $ 1,404 $ 498 $ 117,698 With the exception of two private-label collateralized mortgage obligations (“CMOs”) with a combined balance remaining of $19,000 at September 30, 2016 , all of the Company’s CMOs are government-sponsored enterprise (“GSE”) securities. The following table presents the amortized cost and fair value of debt securities at September 30, 2016 by contractual maturity (in thousands). Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateralized mortgage obligations. Amortized Cost Fair Value Available-for-sale: Due in one year or less $ 2,812 $ 2,843 Due after one year through five years 15,374 15,608 Due after five years through ten years 41,740 43,819 Due after ten years 249,138 251,750 $ 309,064 $ 314,020 Amortized Cost Fair Value Held-to-maturity: Due in one year or less $ 348 $ 349 Due after one year through five years 4,909 5,005 Due after five years through ten years 20,222 20,948 Due after ten years 77,933 79,707 $ 103,412 $ 106,009 Details concerning investment securities with unrealized losses are as follows (in thousands): September 30, 2016 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Available-for-sale: Obligations of state and political subdivisions $ 5,517 $ 29 $ — $ — $ 5,517 $ 29 Collateralized mortgage obligations: residential 49,802 182 12,111 149 61,913 331 Collateralized mortgage obligations: commercial 989 3 2,475 29 3,464 32 $ 56,308 $ 214 $ 14,586 $ 178 $ 70,894 $ 392 December 31, 2015 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Available-for-sale: Obligations of state and political subdivisions $ 1,192 $ 27 $ — $ — $ 1,192 $ 27 GSE mortgage-backed securities 21,607 229 — — 21,607 229 Collateralized mortgage obligations: residential 140,999 1,207 30,029 1,069 171,028 2,276 Collateralized mortgage obligations: commercial — — 2,946 65 2,946 65 Mutual funds 2,092 8 — — 2,092 8 $ 165,890 $ 1,471 $ 32,975 $ 1,134 $ 198,865 $ 2,605 September 30, 2016 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Held-to-maturity: Collateralized mortgage obligations: residential $ — $ — $ 9,338 $ 76 $ 9,338 $ 76 December 31, 2015 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Held-to-maturity: Obligations of state and political subdivisions $ 541 $ 1 $ 505 $ 5 $ 1,046 $ 6 GSE mortgage-backed securities — — 7,021 131 7,021 131 Collateralized mortgage obligations: residential — — 10,442 361 10,442 361 $ 541 $ 1 $ 17,968 $ 497 $ 18,509 $ 498 Management evaluates each quarter whether unrealized losses on securities represent impairment that is other than temporary. For debt securities, the Company considers its intent to sell the securities or if it is more likely than not the Company will be required to sell the securities. If such impairment is identified, based upon the intent to sell or the more likely than not threshold, the carrying amount of the security is reduced to fair value with a charge to earnings. Upon the result of the aforementioned review, management then reviews for potential other than temporary impairment based upon other qualitative factors. In making this evaluation, management considers changes in market rates relative to those available when the security was acquired, changes in market expectations about the timing of cash flows from securities that can be prepaid, performance of the debt security, and changes in the market’s perception of the issuer’s financial health and the security’s credit quality. If determined that a debt security has incurred other than temporary impairment, then the amount of the credit related impairment is determined. If a credit loss is evident, the amount of the credit loss is charged to earnings and the non-credit related impairment is recognized through other comprehensive income. As of September 30, 2016 , 23 securities had unrealized losses totaling 0.58% of the individual securities’ amortized cost basis and 0.11% of the Company’s total amortized cost basis. Of the 23 securities, 9 had been in an unrealized loss position for over twelve months at September 30, 2016 . These 9 securities had an amortized cost basis and unrealized loss of $24.2 million and $254,000 , respectively. The unrealized losses on debt securities at September 30, 2016 resulted from changing market interest rates over the yields available at the time the underlying securities were purchased. Management identified no impairment related to credit quality. At September 30, 2016 , management had the intent and ability to hold impaired securities and no impairment was evaluated as other than temporary. As a result, no other than temporary impairment losses were recognized during the three months ended September 30, 2016 . During the nine months ended September 30, 2016 , the Company sold 2 securities classified as available-for-sale at a gross gain of $20,000 . During the nine months ended September 30, 2015 , the Company sold 21 securities classified as available-for-sale at a net gain of $1.2 million . Of the 21 securities sold, 11 were sold with gains totaling $1.4 million and 10 securities were sold at a loss of $135,000 . Securities with an aggregate carrying value of approximately $309.9 million and $285.4 million at September 30, 2016 and December 31, 2015 , respectively, were pledged to secure public funds on deposit and for other purposes required or permitted by law. |
Credit Quality of Loans and All
Credit Quality of Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Credit Quality of Loans and Allowance for Loan Losses | Credit Quality of Loans and Allowance for Loan Losses The loan portfolio consisted of the following (in thousands): September 30, 2016 December 31, 2015 Commercial, financial and agricultural $ 463,031 $ 454,028 Real estate – construction 96,365 74,952 Real estate – commercial 464,853 471,141 Real estate – residential 155,653 149,064 Installment loans to individuals 88,537 111,009 Lease financing receivable 1,449 1,968 Other 2,912 1,483 1,272,800 1,263,645 Less allowance for loan losses (23,268 ) (19,011 ) $ 1,249,532 $ 1,244,634 The Company monitors loan concentrations and evaluates individual customer and aggregate industry leverage, profitability, risk rating distributions, and liquidity for each major standard industry classification segment. At September 30, 2016 , one industry segment concentration, the oil and gas industry, constituted more than 10% of the loan portfolio. The Company’s exposure in the oil and gas industry, including related service and manufacturing industries, totaled approximately $243.3 million , or 19.1% of total loans. Additionally, the Company’s exposure to loans secured by commercial real estate is monitored. At September 30, 2016 , loans secured by commercial real estate (including commercial construction, farmland and multifamily loans) totaled approximately $542.2 million . Of the $542.2 million , $464.9 million represent CRE loans, 54% of which are secured by owner-occupied commercial properties. Of the $542.2 million in loans secured by commercial real estate, $28.3 million , or 5.2% , were on nonaccrual status at September 30, 2016 . Allowance for Loan Losses The allowance for loan losses is a valuation account available to absorb probable losses on loans. All losses are charged to the allowance for loan losses when the loss actually occurs or when a determination is made that a loss is likely to occur. Recoveries are credited to the allowance for loan losses at the time of recovery. Quarterly, the probable level of losses in the existing portfolio is estimated through consideration of various factors. Based on these estimates, the allowance for loan losses is increased by charges to earnings and decreased by charge‑offs (net of recoveries). The allowance is composed of general reserves and specific reserves. General reserves are determined by applying loss percentages to segments of the portfolio. The loss percentages are based on each segment’s historical loss experience, generally over the past twelve to eighteen months, and adjustment factors derived from conditions in the Company’s internal and external environment. All loans considered to be impaired are evaluated on an individual basis to determine specific reserve allocations in accordance with GAAP. Loans for which specific reserves are provided are excluded from the calculation of general reserves. Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of credit losses expected to be realized over the remaining lives of the loans, and therefore no corresponding allowance for loan losses is recorded for these loans at acquisition. Methods utilized to estimate any subsequently required allowance for loan losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans; however, the estimate of loss is based on the unpaid principal balance and then compared to any remaining unaccreted purchase discount. To the extent that the calculated loss is greater than the remaining unaccreted purchase discount, an allowance is recorded for such difference. The Company has an internal loan review department that is independent of the lending function to challenge and corroborate the loan grade assigned by the lender and to provide additional analysis in determining the adequacy of the allowance for loan losses. A rollforward of the activity within the allowance for loan losses by loan type and recorded investment in loans for the nine months ended September 30, 2016 and 2015 is as follows (in thousands): September 30, 2016 Real Estate Coml, Fin, and Agric Constru-ction Commercial Residential Installment loans to individuals Lease financing receivable Other Total Allowance for loan losses: Beginning balance $ 11,268 $ 819 $ 4,614 $ 816 $ 1,468 $ 14 $ 12 $ 19,011 Charge-offs (2,957 ) — (208 ) (24 ) (991 ) — — (4,180 ) Recoveries 193 — 115 4 125 — — 437 Provision 6,747 (478 ) 1,042 (97 ) 781 (5 ) 10 8,000 Ending balance $ 15,251 $ 341 $ 5,563 $ 699 $ 1,383 $ 9 $ 22 $ 23,268 Ending balance: individually evaluated for impairment $ 1,105 $ — $ 2,270 $ 194 $ 268 $ — $ — $ 3,837 Ending balance: collectively evaluated for impairment $ 14,146 $ 341 $ 3,293 $ 505 $ 1,115 $ 9 $ 22 $ 19,431 Loans: Ending balance $ 463,031 $ 96,365 $ 464,853 $ 155,653 $ 88,537 $ 1,449 $ 2,912 $ 1,272,800 Ending balance: individually evaluated for impairment $ 29,887 $ 10 $ 28,285 $ 1,831 $ 464 $ — $ — $ 60,477 Ending balance: collectively evaluated for impairment $ 433,144 $ 96,355 $ 435,985 $ 153,747 $ 88,073 $ 1,449 $ 2,912 $ 1,211,665 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 583 $ 75 $ — $ — $ — $ 658 September 30, 2015 Real Estate Coml, Fin, and Agric Constr-uction Commercial Residential Installment loans to individuals Lease financing receivable Other Total Allowance for loan losses: Beginning balance $ 5,729 $ 954 $ 2,402 $ 810 $ 1,311 $ 16 $ 4 $ 11,226 Charge-offs (2,310 ) (76 ) (169 ) (45 ) (883 ) — — (3,483 ) Recoveries 185 1 20 10 80 — — 296 Provision 8,016 (62 ) 2,107 (104 ) 923 13 7 10,900 Ending balance $ 11,620 $ 817 $ 4,360 $ 671 $ 1,431 $ 29 $ 11 $ 18,939 Ending balance: individually evaluated for impairment $ 2,569 $ 26 $ 1,739 $ 147 $ 216 $ — $ — $ 4,697 Ending balance: collectively evaluated for impairment $ 9,051 $ 791 $ 2,621 $ 524 $ 1,215 $ 29 $ 11 $ 14,242 Loans: Ending balance $ 482,452 $ 74,279 $ 473,319 $ 151,667 $ 113,199 $ 4,790 $ 1,746 $ 1,301,452 Ending balance: individually evaluated for impairment $ 29,185 $ 212 $ 19,928 $ 1,796 $ 386 $ — $ — $ 51,507 Ending balance: collectively evaluated for impairment $ 453,267 $ 74,067 $ 452,758 $ 149,788 $ 112,813 $ 4,790 $ 1,746 $ 1,249,229 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 633 $ 83 $ — $ — $ — $ 716 Non-Accrual and Past Due Loans Loans are considered past due if the required principal and interest payment have not been received as of the date such payments were due. Loans are placed on non-accrual status when, in management’s opinion, the probability of collection of interest is deemed insufficient to warrant further accrual. For loans placed on non-accrual status, the accrual of interest is discontinued and subsequent payments received are applied to the principal balance. Interest income is recorded after principal has been satisfied and as payments are received. Non-accrual loans may be returned to accrual status if all principal and interest amounts contractually owed are reasonably assured of repayment within a reasonable period and there is a period of at least six months to one year of repayment performance by the borrower depending on the contractual payment terms. An age analysis of past due loans (including both accruing and non-accruing loans) is as follows (in thousands): September 30, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total Loans Recorded Investment > 90 days and Accruing Commercial, financial, and agricultural $ 3,213 $ 1,255 $ 29,710 $ 34,178 $ 428,853 $ 463,031 $ 42 Real estate - construction 206 — 829 1,035 95,330 96,365 819 Real estate - commercial 3,539 — 26,219 29,758 435,095 464,853 — Real estate - residential 853 457 1,587 2,897 152,756 155,653 82 Installment loans to individuals 397 370 489 1,256 87,281 88,537 25 Lease financing receivable — — — — 1,449 1,449 — Other loans 83 11 — 94 2,818 2,912 — $ 8,291 $ 2,093 $ 58,834 $ 69,218 $ 1,203,582 $ 1,272,800 $ 968 December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total Loans Recorded Investment > 90 days and Accruing Commercial, financial, and agricultural $ 1,362 $ 2,317 $ 25,696 $ 29,375 $ 424,653 $ 454,028 $ 59 Real estate - construction 1,047 — 12 1,059 73,893 74,952 — Real estate - commercial 1,164 514 19,512 21,190 449,951 471,141 — Real estate - residential 1,703 367 1,563 3,633 145,431 149,064 19 Installment loans to individuals 1,022 244 409 1,675 109,334 111,009 69 Lease financing receivable — — — — 1,968 1,968 — Other loans 101 4 — 105 1,378 1,483 — $ 6,399 $ 3,446 $ 47,192 $ 57,037 $ 1,206,608 $ 1,263,645 $ 147 Non-accrual loans are as follows (in thousands): September 30, 2016 December 31, 2015 Commercial, financial, and agricultural $ 29,874 $ 27,705 Real estate - construction 10 37 Real estate - commercial 28,285 19,907 Real estate - residential 1,889 1,998 Installment loans to individuals 464 404 Lease financing receivable — — Other — — $ 60,522 $ 50,051 The amount of interest that would have been recorded on non-accrual loans, had the loans not been classified as non-accrual, totaled approximately $2.5 million and $1.3 million for the nine months ended September 30, 2016 and 2015 , respectively. Interest actually received on non-accrual loans subsequent to their transfer to non-accrual status totaled at September 30, 2016 and 2015 was $128,000 and $19,000 , respectively. Impaired Loans Loans are considered impaired when, based upon current information, it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans classified as special mention, substandard, or doubtful, based on credit risk rating factors, are reviewed to determine whether impairment testing is appropriate. An allowance for each impaired loan is calculated based on the present value of expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or the fair value of the collateral if the loan is collaterally dependent. All impaired loans are reviewed, at a minimum, on a quarterly basis. Existing valuations are reviewed to determine if additional discounts or new appraisals are required. After this review, when comparing the resulting collateral valuation to the outstanding loan balance, if the discounted collateral value exceeds the loan balance no specific allocation is reserved. Acquired impaired loans are generally not subject to individual evaluation for impairment and are not reported with impaired loans or troubled debt restructurings, even if they would otherwise qualify for such treatment. Loans that are individually evaluated for impairment are as follows (in thousands): September 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 26,802 $ 27,383 $ — $ 13,401 $ 131 Real estate - construction 10 10 — 23 — Real estate - commercial 13,254 13,254 — 9,341 56 Real estate - residential 1,062 1,062 — 1,115 3 Installment loans to individuals 20 20 — 10 — Subtotal: 41,148 41,729 — 23,890 190 With an allowance recorded: Commercial, financial, and agricultural 3,085 3,182 1,105 4,137 25 Real estate - commercial 15,031 15,031 2,270 14,518 28 Real estate - residential 769 769 194 653 — Installment loans to individuals 444 469 268 407 8 Subtotal: 19,329 19,451 3,837 19,715 61 Totals: Commercial 58,172 58,850 3,375 41,397 240 Construction 10 10 — 23 — Residential 1,831 1,831 194 1,768 3 Consumer 464 489 268 417 8 Grand total: $ 60,477 $ 61,180 $ 3,837 $ 43,605 $ 251 December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 22,529 $ 22,793 $ — $ 11,484 $ 745 Real estate - construction 37 37 — 45 — Real estate - commercial 5,886 5,886 — 3,903 97 Real estate - residential 1,365 1,385 — 954 17 Installment loans to individuals 34 34 — 56 — Subtotal: 29,851 30,135 — 16,442 859 With an allowance recorded: Commercial, financial, and agricultural 5,189 6,373 961 3,704 138 Real estate - commercial 14,004 14,004 1,585 9,236 161 Real estate - residential 538 538 160 533 7 Installment loans to individuals 370 384 221 334 8 Subtotal: 20,101 21,299 2,927 13,807 314 Totals: Commercial 47,608 49,056 2,546 28,327 1,141 Construction 37 37 — 45 — Residential 1,903 1,923 160 1,487 24 Consumer 404 418 221 390 8 Grand total: $ 49,952 $ 51,434 $ 2,927 $ 30,249 $ 1,173 Credit Quality The Company manages credit risk by observing written underwriting standards and lending policy established by the Board of Directors and management to govern all lending activities. The risk management program requires that each individual loan officer review his or her portfolio on a quarterly basis and assign recommended credit ratings on each loan. These efforts are supplemented by independent reviews performed by a loan review officer and other validations performed by the internal audit department. The results of the reviews are reported directly to the Audit Committee of the Board of Directors. Loans can be classified into the following three risk rating grades: pass, special mention, and substandard/doubtful. Factors considered in determining a risk rating grade include debt service capacity, capital structure/liquidity, management, collateral quality, industry risk, company trends/operating performance, repayment source, revenue diversification/customer concentration, quality of financial information, and financing alternatives. Pass grade signifies the highest quality of loans to loans with reasonable credit risk, which may include borrowers with marginally adequate financial performance, but have the ability to repay the debt. Special mention loans have potential weaknesses that warrant extra attention from the loan officer and other management personnel, but still have the ability to repay the debt. Substandard classification includes loans with well-defined weaknesses with risk of potential loss. Loans classified as doubtful are considered to have little recovery value and are charged off. The following tables present the classes of loans by risk rating (in thousands): September 30, 2016 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, Real estate - commercial Total % of Total Pass $ 358,670 $ 403,961 $ 762,631 82.20 % Special mention 28,270 25,173 53,443 5.76 % Substandard 75,923 35,719 111,642 12.03 % Doubtful 168 — 168 0.02 % $ 463,031 $ 464,853 $ 927,884 100.00 % Construction Credit Exposure Credit Risk Profile by Real estate - construction % of Total Pass $ 96,178 99.81 % Special mention — — % Substandard 187 0.19 % $ 96,365 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Real estate - residential % of Total Pass $ 151,053 97.04 % Special mention 1,227 0.79 % Substandard 3,373 2.17 % $ 155,653 100.00 % Consumer and Commercial Credit Exposure Credit Risk Profile Based on Payment Activity Installment loans to individuals Lease financing receivable Other Total % of Total Performing $ 88,048 $ 1,449 $ 2,912 $ 92,409 99.47 % Nonperforming 489 — — 489 0.53 % $ 88,537 $ 1,449 $ 2,912 $ 92,898 100.00 % December 31, 2015 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, Real estate - commercial Total % of Total Pass $ 383,897 $ 412,141 $ 796,038 86.04 % Special mention 32,506 28,217 60,723 6.55 % Substandard 37,353 30,783 68,136 7.36 % Doubtful 272 — 272 0.03 % $ 454,028 $ 471,141 $ 925,169 100.00 % Construction Credit Exposure Credit Risk Profile by Real estate - construction % Pass $ 74,794 99.79 % Special mention 34 0.04 % Substandard 124 0.17 % $ 74,952 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Real estate - residential % of Total Pass $ 144,704 97.08 % Special mention 1,225 0.82 % Substandard 3,135 2.10 % $ 149,064 100.00 % Consumer and Commercial Credit Exposure Credit Risk Profile Based on Payment Activity Installment loans to individuals Lease financing receivable Other Total % of Total Performing $ 110,536 $ 1,968 $ 1,483 $ 113,987 99.59 % Nonperforming 473 — — 473 0.41 % $ 111,009 $ 1,968 $ 1,483 $ 114,460 100.00 % Troubled Debt Restructurings A troubled debt restructuring (“TDR”) is a restructuring of a debt made by the Company to a debtor for economic or legal reasons related to the debtor’s financial difficulties that it would not otherwise consider. The Company grants the concession in an attempt to protect as much of its investment as possible. Information about the Company’s TDRs is as follows (in thousands): September 30, 2016 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial, financial and agricultural $ 13 $ — $ 24,568 $ 24,581 Real estate – commercial — 140 1,573 1,713 $ 13 $ 140 $ 26,141 $ 26,294 December 31, 2015 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial, financial and agricultural $ 16 $ — $ 20,865 $ 20,881 Real estate – commercial — 148 — 148 $ 16 $ 148 $ 20,865 $ 21,029 During the three months ended September 30, 2016 , there were no loans identified as a TDR, and there were no defaults on any loans that were modified as TDRs during the preceding twelve months. During the three months ended September 30, 2015 , there were no loans identified as a TDR. There was one TDR totaling $21.1 million that defaulted on the modified terms of its agreement during the three months ended September 30, 2015. During the nine months ended September 30, 2016 , there was one loan relationship with a pre-modification balance of $5.5 million identified as a TDR after conversion of the loans to interest only for a limited amount of time. Subsequent to its conversion to TDR status, this one TDR totaling $5.5 million defaulted on the modified terms during the nine months ended September 30, 2016. During the nine months ended September 30, 2015 , there was one loan relationship with a pre-modification balance of $21.4 million identified as a TDR after conversion of the loans to interest only for a limited amount of time. This one TDR subsequently defaulted on the modified terms and totaled $21.1 million at September 30, 2015. For purposes of the determination of an allowance for loan losses on these TDRs, as an identified TDR, the Company considers a loss probable on the loan and, as a result is reviewed for specific impairment in accordance with the Company’s allowance for loan loss methodology. If it is determined losses are probable on such TDRs, either because of delinquency or other credit quality indicator, the Company establishes specific reserves for these loans. As of September 30, 2016 , there were no commitments to lend additional funds to debtors owing sums to the Company whose terms have been modified in TDRs. |
Intangibles
Intangibles | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles A summary of core deposit intangible assets as of September 30, 2016 and December 31, 2015 is as follows (in thousands): September 30, 2016 December 31, 2015 Gross carrying amount $ 11,674 $ 11,674 Less accumulated amortization (6,776 ) (5,946 ) Net carrying amount $ 4,898 $ 5,728 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5. Derivatives On July 6, 2016, the Company entered into two forward interest rate swap contracts on junior subordinated debentures and long-term FHLB advances. The interest rate swap contracts were designated as derivative instruments in a cash flow hedge under ASC Topic 815, Derivatives and Hedging to convert forecasted variable interest payment to a fixed rate and the Company has concluded that the forecasted transactions are probable of occurring . For cash flow hedges, the effective portion of the gain or loss related to the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. The ineffective portion of the gain or loss is reported in earnings immediately. No ineffectiveness related to the interest rate swaps designated as cash flow hedges was recognized in the consolidated statements of income for the nine months ended September 30, 2016. The accumulated net after-tax income related to the effective cash flow hedge included in accumulated other comprehensive income is reflected in Note 6 - Other Comprehensive Income . The following table discloses the notional amounts and fair value of derivative instruments in the Company's balance sheet as of September 30, 2016 and December 31, 2015 (in thousands): Notional Amounts Fair Value Type of Hedge September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate swaps included in other assets Cash Flow $ 27,500 $ — $ 55 $ — |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income (Loss) The following is a summary of the tax effects allocated to each component of other comprehensive (loss) income (in thousands): Three Months Ended September 30, 2016 2015 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount Other comprehensive (loss) income: Securities available-for-sale: Change in unrealized (losses) gains during period $ (645 ) $ 225 $ (420 ) $ 1,717 $ (601 ) $ 1,116 Reclassification adjustment for gains included in net income — — — — — — Derivative instruments designated as cash flow hedges: Change in fair value of derivative instruments designated as cash flow hedges 55 (19 ) 36 — — — Total other comprehensive (loss) income $ (590 ) $ 206 $ (384 ) $ 1,717 $ (601 ) $ 1,116 Nine Months Ended September 30, 2016 2015 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Other comprehensive income (loss): Securities available-for-sale: Change in unrealized gains during period $ 4,217 $ (1,476 ) $ 2,741 $ 447 $ (156 ) $ 291 Reclassification adjustment for gains included in net income (20 ) 7 (13 ) (1,243 ) 435 (808 ) Derivative instruments designated as cash flow hedges: Change in fair value of derivative instruments designated as cash flow hedges 55 (19 ) 36 — — — Total other comprehensive income (loss) $ 4,252 $ (1,488 ) $ 2,764 $ (796 ) $ 279 $ (517 ) The reclassifications out of accumulated other comprehensive income into net income are presented below (in thousands): Three Months Ended September 30, 2016 2015 Details about Accumulated Other Comprehensive Income Components Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ — Gain on sale of securities, net $ — Gain on sale of securities, net — Tax expense — Tax expense $ — Net of tax $ — Net of tax Nine Months Ended September 30, 2016 2015 Details about Accumulated Other Comprehensive Income Components Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ (20 ) Gain on sale of securities, net $ (1,243 ) Gain on sale of securities, net 7 Tax expense 435 Tax expense $ (13 ) Net of tax $ (808 ) Net of tax |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Following is a summary of the information used in the computation of earnings per common share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net earnings available to common shareholders $ 1,587 $ 2,417 $ 5,191 $ 8,662 Dividends on Series C preferred stock — 92 — 277 Adjusted net earnings available to common shareholders $ 1,587 $ 2,509 $ 5,191 $ 8,939 Weighted average number of common shares outstanding used in computation of basic earnings per common share 11,262 11,312 11,260 11,321 Effect of dilutive securities: Stock options 1 12 — 20 Convertible preferred stock and warrants — 507 — 507 Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share 11,263 11,831 11,260 11,848 Following is a summary of the securities that were excluded from the computation of diluted earnings per share because the effects of the shares were anti-dilutive (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Stock options 304 130 309 130 Restricted stock 11 11 11 11 Shares subject to the outstanding warrant issued in connection with the CPP transaction 104 104 104 104 Convertible preferred stock 507 — 507 — |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Following is a description of valuation methodologies used for assets and liabilities which are either recorded or disclosed at fair value. Cash and Due From Banks, Interest-Bearing Deposits in Banks and Federal Funds Sold —The carrying value of these short-term instruments is a reasonable estimate of fair value. Securities Available-for-Sale —Securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange and U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter market funds. Securities are classified as Level 2 within the valuation hierarchy when the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the bond’s terms and conditions, among other things. Level 2 inputs are used to value U.S. Agency securities, mortgage-backed securities, asset-backed securities, municipal securities, single issue trust preferred securities, certain pooled trust preferred securities, collateralized debt obligations and certain equity securities that are not actively traded. Securities Held-to-Maturity —The fair value of securities held-to-maturity is estimated using the same measurement techniques as securities available-for-sale. Other Investments —The carrying value of other investments is a reasonable estimate of fair value. Loans —For disclosure purposes, the fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For variable rate loans, the carrying amount is a reasonable estimate of fair value. The Company does not record loans at fair value on a recurring basis. No adjustment to fair value is taken related to illiquidity discounts. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management uses one of three methods to measure impairment, which, include collateral value, market value of similar debt, and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. Impaired loans where an allowance is established based on the fair value of collateral or where the loan balance has been charged down to fair value require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and adjusts the appraisal value by taking an additional discount for market conditions and there is no observable market price, the Company records the impaired loan as nonrecurring Level 3. For non-performing loans, collateral valuations currently in file are reviewed for acceptability in terms of timeliness and applicability. Although each determination is made based on the facts and circumstances of each credit, generally valuations are no longer considered acceptable when there has been physical deterioration of the property from when it was last appraised, or there has been a significant change in the underlying assumptions of the appraisal. If the valuation is deemed to be unacceptable, a new appraisal is ordered. New appraisals are typically received within 4-6 weeks. While awaiting new appraisals, the valuation in the file is utilized, net of discounts. Discounts are derived from available relevant market data, selling costs, taxes, and insurance. Any perceived collateral deficiency utilizing the discounted value is specifically reserved (as required by ASC Topic 310) until the new appraisal is received or charged off. Thus, provisions or charge-offs are recognized in the period the credit is identified as non-performing. The following sources are utilized to set appropriate discounts: in-market real estate agents, current local sales data, bank history for devaluation of similar property, Sheriff’s valuations and buy/sell contracts. If a real estate agent is used to market and sell the property, values are discounted 10% for selling costs. Additional discounts may be applied if research from the above sources indicates a discount is appropriate given devaluation of similar property from the time of the initial valuation. Other Real Estate —Other real estate (“ORE”) properties are adjusted to fair value upon transfer of the loans to other real estate, and annually thereafter to insure other real estate assets are carried at the lower of carrying value or fair value. Exceptions to obtaining initial appraisals are properties where a buy/sell agreement exists for the loan value or greater, or where a Sheriff’s valuation has been received for properties liquidated through a Sheriff sale. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the ORE as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and adjusts the appraisal value by taking an additional discount for market conditions and there is no observable market prices, the Company records the ORE asset as nonrecurring Level 3. Cash Surrender Value of Life Insurance Policies —Fair value for life insurance cash surrender value is based on cash surrender values indicated by the insurance companies. Derivative Financial Instruments —The fair value of interest rate swaps are estimated using prices of financial instruments with similar characteristics and thus are classified within Level 2 of the fair value hierarchy. Deposits —The fair value of demand deposits, savings accounts, NOW accounts, and money market deposits is the amount payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. The estimated fair value does not include customer related intangibles. Securities Sold Under Agreements to Repurchase —The fair value approximates the carrying value of securities sold under agreements to repurchase due to their short-term nature. Short-term Federal Home Loan Bank Advances —The fair value approximates the carrying value of short-term FHLB advances due to their short-term nature. Long-term Federal Home Loan Bank Advances —The fair value of long-term FHLB advances is estimated using a discounted cash flow analysis that applies interest rates currently being offered on similar types of borrowings with similar terms. Junior Subordinated Debentures —For junior subordinated debentures that bear interest on a floating basis, the carrying amount approximates fair value. For junior subordinated debentures that bear interest on a fixed rate basis, the fair value is estimated using a discounted cash flow analysis that applies interest rates currently being offered on similar types of borrowings. Commitments to Extend Credit, Standby Letters of Credit and Credit Card Guarantees —Because commitments to extend credit and standby letters of credit are generally short-term and made using variable rates, the carrying value and estimated fair value associated with these instruments are immaterial. Assets Recorded at Fair Value The table below presents information about certain assets and liabilities measured at fair value on a recurring basis (in thousands): Assets / Liabilities Measured at Fair Value at Fair Value Measurements at September 30, 2016 Description September 30, 2016 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 31,521 $ — $ 31,521 $ — GSE mortgage-backed securities 69,145 — 69,145 — Collateralized mortgage obligations: residential 196,005 — 196,005 — Collateralized mortgage obligations: commercial 3,465 — 3,465 — Mutual funds 2,125 2,125 — — Corporate debt securities 13,884 — 13,884 — Total available-for-sale securities $ 316,145 $ 2,125 $ 314,020 $ — Derivative assets $ 55 $ — $ 55 $ — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2015 Description December 31, 2015 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 31,493 $ — $ 31,493 $ — GSE mortgage-backed securities 87,038 — 87,038 — Collateralized mortgage obligations: residential 192,088 — 192,088 — Collateralized mortgage obligations: commercial 5,448 — 5,448 — Mutual funds 2,092 2,092 — — Total available-for-sale securities $ 318,159 $ 2,092 $ 316,067 $ — Certain assets and liabilities are measured at fair value on a nonrecurring basis and are included in the table below (in thousands). Impaired loans are Level 2 assets measured using appraisals from external parties of the collateral less any prior liens. Other real estate properties are also Level 2 assets measured using appraisals from external parties. Assets / Liabilities Measured at Fair Value at Fair Value Measurements at September 30, 2016 Description September 30, 2016 Level 1 Level 2 Level 3 Impaired loans $ 16,033 $ — $ 16,033 $ — Other real estate 2,317 — 2,317 — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2015 Description December 31, 2015 Level 1 Level 2 Level 3 Impaired loans $ 17,487 $ — $ 17,487 $ — Other real estate 4,187 — 4,187 — Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The carrying amounts and estimated fair values of the Company’s financial instruments are as follows at September 30, 2016 and December 31, 2015 (in thousands): Fair Value Measurements at September 30, 2016 Using: Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks, interest-bearing deposits in banks and federal funds sold $ 126,667 $ 126,667 $ — $ — Securities available-for-sale 316,145 2,125 314,020 — Securities held-to-maturity 103,412 — 106,009 — Other investments 11,339 11,339 — — Loans, net 1,249,532 — 16,033 1,239,663 Cash surrender value of life insurance policies 14,272 — 14,272 — Financial liabilities: Non-interest-bearing deposits 403,301 — 403,301 — Interest-bearing deposits 1,181,906 — 1,024,381 157,207 Securities sold under agreements to repurchase 95,210 95,210 — — Long-term Federal Home Loan Bank advances 25,531 — — 26,153 Junior subordinated debentures 22,167 — 22,167 — Fair Value Measurements at December 31, 2015 Using: Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks, interest-bearing deposits in banks and federal funds sold $ 89,201 $ 89,201 $ — $ — Securities available-for-sale 318,159 2,092 316,067 — Securities held-to-maturity 116,792 — 117,698 — Other investments 11,188 11,188 — — Loans, net 1,244,634 — 17,487 1,232,497 Cash surrender value of life insurance policies 13,622 — 13,622 — Financial liabilities: Non-interest-bearing deposits 374,261 — 374,261 — Interest-bearing deposits 1,176,589 — 1,007,137 168,633 Securities sold under agreements to repurchase 85,957 85,957 — — Short-term Federal Home Loan Bank advances 25,000 — 25,000 — Long-term Federal Home Loan Bank advances 25,851 — — 26,508 Junior subordinated debentures 22,167 — 22,167 — |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies — The accounting and reporting policies of the Company conform with GAAP and general practices within the banking industry. There have been no material changes or developments in the application of accounting principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies and Estimates as disclosed in our 2015 Annual Report on Form 10-K. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities is the first ASU issued under the FASB's financial instruments project. ASU 2016-01 primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The guidance in this ASU requires all equity securities with readily determinable fair values to be measured at fair value on the balance sheet, with changes in fair value recorded through earnings. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires changes in the fair value of a financial liabilities attributable to a change in instrument-specific credit risk to be recorded separately in other comprehensive income. This ASU eliminates the requirement to disclose the methods and significant assumptions used to estimate fair value. It does require public entities to use the exit price when measuring the fair value of financial instruments measured at amortized cost for disclosure purposes In addition, the new guidance requires financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The effective date of this Update is for fiscal years beginning on or after December 15, 2017. The Company is evaluating the impact, if any, that ASU 2016-01 will have on its financial position, results of operations, and its financial statement disclosures. ASU 2016-02, Leases (Topic 842) was issued with the intention of improving financial reporting about leasing transactions. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP - which requires only capital leases to be recognized on the balance sheet - the guidance in the ASU will require both types of leases to be recognized on the balance sheet. The ASU also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The effective date of this Update is for fiscal years beginning on or after December 15, 2018. The Company is evaluating the impact that ASU 2016-02 will have on its financial position, results of operations, and its financial statement disclosures. ASU 2016-09, Compensation - Stock Compensation (Topic 718) was issued as part of the FASB's simplification initiative. Under the new guidance, several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The effective date of this Update is for fiscal years beginning on or after December 15, 2016. The Company is evaluating the impact that ASU 2016-09 will have on its financial position, results of operations, and its financial statement disclosures. ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments was issued with the intention of improving financial reporting by requiring timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets not recorded at fair value based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will be required to be implemented through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the amendments are effective. The effective date of this Update is for fiscal years beginning on or after December 15, 2019. The Company is evaluating the impact that ASU 2016-13 will have on its financial position, results of operations, and its financial statement disclosures. We expect the new accounting guidance to increase the allowance for loan losses with a resulting negative adjustment to retained earnings, and we are planning on implementing a new software program during 2017 to enable us to determine the extent of the impact, which could be material. ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments was issued to address diversity in practice of how certain cash receipts and cash payments are currently presented and classified in the statement of cash flows. The amendments in the ASU provide guidance on the following issues: debit prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees and beneficial interests in securitization transactions. Further, the ASU addresses the topic of separately identifiable cash flows and application of the predominance principle. The effective date of this Update is for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company is evaluating the impact that ASU 2016-15 will have, if any, on its financial statement disclosures. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Investment Securities | The portfolio of investment securities consisted of the following (in thousands): September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 31,104 $ 446 $ 29 $ 31,521 GSE mortgage-backed securities 65,916 3,229 — 69,145 Collateralized mortgage obligations: residential 195,047 1,289 331 196,005 Collateralized mortgage obligations: commercial 3,497 — 32 3,465 Mutual funds 2,100 25 — 2,125 Corporate debt securities 13,500 384 — 13,884 $ 311,164 $ 5,373 $ 392 $ 316,145 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 30,750 $ 770 $ 27 $ 31,493 GSE mortgage-backed securities 84,946 2,321 229 87,038 Collateralized mortgage obligations: residential 194,067 297 2,276 192,088 Collateralized mortgage obligations: commercial 5,512 1 65 5,448 Mutual funds 2,100 — 8 2,092 $ 317,375 $ 3,389 $ 2,605 $ 318,159 |
Schedule of Held-to-Maturity Securities | September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 40,695 $ 1,151 $ — $ 41,846 GSE mortgage-backed securities 47,451 1,496 — 48,947 Collateralized mortgage obligations: residential 9,414 — 76 9,338 Collateralized mortgage obligations: commercial 5,852 26 — 5,878 $ 103,412 $ 2,673 $ 76 $ 106,009 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 43,737 $ 697 $ 6 $ 44,428 GSE mortgage-backed securities 55,696 705 131 56,270 Collateralized mortgage obligations: residential 10,803 — 361 10,442 Collateralized mortgage obligations: commercial 6,556 2 — 6,558 $ 116,792 $ 1,404 $ 498 $ 117,698 |
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The following table presents the amortized cost and fair value of debt securities at September 30, 2016 by contractual maturity (in thousands). Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateralized mortgage obligations. Amortized Cost Fair Value Available-for-sale: Due in one year or less $ 2,812 $ 2,843 Due after one year through five years 15,374 15,608 Due after five years through ten years 41,740 43,819 Due after ten years 249,138 251,750 $ 309,064 $ 314,020 Amortized Cost Fair Value Held-to-maturity: Due in one year or less $ 348 $ 349 Due after one year through five years 4,909 5,005 Due after five years through ten years 20,222 20,948 Due after ten years 77,933 79,707 $ 103,412 $ 106,009 |
Schedule of Investment Securities with Unrealized Losses | Details concerning investment securities with unrealized losses are as follows (in thousands): September 30, 2016 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Available-for-sale: Obligations of state and political subdivisions $ 5,517 $ 29 $ — $ — $ 5,517 $ 29 Collateralized mortgage obligations: residential 49,802 182 12,111 149 61,913 331 Collateralized mortgage obligations: commercial 989 3 2,475 29 3,464 32 $ 56,308 $ 214 $ 14,586 $ 178 $ 70,894 $ 392 December 31, 2015 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Available-for-sale: Obligations of state and political subdivisions $ 1,192 $ 27 $ — $ — $ 1,192 $ 27 GSE mortgage-backed securities 21,607 229 — — 21,607 229 Collateralized mortgage obligations: residential 140,999 1,207 30,029 1,069 171,028 2,276 Collateralized mortgage obligations: commercial — — 2,946 65 2,946 65 Mutual funds 2,092 8 — — 2,092 8 $ 165,890 $ 1,471 $ 32,975 $ 1,134 $ 198,865 $ 2,605 September 30, 2016 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Held-to-maturity: Collateralized mortgage obligations: residential $ — $ — $ 9,338 $ 76 $ 9,338 $ 76 December 31, 2015 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Held-to-maturity: Obligations of state and political subdivisions $ 541 $ 1 $ 505 $ 5 $ 1,046 $ 6 GSE mortgage-backed securities — — 7,021 131 7,021 131 Collateralized mortgage obligations: residential — — 10,442 361 10,442 361 $ 541 $ 1 $ 17,968 $ 497 $ 18,509 $ 498 |
Credit Quality of Loans and A19
Credit Quality of Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Components of Loans Receivable | The loan portfolio consisted of the following (in thousands): September 30, 2016 December 31, 2015 Commercial, financial and agricultural $ 463,031 $ 454,028 Real estate – construction 96,365 74,952 Real estate – commercial 464,853 471,141 Real estate – residential 155,653 149,064 Installment loans to individuals 88,537 111,009 Lease financing receivable 1,449 1,968 Other 2,912 1,483 1,272,800 1,263,645 Less allowance for loan losses (23,268 ) (19,011 ) $ 1,249,532 $ 1,244,634 |
Roll Forward of Activity in Allowance for Loan Losses | A rollforward of the activity within the allowance for loan losses by loan type and recorded investment in loans for the nine months ended September 30, 2016 and 2015 is as follows (in thousands): September 30, 2016 Real Estate Coml, Fin, and Agric Constru-ction Commercial Residential Installment loans to individuals Lease financing receivable Other Total Allowance for loan losses: Beginning balance $ 11,268 $ 819 $ 4,614 $ 816 $ 1,468 $ 14 $ 12 $ 19,011 Charge-offs (2,957 ) — (208 ) (24 ) (991 ) — — (4,180 ) Recoveries 193 — 115 4 125 — — 437 Provision 6,747 (478 ) 1,042 (97 ) 781 (5 ) 10 8,000 Ending balance $ 15,251 $ 341 $ 5,563 $ 699 $ 1,383 $ 9 $ 22 $ 23,268 Ending balance: individually evaluated for impairment $ 1,105 $ — $ 2,270 $ 194 $ 268 $ — $ — $ 3,837 Ending balance: collectively evaluated for impairment $ 14,146 $ 341 $ 3,293 $ 505 $ 1,115 $ 9 $ 22 $ 19,431 Loans: Ending balance $ 463,031 $ 96,365 $ 464,853 $ 155,653 $ 88,537 $ 1,449 $ 2,912 $ 1,272,800 Ending balance: individually evaluated for impairment $ 29,887 $ 10 $ 28,285 $ 1,831 $ 464 $ — $ — $ 60,477 Ending balance: collectively evaluated for impairment $ 433,144 $ 96,355 $ 435,985 $ 153,747 $ 88,073 $ 1,449 $ 2,912 $ 1,211,665 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 583 $ 75 $ — $ — $ — $ 658 September 30, 2015 Real Estate Coml, Fin, and Agric Constr-uction Commercial Residential Installment loans to individuals Lease financing receivable Other Total Allowance for loan losses: Beginning balance $ 5,729 $ 954 $ 2,402 $ 810 $ 1,311 $ 16 $ 4 $ 11,226 Charge-offs (2,310 ) (76 ) (169 ) (45 ) (883 ) — — (3,483 ) Recoveries 185 1 20 10 80 — — 296 Provision 8,016 (62 ) 2,107 (104 ) 923 13 7 10,900 Ending balance $ 11,620 $ 817 $ 4,360 $ 671 $ 1,431 $ 29 $ 11 $ 18,939 Ending balance: individually evaluated for impairment $ 2,569 $ 26 $ 1,739 $ 147 $ 216 $ — $ — $ 4,697 Ending balance: collectively evaluated for impairment $ 9,051 $ 791 $ 2,621 $ 524 $ 1,215 $ 29 $ 11 $ 14,242 Loans: Ending balance $ 482,452 $ 74,279 $ 473,319 $ 151,667 $ 113,199 $ 4,790 $ 1,746 $ 1,301,452 Ending balance: individually evaluated for impairment $ 29,185 $ 212 $ 19,928 $ 1,796 $ 386 $ — $ — $ 51,507 Ending balance: collectively evaluated for impairment $ 453,267 $ 74,067 $ 452,758 $ 149,788 $ 112,813 $ 4,790 $ 1,746 $ 1,249,229 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 633 $ 83 $ — $ — $ — $ 716 |
Age Analysis of Past Due Loans by Class of Loans | An age analysis of past due loans (including both accruing and non-accruing loans) is as follows (in thousands): September 30, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total Loans Recorded Investment > 90 days and Accruing Commercial, financial, and agricultural $ 3,213 $ 1,255 $ 29,710 $ 34,178 $ 428,853 $ 463,031 $ 42 Real estate - construction 206 — 829 1,035 95,330 96,365 819 Real estate - commercial 3,539 — 26,219 29,758 435,095 464,853 — Real estate - residential 853 457 1,587 2,897 152,756 155,653 82 Installment loans to individuals 397 370 489 1,256 87,281 88,537 25 Lease financing receivable — — — — 1,449 1,449 — Other loans 83 11 — 94 2,818 2,912 — $ 8,291 $ 2,093 $ 58,834 $ 69,218 $ 1,203,582 $ 1,272,800 $ 968 December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Total Loans Recorded Investment > 90 days and Accruing Commercial, financial, and agricultural $ 1,362 $ 2,317 $ 25,696 $ 29,375 $ 424,653 $ 454,028 $ 59 Real estate - construction 1,047 — 12 1,059 73,893 74,952 — Real estate - commercial 1,164 514 19,512 21,190 449,951 471,141 — Real estate - residential 1,703 367 1,563 3,633 145,431 149,064 19 Installment loans to individuals 1,022 244 409 1,675 109,334 111,009 69 Lease financing receivable — — — — 1,968 1,968 — Other loans 101 4 — 105 1,378 1,483 — $ 6,399 $ 3,446 $ 47,192 $ 57,037 $ 1,206,608 $ 1,263,645 $ 147 |
Schedule of Loans on Nonaccrual Status | Non-accrual loans are as follows (in thousands): September 30, 2016 December 31, 2015 Commercial, financial, and agricultural $ 29,874 $ 27,705 Real estate - construction 10 37 Real estate - commercial 28,285 19,907 Real estate - residential 1,889 1,998 Installment loans to individuals 464 404 Lease financing receivable — — Other — — $ 60,522 $ 50,051 |
Schedule of Loans Evaluated for Impairment | Loans that are individually evaluated for impairment are as follows (in thousands): September 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 26,802 $ 27,383 $ — $ 13,401 $ 131 Real estate - construction 10 10 — 23 — Real estate - commercial 13,254 13,254 — 9,341 56 Real estate - residential 1,062 1,062 — 1,115 3 Installment loans to individuals 20 20 — 10 — Subtotal: 41,148 41,729 — 23,890 190 With an allowance recorded: Commercial, financial, and agricultural 3,085 3,182 1,105 4,137 25 Real estate - commercial 15,031 15,031 2,270 14,518 28 Real estate - residential 769 769 194 653 — Installment loans to individuals 444 469 268 407 8 Subtotal: 19,329 19,451 3,837 19,715 61 Totals: Commercial 58,172 58,850 3,375 41,397 240 Construction 10 10 — 23 — Residential 1,831 1,831 194 1,768 3 Consumer 464 489 268 417 8 Grand total: $ 60,477 $ 61,180 $ 3,837 $ 43,605 $ 251 December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 22,529 $ 22,793 $ — $ 11,484 $ 745 Real estate - construction 37 37 — 45 — Real estate - commercial 5,886 5,886 — 3,903 97 Real estate - residential 1,365 1,385 — 954 17 Installment loans to individuals 34 34 — 56 — Subtotal: 29,851 30,135 — 16,442 859 With an allowance recorded: Commercial, financial, and agricultural 5,189 6,373 961 3,704 138 Real estate - commercial 14,004 14,004 1,585 9,236 161 Real estate - residential 538 538 160 533 7 Installment loans to individuals 370 384 221 334 8 Subtotal: 20,101 21,299 2,927 13,807 314 Totals: Commercial 47,608 49,056 2,546 28,327 1,141 Construction 37 37 — 45 — Residential 1,903 1,923 160 1,487 24 Consumer 404 418 221 390 8 Grand total: $ 49,952 $ 51,434 $ 2,927 $ 30,249 $ 1,173 |
Credit Quality Indicators by Class of Loans | The following tables present the classes of loans by risk rating (in thousands): September 30, 2016 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, Real estate - commercial Total % of Total Pass $ 358,670 $ 403,961 $ 762,631 82.20 % Special mention 28,270 25,173 53,443 5.76 % Substandard 75,923 35,719 111,642 12.03 % Doubtful 168 — 168 0.02 % $ 463,031 $ 464,853 $ 927,884 100.00 % Construction Credit Exposure Credit Risk Profile by Real estate - construction % of Total Pass $ 96,178 99.81 % Special mention — — % Substandard 187 0.19 % $ 96,365 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Real estate - residential % of Total Pass $ 151,053 97.04 % Special mention 1,227 0.79 % Substandard 3,373 2.17 % $ 155,653 100.00 % Consumer and Commercial Credit Exposure Credit Risk Profile Based on Payment Activity Installment loans to individuals Lease financing receivable Other Total % of Total Performing $ 88,048 $ 1,449 $ 2,912 $ 92,409 99.47 % Nonperforming 489 — — 489 0.53 % $ 88,537 $ 1,449 $ 2,912 $ 92,898 100.00 % December 31, 2015 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, Real estate - commercial Total % of Total Pass $ 383,897 $ 412,141 $ 796,038 86.04 % Special mention 32,506 28,217 60,723 6.55 % Substandard 37,353 30,783 68,136 7.36 % Doubtful 272 — 272 0.03 % $ 454,028 $ 471,141 $ 925,169 100.00 % Construction Credit Exposure Credit Risk Profile by Real estate - construction % Pass $ 74,794 99.79 % Special mention 34 0.04 % Substandard 124 0.17 % $ 74,952 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Real estate - residential % of Total Pass $ 144,704 97.08 % Special mention 1,225 0.82 % Substandard 3,135 2.10 % $ 149,064 100.00 % Consumer and Commercial Credit Exposure Credit Risk Profile Based on Payment Activity Installment loans to individuals Lease financing receivable Other Total % of Total Performing $ 110,536 $ 1,968 $ 1,483 $ 113,987 99.59 % Nonperforming 473 — — 473 0.41 % $ 111,009 $ 1,968 $ 1,483 $ 114,460 100.00 % |
Summary of Troubled Debt Restructurings | Information about the Company’s TDRs is as follows (in thousands): September 30, 2016 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial, financial and agricultural $ 13 $ — $ 24,568 $ 24,581 Real estate – commercial — 140 1,573 1,713 $ 13 $ 140 $ 26,141 $ 26,294 December 31, 2015 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial, financial and agricultural $ 16 $ — $ 20,865 $ 20,881 Real estate – commercial — 148 — 148 $ 16 $ 148 $ 20,865 $ 21,029 |
Intangibles (Tables)
Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Core Deposit Intangible Assets | A summary of core deposit intangible assets as of September 30, 2016 and December 31, 2015 is as follows (in thousands): September 30, 2016 December 31, 2015 Gross carrying amount $ 11,674 $ 11,674 Less accumulated amortization (6,776 ) (5,946 ) Net carrying amount $ 4,898 $ 5,728 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table discloses the notional amounts and fair value of derivative instruments in the Company's balance sheet as of September 30, 2016 and December 31, 2015 (in thousands): Notional Amounts Fair Value Type of Hedge September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate swaps included in other assets Cash Flow $ 27,500 $ — $ 55 $ — |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Summary of Tax Effects | The following is a summary of the tax effects allocated to each component of other comprehensive (loss) income (in thousands): Three Months Ended September 30, 2016 2015 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount Other comprehensive (loss) income: Securities available-for-sale: Change in unrealized (losses) gains during period $ (645 ) $ 225 $ (420 ) $ 1,717 $ (601 ) $ 1,116 Reclassification adjustment for gains included in net income — — — — — — Derivative instruments designated as cash flow hedges: Change in fair value of derivative instruments designated as cash flow hedges 55 (19 ) 36 — — — Total other comprehensive (loss) income $ (590 ) $ 206 $ (384 ) $ 1,717 $ (601 ) $ 1,116 Nine Months Ended September 30, 2016 2015 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Other comprehensive income (loss): Securities available-for-sale: Change in unrealized gains during period $ 4,217 $ (1,476 ) $ 2,741 $ 447 $ (156 ) $ 291 Reclassification adjustment for gains included in net income (20 ) 7 (13 ) (1,243 ) 435 (808 ) Derivative instruments designated as cash flow hedges: Change in fair value of derivative instruments designated as cash flow hedges 55 (19 ) 36 — — — Total other comprehensive income (loss) $ 4,252 $ (1,488 ) $ 2,764 $ (796 ) $ 279 $ (517 ) |
Reclassification Out of Accumulated Other Comprehensive Income | The reclassifications out of accumulated other comprehensive income into net income are presented below (in thousands): Three Months Ended September 30, 2016 2015 Details about Accumulated Other Comprehensive Income Components Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ — Gain on sale of securities, net $ — Gain on sale of securities, net — Tax expense — Tax expense $ — Net of tax $ — Net of tax Nine Months Ended September 30, 2016 2015 Details about Accumulated Other Comprehensive Income Components Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Reclassifications Out of Accumulated Other Comprehensive Income Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ (20 ) Gain on sale of securities, net $ (1,243 ) Gain on sale of securities, net 7 Tax expense 435 Tax expense $ (13 ) Net of tax $ (808 ) Net of tax |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Components of Earnings per Common Share | Following is a summary of the information used in the computation of earnings per common share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net earnings available to common shareholders $ 1,587 $ 2,417 $ 5,191 $ 8,662 Dividends on Series C preferred stock — 92 — 277 Adjusted net earnings available to common shareholders $ 1,587 $ 2,509 $ 5,191 $ 8,939 Weighted average number of common shares outstanding used in computation of basic earnings per common share 11,262 11,312 11,260 11,321 Effect of dilutive securities: Stock options 1 12 — 20 Convertible preferred stock and warrants — 507 — 507 Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share 11,263 11,831 11,260 11,848 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Following is a summary of the securities that were excluded from the computation of diluted earnings per share because the effects of the shares were anti-dilutive (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Stock options 304 130 309 130 Restricted stock 11 11 11 11 Shares subject to the outstanding warrant issued in connection with the CPP transaction 104 104 104 104 Convertible preferred stock 507 — 507 — |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The table below presents information about certain assets and liabilities measured at fair value on a recurring basis (in thousands): Assets / Liabilities Measured at Fair Value at Fair Value Measurements at September 30, 2016 Description September 30, 2016 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 31,521 $ — $ 31,521 $ — GSE mortgage-backed securities 69,145 — 69,145 — Collateralized mortgage obligations: residential 196,005 — 196,005 — Collateralized mortgage obligations: commercial 3,465 — 3,465 — Mutual funds 2,125 2,125 — — Corporate debt securities 13,884 — 13,884 — Total available-for-sale securities $ 316,145 $ 2,125 $ 314,020 $ — Derivative assets $ 55 $ — $ 55 $ — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2015 Description December 31, 2015 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 31,493 $ — $ 31,493 $ — GSE mortgage-backed securities 87,038 — 87,038 — Collateralized mortgage obligations: residential 192,088 — 192,088 — Collateralized mortgage obligations: commercial 5,448 — 5,448 — Mutual funds 2,092 2,092 — — Total available-for-sale securities $ 318,159 $ 2,092 $ 316,067 $ — |
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | Certain assets and liabilities are measured at fair value on a nonrecurring basis and are included in the table below (in thousands). Impaired loans are Level 2 assets measured using appraisals from external parties of the collateral less any prior liens. Other real estate properties are also Level 2 assets measured using appraisals from external parties. Assets / Liabilities Measured at Fair Value at Fair Value Measurements at September 30, 2016 Description September 30, 2016 Level 1 Level 2 Level 3 Impaired loans $ 16,033 $ — $ 16,033 $ — Other real estate 2,317 — 2,317 — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2015 Description December 31, 2015 Level 1 Level 2 Level 3 Impaired loans $ 17,487 $ — $ 17,487 $ — Other real estate 4,187 — 4,187 — |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of the Company’s financial instruments are as follows at September 30, 2016 and December 31, 2015 (in thousands): Fair Value Measurements at September 30, 2016 Using: Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks, interest-bearing deposits in banks and federal funds sold $ 126,667 $ 126,667 $ — $ — Securities available-for-sale 316,145 2,125 314,020 — Securities held-to-maturity 103,412 — 106,009 — Other investments 11,339 11,339 — — Loans, net 1,249,532 — 16,033 1,239,663 Cash surrender value of life insurance policies 14,272 — 14,272 — Financial liabilities: Non-interest-bearing deposits 403,301 — 403,301 — Interest-bearing deposits 1,181,906 — 1,024,381 157,207 Securities sold under agreements to repurchase 95,210 95,210 — — Long-term Federal Home Loan Bank advances 25,531 — — 26,153 Junior subordinated debentures 22,167 — 22,167 — Fair Value Measurements at December 31, 2015 Using: Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks, interest-bearing deposits in banks and federal funds sold $ 89,201 $ 89,201 $ — $ — Securities available-for-sale 318,159 2,092 316,067 — Securities held-to-maturity 116,792 — 117,698 — Other investments 11,188 11,188 — — Loans, net 1,244,634 — 17,487 1,232,497 Cash surrender value of life insurance policies 13,622 — 13,622 — Financial liabilities: Non-interest-bearing deposits 374,261 — 374,261 — Interest-bearing deposits 1,176,589 — 1,007,137 168,633 Securities sold under agreements to repurchase 85,957 85,957 — — Short-term Federal Home Loan Bank advances 25,000 — 25,000 — Long-term Federal Home Loan Bank advances 25,851 — — 26,508 Junior subordinated debentures 22,167 — 22,167 — |
Investment Securities - Portfol
Investment Securities - Portfolio of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 311,164 | $ 317,375 |
Gross Unrealized Gains | 5,373 | 3,389 |
Gross Unrealized Losses | 392 | 2,605 |
Fair Value | 316,145 | 318,159 |
Obligations of state and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 31,104 | 30,750 |
Gross Unrealized Gains | 446 | 770 |
Gross Unrealized Losses | 29 | 27 |
Fair Value | 31,521 | 31,493 |
GSE mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 65,916 | 84,946 |
Gross Unrealized Gains | 3,229 | 2,321 |
Gross Unrealized Losses | 0 | 229 |
Fair Value | 69,145 | 87,038 |
Collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 195,047 | 194,067 |
Gross Unrealized Gains | 1,289 | 297 |
Gross Unrealized Losses | 331 | 2,276 |
Fair Value | 196,005 | 192,088 |
Collateralized mortgage obligations: commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 3,497 | 5,512 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 32 | 65 |
Fair Value | 3,465 | 5,448 |
Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 2,100 | 2,100 |
Gross Unrealized Gains | 25 | 0 |
Gross Unrealized Losses | 0 | 8 |
Fair Value | 2,125 | $ 2,092 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 13,500 | |
Gross Unrealized Gains | 384 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 13,884 |
Investment Securities - Portf26
Investment Securities - Portfolio of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | $ 103,412 | $ 116,792 |
Gross Unrealized Gains | 2,673 | 1,404 |
Gross Unrealized Losses | 76 | 498 |
Fair Value | 106,009 | 117,698 |
Obligations of state and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 40,695 | 43,737 |
Gross Unrealized Gains | 1,151 | 697 |
Gross Unrealized Losses | 0 | 6 |
Fair Value | 41,846 | 44,428 |
GSE mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 47,451 | 55,696 |
Gross Unrealized Gains | 1,496 | 705 |
Gross Unrealized Losses | 0 | 131 |
Fair Value | 48,947 | 56,270 |
Collateralized mortgage obligations: residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 9,414 | 10,803 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 76 | 361 |
Fair Value | 9,338 | 10,442 |
Collateralized mortgage obligations: commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 5,852 | 6,556 |
Gross Unrealized Gains | 26 | 2 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 5,878 | $ 6,558 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Amortized Cost | ||
Available-for-sale: Due in one year or less | $ 2,812 | |
Available-for-sale: Due after one year through five years | 15,374 | |
Available-for-sale: Due after five years through ten years | 41,740 | |
Available-for-sale: Due after ten years | 249,138 | |
Available-for-sale, Amortized Cost | 309,064 | |
Fair Value | ||
Available-for-sale: Due in one year or less | 2,843 | |
Available-for-sale: Due after one year through five years | 15,608 | |
Available-for-sale: Due after five years through ten years | 43,819 | |
Available-for-sale: Due after ten years | 251,750 | |
Available-for-sale, Fair Value | 314,020 | |
Amortized Cost | ||
Held-to-maturity: Due in one year or less | 348 | |
Held-to-maturity: Due after one year through five years | 4,909 | |
Held-to-maturity: Due after five years through ten years | 20,222 | |
Held-to-maturity: Due after ten years | 77,933 | |
Held-to-maturity, Amortized Cost | 103,412 | $ 116,792 |
Fair Value | ||
Held-to-maturity: Due in one year or less | 349 | |
Held-to-maturity: Due after one year through five years | 5,005 | |
Held-to-maturity: Due after five years through ten years | 20,948 | |
Held-to-maturity: Due after ten years | 79,707 | |
Held-to-maturity, Fair Value | $ 106,009 | $ 117,698 |
Investment Securities - Summa28
Investment Securities - Summary of Unrealized Losses of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | $ 56,308 | $ 165,890 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 214 | 1,471 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 14,586 | 32,975 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 178 | 1,134 |
Available-for-sale, Total, Fair Value | 70,894 | 198,865 |
Available-for-sale, Total, Gross Unrealized Loss | 392 | 2,605 |
Obligations of state and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 5,517 | 1,192 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 29 | 27 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 0 | 0 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 0 | 0 |
Available-for-sale, Total, Fair Value | 5,517 | 1,192 |
Available-for-sale, Total, Gross Unrealized Loss | 29 | 27 |
GSE mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 21,607 | |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 229 | |
Available-for-sale, Securities with losses over 12 months, Fair Value | 0 | |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 0 | |
Available-for-sale, Total, Fair Value | 21,607 | |
Available-for-sale, Total, Gross Unrealized Loss | 229 | |
Collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 49,802 | 140,999 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 182 | 1,207 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 12,111 | 30,029 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 149 | 1,069 |
Available-for-sale, Total, Fair Value | 61,913 | 171,028 |
Available-for-sale, Total, Gross Unrealized Loss | 331 | 2,276 |
Collateralized mortgage obligations: commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 989 | 0 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 3 | 0 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 2,475 | 2,946 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 29 | 65 |
Available-for-sale, Total, Fair Value | 3,464 | 2,946 |
Available-for-sale, Total, Gross Unrealized Loss | $ 32 | 65 |
Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 2,092 | |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 8 | |
Available-for-sale, Securities with losses over 12 months, Fair Value | 0 | |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 0 | |
Available-for-sale, Total, Fair Value | 2,092 | |
Available-for-sale, Total, Gross Unrealized Loss | $ 8 |
Investment Securities - Summa29
Investment Securities - Summary of Unrealized Losses of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | $ 541 | |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 1 | |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 17,968 | |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 497 | |
Held-to-maturity, Total, Fair Value | 18,509 | |
Held-to-maturity, Total, Gross Unrealized Loss | 498 | |
Obligations of state and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | 541 | |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 1 | |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 505 | |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 5 | |
Held-to-maturity, Total, Fair Value | 1,046 | |
Held-to-maturity, Total, Gross Unrealized Loss | 6 | |
GSE mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | 0 | |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 0 | |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 7,021 | |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 131 | |
Held-to-maturity, Total, Fair Value | 7,021 | |
Held-to-maturity, Total, Gross Unrealized Loss | 131 | |
Collateralized mortgage obligations: residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | $ 0 | 0 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 0 | 0 |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 9,338 | 10,442 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 76 | 361 |
Held-to-maturity, Total, Fair Value | 9,338 | 10,442 |
Held-to-maturity, Total, Gross Unrealized Loss | $ 76 | $ 361 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2016USD ($)security | Sep. 30, 2015USD ($)security | Dec. 31, 2015USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of private-label collateralized mortgage obligations | security | 2 | ||
Combined balance of private-label collateralized mortgage obligations | $ 19,000 | ||
AFS and HTM securities in unrealized loss positions qualitative disclosure number of positions | security | 23 | ||
Unrealized losses as a percentage of individual securities amortized cost basis | 0.58% | ||
Unrealized losses as percentage of Company's total amortized cost basis | 0.11% | ||
Number of securities in an unrealized loss position for over 12 months | security | 9 | ||
Amortized cost basis of securities in a continuous loss position | $ 24,200,000 | ||
Unrealized loss on securities in a continuous loss position | 254,000 | ||
Impairment related to credit quality | $ 0 | ||
Securities sold, classified as available-for-sale | security | 2 | 21 | |
Available-for-sale securities, realized gain (loss) | $ 1,200,000 | ||
Number of available-for-sale securities sold with gains | security | 2 | 11 | |
Available-for-sale securities, gross realized gains | $ 20,000 | $ 1,400,000 | |
Number of available-for-sale securities sold with losses | security | 0 | 10 | |
Available-for-sale securities, gross realized losses | $ 0 | $ 135,000 | |
Securities pledged as collateral for public funding | $ 309,900,000 | $ 285,400,000 |
Credit Quality of Loans and A31
Credit Quality of Loans and Allowance for Loan Losses - Loan Portfolio and Concentrations (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016USD ($)industry_concentration | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | |
Loan portfolio [Abstract] | |||
Loans | $ 1,272,800 | $ 1,263,645 | $ 1,301,452 |
Less allowance for loan losses | (23,268) | (19,011) | |
Loans, net | $ 1,249,532 | 1,244,634 | |
Number of industry segment concentration above threshold limit | industry_concentration | 1 | ||
Concentration risk, percentage | 10.00% | ||
Loans exposure in oil and gas industry | $ 243,300 | ||
Exposure in the oil and gas industry specified as percentage of total loans | 19.10% | ||
Loans with exposure in commercial real estate | $ 542,200 | ||
Loans on nonaccrual status | 60,522 | 50,051 | |
Commercial, financial and agricultural | |||
Loan portfolio [Abstract] | |||
Loans | 463,031 | 454,028 | 482,452 |
Loans on nonaccrual status | 29,874 | 27,705 | |
Real estate - construction | |||
Loan portfolio [Abstract] | |||
Loans | 96,365 | 74,952 | 74,279 |
Loans on nonaccrual status | 10 | 37 | |
Real estate – commercial | |||
Loan portfolio [Abstract] | |||
Loans | $ 464,853 | 471,141 | 473,319 |
Percentage of CRE loans secured by owner-occupied commercial properties | 54.00% | ||
Loans on nonaccrual status | $ 28,285 | 19,907 | |
Nonaccrual status of loans specified as percentage of total CRE loans | 5.20% | ||
Real estate – residential | |||
Loan portfolio [Abstract] | |||
Loans | $ 155,653 | 149,064 | 151,667 |
Loans on nonaccrual status | 1,889 | 1,998 | |
Installment loans to individuals | |||
Loan portfolio [Abstract] | |||
Loans | 88,537 | 111,009 | 113,199 |
Loans on nonaccrual status | 464 | 404 | |
Lease financing receivable | |||
Loan portfolio [Abstract] | |||
Loans | 1,449 | 1,968 | 4,790 |
Loans on nonaccrual status | 0 | 0 | |
Other | |||
Loan portfolio [Abstract] | |||
Loans | 2,912 | 1,483 | $ 1,746 |
Loans on nonaccrual status | $ 0 | $ 0 |
Credit Quality of Loans and A32
Credit Quality of Loans and Allowance for Loan Losses - Roll Forward of Activity In Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | $ 19,011 | $ 11,226 | |
Charge-offs | (4,180) | (3,483) | |
Recoveries | 437 | 296 | |
Provision | 8,000 | 10,900 | |
Ending balance | 23,268 | 18,939 | |
Ending balance: individually evaluated for impairment | 3,837 | 4,697 | |
Ending balance: collectively evaluated for impairment | 19,431 | 14,242 | |
Loans: | |||
Ending balance | 1,272,800 | 1,301,452 | $ 1,263,645 |
Ending balance: individually evaluated for impairment | 60,477 | 51,507 | |
Ending balance: collectively evaluated for impairment | 1,211,665 | 1,249,229 | |
Ending balance: loans acquired with deteriorated credit quality | 658 | 716 | |
Commercial, financial and agricultural | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 11,268 | 5,729 | |
Charge-offs | (2,957) | (2,310) | |
Recoveries | 193 | 185 | |
Provision | 6,747 | 8,016 | |
Ending balance | 15,251 | 11,620 | |
Ending balance: individually evaluated for impairment | 1,105 | 2,569 | |
Ending balance: collectively evaluated for impairment | 14,146 | 9,051 | |
Loans: | |||
Ending balance | 463,031 | 482,452 | 454,028 |
Ending balance: individually evaluated for impairment | 29,887 | 29,185 | |
Ending balance: collectively evaluated for impairment | 433,144 | 453,267 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Real estate - construction | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 819 | 954 | |
Charge-offs | 0 | (76) | |
Recoveries | 0 | 1 | |
Provision | (478) | (62) | |
Ending balance | 341 | 817 | |
Ending balance: individually evaluated for impairment | 0 | 26 | |
Ending balance: collectively evaluated for impairment | 341 | 791 | |
Loans: | |||
Ending balance | 96,365 | 74,279 | 74,952 |
Ending balance: individually evaluated for impairment | 10 | 212 | |
Ending balance: collectively evaluated for impairment | 96,355 | 74,067 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Real estate – commercial | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 4,614 | 2,402 | |
Charge-offs | (208) | (169) | |
Recoveries | 115 | 20 | |
Provision | 1,042 | 2,107 | |
Ending balance | 5,563 | 4,360 | |
Ending balance: individually evaluated for impairment | 2,270 | 1,739 | |
Ending balance: collectively evaluated for impairment | 3,293 | 2,621 | |
Loans: | |||
Ending balance | 464,853 | 473,319 | 471,141 |
Ending balance: individually evaluated for impairment | 28,285 | 19,928 | |
Ending balance: collectively evaluated for impairment | 435,985 | 452,758 | |
Ending balance: loans acquired with deteriorated credit quality | 583 | 633 | |
Real estate – residential | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 816 | 810 | |
Charge-offs | (24) | (45) | |
Recoveries | 4 | 10 | |
Provision | (97) | (104) | |
Ending balance | 699 | 671 | |
Ending balance: individually evaluated for impairment | 194 | 147 | |
Ending balance: collectively evaluated for impairment | 505 | 524 | |
Loans: | |||
Ending balance | 155,653 | 151,667 | 149,064 |
Ending balance: individually evaluated for impairment | 1,831 | 1,796 | |
Ending balance: collectively evaluated for impairment | 153,747 | 149,788 | |
Ending balance: loans acquired with deteriorated credit quality | 75 | 83 | |
Installment loans to individuals | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 1,468 | 1,311 | |
Charge-offs | (991) | (883) | |
Recoveries | 125 | 80 | |
Provision | 781 | 923 | |
Ending balance | 1,383 | 1,431 | |
Ending balance: individually evaluated for impairment | 268 | 216 | |
Ending balance: collectively evaluated for impairment | 1,115 | 1,215 | |
Loans: | |||
Ending balance | 88,537 | 113,199 | 111,009 |
Ending balance: individually evaluated for impairment | 464 | 386 | |
Ending balance: collectively evaluated for impairment | 88,073 | 112,813 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Lease financing receivable | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 14 | 16 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | (5) | 13 | |
Ending balance | 9 | 29 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 9 | 29 | |
Loans: | |||
Ending balance | 1,449 | 4,790 | 1,968 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 1,449 | 4,790 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Other | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 12 | 4 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 10 | 7 | |
Ending balance | 22 | 11 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 22 | 11 | |
Loans: | |||
Ending balance | 2,912 | 1,746 | $ 1,483 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 2,912 | 1,746 | |
Ending balance: loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Credit Quality of Loans and A33
Credit Quality of Loans and Allowance for Loan Losses - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | $ 69,218 | $ 57,037 |
Current | 1,203,582 | 1,206,608 |
Total Loans | 1,272,800 | 1,263,645 |
Recorded Investment, 90 days past due and Accruing | 968 | 147 |
Commercial, financial and agricultural | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 34,178 | 29,375 |
Current | 428,853 | 424,653 |
Total Loans | 463,031 | 454,028 |
Recorded Investment, 90 days past due and Accruing | 42 | 59 |
Real estate - construction | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 1,035 | 1,059 |
Current | 95,330 | 73,893 |
Total Loans | 96,365 | 74,952 |
Recorded Investment, 90 days past due and Accruing | 819 | 0 |
Real estate - commercial | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 29,758 | 21,190 |
Current | 435,095 | 449,951 |
Total Loans | 464,853 | 471,141 |
Recorded Investment, 90 days past due and Accruing | 0 | 0 |
Real estate - residential | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 2,897 | 3,633 |
Current | 152,756 | 145,431 |
Total Loans | 155,653 | 149,064 |
Recorded Investment, 90 days past due and Accruing | 82 | 19 |
Installment loans to individuals | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 1,256 | 1,675 |
Current | 87,281 | 109,334 |
Total Loans | 88,537 | 111,009 |
Recorded Investment, 90 days past due and Accruing | 25 | 69 |
Lease financing receivable | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 0 | 0 |
Current | 1,449 | 1,968 |
Total Loans | 1,449 | 1,968 |
Recorded Investment, 90 days past due and Accruing | 0 | 0 |
Other loans | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 94 | 105 |
Current | 2,818 | 1,378 |
Total Loans | 2,912 | 1,483 |
Recorded Investment, 90 days past due and Accruing | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 8,291 | 6,399 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial, financial and agricultural | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 3,213 | 1,362 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Real estate - construction | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 206 | 1,047 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Real estate - commercial | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 3,539 | 1,164 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Real estate - residential | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 853 | 1,703 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Installment loans to individuals | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 397 | 1,022 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Lease financing receivable | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Other loans | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 83 | 101 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 2,093 | 3,446 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial, financial and agricultural | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 1,255 | 2,317 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Real estate - construction | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Real estate - commercial | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 0 | 514 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Real estate - residential | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 457 | 367 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Installment loans to individuals | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 370 | 244 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Lease financing receivable | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Other loans | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 11 | 4 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 58,834 | 47,192 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial, financial and agricultural | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 29,710 | 25,696 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real estate - construction | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 829 | 12 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real estate - commercial | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 26,219 | 19,512 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real estate - residential | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 1,587 | 1,563 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Installment loans to individuals | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 489 | 409 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Lease financing receivable | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Other loans | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | $ 0 | $ 0 |
Credit Quality of Loans and A34
Credit Quality of Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | $ 60,522 | $ 50,051 | |
Interest lost on nonaccrual loans | 2,500 | $ 1,300 | |
Interest received on nonaccrual loans | 128 | $ 19 | |
Commercial, financial and agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 29,874 | 27,705 | |
Real estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 10 | 37 | |
Real estate – commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 28,285 | 19,907 | |
Real estate - residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 1,889 | 1,998 | |
Installment loans to individuals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 464 | 404 | |
Lease financing receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 0 | 0 | |
Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | $ 0 | $ 0 |
Credit Quality of Loans and A35
Credit Quality of Loans and Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
With no related allowance recorded [Abstract] | ||
Recorded Investment | $ 41,148 | $ 29,851 |
Unpaid Principal Balance | 41,729 | 30,135 |
Average Recorded Investment | 23,890 | 16,442 |
Interest Income Recognized | 190 | 859 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 19,329 | 20,101 |
Unpaid Principal Balance | 19,451 | 21,299 |
Related Allowance | 3,837 | 2,927 |
Average Recorded Investment | 19,715 | 13,807 |
Interest Income Recognized | 61 | 314 |
Totals [Abstract] | ||
Recorded Investment | 60,477 | 49,952 |
Unpaid Principal Balance | 61,180 | 51,434 |
Related Allowance | 3,837 | 2,927 |
Average Recorded Investment | 43,605 | 30,249 |
Interest Income Recognized | 251 | 1,173 |
Commercial, financial and agricultural | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 26,802 | 22,529 |
Unpaid Principal Balance | 27,383 | 22,793 |
Average Recorded Investment | 13,401 | 11,484 |
Interest Income Recognized | 131 | 745 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 3,085 | 5,189 |
Unpaid Principal Balance | 3,182 | 6,373 |
Related Allowance | 1,105 | 961 |
Average Recorded Investment | 4,137 | 3,704 |
Interest Income Recognized | 25 | 138 |
Totals [Abstract] | ||
Related Allowance | 1,105 | 961 |
Real estate - construction | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 10 | 37 |
Unpaid Principal Balance | 10 | 37 |
Average Recorded Investment | 23 | 45 |
Interest Income Recognized | 0 | 0 |
Real estate - commercial | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 13,254 | 5,886 |
Unpaid Principal Balance | 13,254 | 5,886 |
Average Recorded Investment | 9,341 | 3,903 |
Interest Income Recognized | 56 | 97 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 15,031 | 14,004 |
Unpaid Principal Balance | 15,031 | 14,004 |
Related Allowance | 2,270 | 1,585 |
Average Recorded Investment | 14,518 | 9,236 |
Interest Income Recognized | 28 | 161 |
Totals [Abstract] | ||
Related Allowance | 2,270 | 1,585 |
Real estate - residential | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 1,062 | 1,365 |
Unpaid Principal Balance | 1,062 | 1,385 |
Average Recorded Investment | 1,115 | 954 |
Interest Income Recognized | 3 | 17 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 769 | 538 |
Unpaid Principal Balance | 769 | 538 |
Related Allowance | 194 | 160 |
Average Recorded Investment | 653 | 533 |
Interest Income Recognized | 0 | 7 |
Totals [Abstract] | ||
Related Allowance | 194 | 160 |
Installment loans to individuals | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 20 | 34 |
Unpaid Principal Balance | 20 | 34 |
Average Recorded Investment | 10 | 56 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 444 | 370 |
Unpaid Principal Balance | 469 | 384 |
Related Allowance | 268 | 221 |
Average Recorded Investment | 407 | 334 |
Interest Income Recognized | 8 | 8 |
Totals [Abstract] | ||
Related Allowance | 268 | 221 |
Total: Commercial | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 3,375 | 2,546 |
Totals [Abstract] | ||
Recorded Investment | 58,172 | 47,608 |
Unpaid Principal Balance | 58,850 | 49,056 |
Related Allowance | 3,375 | 2,546 |
Average Recorded Investment | 41,397 | 28,327 |
Interest Income Recognized | 240 | 1,141 |
Total: Construction | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 0 | 0 |
Totals [Abstract] | ||
Recorded Investment | 10 | 37 |
Unpaid Principal Balance | 10 | 37 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 23 | 45 |
Interest Income Recognized | 0 | 0 |
Total: Residential | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 194 | 160 |
Totals [Abstract] | ||
Recorded Investment | 1,831 | 1,903 |
Unpaid Principal Balance | 1,831 | 1,923 |
Related Allowance | 194 | 160 |
Average Recorded Investment | 1,768 | 1,487 |
Interest Income Recognized | 3 | 24 |
Total: Consumer | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 268 | 221 |
Totals [Abstract] | ||
Recorded Investment | 464 | 404 |
Unpaid Principal Balance | 489 | 418 |
Related Allowance | 268 | 221 |
Average Recorded Investment | 417 | 390 |
Interest Income Recognized | $ 8 | $ 8 |
Credit Quality of Loans and A36
Credit Quality of Loans and Allowance for Loan Losses - Classes of Loans by Risk Rating (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,272,800 | $ 1,263,645 | $ 1,301,452 |
Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 463,031 | 454,028 | 482,452 |
Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 464,853 | 471,141 | 473,319 |
Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 927,884 | $ 925,169 | |
Percentage of Total Loans | 100.00% | 100.00% | |
Real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 96,365 | $ 74,952 | 74,279 |
Percentage of Total Loans | 100.00% | 100.00% | |
Real estate - residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 155,653 | $ 149,064 | 151,667 |
Percentage of Total Loans | 100.00% | 100.00% | |
Installment loans to individuals | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 88,537 | $ 111,009 | 113,199 |
Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 1,449 | 1,968 | 4,790 |
Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 2,912 | 1,483 | $ 1,746 |
Consumer and other commercial, total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 92,898 | $ 114,460 | |
Percentage of Total Loans | 100.00% | 100.00% | |
Pass | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 358,670 | $ 383,897 | |
Pass | Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 403,961 | 412,141 | |
Pass | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 762,631 | $ 796,038 | |
Percentage of Total Loans | 82.20% | 86.04% | |
Pass | Real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 96,178 | $ 74,794 | |
Percentage of Total Loans | 99.81% | 99.79% | |
Pass | Real estate - residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 151,053 | $ 144,704 | |
Percentage of Total Loans | 97.04% | 97.08% | |
Special mention | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 28,270 | $ 32,506 | |
Special mention | Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 25,173 | 28,217 | |
Special mention | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 53,443 | $ 60,723 | |
Percentage of Total Loans | 5.76% | 6.55% | |
Special mention | Real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 0 | $ 34 | |
Percentage of Total Loans | 0.00% | 0.04% | |
Special mention | Real estate - residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,227 | $ 1,225 | |
Percentage of Total Loans | 0.79% | 0.82% | |
Substandard | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 75,923 | $ 37,353 | |
Substandard | Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 35,719 | 30,783 | |
Substandard | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 111,642 | $ 68,136 | |
Percentage of Total Loans | 12.03% | 7.36% | |
Substandard | Real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 187 | $ 124 | |
Percentage of Total Loans | 0.19% | 0.17% | |
Substandard | Real estate - residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 3,373 | $ 3,135 | |
Percentage of Total Loans | 2.17% | 2.10% | |
Doubtful | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 168 | $ 272 | |
Doubtful | Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 0 | 0 | |
Doubtful | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 168 | $ 272 | |
Percentage of Total Loans | 0.02% | 0.03% | |
Performing | Installment loans to individuals | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 88,048 | $ 110,536 | |
Performing | Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 1,449 | 1,968 | |
Performing | Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 2,912 | 1,483 | |
Performing | Consumer and other commercial, total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 92,409 | $ 113,987 | |
Percentage of Total Loans | 99.47% | 99.59% | |
Nonperforming | Installment loans to individuals | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 489 | $ 473 | |
Nonperforming | Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 0 | 0 | |
Nonperforming | Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 0 | 0 | |
Nonperforming | Consumer and other commercial, total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 489 | $ 473 | |
Percentage of Total Loans | 0.53% | 0.41% |
Credit Quality of Loans and A37
Credit Quality of Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | Dec. 31, 2015USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||
Current | $ 13,000 | $ 13,000 | $ 16,000 | ||
Past Due Greater Than 30 Days | 140,000 | 140,000 | 148,000 | ||
Nonaccrual TDRs | 26,141,000 | 26,141,000 | 20,865,000 | ||
Total TDRs | $ 26,294,000 | $ 26,294,000 | 21,029,000 | ||
Pre-modified contracts identified as TDRs (contracts) | contract | 0 | 0 | 1 | 1 | |
Number of TDR defaulted (contracts) | contract | 0 | 1 | 1 | 1 | |
TDRs defaulted, amount | $ 21,100,000 | $ 5,500,000 | $ 21,100,000 | ||
Pre-modification balance identified as TDR | 5,500,000 | $ 21,400,000 | |||
Commitments to lend additional funds | $ 0 | 0 | |||
Commercial, financial and agricultural | |||||
Financing Receivable, Modifications [Line Items] | |||||
Current | 13,000 | 13,000 | 16,000 | ||
Past Due Greater Than 30 Days | 0 | 0 | 0 | ||
Nonaccrual TDRs | 24,568,000 | 24,568,000 | 20,865,000 | ||
Total TDRs | 24,581,000 | 24,581,000 | 20,881,000 | ||
Real estate – commercial | |||||
Financing Receivable, Modifications [Line Items] | |||||
Current | 0 | 0 | 0 | ||
Past Due Greater Than 30 Days | 140,000 | 140,000 | 148,000 | ||
Nonaccrual TDRs | 1,573,000 | 1,573,000 | 0 | ||
Total TDRs | $ 1,713,000 | $ 1,713,000 | $ 148,000 |
Intangibles (Details)
Intangibles (Details) - Core Deposit Intangible Assets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 11,674 | $ 11,674 |
Less accumulated amortization | (6,776) | (5,946) |
Net carrying amount | $ 4,898 | $ 5,728 |
Derivatives (Details)
Derivatives (Details) - Designated as Hedging Instrument [Member] - Interest Rate Contract [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 27,500 | $ 0 |
Derivative Asset | $ 55 | $ 0 |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of the Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other comprehensive income (loss): Securities available-for-sale: Before Tax Amount | ||||
Change in unrealized (losses) gains during period | $ (645) | $ 1,717 | $ 4,217 | $ 447 |
Reclassification adjustment for gains included in net income | 0 | 0 | (20) | (1,243) |
Other comprehensive income (loss): Securities available-for-sale: Tax Effect | ||||
Change in unrealized (losses) gains during period | 225 | (601) | (1,476) | (156) |
Reclassification adjustment for gains included in net income | 0 | 0 | 7 | 435 |
Other comprehensive income (loss): Securities available-for-sale: Net of Tax Amount | ||||
Change in unrealized (losses) gains during period | (420) | 1,116 | 2,741 | 291 |
Reclassification adjustment for gains included in net income | 0 | 0 | (13) | (808) |
Other Comprehensive Income (loss): Derivatives qualifying as hedges: Before Tax Amount | ||||
Change in fair value of derivative instruments designated as cash flow hedges | 55 | 0 | 55 | 0 |
Other Comprehensive Income (loss): Derivatives qualifying as hedges: Tax Effect | ||||
Change in fair value of derivative instruments designated as cash flow hedges | (19) | 0 | (19) | 0 |
Other Comprehensive Income (loss): Derivatives qualifying as hedges: Net of Tax Amount | ||||
Change in fair value of derivative instruments designated as cash flow hedges | 36 | 0 | 36 | 0 |
Total other comprehensive (loss) income, before tax | (590) | 1,717 | 4,252 | (796) |
Total other comprehensive (loss) income | 206 | (601) | (1,488) | 279 |
Total other comprehensive (loss) income, net of tax | $ (384) | $ 1,116 | $ 2,764 | $ (517) |
Other Comprehensive Income - Re
Other Comprehensive Income - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on sale of securities, net | $ 0 | $ 0 | $ (20) | $ (1,243) |
Tax expense | 0 | 0 | 7 | 435 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on sale of securities, net | 0 | 0 | (20) | (1,243) |
Tax expense | 0 | 0 | 7 | 435 |
Net earnings | $ 0 | $ 0 | $ (13) | $ (808) |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net earnings available to common shareholders | $ 1,587 | $ 2,417 | $ 5,191 | $ 8,662 |
Dividends on Series C preferred stock | 0 | 92 | 0 | 277 |
Adjusted net earnings available to common shareholders | $ 1,587 | $ 2,509 | $ 5,191 | $ 8,939 |
Weighted average number of common shares outstanding used in computation of basic earnings per common share | 11,262 | 11,312 | 11,260 | 11,321 |
Effect of dilutive securities: | ||||
Stock options (in shares) | 1 | 12 | 0 | 20 |
Convertible preferred stock and warrants (in shares) | 0 | 507 | 0 | 507 |
Weighted average number of common shares outstanding plus effect of dilutive securities - used in computation of diluted earnings per common share (in shares) | 11,263 | 11,831 | 11,260 | 11,848 |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 304 | 130 | 309 | 130 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 11 | 11 | 11 | 11 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 104 | 104 | 104 | 104 |
Convertible Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 507 | 0 | 507 | 0 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets Recorded at Fair Value and Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount for selling costs | 10.00% | ||
Available-for-sale securities: | |||
Total available-for-sale securities | $ 316,145 | $ 316,145 | $ 318,159 |
Recurring | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 316,145 | 316,145 | 318,159 |
Recurring | Level 1 | |||
Available-for-sale securities: | |||
Obligations of state and political subdivisions | 0 | 0 | 0 |
GSE mortgage-backed securities | 0 | 0 | 0 |
Collateralized mortgage obligations: residential | 0 | 0 | 0 |
Collateralized mortgage obligations: commercial | 0 | 0 | 0 |
Mutual funds | 2,125 | 2,125 | 2,092 |
Corporate debt Securities | 0 | 0 | |
Total available-for-sale securities | 2,125 | 2,125 | 2,092 |
Derivative Asset | 0 | 0 | |
Recurring | Level 2 | |||
Available-for-sale securities: | |||
Obligations of state and political subdivisions | 31,521 | 31,521 | 31,493 |
GSE mortgage-backed securities | 69,145 | 69,145 | 87,038 |
Collateralized mortgage obligations: residential | 196,005 | 196,005 | 192,088 |
Collateralized mortgage obligations: commercial | 3,465 | 3,465 | 5,448 |
Mutual funds | 0 | 0 | 0 |
Corporate debt Securities | 13,884 | 13,884 | |
Total available-for-sale securities | 314,020 | 314,020 | 316,067 |
Derivative Asset | 55 | 55 | |
Recurring | Level 3 | |||
Available-for-sale securities: | |||
Obligations of state and political subdivisions | 0 | 0 | 0 |
GSE mortgage-backed securities | 0 | 0 | 0 |
Collateralized mortgage obligations: residential | 0 | 0 | 0 |
Collateralized mortgage obligations: commercial | 0 | 0 | 0 |
Mutual funds | 0 | 0 | 0 |
Corporate debt Securities | 0 | 0 | |
Total available-for-sale securities | 0 | 0 | 0 |
Derivative Asset | 0 | 0 | |
Nonrecurring | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Impaired loans | 16,033 | 16,033 | 17,487 |
Other real estate | 2,317 | 2,317 | 4,187 |
Nonrecurring | Level 1 | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Impaired loans | 0 | 0 | 0 |
Other real estate | 0 | 0 | 0 |
Nonrecurring | Level 2 | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Impaired loans | 16,033 | 16,033 | 17,487 |
Other real estate | 2,317 | 2,317 | 4,187 |
Nonrecurring | Level 3 | |||
Assets and Liabilities Measured on Nonrecurring Basis | |||
Impaired loans | 0 | 0 | 0 |
Other real estate | 0 | 0 | 0 |
Obligations of state and political subdivisions | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 31,521 | 31,521 | 31,493 |
Obligations of state and political subdivisions | Recurring | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 31,521 | 31,521 | 31,493 |
GSE mortgage-backed securities | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 69,145 | 69,145 | 87,038 |
GSE mortgage-backed securities | Recurring | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 69,145 | 69,145 | 87,038 |
Collateralized mortgage obligations: residential | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 196,005 | 196,005 | 192,088 |
Collateralized mortgage obligations: residential | Recurring | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 196,005 | 196,005 | 192,088 |
Collateralized mortgage obligations: commercial | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 3,465 | 3,465 | 5,448 |
Collateralized mortgage obligations: commercial | Recurring | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 3,465 | 3,465 | 5,448 |
Mutual funds | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 2,125 | 2,125 | 2,092 |
Mutual funds | Recurring | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 2,125 | 2,125 | 2,092 |
Corporate debt securities | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 13,884 | 13,884 | |
Corporate debt securities | Recurring | |||
Available-for-sale securities: | |||
Total available-for-sale securities | 13,884 | $ 13,884 | |
Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Period when new appraisals are received | 28 days | ||
Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Period when new appraisals are received | 42 days | ||
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Available-for-sale securities: | |||
Derivative Asset | $ 55 | $ 55 | $ 0 |
Fair Value Measurement - Limita
Fair Value Measurement - Limitations (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financial assets [Abstract] | ||
Securities available-for-sale | $ 316,145 | $ 318,159 |
Securities held-to-maturity | 106,009 | 117,698 |
Financial liabilities [Abstract] | ||
Long-term Federal Home Loan Bank advances | 25,531 | 25,851 |
Carrying Value | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 126,667 | 89,201 |
Securities available-for-sale | 316,145 | 318,159 |
Securities held-to-maturity | 103,412 | 116,792 |
Other investments | 11,339 | 11,188 |
Loans, net | 1,249,532 | 1,244,634 |
Cash surrender value of life insurance policies | 14,272 | 13,622 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 403,301 | 374,261 |
Interest-bearing deposits | 1,181,906 | 1,176,589 |
Securities sold under agreements to repurchase | 95,210 | 85,957 |
Short-term Federal Home Loan Bank advances | 25,000 | |
Long-term Federal Home Loan Bank advances | 25,531 | 25,851 |
Junior subordinated debentures | 22,167 | 22,167 |
Fair Value | Level 1 | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 126,667 | 89,201 |
Securities available-for-sale | 2,092 | |
Securities held-to-maturity | 0 | 0 |
Other investments | 11,339 | 11,188 |
Loans, net | 0 | 0 |
Cash surrender value of life insurance policies | 0 | 0 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Securities sold under agreements to repurchase | 95,210 | 85,957 |
Short-term Federal Home Loan Bank advances | 0 | |
Long-term Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Fair Value | Level 2 | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 0 | 0 |
Securities available-for-sale | 314,020 | 316,067 |
Securities held-to-maturity | 106,009 | 117,698 |
Other investments | 0 | 0 |
Loans, net | 16,033 | 17,487 |
Cash surrender value of life insurance policies | 14,272 | 13,622 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 403,301 | 374,261 |
Interest-bearing deposits | 1,024,381 | 1,007,137 |
Securities sold under agreements to repurchase | 0 | 0 |
Short-term Federal Home Loan Bank advances | 25,000 | |
Long-term Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 22,167 | 22,167 |
Fair Value | Level 3 | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Other investments | 0 | 0 |
Loans, net | 1,239,663 | 1,232,497 |
Cash surrender value of life insurance policies | 0 | 0 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 157,207 | 168,633 |
Securities sold under agreements to repurchase | 0 | 0 |
Short-term Federal Home Loan Bank advances | 0 | |
Long-term Federal Home Loan Bank advances | 26,153 | 26,508 |
Junior subordinated debentures | $ 0 | $ 0 |