Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 10, 2018 | |
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 | 16,603,511 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks, including required reserves of $7,991 and $6,741, respectively | $ 18,037 | $ 34,775 |
Interest-bearing deposits in banks | 192,130 | 114,839 |
Federal funds sold | 1,319 | 3,350 |
Securities available-for-sale, at fair value (cost of $301,411 at March 31, 2018 and $312,584 at December 31, 2017) | 293,970 | 309,191 |
Securities held-to-maturity (fair value of $72,307 at March 31, 2018 and $80,920 at December 31, 2017) | 73,255 | 81,052 |
Other investments | 12,896 | 12,214 |
Loans held for sale | 1,117 | 15,737 |
Loans | 1,137,255 | 1,183,426 |
Allowance for loan losses | (25,371) | (26,888) |
Loans, net | 1,111,884 | 1,156,538 |
Bank premises and equipment, net | 57,848 | 59,057 |
Accrued interest receivable | 7,887 | 8,283 |
Goodwill | 42,171 | 42,171 |
Intangibles | 3,238 | 3,515 |
Cash surrender value of life insurance | 14,948 | 14,896 |
Other real estate | 1,803 | 2,001 |
Assets held for sale | 3,995 | 3,995 |
Other assets | 21,257 | 19,538 |
Total assets | 1,857,755 | 1,881,152 |
Deposits: | ||
Non-interest-bearing | 427,504 | 416,547 |
Interest-bearing | 1,076,433 | 1,063,142 |
Total deposits | 1,503,937 | 1,479,689 |
Securities sold under agreements to repurchase | 33,026 | 67,133 |
Short-term Federal Home Loan Bank advances | 27,500 | 40,000 |
Long-term Federal Home Loan Bank advances | 10,016 | 10,021 |
Junior subordinated debentures | 22,167 | 22,167 |
Other liabilities | 10,272 | 8,127 |
Total liabilities | 1,606,918 | 1,627,137 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock, $0.10 par value; 30,000,000 shares authorized, 16,621,811 and 16,548,829 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 1,662 | 1,655 |
Additional paid-in capital | 168,765 | 168,412 |
Unearned ESOP shares | (906) | (937) |
Accumulated other comprehensive loss | (4,782) | (1,828) |
Retained earnings | 45,111 | 45,726 |
Total shareholders’ equity | 250,837 | 254,015 |
Total liabilities and shareholders’ equity | 1,857,755 | 1,881,152 |
Series B Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock | 32,000 | 32,000 |
Series C Preferred stock | ||
Shareholders’ equity: | ||
Preferred stock | $ 8,987 | $ 8,987 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks, reserves | $ 7,991 | $ 6,741 |
Securities available-for-sale, at cost | 301,411 | 312,584 |
Securities held-to-maturity, at fair value | $ 72,307 | $ 80,920 |
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) | 16,621,811 | 16,548,829 |
Common stock, outstanding (in shares) | 16,621,811 | 16,548,829 |
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 | 89,875 |
Preferred stock, outstanding (in shares) | 89,875 | 89,875 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest income: | ||
Loans, including fees | $ 16,015 | $ 16,622 |
Securities and other investments: | ||
Taxable | 2,047 | 2,327 |
Nontaxable | 316 | 407 |
Federal funds sold | 18 | 6 |
Time and interest bearing deposits in other banks | 514 | 85 |
Other investments | 87 | 84 |
Total interest income | 18,997 | 19,531 |
Interest expense: | ||
Deposits | 1,238 | 935 |
Securities sold under agreements to repurchase | 40 | 234 |
Short-term FHLB advances | 84 | 0 |
Long-term FHLB advances | 45 | 88 |
Junior subordinated debentures | 220 | 208 |
Total interest expense | 1,627 | 1,465 |
Net interest income | 17,370 | 18,066 |
Provision for loan losses | 0 | 2,800 |
Net interest income after provision for loan losses | 17,370 | 15,266 |
Non-interest income: | ||
Service charges on deposits | 2,206 | 2,480 |
Gain on sale of securities, net | 0 | 6 |
ATM and debit card income | 1,784 | 1,703 |
Other charges and fees | 839 | 855 |
Total non-interest income | 4,829 | 5,044 |
Non-interest expenses: | ||
Salaries and employee benefits | 7,719 | 8,689 |
Occupancy expense | 3,190 | 3,624 |
ATM and debit card expense | 576 | 721 |
Data Processing | 665 | 621 |
FDIC insurance | 430 | 397 |
Legal and Professional Fees | 5,703 | 385 |
Loss on transfer of loans to held for sale | 875 | 0 |
Other | 2,715 | 2,793 |
Total non-interest expenses | 21,873 | 17,230 |
Income before income tax expense (benefit) | 326 | 3,080 |
Income tax (benefit) expense | (34) | 589 |
Net earnings | 360 | 2,491 |
Dividends on preferred stock | 810 | 811 |
Net (loss) earnings available to common shareholders | $ (450) | $ 1,680 |
(Loss) earnings per share: | ||
Basic (in dollars per share) | $ (0.03) | $ 0.15 |
Diluted (in dollars per share) | $ (0.03) | $ 0.15 |
Weighted average number of shares outstanding: | ||
Basic (in shares) | 16,495 | 11,264 |
Diluted (in shares) | 16,500 | 11,282 |
Dividends declared per common share (in dollars per share) | $ 0.01 | $ 0.09 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 360 | $ 2,491 |
Unrealized (losses) gains on securities available-for-sale: | ||
Unrealized holding (losses) gains arising during the year | (4,048) | 820 |
Less: reclassification adjustment for gains on sales of securities available-for-sale | 0 | (6) |
Net change in unrealized (losses) gains on securities available-for-sale | (4,048) | 814 |
Unrealized gain on derivative instruments designated as cash flow hedges: | ||
Unrealized holding gains on derivatives arising during the period | 349 | 13 |
Less: reclassification adjustment for gains on derivative instruments | (40) | 0 |
Net change in unrealized gain on derivative instruments | 309 | 13 |
Total other comprehensive (loss) income, before tax | (3,739) | 827 |
Income tax effect related to items of other comprehensive (loss) income | 785 | (290) |
Total other comprehensive (loss) income, net of tax | (2,954) | 537 |
Total comprehensive (loss) income | $ (2,594) | $ 3,028 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Unearned ESOP Shares | Accumulated Other Comprehensive Loss | Retained Earnings |
Beginning balance at Dec. 31, 2017 | $ (254,015) | $ (40,987) | $ (1,655) | $ (168,412) | $ 937 | $ 1,828 | $ (45,726) |
Beginning balance (in shares) at Dec. 31, 2017 | 121,875 | 16,548,829 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 360 | 360 | |||||
Dividends on Series B and Series C preferred stock | (810) | (810) | |||||
Dividends on common stock, $0.01 per share | (165) | (165) | |||||
Restricted stock grant (in shares) | 52,278 | ||||||
Restricted stock grant | $ 5 | (5) | |||||
Restricted stock forfeitures (in shares) | (12,375) | ||||||
Restricted stock forfeitures | $ (1) | 1 | |||||
ESOP shares released for allocation | 31 | 31 | |||||
ESOP compensation expense | 10 | 10 | |||||
Exercise of stock options | 429 | $ 3 | 426 | ||||
Exercise of stock options (in shares) | 33,079 | ||||||
Stock option and restricted stock compensation expense | (79) | (79) | |||||
Change in accumulated other comprehensive loss | (2,954) | (2,954) | |||||
Ending balance at Mar. 31, 2018 | $ (250,837) | $ 40,987 | $ (1,662) | $ (168,765) | $ 906 | $ 4,782 | $ (45,111) |
Ending balance (in shares) at Mar. 31, 2018 | 121,875 | 16,621,811 |
Consolidated Statement of Shar7
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on common stock (in dollars per share) | $ 0.01 | $ 0.09 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net earnings | $ 360 | $ 2,491 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 1,205 | 1,493 |
Accretion of purchase accounting adjustments | 162 | 2 |
Provision for loan losses | 0 | 2,800 |
Deferred tax expense (benefit) | 1,614 | (222) |
Amortization of premiums on securities, net | 705 | 686 |
Stock-based compensation expense | (79) | 81 |
Net excess tax benefit from stock-based compensation | 18 | 333 |
ESOP compensation expense | 10 | 27 |
Net gain on sale of investment securities | 0 | (6) |
Proceeds from Sale of Loans Held-for-sale | 14,514 | 0 |
Net gain on sale of other real estate owned | (1) | (8) |
Net write down of other real estate owned | 48 | 23 |
Loss on transfer of loans to held for sale | 875 | 0 |
Net loss (gain) on sale/disposal of premises and equipment | 55 | (12) |
Change in accrued interest receivable | 396 | 60 |
Change in accrued interest payable | (28) | (11) |
Change in other assets & other liabilities, net | (136) | 510 |
Net cash provided by operating activities | 19,718 | 8,247 |
Cash flows from investing activities: | ||
Proceeds from maturities and calls of securities available-for-sale | 12,272 | 14,631 |
Proceeds from maturities and calls of securities held-to-maturity | 7,583 | 5,865 |
Proceeds from sale of securities available-for-sale | 410 | 6,462 |
Proceeds from sale of security held-to-maturity | 0 | 887 |
Purchases of securities available-for-sale | (2,000) | (36,672) |
Purchases of other investments | (682) | (7) |
Net change in loans | 44,026 | 9,687 |
Purchases of premises and equipment | (275) | (887) |
Proceeds from sale of premises and equipment | 224 | 144 |
Proceeds from sale of other real estate owned | 151 | 612 |
Net cash provided by investing activities | 61,709 | 722 |
Cash flows from financing activities: | ||
Change in deposits | 24,248 | (6,486) |
Change in securities sold under agreements to repurchase | (34,107) | (4,654) |
Borrowings on Federal Home Loan Bank advances | 82,500 | 0 |
Repayments of Federal Home Loan Bank advances | (95,000) | (17) |
Proceeds from exercise of stock options | 429 | 266 |
Payment of dividends on preferred stock | (810) | (811) |
Payment of dividends on common stock | (165) | (1,024) |
Net cash used by financing activities | (22,905) | (12,726) |
Net increase (decrease) in cash and cash equivalents | 58,522 | (3,757) |
Cash and cash equivalents, beginning of period | 152,964 | 82,228 |
Cash and cash equivalents, end of period | 211,486 | 78,471 |
Supplemental cash flow information: | ||
Interest paid | 1,654 | 1,476 |
Income taxes paid | 0 | 0 |
Noncash investing and financing activities: | ||
Transfer of loans to other real estate | 0 | 95 |
Transfer of loans to held for sale | 221 | 0 |
Change in accrued common stock dividends | 1 | 1 |
Change in unrealized gains/losses on securities available-for-sale, net of tax | (3,198) | 529 |
Change in unrealized gains on derivative instruments, net of tax | 244 | 8 |
Net change in loan to ESOP | $ 31 | $ 109 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 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 2017 Annual Report on Form 10-K. The results of operations for the three -month period ended March 31, 2018 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 2017 Annual Report on Form 10-K. Recent Accounting Pronouncements — ASU 2018-03, Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities was issued to clarify certain aspects of the guidance on recognizing and measuring financial assets and liabilities in ASU 2016-01: • Clarification regarding the ability to discontinue application of the measurement alternative for equity securities without a readily determinable fair value • Clarification of the measurement date for fair value adjustments to the carrying amount of equity securities without a readily determinable fair value for which the measurement alternative is elected • Clarification of the unit of account for fair value adjustments to forward contracts and purchased options on equity securities without a readily determinable fair value for which the measurement alternative is expected to be elected • Presentation requirements for certain hybrid financial liabilities for which the fair value option is elected • Measurement of financial liabilities denominated in a foreign currency for which the fair value option is elected • Transition guidance for equity securities without a readily determinable fair value The effective date of this Update is for fiscal years beginning on or after December 15, 2017 and for interim periods within those fiscal years beginning after June 15, 2018. Public business entities with fiscal years beginning between December 15, 2017 and June 15, 2018 are not required to adopt the amendments until interim periods beginning after June 15, 2018. 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. Adoption of New Accounting Standards — In May 2014, the FASB issued ASU 2014-09 - Revenue from Contracts with Customers , which created a new principle-based framework to determine when and how an entity recognizes revenue from its customer contracts. FASB has established a core principle for recognizing revenue within the new rules, which states that revenue should only be recorded when services are provided or goods are transferred to customers at the agreed price. The majority of our revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as our loans, letters of credit and investment securities, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Description of our revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our income statements as components of non-interest income are as follows: • Service charges on deposits - We collect service charges on most of our non-maturity deposits accounts on a monthly basis. Our fee earned is collected monthly when a particular cycle for a non-maturity deposit account closes. Each cycle is monthly and the fee earned is for our service for the month just closed. Our performance obligations are to process transactions, pay interest (on interest-bearing accounts), collect deposits, and allow access to on-line banking applications and other services ancillary to a banking relationship. Each month when our fee is charged, our obligation is complete. The contract-relationship is a month to month obligation - i.e. our obligation to perform these services would end if the customer closes their deposit account with MidSouth. • ATM and debit card income - ATM fees primarily consist of surcharges assessed to our customers for using a non-Bank ATM or a non-Bank customer using our ATM. Debit card income represents revenues earned from interchange fees, which are earned on debit card transactions conducted with payment networks. Such fees are generally recognized concurrently with the delivery of services on a daily basis. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The portfolio of investment securities consisted of the following (in thousands): March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 20,943 $ 75 $ 825 $ 20,193 GSE mortgage-backed securities 55,926 561 976 55,511 Collateralized mortgage obligations: residential 194,647 103 6,743 188,007 Collateralized mortgage obligations: commercial 2,230 — 47 2,183 Mutual funds 2,100 — 74 2,026 Corporate debt securities 25,565 579 94 26,050 $ 301,411 $ 1,318 $ 8,759 $ 293,970 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 23,042 $ 209 $ 442 $ 22,809 GSE mortgage-backed securities 58,620 825 321 59,124 Collateralized mortgage obligations: residential 202,573 90 4,508 198,155 Collateralized mortgage obligations: commercial 2,274 — 34 2,240 Mutual funds 2,100 — 39 2,061 Corporate debt securities 23,975 837 10 24,802 $ 312,584 $ 1,961 $ 5,354 $ 309,191 March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 30,550 $ 162 $ 113 $ 30,599 GSE mortgage-backed securities 33,930 — 598 33,332 Collateralized mortgage obligations: residential 7,120 — 387 6,733 Collateralized mortgage obligations: commercial 1,655 — 12 1,643 $ 73,255 $ 162 $ 1,110 $ 72,307 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 35,908 $ 265 $ 22 $ 36,151 GSE mortgage-backed securities 35,751 171 219 35,703 Collateralized mortgage obligations: residential 7,450 — 321 7,129 Collateralized mortgage obligations: commercial 1,943 — 6 1,937 $ 81,052 $ 436 $ 568 $ 80,920 With the exception of one private-label collateralized mortgage obligations (“CMOs”) with a balance remaining of $7,000 at March 31, 2018 , 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 March 31, 2018 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 $ — $ — Due after one year through five years 7,124 7,116 Due after five years through ten years 43,042 43,443 Due after ten years 249,145 241,385 $ 299,311 $ 291,944 Amortized Cost Fair Value Held-to-maturity: Due in one year or less $ 1,392 $ 1,389 Due after one year through five years 5,061 5,023 Due after five years through ten years 45,316 44,731 Due after ten years 21,486 21,164 $ 73,255 $ 72,307 Details concerning investment securities with unrealized losses are as follows (in thousands): March 31, 2018 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Available-for-sale: Obligations of state and political subdivisions $ 1,622 $ 28 $ 12,343 $ 797 $ 13,965 $ 825 GSE mortgage-backed securities 35,985 791 5,568 185 41,553 976 Collateralized mortgage obligations: residential 54,829 1,208 130,399 5,535 185,228 6,743 Collateralized mortgage obligations: commercial — — 2,183 47 2,183 47 Mutual funds 2,026 74 — — 2,026 74 Corporate debt securities 4,496 94 — — 4,496 94 $ 98,958 $ 2,195 $ 150,493 $ 6,564 $ 249,451 $ 8,759 December 31, 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 $ 596 $ 5 $ 12,716 $ 437 $ 13,312 $ 442 GSE mortgage-backed securities 29,725 224 5,858 97 35,583 321 Collateralized mortgage obligations: residential 57,665 548 137,598 3,960 195,263 4,508 Collateralized mortgage obligations: commercial — — 2,240 34 2,240 34 Mutual funds 2,061 39 — — 2,061 39 Corporate debt securities 2,990 10 — — 2,990 10 $ 93,037 $ 826 $ 158,412 $ 4,528 $ 251,449 $ 5,354 March 31, 2018 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 $ 9,893 $ 113 $ — $ — $ 9,893 $ 113 GSE mortgage-backed securities $ 28,673 $ 380 $ 4,658 $ 218 $ 33,331 $ 598 Collateralized mortgage obligations: residential $ — $ — $ 6,734 $ 387 $ 6,734 $ 387 Collateralized mortgage obligations: commercial 1,643 12 — — 1,643 12 $ 40,209 $ 505 $ 11,392 $ 605 $ 51,601 $ 1,110 December 31, 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: Obligations of state and political subdivisions $ 6,340 $ 22 $ — $ — $ 6,340 $ 22 GSE mortgage-backed securities 11,201 89 4,961 130 16,162 219 Collateralized mortgage obligations: residential — — 7,129 321 7,129 321 Collateralized mortgage obligations: commercial 1,937 6 — — 1,937 6 $ 19,478 $ 117 $ 12,090 $ 451 $ 31,568 $ 568 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 March 31, 2018 , 106 securities had unrealized losses totaling 3.17% of the individual securities’ amortized cost basis and 2.63% of the Company’s total amortized cost basis. Of the 106 securities, 45 had been in an unrealized loss position for over twelve months at March 31, 2018 . These 45 securities had an amortized cost basis and unrealized loss of $169.1 million and $7.2 million , respectively. The unrealized losses on debt securities at March 31, 2018 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 March 31, 2018 , 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 March 31, 2018 . During the three months ended March 31, 2018 , the Company sold 1 security classified as available-for-sale. The security was sold at book value; therefore, no gain or loss was recorded on the transaction. During the three months ended March 31, 2017 , the Company sold 10 securities classified as available-for-sale and 1 security classified as held-to-maturity. Of the available-for-sale securities, 7 securities were sold with gains totaling $108,000 and 3 securities were sold at a loss of $109,000 for a net loss of $1,000 . 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. Securities with an aggregate carrying value of approximately $187.0 million and $177.9 million at March 31, 2018 and December 31, 2017 , 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 | 3 Months Ended |
Mar. 31, 2018 | |
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): March 31, 2018 December 31, 2017 Commercial, financial and agricultural $ 401,048 $ 435,207 Real estate – construction 94,679 90,287 Real estate – commercial 438,779 448,406 Real estate – residential 145,671 146,751 Installment loans to individuals 50,888 56,398 Lease financing receivable 692 732 Other 5,498 5,645 1,137,255 1,183,426 Less allowance for loan losses (25,371 ) (26,888 ) $ 1,111,884 $ 1,156,538 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 March 31, 2018 , 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 $172.8 million , or 15.2% of total loans. Additionally, the Company’s exposure to loans secured by commercial real estate is monitored. At March 31, 2018 , loans secured by commercial real estate (including commercial construction, farmland and multifamily loans) totaled approximately $502.5 million , 54% of which are secured by owner-occupied commercial properties. Of the $502.5 million in loans secured by commercial real estate, $26.2 million , or 5.2% , were on nonaccrual status at March 31, 2018 . 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 three months ended March 31, 2018 and 2017 is as follows (in thousands): March 31, 2018 Real Estate Coml, Fin, and Agric Construction Commercial Residential Installment loans to individuals Lease financing receivable Other Total Allowance for loan losses: Beginning balance $ 20,577 $ 596 $ 3,893 $ 837 $ 957 $ 3 $ 25 $ 26,888 Charge-offs (1,524 ) (2 ) (86 ) (3 ) (221 ) — — (1,836 ) Recoveries 276 — 6 1 36 — — 319 Provision (264 ) 159 (106 ) 64 146 — 1 — Ending balance $ 19,065 $ 753 $ 3,707 $ 899 $ 918 $ 3 $ 26 $ 25,371 Ending balance: individually evaluated for impairment $ 5,968 $ 94 $ 76 $ 20 $ 6 $ — $ — $ 6,164 Ending balance: collectively evaluated for impairment $ 13,097 $ 659 $ 3,631 $ 879 $ 912 $ 3 $ 26 $ 19,207 Loans: Ending balance $ 401,048 $ 94,679 $ 438,779 $ 145,671 $ 50,888 $ 692 $ 5,498 $ 1,137,255 Ending balance: individually evaluated for impairment $ 55,092 $ 192 $ 26,005 $ 2,088 $ 50 $ — $ — $ 83,427 Ending balance: collectively evaluated for impairment $ 345,956 $ 94,487 $ 412,774 $ 143,583 $ 50,838 $ 692 $ 5,498 $ 1,053,828 March 31, 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 (1,705 ) — (823 ) (117 ) (261 ) — — (2,906 ) Recoveries 154 — 10 90 58 — — 312 Provision 3,832 (321 ) (238 ) (249 ) (222 ) (2 ) — 2,800 Ending balance $ 18,338 $ 264 $ 4,333 $ 664 $ 970 $ 3 $ 6 $ 24,578 Ending balance: individually evaluated for impairment $ 4,173 $ 9 $ 1,656 $ 217 $ 160 $ — $ — $ 6,215 Ending balance: collectively evaluated for impairment $ 14,165 $ 255 $ 2,677 $ 447 $ 810 $ 3 $ 6 $ 18,363 Loans: Ending balance $ 469,815 $ 100,248 $ 464,859 $ 159,426 $ 75,258 $ 969 $ 1,425 $ 1,272,000 Ending balance: individually evaluated for impairment $ 35,346 $ 26 $ 20,623 $ 1,956 $ 487 $ — $ — $ 58,438 Ending balance: collectively evaluated for impairment $ 434,469 $ 100,222 $ 443,802 $ 157,401 $ 74,771 $ 969 $ 1,425 $ 1,213,059 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 434 $ 69 $ — $ — $ — $ 503 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): March 31, 2018 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 $ 2,235 $ 3,156 $ 12,816 $ 18,207 $ 382,841 $ 401,048 $ 1 Real estate - construction 927 1,179 192 2,298 92,381 94,679 — Real estate - commercial 5,681 6,079 11,330 23,090 415,689 438,779 — Real estate - residential 657 1,137 1,187 2,981 142,690 145,671 — Installment loans to individuals 202 125 50 377 50,511 50,888 — Lease financing receivable — — — — 692 692 — Other loans 65 16 — 81 5,417 5,498 — $ 9,767 $ 11,692 $ 25,575 $ 47,034 $ 1,090,221 $ 1,137,255 $ 1 December 31, 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 $ 1,195 $ 1,893 $ 14,847 $ 17,935 $ 417,272 $ 435,207 $ 545 Real estate - construction 616 — 190 806 89,481 90,287 125 Real estate - commercial 5,889 6,402 4,163 16,454 431,952 448,406 58 Real estate - residential 1,065 235 559 1,859 144,892 146,751 — Installment loans to individuals 276 32 34 342 56,056 56,398 — Lease financing receivable — — — — 732 732 — Other loans — — — — 5,645 5,645 — $ 9,041 $ 8,562 $ 19,793 $ 37,396 $ 1,146,030 $ 1,183,426 $ 728 Non-accrual loans are as follows (in thousands): March 31, 2018 December 31, 2017 Commercial, financial, and agricultural $ 53,939 $ 37,418 Real estate - construction 192 66 Real estate - commercial 26,006 11,128 Real estate - residential 2,088 618 Installment loans to individuals 50 48 Lease financing receivable — — Other — — $ 82,275 $ 49,278 The amount of interest that would have been recorded on non-accrual loans, had the loans not been classified as non-accrual, totaled approximately $1.5 million and $931,000 for the three months ended March 31, 2018 and 2017 , respectively. Interest actually received on non-accrual loans subsequent to their transfer to non-accrual status totaled $68,000 and $244,000 for the three months ended March 31, 2018 and 2017 , 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. March 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 44,445 $ 50,416 $ — $ 34,552 $ 18 Real estate - construction — — — — — Real estate - commercial 25,250 27,514 — 17,861 — Real estate - residential 1,400 1,400 — 851 — Installment loans to individuals 24 24 — 12 — Finance leases — — — — — Subtotal: 71,119 79,354 — 53,276 18 With an allowance recorded: Commercial, financial, and agricultural 10,647 10,802 5,968 12,383 — Real estate - construction 192 192 94 129 — Real estate - commercial 755 755 76 706 — Real estate - residential 688 688 20 502 — Installment loans to individuals 26 26 6 37 — Finance leases — — — — — Subtotal: 12,308 12,463 6,164 13,757 — Totals: Commercial 81,097 89,487 6,044 65,502 18 Construction 192 192 94 129 — Residential 2,088 2,088 20 1,353 — Consumer 50 50 6 49 — Grand total: $ 83,427 $ 91,817 $ 6,164 $ 67,033 $ 18 December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 24,659 $ 30,630 $ — $ 19,880 $ 90 Real estate - construction — — — 5 — Real estate - commercial 10,471 11,965 — 11,590 — Real estate - residential 302 302 — 602 — Installment loans to individuals — — — 37 — Subtotal: 35,432 42,897 — 32,114 90 With an allowance recorded: Commercial, financial, and agricultural 14,119 14,150 7,197 15,245 1 Real estate - construction 66 136 23 33 — Real estate - commercial 657 657 131 8,318 — Real estate - residential 316 316 5 620 — Installment loans to individuals 48 50 14 258 — Subtotal: 15,206 15,309 7,370 24,474 1 Totals: Commercial 49,906 57,402 7,328 55,033 91 Construction 66 136 23 38 — Residential 618 618 5 1,222 — Consumer 48 50 14 295 — Grand total: $ 50,638 $ 58,206 $ 7,370 $ 56,588 $ 91 Credit Quality The Company manages credit risk by observing written underwriting standards and the 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): March 31, 2018 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, Real estate - commercial Total % of Total Pass $ 326,697 $ 393,327 $ 720,024 85.73 % Special mention 8,718 5,798 14,516 1.73 % Substandard 65,633 39,654 105,287 12.54 % $ 401,048 $ 438,779 $ 839,827 100.00 % Construction Credit Exposure Credit Risk Profile by Real estate - construction % of Total Pass $ 92,978 98.20 % Special mention 167 0.18 % Substandard 1,534 1.62 % $ 94,679 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Real estate - residential % of Total Pass $ 140,883 96.71 % Special mention 854 0.59 % Substandard 3,934 2.70 % $ 145,671 100.00 % Consumer and Other Credit Exposure Credit Risk Profile Based on Payment Activity Installment loans to individuals Lease financing receivable Other Total % of Total Performing $ 50,837 $ 692 $ 5,498 $ 57,027 99.91 % Nonperforming 51 — — 51 0.09 % $ 50,888 $ 692 $ 5,498 $ 57,078 100.00 % December 31, 2017 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, Real estate - commercial Total % of Total Pass $ 358,373 $ 411,280 $ 769,653 87.10 % Special mention 9,687 3,823 13,510 1.53 % Substandard 67,147 33,303 100,450 11.37 % $ 435,207 $ 448,406 $ 883,613 100.00 % Construction Credit Exposure Credit Risk Profile by Real estate - construction % Pass $ 89,323 98.93 % Special mention 600 0.66 % Substandard 364 0.40 % $ 90,287 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Real estate - residential % of Total Pass $ 144,250 98.30 % Special mention 1,233 0.84 % Substandard 1,268 0.86 % $ 146,751 100.00 % Consumer and Other Credit Exposure Credit Risk Profile Based on Payment Activity Installment loans to individuals Lease financing receivable Other Total % of Total Performing $ 56,041 $ 699 $ 5,645 $ 62,385 99.38 % Nonperforming 357 33 — 390 0.62 % $ 56,398 $ 732 $ 5,645 $ 62,775 100.00 % 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 (in thousands): Three months ended March 31, 2018 March 31, 2017 Number of loans Pre-modification recorded investment Number of loans Pre-modification recorded investment Commercial, financial and agricultural — $ — 1 $ 1,984 During the three month periods ending March 31, 2018 and 2017 , there were no defaults on any loans that were modified as TDRs during the preceding twelve 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. 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 March 31, 2018 , there were no commitments to lend additional funds to debtors owing sums to the Company whose terms have been modified in TDRs. |
Intangibles
Intangibles | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles A summary of core deposit intangible assets as of March 31, 2018 and December 31, 2017 is as follows (in thousands): March 31, 2018 December 31, 2017 Gross carrying amount $ 11,674 $ 11,674 Less accumulated amortization (8,436 ) (8,159 ) Net carrying amount $ 3,238 $ 3,515 |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2018 | |
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 three months ended March 31, 2018 . 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 (Loss) Income . The following table discloses the notional amounts and fair value of derivative instruments in the Company's balance sheet as of March 31, 2018 and December 31, 2017 (in thousands): Notional Amounts Fair Value Type of Hedge March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Derivatives designated as hedging instruments: Interest rate swaps included in other assets Cash Flow $ 27,500 $ 27,500 $ 1,387 $ 1,078 The following tables present the pre-tax effect of hedging derivative instruments on the Company's consolidated statements of operations: Amount of Gain Recognized in OCI on Derivative (Effective Portion) Location of Gain Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain Reclassified from Accumulated OCI into Income (Effective Portion) Three Months Ended March 31, Three Months Ended March 31, 2018 2017 2018 2017 Interest rate swaps 309 13 Interest Expense 40 — |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Other Comprehensive (Loss) Income | Other Comprehensive (Loss) Income The following is a summary of the tax effects allocated to each component of other comprehensive (loss) income (in thousands): Three Months Ended March 31, 2018 2017 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount Other comprehensive (loss) income: Securities available-for-sale: Change in unrealized gains/losses during period $ (4,048 ) $ 850 $ (3,198 ) $ 820 $ (287 ) $ 533 Reclassification adjustment for gains included in net income — — — (6 ) 2 (4 ) Derivative instruments designated as cash flow hedges: Change in fair value of derivative instruments designated as cash flow hedges 349 (73 ) 276 13 (5 ) 8 Reclassification adjustment for gains included in net income (40 ) 8 (32 ) — — — Total other comprehensive (loss) income $ (3,739 ) $ 785 $ (2,954 ) $ 827 $ (290 ) $ 537 The reclassifications out of accumulated other comprehensive (loss) income into net income are presented below (in thousands): Three Months Ended March 31, 2018 2017 Details about Accumulated Other Comprehensive (Loss) Income Components Reclassifications Out of Accumulated Other Comprehensive (Loss) Income Income Statement Line Item Reclassifications Out of Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ — Gain on sale of securities, net $ (6 ) Gain on sale of securities, net — Tax expense 2 Tax expense $ — Net of tax $ (4 ) Net of tax Gains on derivative instruments: $ (40 ) Interest expense $ — Interest expense 8 Tax expense — Tax expense $ (32 ) Net of tax $ — Net of tax |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 2017 Net (loss) earnings available to common shareholders $ (450 ) $ 1,680 Dividends on Series C preferred stock — — Adjusted net earnings available to common shareholders $ (450 ) $ 1,680 Weighted average number of common shares outstanding used in computation of basic earnings per common share 16,495 11,264 Effect of dilutive securities: Stock options 5 14 Restricted stock — 4 Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share 16,500 11,282 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 March 31, 2018 2017 Stock options 43 84 Restricted stock — 4 Shares subject to the outstanding warrant issued in connection with the CPP transaction 104 104 Convertible preferred stock — 507 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 Description March 31, 2018 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 20,193 $ — $ 20,193 $ — GSE mortgage-backed securities 55,511 — 55,511 — Collateralized mortgage obligations: residential 188,007 — 188,007 — Collateralized mortgage obligations: commercial 2,183 — 2,183 — Mutual funds 2,026 2,026 — — Corporate debt securities 26,050 — 26,050 — Total available-for-sale securities $ 293,970 $ 2,026 $ 291,944 $ — Derivative assets $ 1,387 $ — $ 1,387 $ — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2017 Description December 31, 2017 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 22,809 $ — $ 22,809 $ — GSE mortgage-backed securities 59,124 — 59,124 — Collateralized mortgage obligations: residential 198,155 — 198,155 — Collateralized mortgage obligations: commercial 2,240 — 2,240 — Mutual funds 2,061 2,061 — — Corporate debt securities 24,802 — 24,802 — Total available-for-sale securities $ 309,191 $ 2,061 $ 307,130 $ — Derivative assets $ 1,078 $ — $ 1,078 $ — 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 March 31, 2018 Description March 31, 2018 Level 1 Level 2 Level 3 Impaired loans $ 13,758 $ — $ — $ 13,758 Loans held for sale 1,117 — 1,117 — Other real estate 1,803 — — 1,803 Assets held for sale 3,995 — 3,995 — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2017 Description December 31, 2017 Level 1 Level 2 Level 3 Impaired loans $ 10,227 $ — $ — $ 10,227 Loans held for sale 15,737 — 15,737 — Other real estate 2,001 — — 2,001 Assets held for sale 3,572 — 3,572 — The following table shows the significant unobservable inputs used in the fair value measurement of Level 3 assets: Fair Value at Description March 31, 2018 Technique Unobservable Inputs Impaired loans $ 13,758 Third party appraisals Collateral discounts and estimated costs to sell Other real estate 1,803 Third party appraisals Collateral discounts and estimated costs to sell Fair Value at Description December 31, 2017 Technique Unobservable Inputs Impaired loans $ 10,227 Third party appraisals Collateral discounts and estimated costs to sell Other real estate 2,001 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 March 31, 2018 and December 31, 2017 (in thousands): Fair Value Measurements at March 31, 2018 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 $ 211,486 $ 211,486 $ — $ — Securities held-to-maturity 73,255 — 72,307 — Other investments 12,896 12,896 — — Loans, net 1,111,884 — — 1,115,895 Cash surrender value of life insurance policies 14,948 — 14,948 — Financial liabilities: Non-interest-bearing deposits 427,504 — 427,504 — Interest-bearing deposits 1,076,433 — 901,846 171,757 Securities sold under agreements to repurchase 33,026 33,026 — — Short-term Federal Home Loan Bank advances 27,500 27,500 — — Long-term Federal Home Loan Bank advances 10,016 — 9,991 — Junior subordinated debentures 22,167 — 22,167 — Fair Value Measurements at December 31, 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 $ 152,964 $ 152,964 $ — $ — Securities held-to-maturity 81,052 — 80,920 — Other investments 12,214 12,214 — — Loans, net 1,156,538 — — 1,160,614 Cash surrender value of life insurance policies 14,896 — 14,896 — Financial liabilities: Non-interest-bearing deposits 416,547 — 416,547 — Interest-bearing deposits 1,063,142 — 881,139 179,910 Securities sold under agreements to repurchase 67,133 67,133 — — Short-term Federal Home Loan Bank advances 40,000 40,000 — — Long-term Federal Home Loan Bank advances 10,021 — 10,011 — Junior subordinated debentures 22,167 — 22,167 — |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 2017 Annual Report on Form 10-K. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — ASU 2018-03, Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities was issued to clarify certain aspects of the guidance on recognizing and measuring financial assets and liabilities in ASU 2016-01: • Clarification regarding the ability to discontinue application of the measurement alternative for equity securities without a readily determinable fair value • Clarification of the measurement date for fair value adjustments to the carrying amount of equity securities without a readily determinable fair value for which the measurement alternative is elected • Clarification of the unit of account for fair value adjustments to forward contracts and purchased options on equity securities without a readily determinable fair value for which the measurement alternative is expected to be elected • Presentation requirements for certain hybrid financial liabilities for which the fair value option is elected • Measurement of financial liabilities denominated in a foreign currency for which the fair value option is elected • Transition guidance for equity securities without a readily determinable fair value The effective date of this Update is for fiscal years beginning on or after December 15, 2017 and for interim periods within those fiscal years beginning after June 15, 2018. Public business entities with fiscal years beginning between December 15, 2017 and June 15, 2018 are not required to adopt the amendments until interim periods beginning after June 15, 2018. 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. Adoption of New Accounting Standards — In May 2014, the FASB issued ASU 2014-09 - Revenue from Contracts with Customers , which created a new principle-based framework to determine when and how an entity recognizes revenue from its customer contracts. FASB has established a core principle for recognizing revenue within the new rules, which states that revenue should only be recorded when services are provided or goods are transferred to customers at the agreed price. The majority of our revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as our loans, letters of credit and investment securities, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Description of our revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our income statements as components of non-interest income are as follows: |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Investment Securities | The portfolio of investment securities consisted of the following (in thousands): March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 20,943 $ 75 $ 825 $ 20,193 GSE mortgage-backed securities 55,926 561 976 55,511 Collateralized mortgage obligations: residential 194,647 103 6,743 188,007 Collateralized mortgage obligations: commercial 2,230 — 47 2,183 Mutual funds 2,100 — 74 2,026 Corporate debt securities 25,565 579 94 26,050 $ 301,411 $ 1,318 $ 8,759 $ 293,970 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale: Obligations of state and political subdivisions $ 23,042 $ 209 $ 442 $ 22,809 GSE mortgage-backed securities 58,620 825 321 59,124 Collateralized mortgage obligations: residential 202,573 90 4,508 198,155 Collateralized mortgage obligations: commercial 2,274 — 34 2,240 Mutual funds 2,100 — 39 2,061 Corporate debt securities 23,975 837 10 24,802 $ 312,584 $ 1,961 $ 5,354 $ 309,191 |
Schedule of Held-to-Maturity Securities | March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 30,550 $ 162 $ 113 $ 30,599 GSE mortgage-backed securities 33,930 — 598 33,332 Collateralized mortgage obligations: residential 7,120 — 387 6,733 Collateralized mortgage obligations: commercial 1,655 — 12 1,643 $ 73,255 $ 162 $ 1,110 $ 72,307 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity: Obligations of state and political subdivisions $ 35,908 $ 265 $ 22 $ 36,151 GSE mortgage-backed securities 35,751 171 219 35,703 Collateralized mortgage obligations: residential 7,450 — 321 7,129 Collateralized mortgage obligations: commercial 1,943 — 6 1,937 $ 81,052 $ 436 $ 568 $ 80,920 |
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 March 31, 2018 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 $ — $ — Due after one year through five years 7,124 7,116 Due after five years through ten years 43,042 43,443 Due after ten years 249,145 241,385 $ 299,311 $ 291,944 Amortized Cost Fair Value Held-to-maturity: Due in one year or less $ 1,392 $ 1,389 Due after one year through five years 5,061 5,023 Due after five years through ten years 45,316 44,731 Due after ten years 21,486 21,164 $ 73,255 $ 72,307 |
Schedule of Investment Securities with Unrealized Losses | Details concerning investment securities with unrealized losses are as follows (in thousands): March 31, 2018 Securities with losses under 12 months Securities with losses over 12 months Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Available-for-sale: Obligations of state and political subdivisions $ 1,622 $ 28 $ 12,343 $ 797 $ 13,965 $ 825 GSE mortgage-backed securities 35,985 791 5,568 185 41,553 976 Collateralized mortgage obligations: residential 54,829 1,208 130,399 5,535 185,228 6,743 Collateralized mortgage obligations: commercial — — 2,183 47 2,183 47 Mutual funds 2,026 74 — — 2,026 74 Corporate debt securities 4,496 94 — — 4,496 94 $ 98,958 $ 2,195 $ 150,493 $ 6,564 $ 249,451 $ 8,759 December 31, 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 $ 596 $ 5 $ 12,716 $ 437 $ 13,312 $ 442 GSE mortgage-backed securities 29,725 224 5,858 97 35,583 321 Collateralized mortgage obligations: residential 57,665 548 137,598 3,960 195,263 4,508 Collateralized mortgage obligations: commercial — — 2,240 34 2,240 34 Mutual funds 2,061 39 — — 2,061 39 Corporate debt securities 2,990 10 — — 2,990 10 $ 93,037 $ 826 $ 158,412 $ 4,528 $ 251,449 $ 5,354 March 31, 2018 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 $ 9,893 $ 113 $ — $ — $ 9,893 $ 113 GSE mortgage-backed securities $ 28,673 $ 380 $ 4,658 $ 218 $ 33,331 $ 598 Collateralized mortgage obligations: residential $ — $ — $ 6,734 $ 387 $ 6,734 $ 387 Collateralized mortgage obligations: commercial 1,643 12 — — 1,643 12 $ 40,209 $ 505 $ 11,392 $ 605 $ 51,601 $ 1,110 December 31, 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: Obligations of state and political subdivisions $ 6,340 $ 22 $ — $ — $ 6,340 $ 22 GSE mortgage-backed securities 11,201 89 4,961 130 16,162 219 Collateralized mortgage obligations: residential — — 7,129 321 7,129 321 Collateralized mortgage obligations: commercial 1,937 6 — — 1,937 6 $ 19,478 $ 117 $ 12,090 $ 451 $ 31,568 $ 568 |
Credit Quality of Loans and A19
Credit Quality of Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Components of Loans Receivable | The loan portfolio consisted of the following (in thousands): March 31, 2018 December 31, 2017 Commercial, financial and agricultural $ 401,048 $ 435,207 Real estate – construction 94,679 90,287 Real estate – commercial 438,779 448,406 Real estate – residential 145,671 146,751 Installment loans to individuals 50,888 56,398 Lease financing receivable 692 732 Other 5,498 5,645 1,137,255 1,183,426 Less allowance for loan losses (25,371 ) (26,888 ) $ 1,111,884 $ 1,156,538 |
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 three months ended March 31, 2018 and 2017 is as follows (in thousands): March 31, 2018 Real Estate Coml, Fin, and Agric Construction Commercial Residential Installment loans to individuals Lease financing receivable Other Total Allowance for loan losses: Beginning balance $ 20,577 $ 596 $ 3,893 $ 837 $ 957 $ 3 $ 25 $ 26,888 Charge-offs (1,524 ) (2 ) (86 ) (3 ) (221 ) — — (1,836 ) Recoveries 276 — 6 1 36 — — 319 Provision (264 ) 159 (106 ) 64 146 — 1 — Ending balance $ 19,065 $ 753 $ 3,707 $ 899 $ 918 $ 3 $ 26 $ 25,371 Ending balance: individually evaluated for impairment $ 5,968 $ 94 $ 76 $ 20 $ 6 $ — $ — $ 6,164 Ending balance: collectively evaluated for impairment $ 13,097 $ 659 $ 3,631 $ 879 $ 912 $ 3 $ 26 $ 19,207 Loans: Ending balance $ 401,048 $ 94,679 $ 438,779 $ 145,671 $ 50,888 $ 692 $ 5,498 $ 1,137,255 Ending balance: individually evaluated for impairment $ 55,092 $ 192 $ 26,005 $ 2,088 $ 50 $ — $ — $ 83,427 Ending balance: collectively evaluated for impairment $ 345,956 $ 94,487 $ 412,774 $ 143,583 $ 50,838 $ 692 $ 5,498 $ 1,053,828 March 31, 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 (1,705 ) — (823 ) (117 ) (261 ) — — (2,906 ) Recoveries 154 — 10 90 58 — — 312 Provision 3,832 (321 ) (238 ) (249 ) (222 ) (2 ) — 2,800 Ending balance $ 18,338 $ 264 $ 4,333 $ 664 $ 970 $ 3 $ 6 $ 24,578 Ending balance: individually evaluated for impairment $ 4,173 $ 9 $ 1,656 $ 217 $ 160 $ — $ — $ 6,215 Ending balance: collectively evaluated for impairment $ 14,165 $ 255 $ 2,677 $ 447 $ 810 $ 3 $ 6 $ 18,363 Loans: Ending balance $ 469,815 $ 100,248 $ 464,859 $ 159,426 $ 75,258 $ 969 $ 1,425 $ 1,272,000 Ending balance: individually evaluated for impairment $ 35,346 $ 26 $ 20,623 $ 1,956 $ 487 $ — $ — $ 58,438 Ending balance: collectively evaluated for impairment $ 434,469 $ 100,222 $ 443,802 $ 157,401 $ 74,771 $ 969 $ 1,425 $ 1,213,059 Ending balance: loans acquired with deteriorated credit quality $ — $ — $ 434 $ 69 $ — $ — $ — $ 503 |
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): March 31, 2018 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 $ 2,235 $ 3,156 $ 12,816 $ 18,207 $ 382,841 $ 401,048 $ 1 Real estate - construction 927 1,179 192 2,298 92,381 94,679 — Real estate - commercial 5,681 6,079 11,330 23,090 415,689 438,779 — Real estate - residential 657 1,137 1,187 2,981 142,690 145,671 — Installment loans to individuals 202 125 50 377 50,511 50,888 — Lease financing receivable — — — — 692 692 — Other loans 65 16 — 81 5,417 5,498 — $ 9,767 $ 11,692 $ 25,575 $ 47,034 $ 1,090,221 $ 1,137,255 $ 1 December 31, 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 $ 1,195 $ 1,893 $ 14,847 $ 17,935 $ 417,272 $ 435,207 $ 545 Real estate - construction 616 — 190 806 89,481 90,287 125 Real estate - commercial 5,889 6,402 4,163 16,454 431,952 448,406 58 Real estate - residential 1,065 235 559 1,859 144,892 146,751 — Installment loans to individuals 276 32 34 342 56,056 56,398 — Lease financing receivable — — — — 732 732 — Other loans — — — — 5,645 5,645 — $ 9,041 $ 8,562 $ 19,793 $ 37,396 $ 1,146,030 $ 1,183,426 $ 728 |
Schedule of Loans on Nonaccrual Status | Non-accrual loans are as follows (in thousands): March 31, 2018 December 31, 2017 Commercial, financial, and agricultural $ 53,939 $ 37,418 Real estate - construction 192 66 Real estate - commercial 26,006 11,128 Real estate - residential 2,088 618 Installment loans to individuals 50 48 Lease financing receivable — — Other — — $ 82,275 $ 49,278 |
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. March 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 44,445 $ 50,416 $ — $ 34,552 $ 18 Real estate - construction — — — — — Real estate - commercial 25,250 27,514 — 17,861 — Real estate - residential 1,400 1,400 — 851 — Installment loans to individuals 24 24 — 12 — Finance leases — — — — — Subtotal: 71,119 79,354 — 53,276 18 With an allowance recorded: Commercial, financial, and agricultural 10,647 10,802 5,968 12,383 — Real estate - construction 192 192 94 129 — Real estate - commercial 755 755 76 706 — Real estate - residential 688 688 20 502 — Installment loans to individuals 26 26 6 37 — Finance leases — — — — — Subtotal: 12,308 12,463 6,164 13,757 — Totals: Commercial 81,097 89,487 6,044 65,502 18 Construction 192 192 94 129 — Residential 2,088 2,088 20 1,353 — Consumer 50 50 6 49 — Grand total: $ 83,427 $ 91,817 $ 6,164 $ 67,033 $ 18 December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial, financial, and agricultural $ 24,659 $ 30,630 $ — $ 19,880 $ 90 Real estate - construction — — — 5 — Real estate - commercial 10,471 11,965 — 11,590 — Real estate - residential 302 302 — 602 — Installment loans to individuals — — — 37 — Subtotal: 35,432 42,897 — 32,114 90 With an allowance recorded: Commercial, financial, and agricultural 14,119 14,150 7,197 15,245 1 Real estate - construction 66 136 23 33 — Real estate - commercial 657 657 131 8,318 — Real estate - residential 316 316 5 620 — Installment loans to individuals 48 50 14 258 — Subtotal: 15,206 15,309 7,370 24,474 1 Totals: Commercial 49,906 57,402 7,328 55,033 91 Construction 66 136 23 38 — Residential 618 618 5 1,222 — Consumer 48 50 14 295 — Grand total: $ 50,638 $ 58,206 $ 7,370 $ 56,588 $ 91 |
Credit Quality Indicators by Class of Loans | The following tables present the classes of loans by risk rating (in thousands): March 31, 2018 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, Real estate - commercial Total % of Total Pass $ 326,697 $ 393,327 $ 720,024 85.73 % Special mention 8,718 5,798 14,516 1.73 % Substandard 65,633 39,654 105,287 12.54 % $ 401,048 $ 438,779 $ 839,827 100.00 % Construction Credit Exposure Credit Risk Profile by Real estate - construction % of Total Pass $ 92,978 98.20 % Special mention 167 0.18 % Substandard 1,534 1.62 % $ 94,679 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Real estate - residential % of Total Pass $ 140,883 96.71 % Special mention 854 0.59 % Substandard 3,934 2.70 % $ 145,671 100.00 % Consumer and Other Credit Exposure Credit Risk Profile Based on Payment Activity Installment loans to individuals Lease financing receivable Other Total % of Total Performing $ 50,837 $ 692 $ 5,498 $ 57,027 99.91 % Nonperforming 51 — — 51 0.09 % $ 50,888 $ 692 $ 5,498 $ 57,078 100.00 % December 31, 2017 Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category Commercial, Real estate - commercial Total % of Total Pass $ 358,373 $ 411,280 $ 769,653 87.10 % Special mention 9,687 3,823 13,510 1.53 % Substandard 67,147 33,303 100,450 11.37 % $ 435,207 $ 448,406 $ 883,613 100.00 % Construction Credit Exposure Credit Risk Profile by Real estate - construction % Pass $ 89,323 98.93 % Special mention 600 0.66 % Substandard 364 0.40 % $ 90,287 100.00 % Residential Credit Exposure Credit Risk Profile by Creditworthiness Category Real estate - residential % of Total Pass $ 144,250 98.30 % Special mention 1,233 0.84 % Substandard 1,268 0.86 % $ 146,751 100.00 % Consumer and Other Credit Exposure Credit Risk Profile Based on Payment Activity Installment loans to individuals Lease financing receivable Other Total % of Total Performing $ 56,041 $ 699 $ 5,645 $ 62,385 99.38 % Nonperforming 357 33 — 390 0.62 % $ 56,398 $ 732 $ 5,645 $ 62,775 100.00 % |
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 (in thousands): Three months ended March 31, 2018 March 31, 2017 Number of loans Pre-modification recorded investment Number of loans Pre-modification recorded investment Commercial, financial and agricultural — $ — 1 $ 1,984 |
Intangibles (Tables)
Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Core Deposit Intangible Assets | A summary of core deposit intangible assets as of March 31, 2018 and December 31, 2017 is as follows (in thousands): March 31, 2018 December 31, 2017 Gross carrying amount $ 11,674 $ 11,674 Less accumulated amortization (8,436 ) (8,159 ) Net carrying amount $ 3,238 $ 3,515 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 (in thousands): Notional Amounts Fair Value Type of Hedge March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Derivatives designated as hedging instruments: Interest rate swaps included in other assets Cash Flow $ 27,500 $ 27,500 $ 1,387 $ 1,078 |
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 Recognized in OCI on Derivative (Effective Portion) Location of Gain Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain Reclassified from Accumulated OCI into Income (Effective Portion) Three Months Ended March 31, Three Months Ended March 31, 2018 2017 2018 2017 Interest rate swaps 309 13 Interest Expense 40 — |
Other Comprehensive (Loss) In22
Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Summary of Tax Effects | The following is a summary of the tax effects allocated to each component of other comprehensive (loss) income (in thousands): Three Months Ended March 31, 2018 2017 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount Other comprehensive (loss) income: Securities available-for-sale: Change in unrealized gains/losses during period $ (4,048 ) $ 850 $ (3,198 ) $ 820 $ (287 ) $ 533 Reclassification adjustment for gains included in net income — — — (6 ) 2 (4 ) Derivative instruments designated as cash flow hedges: Change in fair value of derivative instruments designated as cash flow hedges 349 (73 ) 276 13 (5 ) 8 Reclassification adjustment for gains included in net income (40 ) 8 (32 ) — — — Total other comprehensive (loss) income $ (3,739 ) $ 785 $ (2,954 ) $ 827 $ (290 ) $ 537 |
Reclassification Out of Accumulated Other Comprehensive Income | The reclassifications out of accumulated other comprehensive (loss) income into net income are presented below (in thousands): Three Months Ended March 31, 2018 2017 Details about Accumulated Other Comprehensive (Loss) Income Components Reclassifications Out of Accumulated Other Comprehensive (Loss) Income Income Statement Line Item Reclassifications Out of Income Statement Line Item Unrealized gains and losses on securities available-for-sale: $ — Gain on sale of securities, net $ (6 ) Gain on sale of securities, net — Tax expense 2 Tax expense $ — Net of tax $ (4 ) Net of tax Gains on derivative instruments: $ (40 ) Interest expense $ — Interest expense 8 Tax expense — Tax expense $ (32 ) Net of tax $ — Net of tax |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 2017 Net (loss) earnings available to common shareholders $ (450 ) $ 1,680 Dividends on Series C preferred stock — — Adjusted net earnings available to common shareholders $ (450 ) $ 1,680 Weighted average number of common shares outstanding used in computation of basic earnings per common share 16,495 11,264 Effect of dilutive securities: Stock options 5 14 Restricted stock — 4 Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share 16,500 11,282 |
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 March 31, 2018 2017 Stock options 43 84 Restricted stock — 4 Shares subject to the outstanding warrant issued in connection with the CPP transaction 104 104 Convertible preferred stock — 507 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 Description March 31, 2018 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 20,193 $ — $ 20,193 $ — GSE mortgage-backed securities 55,511 — 55,511 — Collateralized mortgage obligations: residential 188,007 — 188,007 — Collateralized mortgage obligations: commercial 2,183 — 2,183 — Mutual funds 2,026 2,026 — — Corporate debt securities 26,050 — 26,050 — Total available-for-sale securities $ 293,970 $ 2,026 $ 291,944 $ — Derivative assets $ 1,387 $ — $ 1,387 $ — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2017 Description December 31, 2017 Level 1 Level 2 Level 3 Available-for-sale securities: Obligations of state and political subdivisions $ 22,809 $ — $ 22,809 $ — GSE mortgage-backed securities 59,124 — 59,124 — Collateralized mortgage obligations: residential 198,155 — 198,155 — Collateralized mortgage obligations: commercial 2,240 — 2,240 — Mutual funds 2,061 2,061 — — Corporate debt securities 24,802 — 24,802 — Total available-for-sale securities $ 309,191 $ 2,061 $ 307,130 $ — Derivative assets $ 1,078 $ — $ 1,078 $ — |
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | 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 March 31, 2018 Description March 31, 2018 Level 1 Level 2 Level 3 Impaired loans $ 13,758 $ — $ — $ 13,758 Loans held for sale 1,117 — 1,117 — Other real estate 1,803 — — 1,803 Assets held for sale 3,995 — 3,995 — Assets / Liabilities Measured at Fair Value at Fair Value Measurements at December 31, 2017 Description December 31, 2017 Level 1 Level 2 Level 3 Impaired loans $ 10,227 $ — $ — $ 10,227 Loans held for sale 15,737 — 15,737 — Other real estate 2,001 — — 2,001 Assets held for sale 3,572 — 3,572 — |
Shcedule of Significant Observable Inputs Used in Fair Value Measurement of Level 3 Assets | The following table shows the significant unobservable inputs used in the fair value measurement of Level 3 assets: Fair Value at Description March 31, 2018 Technique Unobservable Inputs Impaired loans $ 13,758 Third party appraisals Collateral discounts and estimated costs to sell Other real estate 1,803 Third party appraisals Collateral discounts and estimated costs to sell Fair Value at Description December 31, 2017 Technique Unobservable Inputs Impaired loans $ 10,227 Third party appraisals Collateral discounts and estimated costs to sell Other real estate 2,001 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 March 31, 2018 and December 31, 2017 (in thousands): Fair Value Measurements at March 31, 2018 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 $ 211,486 $ 211,486 $ — $ — Securities held-to-maturity 73,255 — 72,307 — Other investments 12,896 12,896 — — Loans, net 1,111,884 — — 1,115,895 Cash surrender value of life insurance policies 14,948 — 14,948 — Financial liabilities: Non-interest-bearing deposits 427,504 — 427,504 — Interest-bearing deposits 1,076,433 — 901,846 171,757 Securities sold under agreements to repurchase 33,026 33,026 — — Short-term Federal Home Loan Bank advances 27,500 27,500 — — Long-term Federal Home Loan Bank advances 10,016 — 9,991 — Junior subordinated debentures 22,167 — 22,167 — Fair Value Measurements at December 31, 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 $ 152,964 $ 152,964 $ — $ — Securities held-to-maturity 81,052 — 80,920 — Other investments 12,214 12,214 — — Loans, net 1,156,538 — — 1,160,614 Cash surrender value of life insurance policies 14,896 — 14,896 — Financial liabilities: Non-interest-bearing deposits 416,547 — 416,547 — Interest-bearing deposits 1,063,142 — 881,139 179,910 Securities sold under agreements to repurchase 67,133 67,133 — — Short-term Federal Home Loan Bank advances 40,000 40,000 — — Long-term Federal Home Loan Bank advances 10,021 — 10,011 — Junior subordinated debentures 22,167 — 22,167 — |
Investment Securities - Portfol
Investment Securities - Portfolio of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 301,411 | $ 312,584 |
Gross Unrealized Gains | 1,318 | 1,961 |
Gross Unrealized Losses | 8,759 | 5,354 |
Fair Value | 293,970 | 309,191 |
Obligations of state and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 20,943 | 23,042 |
Gross Unrealized Gains | 75 | 209 |
Gross Unrealized Losses | 825 | 442 |
Fair Value | 20,193 | 22,809 |
GSE mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 55,926 | 58,620 |
Gross Unrealized Gains | 561 | 825 |
Gross Unrealized Losses | 976 | 321 |
Fair Value | 55,511 | 59,124 |
Collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 194,647 | 202,573 |
Gross Unrealized Gains | 103 | 90 |
Gross Unrealized Losses | 6,743 | 4,508 |
Fair Value | 188,007 | 198,155 |
Collateralized mortgage obligations: commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 2,230 | 2,274 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 47 | 34 |
Fair Value | 2,183 | 2,240 |
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 | 74 | 39 |
Fair Value | 2,026 | 2,061 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 25,565 | 23,975 |
Gross Unrealized Gains | 579 | 837 |
Gross Unrealized Losses | 94 | 10 |
Fair Value | $ 26,050 | $ 24,802 |
Investment Securities - Portf26
Investment Securities - Portfolio of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | $ 73,255 | $ 81,052 |
Gross Unrealized Gains | 162 | 436 |
Gross Unrealized Losses | 1,110 | 568 |
Fair Value | 72,307 | 80,920 |
Obligations of state and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 30,550 | 35,908 |
Gross Unrealized Gains | 162 | 265 |
Gross Unrealized Losses | 113 | 22 |
Fair Value | 30,599 | 36,151 |
GSE mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 33,930 | 35,751 |
Gross Unrealized Gains | 0 | 171 |
Gross Unrealized Losses | 598 | 219 |
Fair Value | 33,332 | 35,703 |
Collateralized mortgage obligations: residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 7,120 | 7,450 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 387 | 321 |
Fair Value | 6,733 | 7,129 |
Collateralized mortgage obligations: commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 1,655 | 1,943 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 12 | 6 |
Fair Value | $ 1,643 | $ 1,937 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Amortized Cost | ||
Available-for-sale: Due in one year or less | $ 0 | |
Available-for-sale: Due after one year through five years | 7,124 | |
Available-for-sale: Due after five years through ten years | 43,042 | |
Available-for-sale: Due after ten years | 249,145 | |
Available-for-sale, Amortized Cost | 299,311 | |
Fair Value | ||
Available-for-sale: Due in one year or less | 0 | |
Available-for-sale: Due after one year through five years | 7,116 | |
Available-for-sale: Due after five years through ten years | 43,443 | |
Available-for-sale: Due after ten years | 241,385 | |
Available-for-sale, Fair Value | 291,944 | |
Amortized Cost | ||
Held-to-maturity: Due in one year or less | 1,392 | |
Held-to-maturity: Due after one year through five years | 5,061 | |
Held-to-maturity: Due after five years through ten years | 45,316 | |
Held-to-maturity: Due after ten years | 21,486 | |
Held-to-maturity, Amortized Cost | 73,255 | $ 81,052 |
Fair Value | ||
Held-to-maturity: Due in one year or less | 1,389 | |
Held-to-maturity: Due after one year through five years | 5,023 | |
Held-to-maturity: Due after five years through ten years | 44,731 | |
Held-to-maturity: Due after ten years | 21,164 | |
Held-to-maturity, Fair Value | $ 72,307 | $ 80,920 |
Investment Securities - Summa28
Investment Securities - Summary of Unrealized Losses of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | $ 98,958 | $ 93,037 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 2,195 | 826 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 150,493 | 158,412 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 6,564 | 4,528 |
Available-for-sale, Total, Fair Value | 249,451 | 251,449 |
Available-for-sale, Total, Gross Unrealized Loss | 8,759 | 5,354 |
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 | 1,622 | 596 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 28 | 5 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 12,343 | 12,716 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 797 | 437 |
Available-for-sale, Total, Fair Value | 13,965 | 13,312 |
Available-for-sale, Total, Gross Unrealized Loss | 825 | 442 |
GSE mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 35,985 | 29,725 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 791 | 224 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 5,568 | 5,858 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 185 | 97 |
Available-for-sale, Total, Fair Value | 41,553 | 35,583 |
Available-for-sale, Total, Gross Unrealized Loss | 976 | 321 |
Collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 54,829 | 57,665 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 1,208 | 548 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 130,399 | 137,598 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 5,535 | 3,960 |
Available-for-sale, Total, Fair Value | 185,228 | 195,263 |
Available-for-sale, Total, Gross Unrealized Loss | 6,743 | 4,508 |
Collateralized mortgage obligations: commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 0 | 0 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 0 | 0 |
Available-for-sale, Securities with losses over 12 months, Fair Value | 2,183 | 2,240 |
Available-for-sale, Securities with losses over 12 months, Gross Unrealized Loss | 47 | 34 |
Available-for-sale, Total, Fair Value | 2,183 | 2,240 |
Available-for-sale, Total, Gross Unrealized Loss | 47 | 34 |
Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 2,026 | 2,061 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 74 | 39 |
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 | 2,026 | 2,061 |
Available-for-sale, Total, Gross Unrealized Loss | 74 | 39 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities with losses under 12 months, Fair Value | 4,496 | 2,990 |
Available-for-sale, Securities with losses under 12 months, Gross Unrealized Loss | 94 | 10 |
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 | 4,496 | 2,990 |
Available-for-sale, Total, Gross Unrealized Loss | $ 94 | $ 10 |
Investment Securities - Summa29
Investment Securities - Summary of Unrealized Losses of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | $ 40,209 | $ 19,478 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 505 | 117 |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 11,392 | 12,090 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 605 | 451 |
Held-to-maturity, Total, Fair Value | 51,601 | 31,568 |
Held-to-maturity, Total, Gross Unrealized Loss | 1,110 | 568 |
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 | 9,893 | 6,340 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 113 | 22 |
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 | 9,893 | 6,340 |
Held-to-maturity, Total, Gross Unrealized Loss | 113 | 22 |
GSE mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | 28,673 | 11,201 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 380 | 89 |
Held-to-maturity, Securities with losses over 12 months, Fair Value | 4,658 | 4,961 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 218 | 130 |
Held-to-maturity, Total, Fair Value | 33,331 | 16,162 |
Held-to-maturity, Total, Gross Unrealized Loss | 598 | 219 |
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 | 6,734 | 7,129 |
Held-to-maturity, Securities with losses over 12 months, Gross Unrealized Loss | 387 | 321 |
Held-to-maturity, Total, Fair Value | 6,734 | 7,129 |
Held-to-maturity, Total, Gross Unrealized Loss | 387 | 321 |
Collateralized mortgage obligations: commercial | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Securities with losses under 12 months, Fair Value | 1,643 | 1,937 |
Held-to-maturity, Securities with losses under 12 months, Gross Unrealized Loss | 12 | 6 |
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 | 1,643 | 1,937 |
Held-to-maturity, Total, Gross Unrealized Loss | $ 12 | $ 6 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2018USD ($)security | Mar. 31, 2017USD ($)security | Dec. 31, 2017USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of private-label collateralized mortgage obligations | security | 1 | ||
Combined balance of private-label collateralized mortgage obligations | $ 7,000 | ||
AFS and HTM securities in unrealized loss positions qualitative disclosure number of positions | security | 106 | ||
Unrealized losses as a percentage of individual securities amortized cost basis | 3.17% | ||
Unrealized losses as percentage of Company's total amortized cost basis | 2.63% | ||
Number of securities in an unrealized loss position for over 12 months | security | 45 | ||
Amortized cost basis of securities in a continuous loss position | $ 169,100,000 | ||
Unrealized loss on securities in a continuous loss position | 7,200,000 | ||
Impairment related to credit quality | $ 0 | ||
Number of Available for sale Securities Sold | security | 1 | 10 | |
Number Of Held to Maturity Securities Sold | security | 1 | ||
Available-for-sale securities, realized gain (loss) | $ 0 | $ 1,000 | |
Held-to-maturity Securities, Sold Security, Realized Gain (Loss) | $ 7,000 | ||
Number of available-for-sale securities sold with gains | security | 7 | ||
Available-for-sale securities, gross realized gains | $ 108,000 | ||
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 | $ 187,000,000 | $ 177,900,000 |
Credit Quality of Loans and A31
Credit Quality of Loans and Allowance for Loan Losses - Summary of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Loan portfolio [Abstract] | |||
Ending balance | $ 1,137,255 | $ 1,183,426 | $ 1,272,000 |
Less allowance for loan losses | (25,371) | (26,888) | |
Loans, net | 1,111,884 | 1,156,538 | |
Commercial, financial and agricultural | |||
Loan portfolio [Abstract] | |||
Ending balance | 401,048 | 435,207 | 469,815 |
Real estate - construction | |||
Loan portfolio [Abstract] | |||
Ending balance | 94,679 | 90,287 | 100,248 |
Real estate – commercial | |||
Receivables [Abstract] | |||
Total CRE loans on non-accrual | 26,200 | ||
Loan portfolio [Abstract] | |||
Ending balance | 438,779 | 448,406 | 464,859 |
Real estate – residential | |||
Loan portfolio [Abstract] | |||
Ending balance | 145,671 | 146,751 | 159,426 |
Installment loans to individuals | |||
Loan portfolio [Abstract] | |||
Ending balance | 50,888 | 56,398 | 75,258 |
Lease financing receivable | |||
Loan portfolio [Abstract] | |||
Ending balance | 692 | 732 | 969 |
Other | |||
Loan portfolio [Abstract] | |||
Ending balance | $ 5,498 | $ 5,645 | $ 1,425 |
Credit Quality of Loans and A32
Credit Quality of Loans and Allowance for Loan Losses - Roll Forward of Activity In Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | $ 26,888 | $ 24,372 | |
Charge-offs | (1,836) | (2,906) | |
Recoveries | 319 | 312 | |
Provision | 0 | 2,800 | |
Ending balance | 25,371 | 24,578 | |
Ending balance: individually evaluated for impairment | 6,164 | 6,215 | |
Ending balance: collectively evaluated for impairment | 19,207 | 18,363 | |
Loans: | |||
Ending balance | 1,137,255 | 1,272,000 | $ 1,183,426 |
Ending balance: individually evaluated for impairment | 83,427 | 58,438 | |
Ending balance: collectively evaluated for impairment | 1,053,828 | 1,213,059 | |
Ending balance: loans acquired with deteriorated credit quality | 503 | ||
Commercial, financial and agricultural | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 20,577 | 16,057 | |
Charge-offs | (1,524) | (1,705) | |
Recoveries | 276 | 154 | |
Provision | (264) | 3,832 | |
Ending balance | 19,065 | 18,338 | |
Ending balance: individually evaluated for impairment | 5,968 | 4,173 | |
Ending balance: collectively evaluated for impairment | 13,097 | 14,165 | |
Loans: | |||
Ending balance | 401,048 | 469,815 | 435,207 |
Ending balance: individually evaluated for impairment | 55,092 | 35,346 | |
Ending balance: collectively evaluated for impairment | 345,956 | 434,469 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | ||
Real estate - construction | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 596 | 585 | |
Charge-offs | (2) | 0 | |
Recoveries | 0 | 0 | |
Provision | 159 | (321) | |
Ending balance | 753 | 264 | |
Ending balance: individually evaluated for impairment | 94 | 9 | |
Ending balance: collectively evaluated for impairment | 659 | 255 | |
Loans: | |||
Ending balance | 94,679 | 100,248 | 90,287 |
Ending balance: individually evaluated for impairment | 192 | 26 | |
Ending balance: collectively evaluated for impairment | 94,487 | 100,222 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | ||
Real estate – commercial | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 3,893 | 5,384 | |
Charge-offs | (86) | (823) | |
Recoveries | 6 | 10 | |
Provision | (106) | (238) | |
Ending balance | 3,707 | 4,333 | |
Ending balance: individually evaluated for impairment | 76 | 1,656 | |
Ending balance: collectively evaluated for impairment | 3,631 | 2,677 | |
Loans: | |||
Ending balance | 438,779 | 464,859 | 448,406 |
Ending balance: individually evaluated for impairment | 26,005 | 20,623 | |
Ending balance: collectively evaluated for impairment | 412,774 | 443,802 | |
Ending balance: loans acquired with deteriorated credit quality | 434 | ||
Real estate – residential | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 837 | 940 | |
Charge-offs | (3) | (117) | |
Recoveries | 1 | 90 | |
Provision | 64 | (249) | |
Ending balance | 899 | 664 | |
Ending balance: individually evaluated for impairment | 20 | 217 | |
Ending balance: collectively evaluated for impairment | 879 | 447 | |
Loans: | |||
Ending balance | 145,671 | 159,426 | 146,751 |
Ending balance: individually evaluated for impairment | 2,088 | 1,956 | |
Ending balance: collectively evaluated for impairment | 143,583 | 157,401 | |
Ending balance: loans acquired with deteriorated credit quality | 69 | ||
Installment loans to individuals | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 957 | 1,395 | |
Charge-offs | (221) | (261) | |
Recoveries | 36 | 58 | |
Provision | 146 | (222) | |
Ending balance | 918 | 970 | |
Ending balance: individually evaluated for impairment | 6 | 160 | |
Ending balance: collectively evaluated for impairment | 912 | 810 | |
Loans: | |||
Ending balance | 50,888 | 75,258 | 56,398 |
Ending balance: individually evaluated for impairment | 50 | 487 | |
Ending balance: collectively evaluated for impairment | 50,838 | 74,771 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | ||
Lease financing receivable | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 3 | 5 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 0 | (2) | |
Ending balance | 3 | 3 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 3 | 3 | |
Loans: | |||
Ending balance | 692 | 969 | 732 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 692 | 969 | |
Ending balance: loans acquired with deteriorated credit quality | 0 | ||
Other | |||
Allowance for loan losses by portfolio [Roll Forward] | |||
Beginning balance | 25 | 6 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 1 | 0 | |
Ending balance | 26 | 6 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 26 | 6 | |
Loans: | |||
Ending balance | 5,498 | 1,425 | $ 5,645 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | $ 5,498 | 1,425 | |
Ending balance: loans acquired with deteriorated credit quality | $ 0 |
Credit Quality of Loans and A33
Credit Quality of Loans and Allowance for Loan Losses - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | $ 47,034 | $ 37,396 |
Current | 1,090,221 | 1,146,030 |
Total Loans | 1,137,255 | 1,183,426 |
Recorded Investment, 90 days past due and Accruing | 1 | 728 |
Commercial, financial and agricultural | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 18,207 | 17,935 |
Current | 382,841 | 417,272 |
Total Loans | 401,048 | 435,207 |
Recorded Investment, 90 days past due and Accruing | 1 | 545 |
Real estate - construction | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 2,298 | 806 |
Current | 92,381 | 89,481 |
Total Loans | 94,679 | 90,287 |
Recorded Investment, 90 days past due and Accruing | 0 | 125 |
Real estate – commercial | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 23,090 | 16,454 |
Current | 415,689 | 431,952 |
Total Loans | 438,779 | 448,406 |
Recorded Investment, 90 days past due and Accruing | 0 | 58 |
Real estate - residential | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 2,981 | 1,859 |
Current | 142,690 | 144,892 |
Total Loans | 145,671 | 146,751 |
Recorded Investment, 90 days past due and Accruing | 0 | 0 |
Installment loans to individuals | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 377 | 342 |
Current | 50,511 | 56,056 |
Total Loans | 50,888 | 56,398 |
Recorded Investment, 90 days past due and Accruing | 0 | 0 |
Lease financing receivable | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 0 | 0 |
Current | 692 | 732 |
Total Loans | 692 | 732 |
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 | 81 | 0 |
Current | 5,417 | 5,645 |
Total Loans | 5,498 | 5,645 |
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 | 9,767 | 9,041 |
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 | 2,235 | 1,195 |
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 | 927 | 616 |
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 | 5,681 | 5,889 |
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 | 657 | 1,065 |
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 | 202 | 276 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Lease financing receivable | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Other loans | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 65 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 11,692 | 8,562 |
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 | 3,156 | 1,893 |
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 | 1,179 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Real estate – commercial | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 6,079 | 6,402 |
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 | 1,137 | 235 |
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 | 125 | 32 |
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 | 16 | 0 |
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 | 25,575 | 19,793 |
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 | 12,816 | 14,847 |
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 | 192 | 190 |
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 | 11,330 | 4,163 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real estate - residential | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 1,187 | 559 |
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 | 50 | 34 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Lease financing receivable | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Other loans | ||
Age Analysis of Past Due Loans by Class of Loans [Abstract] | ||
Total Past Due | $ 0 | $ 0 |
Credit Quality of Loans and A34
Credit Quality of Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | $ 82,275 | $ 49,278 | |
Interest lost on nonaccrual loans | 1,500 | $ 931 | |
Interest received on nonaccrual loans | 68 | $ 244 | |
Commercial, financial and agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 53,939 | 37,418 | |
Real estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 192 | 66 | |
Real estate – commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 26,006 | 11,128 | |
Real estate - residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 2,088 | 618 | |
Installment loans to individuals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 50 | 48 | |
Lease financing receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | 0 | 0 | |
Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on nonaccrual status | $ 0 | $ 0 |
Credit Quality of Loans and A35
Credit Quality of Loans and Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
With no related allowance recorded [Abstract] | ||
Recorded Investment | $ 71,119 | $ 35,432 |
Unpaid Principal Balance | 79,354 | 42,897 |
Average Recorded Investment | 53,276 | 32,114 |
Interest Income Recognized | 18 | 90 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 12,308 | 15,206 |
Unpaid Principal Balance | 12,463 | 15,309 |
Related Allowance | 6,164 | 7,370 |
Average Recorded Investment | 13,757 | 24,474 |
Interest Income Recognized | 0 | 1 |
Totals [Abstract] | ||
Recorded Investment | 83,427 | 50,638 |
Unpaid Principal Balance | 91,817 | 58,206 |
Related Allowance | 6,164 | 7,370 |
Average Recorded Investment | 67,033 | 56,588 |
Interest Income Recognized | 18 | 91 |
Commercial, financial and agricultural | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 44,445 | 24,659 |
Unpaid Principal Balance | 50,416 | 30,630 |
Average Recorded Investment | 34,552 | 19,880 |
Interest Income Recognized | 18 | 90 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 10,647 | 14,119 |
Unpaid Principal Balance | 10,802 | 14,150 |
Related Allowance | 5,968 | 7,197 |
Average Recorded Investment | 12,383 | 15,245 |
Interest Income Recognized | 0 | 1 |
Totals [Abstract] | ||
Related Allowance | 5,968 | 7,197 |
Real estate - construction | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 5 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 192 | 66 |
Unpaid Principal Balance | 192 | 136 |
Related Allowance | 94 | 23 |
Average Recorded Investment | 129 | 33 |
Interest Income Recognized | 0 | 0 |
Totals [Abstract] | ||
Related Allowance | 94 | 23 |
Real estate – commercial | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 25,250 | 10,471 |
Unpaid Principal Balance | 27,514 | 11,965 |
Average Recorded Investment | 17,861 | 11,590 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 755 | 657 |
Unpaid Principal Balance | 755 | 657 |
Related Allowance | 76 | 131 |
Average Recorded Investment | 706 | 8,318 |
Interest Income Recognized | 0 | 0 |
Totals [Abstract] | ||
Related Allowance | 76 | 131 |
Real estate - residential | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 1,400 | 302 |
Unpaid Principal Balance | 1,400 | 302 |
Average Recorded Investment | 851 | 602 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 688 | 316 |
Unpaid Principal Balance | 688 | 316 |
Related Allowance | 20 | 5 |
Average Recorded Investment | 502 | 620 |
Interest Income Recognized | 0 | 0 |
Totals [Abstract] | ||
Related Allowance | 20 | 5 |
Installment loans to individuals | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 24 | 0 |
Unpaid Principal Balance | 24 | 0 |
Average Recorded Investment | 12 | 37 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 26 | 48 |
Unpaid Principal Balance | 26 | 50 |
Related Allowance | 6 | 14 |
Average Recorded Investment | 37 | 258 |
Interest Income Recognized | 0 | 0 |
Totals [Abstract] | ||
Related Allowance | 6 | 14 |
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 | 0 | |
Unpaid Principal Balance | 0 | |
Related Allowance | 0 | |
Average Recorded Investment | 0 | |
Interest Income Recognized | 0 | |
Totals [Abstract] | ||
Related Allowance | 0 | |
Total: Commercial | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 6,044 | 7,328 |
Totals [Abstract] | ||
Recorded Investment | 81,097 | 49,906 |
Unpaid Principal Balance | 89,487 | 57,402 |
Related Allowance | 6,044 | 7,328 |
Average Recorded Investment | 65,502 | 55,033 |
Interest Income Recognized | 18 | 91 |
Total: Construction | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 94 | 23 |
Totals [Abstract] | ||
Recorded Investment | 192 | 66 |
Unpaid Principal Balance | 192 | 136 |
Related Allowance | 94 | 23 |
Average Recorded Investment | 129 | 38 |
Interest Income Recognized | 0 | 0 |
Total: Residential | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 20 | 5 |
Totals [Abstract] | ||
Recorded Investment | 2,088 | 618 |
Unpaid Principal Balance | 2,088 | 618 |
Related Allowance | 20 | 5 |
Average Recorded Investment | 1,353 | 1,222 |
Interest Income Recognized | 0 | 0 |
Total: Consumer | ||
With an allowance recorded [Abstract] | ||
Related Allowance | 6 | 14 |
Totals [Abstract] | ||
Recorded Investment | 50 | 48 |
Unpaid Principal Balance | 50 | 50 |
Related Allowance | 6 | 14 |
Average Recorded Investment | 49 | 295 |
Interest Income Recognized | $ 0 | $ 0 |
Credit Quality of Loans and A36
Credit Quality of Loans and Allowance for Loan Losses - Classes of Loans by Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,137,255 | $ 1,183,426 | $ 1,272,000 |
Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 401,048 | 435,207 | 469,815 |
Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 438,779 | 448,406 | 464,859 |
Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 839,827 | $ 883,613 | |
Percentage of Total Loans | 100.00% | 100.00% | |
Real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 94,679 | $ 90,287 | 100,248 |
Percentage of Total Loans | 100.00% | 100.00% | |
Real estate - residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 145,671 | $ 146,751 | 159,426 |
Percentage of Total Loans | 100.00% | 100.00% | |
Installment loans to individuals | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 50,888 | $ 56,398 | 75,258 |
Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 692 | 732 | 969 |
Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 5,498 | 5,645 | $ 1,425 |
Consumer and other commercial, total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 57,078 | $ 62,775 | |
Percentage of Total Loans | 100.00% | 100.00% | |
Pass | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 326,697 | $ 358,373 | |
Pass | Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 393,327 | 411,280 | |
Pass | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 720,024 | $ 769,653 | |
Percentage of Total Loans | 85.73% | 87.10% | |
Pass | Real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 92,978 | $ 89,323 | |
Percentage of Total Loans | 98.20% | 98.93% | |
Pass | Real estate - residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 140,883 | $ 144,250 | |
Percentage of Total Loans | 96.71% | 98.30% | |
Special mention | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 8,718 | $ 9,687 | |
Special mention | Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 5,798 | 3,823 | |
Special mention | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 14,516 | $ 13,510 | |
Percentage of Total Loans | 1.73% | 1.53% | |
Special mention | Real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 167 | $ 600 | |
Percentage of Total Loans | 0.18% | 0.66% | |
Special mention | Real estate - residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 854 | $ 1,233 | |
Percentage of Total Loans | 0.59% | 0.84% | |
Substandard | Commercial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 65,633 | $ 67,147 | |
Substandard | Real estate – commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 39,654 | 33,303 | |
Substandard | Commercial, Total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 105,287 | $ 100,450 | |
Percentage of Total Loans | 12.54% | 11.37% | |
Substandard | Real estate - construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 1,534 | $ 364 | |
Percentage of Total Loans | 1.62% | 0.40% | |
Substandard | Real estate - residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 3,934 | $ 1,268 | |
Percentage of Total Loans | 2.70% | 0.86% | |
Performing | Installment loans to individuals | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 50,837 | $ 56,041 | |
Performing | Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 692 | 699 | |
Performing | Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 5,498 | 5,645 | |
Performing | Consumer and other commercial, total | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 57,027 | $ 62,385 | |
Percentage of Total Loans | 99.91% | 99.38% | |
Nonperforming | Installment loans to individuals | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | $ 51 | $ 357 | |
Nonperforming | Lease financing receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans | 0 | 33 | |
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 | $ 51 | $ 390 | |
Percentage of Total Loans | 0.09% | 0.62% |
Credit Quality of Loans and A37
Credit Quality of Loans and Allowance for Loan Losses - Schedule of Modified Troubled Debt Restucturings During the Period (Details) - Commercial, financial and agricultural $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)contract | Mar. 31, 2017USD ($)contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 0 | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ | $ 0 | $ 1,984 |
Credit Quality of Loans and A38
Credit Quality of Loans and Allowance for Loan Losses - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($)industry_concentration | Dec. 31, 2017USD ($) | |
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 | $ 172,800,000 | |
Exposure in the oil and gas industry specified as percentage of total loans | 15.20% | |
Loans with exposure in commercial real estate | $ 502,500,000 | |
Loans on nonaccrual status | $ 82,275,000 | $ 49,278,000 |
Nonaccrual status of loans specified as percentage of total CRE loans | 5.20% | |
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 | 54.00% | |
Total CRE loans on non-accrual | $ 26,200,000 | |
Loans on nonaccrual status | $ 26,006,000 | $ 11,128,000 |
Intangibles (Details)
Intangibles (Details) - Core Deposit Intangible Assets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 11,674 | $ 11,674 |
Less accumulated amortization | (8,436) | (8,159) |
Net carrying amount | $ 3,238 | $ 3,515 |
Derivatives (Details)
Derivatives (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($)contract | Dec. 31, 2017USD ($) | |
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 | $ 1,387,000 | $ 1,078,000 |
Derivatives Schedule of Pre-tax
Derivatives Schedule of Pre-tax Effect of Hedging Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative [Line Items] | ||
Interest expense | $ 1,627 | $ 1,465 |
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | Gains on derivative instruments: | Interest Rate Contract | ||
Derivative [Line Items] | ||
Interest expense | (40) | 0 |
Designated as Hedging Instrument | Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | Gains on derivative instruments: | Interest Rate Contract | ||
Derivative [Line Items] | ||
Interest expense | 40 | 0 |
Cash Flow Hedging | Interest rate swaps | ||
Derivative [Line Items] | ||
Amount of Gain Recognized in OCI on Derivative (Effective Portion) | $ 309 | $ 13 |
Other Comprehensive (Loss) In42
Other Comprehensive (Loss) Income - Summary of the Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income, before tax | $ (3,739) | $ 827 |
Other Comprehensive Income (Loss), Tax | (785) | 290 |
Unrealized gains and losses on securities available-for-sale: | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Change in unrealized gains/losses during period | (4,048) | 820 |
Other Comprehensive Income (Loss) before Reclassifications, Tax | (850) | 287 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3,198) | 533 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 6 |
Reclassification from AOCI, Current Period, Tax | 0 | 2 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 4 |
Gains on derivative instruments: | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Change in unrealized gains/losses during period | 349 | 13 |
Other Comprehensive Income (Loss) before Reclassifications, Tax | 73 | 5 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 276 | 8 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (40) | 0 |
Reclassification from AOCI, Current Period, Tax | 8 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (32) | 0 |
Total other comprehensive (loss) income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income, before tax | (3,739) | 827 |
Other Comprehensive Income (Loss), Tax | (785) | 290 |
Other Comprehensive Income (Loss), Net of Tax | $ (2,954) | $ 537 |
Other Comprehensive (Loss) In43
Other Comprehensive (Loss) Income - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on sale of securities, net | $ 0 | $ (6) |
Tax expense | (34) | 589 |
Interest expense | 1,627 | 1,465 |
Net earnings | 360 | 2,491 |
Unrealized gains and losses on securities available-for-sale: | Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax expense | 0 | 2 |
Net earnings | 0 | 4 |
Unrealized gains and losses on securities available-for-sale: | Interest Rate Contract | Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on sale of securities, net | 0 | (6) |
Gains on derivative instruments: | Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax expense | 8 | 0 |
Net earnings | (32) | 0 |
Gains on derivative instruments: | Interest Rate Contract | Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | $ (40) | $ 0 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net (loss) earnings available to common shareholders | $ (450) | $ 1,680 |
Dividends on Series C preferred stock | 0 | 0 |
Adjusted net earnings available to common shareholders | $ (450) | $ 1,680 |
Weighted average number of common shares outstanding used in computation of basic earnings per common share | 16,495 | 11,264 |
Effect of dilutive securities: | ||
Stock options | 5 | 14 |
Restricted stock | 0 | 4 |
Weighted average number of common shares outstanding plus effect of dilutive securities - used in computation of diluted earnings per common share (in shares) | 16,500 | 11,282 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computing diluted earnings per share (in shares) | 43 | 84 |
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 | 4 |
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 |
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) | 0 | 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 | Mar. 31, 2018 | Dec. 31, 2017 |
Available-for-sale securities: | ||
Total available-for-sale securities | $ 293,970 | $ 309,191 |
Recurring | ||
Available-for-sale securities: | ||
Obligations of state and political subdivisions | 20,193 | 22,809 |
GSE mortgage-backed securities | 55,511 | 59,124 |
Collateralized mortgage obligations: residential | 188,007 | 198,155 |
Collateralized mortgage obligations: commercial | 2,183 | 2,240 |
Mutual funds | 2,026 | 2,061 |
Corporate debt securities | 26,050 | 24,802 |
Total available-for-sale securities | 293,970 | 309,191 |
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 | 2,026 | 2,061 |
Corporate debt securities | 0 | 0 |
Total available-for-sale securities | 2,026 | 2,061 |
Recurring | Level 2 | ||
Available-for-sale securities: | ||
Obligations of state and political subdivisions | 20,193 | 22,809 |
GSE mortgage-backed securities | 55,511 | 59,124 |
Collateralized mortgage obligations: residential | 188,007 | 198,155 |
Collateralized mortgage obligations: commercial | 2,183 | 2,240 |
Mutual funds | 0 | 0 |
Corporate debt securities | 26,050 | 24,802 |
Total available-for-sale securities | 291,944 | 307,130 |
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 | 13,758 | 10,227 |
Loans held for sale | 1,117 | 15,737 |
Other real estate | 1,803 | 2,001 |
Assets held for sale | 3,995 | 3,572 |
Nonrecurring | Level 1 | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Other real estate | 0 | 0 |
Assets held for sale | 0 | 0 |
Nonrecurring | Level 2 | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 0 | 0 |
Loans held for sale | 1,117 | 15,737 |
Other real estate | 0 | 0 |
Assets held for sale | 3,995 | 3,572 |
Nonrecurring | Level 3 | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 13,758 | 10,227 |
Loans held for sale | 0 | 0 |
Other real estate | 1,803 | 2,001 |
Assets held for sale | 0 | 0 |
Fair Value | Level 1 | ||
Available-for-sale securities: | ||
Derivative Asset | 0 | 0 |
Fair Value | Level 2 | ||
Available-for-sale securities: | ||
Derivative Asset | 1,387 | 1,078 |
Fair Value | Level 3 | ||
Available-for-sale securities: | ||
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 | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount for selling costs | 10.00% | |
Financial assets [Abstract] | ||
Securities available-for-sale | $ 293,970 | $ 309,191 |
Securities held-to-maturity | 72,307 | 80,920 |
Financial liabilities [Abstract] | ||
Long-term Federal Home Loan Bank advances | 10,016 | 10,021 |
Carrying Value | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 211,486 | 152,964 |
Securities held-to-maturity | 73,255 | 81,052 |
Other investments | 12,896 | 12,214 |
Loans, net | 1,111,884 | 1,156,538 |
Cash surrender value of life insurance policies | 14,948 | 14,896 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 427,504 | 416,547 |
Interest-bearing deposits | 1,076,433 | 1,063,142 |
Securities sold under agreements to repurchase | 33,026 | 67,133 |
Short-term Federal Home Loan Bank advances | 27,500 | 40,000 |
Long-term Federal Home Loan Bank advances | 10,016 | 10,021 |
Junior subordinated debentures | 22,167 | 22,167 |
Fair Value | Level 1 | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 211,486 | 152,964 |
Securities held-to-maturity | 0 | 0 |
Other investments | 12,896 | 12,214 |
Loans, net | 0 | 0 |
Cash surrender value of life insurance policies | 0 | 0 |
Derivative Asset | 0 | 0 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Securities sold under agreements to repurchase | 33,026 | 67,133 |
Short-term Federal Home Loan Bank advances | 27,500 | 40,000 |
Long-term Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Fair Value | Level 2 | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 0 | 0 |
Securities held-to-maturity | 72,307 | 80,920 |
Other investments | 0 | 0 |
Loans, net | 0 | 0 |
Cash surrender value of life insurance policies | 14,948 | 14,896 |
Derivative Asset | 1,387 | 1,078 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 427,504 | 416,547 |
Interest-bearing deposits | 901,846 | 881,139 |
Securities sold under agreements to repurchase | 0 | 0 |
Short-term Federal Home Loan Bank advances | 0 | 0 |
Long-term Federal Home Loan Bank advances | 9,991 | 10,011 |
Junior subordinated debentures | 22,167 | 22,167 |
Fair Value | Level 3 | ||
Financial assets [Abstract] | ||
Cash and due from banks, interest-bearing deposits in banks and federal funds sold | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Other investments | 0 | 0 |
Loans, net | 1,115,895 | 1,160,614 |
Cash surrender value of life insurance policies | 0 | 0 |
Derivative Asset | 0 | 0 |
Financial liabilities [Abstract] | ||
Non-interest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 171,757 | 179,910 |
Securities sold under agreements to repurchase | 0 | 0 |
Short-term Federal Home Loan Bank advances | 0 | 0 |
Long-term Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | $ 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 | |
Interest Rate Contract | Designated as Hedging Instrument | ||
Financial assets [Abstract] | ||
Derivative Asset | $ 1,387 | $ 1,078 |
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 | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | $ 13,758 | $ 10,227 |
Other real estate | 1,803 | 2,001 |
Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 13,758 | 10,227 |
Other real estate | $ 1,803 | $ 2,001 |