Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 09, 2017 | |
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 | 16,548,829 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks, including required reserves of $6,545 and $6,669, respectively | $ 32,199 | $ 31,687 |
Interest-bearing deposits in banks | 124,591 | 47,091 |
Federal funds sold | 6,333 | 3,450 |
Securities available-for-sale, at fair value (cost of $325,888 at September 30, 2017 and $344,416 at December 31, 2016) | 326,222 | 341,873 |
Securities held-to-maturity (fair value of $84,639 at September 30, 2017 and $98,261 at December 31, 2016) | 83,739 | 98,211 |
Other investments | 12,200 | 11,355 |
Loans | 1,235,969 | 1,284,082 |
Allowance for loan losses | (25,053) | (24,372) |
Loans, net | 1,210,916 | 1,259,710 |
Bank premises and equipment, net | 64,969 | 68,954 |
Accrued interest receivable | 7,697 | 7,576 |
Goodwill | 42,171 | 42,171 |
Intangibles | 3,792 | 4,621 |
Cash surrender value of life insurance | 14,834 | 14,335 |
Other real estate | 1,931 | 2,175 |
Assets held for sale | 1,100 | 0 |
Other assets | 14,372 | 10,131 |
Total assets | 1,947,066 | 1,943,340 |
Deposits: | ||
Non-interest-bearing | 428,183 | 414,921 |
Interest-bearing | 1,127,752 | 1,164,509 |
Total deposits | 1,555,935 | 1,579,430 |
Securities sold under agreements to repurchase | 54,875 | 94,461 |
Short-term Federal Home Loan Bank advances | 12,500 | 0 |
Long-term Federal Home Loan Bank advances | 25,110 | 25,424 |
Junior subordinated debentures | 22,167 | 22,167 |
Other liabilities | 8,836 | 7,482 |
Total liabilities | 1,679,423 | 1,728,964 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock, $0.10 par value; 30,000,000 shares authorized, 16,548,829 and 11,362,716 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 1,655 | 1,136 |
Additional paid-in capital | 168,322 | 111,166 |
Unearned ESOP shares | (967) | (1,233) |
Accumulated other comprehensive income (loss) | 773 | (1,010) |
Retained earnings | 56,873 | 63,207 |
Total shareholders’ equity | 267,643 | 214,376 |
Total liabilities and shareholders’ equity | 1,947,066 | 1,943,340 |
Series B Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock | 32,000 | 32,000 |
Series C Preferred stock | ||
Shareholders’ equity: | ||
Preferred stock | $ 8,987 | $ 9,110 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks, reserves | $ 6,545 | $ 6,669 |
Securities available-for-sale, at cost | 325,888 | 344,416 |
Securities held-to-maturity, at fair value | $ 84,639 | $ 98,261 |
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) | 16,548,829 | 11,362,716 |
Common stock, outstanding (in shares) | 16,548,829 | 11,362,716 |
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) | 89,875 | 91,098 |
Preferred stock, outstanding (in shares) | 89,875 | 91,098 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest income: | ||||
Loans, including fees | $ 17,329 | $ 17,087 | $ 50,682 | $ 50,525 |
Securities and other investments: | ||||
Taxable | 2,276 | 1,983 | 7,019 | 5,959 |
Nontaxable | 363 | 416 | 1,144 | 1,294 |
Federal funds sold | 13 | 3 | 28 | 11 |
Time and interest bearing deposits in other banks | 305 | 83 | 540 | 274 |
Other investments | 93 | 95 | 255 | 273 |
Total interest income | 20,379 | 19,667 | 59,668 | 58,336 |
Interest expense: | ||||
Deposits | 1,094 | 915 | 3,002 | 2,725 |
Securities sold under agreements to repurchase | 149 | 236 | 619 | 702 |
Other borrowings and payables | 111 | 93 | 290 | 297 |
Junior subordinated debentures | 212 | 170 | 632 | 507 |
Total interest expense | 1,566 | 1,414 | 4,543 | 4,231 |
Net interest income | 18,813 | 18,253 | 55,125 | 54,105 |
Provision for loan losses | 4,300 | 2,900 | 19,600 | 8,000 |
Net interest income after provision for loan losses | 14,513 | 15,353 | 35,525 | 46,105 |
Non-interest income: | ||||
Service charges on deposits | 2,463 | 2,584 | 7,339 | 7,404 |
Gain on sale of securities, net | 338 | 0 | 347 | 20 |
ATM and debit card income | 1,687 | 1,620 | 5,156 | 4,897 |
Other charges and fees | 998 | 948 | 2,911 | 2,714 |
Total non-interest income | 5,486 | 5,152 | 15,753 | 15,035 |
Non-interest expenses: | ||||
Salaries and employee benefits | 7,849 | 8,034 | 25,989 | 24,206 |
Occupancy expense | 3,711 | 3,635 | 11,524 | 10,899 |
ATM and debit card expense | 654 | 833 | 2,088 | 2,410 |
Data Processing | 640 | 527 | 1,928 | 1,463 |
FDIC insurance | 448 | 365 | 1,275 | 1,214 |
Legal and Professional Fees | 1,404 | 516 | 2,983 | 1,335 |
Other | 3,053 | 3,204 | 8,806 | 9,387 |
Total non-interest expenses | 17,759 | 17,114 | 54,593 | 50,914 |
Income (loss) before income tax expense (benefit) | 2,240 | 3,391 | (3,315) | 10,226 |
Income tax expense (benefit) | 574 | 993 | (2,058) | 2,986 |
Net earnings (loss) | 1,666 | 2,398 | (1,257) | 7,240 |
Dividends on preferred stock | 810 | 811 | 2,432 | 2,049 |
Net earnings (loss) available to common shareholders | $ 856 | $ 1,587 | $ (3,689) | $ 5,191 |
Earnings (loss) per share: | ||||
Basic (in dollars per share) | $ 0.05 | $ 0.14 | $ (0.28) | $ 0.46 |
Diluted (in dollars per share) | $ 0.05 | $ 0.14 | $ (0.28) | $ 0.46 |
Weighted average number of shares outstanding: | ||||
Basic (in shares) | 16,395 | 11,262 | 13,314 | 11,260 |
Diluted (in shares) | 16,396 | 11,263 | 13,318 | 11,260 |
Dividends declared per common share (in dollars per share) | $ 0.01 | $ 0.09 | $ 0.19 | $ 0.27 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 1,666 | $ 2,398 | $ (1,257) | $ 7,240 |
Unrealized gains (losses) on securities available-for-sale: | ||||
Unrealized holding (losses) gains arising during the year | (335) | (645) | 3,224 | 4,217 |
Less: reclassification adjustment for gains on sales of securities available-for-sale | (338) | 0 | (347) | (20) |
Net change in unrealized gains (losses) on securities available-for-sale | (673) | (645) | 2,877 | 4,197 |
Unrealized gain on derivative instruments designated as cash flow hedges: | ||||
Unrealized holding (losses) gains on derivatives arising during the period | (7) | 55 | (130) | 55 |
Less: reclassification adjustment for gains on derivative instruments | (4) | 0 | (4) | 0 |
Net change in unrealized gain on derivative instruments | (11) | 55 | (134) | 55 |
Total other comprehensive (loss) income, before tax | (684) | (590) | 2,743 | 4,252 |
Income tax effect related to items of other comprehensive (loss) income | 240 | 206 | (960) | (1,488) |
Total other comprehensive (loss) income, net of tax | (444) | (384) | 1,783 | 2,764 |
Total comprehensive income | $ 1,222 | $ 2,014 | $ 526 | $ 10,004 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Unearned ESOP Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Beginning balance at Dec. 31, 2016 | $ (214,376) | $ (41,110) | $ (1,136) | $ (111,166) | $ 1,233 | $ 1,010 | $ (63,207) |
Beginning balance (in shares) at Dec. 31, 2016 | 123,098 | 11,362,716 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (1,257) | (1,257) | |||||
Dividends on Series B and Series C preferred stock | (2,432) | (2,432) | |||||
Dividends on common stock, $0.19 per share | (2,645) | (2,645) | |||||
Issuance of common stock, net of offering expenses of $683 | 57,151 | $ 510 | 56,641 | ||||
Issuance of common stock, net of offering expenses of $622 (in shares) | 5,100,034 | ||||||
Restricted stock grant | $ 6 | (6) | |||||
Restricted stock grant (in shares) | 58,090 | ||||||
Conversion of Series C preferred stock to common stock | $ (123) | $ 1 | 122 | ||||
Conversion of Series C preferred stock to common stock (in shares) | (1,223) | (6,791) | |||||
ESOP shares released for allocation | 316 | 50 | 266 | ||||
Exercise of stock options | 266 | $ 2 | 264 | ||||
Exercise of stock options (in shares) | 20,498 | ||||||
Vested restricted stock (in shares) | 700 | ||||||
Stock option and restricted stock compensation expense | 85 | 85 | |||||
Change in accumulated other comprehensive income (loss) | 1,783 | 1,783 | |||||
Ending balance at Sep. 30, 2017 | $ (267,643) | $ 40,987 | $ (1,655) | $ (168,322) | $ 967 | $ (773) | $ (56,873) |
Ending balance (in shares) at Sep. 30, 2017 | 121,875 | 16,548,829 |
Consolidated Statement of Shar7
Consolidated Statement of Shareholders' Equity (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Dividends on common stock (in dollars per share) | $ / shares | $ 0.19 |
Offering expenses | $ | $ 683 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ (1,257) | $ 7,240 |
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | ||
Depreciation | 4,345 | 4,431 |
Accretion of purchase accounting adjustments | (180) | (569) |
Provision for loan losses | 19,600 | 8,000 |
Deferred tax benefit | (704) | (781) |
Amortization of premiums on securities, net | 2,128 | 2,170 |
Stock-based compensation expense | 85 | 165 |
Net excess tax benefit from stock-based compensation | 379 | 258 |
ESOP compensation expense | 50 | (88) |
Net gain on sale of investment securities | (347) | (20) |
Net (gain) loss on sale of other real estate owned | (15) | 56 |
Net write down of other real estate owned | 83 | 130 |
Writedown of assets held for sale | 570 | 0 |
Net loss (gain) on sale/disposal of premises and equipment | 648 | (6) |
Change in accrued interest receivable | (121) | (568) |
Change in accrued interest payable | (12) | (42) |
Change in other assets & other liabilities, net | (3,236) | 1,152 |
Net cash provided by operating activities | 22,016 | 21,528 |
Cash flows from investing activities: | ||
Proceeds from maturities and calls of securities available-for-sale | 42,585 | 47,547 |
Proceeds from maturities and calls of securities held-to-maturity | 12,940 | 12,629 |
Proceeds from sale of securities available-for-sale | 16,979 | 6,803 |
Proceeds from sale of security held-to-maturity | 887 | 0 |
Purchases of securities available-for-sale | (42,172) | (49,538) |
Proceeds from Sale of Other Investments | 57 | 600 |
Purchases of other investments | (902) | (751) |
Net change in loans | 28,649 | (12,736) |
Purchases of premises and equipment | (2,940) | (5,152) |
Proceeds from sale of premises and equipment | 249 | 54 |
Proceeds from sale of other real estate owned | 1,728 | 2,374 |
Net cash provided by investing activities | 58,060 | 1,830 |
Cash flows from financing activities: | ||
Change in deposits | (23,495) | 34,385 |
Change in securities sold under agreements to repurchase | (39,586) | 9,253 |
Borrowings on Federal Home Loan Bank advances | 25,000 | 25,000 |
Repayments of Federal Home Loan Bank advances | (12,546) | (50,050) |
Proceeds from exercise of stock options | 266 | 0 |
Proceeds from Issuance of Common Stock | 57,834 | 0 |
Payments of Stock Issuance Costs | (683) | 0 |
Payment of dividends on preferred stock | (2,433) | (1,409) |
Payment of dividends on common stock | (3,538) | (3,071) |
Net cash provided by financing activities | 819 | 14,108 |
Net increase in cash and cash equivalents | 80,895 | 37,466 |
Cash and cash equivalents, beginning of period | 82,228 | 89,201 |
Cash and cash equivalents, end of period | 163,123 | 126,667 |
Supplemental cash flow information: | ||
Interest paid | 4,555 | 4,274 |
Income taxes paid | 2,500 | 2,853 |
Noncash investing and financing activities: | ||
Transfer of loans to other real estate | 1,552 | 690 |
Change in accrued common stock dividends | (859) | 0 |
Change in accrued preferred stock dividends | (1) | 640 |
Net change in loan to ESOP | $ 266 | $ (249) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 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 2016 Annual Report on Form 10-K. The results of operations for the nine -month period ended September 30, 2017 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 2016 Annual Report on Form 10-K. Recent Accounting Pronouncements — ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. ASU 2017-03 addresses and codifies the practical considerations and application of the required disclosures under SAB Topic 11.M for the implementation of ASU 2014-09, Revenue from Contracts with Customers (Topic 606); ASU 2016-02, Leases (Topic 842); and ASU 2016-13, Financial Instruments-Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. The SEC Staff has emphasized on a number of occasions, including the December 2016 AICPA National Conference on Current SEC and PCAOB Developments, the requirements to disclose the potential material effects of newly issued standards and the importance of providing investors with this information. Such disclosures should explain the impact the new standard is expected to have on the financial statements and how the adoption of the new standard will affect comparability. Entities should discuss both quantitative and qualitative information as available when assessing implementation of a new standard. This ASU was effective immediately for public business entities. ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment was issued in order to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the amendments in this ASU, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity will then recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The effective date of this Update is for fiscal years beginning on or after December 15, 2020. The Company does not expect ASU 2017-04 to have an impact on its goodwill impairment tests. ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities was issued in response to diversity in practice in the amortization period for premiums of callable debt securities and in how the potential for exercise of a call is factored into current impairment assessments. As such, these amendments reduce the amortization period for certain callable debt securities carried at a premium and require the premium to be amortized over the period not to exceed the earliest call date. These amendments do not apply to securities carried at a discount. The effective date of this Update is for fiscal years beginning on or after December 15, 2018. The Company is currently amortizing premiums of callable debt securities over a period through the earliest call date. As a result, it does not expect ASU 2017-08 to have an impact on its financial position, results of operations or its financial statement disclosures. ASU 2017-09, Compensation - Stock Compensation (Topic 350): Scope of Modification Accounting was issued in response to diversity in practice when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting under Topic 718. The amendments require an entity to account for the effects of a modification unless all of the following conditions are met: • The fair value (or intrinsic or calculated value if elected) of the modified award is the same as the value of the original award immediately before the original award was modified. • The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. • The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The effective date of this Update is for fiscal years beginning on or after December 15, 2017. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. Adoption of this Update is not expected to have a material effect on the Company's financial position, results of operations or its financial statement disclosures. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities was issued to better align a company's financial reporting for hedging activities with the economic objectives of those activities. The effective date of this Update is for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. The Company plans to adopt ASU 2017-12 on January 1, 2019. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the consolidated balance sheet as of the date of adoption. While the Company continues to assess all potential impacts of the standard, adoption of this Update is not expected to have a material impact on the Company's consolidated financial statements. Accounting Changes, Reclassifications and Restatements — Certain items in prior financial statements have been reclassified to conform to the current presentation. On January 1, 2017, the Company adopted the provisions of ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. ASU 2016-09 requires that all income tax effects associated with share-based payment awards be reported in earnings as an adjustment to income tax expense. Previously, excess tax benefits associated with share-based payments awards were recorded in additional paid-in-capital when the excess tax benefits were realized. The requirement to report those income tax effects in earnings has been applied to settlements occurring on or after January 1, 2017. ASU 2016-09 also requires that all income tax-related cash flows resulting from share-based payments be reported as operating activities in the statement of cash flows. Previously, income tax benefits at settlement of an award were reported as a reduction to operating cash flows and an increase to financing cash flows to the extent that those benefits exceeded the income tax benefits reported in earnings during the award's vesting period. The Company has elected to apply that change in cash flow classification on a retrospective basis, which resulted in a $258,000 increase to net cash from operating activities and a corresponding decrease to net cash from financing activities in the accompanying consolidated statements of cash flows for 2016, as compared to the amounts previously reported. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The portfolio of investment securities consisted of the following (in thousands): September 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 23,929 $ 233 $ 352 $ 23,810 GSE mortgage-backed securities 61,578 1,304 22 62,860 Collateralized mortgage obligations: residential 211,808 359 1,958 210,209 Collateralized mortgage obligations: commercial 2,499 — 27 2,472 Mutual funds 2,100 — 21 2,079 Corporate debt securities 23,974 822 4 24,792 $ 325,888 $ 2,718 $ 2,384 $ 326,222 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 29,935 $ 226 $ 1,020 $ 29,141 GSE mortgage-backed securities 72,144 1,736 302 73,578 Collateralized mortgage obligations: residential 223,602 206 3,606 220,202 Collateralized mortgage obligations: commercial 3,135 — 53 3,082 Mutual funds 2,100 — 41 2,059 Corporate debt securities 13,500 311 — 13,811 $ 344,416 $ 2,479 $ 5,022 $ 341,873 September 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 36,080 $ 658 $ — $ 36,738 GSE mortgage-backed securities 37,729 524 59 38,194 Collateralized mortgage obligations: residential 7,819 — 223 7,596 Collateralized mortgage obligations: commercial 2,111 — — 2,111 $ 83,739 $ 1,182 $ 282 $ 84,639 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 40,515 $ 309 $ 39 $ 40,785 GSE mortgage-backed securities 44,375 426 311 44,490 Collateralized mortgage obligations: residential 8,969 — 323 8,646 Collateralized mortgage obligations: commercial 4,352 — 12 4,340 $ 98,211 $ 735 $ 685 $ 98,261 With the exception of one private-label collateralized mortgage obligations (“CMOs”) with a balance remaining of $8,000 at September 30, 2017 , 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, 2017 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 $ 1,136 $ 1,139 Due after one year through five years 10,315 10,513 Due after five years through ten years 43,777 45,080 Due after ten years 268,560 267,411 $ 323,788 $ 324,143 Amortized Cost Fair Value Held-to-maturity: Due in one year or less $ 1,204 $ 1,206 Due after one year through five years 5,413 5,465 Due after five years through ten years 43,555 44,335 Due after ten years 33,567 33,633 $ 83,739 $ 84,639 Details concerning investment securities with unrealized losses are as follows (in thousands): September 30, 2017 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 $ 8,092 $ 141 $ 5,324 $ 211 $ 13,416 $ 352 GSE mortgage-backed securities 6,168 22 — — 6,168 22 Collateralized mortgage obligations: residential 118,195 1,153 45,344 805 163,539 1,958 Collateralized mortgage obligations: commercial — — 2,472 27 2,472 27 Mutual funds 2,079 21 — — 2,079 21 Corporate debt securities 2,995 4 — — 2,995 4 $ 137,529 $ 1,341 $ 53,140 $ 1,043 $ 190,669 $ 2,384 December 31, 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 $ 13,402 $ 1,020 $ — $ — $ 13,402 $ 1,020 GSE mortgage-backed securities 29,119 302 — — 29,119 302 Collateralized mortgage obligations: residential 187,235 3,099 14,194 507 201,429 3,606 Collateralized mortgage obligations: commercial 961 4 2,121 49 3,082 53 Mutual funds 2,059 41 — — 2,059 41 $ 232,776 $ 4,466 $ 16,315 $ 556 $ 249,091 $ 5,022 September 30, 2017 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: GSE mortgage-backed securities $ 5,287 $ 59 $ — $ — $ 5,287 $ 59 Collateralized mortgage obligations: residential — — 7,596 — 223 7,596 223 $ 5,287 $ 59 $ 7,596 $ 223 $ 12,883 $ 282 December 31, 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: Obligations of state and political subdivisions $ 8,054 $ 39 $ — $ — $ 8,054 $ 39 GSE mortgage-backed securities 19,408 311 — — 19,408 311 Collateralized mortgage obligations: residential — — 8,645 323 8,645 323 Collateralized mortgage obligations: commercial 4,340 12 — — 4,340 12 $ 31,802 $ 362 $ 8,645 $ 323 $ 40,447 $ 685 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. For equity securities, management reviews the near term prospects of the issuer, the nature and cause of the unrealized loss, the severity and duration of the impairments and other factors when determining if an unrealized loss is other than temporary. 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, 2017 , 51 securities had unrealized losses totaling 1.29% of the individual securities’ amortized cost basis and 0.65% of the Company’s total amortized cost basis. Of the 51 securities, 18 had been in an unrealized loss position for over twelve months at September 30, 2017 . These 18 securities had an amortized cost basis and unrealized loss of $59.0 million and $1.2 million , respectively. The unrealized losses on debt securities at September 30, 2017 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, 2017 , 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, 2017 . During the nine months ended September 30, 2017 , the Company sold 16 securities classified as available-for-sale and 1 security classified as held-to-maturity. Of the available-for-sale securities, 13 securities were sold with gains totaling $449,000 and 3 securities were sold at a loss of $109,000 for a net gain of $340,000 . The decision to sell the 1 held-to-maturity security, which was sold at a gain of $7,000 , was based on the pre-refunding of the bond which would accelerate the maturity of the bond by 15 years with an anticipated call date within six months. 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 . Securities with an aggregate carrying value of approximately $236.3 million and $293.4 million at September 30, 2017 and December 31, 2016 , 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, 2017 | |
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, 2017 December 31, 2016 Commercial, financial and agricultural $ 447,482 $ 459,574 Real estate – construction 90,088 100,959 Real estate – commercial 473,046 481,155 Real estate – residential 155,676 157,872 Installment loans to individuals 63,148 82,660 Lease financing receivable 760 1,095 Other 5,769 767 1,235,969 1,284,082 Less allowance for loan losses (25,053 ) (24,372 ) $ 1,210,916 $ 1,259,710 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, 2017 , 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 $197.8 million , or 16.0% of total loans. Additionally, the Company’s exposure to loans secured by commercial real estate is monitored. At September 30, 2017 , loans secured by commercial real estate (including commercial construction, farmland and multifamily loans) totaled approximately $537.9 million , 56% of which are secured by owner-occupied commercial properties. Of the $537.9 million in loans secured by commercial real estate, $20.5 million , or 3.8% , were on nonaccrual status at September 30, 2017 . 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 three to five years, 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. Additionally, the Company utilizes the services of a third party to supplement its loan review efforts. 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, 2017 and 2016 is as follows (in thousands): September 30, 2017 Real Estate Coml, Fin, and Agric Construction Commercial Residential Installment loans to individuals Lease financing receivable Other Total Allowance for loan losses: Beginning balance $ 16,057 $ 585 $ 5,384 $ 940 $ 1,395 $ 5 $ 6 $ 24,372 Charge-offs (15,106 ) (70 ) (3,618 ) (293 ) (860 ) — — (19,947 ) Recoveries 537 — 158 97 235 — — 1,027 Provision 17,413 28 2,024 (40 ) 159 (1 ) 18 19,601 Ending balance $ 18,901 $ 543 $ 3,948 $ 704 $ 929 $ 4 $ 24 $ 25,053 Ending balance: individually evaluated for impairment $ 3,254 $ 17 $ 904 $ 7 $ 69 $ 1 $ — $ 4,252 Ending balance: collectively evaluated for impairment $ 15,647 $ 526 $ 3,044 $ 697 $ 860 $ 3 $ 24 $ 20,801 Loans: Ending balance $ 447,482 $ 90,088 $ 473,046 $ 155,676 $ 63,148 $ 760 $ 5,769 $ 1,235,969 Ending balance: individually evaluated for impairment $ 30,892 $ 2,416 $ 18,132 $ 1,031 $ 338 $ 34 $ — $ 52,843 Ending balance: collectively evaluated for impairment $ 416,590 $ 87,672 $ 454,488 $ 154,582 $ 62,810 $ 726 $ 5,769 $ 1,182,637 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 426 $ 63 $ — $ — $ — $ 489 September 30, 2016 Real Estate Coml, Fin, and Agric Construction 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 Non-Accrual and Past Due Loans Loans are considered past due if the required principal and interest payments 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, 2017 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 $ 2,144 $ 512 $ 27,161 $ 29,817 $ 417,665 $ 447,482 $ 384 Real estate - construction 335 350 2,416 3,101 86,987 90,088 — Real estate - commercial 1,804 — 9,749 11,553 461,493 473,046 — Real estate - residential 2,467 28 898 3,393 152,283 155,676 — Installment loans to individuals 408 173 215 796 62,352 63,148 18 Lease financing receivable 33 — — 33 727 760 — Other loans 79 12 — 91 5,678 5,769 — $ 7,270 $ 1,075 $ 40,439 $ 48,784 $ 1,187,185 $ 1,235,969 $ 402 December 31, 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 $ 2,297 $ 902 $ 31,425 $ 34,624 $ 424,950 $ 459,574 $ 96 Real estate - construction 2,613 399 9 3,021 97,938 100,959 — Real estate - commercial 5,159 1,931 25,408 32,498 448,657 481,155 140 Real estate - residential 1,956 207 1,553 3,716 154,156 157,872 16 Installment loans to individuals 756 36 538 1,330 81,330 82,660 16 Lease financing receivable — — — — 1,095 1,095 — Other loans 89 5 — 94 673 767 — $ 12,870 $ 3,480 $ 58,933 $ 75,283 $ 1,208,799 $ 1,284,082 $ 268 Non-accrual loans are as follows (in thousands): September 30, 2017 December 31, 2016 Commercial, financial, and agricultural $ 29,337 $ 31,461 Real estate - construction 2,416 9 Real estate - commercial 18,132 28,688 Real estate - residential 1,032 1,881 Installment loans to individuals 339 541 Lease financing receivable 33 — Other — — $ 51,289 $ 62,580 The amount of interest that would have been recorded on non-accrual loans, had the loans not been classified as non-accrual, totaled approximately $2.6 million and $2.5 million for the nine months ended September 30, 2017 and 2016 , respectively. Interest actually received on non-accrual loans subsequent to their transfer to non-accrual status totaled $201,000 and $128,000 for the nine months ended September 30, 2017 and 2016 , 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. All loan relationships with an outstanding commitment balance above a specified threshold are evaluated for potential impairment. All loan relationships with an outstanding commitment balance below the specified threshold are assigned an allowance allocation percentage that is determined by management and adjusted periodically based on certain factors. 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. The following table presents loans that are individually evaluated for impairment (in thousands). Interest income recognized represents interest on accruing loans modified in a TDR. September 30, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 19,853 $ 22,105 $ — $ 17,477 $ 61 Real estate - construction 2,366 2,366 — 1,188 — Real estate - commercial 15,371 17,820 — 14,040 — Real estate - residential 587 587 — 745 — Installment loans to individuals 91 91 — 82 — Finance leases — — — — — Subtotal: 38,268 42,969 — 33,532 61 With an allowance recorded: Commercial, financial, and agricultural 11,039 12,071 3,254 13,706 1 Real estate - construction 50 120 17 25 — Real estate - commercial 2,761 2,761 904 9,370 — Real estate - residential 445 445 7 684 — Installment loans to individuals 247 278 69 357 — Finance leases 33 33 1 17 — Subtotal: 14,575 15,708 4,252 24,159 1 Totals: Commercial 49,057 54,790 4,159 54,610 62 Construction 2,416 2,486 17 1,213 — Residential 1,032 1,032 7 1,429 — Consumer 338 369 69 439 — Grand total: $ 52,843 $ 58,677 $ 4,252 $ 57,691 $ 62 December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 15,101 $ 15,428 $ — $ 18,815 $ 90 Real estate - construction 9 9 — 23 — Real estate - commercial 12,710 12,710 — 9,297 14 Real estate - residential 903 903 — 1,134 — Installment loans to individuals 73 87 — 54 — Subtotal: 28,796 29,137 — 29,323 104 With an allowance recorded: Commercial, financial, and agricultural 16,372 16,470 4,369 10,781 1 Real estate - commercial 15,979 15,979 2,216 14,992 — Real estate - residential 923 923 260 730 — Installment loans to individuals 468 478 308 419 — Subtotal: 33,742 33,850 7,153 26,922 1 Totals: Commercial 60,162 60,587 6,585 53,885 105 Construction 9 9 — 23 — Residential 1,826 1,826 260 1,864 — Consumer 541 565 308 473 — Grand total: $ 62,538 $ 62,987 $ 7,153 $ 56,245 $ 105 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 are categorized into risk categories based on relevant information about the ability of borrowers to serve their debt, such as: current financial information, historical payment experience, credit documentation, public information, current economic trends, and other factors. Loans are analyzed individually and classified according to their credit risk. This analysis is performed on a continuous basis. The following definitions are used for risk ratings: Special Mention: Weakness exists that could cause future impairment, including the deterioration of financial ratios, past due status, and questionable management capabilities. Collateral values generally afford adequate coverage but may not be immediately marketable. Substandard: Specific and well-defined weaknesses exist that may include poor liquidity and deterioration of financial ratios. Currently the borrower maintains the capacity to service the debt. The loan may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary. Doubtful: Specific weaknesses characterized as Substandard exist that are severe enough to make collection in full unlikely. There is no reliable secondary source of full repayment. Loans classified as Doubtful will usually be placed on non-accrual status. The probability of some loss is extremely high but because of certain important and reasonably specific factors, the amount of loss cannot be determined. Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be Pass rated loans. The following tables present the classes of loans by risk rating (in thousands): September 30, 2017 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, Real estate - commercial Total % of Total Pass $ 345,629 $ 421,071 $ 766,700 83.29 % Special mention 15,321 8,654 23,975 2.60 % Substandard 86,523 43,321 129,844 14.11 % Doubtful 9 — 9 — % $ 447,482 $ 473,046 $ 920,528 100.00 % Construction Credit Exposure Credit Risk Profile by Real estate - construction % of Total Pass $ 85,295 94.68 % Special mention 1,834 2.04 % Substandard 2,959 3.28 % $ 90,088 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Real estate - residential % of Total Pass $ 149,548 96.06 % Special mention 1,839 1.18 % Substandard 4,289 2.76 % $ 155,676 100.00 % Consumer and Other Credit Exposure Credit Risk Profile Based on Payment Activity Installment loans to individuals Lease financing receivable Other Total % of Total Performing $ 62,791 $ 727 $ 5,769 $ 69,287 99.44 % Nonperforming 357 33 — 390 0.56 % $ 63,148 $ 760 $ 5,769 $ 69,677 100.00 % December 31, 2016 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, Real estate - commercial Total % of Total Pass $ 346,246 $ 420,970 $ 767,216 81.56 % Special mention 22,611 23,085 45,696 4.86 % Substandard 90,300 37,100 127,400 13.54 % Doubtful 417 — 417 0.04 % $ 459,574 $ 481,155 $ 940,729 100.00 % Construction Credit Exposure Credit Risk Profile by Real estate - construction % Pass $ 100,775 99.82 % Special mention — — % Substandard 184 0.18 % $ 100,959 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Real estate - residential % of Total Pass $ 153,403 97.17 % Special mention 1,181 0.75 % Substandard 3,288 2.08 % $ 157,872 100.00 % Consumer and Other Credit Exposure Credit Risk Profile Based on Payment Activity Installment loans to individuals Lease financing receivable Other Total % of Total Performing $ 82,103 $ 1,095 $ 767 $ 83,965 99.34 % Nonperforming 557 — — 557 0.66 % $ 82,660 $ 1,095 $ 767 $ 84,522 100.00 % 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. The following tables present information about TDRs that were modified during the periods presented by portfolio segment: Three months ended September 30, 2017 September 30, 2016 Number of loans Pre-modification recorded investment Number of loans Pre-modification recorded investment Commercial, financial and agricultural 1 $ 18 — $ — Nine months ended September 30, 2017 September 30, 2016 Number of loans Pre-modification recorded investment Number of loans Pre-modification recorded investment Commercial, financial and agricultural 6 $ 2,002 2 $ 3,943 Real estate – commercial — — 2 1,572 6 $ 2,002 4 $ 5,515 The following table presents TDRs that had a payment default during the three and nine-month periods ending September 30, 2017 and 2016, and that were modified within the previous 12 months. The Company defines a payment default as any loan that is greater than 30 days past due or was past due greater than 30 days at any point during the reporting period, or since the date of modification, whichever is shorter. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Recorded Investment Recorded Investment Recorded Investment Recorded Investment Commercial, financial and agricultural $ 18 $ — $ 18 $ 3,943 Real estate – commercial — — — 1,572 $ 18 $ — $ 18 $ 5,515 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, 2017 , 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, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles A summary of core deposit intangible assets as of September 30, 2017 and December 31, 2016 is as follows (in thousands): September 30, 2017 December 31, 2016 Gross carrying amount $ 11,674 $ 11,674 Less accumulated amortization (7,882 ) (7,053 ) Net carrying amount $ 3,792 $ 4,621 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives On July 6, 2016, the Company entered into two forward interest rate swap contracts on a reverse repurchase agreement 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, 2017 . 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, 2017 and December 31, 2016 (in thousands): Notional Amounts Fair Value Type of Hedge September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps included in other assets Cash Flow $ 27,500 $ 27,500 $ 855 $ 989 The following tables present the pre-tax effect of hedging derivative instruments on the Company's consolidated statements of operations: Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Three months ended September 30, Three months ended September 30, 2017 2016 2017 2016 Interest rate swaps (11 ) 55 Interest Expense 4 — Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Nine months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Interest rate swaps (134 ) 55 Interest Expense 4 — |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following is a summary of the tax effects allocated to each component of other comprehensive income (loss) (in thousands): Three Months Ended September 30, 2017 2016 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount Other comprehensive income (loss): Securities available-for-sale: Change in unrealized gains during period $ (335 ) $ 118 $ (217 ) $ (645 ) $ 225 $ (420 ) Reclassification adjustment for gains included in net income (338 ) 119 (219 ) — — — Derivative instruments designated as cash flow hedges: Change in fair value of derivative instruments designated as cash flow hedges (7 ) 2 (5 ) 55 (19 ) 36 Reclassification adjustment for gains included in net income (4 ) 1 (3 ) (4 ) 1 (3 ) Total other comprehensive income (loss) $ (684 ) $ 240 $ (444 ) $ (594 ) $ 207 $ (387 ) Nine Months Ended September 30, 2017 2016 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Other comprehensive income: Securities available-for-sale: Change in unrealized gains during period $ 3,224 $ (1,128 ) $ 2,096 $ 4,217 $ (1,476 ) $ 2,741 Reclassification adjustment for gains included in net income (347 ) 121 (226 ) (20 ) 7 (13 ) Derivative instruments designated as cash flow hedges: Change in fair value of derivative instruments designated as cash flow hedges (130 ) 46 (84 ) 55 (19 ) 36 Reclassification adjustment for gains included in net income (4 ) 1 (3 ) — — — Total other comprehensive income $ 2,743 $ (960 ) $ 1,783 $ 4,252 $ (1,488 ) $ 2,764 The reclassifications out of accumulated other comprehensive income (loss) into net income are presented below (in thousands): Three Months Ended September 30, 2017 2016 Details about Accumulated Other Comprehensive Income (Loss) Components Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Income Statement Line Item Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ (338 ) Gain on sale of securities, net $ — Gain on sale of securities, net 119 Tax expense — Tax expense $ (219 ) Net of tax $ — Net of tax Gains on derivative instruments: $ (4 ) Interest expense $ — Interest expense 1 Tax expense — Tax expense $ (3 ) Net of tax $ — Net of tax Nine Months Ended September 30, 2017 2016 Details about Accumulated Other Comprehensive Income (Loss) Components Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Income Statement Line Item Reclassifications Out of Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ (347 ) Gain on sale of securities, net $ (20 ) Gain on sale of securities, net 121 Tax expense 7 Tax expense $ (226 ) Net of tax $ (13 ) Net of tax Gains on derivative instruments: $ (4 ) Interest expense $ — Interest expense 1 Tax expense — Tax expense $ (3 ) Net of tax $ — Net of tax |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 2016 2017 2016 Net earnings available to common shareholders $ 856 $ 1,587 $ (3,689 ) $ 5,191 Dividends on Series C preferred stock — — — — Adjusted net earnings available to common shareholders $ 856 $ 1,587 $ (3,689 ) $ 5,191 Weighted average number of common shares outstanding used in computation of basic earnings per common share 16,395 11,262 13,314 11,260 Effect of dilutive securities: Stock options 1 1 4 — Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share 16,396 11,263 13,318 11,260 On July 11, 2017, the Company completed the sale of an additional 516,700 shares of its common stock, pursuant to the partial exercise of the option to purchase additional shares granted to the underwriter in connection with the Company’s recently completed public offering of 4,583,334 shares at $12.00 per share. The partial exercise of the underwriter’s option to purchase additional shares resulted in additional gross proceeds of approximately $6.2 million bringing the total gross proceeds to approximately $61.2 million and total net proceeds to approximately $57.2 million . 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, 2017 2016 2017 2016 Stock options 236 304 84 309 Restricted stock — 11 — 11 Shares subject to the outstanding warrant issued in connection with the CPP transaction 104 104 104 104 Convertible preferred stock 500 507 500 507 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2017 | |
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. Assets Held For Sale —Assets held for sale are carried at the lower of carrying value or fair value. Fair value is based upon appraised values. 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 derivatives are determined by an independent valuation firm and are estimated using prices of financial instruments with similar characteristics. As a result, they 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, 2017 Description September 30, 2017 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 23,810 $ — $ 23,810 $ — GSE mortgage-backed securities 62,860 — 62,860 — Collateralized mortgage obligations: residential 210,209 — 210,209 — Collateralized mortgage obligations: commercial 2,472 — 2,472 — Mutual funds 2,079 2,079 — — Corporate debt securities 24,792 — 24,792 — Total available-for-sale securities $ 326,222 $ 2,079 $ 324,143 $ — Derivative assets $ 855 $ — $ 855 $ — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2016 Description December 31, 2016 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 29,141 $ — $ 29,141 $ — GSE mortgage-backed securities 73,578 — 73,578 — Collateralized mortgage obligations: residential 220,202 — 220,202 — Collateralized mortgage obligations: commercial 3,082 — 3,082 — Mutual funds 2,059 2,059 — — Corporate debt securities 13,811 — 13,811 — Total available-for-sale securities $ 341,873 $ 2,059 $ 339,814 $ — Derivative assets $ 989 $ — $ 989 $ — The Company records impaired loans at fair value, measured at the fair value of the collateral for collateral-dependent loans. Impaired loans are considered level 3 assets when measured using appraisals from third parties, discounted for selling costs and other collateral-based discounts. Other real estate properties are considered level 3 assets when measured using appraisals from third parties, discounted for selling costs, information from comparable sales and marketability of the property. Assets held for sale are considered level 2 assets when measured using appraisals from third parties. The following tables present the Company's financial assets that are measured at fair values on a nonrecurring basis (in thousands): Assets / Liabilities Measured at Fair Value at Fair Value Measurements at September 30, 2017 Description September 30, 2017 Level 1 Level 2 Level 3 Impaired loans $ 19,561 $ — $ — $ 19,561 Other real estate 1,931 — — 1,931 Assets held for sale 1,100 — 1,100 — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2016 Description December 31, 2016 Level 1 Level 2 Level 3 Impaired loans $ 26,956 $ — $ — $ 26,956 Other real estate 2,175 — — 2,175 The following table shows the significant unobservable inputs used in the fair value measurement of Level 3 assets: Fair Value at Description September 30, 2017 Technique Unobservable Inputs Impaired loans $ 19,561 Third party appraisals Collateral discounts and estimated costs to sell Other real estate 1,931 Third party appraisals Collateral discounts and estimated costs to sell Fair Value at Description December 31, 2016 Technique Unobservable Inputs Impaired loans $ 26,956 Third party appraisals Collateral discounts and estimated costs to sell Other real estate 2,175 Third party appraisals Collateral discounts and estimated costs to sell 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, 2017 and December 31, 2016 (in thousands): Fair Value Measurements at September 30, 2017 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 $ 163,123 $ 163,123 $ — $ — Securities available-for-sale 326,222 2,079 324,143 — Securities held-to-maturity 83,739 — 84,639 — Other investments 12,200 12,200 — — Loans, net 1,210,916 — — 1,212,881 Cash surrender value of life insurance policies 14,834 — 14,834 — Derivative asset 855 — 855 — Financial liabilities: Non-interest-bearing deposits 428,183 — 428,183 — Interest-bearing deposits 1,127,752 — 936,173 190,407 Securities sold under agreements to repurchase 54,875 54,875 — — Short-term Federal Home Loan Bank advances 12,500 12,500 — — Long-term Federal Home Loan Bank advances 25,110 — 25,215 — Junior subordinated debentures 22,167 — 22,167 — Fair Value Measurements at December 31, 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 $ 82,228 $ 82,228 $ — $ — Securities available-for-sale 341,873 2,059 339,814 — Securities held-to-maturity 98,211 — 98,261 — Other investments 11,355 11,355 — — Loans, net 1,259,710 — — 1,263,089 Cash surrender value of life insurance policies 14,335 — 14,335 — Derivative asset 989 — 989 — Financial liabilities: Non-interest-bearing deposits 414,921 — 414,921 — Interest-bearing deposits 1,164,509 — 1,012,633 150,879 Securities sold under agreements to repurchase 94,461 94,461 — — Long-term Federal Home Loan Bank advances 25,424 — 25,808 — Junior subordinated debentures 22,167 — 22,167 — |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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 2016 Annual Report on Form 10-K. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. ASU 2017-03 addresses and codifies the practical considerations and application of the required disclosures under SAB Topic 11.M for the implementation of ASU 2014-09, Revenue from Contracts with Customers (Topic 606); ASU 2016-02, Leases (Topic 842); and ASU 2016-13, Financial Instruments-Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. The SEC Staff has emphasized on a number of occasions, including the December 2016 AICPA National Conference on Current SEC and PCAOB Developments, the requirements to disclose the potential material effects of newly issued standards and the importance of providing investors with this information. Such disclosures should explain the impact the new standard is expected to have on the financial statements and how the adoption of the new standard will affect comparability. Entities should discuss both quantitative and qualitative information as available when assessing implementation of a new standard. This ASU was effective immediately for public business entities. ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment was issued in order to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the amendments in this ASU, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity will then recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The effective date of this Update is for fiscal years beginning on or after December 15, 2020. The Company does not expect ASU 2017-04 to have an impact on its goodwill impairment tests. ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities was issued in response to diversity in practice in the amortization period for premiums of callable debt securities and in how the potential for exercise of a call is factored into current impairment assessments. As such, these amendments reduce the amortization period for certain callable debt securities carried at a premium and require the premium to be amortized over the period not to exceed the earliest call date. These amendments do not apply to securities carried at a discount. The effective date of this Update is for fiscal years beginning on or after December 15, 2018. The Company is currently amortizing premiums of callable debt securities over a period through the earliest call date. As a result, it does not expect ASU 2017-08 to have an impact on its financial position, results of operations or its financial statement disclosures. ASU 2017-09, Compensation - Stock Compensation (Topic 350): Scope of Modification Accounting was issued in response to diversity in practice when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting under Topic 718. The amendments require an entity to account for the effects of a modification unless all of the following conditions are met: • The fair value (or intrinsic or calculated value if elected) of the modified award is the same as the value of the original award immediately before the original award was modified. • The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. • The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The effective date of this Update is for fiscal years beginning on or after December 15, 2017. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. Adoption of this Update is not expected to have a material effect on the Company's financial position, results of operations or its financial statement disclosures. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities was issued to better align a company's financial reporting for hedging activities with the economic objectives of those activities. The effective date of this Update is for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. The Company plans to adopt ASU 2017-12 on January 1, 2019. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the consolidated balance sheet as of the date of adoption. While the Company continues to assess all potential impacts of the standard, adoption of this Update is not expected to have a material impact on the Company's consolidated financial statements. Accounting Changes, Reclassifications and Restatements — Certain items in prior financial statements have been reclassified to conform to the current presentation. On January 1, 2017, the Company adopted the provisions of ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. ASU 2016-09 requires that all income tax effects associated with share-based payment awards be reported in earnings as an adjustment to income tax expense. Previously, excess tax benefits associated with share-based payments awards were recorded in additional paid-in-capital when the excess tax benefits were realized. The requirement to report those income tax effects in earnings has been applied to settlements occurring on or after January 1, 2017. ASU 2016-09 also requires that all income tax-related cash flows resulting from share-based payments be reported as operating activities in the statement of cash flows. Previously, income tax benefits at settlement of an award were reported as a reduction to operating cash flows and an increase to financing cash flows to the extent that those benefits exceeded the income tax benefits reported in earnings during the award's vesting period. The Company has elected to apply that change in cash flow classification on a retrospective basis, which resulted in a $258,000 increase to net cash from operating activities and a corresponding decrease to net cash from financing activities in the accompanying consolidated statements of cash flows for 2016, as compared to the amounts previously reported. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 23,929 $ 233 $ 352 $ 23,810 GSE mortgage-backed securities 61,578 1,304 22 62,860 Collateralized mortgage obligations: residential 211,808 359 1,958 210,209 Collateralized mortgage obligations: commercial 2,499 — 27 2,472 Mutual funds 2,100 — 21 2,079 Corporate debt securities 23,974 822 4 24,792 $ 325,888 $ 2,718 $ 2,384 $ 326,222 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 29,935 $ 226 $ 1,020 $ 29,141 GSE mortgage-backed securities 72,144 1,736 302 73,578 Collateralized mortgage obligations: residential 223,602 206 3,606 220,202 Collateralized mortgage obligations: commercial 3,135 — 53 3,082 Mutual funds 2,100 — 41 2,059 Corporate debt securities 13,500 311 — 13,811 $ 344,416 $ 2,479 $ 5,022 $ 341,873 |
Schedule of Held-to-Maturity Securities | September 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 36,080 $ 658 $ — $ 36,738 GSE mortgage-backed securities 37,729 524 59 38,194 Collateralized mortgage obligations: residential 7,819 — 223 7,596 Collateralized mortgage obligations: commercial 2,111 — — 2,111 $ 83,739 $ 1,182 $ 282 $ 84,639 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 40,515 $ 309 $ 39 $ 40,785 GSE mortgage-backed securities 44,375 426 311 44,490 Collateralized mortgage obligations: residential 8,969 — 323 8,646 Collateralized mortgage obligations: commercial 4,352 — 12 4,340 $ 98,211 $ 735 $ 685 $ 98,261 |
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, 2017 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 $ 1,136 $ 1,139 Due after one year through five years 10,315 10,513 Due after five years through ten years 43,777 45,080 Due after ten years 268,560 267,411 $ 323,788 $ 324,143 Amortized Cost Fair Value Held-to-maturity: Due in one year or less $ 1,204 $ 1,206 Due after one year through five years 5,413 5,465 Due after five years through ten years 43,555 44,335 Due after ten years 33,567 33,633 $ 83,739 $ 84,639 |
Schedule of Investment Securities with Unrealized Losses | Details concerning investment securities with unrealized losses are as follows (in thousands): September 30, 2017 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 $ 8,092 $ 141 $ 5,324 $ 211 $ 13,416 $ 352 GSE mortgage-backed securities 6,168 22 — — 6,168 22 Collateralized mortgage obligations: residential 118,195 1,153 45,344 805 163,539 1,958 Collateralized mortgage obligations: commercial — — 2,472 27 2,472 27 Mutual funds 2,079 21 — — 2,079 21 Corporate debt securities 2,995 4 — — 2,995 4 $ 137,529 $ 1,341 $ 53,140 $ 1,043 $ 190,669 $ 2,384 December 31, 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 $ 13,402 $ 1,020 $ — $ — $ 13,402 $ 1,020 GSE mortgage-backed securities 29,119 302 — — 29,119 302 Collateralized mortgage obligations: residential 187,235 3,099 14,194 507 201,429 3,606 Collateralized mortgage obligations: commercial 961 4 2,121 49 3,082 53 Mutual funds 2,059 41 — — 2,059 41 $ 232,776 $ 4,466 $ 16,315 $ 556 $ 249,091 $ 5,022 September 30, 2017 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: GSE mortgage-backed securities $ 5,287 $ 59 $ — $ — $ 5,287 $ 59 Collateralized mortgage obligations: residential — — 7,596 — 223 7,596 223 $ 5,287 $ 59 $ 7,596 $ 223 $ 12,883 $ 282 December 31, 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: Obligations of state and political subdivisions $ 8,054 $ 39 $ — $ — $ 8,054 $ 39 GSE mortgage-backed securities 19,408 311 — — 19,408 311 Collateralized mortgage obligations: residential — — 8,645 323 8,645 323 Collateralized mortgage obligations: commercial 4,340 12 — — 4,340 12 $ 31,802 $ 362 $ 8,645 $ 323 $ 40,447 $ 685 |
Credit Quality of Loans and A19
Credit Quality of Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Components of Loans Receivable | The loan portfolio consisted of the following (in thousands): September 30, 2017 December 31, 2016 Commercial, financial and agricultural $ 447,482 $ 459,574 Real estate – construction 90,088 100,959 Real estate – commercial 473,046 481,155 Real estate – residential 155,676 157,872 Installment loans to individuals 63,148 82,660 Lease financing receivable 760 1,095 Other 5,769 767 1,235,969 1,284,082 Less allowance for loan losses (25,053 ) (24,372 ) $ 1,210,916 $ 1,259,710 |
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, 2017 and 2016 is as follows (in thousands): September 30, 2017 Real Estate Coml, Fin, and Agric Construction Commercial Residential Installment loans to individuals Lease financing receivable Other Total Allowance for loan losses: Beginning balance $ 16,057 $ 585 $ 5,384 $ 940 $ 1,395 $ 5 $ 6 $ 24,372 Charge-offs (15,106 ) (70 ) (3,618 ) (293 ) (860 ) — — (19,947 ) Recoveries 537 — 158 97 235 — — 1,027 Provision 17,413 28 2,024 (40 ) 159 (1 ) 18 19,601 Ending balance $ 18,901 $ 543 $ 3,948 $ 704 $ 929 $ 4 $ 24 $ 25,053 Ending balance: individually evaluated for impairment $ 3,254 $ 17 $ 904 $ 7 $ 69 $ 1 $ — $ 4,252 Ending balance: collectively evaluated for impairment $ 15,647 $ 526 $ 3,044 $ 697 $ 860 $ 3 $ 24 $ 20,801 Loans: Ending balance $ 447,482 $ 90,088 $ 473,046 $ 155,676 $ 63,148 $ 760 $ 5,769 $ 1,235,969 Ending balance: individually evaluated for impairment $ 30,892 $ 2,416 $ 18,132 $ 1,031 $ 338 $ 34 $ — $ 52,843 Ending balance: collectively evaluated for impairment $ 416,590 $ 87,672 $ 454,488 $ 154,582 $ 62,810 $ 726 $ 5,769 $ 1,182,637 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 426 $ 63 $ — $ — $ — $ 489 September 30, 2016 Real Estate Coml, Fin, and Agric Construction 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 |
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, 2017 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 $ 2,144 $ 512 $ 27,161 $ 29,817 $ 417,665 $ 447,482 $ 384 Real estate - construction 335 350 2,416 3,101 86,987 90,088 — Real estate - commercial 1,804 — 9,749 11,553 461,493 473,046 — Real estate - residential 2,467 28 898 3,393 152,283 155,676 — Installment loans to individuals 408 173 215 796 62,352 63,148 18 Lease financing receivable 33 — — 33 727 760 — Other loans 79 12 — 91 5,678 5,769 — $ 7,270 $ 1,075 $ 40,439 $ 48,784 $ 1,187,185 $ 1,235,969 $ 402 December 31, 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 $ 2,297 $ 902 $ 31,425 $ 34,624 $ 424,950 $ 459,574 $ 96 Real estate - construction 2,613 399 9 3,021 97,938 100,959 — Real estate - commercial 5,159 1,931 25,408 32,498 448,657 481,155 140 Real estate - residential 1,956 207 1,553 3,716 154,156 157,872 16 Installment loans to individuals 756 36 538 1,330 81,330 82,660 16 Lease financing receivable — — — — 1,095 1,095 — Other loans 89 5 — 94 673 767 — $ 12,870 $ 3,480 $ 58,933 $ 75,283 $ 1,208,799 $ 1,284,082 $ 268 |
Schedule of Loans on Nonaccrual Status | Non-accrual loans are as follows (in thousands): September 30, 2017 December 31, 2016 Commercial, financial, and agricultural $ 29,337 $ 31,461 Real estate - construction 2,416 9 Real estate - commercial 18,132 28,688 Real estate - residential 1,032 1,881 Installment loans to individuals 339 541 Lease financing receivable 33 — Other — — $ 51,289 $ 62,580 |
Schedule of Loans Evaluated for Impairment | The following table presents loans that are individually evaluated for impairment (in thousands). Interest income recognized represents interest on accruing loans modified in a TDR. September 30, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 19,853 $ 22,105 $ — $ 17,477 $ 61 Real estate - construction 2,366 2,366 — 1,188 — Real estate - commercial 15,371 17,820 — 14,040 — Real estate - residential 587 587 — 745 — Installment loans to individuals 91 91 — 82 — Finance leases — — — — — Subtotal: 38,268 42,969 — 33,532 61 With an allowance recorded: Commercial, financial, and agricultural 11,039 12,071 3,254 13,706 1 Real estate - construction 50 120 17 25 — Real estate - commercial 2,761 2,761 904 9,370 — Real estate - residential 445 445 7 684 — Installment loans to individuals 247 278 69 357 — Finance leases 33 33 1 17 — Subtotal: 14,575 15,708 4,252 24,159 1 Totals: Commercial 49,057 54,790 4,159 54,610 62 Construction 2,416 2,486 17 1,213 — Residential 1,032 1,032 7 1,429 — Consumer 338 369 69 439 — Grand total: $ 52,843 $ 58,677 $ 4,252 $ 57,691 $ 62 December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 15,101 $ 15,428 $ — $ 18,815 $ 90 Real estate - construction 9 9 — 23 — Real estate - commercial 12,710 12,710 — 9,297 14 Real estate - residential 903 903 — 1,134 — Installment loans to individuals 73 87 — 54 — Subtotal: 28,796 29,137 — 29,323 104 With an allowance recorded: Commercial, financial, and agricultural 16,372 16,470 4,369 10,781 1 Real estate - commercial 15,979 15,979 2,216 14,992 — Real estate - residential 923 923 260 730 — Installment loans to individuals 468 478 308 419 — Subtotal: 33,742 33,850 7,153 26,922 1 Totals: Commercial 60,162 60,587 6,585 53,885 105 Construction 9 9 — 23 — Residential 1,826 1,826 260 1,864 — Consumer 541 565 308 473 — Grand total: $ 62,538 $ 62,987 $ 7,153 $ 56,245 $ 105 |
Credit Quality Indicators by Class of Loans | The following tables present the classes of loans by risk rating (in thousands): September 30, 2017 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, Real estate - commercial Total % of Total Pass $ 345,629 $ 421,071 $ 766,700 83.29 % Special mention 15,321 8,654 23,975 2.60 % Substandard 86,523 43,321 129,844 14.11 % Doubtful 9 — 9 — % $ 447,482 $ 473,046 $ 920,528 100.00 % Construction Credit Exposure Credit Risk Profile by Real estate - construction % of Total Pass $ 85,295 94.68 % Special mention 1,834 2.04 % Substandard 2,959 3.28 % $ 90,088 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Real estate - residential % of Total Pass $ 149,548 96.06 % Special mention 1,839 1.18 % Substandard 4,289 2.76 % $ 155,676 100.00 % Consumer and Other Credit Exposure Credit Risk Profile Based on Payment Activity Installment loans to individuals Lease financing receivable Other Total % of Total Performing $ 62,791 $ 727 $ 5,769 $ 69,287 99.44 % Nonperforming 357 33 — 390 0.56 % $ 63,148 $ 760 $ 5,769 $ 69,677 100.00 % December 31, 2016 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, Real estate - commercial Total % of Total Pass $ 346,246 $ 420,970 $ 767,216 81.56 % Special mention 22,611 23,085 45,696 4.86 % Substandard 90,300 37,100 127,400 13.54 % Doubtful 417 — 417 0.04 % $ 459,574 $ 481,155 $ 940,729 100.00 % Construction Credit Exposure Credit Risk Profile by Real estate - construction % Pass $ 100,775 99.82 % Special mention — — % Substandard 184 0.18 % $ 100,959 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Real estate - residential % of Total Pass $ 153,403 97.17 % Special mention 1,181 0.75 % Substandard 3,288 2.08 % $ 157,872 100.00 % Consumer and Other Credit Exposure Credit Risk Profile Based on Payment Activity Installment loans to individuals Lease financing receivable Other Total % of Total Performing $ 82,103 $ 1,095 $ 767 $ 83,965 99.34 % Nonperforming 557 — — 557 0.66 % $ 82,660 $ 1,095 $ 767 $ 84,522 100.00 % |
Schedule of Modified Troubled Debt Restructurings During the Period | The following tables present information about TDRs that were modified during the periods presented by portfolio segment: Three months ended September 30, 2017 September 30, 2016 Number of loans Pre-modification recorded investment Number of loans Pre-modification recorded investment Commercial, financial and agricultural 1 $ 18 — $ — Nine months ended September 30, 2017 September 30, 2016 Number of loans Pre-modification recorded investment Number of loans Pre-modification recorded investment Commercial, financial and agricultural 6 $ 2,002 2 $ 3,943 Real estate – commercial — — 2 1,572 6 $ 2,002 4 $ 5,515 |
Schedule of Defaults on Troubled Debt Restructurings | The following table presents TDRs that had a payment default during the three and nine-month periods ending September 30, 2017 and 2016, and that were modified within the previous 12 months. The Company defines a payment default as any loan that is greater than 30 days past due or was past due greater than 30 days at any point during the reporting period, or since the date of modification, whichever is shorter. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Recorded Investment Recorded Investment Recorded Investment Recorded Investment Commercial, financial and agricultural $ 18 $ — $ 18 $ 3,943 Real estate – commercial — — — 1,572 $ 18 $ — $ 18 $ 5,515 |
Intangibles (Tables)
Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Core Deposit Intangible Assets | A summary of core deposit intangible assets as of September 30, 2017 and December 31, 2016 is as follows (in thousands): September 30, 2017 December 31, 2016 Gross carrying amount $ 11,674 $ 11,674 Less accumulated amortization (7,882 ) (7,053 ) Net carrying amount $ 3,792 $ 4,621 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts and Fair Value of Derivatives | The following table discloses the notional amounts and fair value of derivative instruments in the Company's balance sheet as of September 30, 2017 and December 31, 2016 (in thousands): Notional Amounts Fair Value Type of Hedge September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps included in other assets Cash Flow $ 27,500 $ 27,500 $ 855 $ 989 |
Schedule of Pre-tax Effect of Hedging Derivative Instruments | The following tables present the pre-tax effect of hedging derivative instruments on the Company's consolidated statements of operations: Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Three months ended September 30, Three months ended September 30, 2017 2016 2017 2016 Interest rate swaps (11 ) 55 Interest Expense 4 — Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Nine months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Interest rate swaps (134 ) 55 Interest Expense 4 — |
Other Comprehensive Income (L22
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Summary of Tax Effects | The following is a summary of the tax effects allocated to each component of other comprehensive income (loss) (in thousands): Three Months Ended September 30, 2017 2016 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount Other comprehensive income (loss): Securities available-for-sale: Change in unrealized gains during period $ (335 ) $ 118 $ (217 ) $ (645 ) $ 225 $ (420 ) Reclassification adjustment for gains included in net income (338 ) 119 (219 ) — — — Derivative instruments designated as cash flow hedges: Change in fair value of derivative instruments designated as cash flow hedges (7 ) 2 (5 ) 55 (19 ) 36 Reclassification adjustment for gains included in net income (4 ) 1 (3 ) (4 ) 1 (3 ) Total other comprehensive income (loss) $ (684 ) $ 240 $ (444 ) $ (594 ) $ 207 $ (387 ) Nine Months Ended September 30, 2017 2016 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Other comprehensive income: Securities available-for-sale: Change in unrealized gains during period $ 3,224 $ (1,128 ) $ 2,096 $ 4,217 $ (1,476 ) $ 2,741 Reclassification adjustment for gains included in net income (347 ) 121 (226 ) (20 ) 7 (13 ) Derivative instruments designated as cash flow hedges: Change in fair value of derivative instruments designated as cash flow hedges (130 ) 46 (84 ) 55 (19 ) 36 Reclassification adjustment for gains included in net income (4 ) 1 (3 ) — — — Total other comprehensive income $ 2,743 $ (960 ) $ 1,783 $ 4,252 $ (1,488 ) $ 2,764 |
Reclassification Out of Accumulated Other Comprehensive Income | The reclassifications out of accumulated other comprehensive income (loss) into net income are presented below (in thousands): Three Months Ended September 30, 2017 2016 Details about Accumulated Other Comprehensive Income (Loss) Components Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Income Statement Line Item Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ (338 ) Gain on sale of securities, net $ — Gain on sale of securities, net 119 Tax expense — Tax expense $ (219 ) Net of tax $ — Net of tax Gains on derivative instruments: $ (4 ) Interest expense $ — Interest expense 1 Tax expense — Tax expense $ (3 ) Net of tax $ — Net of tax Nine Months Ended September 30, 2017 2016 Details about Accumulated Other Comprehensive Income (Loss) Components Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Income Statement Line Item Reclassifications Out of Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ (347 ) Gain on sale of securities, net $ (20 ) Gain on sale of securities, net 121 Tax expense 7 Tax expense $ (226 ) Net of tax $ (13 ) Net of tax Gains on derivative instruments: $ (4 ) Interest expense $ — Interest expense 1 Tax expense — Tax expense $ (3 ) Net of tax $ — Net of tax |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 2016 2017 2016 Net earnings available to common shareholders $ 856 $ 1,587 $ (3,689 ) $ 5,191 Dividends on Series C preferred stock — — — — Adjusted net earnings available to common shareholders $ 856 $ 1,587 $ (3,689 ) $ 5,191 Weighted average number of common shares outstanding used in computation of basic earnings per common share 16,395 11,262 13,314 11,260 Effect of dilutive securities: Stock options 1 1 4 — Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share 16,396 11,263 13,318 11,260 |
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, 2017 2016 2017 2016 Stock options 236 304 84 309 Restricted stock — 11 — 11 Shares subject to the outstanding warrant issued in connection with the CPP transaction 104 104 104 104 Convertible preferred stock 500 507 500 507 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 Description September 30, 2017 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 23,810 $ — $ 23,810 $ — GSE mortgage-backed securities 62,860 — 62,860 — Collateralized mortgage obligations: residential 210,209 — 210,209 — Collateralized mortgage obligations: commercial 2,472 — 2,472 — Mutual funds 2,079 2,079 — — Corporate debt securities 24,792 — 24,792 — Total available-for-sale securities $ 326,222 $ 2,079 $ 324,143 $ — Derivative assets $ 855 $ — $ 855 $ — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2016 Description December 31, 2016 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 29,141 $ — $ 29,141 $ — GSE mortgage-backed securities 73,578 — 73,578 — Collateralized mortgage obligations: residential 220,202 — 220,202 — Collateralized mortgage obligations: commercial 3,082 — 3,082 — Mutual funds 2,059 2,059 — — Corporate debt securities 13,811 — 13,811 — Total available-for-sale securities $ 341,873 $ 2,059 $ 339,814 $ — Derivative assets $ 989 $ — $ 989 $ — |
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | Assets / Liabilities Measured at Fair Value at Fair Value Measurements at September 30, 2017 Description September 30, 2017 Level 1 Level 2 Level 3 Impaired loans $ 19,561 $ — $ — $ 19,561 Other real estate 1,931 — — 1,931 Assets held for sale 1,100 — 1,100 — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2016 Description December 31, 2016 Level 1 Level 2 Level 3 Impaired loans $ 26,956 $ — $ — $ 26,956 Other real estate 2,175 — — 2,175 |
Shcedule of Significant Observable Inputs Used in Fair Value Measurement of Level 3 Assets | Fair Value at Description September 30, 2017 Technique Unobservable Inputs Impaired loans $ 19,561 Third party appraisals Collateral discounts and estimated costs to sell Other real estate 1,931 Third party appraisals Collateral discounts and estimated costs to sell Fair Value at Description December 31, 2016 Technique Unobservable Inputs Impaired loans $ 26,956 Third party appraisals Collateral discounts and estimated costs to sell Other real estate 2,175 Third party appraisals Collateral discounts and estimated costs to sell |
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, 2017 and December 31, 2016 (in thousands): Fair Value Measurements at September 30, 2017 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 $ 163,123 $ 163,123 $ — $ — Securities available-for-sale 326,222 2,079 324,143 — Securities held-to-maturity 83,739 — 84,639 — Other investments 12,200 12,200 — — Loans, net 1,210,916 — — 1,212,881 Cash surrender value of life insurance policies 14,834 — 14,834 — Derivative asset 855 — 855 — Financial liabilities: Non-interest-bearing deposits 428,183 — 428,183 — Interest-bearing deposits 1,127,752 — 936,173 190,407 Securities sold under agreements to repurchase 54,875 54,875 — — Short-term Federal Home Loan Bank advances 12,500 12,500 — — Long-term Federal Home Loan Bank advances 25,110 — 25,215 — Junior subordinated debentures 22,167 — 22,167 — Fair Value Measurements at December 31, 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 $ 82,228 $ 82,228 $ — $ — Securities available-for-sale 341,873 2,059 339,814 — Securities held-to-maturity 98,211 — 98,261 — Other investments 11,355 11,355 — — Loans, net 1,259,710 — — 1,263,089 Cash surrender value of life insurance policies 14,335 — 14,335 — Derivative asset 989 — 989 — Financial liabilities: Non-interest-bearing deposits 414,921 — 414,921 — Interest-bearing deposits 1,164,509 — 1,012,633 150,879 Securities sold under agreements to repurchase 94,461 94,461 — — Long-term Federal Home Loan Bank advances 25,424 — 25,808 — Junior subordinated debentures 22,167 — 22,167 — |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net cash provided by operating activities | $ 22,016,000 | $ 21,528,000 |
Net cash provided by financing activities | $ 819,000 | 14,108,000 |
Accounting Standards Update 2016-09 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net cash provided by operating activities | 258,000 | |
Net cash provided by financing activities | $ (258,000) |
Investment Securities - Portfol
Investment Securities - Portfolio of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 325,888 | $ 344,416 |
Gross Unrealized Gains | 2,718 | 2,479 |
Gross Unrealized Losses | 2,384 | 5,022 |
Fair Value | 326,222 | 341,873 |
Obligations of state and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 23,929 | 29,935 |
Gross Unrealized Gains | 233 | 226 |
Gross Unrealized Losses | 352 | 1,020 |
Fair Value | 23,810 | 29,141 |
GSE mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 61,578 | 72,144 |
Gross Unrealized Gains | 1,304 | 1,736 |
Gross Unrealized Losses | 22 | 302 |
Fair Value | 62,860 | 73,578 |
Collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 211,808 | 223,602 |
Gross Unrealized Gains | 359 | 206 |
Gross Unrealized Losses | 1,958 | 3,606 |
Fair Value | 210,209 | 220,202 |
Collateralized mortgage obligations: commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 2,499 | 3,135 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 27 | 53 |
Fair Value | 2,472 | 3,082 |
Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 2,100 | 2,100 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 21 | 41 |
Fair Value | 2,079 | 2,059 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 23,974 | 13,500 |
Gross Unrealized Gains | 822 | 311 |
Gross Unrealized Losses | 4 | 0 |
Fair Value | $ 24,792 | $ 13,811 |
Investment Securities - Portf27
Investment Securities - Portfolio of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | $ 83,739 | $ 98,211 |
Gross Unrealized Gains | 1,182 | 735 |
Gross Unrealized Losses | 282 | 685 |
Fair Value | 84,639 | 98,261 |
Obligations of state and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 36,080 | 40,515 |
Gross Unrealized Gains | 658 | 309 |
Gross Unrealized Losses | 0 | 39 |
Fair Value | 36,738 | 40,785 |
GSE mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 37,729 | 44,375 |
Gross Unrealized Gains | 524 | 426 |
Gross Unrealized Losses | 59 | 311 |
Fair Value | 38,194 | 44,490 |
Collateralized mortgage obligations: residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 7,819 | 8,969 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 223 | 323 |
Fair Value | 7,596 | 8,646 |
Collateralized mortgage obligations: commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 2,111 | 4,352 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 12 |
Fair Value | $ 2,111 | $ 4,340 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Amortized Cost | ||
Available-for-sale: Due in one year or less | $ 1,136 | |
Available-for-sale: Due after one year through five years | 10,315 | |
Available-for-sale: Due after five years through ten years | 43,777 | |
Available-for-sale: Due after ten years | 268,560 | |
Available-for-sale, Amortized Cost | 323,788 | |
Fair Value | ||
Available-for-sale: Due in one year or less | 1,139 | |
Available-for-sale: Due after one year through five years | 10,513 | |
Available-for-sale: Due after five years through ten years | 45,080 | |
Available-for-sale: Due after ten years | 267,411 | |
Available-for-sale, Fair Value | 324,143 | |
Amortized Cost | ||
Held-to-maturity: Due in one year or less | 1,204 | |
Held-to-maturity: Due after one year through five years | 5,413 | |
Held-to-maturity: Due after five years through ten years | 43,555 | |
Held-to-maturity: Due after ten years | 33,567 | |
Held-to-maturity, Amortized Cost | 83,739 | $ 98,211 |
Fair Value | ||
Held-to-maturity: Due in one year or less | 1,206 | |
Held-to-maturity: Due after one year through five years | 5,465 | |
Held-to-maturity: Due after five years through ten years | 44,335 | |
Held-to-maturity: Due after ten years | 33,633 | |
Held-to-maturity, Fair Value | $ 84,639 | $ 98,261 |
Investment Securities - Summa29
Investment Securities - Summary of Unrealized Losses of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | $ 137,529 | $ 232,776 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 1,341 | 4,466 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 53,140 | 16,315 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 1,043 | 556 |
Available-for-sale, Total, Fair Value | 190,669 | 249,091 |
Available-for-sale, Total, Gross Unrealized Loss | 2,384 | 5,022 |
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 | 8,092 | 13,402 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 141 | 1,020 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 5,324 | 0 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 211 | 0 |
Available-for-sale, Total, Fair Value | 13,416 | 13,402 |
Available-for-sale, Total, Gross Unrealized Loss | 352 | 1,020 |
GSE mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 6,168 | 29,119 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 22 | 302 |
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 | 6,168 | 29,119 |
Available-for-sale, Total, Gross Unrealized Loss | 22 | 302 |
Collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 118,195 | 187,235 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 1,153 | 3,099 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 45,344 | 14,194 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 805 | 507 |
Available-for-sale, Total, Fair Value | 163,539 | 201,429 |
Available-for-sale, Total, Gross Unrealized Loss | 1,958 | 3,606 |
Collateralized mortgage obligations: commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 0 | 961 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 0 | 4 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 2,472 | 2,121 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 27 | 49 |
Available-for-sale, Total, Fair Value | 2,472 | 3,082 |
Available-for-sale, Total, Gross Unrealized Loss | 27 | 53 |
Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 2,079 | 2,059 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 21 | 41 |
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 | 2,079 | 2,059 |
Available-for-sale, Total, Gross Unrealized Loss | 21 | $ 41 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 2,995 | |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 4 | |
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 | 2,995 | |
Available-for-sale, Total, Gross Unrealized Loss | $ 4 |
Investment Securities - Summa30
Investment Securities - Summary of Unrealized Losses of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | $ 5,287 | $ 31,802 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 59 | 362 |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 7,596 | 8,645 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 223 | 323 |
Held-to-maturity, Total, Fair Value | 12,883 | 40,447 |
Held-to-maturity, Total, Gross Unrealized Loss | 282 | 685 |
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 | 8,054 | |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 39 | |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 0 | |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 0 | |
Held-to-maturity, Total, Fair Value | 8,054 | |
Held-to-maturity, Total, Gross Unrealized Loss | 39 | |
GSE mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | 5,287 | 19,408 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 59 | 311 |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 0 | 0 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 0 | 0 |
Held-to-maturity, Total, Fair Value | 5,287 | 19,408 |
Held-to-maturity, Total, Gross Unrealized Loss | 59 | 311 |
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 | 7,596 | 8,645 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 223 | 323 |
Held-to-maturity, Total, Fair Value | 7,596 | 8,645 |
Held-to-maturity, Total, Gross Unrealized Loss | $ 223 | 323 |
Collateralized mortgage obligations: commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | 4,340 | |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 12 | |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 0 | |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 0 | |
Held-to-maturity, Total, Fair Value | 4,340 | |
Held-to-maturity, Total, Gross Unrealized Loss | $ 12 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2017USD ($)security | Sep. 30, 2016USD ($)security | Dec. 31, 2016USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of private-label collateralized mortgage obligations | security | 1 | ||
Combined balance of private-label collateralized mortgage obligations | $ 8,000 | ||
AFS and HTM securities in unrealized loss positions qualitative disclosure number of positions | security | 51 | ||
Unrealized losses as a percentage of individual securities amortized cost basis | 1.29% | ||
Unrealized losses as percentage of Company's total amortized cost basis | 0.65% | ||
Number of securities in an unrealized loss position for over 12 months | security | 18 | ||
Amortized cost basis of securities in a continuous loss position | $ 59,000,000 | ||
Unrealized loss on securities in a continuous loss position | 1,200,000 | ||
Impairment related to credit quality | $ 0 | ||
Number of Available for sale Securities Sold | security | 16 | ||
Number Of Held to Maturity Securities Sold | security | 1 | ||
Available-for-sale securities, realized gain (loss) | $ 340,000 | ||
Held-to-maturity Securities, Sold Security, Realized Gain (Loss) | $ 7,000 | ||
Number of available-for-sale securities sold with gains | security | 13 | 2 | |
Available-for-sale securities, gross realized gains | $ 449,000 | $ 20,000 | |
Number of available-for-sale securities sold with losses | security | 3 | ||
Available-for-sale securities, gross realized losses | $ 109,000 | ||
Securities pledged as collateral for public funding | $ 236,300,000 | $ 293,400,000 |
Credit Quality of Loans and A32
Credit Quality of Loans and Allowance for Loan Losses - Summary of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Loan portfolio [Abstract] | |||
Ending balance | $ 1,235,969 | $ 1,284,082 | $ 1,272,800 |
Less allowance for loan losses | (25,053) | (24,372) | |
Loans, net | 1,210,916 | 1,259,710 | |
Commercial, financial and agricultural | |||
Loan portfolio [Abstract] | |||
Ending balance | 447,482 | 459,574 | 463,031 |
Real estate - construction | |||
Loan portfolio [Abstract] | |||
Ending balance | 90,088 | 100,959 | 96,365 |
Real estate – commercial | |||
Receivables [Abstract] | |||
Total CRE loans on non-accrual | 20,500 | ||
Loan portfolio [Abstract] | |||
Ending balance | 473,046 | 481,155 | 464,853 |
Real estate – residential | |||
Loan portfolio [Abstract] | |||
Ending balance | 155,676 | 157,872 | 155,653 |
Installment loans to individuals | |||
Loan portfolio [Abstract] | |||
Ending balance | 63,148 | 82,660 | 88,537 |
Lease financing receivable | |||
Loan portfolio [Abstract] | |||
Ending balance | 760 | 1,095 | 1,449 |
Other | |||
Loan portfolio [Abstract] | |||
Ending balance | $ 5,769 | $ 767 | $ 2,912 |
Credit Quality of Loans and A33
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, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | $ 24,372 | $ 19,011 | |
Charge-offs | (19,947) | (4,180) | |
Recoveries | 1,027 | 437 | |
Provision | 19,601 | 8,000 | |
Ending balance | 25,053 | 23,268 | |
Ending balance: individually evaluated for impairment | 4,252 | 3,837 | |
Ending balance: collectively evaluated for impairment | 20,801 | 19,431 | |
Loans: | |||
Ending balance | 1,235,969 | 1,272,800 | $ 1,284,082 |
Ending balance: individually evaluated for impairment | 52,843 | 60,477 | |
Ending balance: collectively evaluated for impairment | 1,182,637 | 1,211,665 | |
Ending balance: loans acquired with deteriorated credit quality | 489 | 658 | |
Commercial, financial and agricultural | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 16,057 | 11,268 | |
Charge-offs | (15,106) | (2,957) | |
Recoveries | 537 | 193 | |
Provision | 17,413 | 6,747 | |
Ending balance | 18,901 | 15,251 | |
Ending balance: individually evaluated for impairment | 3,254 | 1,105 | |
Ending balance: collectively evaluated for impairment | 15,647 | 14,146 | |
Loans: | |||
Ending balance | 447,482 | 463,031 | 459,574 |
Ending balance: individually evaluated for impairment | 30,892 | 29,887 | |
Ending balance: collectively evaluated for impairment | 416,590 | 433,144 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Real estate - construction | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 585 | 819 | |
Charge-offs | (70) | 0 | |
Recoveries | 0 | 0 | |
Provision | 28 | (478) | |
Ending balance | 543 | 341 | |
Ending balance: individually evaluated for impairment | 17 | 0 | |
Ending balance: collectively evaluated for impairment | 526 | 341 | |
Loans: | |||
Ending balance | 90,088 | 96,365 | 100,959 |
Ending balance: individually evaluated for impairment | 2,416 | 10 | |
Ending balance: collectively evaluated for impairment | 87,672 | 96,355 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Real estate – commercial | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 5,384 | 4,614 | |
Charge-offs | (3,618) | (208) | |
Recoveries | 158 | 115 | |
Provision | 2,024 | 1,042 | |
Ending balance | 3,948 | 5,563 | |
Ending balance: individually evaluated for impairment | 904 | 2,270 | |
Ending balance: collectively evaluated for impairment | 3,044 | 3,293 | |
Loans: | |||
Ending balance | 473,046 | 464,853 | 481,155 |
Ending balance: individually evaluated for impairment | 18,132 | 28,285 | |
Ending balance: collectively evaluated for impairment | 454,488 | 435,985 | |
Ending balance: loans acquired with deteriorated credit quality | 426 | 583 | |
Real estate – residential | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 940 | 816 | |
Charge-offs | (293) | (24) | |
Recoveries | 97 | 4 | |
Provision | (40) | (97) | |
Ending balance | 704 | 699 | |
Ending balance: individually evaluated for impairment | 7 | 194 | |
Ending balance: collectively evaluated for impairment | 697 | 505 | |
Loans: | |||
Ending balance | 155,676 | 155,653 | 157,872 |
Ending balance: individually evaluated for impairment | 1,031 | 1,831 | |
Ending balance: collectively evaluated for impairment | 154,582 | 153,747 | |
Ending balance: loans acquired with deteriorated credit quality | 63 | 75 | |
Installment loans to individuals | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 1,395 | 1,468 | |
Charge-offs | (860) | (991) | |
Recoveries | 235 | 125 | |
Provision | 159 | 781 | |
Ending balance | 929 | 1,383 | |
Ending balance: individually evaluated for impairment | 69 | 268 | |
Ending balance: collectively evaluated for impairment | 860 | 1,115 | |
Loans: | |||
Ending balance | 63,148 | 88,537 | 82,660 |
Ending balance: individually evaluated for impairment | 338 | 464 | |
Ending balance: collectively evaluated for impairment | 62,810 | 88,073 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Lease financing receivable | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 5 | 14 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | (1) | (5) | |
Ending balance | 4 | 9 | |
Ending balance: individually evaluated for impairment | 1 | 0 | |
Ending balance: collectively evaluated for impairment | 3 | 9 | |
Loans: | |||
Ending balance | 760 | 1,449 | 1,095 |
Ending balance: individually evaluated for impairment | 34 | 0 | |
Ending balance: collectively evaluated for impairment | 726 | 1,449 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | |
Other | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 6 | 12 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 18 | 10 | |
Ending balance | 24 | 22 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 24 | 22 | |
Loans: | |||
Ending balance | 5,769 | 2,912 | $ 767 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 5,769 | 2,912 | |
Ending balance: loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Credit Quality of Loans and A34
Credit Quality of Loans and Allowance for Loan Losses - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | $ 48,784 | $ 75,283 |
Current | 1,187,185 | 1,208,799 |
Total Loans | 1,235,969 | 1,284,082 |
Recorded Investment, 90 days past due and Accruing | 402 | 268 |
Commercial, financial and agricultural | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 29,817 | 34,624 |
Current | 417,665 | 424,950 |
Total Loans | 447,482 | 459,574 |
Recorded Investment, 90 days past due and Accruing | 384 | 96 |
Real estate - construction | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 3,101 | 3,021 |
Current | 86,987 | 97,938 |
Total Loans | 90,088 | 100,959 |
Recorded Investment, 90 days past due and Accruing | 0 | 0 |
Real estate – commercial | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 11,553 | 32,498 |
Current | 461,493 | 448,657 |
Total Loans | 473,046 | 481,155 |
Recorded Investment, 90 days past due and Accruing | 0 | 140 |
Real estate - residential | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 3,393 | 3,716 |
Current | 152,283 | 154,156 |
Total Loans | 155,676 | 157,872 |
Recorded Investment, 90 days past due and Accruing | 0 | 16 |
Installment loans to individuals | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 796 | 1,330 |
Current | 62,352 | 81,330 |
Total Loans | 63,148 | 82,660 |
Recorded Investment, 90 days past due and Accruing | 18 | 16 |
Lease financing receivable | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 33 | 0 |
Current | 727 | 1,095 |
Total Loans | 760 | 1,095 |
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 | 91 | 94 |
Current | 5,678 | 673 |
Total Loans | 5,769 | 767 |
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 | 7,270 | 12,870 |
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 | 2,144 | 2,297 |
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 | 335 | 2,613 |
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 | 1,804 | 5,159 |
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 | 2,467 | 1,956 |
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 | 408 | 756 |
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 | 33 | 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 | 79 | 89 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 1,075 | 3,480 |
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 | 512 | 902 |
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 | 350 | 399 |
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 | 1,931 |
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 | 28 | 207 |
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 | 173 | 36 |
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 | 12 | 5 |
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 | 40,439 | 58,933 |
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 | 27,161 | 31,425 |
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 | 2,416 | 9 |
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 | 9,749 | 25,408 |
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 | 898 | 1,553 |
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 | 215 | 538 |
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 A35
Credit Quality of Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | $ 51,289 | $ 62,580 | |
Interest lost on nonaccrual loans | 2,600 | $ 2,500 | |
Interest received on nonaccrual loans | 201 | $ 128 | |
Commercial, financial and agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 29,337 | 31,461 | |
Real estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 2,416 | 9 | |
Real estate – commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 18,132 | 28,688 | |
Real estate - residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 1,032 | 1,881 | |
Installment loans to individuals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 339 | 541 | |
Lease financing receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 33 | 0 | |
Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | $ 0 | $ 0 |
Credit Quality of Loans and A36
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, 2017 | Dec. 31, 2016 | |
With no related allowance recorded [Abstract] | ||
Recorded Investment | $ 38,268 | $ 28,796 |
Unpaid Principal Balance | 42,969 | 29,137 |
Average Recorded Investment | 33,532 | 29,323 |
Interest Income Recognized | 61 | 104 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 14,575 | 33,742 |
Unpaid Principal Balance | 15,708 | 33,850 |
Related Allowance | 4,252 | 7,153 |
Average Recorded Investment | 24,159 | 26,922 |
Interest Income Recognized | 1 | 1 |
Totals [Abstract] | ||
Recorded Investment | 52,843 | 62,538 |
Unpaid Principal Balance | 58,677 | 62,987 |
Related Allowance | 4,252 | 7,153 |
Average Recorded Investment | 57,691 | 56,245 |
Interest Income Recognized | 62 | 105 |
Commercial, financial and agricultural | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 19,853 | 15,101 |
Unpaid Principal Balance | 22,105 | 15,428 |
Average Recorded Investment | 17,477 | 18,815 |
Interest Income Recognized | 61 | 90 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 11,039 | 16,372 |
Unpaid Principal Balance | 12,071 | 16,470 |
Related Allowance | 3,254 | 4,369 |
Average Recorded Investment | 13,706 | 10,781 |
Interest Income Recognized | 1 | 1 |
Totals [Abstract] | ||
Related Allowance | 3,254 | 4,369 |
Real estate - construction | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 2,366 | 9 |
Unpaid Principal Balance | 2,366 | 9 |
Average Recorded Investment | 1,188 | 23 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 50 | |
Unpaid Principal Balance | 120 | |
Related Allowance | 17 | |
Average Recorded Investment | 25 | |
Interest Income Recognized | 0 | |
Totals [Abstract] | ||
Related Allowance | 17 | |
Real estate – commercial | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 15,371 | 12,710 |
Unpaid Principal Balance | 17,820 | 12,710 |
Average Recorded Investment | 14,040 | 9,297 |
Interest Income Recognized | 0 | 14 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 2,761 | 15,979 |
Unpaid Principal Balance | 2,761 | 15,979 |
Related Allowance | 904 | 2,216 |
Average Recorded Investment | 9,370 | 14,992 |
Interest Income Recognized | 0 | 0 |
Totals [Abstract] | ||
Related Allowance | 904 | 2,216 |
Real estate - residential | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 587 | 903 |
Unpaid Principal Balance | 587 | 903 |
Average Recorded Investment | 745 | 1,134 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 445 | 923 |
Unpaid Principal Balance | 445 | 923 |
Related Allowance | 7 | 260 |
Average Recorded Investment | 684 | 730 |
Interest Income Recognized | 0 | 0 |
Totals [Abstract] | ||
Related Allowance | 7 | 260 |
Installment loans to individuals | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 91 | 73 |
Unpaid Principal Balance | 91 | 87 |
Average Recorded Investment | 82 | 54 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 247 | 468 |
Unpaid Principal Balance | 278 | 478 |
Related Allowance | 69 | 308 |
Average Recorded Investment | 357 | 419 |
Interest Income Recognized | 0 | 0 |
Totals [Abstract] | ||
Related Allowance | 69 | 308 |
Finance leases | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 0 | |
Unpaid Principal Balance | 0 | |
Average Recorded Investment | 0 | |
Interest Income Recognized | 0 | |
With an allowance recorded [Abstract] | ||
Recorded Investment | 33 | |
Unpaid Principal Balance | 33 | |
Related Allowance | 1 | |
Average Recorded Investment | 17 | |
Interest Income Recognized | 0 | |
Totals [Abstract] | ||
Related Allowance | 1 | |
Total: Commercial | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 4,159 | 6,585 |
Totals [Abstract] | ||
Recorded Investment | 49,057 | 60,162 |
Unpaid Principal Balance | 54,790 | 60,587 |
Related Allowance | 4,159 | 6,585 |
Average Recorded Investment | 54,610 | 53,885 |
Interest Income Recognized | 62 | 105 |
Total: Construction | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 17 | 0 |
Totals [Abstract] | ||
Recorded Investment | 2,416 | 9 |
Unpaid Principal Balance | 2,486 | 9 |
Related Allowance | 17 | 0 |
Average Recorded Investment | 1,213 | 23 |
Interest Income Recognized | 0 | 0 |
Total: Residential | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 7 | 260 |
Totals [Abstract] | ||
Recorded Investment | 1,032 | 1,826 |
Unpaid Principal Balance | 1,032 | 1,826 |
Related Allowance | 7 | 260 |
Average Recorded Investment | 1,429 | 1,864 |
Interest Income Recognized | 0 | 0 |
Total: Consumer | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 69 | 308 |
Totals [Abstract] | ||
Recorded Investment | 338 | 541 |
Unpaid Principal Balance | 369 | 565 |
Related Allowance | 69 | 308 |
Average Recorded Investment | 439 | 473 |
Interest Income Recognized | $ 0 | $ 0 |
Credit Quality of Loans and A37
Credit Quality of Loans and Allowance for Loan Losses - Classes of Loans by Risk Rating (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,235,969 | $ 1,284,082 | $ 1,272,800 |
Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 447,482 | 459,574 | 463,031 |
Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 473,046 | 481,155 | 464,853 |
Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 920,528 | $ 940,729 | |
Percentage of Total Loans | 100.00% | 100.00% | |
Real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 90,088 | $ 100,959 | 96,365 |
Percentage of Total Loans | 100.00% | 100.00% | |
Real estate - residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 155,676 | $ 157,872 | 155,653 |
Percentage of Total Loans | 100.00% | 100.00% | |
Installment loans to individuals | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 63,148 | $ 82,660 | 88,537 |
Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 760 | 1,095 | 1,449 |
Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 5,769 | 767 | $ 2,912 |
Consumer and other commercial, total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 69,677 | $ 84,522 | |
Percentage of Total Loans | 100.00% | 100.00% | |
Pass | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 345,629 | $ 346,246 | |
Pass | Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 421,071 | 420,970 | |
Pass | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 766,700 | $ 767,216 | |
Percentage of Total Loans | 83.29% | 81.56% | |
Pass | Real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 85,295 | $ 100,775 | |
Percentage of Total Loans | 94.68% | 99.82% | |
Pass | Real estate - residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 149,548 | $ 153,403 | |
Percentage of Total Loans | 96.06% | 97.17% | |
Special mention | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 15,321 | $ 22,611 | |
Special mention | Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 8,654 | 23,085 | |
Special mention | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 23,975 | $ 45,696 | |
Percentage of Total Loans | 2.60% | 4.86% | |
Special mention | Real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,834 | $ 0 | |
Percentage of Total Loans | 2.04% | 0.00% | |
Special mention | Real estate - residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,839 | $ 1,181 | |
Percentage of Total Loans | 1.18% | 0.75% | |
Substandard | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 86,523 | $ 90,300 | |
Substandard | Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 43,321 | 37,100 | |
Substandard | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 129,844 | $ 127,400 | |
Percentage of Total Loans | 14.11% | 13.54% | |
Substandard | Real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 2,959 | $ 184 | |
Percentage of Total Loans | 3.28% | 0.18% | |
Substandard | Real estate - residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 4,289 | $ 3,288 | |
Percentage of Total Loans | 2.76% | 2.08% | |
Doubtful | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 9 | $ 417 | |
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 | $ 9 | $ 417 | |
Percentage of Total Loans | 0.00% | 0.04% | |
Performing | Installment loans to individuals | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 62,791 | $ 82,103 | |
Performing | Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 727 | 1,095 | |
Performing | Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 5,769 | 767 | |
Performing | Consumer and other commercial, total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 69,287 | $ 83,965 | |
Percentage of Total Loans | 99.44% | 99.34% | |
Nonperforming | Installment loans to individuals | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 357 | $ 557 | |
Nonperforming | Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 33 | 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 | $ 390 | $ 557 | |
Percentage of Total Loans | 0.56% | 0.66% |
Credit Quality of Loans and A38
Credit Quality of Loans and Allowance for Loan Losses - Schedule of Modified Troubled Debt Restucturings During the Period (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)contract | Sep. 30, 2016USD ($)contract | Sep. 30, 2017USD ($)contract | Sep. 30, 2016USD ($)contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 6 | 4 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ | $ 2,002 | $ 5,515 | ||
Commercial, financial and agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 0 | 6 | 2 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ | $ 18 | $ 0 | $ 2,002 | $ 3,943 |
Real estate – commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 0 | 2 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ | $ 0 | $ 1,572 |
Credit Quality of Loans and A39
Credit Quality of Loans and Allowance for Loan Losses - Schedule of Defaults on Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule of Defaults on Troubled Debt Restructurings [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 18 | $ 0 | $ 18 | $ 5,515 |
Commercial, financial and agricultural | ||||
Schedule of Defaults on Troubled Debt Restructurings [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 18 | 0 | 18 | 3,943 |
Real estate – commercial | ||||
Schedule of Defaults on Troubled Debt Restructurings [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | $ 0 | $ 1,572 |
Credit Quality of Loans and A40
Credit Quality of Loans and Allowance for Loan Losses - Narrative (Details) | 9 Months Ended | |
Sep. 30, 2017USD ($)industry_concentration | Dec. 31, 2016USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | ||
Number of industry segment concentration above threshold limit | industry_concentration | 1 | |
Concentration Risk, Percentage | 10.00% | |
Loans exposure in oil and gas industry | $ 197,800,000 | |
Exposure in the oil and gas industry specified as percentage of total loans | 16.00% | |
Loans with exposure in commercial real estate | $ 537,900,000 | |
Loans on nonaccrual status | $ 51,289,000 | $ 62,580,000 |
Nonaccrual status of loans specified as percentage of total CRE loans | 3.80% | |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | |
Real estate – commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of CRE loans secured by owner-occupied commercial properties | 56.00% | |
Total CRE loans on non-accrual | $ 20,500,000 | |
Loans on nonaccrual status | $ 18,132,000 | $ 28,688,000 |
Intangibles (Details)
Intangibles (Details) - Core Deposit Intangible Assets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 11,674 | $ 11,674 |
Less accumulated amortization | (7,882) | (7,053) |
Net carrying amount | $ 3,792 | $ 4,621 |
Derivatives (Details)
Derivatives (Details) | 9 Months Ended | |
Sep. 30, 2017USD ($)contract | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | ||
Number of Interest Rate Derivatives Held | contract | 2 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | |
Designated as Hedging Instrument | Interest Rate Contract | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 27,500,000 | $ 27,500,000 |
Derivative Asset | $ 855,000 | $ 989,000 |
Derivatives Schedule of Pre-tax
Derivatives Schedule of Pre-tax Effect of Hedging Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative [Line Items] | ||||
Interest expense | $ 1,566 | $ 1,414 | $ 4,543 | $ 4,231 |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | Gains on derivative instruments: | Interest Rate Contract | ||||
Derivative [Line Items] | ||||
Interest expense | (4) | 0 | (4) | 0 |
Designated as Hedging Instrument | Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | Gains on derivative instruments: | Interest Rate Contract | ||||
Derivative [Line Items] | ||||
Interest expense | 4 | 0 | 4 | 0 |
Cash Flow Hedging | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | $ (11) | $ 55 | $ (134) | $ 55 |
Other Comprehensive Income (L44
Other Comprehensive Income (Loss) - Summary of the Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive income, before tax | $ (684) | $ (590) | $ 2,743 | $ 4,252 |
Other Comprehensive Income (Loss), Tax | (240) | (206) | 960 | 1,488 |
Unrealized gains and losses on securities available-for-sale: | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Change in unrealized gains during period | (335) | (645) | 3,224 | 4,217 |
Other Comprehensive Income (Loss) before Reclassifications, Tax | (118) | (225) | 1,128 | 1,476 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (217) | (420) | 2,096 | 2,741 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 338 | 0 | 347 | 20 |
Reclassification from AOCI, Current Period, Tax | 119 | 0 | 121 | 7 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 219 | 0 | 226 | 13 |
Gains on derivative instruments: | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Change in unrealized gains during period | (7) | 55 | (130) | 55 |
Other Comprehensive Income (Loss) before Reclassifications, Tax | (2) | 19 | (46) | 19 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (5) | 36 | (84) | 36 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (4) | (4) | (4) | 0 |
Reclassification from AOCI, Current Period, Tax | 1 | 1 | 1 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (3) | (3) | (3) | 0 |
Total other comprehensive income (loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive income, before tax | (684) | (594) | 2,743 | 4,252 |
Other Comprehensive Income (Loss), Tax | (240) | (207) | 960 | 1,488 |
Other Comprehensive Income (Loss), Net of Tax | $ (444) | $ (387) | $ 1,783 | $ 2,764 |
Other Comprehensive Income (L45
Other Comprehensive Income (Loss) - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on sale of securities, net | $ (338) | $ 0 | $ (347) | $ (20) |
Tax expense | 574 | 993 | (2,058) | 2,986 |
Interest expense | 1,566 | 1,414 | 4,543 | 4,231 |
Net earnings (loss) | 1,666 | 2,398 | (1,257) | 7,240 |
Unrealized gains and losses on securities available-for-sale: | Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax expense | 119 | 0 | 121 | 7 |
Net earnings (loss) | 219 | 0 | 226 | 13 |
Unrealized gains and losses on securities available-for-sale: | Interest Rate Contract | Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on sale of securities, net | (338) | 0 | (347) | (20) |
Gains on derivative instruments: | Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax expense | 1 | 0 | 1 | 0 |
Net earnings (loss) | (3) | 0 | (3) | 0 |
Gains on derivative instruments: | Interest Rate Contract | Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | $ (4) | $ 0 | $ (4) | $ 0 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net earnings available to common shareholders | $ 856 | $ 1,587 | $ (3,689) | $ 5,191 |
Dividends on Series C preferred stock | 0 | 0 | 0 | 0 |
Adjusted net earnings available to common shareholders | $ 856 | $ 1,587 | $ (3,689) | $ 5,191 |
Weighted average number of common shares outstanding used in computation of basic earnings per common share | 16,395 | 11,262 | 13,314 | 11,260 |
Incremental Common Shares Attributable To Conversion of Stock Options | 1 | 1 | ||
Effect of dilutive securities: | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 4 | 0 | ||
Weighted average number of common shares outstanding plus effect of dilutive securities - used in computation of diluted earnings per common share (in shares) | 16,396 | 11,263 | 13,318 | 11,260 |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 236 | 304 | 84 | 309 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 0 | 11 | 0 | 11 |
Shares subject to the outstanding warrant issued in connection with the CPP transaction | ||||
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 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 500 | 507 | 500 | 507 |
Earnings Per Common Share - Nar
Earnings Per Common Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jul. 11, 2017 | |
Earnings Per Share [Abstract] | ||
Number of common share issued pursuant to partial exercise of option granted to underwrite | 516,700 | |
Stock Issued During Period, Shares, New Issues | 4,583,334 | |
Price of stock issued during period | $ 12 | |
Additional proceeds from exercise of option related to common stock issuance | $ 6.2 | |
Gross proceeds from common stock issuance, including exercise of option | 61.2 | |
Net proceeds from common stock issuance, including exercise of option | $ 57.2 |
Fair Value Measurement - On a R
Fair Value Measurement - On a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale securities: | ||
Total available-for-sale securities | $ 326,222 | $ 341,873 |
Recurring | ||
Available-for-sale securities: | ||
Obligations of state and political subdivisions | 23,810 | 29,141 |
GSE mortgage-backed securities | 62,860 | 73,578 |
Collateralized mortgage obligations: residential | 210,209 | 220,202 |
Collateralized mortgage obligations: commercial | 2,472 | 3,082 |
Mutual funds | 2,079 | 2,059 |
Corporate debt securities | 24,792 | 13,811 |
Total available-for-sale securities | 326,222 | 341,873 |
Recurring | Level 1 | ||
Available-for-sale securities: | ||
Obligations of state and political subdivisions | 0 | 0 |
GSE mortgage-backed securities | 0 | 0 |
Collateralized mortgage obligations: residential | 0 | 0 |
Collateralized mortgage obligations: commercial | 0 | 0 |
Mutual funds | 2,079 | 2,059 |
Corporate debt securities | 0 | 0 |
Total available-for-sale securities | 2,079 | 2,059 |
Recurring | Level 2 | ||
Available-for-sale securities: | ||
Obligations of state and political subdivisions | 23,810 | 29,141 |
GSE mortgage-backed securities | 62,860 | 73,578 |
Collateralized mortgage obligations: residential | 210,209 | 220,202 |
Collateralized mortgage obligations: commercial | 2,472 | 3,082 |
Mutual funds | 0 | 0 |
Corporate debt securities | 24,792 | 13,811 |
Total available-for-sale securities | 324,143 | 339,814 |
Recurring | Level 3 | ||
Available-for-sale securities: | ||
Obligations of state and political subdivisions | 0 | 0 |
GSE mortgage-backed securities | 0 | 0 |
Collateralized mortgage obligations: residential | 0 | 0 |
Collateralized mortgage obligations: commercial | 0 | 0 |
Mutual funds | 0 | 0 |
Corporate debt securities | 0 | 0 |
Total available-for-sale securities | 0 | 0 |
Nonrecurring | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 19,561 | 26,956 |
Other real estate | 1,931 | 2,175 |
Assets held for sale | 1,100 | |
Nonrecurring | Level 1 | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 0 | 0 |
Other real estate | 0 | 0 |
Assets held for sale | 0 | |
Nonrecurring | Level 2 | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 0 | 0 |
Other real estate | 0 | 0 |
Assets held for sale | 1,100 | |
Nonrecurring | Level 3 | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 19,561 | 26,956 |
Other real estate | 1,931 | 2,175 |
Assets held for sale | 0 | |
Carrying Value | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 326,222 | 341,873 |
Fair Value | Level 1 | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 2,059 | |
Derivative Asset | 0 | 0 |
Fair Value | Level 2 | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 324,143 | 339,814 |
Derivative Asset | 855 | 989 |
Fair Value | Level 3 | ||
Available-for-sale securities: | ||
Total available-for-sale securities | 0 | 0 |
Derivative Asset | $ 0 | $ 0 |
Fair Value Measurement - By Bal
Fair Value Measurement - By Balance Sheet Grouping and Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Discount for selling costs | 10.00% | ||
Financial assets [Abstract] | |||
Securities available-for-sale | $ 326,222 | $ 326,222 | $ 341,873 |
Securities held-to-maturity | 84,639 | 84,639 | 98,261 |
Financial liabilities [Abstract] | |||
Long-term Federal Home Loan Bank advances | 25,110 | 25,110 | 25,424 |
Carrying Value | |||
Financial assets [Abstract] | |||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 163,123 | 163,123 | 82,228 |
Securities available-for-sale | 326,222 | 326,222 | 341,873 |
Securities held-to-maturity | 83,739 | 83,739 | 98,211 |
Other investments | 12,200 | 12,200 | 11,355 |
Loans, net | 1,210,916 | 1,210,916 | 1,259,710 |
Cash surrender value of life insurance policies | 14,834 | 14,834 | 14,335 |
Financial liabilities [Abstract] | |||
Non-interest-bearing deposits | 428,183 | 428,183 | 414,921 |
Interest-bearing deposits | 1,127,752 | 1,127,752 | 1,164,509 |
Securities sold under agreements to repurchase | 54,875 | 54,875 | 94,461 |
Short-term Federal Home Loan Bank advances | 12,500 | 12,500 | |
Long-term Federal Home Loan Bank advances | 25,110 | 25,110 | 25,424 |
Junior subordinated debentures | 22,167 | 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 | 163,123 | 163,123 | 82,228 |
Securities available-for-sale | 2,059 | ||
Securities held-to-maturity | 0 | 0 | 0 |
Other investments | 12,200 | 12,200 | 11,355 |
Loans, net | 0 | 0 | 0 |
Cash surrender value of life insurance policies | 0 | 0 | 0 |
Derivative Asset | 0 | 0 | 0 |
Financial liabilities [Abstract] | |||
Non-interest-bearing deposits | 0 | 0 | 0 |
Interest-bearing deposits | 0 | 0 | 0 |
Securities sold under agreements to repurchase | 54,875 | 54,875 | 94,461 |
Short-term Federal Home Loan Bank advances | 12,500 | 12,500 | |
Long-term Federal Home Loan Bank advances | 0 | 0 | 0 |
Junior subordinated debentures | 0 | 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 | 0 |
Securities available-for-sale | 324,143 | 324,143 | 339,814 |
Securities held-to-maturity | 84,639 | 84,639 | 98,261 |
Other investments | 0 | 0 | 0 |
Loans, net | 0 | 0 | 0 |
Cash surrender value of life insurance policies | 14,834 | 14,834 | 14,335 |
Derivative Asset | 855 | 855 | 989 |
Financial liabilities [Abstract] | |||
Non-interest-bearing deposits | 428,183 | 428,183 | 414,921 |
Interest-bearing deposits | 936,173 | 936,173 | 1,012,633 |
Securities sold under agreements to repurchase | 0 | 0 | 0 |
Short-term Federal Home Loan Bank advances | 0 | 0 | |
Long-term Federal Home Loan Bank advances | 25,215 | 25,215 | 25,808 |
Junior subordinated debentures | 22,167 | 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 | 0 |
Securities available-for-sale | 0 | 0 | 0 |
Securities held-to-maturity | 0 | 0 | 0 |
Other investments | 0 | 0 | 0 |
Loans, net | 1,212,881 | 1,212,881 | 1,263,089 |
Cash surrender value of life insurance policies | 0 | 0 | 0 |
Derivative Asset | 0 | 0 | 0 |
Financial liabilities [Abstract] | |||
Non-interest-bearing deposits | 0 | 0 | 0 |
Interest-bearing deposits | 190,407 | 190,407 | 150,879 |
Securities sold under agreements to repurchase | 0 | 0 | 0 |
Short-term Federal Home Loan Bank advances | 0 | 0 | |
Long-term Federal Home Loan Bank advances | 0 | 0 | 0 |
Junior subordinated debentures | $ 0 | $ 0 | $ 0 |
Minimum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Period when new appraisals are received | 28 days | ||
Maximum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Period when new appraisals are received | 42 days |
Fair Value Measurement Schedule
Fair Value Measurement Schedule of Significant Observable Inputs Used in Fair Value Measurement of Level 3 Assets (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | $ 19,561 | $ 26,956 |
Other real estate | 1,931 | 2,175 |
Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 19,561 | 26,956 |
Other real estate | $ 1,931 | 2,175 |
Impaired Loans Fair Value Disclosure Nonrecurring | 26,956 | |
Other Real Estate Fair Value Disclosure Nonrecurring | $ 2,175 |