Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | Stock Yards Bancorp, Inc. | ||
Entity Central Index Key | 835,324 | ||
Trading Symbol | sybt | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 22,715,321 | ||
Entity Public Float | $ 802,453,551 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 41,982 | $ 39,709 |
Federal funds sold and interest bearing due from banks | 97,266 | 8,264 |
Cash and cash equivalents | 139,248 | 47,973 |
Mortgage loans held for sale | 2,964 | 3,213 |
Securities available-for-sale (amortized cost of $577,406 in 2017 and $571,936 in 2016) | 574,524 | 570,074 |
Federal Home Loan Bank stock and other securities | 7,646 | 6,347 |
Loans | 2,409,570 | 2,305,375 |
Less allowance for loan losses | 24,885 | 24,007 |
Net loans | 2,384,685 | 2,281,368 |
Premises and equipment, net | 41,655 | 42,384 |
Bank owned life insurance | 32,049 | 31,867 |
Accrued interest receivable | 8,369 | 6,878 |
Other assets | 48,506 | 49,377 |
Total assets | 3,239,646 | 3,039,481 |
Liabilities | ||
Non-interest bearing | 674,697 | 680,156 |
Interest bearing | 1,903,598 | 1,840,392 |
Total deposits | 2,578,295 | 2,520,548 |
Securities sold under agreements to repurchase | 70,473 | 67,595 |
Federal funds purchased | 161,352 | 47,374 |
Accrued interest payable | 232 | 144 |
Other liabilities | 46,192 | 38,873 |
Federal Home Loan Bank advances | 49,458 | 51,075 |
Total liabilities | 2,906,002 | 2,725,609 |
Stockholders’ equity | ||
Preferred stock, no par value; 1,000,000 shares authorized; no shares issued or outstanding | ||
Common stock, no par value; 40,000,000 shares authorized; 22,679,362 and 22,617,098 shares issued and outstanding in 2017 and 2016, respectively | 36,457 | 36,250 |
Additional paid-in capital | 31,924 | 26,682 |
Retained earnings | 267,193 | 252,439 |
Accumulated other comprehensive (loss) | (1,930) | (1,499) |
Total stockholders’ equity | 333,644 | 313,872 |
Total liabilities and stockholders’ equity | $ 3,239,646 | $ 3,039,481 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities available for sale, amortized cost | $ 577,406 | $ 571,936 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, issued (in shares) | 22,679,362 | 22,617,098 |
Common stock, outstanding (in shares) | 22,679,362 | 22,617,098 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income | |||
Loans | $ 99,874 | $ 91,798 | $ 83,371 |
Federal funds sold and interest bearing deposits | 1,330 | 491 | 263 |
Mortgage loans held for sale | 191 | 237 | 249 |
Securities | |||
Taxable | 8,365 | 8,451 | 8,120 |
Tax-exempt | 1,089 | 1,195 | 1,167 |
Total interest income | 110,849 | 102,172 | 93,170 |
Interest expense | |||
Deposits | 5,975 | 3,943 | 3,739 |
Securities sold under agreements to repurchase and other short term borrowing | 316 | 212 | 174 |
Long term debt | 955 | 763 | 939 |
Total interest expense | 7,246 | 4,918 | 4,852 |
Net interest income | 103,603 | 97,254 | 88,318 |
Provision for loan losses | 2,550 | 3,000 | 750 |
Net interest income after provision for loan losses | 101,053 | 94,254 | 87,568 |
Non-interest income | |||
Wealth management and trust services | 20,505 | 19,155 | 18,026 |
Deposit service charges | 6,461 | 6,253 | 6,010 |
Debit and credit cards | 5,979 | 5,655 | 4,876 |
Treasury management | 4,008 | 3,651 | 3,404 |
Mortgage banking | 3,221 | 3,897 | 3,488 |
(Loss) on sale of securities available-for-sale | (232) | ||
Investment product sales commissions and fees | 2,200 | 2,145 | 1,994 |
Bank owned life insurance | 1,159 | 871 | 889 |
Other | 1,819 | 1,910 | 1,263 |
Total non-interest income | 45,120 | 43,537 | 39,950 |
Non-interest expenses | |||
Compensation | 42,584 | 40,817 | 36,597 |
Employee benefits | 9,987 | 8,368 | 8,112 |
Net occupancy and equipment | 7,393 | 7,422 | 6,986 |
Technology and communication | 8,525 | 7,619 | 6,891 |
Marketing and business development | 2,716 | 2,464 | 2,579 |
Postage, printing and supplies | 1,475 | 1,521 | 1,436 |
Legal and professional | 2,393 | 1,869 | 1,832 |
FDIC insurance | 960 | 1,181 | 1,258 |
Amortization/impairment of investments in tax credit partnerships | 7,124 | 4,458 | 634 |
Capital and deposit based taxes | 3,440 | 2,800 | 2,413 |
Other | 4,394 | 3,001 | 4,660 |
Total non-interest expenses | 90,991 | 81,520 | 73,398 |
Income before income taxes | 55,182 | 56,271 | 54,120 |
Income tax expense | 17,139 | 15,244 | 16,933 |
Net income | $ 38,043 | $ 41,027 | $ 37,187 |
Net income per share, basic (in dollars per share) | $ 1.69 | $ 1.84 | $ 1.68 |
Net income per share, diluted (in dollars per share) | $ 1.66 | $ 1.80 | $ 1.65 |
Average common shares: | |||
Basic (in shares) | 22,532 | 22,356 | 22,088 |
Diluted (in shares) | 22,983 | 22,792 | 22,459 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 38,043 | $ 41,027 | $ 37,187 |
Other comprehensive income (loss), net of tax: | |||
Unrealized (losses) gains arising during the period (net of tax of ($531), ($1,171), and ($839), respectively) | (721) | (2,176) | (1,558) |
Unrealized (losses) gains arising during the period (net of tax of $112, $24, and ($41), respectively) | 209 | 44 | (76) |
Minimum pension liability adjustment (net of tax of ($9), $1, and $69, respectively) | (70) | 1 | 114 |
Reclassification adjustment for impairment of equity security realized in income (net of tax of $0, $0, and $36, respectively) | 67 | ||
Reclassification adjustment for securities losses reclassified out of other comprehensive income into loss on sale of securities available-for-sale (net of tax of $81, $0, and $0, respectively) | 151 | ||
Other comprehensive (loss) income | (431) | (2,131) | (1,453) |
Comprehensive income | $ 37,612 | $ 38,896 | $ 35,734 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrealized (losses) gains on securities available-for-sale, tax | $ (531) | $ (1,171) | $ (839) |
Unrealized (losses) gains on hedging instruments, tax | 112 | 24 | (41) |
Minimum pension liability adjustment, tax | (9) | 1 | 61 |
Reclassification adjustment for impairment of equity security realized in income, tax | 0 | 0 | 36 |
Reclassification adjustment for securities losses reclassified out of other comprehensive income into loss on sale | $ 81 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 14,745 | ||||
Balance at Dec. 31, 2014 | $ 10,035 | $ 38,191 | $ 209,584 | $ 2,085 | $ 259,895 |
Net income | 37,187 | 37,187 | |||
Other comprehensive loss, net of tax | (1,453) | (1,453) | |||
Stock compensation expense | 2,134 | 2,134 | |||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 179 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | $ 596 | 3,972 | (1,564) | 3,004 | |
Cash dividends declared | (14,248) | (14,248) | |||
Shares repurchased or cancelled (in shares) | (5) | ||||
Shares repurchased or cancelled | $ (15) | (117) | 132 | ||
Balance (in shares) at Dec. 31, 2015 | 14,919 | ||||
Balance at Dec. 31, 2015 | $ 10,616 | 44,180 | 231,091 | 632 | 286,519 |
Net income | 41,027 | 41,027 | |||
Other comprehensive loss, net of tax | (2,131) | (2,131) | |||
Stock compensation expense | 2,473 | 2,473 | |||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 214 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | $ 711 | 5,217 | (3,804) | 2,124 | |
Cash dividends declared | (16,140) | (16,140) | |||
Shares repurchased or cancelled (in shares) | (10) | ||||
Shares repurchased or cancelled | $ (33) | (232) | 265 | ||
3 for 2 stock split (see note 14) (in shares) | 7,494 | ||||
3 for 2 stock split (see note 14) | $ 24,956 | (24,956) | |||
Balance (in shares) at Dec. 31, 2016 | 22,617 | ||||
Balance at Dec. 31, 2016 | $ 36,250 | 26,682 | 252,439 | (1,499) | 313,872 |
Net income | 38,043 | 38,043 | |||
Other comprehensive loss, net of tax | (431) | (431) | |||
Stock compensation expense | 2,892 | 2,892 | |||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 69 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | $ 231 | 2,500 | (5,336) | (2,605) | |
Cash dividends declared | (18,127) | (18,127) | |||
Shares repurchased or cancelled (in shares) | (7) | ||||
Shares repurchased or cancelled | $ (24) | (150) | 174 | ||
Balance (in shares) at Dec. 31, 2017 | 22,679 | ||||
Balance at Dec. 31, 2017 | $ 36,457 | $ 31,924 | $ 267,193 | $ (1,930) | $ 333,644 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2017$ / shares | Dec. 31, 2016$ / shares | Dec. 31, 2015$ / shares | |
Common Stock [Member] | Stock Split From [Member] | |||
Stock split | 2 | ||
Cash dividends declared (in dollars per share) | $ 0.80 | $ 0.72 | $ 0.64 |
Stock split | 3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net income | $ 38,043 | $ 41,027 | $ 37,187 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision (credit) for loan losses | 2,550 | 3,000 | 750 |
Depreciation, amortization and accretion, net | 13,640 | 11,142 | 6,902 |
Deferred income tax expense (benefit) | 3,971 | 276 | 847 |
Loss on sale of securities available-for-sale | 232 | ||
Impairment loss on available-for-sale securities | 0 | 103 | |
Gains on sales of mortgage loans held for sale | (1,989) | (2,482) | (2,167) |
Origination of mortgage loans held for sale | (97,623) | (123,347) | (116,385) |
Proceeds from sale of mortgage loans held for sale | 99,861 | 129,416 | 115,499 |
Bank owned life insurance income | (1,159) | (871) | (889) |
Proceeds from liquidation of private investment fund | (92) | ||
(Gain) Loss on other real estate owned | (39) | (409) | 147 |
Loss (gain) on the disposal of premises and equipment | 202 | (51) | |
Recovery of impairment loss on other assets held for investment | (588) | ||
Stock compensation expense | 2,892 | 2,473 | 2,134 |
Excess tax benefits from share-based compensation arrangements | (1,463) | (1,705) | (673) |
Increase in accrued interest receivable and other assets | (13,848) | (7,438) | (2,540) |
Increase in accrued interest payable and other liabilities | 8,700 | 12,566 | 2,307 |
Net cash provided by operating activities | 53,676 | 63,262 | 43,171 |
Investing activities | |||
Purchases of securities available-for-sale | (661,086) | (478,798) | (384,260) |
Proceeds from sale of securities available-for-sale | 421 | 0 | 5,934 |
Proceeds from maturities of securities available-for-sale | 652,411 | 468,271 | 320,952 |
Purchase of Federal Home Loan Bank Stock | (2,254) | ||
Proceeds from sale of Federal Home Loan Bank stock | 955 | ||
Proceeds from liquidation of private investment fund | 92 | ||
Net increase in loans | (105,867) | (275,718) | (168,832) |
Purchases of premises and equipment | (2,786) | (6,327) | (3,459) |
Proceeds from disposal of equipment | 66 | ||
Proceeds from mortality benefit of bank owned life insurance | 977 | ||
Proceeds from sale of other real estate owned | 2,432 | 1,826 | 2,541 |
Proceeds from the sale of other assets held for investment | 1,108 | ||
Net cash used in investing activities | (114,705) | (289,572) | (227,124) |
Financing activities | |||
Net increase in deposits | 57,747 | 148,846 | 248,075 |
Net increase (decrease) in securities sold under agreements to repurchase and federal funds purchased | 116,856 | 27,966 | (29,946) |
Proceeds from Federal Home Loan Bank advances | 120,000 | 289,000 | 108,200 |
Repayments of Federal Home Loan Bank advances | (121,617) | (281,393) | (101,564) |
Proceeds (used for) and received from settlement of stock awards | (216) | 2,337 | 3,249 |
Excess tax benefits from share-based compensation arrangements | 1,705 | 673 | |
Common stock repurchases | (2,389) | (1,918) | (918) |
Cash dividends paid | (18,077) | (16,093) | (14,224) |
Net cash provided by financing activities | 152,304 | 170,450 | 213,545 |
Net increase (decrease) in cash and cash equivalents | 91,275 | (55,860) | 29,592 |
Cash and cash equivalents at beginning of year | 47,973 | 103,833 | 74,241 |
Cash and cash equivalents at end of period | $ 139,248 | $ 47,973 | $ 103,833 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 Principles of Consolidation and Nature of Operations The consolidated financial statements include accounts of Stock Yards Bancorp, Inc. ( “Bancorp”) and its wholly owned subsidiary, Stock Yards Bank & Trust Company (“the Bank”). Significant intercompany transactions and accounts have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to 2017 none. In addition to traditional commercial and personal banking activities, Bancorp has a wealth management and trust department offering a wide range of investment management, retirement planning, trust and estate administration and financial planning services. Bancorp’s primary market area is Louisville, Kentucky and surrounding communities including southern Indiana. Other markets include Indianapolis, Indiana and Cincinnati, Ohio. Basis of Financial Statement Presentation and Use of Estimates The consolidated financial statements of Bancorp and its subsidiar y have been prepared in conformity with U.S. generally accepted accounting principles (“US GAAP”) and conform to predominant practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of related revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates particularly susceptible to significant change relate to determination of the allowance for loan losses, and income tax assets, liabilities and expense. Cash Equivalents and Cash Flows Cash and cash equivalents include cash and due from banks , federal funds sold and interest bearing due from banks as segregated in the accompanying consolidated balance sheets. The following supplemental cash flow information addresses certain cash payments and noncash transactions for each of the years in the three December 31, 2017 (In thousands) Years ended December 31, 2017 2016 2015 Cash payments: Income tax payments $ 15,838 $ 12,860 $ 13,831 Cash paid for interest 7,158 4,901 4,856 Non-cash transactions: Transfers from loans to other real estate owned $ – $ 1,916 $ 1,146 Securities All of Bancorp ’s investments are available-for-sale. Securities available-for-sale include securities that may 1 2 not 3 not not not not not 4 Mortgage Loans Held for Sale Mortgage loans held for sale are initially recorded at the lower of cost or market value on an individual loan basis. The sales prices of all of these loans are covered by investor commitments. Loans Loans are stated at the unpaid principal balance plus deferred loan origination fees, net of deferred loan costs. Loan fees, net of any costs, are deferred and amortized over the life of the related loan on an effective yield basis. Interest income on loans is recorded on the accrual basis except for those loans in a non-accrual income status. Loans are placed in a non-accrual income status when prospects for recovering both principal and accrued interest are considered doubtful or when a default of principal or interest has existed for 90 not No may not no not six Loans are classified as impaired when it is probable Bancorp will be unable to collect interest and principal according to the terms of the loan agreement. These loans are measured based on the present value of future cash flows discounted at the loans ’ effective interest rate or at the estimated fair value of the loans’ collateral, if applicable. Impaired loans consist of loans in non-accrual status and loans accounted for as troubled debt restructuring. Allowance for Loan Losses The allowance for loan losses is management ’s estimate of probable losses inherent in the loan portfolio as of the balance sheet date. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Bancorp ’s allowance methodology is driven by risk ratings, historical losses, and qualitative factors. Assumptions include many factors such as changes in borrowers’ financial condition or historical loss ratios related to certain loan portfolios which may may not first 2017, 24 28 not 28 first 2017 $474 not Bancorp ’s allowance calculation includes allocations to loan portfolio segments for qualitative factors including, among other factors, local economic and business conditions, the quality and experience of lending staff and management, exceptions to lending policies, levels of and trends in past due loans and loan classifications, concentrations of credit such as collateral type, trends in portfolio growth, trends in the value of underlying collateral for collateral-dependent loans, effect of other external factors such as the national economic and business trends, and the quality and depth of the loan review function. Bancorp utilizes the sum of all allowance amounts derived as described above as the appropriate level of allowance for loan and lease losses. Changes in the criteria used in this evaluation or the availability of new information could cause the allowance to be increased or decreased in future periods. Based on this quantitative and qualitative analysis, provisions (reductions) are made to the allowance for loan losses. Such provisions (reductions) are reflected as a charge against (benefit to) current earnings in Bancorp’s consolidated statements of income. The adequacy of the allowance for loan losses is monitored by executive management and reported quarterly to the Audit Committee of the Board of Directors. This committee has approved the overall methodology. Various regulatory agencies, as an integral part of their examination process, periodically review the adequacy of Bancorp’s allowance for loan losses. Such agencies may The accounting policy related to the allowance for loan losses is applicable to the commercial banking segment of Bancorp. Acquired loans Bancorp acquired loans in 2013 3 Acquired loans that had evidence of deterioration in credit quality since origination and for which it was probable, at acquisition, that Bancorp would be unable to collect all contractually required payments were specifically identified and analyzed. The excess of cash flows expected at acquisition over the estimated fair value is referred to as accretable discount and is recognized as interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as non-accretable discount. Subsequent decreases to the expected cash flows require Bancorp to evaluate the need for an allowance for loan losses on these loans. Charge-offs of the principal amount on credit-impaired acquired loans would be first may For acquired loans that are not Premises and Equipment Premises and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation of premises and equipment is computed using straight-line methods over the estimated useful lives of the assets ranging from 3 40 Other Assets Bank-owned life insurance ( “BOLI”) is carried at net realizable value, which considers any applicable surrender charges. Also, Bancorp maintains life insurance policies in conjunction with its non-qualified defined benefit and non-qualified compensation plans. Other real estate is carried at the lower of cost or estimated fair value minus estimated selling costs. Any write downs to fair value at the date of acquisition are charged to the allowance for loan losses. In certain situations, improvements to prepare assets for sale are capitalized if those costs increase the estimated fair value of the asset. Expenses incurred in maintaining assets, write downs to reflect subsequent declines in value, and realized gains or losses are reflected in operations and are included in non-interest income and expense. Mortgage servicing rights ( MSRs) are amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. MSRs are evaluated quarterly for impairment by comparing the carrying value to fair value. Goodwill is measured and evaluated at least annually for impairment. No Securities Sold Under Agreements to Repurchase Bancorp enters into sales of securities under agreement to repurchase . Such repurchase agreements are considered financing agreements, and mature within one Income Taxes Bancorp accounts for income taxes using the asset and liability method. The objective of the asset and liability method is to establish deferred tax assets and liabilities for temporary differences between the financial reporting and the tax bases of Bancorp ’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of income in the period that includes the enactment date. These balances were previously recorded using a 35% December 22, 2017 21% January 1, 2018, $5.9 fourth 2017. Bancorp periodically invests in certain partnerships with customers that yield historic tax credits, which are accounted for using the flow through method, which approximates the equity method, and/or low-income housing tax credits as well as tax deductible losses, which are accounted for using the effective yield method for older transactions or proportional amortization method for more recent transactions. The tax benefit of these investments exceeds amortization/impairment expense associated with them, resulting in a positive impact on net income. Realization of deferred tax assets associated with the investment in partnerships is dependent upon generating sufficient taxable capital gain income prior to their expiration. A valuation allowance to reflect management’s estimate of the temporary deductible differences that may 2017 2016. To the extent unrecognized income tax benefits become realized or the related accrued interest is no ’s provision for income taxes would be favorably impacted. As of December 31, 2017 2016, $40 8 may Bancorp ’s policy is to report interest and penalties, if any, related to unrecognized tax benefits in income tax expense. As of December 31, 2017 2016, Net Income Per Share Basic net income per common share is determined by dividing net income by the weighted average number of shares of common stock outstanding. Diluted net income per share is determined by dividing net income by the weighted average number of shares of common stock outstanding plus the weighted average number of shares that would be issued upon exercise of dilutive options and stock appreciation rights, assuming proceeds are used to repurchase shares under the treasury stock method. Comprehensive Income Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For Bancorp, this includes net income, changes in unrealized gains and losses on available-for-sale investment securities and cash flow hedging instruments, net of reclassification adjustments and taxes, and minimum pension liability adjustments, net of taxes. Segment Information Bancorp provides a broad range of financial services to individuals, corporations and others through its 37 December 31, 2017. two Stock-Based Compensation For all awards, stock-based compensation expense is recognized over the period in which it is earned based on the grant-date fair value of the portion of stock-based payment awards that are ultimately expected to vest, reduced for estimated forfeitures. US GAAP requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Derivatives Bancorp uses derivative financial instruments as part of its interest rate risk management, including interest rate swaps. US GAAP establishes accounting and reporting standards for derivative instruments and hedging activities. As required by US GAAP, Bancorp ’s interest rate swaps are recognized as other assets and liabilities in the consolidated balance sheet at fair value. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. To qualify for hedge accounting, Bancorp must comply with detailed rules and documentation requirements at inception of the hedge, and hedge effectiveness is assessed at inception and periodically throughout the life of each hedging relationship. Hedge ineffectiveness, if any, is measured periodically throughout the life of the hedging relationship. For derivatives designated as cash flow hedges, the effective portion of changes in fair value of the derivative is initially reported in other comprehensive income and subsequently reclassified to interest income or expense when the hedged transaction affects earnings, while the ineffective portion of changes in fair value of derivative, if any, is recognized immediately in other noninterest income. Bancorp assesses effectiveness of each hedging relationship by comparing the cumulative changes in cash flows of the derivative hedging instrument with the cumulative changes in cash flows of the designated hedged item or transaction. No Periodically, Bancorp enters into an interest rate swap transaction with a borrower, who desires to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. Because of matching terms of offsetting contracts and the collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition have an insignificant effect on earnings. Because these derivative instruments have not Bancorp had no December 31, 2017 2016. not 22 |
Note 2 - Restrictions on Cash a
Note 2 - Restrictions on Cash and Due From banks | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | ( 2 Bancorp is required to maintain an average reserve balance in cash or with the Federal Reserve Bank relating to customer deposits. The amount of those required reserve balances was approximately $8,071,000 $6,338,000 December 31, 2017 2016, |
Note 3 - Acquisition
Note 3 - Acquisition | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 3 In 2013, 100% “Oldham”), parent company of THE BANK – Oldham County, Inc. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration transferred were recorded at estimated fair value on the acquisition date. Bancorp recorded a core deposit intangible of $2.5 December 31, 2017, $1.2 7 |
Note 4 - Securities
Note 4 - Securities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ( 4 All of Bancorp ’s securities are available-for-sale. The amortized cost, unrealized gains and losses, and fair value of these securities follow: (In thousands) Amortized Unrealized Fair December 31, 2017 cost Gains Losses value U.S. Treasury and other U.S. government obligations $ 149,996 $ – $ (12 ) $ 149,984 Government sponsored enterprise obligations 214,852 474 (1,482 ) 213,844 Mortgage-backed securities - government agencies 163,571 383 (2,447 ) 161,507 Obligations of states and political subdivisions 48,987 365 (163 ) 49,189 Total securities available-for-sale $ 577,406 $ 1,222 $ (4,104 ) $ 574,524 (In thousands) Amortized Unrealized Fair December 31, 2016 cost Gains Losses value U.S. Treasury and other U.S. government obligations $ 74,997 $ 1 $ – $ 74,998 Government sponsored enterprise obligations 268,784 800 (1,494 ) 268,090 Mortgage-backed securities - government agencies 170,344 735 (2,236 ) 168,843 Obligations of states and political subdivisions 57,158 682 (396 ) 57,444 Corporate equity securities 653 46 – 699 Total securities available-for-sale $ 571,936 $ 2,264 $ (4,126 ) $ 570,074 Corporate equity securities, included in the available-for-sale portfolio at December 31, 201 6, 2017 $263 third 2017 $31 2016, not 2015 $5.9 no A summary of the securities available-for-sale by maturity as of December 31, 2017 (In thousands) Securities available-for-sale Amortized cost Fair value Due within 1 year $ 187,792 $ 187,775 Due after 1 but within 5 years 97,119 96,441 Due after 5 but within 10 years 13,807 13,687 Due after 10 years 115,117 115,114 Mortgage-backed securities - government agencies 163,571 161,507 Total securities available for sale $ 577,406 $ 574,524 Actual maturities may with or without call or prepayment penalties. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as the FHLMC, FNMA, and GNMA. These securities differ from traditional debt securities primarily in that they may Securities with a carrying value of $384.7 $380.4 December 31, 2017 2016, At December 31, 2017 2016, no one 10% Securities with unrealized losses not (In thousands) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2017 value losses value losses value losses U.S. Treasury and U.S. obligations $ 149,984 $ (12 ) $ – $ – $ 149,984 $ (12 ) Government sponsored enterprise obligations 95,139 (586 ) 49,870 (896 ) 145,009 (1,482 ) Mortgage-backed securities - government agencies 69,290 (440 ) 67,047 (2,007 ) 136,337 (2,447 ) Obligations of states and political subdivisions 22,366 (107 ) 5,064 (56 ) 27,430 (163 ) Total temporarily impaired securities $ 336,779 $ (1,145 ) $ 121,981 $ (2,959 ) $ 458,760 $ (4,104 ) December 31, 2016 Government sponsored enterprise obligations $ 154,951 $ (1,344 ) $ 3,485 $ (150 ) $ 158,436 $ (1,494 ) Mortgage-backed securities - government agencies 115,374 (1,873 ) 9,914 (363 ) 125,288 (2,236 ) Obligations of states and political subdivisions 29,893 (380 ) 1,478 (16 ) 31,371 (396 ) Total temporarily impaired s ecurities $ 300,218 $ (3,597 ) $ 14,877 $ (529 ) $ 315,095 $ (4,126 ) The applicable dates for determining when securities are in an unrealized loss position are December 31, 201 7 2016. twelve not 12 Unrealized losses on Bancorp ’s investment securities portfolio have not not not may not December 31, 2017. FHLB stock and other securities are investments held by Bancorp which are not consists of holdings of Federal Home Loan Bank of Cincinnati (“FHLB”) stock which are required for access to FHLB borrowing, and are classified as restricted securities. |
Note 5 - Loans
Note 5 - Loans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 5 The composition of loans by primary loan portfolio class follows: December 31, (In thousands) 2017 2016 Commercial and industrial $ 779,014 $ 736,841 Construction and development, excluding undeveloped land 195,912 192,348 Undeveloped land 18,988 21,496 Real estate mortgage: Commercial investment 594,902 538,886 Owner occupied commercial 398,685 408,292 1-4 family residential 262,110 249,498 Home equity - first lien 57,110 55,325 Home equity - junior lien 63,981 67,519 Subtotal: Real estate mortgage 1,376,788 1,319,520 Consumer 38,868 35,170 Total loans $ 2,409,570 $ 2,305,375 Fees and costs of originating loans are deferred at origination and amortized over the life of the loan. Loan balances reported herein include deferred loan origination fees, net of deferred loan costs. At December 31, 2017 2016, $600 $459 December 31, 2017, 2016, Bancorp ’s credit exposure is diversified with secured and unsecured loans to individuals and businesses. No ten Bancorp occasionally enters into loan participation agreements with other banks in the ordinary course of business to diversify credit risk. For certain sold participation loans, Bancorp has retained effective control of the loans, typically by restricting the participating institutions from pledging or selling their share of the loan without permission from Bancorp. US GAAP requires the participated portion of these loans to be recorded as secured borrowings. The participated portions of these loans are included in the commercial and industrial loan (C&I) totals above, and a corresponding liability is reflected in other liabilities. At December 31, 2017 2016, $18.2 $15.8 Loans to directors and their associates, including loans to companies for which directors are principal owners and executive officers are presented in the following table. (I n thousands) Year ended December 31, Loans to directors and executive officers 2017 201 6 Balance as of January 1 $ 969 $ 866 New loans – – Repayment of term loans (175 ) (340 ) Changes in balances of revolving lines of credit (165 ) 443 Balance as of December 31 $ 629 $ 969 None 201 7 2016. The following tables present balance s in the recorded investment in loans and allowance for loan losses by portfolio segment and based on impairment evaluation method as of December 31, 2017, 2016 2015. (In thousands) Type of loan Construction and development Commercial excluding and undeveloped Undeveloped Real estate December 31, 2017 industrial land land mortgage Consumer Total Loans $ 779,014 $ 195,912 $ 18,988 $ 1,376,788 $ 38,868 $ 2,409,570 Loans individually evaluated for impairment $ 1,176 $ 664 $ 474 $ 5,066 $ – $ 7,380 Loans collectively evaluated for impairment $ 777,838 $ 195,248 $ 18,514 $ 1,371,246 $ 38,868 $ 2,401,714 Loans acquired with deteriorated credit quality $ – $ – $ – $ 476 $ – $ 476 Construction and development Commercial excluding and undeveloped Undeveloped Real estate industrial land land mortgage Consumer Total Allowance for loan losses At December 31, 2016 $ 10,483 $ 1,923 $ 684 $ 10,573 $ 344 $ 24,007 Provision (credit) 2,373 (199 ) (163 ) 383 156 2,550 Charge-offs (1,782 ) – – (98 ) (549 ) (2,429 ) Recoveries 202 – – 154 401 757 At December 31, 2017 $ 11,276 $ 1,724 $ 521 $ 11,012 $ 352 $ 24,885 Allowance for loans individually evaluated for impairment $ 34 $ – $ – $ 14 $ – $ 48 Allowance for loans collectively evaluated for impairment $ 11,242 $ 1,724 $ 521 $ 10,998 $ 352 $ 24,837 Allowance for loans acquired with deteriorated credit quality $ – $ – $ – $ – $ – $ – (In thousands) Type of loan Construction and development Commercial excluding and undeveloped Undeveloped Real estate December 31, 2016 industrial land land mortgage Consumer Total Loans $ 736,841 $ 192,348 $ 21,496 $ 1,319,520 $ 35,170 $ 2,305,375 Loans individually evaluated for impairment $ 2,682 $ 538 $ 474 $ 2,516 $ 59 $ 6,269 Loans collectively evaluated for impairment $ 734,139 $ 191,810 $ 21,022 $ 1,316,400 $ 35,111 $ 2,298,482 Loans acquired with deteriorated credit quality $ 20 $ – $ – $ 604 $ – $ 624 Construction and development Commercial excluding and undeveloped Undeveloped Real estate industrial land land mortgage Consumer Total Allowance for loan losses At December 31, 2015 $ 8,645 $ 1,760 $ 814 $ 10,875 $ 347 $ 22,441 Provision (credit) 2,775 275 (130 ) (68 ) 148 3,000 Charge-offs (1,216 ) (133 ) – (576 ) (568 ) (2,493 ) Recoveries 279 21 – 342 417 1,059 At December 31, 2016 $ 10,483 $ 1,923 $ 684 $ 10,573 $ 344 $ 24,007 Allowance for loans individually evaluated for impairment $ 1,207 $ – $ 1 $ – $ 59 $ 1,267 Allowance for loans collectively evaluated for impairment $ 9,276 $ 1,923 $ 683 $ 10,573 $ 285 $ 22,740 Allowance for loans acquired with deteriorated credit quality $ – $ – $ – $ – $ – $ – (In thousands) Type of loan Construction and development Commercial excluding and undeveloped Undeveloped Real estate December 31, 2015 industrial land land mortgage Consumer Total Loans $ 644,398 $ 134,482 $ 21,185 $ 1,197,411 $ 35,531 $ 2,033,007 Loans individually evaluated for impairment $ 4,635 $ – $ – $ 4,050 $ 68 $ 8,753 Loans collectively evaluated for impairment $ 639,760 $ 134,160 $ 21,185 $ 1,192,864 $ 35,463 $ 2,023,432 Loans acquired with deteriorated credit quality $ 3 $ 322 $ – $ 497 $ – $ 822 Construction and development Commercial excluding and undeveloped Undeveloped Real estate industrial land land mortgage Consumer Total Allowance for loan losses At December 31, 2014 $ 11,819 $ 721 $ 1,545 $ 10,541 $ 294 $ 24,920 Provision (credit) 793 1,065 (2,131 ) 872 151 750 Charge-offs (4,065 ) (26 ) – (693 ) (597 ) (5,381 ) Recoveries 98 – 1,400 155 499 2,152 At December 31, 2015 $ 8,645 $ 1,760 $ 814 $ 10,875 $ 347 $ 22,441 Allowance for loans individually evaluated for impairment $ 268 $ – $ – $ 208 $ 68 $ 544 Allowance for loans collectively evaluated for impairment $ 8,377 $ 1,760 $ 814 $ 10,667 $ 279 $ 21,897 Allowance for loans acquired with deteriorated credit quality $ – $ – $ – $ – $ – $ – The considerations by Bancorp in computing its allowance for loan losses are determined based on the various risk characteristics of each loan segment. Relevant risk characteristics are as follows: ● Commercial and industrial loans: Loans in this category are made to businesses. Generally these loans are secured by assets of the business and repayment is expected from cash flows of the business. A decline in the strength of the business or a weakened economy and resultant decreased consumer and/or business spending may ● Construction and development, excluding undeveloped land: Loans in this category primarily include owner-occupied and investment construction loans and commercial development projects. In most cases, construction loans require only interest to be paid during construction. Upon completion or stabilization, the construction loan may not ● Undeveloped land: Loans in this category are secured by land acquired for development by the borrower, but for which no primarily dependent upon financial strength of the borrower, but can also be affected by market conditions and time to sell lots at an adequate price. Credit risk is also affected by availability of permanent financing, including to the end user, to the extent such permanent financing is not ● Real estate mortgage: Loans in this category are made to and secured by owner-occupied residential real estate, owner-occupied real estate used for business purposes, and income-producing investment properties. For owner-occupied residential and owner-occupied commercial real estate, repayment is dependent on financial strength of the borrower. For income-producing investment properties, repayment is dependent on financial strength of both the tenants and the borrower. Underlying properties are generally located in Bancorp ’s primary market area. Cash flows of income producing investment properties may ● Consumer: Loans in this category may , as well as home and securities prices, will have a significant effect on credit quality in this loan category. Bancorp ha d loans that were acquired in a 2013 not 15 19 four 2017 December 31, 2017 2016. December 31, 2016 2017 (In thousands) Accretable discount Non- accretable discount Balance at December 31, 2015 $ 3 $ 189 Accretion (3 ) (41 ) Reclassifications from (to) non-accretable difference – – Disposals – – Balance at December 31, 2016 – 148 Accretion – (43 ) Reclassifications from (to) non-accretable difference 105 (105 ) Disposals Balance at December 31, 2017 $ 105 $ – Accretion in the non-accretable discount column represents accretion recorded upon payoff of loans. The following tables present loans individually evaluated for impairment as of December 31, 201 7 2016. (I n thousands) Unpaid Average Recorded principal Related recorded December 31, 2017 investment balance allowance investment Loans with no related allowance recorded: Commercial and industrial $ 1,142 $ 2,202 $ – $ 411 Construction and development, excluding undeveloped land 664 834 – 559 Undeveloped land 474 506 – 425 Real estate mortgage Commercial investment 52 53 – 110 Owner occupied commercial 3,332 3,789 – 1,678 1-4 family residential 1,637 1,657 – 935 Home equity - first lien – – – – Home equity - junior lien 31 31 – 186 Subtotal: Real estate mortgage 5,052 5,530 – 2,909 Consumer – – – – Subtotal $ 7,332 $ 9,072 $ – $ 4,304 Loans with an allowance recorded: Commercial and industrial $ 34 $ 34 $ 34 $ 1,882 Construction and development, excluding undeveloped land – Undeveloped land – 48 Real estate mortgage Commercial investment – – – – Owner occupied commercial – – – – 1-4 family residential 14 14 14 5 Home equity - first lien – – – – Home equity - junior lien – – – – Subtotal: Real estate mortgage 14 14 14 5 Consumer – – – 46 Subtotal $ 48 $ 48 $ 48 $ 1,981 Total: Commercial and industrial $ 1,176 $ 2,236 $ 34 $ 2,293 Construction and development, excluding undeveloped land 664 834 – 559 Undeveloped land 474 506 – 473 Real estate mortgage Commercial investment 52 53 – 110 Owner occupied commercial 3,332 3,789 – 1,678 1-4 family residential 1,651 1,671 14 940 Home equity - first lien – – – – Home equity - junior lien 31 31 – 186 Subtotal: Real estate mortgage 5,066 5,544 14 2,914 Consumer – – – 46 Total $ 7,380 $ 9,120 $ 48 $ 6,285 (In thousands) Unpaid Average Recorded principal Related recorded December 31, 2016 investment balance allowance investment Loans with no related allowance recorded: Commercial and industrial $ 322 $ 465 $ – $ 1,947 Construction and development, excluding undeveloped land 538 708 – 108 Undeveloped land 233 265 – 76 Real estate mortgage Commercial investment 107 107 – 193 Owner occupied commercial 1,042 1,479 – 1,356 1-4 family residential 984 985 – 980 Home equity - first lien – – – 3 Home equity - junior lien 383 383 – 315 Subtotal: Real estate mortgage 2,516 2,954 – 2,847 Consumer – – – 18 Subtotal $ 3,609 $ 4,392 $ – $ 4,996 Loans with an allowance recorded: Commercial and industrial $ 2,360 $ 2,835 $ 1,207 $ 1,619 Construction and development, excluding undeveloped land – – – 182 Undeveloped land 241 241 1 149 Real estate mortgage Commercial investment – – – – Owner occupied commercial – – – 554 1-4 family residential – – – – Home equity - first lien – – – – Home equity - junior lien – – – – Subtotal: Real estate mortgage – – – 554 Consumer 59 59 59 63 Subtotal $ 2,660 $ 3,135 $ 1,267 $ 2,567 Total: Commercial and industrial $ 2,682 $ 3,300 $ 1,207 $ 3,566 Construction and development, excluding undeveloped land 538 708 – 290 Undeveloped land 474 506 1 225 Real estate mortgage – – – – Commercial investment 107 107 – 193 Owner occupied commercial 1,042 1,479 – 1,910 1-4 family residential 984 985 – 980 Home equity - first lien – – – 3 Home equity - junior lien 383 383 – 315 Subtotal: Real estate mortgage 2,516 2,954 – 3,401 Consumer 59 59 59 81 Total $ 6,269 $ 7,527 $ 1,267 $ 7,563 Differences between recorded investment amounts and unpaid principal balance amounts less related allowance are due to partial charge-offs which have occurred over the life of loans and fair value adjustments recorded for loans acquired. Interest paid on impaired or non-accrual loans that was used to reduce principal was $338 $307 $521 2017, 2016 2015, $159 $149 $465 2017, 2016 2015, Impaired loans include non-accrual loans and loans accounted for as troubled debt restructurings (TDR s), which continue to accrue interest. Non-performing loans include the balance of impaired loans plus any loans over 90 90 $2 $438 December 31, 2017 2016, The following table presents the recorded investment in non-accrual loans as of December 31, 201 7 2016. December 31, (In thousands) 2017 2016 Commercial and industrial $ 321 $ 1,767 Construction and development, excluding undeveloped land 664 538 Undeveloped land 474 474 Real estate mortgage Commercial investment 52 107 Owner occupied commercial 3,332 1,042 1-4 family residential 1,637 984 Home equity - first lien – – Home equity - junior lien 31 383 Subtotal: Real estate mortgage 5,052 2,516 Consumer – – Total $ 6,511 $ 5,295 In the course of working with borrowers, Bancorp may ’s financial difficulties, Bancorp grants a concession to the borrower that it would not $869 $974 December 31, 2017 2016, 2017. $39 1 4 $12 $14 December 31, 2017. 2016 two one not December 31, 2016 2015. No 2015, 2016 2017 12 Loans accounted for as TDR s are individually evaluated for impairment. At December 31, 2017 $48 $207 December 31, 2016. December 31, 2017 2016, no December 31, 2017 two $62 The following table presents the aging of the recorded investment in loans as of December 31, 201 7 2016. Recorded (I n thousands) 90 or more investment days past > 90 days 30-59 days 60-89 days due (includes) Total Total and December 31, 2017 Current past due past due non-accrual) past due loans accruing Commercial and industrial $ 776,118 $ 2,571 $ 4 $ 321 $ 2,896 $ 779,014 $ – Construction and development, excluding undeveloped land 194,936 – 312 664 976 195,912 – Undeveloped land 18,514 – – 474 474 18,988 – Real estate mortgage Commercial investment 594,242 608 – 52 660 594,902 – Owner occupied Commercial 394,623 455 275 3,332 4,062 398,685 – 1-4 family residential 259,994 172 307 1,637 2,116 262,110 – Home equity - first lien 56,938 172 – – 172 57,110 – Home equity - junior lien 63,667 87 194 33 314 63,981 2 Subtotal: Real estate mortgage 1,369,464 1,494 776 5,054 7,324 1,376,788 2 Consumer 38,699 86 83 – 169 38,868 – Total $ 2,397,731 $ 4,151 $ 1,175 $ 6,513 $ 11,839 $ 2,409,570 $ 2 December 31, 2016 Commercial and industrial $ 734,682 $ 84 $ 290 $ 1,785 $ 2,159 $ 736,841 $ 18 Construction and development, excluding undeveloped land 191,810 – – 538 538 192,348 – Undeveloped land 21,022 – – 474 474 21,496 – Real estate mortgage Commercial investment 537,998 631 64 193 888 538,886 86 Owner occupied commercial 406,726 342 – 1,224 1,566 408,292 182 1-4 family residential 246,730 1,174 576 1,018 2,768 249,498 34 Home equity - first lien 55,027 231 21 46 298 55,325 46 Home equity - junior lien 66,911 99 126 383 608 67,519 72 Subtotal: Real estate mortgage 1,313,392 2,477 787 2,864 6,128 1,319,520 420 Consumer 34,965 28 105 72 205 35,170 – Total $ 2,295,871 $ 2,589 $ 1,182 $ 5,733 $ 9,504 $ 2,305,375 $ 438 Consistent with regulatory guidance, Bancorp categorizes loans into credit risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information and current economic trends. Pass-rated loans includ e all risk-rated loans other than those classified as other assets especially mentioned, substandard, and doubtful, which are defined below: ● Other assets especially mentioned ( “OAEM”): Loans classified as OAEM have a potential weakness that deserves management’s close attention. These potential weaknesses may ● Substandard: Loans classified as substandard are inadequately protected by the paying capacity of the obligor or of collateral pledged, if any. Loans so classified have well-defined weaknesses that may not ● Substandard non-performing: Loans classified as substandard non-performing have deteriorated beyond the characteristics of substandard loans and have been placed on non-accrual status or have been accounted for as troubled debt restructurings. ● Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that weaknesses make collection or repayment in full , on the basis of currently existing facts, conditions and values, highly questionable and improbable. As of December 31, 201 7 2016, (In thousands ) Substandar d Tota l December 31, 201 7 Pas s OAE M Substandar d non-performin g Doubtfu l loan s Commercial and industria l $ 751,628 $ 12,032 $ 14,178 $ 1,176 $ – $ 779,014 Construction an d g d 195,248 – – 664 – 195,912 Undeveloped lan d 18,484 – 30 474 – 18,988 Real estate mortgag e Commercial investmen t 591,232 3,599 19 52 – 594,902 Owner occupie d l 383,455 8,683 3,215 3,332 – 398,685 1-4 family residentia l 256,968 2,477 1,014 1,651 – 262,110 Home equity - first lie n 57,110 – – – – 57,110 Home equity - n 63,471 247 230 33 – 63,981 Subtotal: Real estate mortgag e 1,352,236 15,006 4,478 5,068 – 1,376,788 Consume r 38,747 117 4 – – 38,868 Tota l $ 2,356,343 $ 27,155 $ 18,690 $ 7,382 $ – $ 2,409,570 December 31, 201 6 Commercial and industria l $ 714,025 $ 14,266 $ 5,850 $ 2,700 $ – $ 736,841 Construction an d g d 191,455 – 355 538 – 192,348 Undeveloped lan d 21,022 – – 474 – 21,496 Real estate mortgag e Commercial investmen t 538,688 – 5 193 – 538,886 Owner occupie d l 396,997 7,960 2,111 1,224 – 408,292 1-4 family residentia l 247,888 – 592 1,018 – 249,498 Home equity - first lie n 55,279 – – 46 – 55,325 Home equity - junior lien 66,710 – 426 383 – 67,519 Subtotal: Real estate mortgag e 1,305,562 7,960 3,134 2,864 – 1,319,520 Consume r 35,039 – – 131 – 35,170 Tota l $ 2,267,103 $ 22,226 $ 9,339 $ 6,707 $ – $ 2,305,375 |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 6 A summary of premises and equipment follows: December 31, ( In thousands) 2017 201 6 Land $ 7,118 $ 7,118 Buildings and improvements 47,924 47,398 Furniture and equipment 18,511 20,758 Construction in progress 1,496 51 75,049 75,325 Accumulated depreciation and amortization (33,394 ) (32,941 ) Total premises and equipment $ 41,655 $ 42,384 Depreciation expense related to premises and equipment was $3.5 2017, $3.2 2016 $3.0 2015. |
Note 7 - Other Assets
Note 7 - Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | ( 7 A summary of major components of other assets follows: December 31, (In thousands) 2017 2016 Cash surrender value of life insurance other than BOLI $ 16,213 $ 13,543 Net deferred tax asset 9,206 12,896 Investments in tax credit related ventures 3,216 5,244 Other real estate owned and other foreclosed property 2,640 5,033 Other short term receivables 2,215 2,100 Core deposit intangible 1,225 1,405 Mortgage servicing rights (MSRs) 875 921 Goodwill 682 682 Other 12,234 7,553 Total $ 48,506 $ 49,377 Bancorp maintains life insurance policies other than BOLI in conjunction with its non-qualified defined benefit retirement and non-qualified compensation plans. Mortgage servicing rights (MSRs) are initially recognized at fair value when mortgage loans are sold and amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. MSRs are evaluated quarterly for impairment by comparing carrying value to fair value. Estimated fair values of MSRs at December 31, 201 7 2016 $3.1 $2.7 $344.5 $372.2 December 31, 2017, 2016 Changes in the net carrying amount of MSRs are shown in the following table. (In thousands) 2017 2016 Balance at January 1 $ 921 $ 1,018 Originations 225 177 Amortization (271 ) (274 ) Balance at December 31 $ 875 $ 921 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 8 Components of income tax expense (benefit) from operations were as follows: (In thousands) 2017 2016 2015 Current tax expense Federal $ 12,622 $ 14,270 $ 15,478 State 546 698 608 Total current tax expense 13,168 14,968 16,086 Deferred tax expense (benefit) Federal 3,783 192 748 State (4 ) 36 54 Total deferred tax expense (benefit) 3,779 228 802 Change in valuation allowance 192 48 45 Total income tax expense $ 17,139 $ 15,244 $ 16,933 Components of income tax (benefit) expense recorded directly to stockholders’ equity were as follows: (In thousands) 2017 2016 2015 Unrealized (loss) gain on securities available for sale $ (531 ) $ (1,171 ) $ (839 ) Reclassification adjustment for securities losses realized in income 81 – – Reclassification adjustment for securities impairment realized in income – – 36 Unrealized (loss) gain on derivatives 112 24 (41 ) Minimum pension liability adjustment (9 ) 1 61 Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes – (1,705 ) (673 ) Total income tax (benefit) expense recorded directly to stockholders ’ equity $ (347 ) $ (2,851 ) $ (1,456 ) An analysis of the difference between the statutory and effective tax rates from operations follows: Year ended December 31, 2017 2016 2015 U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Tax credits (14.4 ) (9.7 ) (2.5 ) Net deferred tax asset remeasurement 10.8 – – Amortization/impairment of investments in tax credit partnerships 3.4 2.8 0.4 Stock based compensation (2.6 ) – – Cash surrender value of life insurance (1.5 ) (0.9 ) (0.8 ) Tax exempt interest income (1.2 ) (1.2 ) (1.4 ) Other, net 0.9 0.3 (0.2 ) State income taxes 0.7 0.8 0.8 Effective tax rate 31.1 % 27.1 % 31.3 % T he increase in effective tax rate from 2016 2017 one December 2017 $5.9 fourth 2017. 2017 2016 09 2017 $1.5 2016 09, 2016 2015 $1.7 $673 The decrease in the effective tax rate from 2015 2016 2016. I n December 2017, No. 118 118” not 118 not one In two not 1 ’s deferred tax assets of $565 1s 2 no $19 162 $1 third no $541 not December 22, 2018. The effects of temporary differences that gave rise to significant portions of deferred tax assets and deferred tax liabilities follows: December 31, (In thousands) 2017 2016 Allowance for loan loss $ 5,422 $ 8,581 Deferred compensation 4,148 5,589 Accrued expenses 798 1,360 Investments in partnerships 565 905 Write-downs and costs associated with other real estate owned 39 29 Loans 442 685 Other-than-temporary impairment – 37 Securities 121 – Other assets 186 185 Total deferred tax assets 11,721 17,371 Securities – 438 Property and equipment 764 1,409 Loan costs 588 923 Mortgage servicing rights 161 280 Leases 149 381 Core deposit intangible 267 502 Other liabilities 260 408 Total deferred tax liabilities 2,189 4,341 Valuation allowance (326 ) (134 ) Net deferred tax asset $ 9,206 $ 12,896 A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more-likely-than- not not not December 31, 201 7. Realization of deferred tax assets associated with the investment in tax credit partnerships is dependent upon generating sufficient taxable capital gain income prior to their expiration. A valuation allowance of $326 $134 may December 31, 2017 2016, US GAAP provides guidance on financial statement recognition and measurement of tax positions taken, or expected to be taken, in tax returns. As December 31, 2017 2016, $40 may 2013. A reconciliation of the amount of unrecognized tax benefits follows: (In thousands) 2017 2016 Balance as of January 1 $ 40 $ 40 Increases - current year tax positions 11 11 Increases - prior year tax positions – – Settlements – – Lapse of statute of limitations (11 ) (11 ) Balance as of December 31 $ 40 $ 40 |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | ( 9 The composition of interest bearing deposits follows: December 31, (In thousands) 2017 201 6 Interest bearing demand $ 833,450 $ 768,139 Savings 152,348 140,030 Money market 682,226 682,421 Time deposits of more than $250,000 38,439 40,427 Other time deposits 197,135 209,375 Total interest bearing deposits $ 1,903,598 $ 1,840,392 Interest expense related to certificates of deposit and other time deposits in denominations of $250 $161 $231 $313 December 31, 2017, 2016 2015. At December 31, 2017, 2018 $ 166,219 2019 42,857 2020 13,100 2021 7,646 2022 and thereafter 5,752 Total time deposits $ 235,574 Deposits of directors and their associates, including deposits of companies for which directors are principal owners, and executive officers were $28.5 $30.5 December 31, 2017 2016, At December 31, 201 7 2016, $614 $449 |
Note 10 - Securities Sold Under
Note 10 - Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Securities Sold Under Agreements To Repurchase [Text Block] | ( 10 Securities sold under agreements to repurchase are a funding source of Bancorp and are primarily used by commercial customers in conjunction with collateralized corporate cash management accounts. Such repurchase agreements are considered financing agreements and mature within one December 31, 2017, Information concerning securities sold under agreements to repurchase is summarized as follows: (Dollars in thousands) 2017 2016 Average balance during the year $ 70,187 $ 62,670 Average interest rate during the year 0.19 % 0.22 % Maximum month-end balance during the year $ 75,365 $ 72,029 |
Note 11 - Advances From the Fed
Note 11 - Advances From the Federal Home Loan Bank | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | ( 11 Bancorp had outstanding borrowings of $ 49.5 December 31, 2017, fourteen two $30 $19.5 The following is a summary of the contractual maturities and average effective rates of outstanding advances: (In thousands) December 31, 2017 December 31, 2016 Year Advance Fixed Rate Advance Fixed Rate 2018 $ 30,000 1.48 % $ 30,000 0.70 % 2020 1,741 2.23 1,790 2.23 2021 288 2.12 359 2.12 2024 2,454 2.36 2,661 2.36 2025 5,149 2.42 6,025 2.43 2026 8,564 1.99 8,936 1.99 2028 1,262 1.49 1,304 1.48 Total $ 49,458 1.74 % $ 51,075 1.30 % In addition to fixed-rate advances listed above, at December 31, 2017, $150 first January 2018 ’s overall cash position. Due to the short-term nature of the advance, it was recorded on the consolidated balance sheet within federal funds purchased . Advances from the FHLB are collateralized by certain commercial and residential real estate mortgage loans under a blanket mortgage collateral agreement and FHLB stock. Bancorp views the borrowings as an effective alternative to brokered deposits to fund loan growth. At December 31, 2017, $333 |
Note 12 - Other Comprehensive I
Note 12 - Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 12 The following table illustrates activity within the balances in accumulated other comprehensive income (loss) by component, and is shown for the years ended December 31, 201 7, 2016, 2015. Net unrealized Net unrealized Minimum gains (losses) gains (losses) pension on securities on cash liability (In thousands) available-for-sale flow hedges adjustment Total Balance at December 31, 2014 $ 2,456 $ 16 $ (387 ) $ 2,085 Other comprehensive (loss) income before reclassifications (1,558 ) (76 ) 114 (1,520 ) Amounts reclassified from accumulated other comprehensive income 67 – – 67 Net current period other comprehensive (loss) income (1,491 ) (76 ) 114 (1,453 ) Balance at December 31, 2015 $ 965 $ (60 ) $ (273 ) $ 632 Other comprehensive (loss) income before reclassifications (2,176 ) 44 1 (2,131 ) Amounts reclassified from accumulated other comprehensive income – – – – Net current period other comprehensive (loss) income (2,176 ) 44 1 (2,131 ) Balance at December 31, 2016 $ (1,211 ) $ (16 ) $ (272 ) $ (1,499 ) Other comprehensive income (loss) before reclassifications (721 ) 209 (70 ) (582 ) Amounts reclassified from accumulated other comprehensive income 151 – – 151 Net current period other comprehensive income (loss) (1,067 ) 250 (120 ) (431 ) Balance at December 31, 2017 $ (2,278 ) $ 234 $ (392 ) $ (1,930 ) 2017 $506 2018 02, February 2018, 2018 02 $506 T he following table illustrates activity within the reclassifications out of accumulated other comprehensive income (loss), for the years ended December 31, 2017, 2016 2015. Details of accumulated Affected line item in o ther c omprehensive A mount reclassified from A ccumulated the c onsolidated i ncome ( l oss) c omponents o ther c omprehensive i ncome ( l oss) s tatements of i ncome For the years ended December 31, (In thousands) 2017 2016 2015 Unrealized gains (losses) on securities available-for-sale: Realized loss on sale of available-for-sale securities $ (232 ) $ – $ – L oss on sale of securities OTTI impairment of equity security – – (103 ) Other non-interest expense Effect of income taxes 81 – 36 Income tax expense Reclassifications, net of income taxes $ (151 ) $ – $ (67 ) |
Note 13 - Preferred Stock and C
Note 13 - Preferred Stock and Common Stock | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 13 ) Preferred Stock and Common Stock Bancorp has a class of preferred stock ( no 1,000,000 None At Bancorp ’s 2015 20,000,000 40,000,000. |
Note 14 - Stock Split
Note 14 - Stock Split | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note, Stock Split [Text Block] | ( 14 ) Stock Split On April 29, 2016 3 2 50% May 13, 2016, paid May 27, 2016 50% |
Note 15 - Net Income Per Share
Note 15 - Net Income Per Share and Common Stock Dividends | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 15 The following table reflects the numerators (net income) and denominators (average shares outstanding) for the basic and diluted net income per share computations: (In thousands, except per share data) 2017 2016 2015 Net income, basic and diluted $ 38,043 $ 41,027 $ 37,187 Average shares outstanding, basic 22,532 22,356 22,088 Effect of dilutive securities 451 436 371 Average shares outstanding including dilutive securities 22,983 22,792 22,459 Net income per share, basic $ 1.69 $ 1.84 $ 1.68 Net income per share, diluted $ 1.66 $ 1.80 $ 1.65 |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 16 Bancorp has a combined employee stock ownership and profit sharing plan ( “KSOP”). The plan is a defined contribution plan and is available to all employees meeting certain eligibility requirements. In general, for employees who work more than 1,000 6% 2% 2017, 2016, 2015 $2.0 $1.9 $1.8 December 31, 2017 2016, 577 567 In addition Bancorp has non-qualified plans into which directors and certain senior officers may ’ deferrals into the senior officers’ plan amounting to approximately $232 $293 $171 2017, 2016 2015 December 31, 2017 2016, $8.2 $5.6 Bancorp sponsors an unfunded non-qualified defined benefit retirement plan for three two one no 25 Participants are fully vested. Bancorp uses a December 31 $2.2 $2.1 December 31, 2017 December 31, 2016, 3.59% 4.10% 2017 2016, December 31, 2017 2016. Information about the components of the net periodic benefit cost of the defined benefit plan, recorded in salaries and employee benefits, is as follows: Year ended December 31, ( In thousands) 201 7 2016 2015 Components of net periodic benefit cost: Service cost $ – $ – $ – Interest cost 79 87 83 Expected return on plan assets – – – Amortization of prior service cost – – – Amortization of net losses 71 47 59 Net periodic benefit cost $ 150 $ 134 $ 142 B enefits expected to be paid in each year from 2018 2020 (In thousands) 2018 $ 84 2019 84 2020 84 Beyond 2020 3,278 Total future payments $ 3,530 E xpected benefits to be paid are based on the same assumptions used to measure Bancorp’s benefit obligation at December 31, 2017. no |
Note 17 - Stock-based Compensat
Note 17 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 17 The fair value of all stock-based awards granted, net of estimated forfeitures, is recognized as compensation expense over the respective service period. Bancorp currently has one ’s 2015 2015 2005 2015 No December 31, 2017, 302,727 2005 April 2015; 2025. Bancorp no at December 31, 2017. 20% ten Restricted shares granted to officers vest over five 2015, 2015 and forward, forfeitable dividends are deferred until shares are vested. Fair value of restricted shares is equal to the market value of the shares on the date of grant. Grants of performance stock units ( “PSUs”) vest based upon service, a single three three January 1 first not 2015, one 5.1%, 4.5% 3.6% 2017, 2016 2015 Grants of restricted stock units ( “RSUs”) to directors are time-based and vest 12 Bancorp has recognized stock-based compensation expense for SARs, PSUs, and RSUs, within employee benefits for employees, and within other non-interest expense for directors, in the consolidated statements of income as follows: (In thousands) 2017 2016 2015 Stock-based compensation expense before income taxes $ 2,892 $ 2,473 $ 2,134 Less: deferred tax benefit (607 ) (866 ) (747 ) Reduction of net income $ 2,285 $ 1,607 $ 1,387 Bancorp ’s net income for 2017 2016 09 2017, not 2017, $1.5 2017. not As of December 31, 201 7 $4.8 five 2017 $216 $2.3 $3.3 2016 2015, Fair values of Bancorp ’s SARs are estimated at the date of grant using the Black-Scholes option pricing model, a leading formula for calculating the value of stock options and SARs. This model requires the input of assumptions, changes to which can materially affect the fair value estimate. Fair value of restricted shares is determined by Bancorp’s closing stock price on the date of grant. The following assumptions were used in SAR valuations at the grant date in each year: Assumptions 2017 2016 2015 Dividend yield 2.72 % 2.94 % 2.97 % Expected volatility 19.47 % 19.31 % 22.81 % Risk free interest rate 2.29 % 1.70 % 1.91 % Expected life of SARs (in years) 7.0 7.3 7.5 Dividend yield and expected volatility are based on historical information for Bancorp corresponding to the expected life of SARs granted. Expected volatility is the volatility of the underlying shares for the expected term on a monthly basis. The risk free interest rate is the implied yield currently available on U.S. Treasury issues with a remaining term equal to the expected life of the awards. The expected life of SARs is based on actual experience of past like-term SARs. Bancorp evaluates historical exercise and post-vesting termination behavior when determining the expected life. A summary of stock option and SARs activity and related information for the year s ended December 31, 2016 2017 Weighted Weighted Aggregate Weighted average Options average intrinsic average remaining and SARs Exercise exercise value fair contractual ( I n thousands) price price ( I n thousands) value life ( I n years) At December 31, 2015 Vested and exercisable 656 $14.02 - 19.44 $ 15.75 $ 6,191 $ 3.39 3.7 Unvested 266 15.24 - 24.55 18.66 1,733 3.29 7.7 Total outstanding 922 14.02 - 24.55 16.59 7,924 3.36 4.8 Activity during 2016 SARs granted 88 25.76 - 33.08 25.84 1,866 3.56 Exercised (272 ) 14.02 - 17.89 16.38 4,155 3.73 Forfeited (3 ) 14.02 - 15.84 15.18 60 2.94 At December 31, 2016 Vested and exercisable 475 14.02 - 24.56 15.72 14,820 3.16 4.3 Unvested 260 15.24 - 33.08 21.53 6,623 3.43 7.8 Total outstanding 735 14.02 - 33.08 17.78 21,443 3.26 5.5 Activity during 2017 SARs granted 46 40.00 - 40.00 40.00 – 6.34 Exercised (77 ) 14.02 - 17.89 15.41 1,855 3.18 Forfeited – – – – – At December 31, 2017 Vested and exercisable 490 14.02 - 33.08 16.46 10,408 3.16 4.0 Unvested 214 15.26 - 40.00 26.46 2,515 4.17 7.7 Total outstanding 704 14.02 - 40.00 19.51 12,923 3.47 5.1 Vested year-to-date 93 $15.24 - 33.08 $ 19.37 $ 1,696 $ 3.18 Intrinsic value for stock options and SARs is defined as the amount by which the current market price of the underlying stock exceeds the exercise or grant price. The aggregate intrinsic value of stock options and SARs exercised in 201 7, 2016 2015 $1.9 $4.2 $2.0 The weighted average Black-Scholes fair values of SARs granted in 201 7, 2016 2015 $6.34, $3.56 $5.95, SARs outstanding, stated in thousands, at December 31, 2017 Expiration Number of SARs outstanding SARs exercisable Weighted average exercise price of SARs outstanding 2018 17 17 $ 15.58 2019 40 40 14.76 2020 73 73 14.02 2021 74 74 15.86 2022 117 117 15.25 2023 80 66 15.26 2024 94 56 19.37 202 5 76 30 22.99 202 6 88 17 25.84 2027 45 – 40.00 704 490 $ 19.51 A summary of Bancorp granted shares of restricted common stock, f or the three December 31, 2017, Grant date weighted- Number average cost Unvested at December 31, 2014 171,139 $ 16.63 Shares awarded 52,898 22.99 Restrictions lapsed and shares released to employees/directors (61,205 ) 15.89 Shares forfeited (6,974 ) 18.97 Unvested at December 31, 2015 155,858 $ 18.98 Shares awarded 51,122 25.78 Restrictions lapsed and shares released to employees/directors (49,265 ) 17.98 Shares forfeited (12,480 ) 20.69 Unvested at December 31, 2016 145,235 $ 21.57 Shares awarded 28,625 44.85 Restrictions lapsed and shares released to employees/directors (46,797 ) 19.79 Shares forfeited (7,691 ) 25.18 Unvested at December 31, 2017 119,372 $ 27.62 Bancorp awarded performance-based restricted stock units ( “PSUs”) to executive officers of Bancorp, the single three January 1 Fair Vesting value at Expected Grant period grant shares to year in years date be awarded 2015 3 $ 20.02 43,011 2016 3 22.61 69,161 2017 3 35.66 43,325 In the first 201 7, 4,680 $220 Bancorp has no not shareholders. The following table provides detail of the number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance under all the Bancorp’s equity compensation plans as of December 31, 2017. Plan category (Shares in thousands) Number of shares to be issued upon exercise /vesting Weighted averag e exercise price Shares available for future issuance (a) Equity compensation plans approved by security holders: Stock appreciation rights (SARs) (b) (b) 303 Restricted common stock 119 N/A (a) Performance stock units (c) N/A (a) Restricted stock units 5 N/A (a) Total shares 124 303 (a) Under the 2015 (b) At December 31, 2017, 704,000 $19.51. (c) The number of shares to be issued is dependent upon Bancorp achieving certain predefined performance targets and ranges from zero 205,000 December 31, 2017, 155,497. |
Note 18 - Dividend
Note 18 - Dividend | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Restrictions on Dividends, Loans and Advances [Text Block] | ( 18 Bancorp ’s principal source of cash revenues is dividends paid to it as the sole shareholder of the Bank. At any balance sheet date, the Bank’s regulatory dividend restriction represents the Bank’s net income of the current year plus the prior two December 31, 2017, may $70.4 |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 19 As of December 31, 201 7, not $688.3 $14.8 $628.3 $15.6 December 31, 2016. no not may December 31, 2017, $350 Standby letters of credit and financial guarantees written are conditional commitments issued by Bancorp to guarantee the performance of a customer to a third one two Bancorp leases certain facilities under non-cancelable operating leases. Future minimum lease commitments for these leases are outlined in the table below. (In th ousands) Year Total amount 2018 $ 1,847 2019 1,880 2020 1,532 2021 1,391 2022 1,501 Thereafter 2,873 Total $ 11,024 Rent expense, net of sublease income, was $1.9 2017, $1.8 2016, $1.7 2015. Certain commercial customers require confirmation of Bancorp ’s letters of credit by other banks since Bancorp does not 1 19 December 31, 2017, $1.5 $1.5 No Also, as of December 31, 2017, not |
Note 20 - Assets and Liabilitie
Note 20 - Assets and Liabilities Measured and Reported at Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | ( 20 Bancorp follows provisions of authoritative guidance for fair value measurements. This guidance is definitional and disclosure oriented and addresses how companies should approach measuring fair value when required by US GAAP. The guidance also prescribes various disclosures about financial statement categories and amounts which are measured at fair value, if such disclosures are not A uthoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement date. The guidance also establishes a hierarchy to group assets and liabilities carried at fair value in three 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 ● Level 3 : Valuation is generated from model-based techniques that use significant assumptions not Authoritative guidance requires maximization of use of observable inputs and minimization of use of unobservable inputs in fair value measurements. Where there exists limited or no may not Bancorp ’s investment securities available-for-sale and interest rate swaps are recorded at fair value on a recurring basis. Other accounts including mortgage servicing rights, impaired loans and other real estate owned may The portfolio of investment securities available-for-sale is comprised of U.S. Treasury and other U.S. government obligations, debt securities of U.S. government-sponsored corporations (including mortgage-backed securities), obligations of state and political subdivisions and corporate equity securities. U.S. Treasury and corporate equity securities are priced using quoted prices of identical securities in an active market. These measurements are classified as Level 1 2 Interest rate swaps are valued using primarily Level 2 are based on benchmark forward yield curves and other relevant observable market data. For purposes of potential valuation adjustments to derivative positions, Bancorp evaluates the credit risk of its counterparties as well as its own credit risk. To date, Bancorp has not not 2017. Below are carrying values of assets measured at fair value on a recurring basis. (In thousands) Fair value at December 31, 2017 Assets Total Level 1 Level 2 Level 3 Investment securities available-for-sale : U.S. Treasury and other U.S. government obligations $ 149,984 $ 149,984 $ – $ – Government sponsored enterprise obligations 213,844 – 213,844 – Mortgage-backed securities - government agencies 161,507 – 161,507 – Obligations of states and political subdivisions 49,189 – 49,189 – Total investment securities available-for-sale 574,524 149,984 424,540 – Interest rate swaps 579 – 579 – Total assets $ 575,079 $ 149,984 $ 425,095 $ – Liabilities Interest rate swaps $ 259 $ – $ 259 $ – (In thousands) Fair value at December 31, 2016 Assets Total Level 1 Level 2 Level 3 Investment securities available-for-sale : U.S. Treasury and other U.S. government obligations $ 74,998 $ 74,998 $ – $ – Government sponsored enterprise obligations 268,090 – 268,090 – Mortgage-backed securities - government agencies 168,843 – 168,843 – Obligations of states and political subdivisions 57,444 – 57,444 – Corporate equity securities 699 699 – – Total investment securities available-for-sale 570,074 75,697 494,377 – Interest rate swaps 178 – 178 – Total assets $ 570,252 $ 75,697 $ 494,555 $ – Liabilities Interest rate swaps $ 203 $ – $ 203 $ – Bancorp had no 3 December 31, 2017 2016. MSRs are recorded at fair value upon capitalization, are amortized to correspond with estimated servicing income, and are periodically assessed for impairment based on fair value at the reporting date. Fair value is based on a valuation model that calculates the present value of estimated net servicing income. The model incorporates assumptions that market participants would use in estimating future net servicing income. These measurements are classified as Level 3. December 31, 2017 2016 no not December 31, 2017 2016. 7 For impaired loans in the table below, fair value is calculated carrying value of loans with a specific valuation allowance, less the specific allowance, and the carrying value of collateral dependent loans that have been charged down to their fair value. Fair value of impaired loans was primarily measured based on the value of collateral securing these loans. Impaired loans are classified within Level 3 may may may December 31, 2017, $2.6 $48 $2.6 $4.2 $1.3 $2.9 December 31, 2016. Other real estate owned ( “OREO”), which is carried at the lower of cost or fair value, is periodically assessed for impairment based on fair value at the reporting date. Fair value is based on appraisals performed by external parties which use judgments and assumptions that are property-specific and sensitive to changes in the overall economic environment. Appraisals may not 3. December 31, 2017 2016, $2.6 $5.0 Below are carrying values of assets measured at fair value on a non-recurring basis. (In thousands) Fair value at December 31, 2017 Total Level 1 Level 2 Level 3 Total losses Impaired loans $ 2,569 $ – $ – $ 2,569 $ (121 ) Other real estate owned 2,640 – – 2,640 (171 ) Total $ 5,209 $ – $ – $ 5,209 $ (292 ) (In thousands) Fair value at December 31, 2016 Total Level 1 Level 2 Level 3 Total losses Impaired loans $ 2,933 $ – $ – $ 2,933 $ (1,470 ) Other real estate owned 4,488 – – 4,488 (62 ) Total $ 7,421 $ – $ – $ 7,421 $ (1,532 ) In the case of the securities portfolio, Bancorp monitors the valuation technique utilized by pricing agencies to ascertain when transfers between levels have occurred. The nature of the remaining assets and liabilities is such that transfers in and out of any level are expected to be rare. For the years ended December 31, 2017, 2016 2015, no 1, 2, 3. 3 December 31, 2017, Significant Weighted Carrying Valuation unobservable average of (Dollars in thousands) amount technique input input Impaired loans - collateral dependent $ 2,569 Appraisal Appraisal discounts (%) 11.5 % Other real estate owned 2,640 Appraisal Appraisal discounts (%) 23.4 |
Note 21 - Disclosure of Financi
Note 21 - Disclosure of Financial Instruments Not Reported at Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 21 Not US GAAP requires disclosure of the fair value of financial assets and liabilities, including those financial assets and financial liabilities that are not Carrying amounts, estimated fair values, and placement in the fair value hierarchy of Bancorp’s financial instruments are as follows: ( In thousands) Carrying December 31, 201 7 amount Fair value Level 1 Level 2 Level 3 Financial assets Cash and short-term investments $ 139,248 $ 139,248 $ 139,248 $ – $ – Mortgage loans held for sale 2,964 2,964 – 2,964 – Federal Home Loan Bank stock and other securities 7,646 7,646 – 7,646 – Loans, net 2,384,685 2,338,464 – – 2,338,464 Accrued interest receivable 8,369 8,369 8,369 – – Financial liabilities Deposits 2,578,295 2,576,385 – – 2,576,385 Securities sold under agreement to repurchase 70,473 70,473 – 70,473 – Federal funds purchased 161,352 161,352 – 161,352 – FHLB Advances 49,458 48,642 – 48,642 – Accrued interest payable 232 232 232 – – December 31, 201 6 Financial assets Cash and short-term investments $ 47,973 $ 47,973 $ 47,973 $ – $ – Mortgage loans held for sale 3,213 3,481 – 3,481 – Federal Home Loan Bank stock and other securities 6,347 6,347 – 6,347 – Loans, net 2,281,368 2,284,569 – – 2,284,569 Accrued interest receivable 6,878 6,878 6,878 – – Financial liabilities Deposits 2,520,548 2,519,725 – – 2,519,725 Securities sold under agreement to repurchase 67,595 67,595 – 67,595 – Federal funds purchased 47,374 47,374 – 47,374 – FHLB Advances 51,075 50,806 – 50,806 – Accrued interest payable 144 144 144 – – Management used the following methods and assumptions to estimate the fair value of each class of financial instrument for which it is practicable to estimate the value. Cash, short-term investments, accrued interest receivable/payable and short-term borrowings For these short-term instruments, carrying amount is a reasonable estimate of fair value. Mortgage loans held for sale Mortgage loans held for sale are initially recorded at the lower of cost or market value. The portfolio is comprised of residential real estate loans and fair value is determined by market quotes for similar loans based on loan type, term, rate, size and the borrower ’s credit score. Federal Home Loan Bank stock and other securities For these securities without readily available market values, carrying amount is a reasonable estimate of fair value as it equals the amount due from FHLB or other issuer at upon redemption. Loans, net US GAAP prescribes the exit price concept for estimating fair value of loans. Because there is not ’s portfolio, fair value of loans is estimated by discounting future cash flows using current rates at which similar loans would be made by the Bank to borrowers with similar credit ratings and for the same remaining maturities (entrance price). Deposits Fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. Fair value of fixed-rate certificates of deposits is estimated by discounting future cash flows using the rates currently offered by the Bank for deposits of similar remaining maturities. Federal Home Loan Bank advances Fair value of FHLB advances is estimated by discounting future cash flows using estimates of current market rate for instruments with similar terms and remaining maturities. Commitments to extend credit and standby letters of credit Fair values of commitments to extend credit are estimated using fees currently charged to enter into similar agreements and the creditworthiness of the customers. Fair values of standby letters of credit are based on fees currently charged for similar agreements or estimated cost to terminate them or otherwise settle obligations with counterparties at the reporting date. Limitations Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. Because no ’s financial instruments, fair value estimates are based on judgments regarding future expected losses, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Therefore, calculated fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not |
Note 22 - Derivative Financial
Note 22 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ( 22 Periodically, Bancorp enters into an interest rate swap transaction with a borrower, who desires to hedge their exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. These are undesignated derivative instruments and are recognized on the consolidated balance sheet at fair value . Because of matching terms of offsetting contracts and collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition are expected to have an insignificant effect on earnings. Exchanges of cash flows related to the undesignated interest rate swap agreements for 2017 no Interest rate swap agreements derive their value from underlying interest rates. These transactions involve both credit and market risk. Notional amounts are amounts on which calculations, payments, and the value of the derivative are based. Notional amounts do not amounts to be received and paid, if any. Bancorp is exposed to credit-related losses in the event of nonperformance by counterparties to these agreements. Bancorp mitigates the credit risk of its financial contracts through credit approvals, limits, collateral, and monitoring procedures, and does not At December 31, 2017 2016, (D ollar amounts in thousands) Receiving Paying December 31, December 31, December 31, December 31, 201 7 201 6 201 7 201 6 Notional amount $ 54,964 $ 43,986 $ 54,964 $ 43,986 Weighted average maturity (years) 8.7 9.9 8.7 9.9 Fair value $ (259 ) $ (178 ) $ 283 $ 178 In 201 6, $10 three December 2016 December 2021. 2015, $20 three December 2015 December 2020. December 31, 2017 2016. (Dollars in thousands) Notional Maturity Receive (variable) Pay fixed Fair value Fair value amount date index swap rate December 31, 2017 December 31, 2016 $ 10,000 12/6/2021 US 3 Month LIBOR 1.89 % $ 106 $ 16 20,000 12/6/2020 US 3 Month LIBOR 1.79 190 9 $ 30,000 1.82 % $ 296 $ 25 |
Note 23 - Regulatory Matters
Note 23 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | ( 23 Bancorp and the Bank are subject to various capital requirements prescribed by banking regulations and administered by state and federal banking agencies. Under these requirements, Bancorp and the Bank must meet minimum amounts and percentages of Tier 1, 1, 1 may In 2013, “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” (“Basel III”) and changes required by the Dodd-Frank Act. The Basel III regulatory capital reforms became effective for Bancorp and Bank on January 1, 2015, one December 31, 2017 2016. The following table sets forth consolidated Bancorp ’s and the Bank’s risk based capital amounts and ratios as of December 31, 2017 2016 (Dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2017 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital Consolidated $ 359,866 13.52 % $ 213,012 8.0 % NA NA Bank 347,840 13.07 212,891 8.0 $ 266,114 10.0 % Common Equity Tier 1 risk-based capital Consolidated 334,631 12.57 119,820 4.5 NA NA Bank 322,605 12.12 212,891 4.5 172,974 6.5 Tier 1 risk-based capital Consolidated 334,631 12.57 159,760 6.0 NA NA Bank 322,605 12.12 159,668 6.0 212,891 8.0 Leverage ( 1) Consolidated 334,631 10.70 125,122 4.0 NA NA Bank 322,605 10.32 125,040 4.0 156,300 5.0 Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2016 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital Consolidated $ 338,525 13.04 % $ 207,684 8.0 % NA NA Bank 325,630 12.57 207,243 8.0 $ 258,986 10.0 % Common Equity Tier 1 risk-based capital Consolidated 314,147 12.10 116,832 4.5 NA NA Bank 301,252 11.63 116,564 4.5 168,341 6.5 Tier 1 risk-based capital Consolidated 314,147 12.10 155,775 6.0 NA NA Bank 301,252 11.63 155,418 6.0 207,189 8.0 Leverage ( 1) Consolidated 314,147 10.54 119,221 4.0 NA NA Bank 301,252 10.11 119,190 4.0 148,927 5.0 Ratio is computed in relation to risk-weighted assets. ( 1 NA – Not not |
Note 24 - Stock Yards Bancorp,
Note 24 - Stock Yards Bancorp, Inc. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ( 24 Condensed Balance Sheets December 31, (In thousands) 2017 2016 Assets Cash on deposit with subsidiary bank $ 10,648 $ 6,972 Investment in and receivable from subsidiaries 321,617 300,977 Other assets 1,521 6,005 Total assets $ 333,786 $ 313,954 Liabilities and stockholders ’ equity Other liabilities $ 142 $ 82 Total stockholders ’ equity 333,644 313,872 Total liabilities and stockholders ’ equity $ 333,786 $ 313,954 Condensed Statements of Income Years ended December 31, (In thousands) 2017 2016 2015 Income - dividends and interest from subsidiaries $ 18,160 $ 16,147 $ 14,244 Other income 82 1 15 Less expenses 3,255 2,235 2,511 Income before income taxes and equity in undistributed net income of subsidiary 14,987 13,913 11,748 Income tax benefit (1,985 ) (987 ) (1,016 ) Income before equity in undistributed net income of subsidiary 16,972 14,900 12,764 Equity in undistributed net income of subsidiary 21,071 26,127 24,423 Net income $ 38,043 $ 41,027 $ 37,187 Condensed Statements of Cash Flows Years ended December 31 (In thousands) 2017 2016 2015 Operating activities Net income $ 38,043 $ 41,027 $ 37,187 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (21,071 ) (26,127 ) (24,423 ) (Increase) decrease in receivable from subsidiaries – – (842 ) Stock compensation expense 2,892 2,473 2,134 Excess tax benefits from share-based compensation arrangements (1,463 ) (1,705 ) (673 ) Recover of impairment loss on other assets held for investment (588 ) – Depreciation, amortization and accretion, net 4 10 11 Proceeds from liquidation of private investment fund (81 ) – – Decrease (increase) in other assets 5,943 (990 ) 531 Increase in other liabilities 10 11 91 Net cash provided by operating activities 24,277 14,111 14,016 Investing activities Proceeds from sale of other assets held for investment – 1,108 – Proceeds from liquidation of private investment fund 81 – – Net cash provided by investing activities 81 1,108 – Financing activities Common stock repurchases (2,389 ) 2,337 3,249 Excess tax benefit from share-based compensation arrangements – 1,705 673 Proceeds (used for) and received from settlement of stock awards (216 ) (1,918 ) (918 ) Cash dividends paid (18,077 ) (16,093 ) (14,224 ) Net cash used in financing activities (20,682 ) (13,969 ) (11,220 ) Net increase (decrease) in cash 3,676 1,250 2,796 Cash at beginning of year 6,972 5,722 2,926 Cash at end of year $ 10,648 $ 6,972 $ 5,722 |
Note 25 - Segments
Note 25 - Segments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 25 Bancorp ’s principal activities include commercial banking and wealth management and trust (WM&T). Commercial banking provides a full range of loan and deposit products to individual consumers and businesses, plus origination of consumer mortgages and investment product sales. WM&T provides investment management, trust and estate administration, and retirement plan services. Financial information for each business segment reflects that which is specifically identifiable or allocated based on an internal allocation method. Income taxes are allocated based on the effective federal income tax rate adjusted for any tax exempt activity. All tax exempt activity and provision for loan losses have been allocated to the commercial banking segment. Measurement of the performance of the business segments is based on the management structure of Bancorp and is not not ’ operations if they were independent entities. Principally, all of the net assets of Stock Yards Bancorp, Inc. are involved in the commercial banking segment. Bancorp has goodwill of $682,000 1996 Selected financial information by business segment follows: Wealth Commercial management (In thousands) banking and trust Total Year ended December 31, 2017 Net interest income $ 103,302 $ 301 $ 103,603 Provision for loan losses 2,550 – 2,550 Investment management and trust services – 20,505 20,505 All other non-interest income 24,615 – 24,615 Non-interest expense 78,752 12,239 90,991 Income before income taxes 46,615 8,567 55,182 Income tax expense 14,080 3,059 17,139 Net income $ 32,535 $ 5,508 $ 38,043 Segment assets $ 3,237,656 $ 1,990 $ 3,239,646 Year ended December 31, 2016 Net interest income $ 96,986 $ 268 $ 97,254 Provision for loan losses 3,000 – 3,000 Investment management and trust services – 19,155 19,155 All other non-interest income 24,382 – 24,382 Non-interest expense 70,230 11,290 81,520 Income before income taxes 48,138 8,133 56,271 Income tax expense 12,340 2,904 15,244 Net income $ 35,798 $ 5,229 $ 41,027 Segment assets $ 3,037,394 $ 2,087 $ 3,039,481 Year ended December 31, 2015 Net interest income $ 88,124 $ 194 $ 88,318 Credit for loan losses 750 – 750 Investment management and trust services – 18,026 18,026 All other non-interest income 21,924 – 21,924 Non-interest expense 62,748 10,650 73,398 Income before income taxes 46,550 7,570 54,120 Income tax expense 14,238 2,695 16,933 Net income $ 32,312 $ 4,875 $ 37,187 Segment assets $ 2,816,373 $ 428 $ 2,816,801 |
Note 26 - Quarterly Operating R
Note 26 - Quarterly Operating Results (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | ( 26 Following is a summary of quarterly operating results for 2017, 2016 2015: 2017 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 29,092 $ 28,111 $ 27,013 $ 26,633 Interest expense 2,069 1,947 1,781 1,449 Net interest income 27,023 26,164 25,232 25,184 Provision for loan losses 900 150 600 900 Net interest income after provision 26,123 26,014 24,632 24,284 Non-interest income 11,545 11,103 11,675 10,797 Non-interest expenses 27,180 21,317 21,346 21,148 Income before income taxes 10,488 15,800 14,961 13,933 Income tax expense 5,542 4,096 4,359 3,142 Net income $ 4,946 $ 11,704 $ 10,602 $ 10,791 Basic earnings per share $ 0.22 $ 0.52 $ 0.47 $ 0.48 Diluted earnings per share 0.22 0.51 0.46 0.47 2016 (In thousands, except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 26,368 $ 25,942 $ 25,162 $ 24,700 Interest expense 1,293 1,182 1,212 1,231 Net interest income 25,075 24,760 23,950 23,469 Provision for loan losses 500 1,250 750 500 Net interest income after provision 24,575 23,510 23,200 22,969 Non-interest income 11,319 11,358 10,778 10,082 Non-interest expenses 21,269 20,518 20,193 19,540 Income before income taxes 14,625 14,350 13,785 13,511 Income tax expense 4,009 3,883 3,676 3,676 Net income $ 10,616 $ 10,467 $ 10,109 $ 9,835 Basic earnings per share $ 0.47 $ 0.47 $ 0.45 $ 0.44 Diluted earnings per share 0.46 0.46 0.45 0.44 2015 (In thousands, except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 24,039 $ 23,284 $ 23,000 $ 22,847 Interest expense 1,217 1,203 1,199 1,233 Net interest income 22,822 22,081 21,801 21,614 Provision for loan losses 750 – – – Net interest income after provision 22,072 22,081 21,801 21,614 Non-interest income 10,073 9,985 10,219 9,673 Non-interest expenses 18,322 18,430 18,867 17,779 Income before income taxes 13,823 13,636 13,153 13,508 Income tax expense 4,177 4,352 4,151 4,253 Net income $ 9,646 $ 9,284 $ 9,002 $ 9,255 Basic earnings per share $ 0.43 $ 0.42 $ 0.41 $ 0.42 Diluted earnings per share 0.43 0.41 0.40 0.42 Note: The sum of earnings per share of each of the quarters in 2017, 2016 2015 may not . |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Nature of Operations The consolidated financial statements include accounts of Stock Yards Bancorp, Inc. ( “Bancorp”) and its wholly owned subsidiary, Stock Yards Bank & Trust Company (“the Bank”). Significant intercompany transactions and accounts have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to 2017 none. In addition to traditional commercial and personal banking activities, Bancorp has a wealth management and trust department offering a wide range of investment management, retirement planning, trust and estate administration and financial planning services. Bancorp’s primary market area is Louisville, Kentucky and surrounding communities including southern Indiana. Other markets include Indianapolis, Indiana and Cincinnati, Ohio. |
Basis of Financial Presentation and Use of Estimates [Policy Text Block] | Basis of Financial Statement Presentation and Use of Estimates The consolidated financial statements of Bancorp and its subsidiar y have been prepared in conformity with U.S. generally accepted accounting principles (“US GAAP”) and conform to predominant practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of related revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates particularly susceptible to significant change relate to determination of the allowance for loan losses, and income tax assets, liabilities and expense. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents and Cash Flows Cash and cash equivalents include cash and due from banks , federal funds sold and interest bearing due from banks as segregated in the accompanying consolidated balance sheets. The following supplemental cash flow information addresses certain cash payments and noncash transactions for each of the years in the three December 31, 2017 (In thousands) Years ended December 31, 2017 2016 2015 Cash payments: Income tax payments $ 15,838 $ 12,860 $ 13,831 Cash paid for interest 7,158 4,901 4,856 Non-cash transactions: Transfers from loans to other real estate owned $ – $ 1,916 $ 1,146 |
Investment, Policy [Policy Text Block] | Securities All of Bancorp ’s investments are available-for-sale. Securities available-for-sale include securities that may 1 2 not 3 not not not not not 4 |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Mortgage Loans Held for Sale Mortgage loans held for sale are initially recorded at the lower of cost or market value on an individual loan basis. The sales prices of all of these loans are covered by investor commitments. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Loans are stated at the unpaid principal balance plus deferred loan origination fees, net of deferred loan costs. Loan fees, net of any costs, are deferred and amortized over the life of the related loan on an effective yield basis. Interest income on loans is recorded on the accrual basis except for those loans in a non-accrual income status. Loans are placed in a non-accrual income status when prospects for recovering both principal and accrued interest are considered doubtful or when a default of principal or interest has existed for 90 not No may not no not six Loans are classified as impaired when it is probable Bancorp will be unable to collect interest and principal according to the terms of the loan agreement. These loans are measured based on the present value of future cash flows discounted at the loans ’ effective interest rate or at the estimated fair value of the loans’ collateral, if applicable. Impaired loans consist of loans in non-accrual status and loans accounted for as troubled debt restructuring. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is management ’s estimate of probable losses inherent in the loan portfolio as of the balance sheet date. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Bancorp ’s allowance methodology is driven by risk ratings, historical losses, and qualitative factors. Assumptions include many factors such as changes in borrowers’ financial condition or historical loss ratios related to certain loan portfolios which may may not first 2017, 24 28 not 28 first 2017 $474 not Bancorp ’s allowance calculation includes allocations to loan portfolio segments for qualitative factors including, among other factors, local economic and business conditions, the quality and experience of lending staff and management, exceptions to lending policies, levels of and trends in past due loans and loan classifications, concentrations of credit such as collateral type, trends in portfolio growth, trends in the value of underlying collateral for collateral-dependent loans, effect of other external factors such as the national economic and business trends, and the quality and depth of the loan review function. Bancorp utilizes the sum of all allowance amounts derived as described above as the appropriate level of allowance for loan and lease losses. Changes in the criteria used in this evaluation or the availability of new information could cause the allowance to be increased or decreased in future periods. Based on this quantitative and qualitative analysis, provisions (reductions) are made to the allowance for loan losses. Such provisions (reductions) are reflected as a charge against (benefit to) current earnings in Bancorp’s consolidated statements of income. The adequacy of the allowance for loan losses is monitored by executive management and reported quarterly to the Audit Committee of the Board of Directors. This committee has approved the overall methodology. Various regulatory agencies, as an integral part of their examination process, periodically review the adequacy of Bancorp’s allowance for loan losses. Such agencies may The accounting policy related to the allowance for loan losses is applicable to the commercial banking segment of Bancorp. |
Certain Loans and Debt Securities Acquired in Transfer, Recognizing Interest Income on Impaired Loans, Policy [Policy Text Block] | Acquired loans Bancorp acquired loans in 2013 3 Acquired loans that had evidence of deterioration in credit quality since origination and for which it was probable, at acquisition, that Bancorp would be unable to collect all contractually required payments were specifically identified and analyzed. The excess of cash flows expected at acquisition over the estimated fair value is referred to as accretable discount and is recognized as interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as non-accretable discount. Subsequent decreases to the expected cash flows require Bancorp to evaluate the need for an allowance for loan losses on these loans. Charge-offs of the principal amount on credit-impaired acquired loans would be first may For acquired loans that are not |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation of premises and equipment is computed using straight-line methods over the estimated useful lives of the assets ranging from 3 40 |
Other Assets [Policy Text Block] | Other Assets Bank-owned life insurance ( “BOLI”) is carried at net realizable value, which considers any applicable surrender charges. Also, Bancorp maintains life insurance policies in conjunction with its non-qualified defined benefit and non-qualified compensation plans. Other real estate is carried at the lower of cost or estimated fair value minus estimated selling costs. Any write downs to fair value at the date of acquisition are charged to the allowance for loan losses. In certain situations, improvements to prepare assets for sale are capitalized if those costs increase the estimated fair value of the asset. Expenses incurred in maintaining assets, write downs to reflect subsequent declines in value, and realized gains or losses are reflected in operations and are included in non-interest income and expense. Mortgage servicing rights ( MSRs) are amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. MSRs are evaluated quarterly for impairment by comparing the carrying value to fair value. Goodwill is measured and evaluated at least annually for impairment. No |
Repurchase and Resale Agreements Policy [Policy Text Block] | Securities Sold Under Agreements to Repurchase Bancorp enters into sales of securities under agreement to repurchase . Such repurchase agreements are considered financing agreements, and mature within one |
Income Tax, Policy [Policy Text Block] | Income Taxes Bancorp accounts for income taxes using the asset and liability method. The objective of the asset and liability method is to establish deferred tax assets and liabilities for temporary differences between the financial reporting and the tax bases of Bancorp ’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of income in the period that includes the enactment date. These balances were previously recorded using a 35% December 22, 2017 21% January 1, 2018, $5.9 fourth 2017. Bancorp periodically invests in certain partnerships with customers that yield historic tax credits, which are accounted for using the flow through method, which approximates the equity method, and/or low-income housing tax credits as well as tax deductible losses, which are accounted for using the effective yield method for older transactions or proportional amortization method for more recent transactions. The tax benefit of these investments exceeds amortization/impairment expense associated with them, resulting in a positive impact on net income. Realization of deferred tax assets associated with the investment in partnerships is dependent upon generating sufficient taxable capital gain income prior to their expiration. A valuation allowance to reflect management’s estimate of the temporary deductible differences that may 2017 2016. To the extent unrecognized income tax benefits become realized or the related accrued interest is no ’s provision for income taxes would be favorably impacted. As of December 31, 2017 2016, $40 8 may Bancorp ’s policy is to report interest and penalties, if any, related to unrecognized tax benefits in income tax expense. As of December 31, 2017 2016, |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share Basic net income per common share is determined by dividing net income by the weighted average number of shares of common stock outstanding. Diluted net income per share is determined by dividing net income by the weighted average number of shares of common stock outstanding plus the weighted average number of shares that would be issued upon exercise of dilutive options and stock appreciation rights, assuming proceeds are used to repurchase shares under the treasury stock method. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For Bancorp, this includes net income, changes in unrealized gains and losses on available-for-sale investment securities and cash flow hedging instruments, net of reclassification adjustments and taxes, and minimum pension liability adjustments, net of taxes. |
Segment Reporting, Policy [Policy Text Block] | Segment Information Bancorp provides a broad range of financial services to individuals, corporations and others through its 37 December 31, 2017. two |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation For all awards, stock-based compensation expense is recognized over the period in which it is earned based on the grant-date fair value of the portion of stock-based payment awards that are ultimately expected to vest, reduced for estimated forfeitures. US GAAP requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Derivatives, Policy [Policy Text Block] | Derivatives Bancorp uses derivative financial instruments as part of its interest rate risk management, including interest rate swaps. US GAAP establishes accounting and reporting standards for derivative instruments and hedging activities. As required by US GAAP, Bancorp ’s interest rate swaps are recognized as other assets and liabilities in the consolidated balance sheet at fair value. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. To qualify for hedge accounting, Bancorp must comply with detailed rules and documentation requirements at inception of the hedge, and hedge effectiveness is assessed at inception and periodically throughout the life of each hedging relationship. Hedge ineffectiveness, if any, is measured periodically throughout the life of the hedging relationship. For derivatives designated as cash flow hedges, the effective portion of changes in fair value of the derivative is initially reported in other comprehensive income and subsequently reclassified to interest income or expense when the hedged transaction affects earnings, while the ineffective portion of changes in fair value of derivative, if any, is recognized immediately in other noninterest income. Bancorp assesses effectiveness of each hedging relationship by comparing the cumulative changes in cash flows of the derivative hedging instrument with the cumulative changes in cash flows of the designated hedged item or transaction. No Periodically, Bancorp enters into an interest rate swap transaction with a borrower, who desires to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. Because of matching terms of offsetting contracts and the collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition have an insignificant effect on earnings. Because these derivative instruments have not Bancorp had no December 31, 2017 2016. not 22 |
Note 1 - Summary of Significa37
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | (In thousands) Years ended December 31, 2017 2016 2015 Cash payments: Income tax payments $ 15,838 $ 12,860 $ 13,831 Cash paid for interest 7,158 4,901 4,856 Non-cash transactions: Transfers from loans to other real estate owned $ – $ 1,916 $ 1,146 |
Note 4 - Securities (Tables)
Note 4 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | (In thousands) Amortized Unrealized Fair December 31, 2017 cost Gains Losses value U.S. Treasury and other U.S. government obligations $ 149,996 $ – $ (12 ) $ 149,984 Government sponsored enterprise obligations 214,852 474 (1,482 ) 213,844 Mortgage-backed securities - government agencies 163,571 383 (2,447 ) 161,507 Obligations of states and political subdivisions 48,987 365 (163 ) 49,189 Total securities available-for-sale $ 577,406 $ 1,222 $ (4,104 ) $ 574,524 (In thousands) Amortized Unrealized Fair December 31, 2016 cost Gains Losses value U.S. Treasury and other U.S. government obligations $ 74,997 $ 1 $ – $ 74,998 Government sponsored enterprise obligations 268,784 800 (1,494 ) 268,090 Mortgage-backed securities - government agencies 170,344 735 (2,236 ) 168,843 Obligations of states and political subdivisions 57,158 682 (396 ) 57,444 Corporate equity securities 653 46 – 699 Total securities available-for-sale $ 571,936 $ 2,264 $ (4,126 ) $ 570,074 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (In thousands) Securities available-for-sale Amortized cost Fair value Due within 1 year $ 187,792 $ 187,775 Due after 1 but within 5 years 97,119 96,441 Due after 5 but within 10 years 13,807 13,687 Due after 10 years 115,117 115,114 Mortgage-backed securities - government agencies 163,571 161,507 Total securities available for sale $ 577,406 $ 574,524 |
Schedule of Unrealized Loss on Investments [Table Text Block] | (In thousands) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2017 value losses value losses value losses U.S. Treasury and U.S. obligations $ 149,984 $ (12 ) $ – $ – $ 149,984 $ (12 ) Government sponsored enterprise obligations 95,139 (586 ) 49,870 (896 ) 145,009 (1,482 ) Mortgage-backed securities - government agencies 69,290 (440 ) 67,047 (2,007 ) 136,337 (2,447 ) Obligations of states and political subdivisions 22,366 (107 ) 5,064 (56 ) 27,430 (163 ) Total temporarily impaired securities $ 336,779 $ (1,145 ) $ 121,981 $ (2,959 ) $ 458,760 $ (4,104 ) December 31, 2016 Government sponsored enterprise obligations $ 154,951 $ (1,344 ) $ 3,485 $ (150 ) $ 158,436 $ (1,494 ) Mortgage-backed securities - government agencies 115,374 (1,873 ) 9,914 (363 ) 125,288 (2,236 ) Obligations of states and political subdivisions 29,893 (380 ) 1,478 (16 ) 31,371 (396 ) Total temporarily impaired s ecurities $ 300,218 $ (3,597 ) $ 14,877 $ (529 ) $ 315,095 $ (4,126 ) |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, (In thousands) 2017 2016 Commercial and industrial $ 779,014 $ 736,841 Construction and development, excluding undeveloped land 195,912 192,348 Undeveloped land 18,988 21,496 Real estate mortgage: Commercial investment 594,902 538,886 Owner occupied commercial 398,685 408,292 1-4 family residential 262,110 249,498 Home equity - first lien 57,110 55,325 Home equity - junior lien 63,981 67,519 Subtotal: Real estate mortgage 1,376,788 1,319,520 Consumer 38,868 35,170 Total loans $ 2,409,570 $ 2,305,375 |
Schedule of Loans and Leases Receivable, Related Parties [Table Text Block] | (I n thousands) Year ended December 31, Loans to directors and executive officers 2017 201 6 Balance as of January 1 $ 969 $ 866 New loans – – Repayment of term loans (175 ) (340 ) Changes in balances of revolving lines of credit (165 ) 443 Balance as of December 31 $ 629 $ 969 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (In thousands) Type of loan Construction and development Commercial excluding and undeveloped Undeveloped Real estate December 31, 2017 industrial land land mortgage Consumer Total Loans $ 779,014 $ 195,912 $ 18,988 $ 1,376,788 $ 38,868 $ 2,409,570 Loans individually evaluated for impairment $ 1,176 $ 664 $ 474 $ 5,066 $ – $ 7,380 Loans collectively evaluated for impairment $ 777,838 $ 195,248 $ 18,514 $ 1,371,246 $ 38,868 $ 2,401,714 Loans acquired with deteriorated credit quality $ – $ – $ – $ 476 $ – $ 476 Construction and development Commercial excluding and undeveloped Undeveloped Real estate industrial land land mortgage Consumer Total Allowance for loan losses At December 31, 2016 $ 10,483 $ 1,923 $ 684 $ 10,573 $ 344 $ 24,007 Provision (credit) 2,373 (199 ) (163 ) 383 156 2,550 Charge-offs (1,782 ) – – (98 ) (549 ) (2,429 ) Recoveries 202 – – 154 401 757 At December 31, 2017 $ 11,276 $ 1,724 $ 521 $ 11,012 $ 352 $ 24,885 Allowance for loans individually evaluated for impairment $ 34 $ – $ – $ 14 $ – $ 48 Allowance for loans collectively evaluated for impairment $ 11,242 $ 1,724 $ 521 $ 10,998 $ 352 $ 24,837 Allowance for loans acquired with deteriorated credit quality $ – $ – $ – $ – $ – $ – (In thousands) Type of loan Construction and development Commercial excluding and undeveloped Undeveloped Real estate December 31, 2016 industrial land land mortgage Consumer Total Loans $ 736,841 $ 192,348 $ 21,496 $ 1,319,520 $ 35,170 $ 2,305,375 Loans individually evaluated for impairment $ 2,682 $ 538 $ 474 $ 2,516 $ 59 $ 6,269 Loans collectively evaluated for impairment $ 734,139 $ 191,810 $ 21,022 $ 1,316,400 $ 35,111 $ 2,298,482 Loans acquired with deteriorated credit quality $ 20 $ – $ – $ 604 $ – $ 624 Construction and development Commercial excluding and undeveloped Undeveloped Real estate industrial land land mortgage Consumer Total Allowance for loan losses At December 31, 2015 $ 8,645 $ 1,760 $ 814 $ 10,875 $ 347 $ 22,441 Provision (credit) 2,775 275 (130 ) (68 ) 148 3,000 Charge-offs (1,216 ) (133 ) – (576 ) (568 ) (2,493 ) Recoveries 279 21 – 342 417 1,059 At December 31, 2016 $ 10,483 $ 1,923 $ 684 $ 10,573 $ 344 $ 24,007 Allowance for loans individually evaluated for impairment $ 1,207 $ – $ 1 $ – $ 59 $ 1,267 Allowance for loans collectively evaluated for impairment $ 9,276 $ 1,923 $ 683 $ 10,573 $ 285 $ 22,740 Allowance for loans acquired with deteriorated credit quality $ – $ – $ – $ – $ – $ – (In thousands) Type of loan Construction and development Commercial excluding and undeveloped Undeveloped Real estate December 31, 2015 industrial land land mortgage Consumer Total Loans $ 644,398 $ 134,482 $ 21,185 $ 1,197,411 $ 35,531 $ 2,033,007 Loans individually evaluated for impairment $ 4,635 $ – $ – $ 4,050 $ 68 $ 8,753 Loans collectively evaluated for impairment $ 639,760 $ 134,160 $ 21,185 $ 1,192,864 $ 35,463 $ 2,023,432 Loans acquired with deteriorated credit quality $ 3 $ 322 $ – $ 497 $ – $ 822 Construction and development Commercial excluding and undeveloped Undeveloped Real estate industrial land land mortgage Consumer Total Allowance for loan losses At December 31, 2014 $ 11,819 $ 721 $ 1,545 $ 10,541 $ 294 $ 24,920 Provision (credit) 793 1,065 (2,131 ) 872 151 750 Charge-offs (4,065 ) (26 ) – (693 ) (597 ) (5,381 ) Recoveries 98 – 1,400 155 499 2,152 At December 31, 2015 $ 8,645 $ 1,760 $ 814 $ 10,875 $ 347 $ 22,441 Allowance for loans individually evaluated for impairment $ 268 $ – $ – $ 208 $ 68 $ 544 Allowance for loans collectively evaluated for impairment $ 8,377 $ 1,760 $ 814 $ 10,667 $ 279 $ 21,897 Allowance for loans acquired with deteriorated credit quality $ – $ – $ – $ – $ – $ – |
Schedule of Certain Loans Acquired in Transfer Not Accounted for As Debt Securities, Accretable Yield Movement [Table Text Block] | (In thousands) Accretable discount Non- accretable discount Balance at December 31, 2015 $ 3 $ 189 Accretion (3 ) (41 ) Reclassifications from (to) non-accretable difference – – Disposals – – Balance at December 31, 2016 – 148 Accretion – (43 ) Reclassifications from (to) non-accretable difference 105 (105 ) Disposals Balance at December 31, 2017 $ 105 $ – |
Impaired Financing Receivables [Table Text Block] | (I n thousands) Unpaid Average Recorded principal Related recorded December 31, 2017 investment balance allowance investment Loans with no related allowance recorded: Commercial and industrial $ 1,142 $ 2,202 $ – $ 411 Construction and development, excluding undeveloped land 664 834 – 559 Undeveloped land 474 506 – 425 Real estate mortgage Commercial investment 52 53 – 110 Owner occupied commercial 3,332 3,789 – 1,678 1-4 family residential 1,637 1,657 – 935 Home equity - first lien – – – – Home equity - junior lien 31 31 – 186 Subtotal: Real estate mortgage 5,052 5,530 – 2,909 Consumer – – – – Subtotal $ 7,332 $ 9,072 $ – $ 4,304 Loans with an allowance recorded: Commercial and industrial $ 34 $ 34 $ 34 $ 1,882 Construction and development, excluding undeveloped land – Undeveloped land – 48 Real estate mortgage Commercial investment – – – – Owner occupied commercial – – – – 1-4 family residential 14 14 14 5 Home equity - first lien – – – – Home equity - junior lien – – – – Subtotal: Real estate mortgage 14 14 14 5 Consumer – – – 46 Subtotal $ 48 $ 48 $ 48 $ 1,981 Total: Commercial and industrial $ 1,176 $ 2,236 $ 34 $ 2,293 Construction and development, excluding undeveloped land 664 834 – 559 Undeveloped land 474 506 – 473 Real estate mortgage Commercial investment 52 53 – 110 Owner occupied commercial 3,332 3,789 – 1,678 1-4 family residential 1,651 1,671 14 940 Home equity - first lien – – – – Home equity - junior lien 31 31 – 186 Subtotal: Real estate mortgage 5,066 5,544 14 2,914 Consumer – – – 46 Total $ 7,380 $ 9,120 $ 48 $ 6,285 (In thousands) Unpaid Average Recorded principal Related recorded December 31, 2016 investment balance allowance investment Loans with no related allowance recorded: Commercial and industrial $ 322 $ 465 $ – $ 1,947 Construction and development, excluding undeveloped land 538 708 – 108 Undeveloped land 233 265 – 76 Real estate mortgage Commercial investment 107 107 – 193 Owner occupied commercial 1,042 1,479 – 1,356 1-4 family residential 984 985 – 980 Home equity - first lien – – – 3 Home equity - junior lien 383 383 – 315 Subtotal: Real estate mortgage 2,516 2,954 – 2,847 Consumer – – – 18 Subtotal $ 3,609 $ 4,392 $ – $ 4,996 Loans with an allowance recorded: Commercial and industrial $ 2,360 $ 2,835 $ 1,207 $ 1,619 Construction and development, excluding undeveloped land – – – 182 Undeveloped land 241 241 1 149 Real estate mortgage Commercial investment – – – – Owner occupied commercial – – – 554 1-4 family residential – – – – Home equity - first lien – – – – Home equity - junior lien – – – – Subtotal: Real estate mortgage – – – 554 Consumer 59 59 59 63 Subtotal $ 2,660 $ 3,135 $ 1,267 $ 2,567 Total: Commercial and industrial $ 2,682 $ 3,300 $ 1,207 $ 3,566 Construction and development, excluding undeveloped land 538 708 – 290 Undeveloped land 474 506 1 225 Real estate mortgage – – – – Commercial investment 107 107 – 193 Owner occupied commercial 1,042 1,479 – 1,910 1-4 family residential 984 985 – 980 Home equity - first lien – – – 3 Home equity - junior lien 383 383 – 315 Subtotal: Real estate mortgage 2,516 2,954 – 3,401 Consumer 59 59 59 81 Total $ 6,269 $ 7,527 $ 1,267 $ 7,563 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | December 31, (In thousands) 2017 2016 Commercial and industrial $ 321 $ 1,767 Construction and development, excluding undeveloped land 664 538 Undeveloped land 474 474 Real estate mortgage Commercial investment 52 107 Owner occupied commercial 3,332 1,042 1-4 family residential 1,637 984 Home equity - first lien – – Home equity - junior lien 31 383 Subtotal: Real estate mortgage 5,052 2,516 Consumer – – Total $ 6,511 $ 5,295 |
Past Due Financing Receivables [Table Text Block] | Recorded (I n thousands) 90 or more investment days past > 90 days 30-59 days 60-89 days due (includes) Total Total and December 31, 2017 Current past due past due non-accrual) past due loans accruing Commercial and industrial $ 776,118 $ 2,571 $ 4 $ 321 $ 2,896 $ 779,014 $ – Construction and development, excluding undeveloped land 194,936 – 312 664 976 195,912 – Undeveloped land 18,514 – – 474 474 18,988 – Real estate mortgage Commercial investment 594,242 608 – 52 660 594,902 – Owner occupied Commercial 394,623 455 275 3,332 4,062 398,685 – 1-4 family residential 259,994 172 307 1,637 2,116 262,110 – Home equity - first lien 56,938 172 – – 172 57,110 – Home equity - junior lien 63,667 87 194 33 314 63,981 2 Subtotal: Real estate mortgage 1,369,464 1,494 776 5,054 7,324 1,376,788 2 Consumer 38,699 86 83 – 169 38,868 – Total $ 2,397,731 $ 4,151 $ 1,175 $ 6,513 $ 11,839 $ 2,409,570 $ 2 December 31, 2016 Commercial and industrial $ 734,682 $ 84 $ 290 $ 1,785 $ 2,159 $ 736,841 $ 18 Construction and development, excluding undeveloped land 191,810 – – 538 538 192,348 – Undeveloped land 21,022 – – 474 474 21,496 – Real estate mortgage Commercial investment 537,998 631 64 193 888 538,886 86 Owner occupied commercial 406,726 342 – 1,224 1,566 408,292 182 1-4 family residential 246,730 1,174 576 1,018 2,768 249,498 34 Home equity - first lien 55,027 231 21 46 298 55,325 46 Home equity - junior lien 66,911 99 126 383 608 67,519 72 Subtotal: Real estate mortgage 1,313,392 2,477 787 2,864 6,128 1,319,520 420 Consumer 34,965 28 105 72 205 35,170 – Total $ 2,295,871 $ 2,589 $ 1,182 $ 5,733 $ 9,504 $ 2,305,375 $ 438 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands ) Substandar d Tota l December 31, 201 7 Pas s OAE M Substandar d non-performin g Doubtfu l loan s Commercial and industria l $ 751,628 $ 12,032 $ 14,178 $ 1,176 $ – $ 779,014 Construction an d g d 195,248 – – 664 – 195,912 Undeveloped lan d 18,484 – 30 474 – 18,988 Real estate mortgag e Commercial investmen t 591,232 3,599 19 52 – 594,902 Owner occupie d l 383,455 8,683 3,215 3,332 – 398,685 1-4 family residentia l 256,968 2,477 1,014 1,651 – 262,110 Home equity - first lie n 57,110 – – – – 57,110 Home equity - n 63,471 247 230 33 – 63,981 Subtotal: Real estate mortgag e 1,352,236 15,006 4,478 5,068 – 1,376,788 Consume r 38,747 117 4 – – 38,868 Tota l $ 2,356,343 $ 27,155 $ 18,690 $ 7,382 $ – $ 2,409,570 December 31, 201 6 Commercial and industria l $ 714,025 $ 14,266 $ 5,850 $ 2,700 $ – $ 736,841 Construction an d g d 191,455 – 355 538 – 192,348 Undeveloped lan d 21,022 – – 474 – 21,496 Real estate mortgag e Commercial investmen t 538,688 – 5 193 – 538,886 Owner occupie d l 396,997 7,960 2,111 1,224 – 408,292 1-4 family residentia l 247,888 – 592 1,018 – 249,498 Home equity - first lie n 55,279 – – 46 – 55,325 Home equity - junior lien 66,710 – 426 383 – 67,519 Subtotal: Real estate mortgag e 1,305,562 7,960 3,134 2,864 – 1,319,520 Consume r 35,039 – – 131 – 35,170 Tota l $ 2,267,103 $ 22,226 $ 9,339 $ 6,707 $ – $ 2,305,375 |
Note 6 - Premises and Equipme40
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, ( In thousands) 2017 201 6 Land $ 7,118 $ 7,118 Buildings and improvements 47,924 47,398 Furniture and equipment 18,511 20,758 Construction in progress 1,496 51 75,049 75,325 Accumulated depreciation and amortization (33,394 ) (32,941 ) Total premises and equipment $ 41,655 $ 42,384 |
Note 7 - Other Assets (Tables)
Note 7 - Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | December 31, (In thousands) 2017 2016 Cash surrender value of life insurance other than BOLI $ 16,213 $ 13,543 Net deferred tax asset 9,206 12,896 Investments in tax credit related ventures 3,216 5,244 Other real estate owned and other foreclosed property 2,640 5,033 Other short term receivables 2,215 2,100 Core deposit intangible 1,225 1,405 Mortgage servicing rights (MSRs) 875 921 Goodwill 682 682 Other 12,234 7,553 Total $ 48,506 $ 49,377 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (In thousands) 2017 2016 Balance at January 1 $ 921 $ 1,018 Originations 225 177 Amortization (271 ) (274 ) Balance at December 31 $ 875 $ 921 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) 2017 2016 2015 Current tax expense Federal $ 12,622 $ 14,270 $ 15,478 State 546 698 608 Total current tax expense 13,168 14,968 16,086 Deferred tax expense (benefit) Federal 3,783 192 748 State (4 ) 36 54 Total deferred tax expense (benefit) 3,779 228 802 Change in valuation allowance 192 48 45 Total income tax expense $ 17,139 $ 15,244 $ 16,933 |
Schedule of Income Tax Expense Benefit, Recorded Directly to Stockholders Equity [Table Text Block] | (In thousands) 2017 2016 2015 Unrealized (loss) gain on securities available for sale $ (531 ) $ (1,171 ) $ (839 ) Reclassification adjustment for securities losses realized in income 81 – – Reclassification adjustment for securities impairment realized in income – – 36 Unrealized (loss) gain on derivatives 112 24 (41 ) Minimum pension liability adjustment (9 ) 1 61 Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes – (1,705 ) (673 ) Total income tax (benefit) expense recorded directly to stockholders ’ equity $ (347 ) $ (2,851 ) $ (1,456 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 31, 2017 2016 2015 U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Tax credits (14.4 ) (9.7 ) (2.5 ) Net deferred tax asset remeasurement 10.8 – – Amortization/impairment of investments in tax credit partnerships 3.4 2.8 0.4 Stock based compensation (2.6 ) – – Cash surrender value of life insurance (1.5 ) (0.9 ) (0.8 ) Tax exempt interest income (1.2 ) (1.2 ) (1.4 ) Other, net 0.9 0.3 (0.2 ) State income taxes 0.7 0.8 0.8 Effective tax rate 31.1 % 27.1 % 31.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, (In thousands) 2017 2016 Allowance for loan loss $ 5,422 $ 8,581 Deferred compensation 4,148 5,589 Accrued expenses 798 1,360 Investments in partnerships 565 905 Write-downs and costs associated with other real estate owned 39 29 Loans 442 685 Other-than-temporary impairment – 37 Securities 121 – Other assets 186 185 Total deferred tax assets 11,721 17,371 Securities – 438 Property and equipment 764 1,409 Loan costs 588 923 Mortgage servicing rights 161 280 Leases 149 381 Core deposit intangible 267 502 Other liabilities 260 408 Total deferred tax liabilities 2,189 4,341 Valuation allowance (326 ) (134 ) Net deferred tax asset $ 9,206 $ 12,896 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (In thousands) 2017 2016 Balance as of January 1 $ 40 $ 40 Increases - current year tax positions 11 11 Increases - prior year tax positions – – Settlements – – Lapse of statute of limitations (11 ) (11 ) Balance as of December 31 $ 40 $ 40 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, (In thousands) 2017 201 6 Interest bearing demand $ 833,450 $ 768,139 Savings 152,348 140,030 Money market 682,226 682,421 Time deposits of more than $250,000 38,439 40,427 Other time deposits 197,135 209,375 Total interest bearing deposits $ 1,903,598 $ 1,840,392 |
Time Deposit Maturities [Table Text Block] | 2018 $ 166,219 2019 42,857 2020 13,100 2021 7,646 2022 and thereafter 5,752 Total time deposits $ 235,574 |
Note 10 - Securities Sold Und44
Note 10 - Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | (Dollars in thousands) 2017 2016 Average balance during the year $ 70,187 $ 62,670 Average interest rate during the year 0.19 % 0.22 % Maximum month-end balance during the year $ 75,365 $ 72,029 |
Note 11 - Advances From the F45
Note 11 - Advances From the Federal Home Loan Bank (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Maturities and Average Effective Interest Rates of Federal Home Loan Bank Advances Disclosure [Table Text Block] | (In thousands) December 31, 2017 December 31, 2016 Year Advance Fixed Rate Advance Fixed Rate 2018 $ 30,000 1.48 % $ 30,000 0.70 % 2020 1,741 2.23 1,790 2.23 2021 288 2.12 359 2.12 2024 2,454 2.36 2,661 2.36 2025 5,149 2.42 6,025 2.43 2026 8,564 1.99 8,936 1.99 2028 1,262 1.49 1,304 1.48 Total $ 49,458 1.74 % $ 51,075 1.30 % |
Note 12 - Other Comprehensive46
Note 12 - Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Net unrealized Net unrealized Minimum gains (losses) gains (losses) pension on securities on cash liability (In thousands) available-for-sale flow hedges adjustment Total Balance at December 31, 2014 $ 2,456 $ 16 $ (387 ) $ 2,085 Other comprehensive (loss) income before reclassifications (1,558 ) (76 ) 114 (1,520 ) Amounts reclassified from accumulated other comprehensive income 67 – – 67 Net current period other comprehensive (loss) income (1,491 ) (76 ) 114 (1,453 ) Balance at December 31, 2015 $ 965 $ (60 ) $ (273 ) $ 632 Other comprehensive (loss) income before reclassifications (2,176 ) 44 1 (2,131 ) Amounts reclassified from accumulated other comprehensive income – – – – Net current period other comprehensive (loss) income (2,176 ) 44 1 (2,131 ) Balance at December 31, 2016 $ (1,211 ) $ (16 ) $ (272 ) $ (1,499 ) Other comprehensive income (loss) before reclassifications (721 ) 209 (70 ) (582 ) Amounts reclassified from accumulated other comprehensive income 151 – – 151 Net current period other comprehensive income (loss) (1,067 ) 250 (120 ) (431 ) Balance at December 31, 2017 $ (2,278 ) $ 234 $ (392 ) $ (1,930 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details of accumulated Affected line item in o ther c omprehensive A mount reclassified from A ccumulated the c onsolidated i ncome ( l oss) c omponents o ther c omprehensive i ncome ( l oss) s tatements of i ncome For the years ended December 31, (In thousands) 2017 2016 2015 Unrealized gains (losses) on securities available-for-sale: Realized loss on sale of available-for-sale securities $ (232 ) $ – $ – L oss on sale of securities OTTI impairment of equity security – – (103 ) Other non-interest expense Effect of income taxes 81 – 36 Income tax expense Reclassifications, net of income taxes $ (151 ) $ – $ (67 ) |
Note 15 - Net Income Per Shar47
Note 15 - Net Income Per Share and Common Stock Dividends (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) 2017 2016 2015 Net income, basic and diluted $ 38,043 $ 41,027 $ 37,187 Average shares outstanding, basic 22,532 22,356 22,088 Effect of dilutive securities 451 436 371 Average shares outstanding including dilutive securities 22,983 22,792 22,459 Net income per share, basic $ 1.69 $ 1.84 $ 1.68 Net income per share, diluted $ 1.66 $ 1.80 $ 1.65 |
Note 16 - Employee Benefit Pl48
Note 16 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Year ended December 31, ( In thousands) 201 7 2016 2015 Components of net periodic benefit cost: Service cost $ – $ – $ – Interest cost 79 87 83 Expected return on plan assets – – – Amortization of prior service cost – – – Amortization of net losses 71 47 59 Net periodic benefit cost $ 150 $ 134 $ 142 |
Schedule of Expected Benefit Payments [Table Text Block] | (In thousands) 2018 $ 84 2019 84 2020 84 Beyond 2020 3,278 Total future payments $ 3,530 |
Note 17 - Stock-based Compens49
Note 17 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | (In thousands) 2017 2016 2015 Stock-based compensation expense before income taxes $ 2,892 $ 2,473 $ 2,134 Less: deferred tax benefit (607 ) (866 ) (747 ) Reduction of net income $ 2,285 $ 1,607 $ 1,387 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award Fair Value Assumptions and Methodology [Table Text Block] | Assumptions 2017 2016 2015 Dividend yield 2.72 % 2.94 % 2.97 % Expected volatility 19.47 % 19.31 % 22.81 % Risk free interest rate 2.29 % 1.70 % 1.91 % Expected life of SARs (in years) 7.0 7.3 7.5 |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | Weighted Weighted Aggregate Weighted average Options average intrinsic average remaining and SARs Exercise exercise value fair contractual ( I n thousands) price price ( I n thousands) value life ( I n years) At December 31, 2015 Vested and exercisable 656 $14.02 - 19.44 $ 15.75 $ 6,191 $ 3.39 3.7 Unvested 266 15.24 - 24.55 18.66 1,733 3.29 7.7 Total outstanding 922 14.02 - 24.55 16.59 7,924 3.36 4.8 Activity during 2016 SARs granted 88 25.76 - 33.08 25.84 1,866 3.56 Exercised (272 ) 14.02 - 17.89 16.38 4,155 3.73 Forfeited (3 ) 14.02 - 15.84 15.18 60 2.94 At December 31, 2016 Vested and exercisable 475 14.02 - 24.56 15.72 14,820 3.16 4.3 Unvested 260 15.24 - 33.08 21.53 6,623 3.43 7.8 Total outstanding 735 14.02 - 33.08 17.78 21,443 3.26 5.5 Activity during 2017 SARs granted 46 40.00 - 40.00 40.00 – 6.34 Exercised (77 ) 14.02 - 17.89 15.41 1,855 3.18 Forfeited – – – – – At December 31, 2017 Vested and exercisable 490 14.02 - 33.08 16.46 10,408 3.16 4.0 Unvested 214 15.26 - 40.00 26.46 2,515 4.17 7.7 Total outstanding 704 14.02 - 40.00 19.51 12,923 3.47 5.1 Vested year-to-date 93 $15.24 - 33.08 $ 19.37 $ 1,696 $ 3.18 |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights, Award Expiration Period [Table Text Block] | Expiration Number of SARs outstanding SARs exercisable Weighted average exercise price of SARs outstanding 2018 17 17 $ 15.58 2019 40 40 14.76 2020 73 73 14.02 2021 74 74 15.86 2022 117 117 15.25 2023 80 66 15.26 2024 94 56 19.37 202 5 76 30 22.99 202 6 88 17 25.84 2027 45 – 40.00 704 490 $ 19.51 |
Schedule of Nonvested Share Activity [Table Text Block] | Grant date weighted- Number average cost Unvested at December 31, 2014 171,139 $ 16.63 Shares awarded 52,898 22.99 Restrictions lapsed and shares released to employees/directors (61,205 ) 15.89 Shares forfeited (6,974 ) 18.97 Unvested at December 31, 2015 155,858 $ 18.98 Shares awarded 51,122 25.78 Restrictions lapsed and shares released to employees/directors (49,265 ) 17.98 Shares forfeited (12,480 ) 20.69 Unvested at December 31, 2016 145,235 $ 21.57 Shares awarded 28,625 44.85 Restrictions lapsed and shares released to employees/directors (46,797 ) 19.79 Shares forfeited (7,691 ) 25.18 Unvested at December 31, 2017 119,372 $ 27.62 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Fair Vesting value at Expected Grant period grant shares to year in years date be awarded 2015 3 $ 20.02 43,011 2016 3 22.61 69,161 2017 3 35.66 43,325 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares to be Issued Upon Exercise and Remaining Shares Available for Future Issuance [Table Text Block] | Plan category (Shares in thousands) Number of shares to be issued upon exercise /vesting Weighted averag e exercise price Shares available for future issuance (a) Equity compensation plans approved by security holders: Stock appreciation rights (SARs) (b) (b) 303 Restricted common stock 119 N/A (a) Performance stock units (c) N/A (a) Restricted stock units 5 N/A (a) Total shares 124 303 |
Note 19 - Commitments and Con50
Note 19 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (In th ousands) Year Total amount 2018 $ 1,847 2019 1,880 2020 1,532 2021 1,391 2022 1,501 Thereafter 2,873 Total $ 11,024 |
Note 20 - Assets and Liabilit51
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | (In thousands) Fair value at December 31, 2017 Assets Total Level 1 Level 2 Level 3 Investment securities available-for-sale : U.S. Treasury and other U.S. government obligations $ 149,984 $ 149,984 $ – $ – Government sponsored enterprise obligations 213,844 – 213,844 – Mortgage-backed securities - government agencies 161,507 – 161,507 – Obligations of states and political subdivisions 49,189 – 49,189 – Total investment securities available-for-sale 574,524 149,984 424,540 – Interest rate swaps 579 – 579 – Total assets $ 575,079 $ 149,984 $ 425,095 $ – Liabilities Interest rate swaps $ 259 $ – $ 259 $ – (In thousands) Fair value at December 31, 2016 Assets Total Level 1 Level 2 Level 3 Investment securities available-for-sale : U.S. Treasury and other U.S. government obligations $ 74,998 $ 74,998 $ – $ – Government sponsored enterprise obligations 268,090 – 268,090 – Mortgage-backed securities - government agencies 168,843 – 168,843 – Obligations of states and political subdivisions 57,444 – 57,444 – Corporate equity securities 699 699 – – Total investment securities available-for-sale 570,074 75,697 494,377 – Interest rate swaps 178 – 178 – Total assets $ 570,252 $ 75,697 $ 494,555 $ – Liabilities Interest rate swaps $ 203 $ – $ 203 $ – |
Fair Value Measurements, Nonrecurring [Table Text Block] | (In thousands) Fair value at December 31, 2017 Total Level 1 Level 2 Level 3 Total losses Impaired loans $ 2,569 $ – $ – $ 2,569 $ (121 ) Other real estate owned 2,640 – – 2,640 (171 ) Total $ 5,209 $ – $ – $ 5,209 $ (292 ) (In thousands) Fair value at December 31, 2016 Total Level 1 Level 2 Level 3 Total losses Impaired loans $ 2,933 $ – $ – $ 2,933 $ (1,470 ) Other real estate owned 4,488 – – 4,488 (62 ) Total $ 7,421 $ – $ – $ 7,421 $ (1,532 ) |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Significant Weighted Carrying Valuation unobservable average of (Dollars in thousands) amount technique input input Impaired loans - collateral dependent $ 2,569 Appraisal Appraisal discounts (%) 11.5 % Other real estate owned 2,640 Appraisal Appraisal discounts (%) 23.4 |
Note 21 - Disclosure of Finan52
Note 21 - Disclosure of Financial Instruments Not Reported at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | ( In thousands) Carrying December 31, 201 7 amount Fair value Level 1 Level 2 Level 3 Financial assets Cash and short-term investments $ 139,248 $ 139,248 $ 139,248 $ – $ – Mortgage loans held for sale 2,964 2,964 – 2,964 – Federal Home Loan Bank stock and other securities 7,646 7,646 – 7,646 – Loans, net 2,384,685 2,338,464 – – 2,338,464 Accrued interest receivable 8,369 8,369 8,369 – – Financial liabilities Deposits 2,578,295 2,576,385 – – 2,576,385 Securities sold under agreement to repurchase 70,473 70,473 – 70,473 – Federal funds purchased 161,352 161,352 – 161,352 – FHLB Advances 49,458 48,642 – 48,642 – Accrued interest payable 232 232 232 – – December 31, 201 6 Financial assets Cash and short-term investments $ 47,973 $ 47,973 $ 47,973 $ – $ – Mortgage loans held for sale 3,213 3,481 – 3,481 – Federal Home Loan Bank stock and other securities 6,347 6,347 – 6,347 – Loans, net 2,281,368 2,284,569 – – 2,284,569 Accrued interest receivable 6,878 6,878 6,878 – – Financial liabilities Deposits 2,520,548 2,519,725 – – 2,519,725 Securities sold under agreement to repurchase 67,595 67,595 – 67,595 – Federal funds purchased 47,374 47,374 – 47,374 – FHLB Advances 51,075 50,806 – 50,806 – Accrued interest payable 144 144 144 – – |
Note 22 - Derivative Financia53
Note 22 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Designated as Hedging Instrument [Member] | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | (Dollars in thousands) Notional Maturity Receive (variable) Pay fixed Fair value Fair value amount date index swap rate December 31, 2017 December 31, 2016 $ 10,000 12/6/2021 US 3 Month LIBOR 1.89 % $ 106 $ 16 20,000 12/6/2020 US 3 Month LIBOR 1.79 190 9 $ 30,000 1.82 % $ 296 $ 25 |
Not Designated as Hedging Instrument [Member] | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | (D ollar amounts in thousands) Receiving Paying December 31, December 31, December 31, December 31, 201 7 201 6 201 7 201 6 Notional amount $ 54,964 $ 43,986 $ 54,964 $ 43,986 Weighted average maturity (years) 8.7 9.9 8.7 9.9 Fair value $ (259 ) $ (178 ) $ 283 $ 178 |
Note 23 - Regulatory Matters (T
Note 23 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (Dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2017 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital Consolidated $ 359,866 13.52 % $ 213,012 8.0 % NA NA Bank 347,840 13.07 212,891 8.0 $ 266,114 10.0 % Common Equity Tier 1 risk-based capital Consolidated 334,631 12.57 119,820 4.5 NA NA Bank 322,605 12.12 212,891 4.5 172,974 6.5 Tier 1 risk-based capital Consolidated 334,631 12.57 159,760 6.0 NA NA Bank 322,605 12.12 159,668 6.0 212,891 8.0 Leverage ( 1) Consolidated 334,631 10.70 125,122 4.0 NA NA Bank 322,605 10.32 125,040 4.0 156,300 5.0 Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2016 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital Consolidated $ 338,525 13.04 % $ 207,684 8.0 % NA NA Bank 325,630 12.57 207,243 8.0 $ 258,986 10.0 % Common Equity Tier 1 risk-based capital Consolidated 314,147 12.10 116,832 4.5 NA NA Bank 301,252 11.63 116,564 4.5 168,341 6.5 Tier 1 risk-based capital Consolidated 314,147 12.10 155,775 6.0 NA NA Bank 301,252 11.63 155,418 6.0 207,189 8.0 Leverage ( 1) Consolidated 314,147 10.54 119,221 4.0 NA NA Bank 301,252 10.11 119,190 4.0 148,927 5.0 |
Note 24 - Stock Yards Bancorp55
Note 24 - Stock Yards Bancorp, Inc. (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets December 31, (In thousands) 2017 2016 Assets Cash on deposit with subsidiary bank $ 10,648 $ 6,972 Investment in and receivable from subsidiaries 321,617 300,977 Other assets 1,521 6,005 Total assets $ 333,786 $ 313,954 Liabilities and stockholders ’ equity Other liabilities $ 142 $ 82 Total stockholders ’ equity 333,644 313,872 Total liabilities and stockholders ’ equity $ 333,786 $ 313,954 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Income Years ended December 31, (In thousands) 2017 2016 2015 Income - dividends and interest from subsidiaries $ 18,160 $ 16,147 $ 14,244 Other income 82 1 15 Less expenses 3,255 2,235 2,511 Income before income taxes and equity in undistributed net income of subsidiary 14,987 13,913 11,748 Income tax benefit (1,985 ) (987 ) (1,016 ) Income before equity in undistributed net income of subsidiary 16,972 14,900 12,764 Equity in undistributed net income of subsidiary 21,071 26,127 24,423 Net income $ 38,043 $ 41,027 $ 37,187 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows Years ended December 31 (In thousands) 2017 2016 2015 Operating activities Net income $ 38,043 $ 41,027 $ 37,187 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (21,071 ) (26,127 ) (24,423 ) (Increase) decrease in receivable from subsidiaries – – (842 ) Stock compensation expense 2,892 2,473 2,134 Excess tax benefits from share-based compensation arrangements (1,463 ) (1,705 ) (673 ) Recover of impairment loss on other assets held for investment (588 ) – Depreciation, amortization and accretion, net 4 10 11 Proceeds from liquidation of private investment fund (81 ) – – Decrease (increase) in other assets 5,943 (990 ) 531 Increase in other liabilities 10 11 91 Net cash provided by operating activities 24,277 14,111 14,016 Investing activities Proceeds from sale of other assets held for investment – 1,108 – Proceeds from liquidation of private investment fund 81 – – Net cash provided by investing activities 81 1,108 – Financing activities Common stock repurchases (2,389 ) 2,337 3,249 Excess tax benefit from share-based compensation arrangements – 1,705 673 Proceeds (used for) and received from settlement of stock awards (216 ) (1,918 ) (918 ) Cash dividends paid (18,077 ) (16,093 ) (14,224 ) Net cash used in financing activities (20,682 ) (13,969 ) (11,220 ) Net increase (decrease) in cash 3,676 1,250 2,796 Cash at beginning of year 6,972 5,722 2,926 Cash at end of year $ 10,648 $ 6,972 $ 5,722 |
Note 25 - Segments (Tables)
Note 25 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Wealth Commercial management (In thousands) banking and trust Total Year ended December 31, 2017 Net interest income $ 103,302 $ 301 $ 103,603 Provision for loan losses 2,550 – 2,550 Investment management and trust services – 20,505 20,505 All other non-interest income 24,615 – 24,615 Non-interest expense 78,752 12,239 90,991 Income before income taxes 46,615 8,567 55,182 Income tax expense 14,080 3,059 17,139 Net income $ 32,535 $ 5,508 $ 38,043 Segment assets $ 3,237,656 $ 1,990 $ 3,239,646 Year ended December 31, 2016 Net interest income $ 96,986 $ 268 $ 97,254 Provision for loan losses 3,000 – 3,000 Investment management and trust services – 19,155 19,155 All other non-interest income 24,382 – 24,382 Non-interest expense 70,230 11,290 81,520 Income before income taxes 48,138 8,133 56,271 Income tax expense 12,340 2,904 15,244 Net income $ 35,798 $ 5,229 $ 41,027 Segment assets $ 3,037,394 $ 2,087 $ 3,039,481 Year ended December 31, 2015 Net interest income $ 88,124 $ 194 $ 88,318 Credit for loan losses 750 – 750 Investment management and trust services – 18,026 18,026 All other non-interest income 21,924 – 21,924 Non-interest expense 62,748 10,650 73,398 Income before income taxes 46,550 7,570 54,120 Income tax expense 14,238 2,695 16,933 Net income $ 32,312 $ 4,875 $ 37,187 Segment assets $ 2,816,373 $ 428 $ 2,816,801 |
Note 26 - Quarterly Operating57
Note 26 - Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2017 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 29,092 $ 28,111 $ 27,013 $ 26,633 Interest expense 2,069 1,947 1,781 1,449 Net interest income 27,023 26,164 25,232 25,184 Provision for loan losses 900 150 600 900 Net interest income after provision 26,123 26,014 24,632 24,284 Non-interest income 11,545 11,103 11,675 10,797 Non-interest expenses 27,180 21,317 21,346 21,148 Income before income taxes 10,488 15,800 14,961 13,933 Income tax expense 5,542 4,096 4,359 3,142 Net income $ 4,946 $ 11,704 $ 10,602 $ 10,791 Basic earnings per share $ 0.22 $ 0.52 $ 0.47 $ 0.48 Diluted earnings per share 0.22 0.51 0.46 0.47 2016 (In thousands, except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 26,368 $ 25,942 $ 25,162 $ 24,700 Interest expense 1,293 1,182 1,212 1,231 Net interest income 25,075 24,760 23,950 23,469 Provision for loan losses 500 1,250 750 500 Net interest income after provision 24,575 23,510 23,200 22,969 Non-interest income 11,319 11,358 10,778 10,082 Non-interest expenses 21,269 20,518 20,193 19,540 Income before income taxes 14,625 14,350 13,785 13,511 Income tax expense 4,009 3,883 3,676 3,676 Net income $ 10,616 $ 10,467 $ 10,109 $ 9,835 Basic earnings per share $ 0.47 $ 0.47 $ 0.45 $ 0.44 Diluted earnings per share 0.46 0.46 0.45 0.44 2015 (In thousands, except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 24,039 $ 23,284 $ 23,000 $ 22,847 Interest expense 1,217 1,203 1,199 1,233 Net interest income 22,822 22,081 21,801 21,614 Provision for loan losses 750 – – – Net interest income after provision 22,072 22,081 21,801 21,614 Non-interest income 10,073 9,985 10,219 9,673 Non-interest expenses 18,322 18,430 18,867 17,779 Income before income taxes 13,823 13,636 13,153 13,508 Income tax expense 4,177 4,352 4,151 4,253 Net income $ 9,646 $ 9,284 $ 9,002 $ 9,255 Basic earnings per share $ 0.43 $ 0.42 $ 0.41 $ 0.42 Diluted earnings per share 0.43 0.41 0.40 0.42 |
Note 1 - Summary of Significa58
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Period Look-back, Quarters | 28 | 24 | ||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 474 | |||||
Goodwill, Impairment Loss | $ 0 | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 5,900 | |||||
Unrecognized Tax Benefits | $ 40 | $ 40 | $ 40 | $ 40 | ||
Aggregate Number of Full Service Branche Locations | 37 | 37 | ||||
Number of Operating Segments | 2 | |||||
Fair Value Hedging [Member] | ||||||
Derivative, Number of Instruments Held | 0 | 0 | 0 | |||
Scenario, Forecast [Member] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 40 years |
Note 1 - Summary of Significa59
Note 1 - Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash payments: | |||
Income tax payments | $ 15,838 | $ 12,860 | $ 13,831 |
Cash paid for interest | 7,158 | 4,901 | 4,856 |
Non-cash transactions: | |||
Transfers from loans to other real estate owned | $ 1,916 | $ 1,146 |
Note 2 - Restrictions on Cash60
Note 2 - Restrictions on Cash and Due From banks (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents | $ 8,071,000 | $ 6,338,000 |
Note 3 - Acquisition (Details T
Note 3 - Acquisition (Details Textual) - THE BANCorp [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2013 |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1.2 | $ 2.5 |
Note 4 - Securities (Details Te
Note 4 - Securities (Details Textual) xbrli-pure in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 31 | $ (263) | $ 0 | |
Proceeds from Sale of Available-for-sale Securities | 421 | $ 0 | 5,934 | |
Available-for-sale Securities Pledged as Collateral | $ 384,700 | $ 380,400 | ||
Number of Holders of Pooled Security that Consisted of Security Issued by One Institution | 0 | 0 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 103 |
Note 4 - Securities - Available
Note 4 - Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities available-for-sale, amortized cost | $ 577,406 | $ 571,936 |
Securities available-for-sale, unrealized gains | 1,222 | 2,264 |
Securities available-for-sale, unrealized losses | (4,104) | (4,126) |
Securities available-for-sale, fair value | 574,524 | 570,074 |
US Treasury Securities [Member] | ||
Securities available-for-sale, amortized cost | 149,996 | 74,997 |
Securities available-for-sale, unrealized gains | 1 | |
Securities available-for-sale, unrealized losses | (12) | |
Securities available-for-sale, fair value | 149,984 | 74,998 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 214,852 | 268,784 |
Securities available-for-sale, unrealized gains | 474 | 800 |
Securities available-for-sale, unrealized losses | (1,482) | (1,494) |
Securities available-for-sale, fair value | 213,844 | 268,090 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale, amortized cost | 163,571 | 170,344 |
Securities available-for-sale, unrealized gains | 383 | 735 |
Securities available-for-sale, unrealized losses | (2,447) | (2,236) |
Securities available-for-sale, fair value | 161,507 | 168,843 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 48,987 | 57,158 |
Securities available-for-sale, unrealized gains | 365 | 682 |
Securities available-for-sale, unrealized losses | (163) | (396) |
Securities available-for-sale, fair value | $ 49,189 | 57,444 |
Common Stock [Member] | ||
Securities available-for-sale, amortized cost | 653 | |
Securities available-for-sale, unrealized gains | 46 | |
Securities available-for-sale, unrealized losses | ||
Securities available-for-sale, fair value | $ 699 |
Note 4 - Securities - Availab64
Note 4 - Securities - Available-for-sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Due within 1 year, amortized cost | $ 187,792 | |
Due within 1 year, fair value | 187,775 | |
Due after 1 but within 5 years, amortized cost | 97,119 | |
Due after 1 but within 5 years, fair value | 96,441 | |
Due after 5 but within 10 years, amortized cost | 13,807 | |
Due after 5 but within 10 years, fair value | 13,687 | |
Due after 10 years, amortized cost | 115,117 | |
Due after 10 years, fair value | 115,114 | |
Mortgage-backed securities – government agencies, amortized cost | 163,571 | |
Mortgage-backed securities – government agencies, fair value | 161,507 | |
Total securities available-for-sale, amortized cost | 577,406 | $ 571,936 |
Total securities available-for-sale, fair value | $ 574,524 | $ 570,074 |
Note 4 - Securities - Securitie
Note 4 - Securities - Securities With Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities available-for-sale, less than 12 months, fair value | $ 336,779 | $ 300,218 |
Securities available-for-sale, less than 12 months, unrealized losses | (1,145) | (3,597) |
Securities available-for-sale, 12 months or more, fair value | 121,981 | 14,877 |
Securities available-for-sale, 12 months or more, unrealized losses | (2,959) | (529) |
Securities available-for-sale, fair value | 458,760 | 315,095 |
Securities available-for-sale, unrealized losses | (4,104) | (4,126) |
US Treasury Securities [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 149,984 | |
Securities available-for-sale, less than 12 months, unrealized losses | (12) | |
Securities available-for-sale, 12 months or more, fair value | ||
Securities available-for-sale, 12 months or more, unrealized losses | ||
Securities available-for-sale, fair value | 149,984 | |
Securities available-for-sale, unrealized losses | (12) | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 95,139 | 154,951 |
Securities available-for-sale, less than 12 months, unrealized losses | (586) | (1,344) |
Securities available-for-sale, 12 months or more, fair value | 49,870 | 3,485 |
Securities available-for-sale, 12 months or more, unrealized losses | (896) | (150) |
Securities available-for-sale, fair value | 145,009 | 158,436 |
Securities available-for-sale, unrealized losses | (1,482) | (1,494) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 69,290 | 115,374 |
Securities available-for-sale, less than 12 months, unrealized losses | (440) | (1,873) |
Securities available-for-sale, 12 months or more, fair value | 67,047 | 9,914 |
Securities available-for-sale, 12 months or more, unrealized losses | (2,007) | (363) |
Securities available-for-sale, fair value | 136,337 | 125,288 |
Securities available-for-sale, unrealized losses | (2,447) | (2,236) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 22,366 | 29,893 |
Securities available-for-sale, less than 12 months, unrealized losses | (107) | (380) |
Securities available-for-sale, 12 months or more, fair value | 5,064 | 1,478 |
Securities available-for-sale, 12 months or more, unrealized losses | (56) | (16) |
Securities available-for-sale, fair value | 27,430 | 31,371 |
Securities available-for-sale, unrealized losses | $ (163) | $ (396) |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013 | |
Loans and Leases Receivable, Deferred Expense Income | $ (600) | $ (459) | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 18,200 | 15,800 | ||
Business Combination, Number of Loans Acquired That Subsequently Paid off | 15 | |||
Business Combination, Number of Loans Acquired | 19 | |||
Number of Loans Re-classified Into the Accretable Category | 4 | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 338 | 307 | $ 521 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 159 | 149 | $ 465 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 2 | 438 | ||
Financing Receivable, Modifications, Recorded Investment | $ 869 | $ 974 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | |
Allowance for Credit Losses, Change in Method of Calculating Impairment | $ 48 | $ 207 | ||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | 0 | ||
Mortgage Loans in Process of Foreclosure, Number | 2 | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 62 | |||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 39 | |||
Financing Receivable, Modifications, Number of Contracts | 2 | |||
Real Estate Mortgage Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $ 2 | 420 | ||
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | ||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 34 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 12 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 14 | |||
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | ||||
Financing Receivable, Modifications, Number of Contracts | 1 |
Note 5 - Loans - Loans by Loan
Note 5 - Loans - Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loans | $ 2,409,570 | $ 2,305,375 | $ 2,033,007 |
Commercial and Industrial Portfolio Segment [Member] | |||
Loans | 779,014 | 736,841 | 644,398 |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Loans | 195,912 | 192,348 | 134,482 |
Undevelopment Land Portfolio Segment [Member] | |||
Loans | 18,988 | 21,496 | 21,185 |
Real Estate Mortgage Portfolio Segment [Member] | |||
Loans | 1,376,788 | 1,319,520 | 1,197,411 |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Loans | 594,902 | 538,886 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Loans | 398,685 | 408,292 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Loans | 262,110 | 249,498 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Loans | 57,110 | 55,325 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Loans | 63,981 | 67,519 | |
Consumer Portfolio Segment [Member] | |||
Loans | $ 38,868 | $ 35,170 | $ 35,531 |
Note 5 - Loans - Loans to Direc
Note 5 - Loans - Loans to Directors and Their Associates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loans and leases receivable, balance | $ 969 | $ 866 |
New loans | ||
Repayment of term loans | (175) | (340) |
Changes in balances of revolving lines of credit | (165) | 443 |
Loans and leases receivable, balance | $ 629 | $ 969 |
Note 5 - Loans - Allowance for
Note 5 - Loans - Allowance for Loan Losses by Portfolio Segment and Based on Impairment Evaluation Method (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans | $ 2,409,570 | $ 2,305,375 | $ 2,033,007 | |||||||||||||||
Loans individually evaluated for impairment | 7,380 | 6,269 | 8,753 | |||||||||||||||
Loans collectively evaluated for impairment | 2,401,714 | 2,298,482 | 2,023,432 | |||||||||||||||
Allowance for loan losses | ||||||||||||||||||
Balance | $ 24,007 | $ 22,441 | $ 24,920 | $ 24,007 | $ 22,441 | $ 24,920 | ||||||||||||
Provision for loan losses | $ 900 | $ 150 | $ 600 | 900 | $ 500 | $ 1,250 | $ 750 | 500 | $ 750 | 2,550 | 3,000 | 750 | ||||||
Charge-offs | (2,429) | (2,493) | (5,381) | |||||||||||||||
Recoveries | 757 | 1,059 | 2,152 | |||||||||||||||
Balance | 24,885 | 24,007 | 22,441 | 24,885 | 24,007 | 22,441 | ||||||||||||
Allowance for loans individually evaluated for impairment | 48 | 1,267 | 544 | |||||||||||||||
Allowance for loans collectively evaluated for impairment | 24,837 | 22,740 | 21,897 | |||||||||||||||
Allowance for loans acquired with deteriorated credit quality | 24,885 | 24,007 | 24,007 | 22,441 | 22,441 | 24,920 | 24,885 | 24,007 | 22,441 | 24,885 | 24,007 | 22,441 | ||||||
Loans | 2,409,570 | 2,305,375 | 2,033,007 | |||||||||||||||
Loans individually evaluated for impairment | 7,380 | 6,269 | 8,753 | |||||||||||||||
Loans collectively evaluated for impairment | 2,401,714 | 2,298,482 | 2,023,432 | |||||||||||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||||||||||||
Loans | 476 | 624 | 822 | |||||||||||||||
Allowance for loan losses | ||||||||||||||||||
Balance | ||||||||||||||||||
Balance | ||||||||||||||||||
Allowance for loans acquired with deteriorated credit quality | ||||||||||||||||||
Loans | 476 | 624 | 822 | |||||||||||||||
Commercial and Industrial Portfolio Segment [Member] | ||||||||||||||||||
Loans | 779,014 | 736,841 | 644,398 | |||||||||||||||
Loans individually evaluated for impairment | 1,176 | 2,682 | 4,635 | |||||||||||||||
Loans collectively evaluated for impairment | 777,838 | 734,139 | 639,760 | |||||||||||||||
Allowance for loan losses | ||||||||||||||||||
Balance | 10,483 | 8,645 | 11,819 | 10,483 | 8,645 | 11,819 | ||||||||||||
Provision for loan losses | 2,373 | 2,775 | 793 | |||||||||||||||
Charge-offs | (1,782) | (1,216) | (4,065) | |||||||||||||||
Recoveries | 202 | 279 | 98 | |||||||||||||||
Balance | 11,276 | 10,483 | 8,645 | 11,276 | 10,483 | 8,645 | ||||||||||||
Allowance for loans individually evaluated for impairment | 34 | 1,207 | 268 | |||||||||||||||
Allowance for loans collectively evaluated for impairment | 11,242 | 9,276 | 8,377 | |||||||||||||||
Allowance for loans acquired with deteriorated credit quality | 11,276 | 10,483 | 10,483 | 8,645 | 8,645 | 11,819 | 10,483 | 10,483 | 8,645 | 11,276 | 10,483 | 8,645 | ||||||
Loans | 779,014 | 736,841 | 644,398 | |||||||||||||||
Loans individually evaluated for impairment | 1,176 | 2,682 | 4,635 | |||||||||||||||
Loans collectively evaluated for impairment | 777,838 | 734,139 | 639,760 | |||||||||||||||
Commercial and Industrial Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||||||||||||
Loans | 20 | 3 | ||||||||||||||||
Allowance for loan losses | ||||||||||||||||||
Balance | ||||||||||||||||||
Balance | ||||||||||||||||||
Allowance for loans acquired with deteriorated credit quality | ||||||||||||||||||
Loans | 20 | 3 | ||||||||||||||||
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | ||||||||||||||||||
Loans | 195,912 | 192,348 | 134,482 | |||||||||||||||
Loans individually evaluated for impairment | 664 | 538 | ||||||||||||||||
Loans collectively evaluated for impairment | 195,248 | 191,810 | 134,160 | |||||||||||||||
Allowance for loan losses | ||||||||||||||||||
Balance | 1,923 | 1,760 | 721 | 1,923 | 1,760 | 721 | ||||||||||||
Provision for loan losses | (199) | 275 | 1,065 | |||||||||||||||
Charge-offs | (133) | (26) | ||||||||||||||||
Recoveries | 21 | |||||||||||||||||
Balance | 1,724 | 1,923 | 1,760 | 1,724 | 1,923 | 1,760 | ||||||||||||
Allowance for loans individually evaluated for impairment | ||||||||||||||||||
Allowance for loans collectively evaluated for impairment | 1,724 | 1,923 | 1,760 | |||||||||||||||
Allowance for loans acquired with deteriorated credit quality | 1,724 | 1,923 | 1,923 | 1,760 | 1,760 | 721 | 1,923 | 1,923 | 1,760 | 1,724 | 1,923 | 1,760 | ||||||
Loans | 195,912 | 192,348 | 134,482 | |||||||||||||||
Loans individually evaluated for impairment | 664 | 538 | ||||||||||||||||
Loans collectively evaluated for impairment | 195,248 | 191,810 | 134,160 | |||||||||||||||
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||||||||||||
Loans | 322 | |||||||||||||||||
Allowance for loan losses | ||||||||||||||||||
Balance | ||||||||||||||||||
Balance | ||||||||||||||||||
Allowance for loans acquired with deteriorated credit quality | ||||||||||||||||||
Loans | 322 | |||||||||||||||||
Undevelopment Land Portfolio Segment [Member] | ||||||||||||||||||
Loans | 18,988 | 21,496 | 21,185 | |||||||||||||||
Loans individually evaluated for impairment | 474 | 474 | ||||||||||||||||
Loans collectively evaluated for impairment | 18,514 | 21,022 | 21,185 | |||||||||||||||
Allowance for loan losses | ||||||||||||||||||
Balance | 684 | 814 | 1,545 | 684 | 814 | 1,545 | ||||||||||||
Provision for loan losses | (163) | (130) | (2,131) | |||||||||||||||
Charge-offs | ||||||||||||||||||
Recoveries | 1,400 | |||||||||||||||||
Balance | 521 | 684 | 814 | 521 | 684 | 814 | ||||||||||||
Allowance for loans individually evaluated for impairment | 1 | |||||||||||||||||
Allowance for loans collectively evaluated for impairment | 521 | 683 | 814 | |||||||||||||||
Allowance for loans acquired with deteriorated credit quality | 521 | 684 | 684 | 814 | 814 | 1,545 | 684 | 684 | 814 | 521 | 684 | 814 | ||||||
Loans | 18,988 | 21,496 | 21,185 | |||||||||||||||
Loans individually evaluated for impairment | 474 | 474 | ||||||||||||||||
Loans collectively evaluated for impairment | 18,514 | 21,022 | 21,185 | |||||||||||||||
Undevelopment Land Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||||||||||||
Loans | ||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||
Balance | ||||||||||||||||||
Balance | ||||||||||||||||||
Allowance for loans acquired with deteriorated credit quality | ||||||||||||||||||
Loans | ||||||||||||||||||
Real Estate Mortgage Portfolio Segment [Member] | ||||||||||||||||||
Loans | 1,376,788 | 1,319,520 | 1,197,411 | |||||||||||||||
Loans individually evaluated for impairment | 5,066 | 2,516 | 4,050 | |||||||||||||||
Loans collectively evaluated for impairment | 1,371,246 | 1,316,400 | 1,192,864 | |||||||||||||||
Allowance for loan losses | ||||||||||||||||||
Balance | 10,573 | 10,875 | 10,541 | 10,573 | 10,875 | 10,541 | ||||||||||||
Provision for loan losses | 383 | (68) | 872 | |||||||||||||||
Charge-offs | (98) | (576) | (693) | |||||||||||||||
Recoveries | 154 | 342 | 155 | |||||||||||||||
Balance | 11,012 | 10,573 | 10,875 | 11,012 | 10,573 | 10,875 | ||||||||||||
Allowance for loans individually evaluated for impairment | 14 | 208 | ||||||||||||||||
Allowance for loans collectively evaluated for impairment | 10,998 | 10,573 | 10,667 | |||||||||||||||
Allowance for loans acquired with deteriorated credit quality | 11,012 | 10,573 | 10,573 | 10,875 | 10,875 | 10,541 | 10,573 | 10,573 | 10,875 | 11,012 | 10,573 | 10,875 | ||||||
Loans | 1,376,788 | 1,319,520 | 1,197,411 | |||||||||||||||
Loans individually evaluated for impairment | 5,066 | 2,516 | 4,050 | |||||||||||||||
Loans collectively evaluated for impairment | 1,371,246 | 1,316,400 | 1,192,864 | |||||||||||||||
Real Estate Mortgage Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||||||||||||
Loans | 476 | 604 | 497 | |||||||||||||||
Allowance for loan losses | ||||||||||||||||||
Balance | ||||||||||||||||||
Balance | ||||||||||||||||||
Allowance for loans acquired with deteriorated credit quality | ||||||||||||||||||
Loans | 476 | 604 | 497 | |||||||||||||||
Consumer Portfolio Segment [Member] | ||||||||||||||||||
Loans | 38,868 | 35,170 | 35,531 | |||||||||||||||
Loans individually evaluated for impairment | 59 | 68 | ||||||||||||||||
Loans collectively evaluated for impairment | 38,868 | 35,111 | 35,463 | |||||||||||||||
Allowance for loan losses | ||||||||||||||||||
Balance | 344 | 347 | 294 | 344 | 347 | 294 | ||||||||||||
Provision for loan losses | 156 | 148 | 151 | |||||||||||||||
Charge-offs | (549) | (568) | (597) | |||||||||||||||
Recoveries | 401 | 417 | 499 | |||||||||||||||
Balance | 352 | 344 | 347 | 352 | 344 | 347 | ||||||||||||
Allowance for loans individually evaluated for impairment | 59 | 68 | ||||||||||||||||
Allowance for loans collectively evaluated for impairment | 352 | 285 | 279 | |||||||||||||||
Allowance for loans acquired with deteriorated credit quality | 352 | 344 | 344 | 347 | 347 | $ 294 | 344 | 344 | 347 | 352 | 344 | 347 | ||||||
Loans | 38,868 | 35,170 | 35,531 | |||||||||||||||
Loans individually evaluated for impairment | 59 | 68 | ||||||||||||||||
Loans collectively evaluated for impairment | 38,868 | 35,111 | 35,463 | |||||||||||||||
Consumer Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||||||||||||
Loans | ||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||
Balance | ||||||||||||||||||
Balance | ||||||||||||||||||
Allowance for loans acquired with deteriorated credit quality | ||||||||||||||||||
Loans |
Note 5 - Loans - Acquired Impai
Note 5 - Loans - Acquired Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accretable discount | $ 3 | |
Accretion | (3) | |
Reclassifications from (to) non-accretable difference | 105 | |
Disposals | ||
Accretable discount | 105 | |
Non- accretable discount | 148 | 189 |
Non- accretable discount, accretion | (43) | (41) |
Non- accretable discount, reclassifications from (To) Non-accretable difference | (105) | |
Non- accretable discount | $ 148 |
Note 5 - Loans - Loans Individu
Note 5 - Loans - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loans with no related allowance recorded, recorded investment | $ 7,332 | $ 3,609 |
Loans with no related allowance recorded, unpaid principal balance | 9,072 | 4,392 |
Loans with no related allowance recorded, average recorded investment | 4,304 | 4,996 |
Loans with an allowance recorded, recorded investment | 48 | 2,660 |
Loans with an allowance recorded, unpaid principal balance | 48 | 3,135 |
Related allowance | 48 | 1,267 |
Loans with an allowance recorded, average recorded investment | 1,981 | 2,567 |
Recorded investment | 7,380 | 6,269 |
Unpaid principal balance | 9,120 | 7,527 |
Average recorded investment | 6,285 | 7,563 |
Commercial and Industrial Portfolio Segment [Member] | ||
Loans with no related allowance recorded, recorded investment | 1,142 | 322 |
Loans with no related allowance recorded, unpaid principal balance | 2,202 | 465 |
Loans with no related allowance recorded, average recorded investment | 411 | 1,947 |
Loans with an allowance recorded, recorded investment | 34 | 2,360 |
Loans with an allowance recorded, unpaid principal balance | 34 | 2,835 |
Related allowance | 34 | 1,207 |
Loans with an allowance recorded, average recorded investment | 1,882 | 1,619 |
Recorded investment | 1,176 | 2,682 |
Unpaid principal balance | 2,236 | 3,300 |
Average recorded investment | 2,293 | 3,566 |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | ||
Loans with no related allowance recorded, recorded investment | 664 | 538 |
Loans with no related allowance recorded, unpaid principal balance | 834 | 708 |
Loans with no related allowance recorded, average recorded investment | 559 | 108 |
Loans with an allowance recorded, recorded investment | ||
Loans with an allowance recorded, unpaid principal balance | ||
Related allowance | ||
Loans with an allowance recorded, average recorded investment | 182 | |
Recorded investment | 664 | 538 |
Unpaid principal balance | 834 | 708 |
Average recorded investment | 559 | 290 |
Undevelopment Land Portfolio Segment [Member] | ||
Loans with no related allowance recorded, recorded investment | 474 | 233 |
Loans with no related allowance recorded, unpaid principal balance | 506 | 265 |
Loans with no related allowance recorded, average recorded investment | 425 | 76 |
Loans with an allowance recorded, recorded investment | 241 | |
Loans with an allowance recorded, unpaid principal balance | 241 | |
Related allowance | 1 | |
Loans with an allowance recorded, average recorded investment | 48 | 149 |
Recorded investment | 474 | 474 |
Unpaid principal balance | 506 | 506 |
Average recorded investment | 473 | 225 |
Real Estate Mortgage Portfolio Segment [Member] | ||
Loans with no related allowance recorded, recorded investment | 5,052 | 2,516 |
Loans with no related allowance recorded, unpaid principal balance | 5,530 | 2,954 |
Loans with no related allowance recorded, average recorded investment | 2,909 | 2,847 |
Loans with an allowance recorded, recorded investment | 14 | |
Loans with an allowance recorded, unpaid principal balance | 14 | |
Related allowance | 14 | |
Loans with an allowance recorded, average recorded investment | 5 | 554 |
Recorded investment | 5,066 | 2,516 |
Unpaid principal balance | 5,544 | 2,954 |
Average recorded investment | 2,914 | 3,401 |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | ||
Loans with no related allowance recorded, recorded investment | 52 | 107 |
Loans with no related allowance recorded, unpaid principal balance | 53 | 107 |
Loans with no related allowance recorded, average recorded investment | 110 | 193 |
Loans with an allowance recorded, recorded investment | ||
Loans with an allowance recorded, unpaid principal balance | ||
Related allowance | ||
Loans with an allowance recorded, average recorded investment | ||
Recorded investment | 52 | 107 |
Unpaid principal balance | 53 | 107 |
Average recorded investment | 110 | 193 |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | ||
Loans with no related allowance recorded, recorded investment | 3,332 | 1,042 |
Loans with no related allowance recorded, unpaid principal balance | 3,789 | 1,479 |
Loans with no related allowance recorded, average recorded investment | 1,678 | 1,356 |
Loans with an allowance recorded, recorded investment | ||
Loans with an allowance recorded, unpaid principal balance | ||
Related allowance | ||
Loans with an allowance recorded, average recorded investment | 554 | |
Recorded investment | 3,332 | 1,042 |
Unpaid principal balance | 3,789 | 1,479 |
Average recorded investment | 1,678 | 1,910 |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Loans with no related allowance recorded, recorded investment | 1,637 | 984 |
Loans with no related allowance recorded, unpaid principal balance | 1,657 | 985 |
Loans with no related allowance recorded, average recorded investment | 935 | 980 |
Loans with an allowance recorded, recorded investment | 14 | |
Loans with an allowance recorded, unpaid principal balance | 14 | |
Related allowance | 14 | |
Loans with an allowance recorded, average recorded investment | 5 | |
Recorded investment | 1,651 | 984 |
Unpaid principal balance | 1,671 | 985 |
Average recorded investment | 940 | 980 |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | ||
Loans with no related allowance recorded, recorded investment | ||
Loans with no related allowance recorded, unpaid principal balance | ||
Loans with no related allowance recorded, average recorded investment | 3 | |
Loans with an allowance recorded, recorded investment | ||
Loans with an allowance recorded, unpaid principal balance | ||
Related allowance | ||
Loans with an allowance recorded, average recorded investment | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | 3 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | ||
Loans with no related allowance recorded, recorded investment | 31 | 383 |
Loans with no related allowance recorded, unpaid principal balance | 31 | 383 |
Loans with no related allowance recorded, average recorded investment | 186 | 315 |
Loans with an allowance recorded, recorded investment | ||
Loans with an allowance recorded, unpaid principal balance | ||
Related allowance | ||
Loans with an allowance recorded, average recorded investment | ||
Recorded investment | 31 | 383 |
Unpaid principal balance | 31 | 383 |
Average recorded investment | 186 | 315 |
Consumer Portfolio Segment [Member] | ||
Loans with no related allowance recorded, recorded investment | ||
Loans with no related allowance recorded, unpaid principal balance | ||
Loans with no related allowance recorded, average recorded investment | 18 | |
Loans with an allowance recorded, recorded investment | 59 | |
Loans with an allowance recorded, unpaid principal balance | 59 | |
Related allowance | 59 | |
Loans with an allowance recorded, average recorded investment | 46 | 63 |
Recorded investment | 59 | |
Unpaid principal balance | 59 | |
Average recorded investment | $ 46 | $ 81 |
Note 5 - Loans - Non-accrual Lo
Note 5 - Loans - Non-accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-accrual loans | $ 6,511 | $ 5,295 |
Commercial and Industrial Portfolio Segment [Member] | ||
Non-accrual loans | 321 | 1,767 |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | ||
Non-accrual loans | 664 | 538 |
Undevelopment Land Portfolio Segment [Member] | ||
Non-accrual loans | 474 | 474 |
Real Estate Mortgage Portfolio Segment [Member] | ||
Non-accrual loans | 5,052 | 2,516 |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | ||
Non-accrual loans | 52 | 107 |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | ||
Non-accrual loans | 3,332 | 1,042 |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Non-accrual loans | 1,637 | 984 |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | ||
Non-accrual loans | ||
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | ||
Non-accrual loans | 31 | 383 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans |
Note 5 - Loans - Aging of the R
Note 5 - Loans - Aging of the Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current | $ 2,397,731 | $ 2,295,871 | |
Past due | 11,839 | 9,504 | |
Loans | 2,409,570 | 2,305,375 | $ 2,033,007 |
Recorded investment greater than 90 days and accruing | 2 | 438 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due | 4,151 | 2,589 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due | 1,175 | 1,182 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | 6,513 | 5,733 | |
Commercial and Industrial Portfolio Segment [Member] | |||
Current | 776,118 | 734,682 | |
Past due | 2,896 | 2,159 | |
Loans | 779,014 | 736,841 | 644,398 |
Recorded investment greater than 90 days and accruing | 18 | ||
Commercial and Industrial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due | 2,571 | 84 | |
Commercial and Industrial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due | 4 | 290 | |
Commercial and Industrial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | 321 | 1,785 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Current | 194,936 | 191,810 | |
Past due | 976 | 538 | |
Loans | 195,912 | 192,348 | 134,482 |
Recorded investment greater than 90 days and accruing | |||
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due | |||
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due | 312 | ||
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | 664 | 538 | |
Undevelopment Land Portfolio Segment [Member] | |||
Current | 18,514 | 21,022 | |
Past due | 474 | 474 | |
Loans | 18,988 | 21,496 | 21,185 |
Recorded investment greater than 90 days and accruing | |||
Undevelopment Land Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due | |||
Undevelopment Land Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due | |||
Undevelopment Land Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | 474 | 474 | |
Real Estate Mortgage Portfolio Segment [Member] | |||
Current | 1,369,464 | 1,313,392 | |
Past due | 7,324 | 6,128 | |
Loans | 1,376,788 | 1,319,520 | 1,197,411 |
Recorded investment greater than 90 days and accruing | 2 | 420 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Current | 594,242 | 537,998 | |
Past due | 660 | 888 | |
Loans | 594,902 | 538,886 | |
Recorded investment greater than 90 days and accruing | 86 | ||
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Current | 394,623 | 406,726 | |
Past due | 4,062 | 1,566 | |
Loans | 398,685 | 408,292 | |
Recorded investment greater than 90 days and accruing | 182 | ||
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Current | 259,994 | 246,730 | |
Past due | 2,116 | 2,768 | |
Loans | 262,110 | 249,498 | |
Recorded investment greater than 90 days and accruing | 34 | ||
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Current | 56,938 | 55,027 | |
Past due | 172 | 298 | |
Loans | 57,110 | 55,325 | |
Recorded investment greater than 90 days and accruing | 46 | ||
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Current | 63,667 | 66,911 | |
Past due | 314 | 608 | |
Loans | 63,981 | 67,519 | |
Recorded investment greater than 90 days and accruing | 2 | 72 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due | 1,494 | 2,477 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Investment [Member] | |||
Past due | 608 | 631 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Past due | 455 | 342 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | One to Four Family Residential [Member] | |||
Past due | 172 | 1,174 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Home Equity First Lien [Member] | |||
Past due | 172 | 231 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Home Equity Junior Lien [Member] | |||
Past due | 87 | 99 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due | 776 | 787 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Investment [Member] | |||
Past due | 64 | ||
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Past due | 275 | ||
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | One to Four Family Residential [Member] | |||
Past due | 307 | 576 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Home Equity First Lien [Member] | |||
Past due | 21 | ||
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Home Equity Junior Lien [Member] | |||
Past due | 194 | 126 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | 5,054 | 2,864 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Investment [Member] | |||
Past due | 52 | 193 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Past due | 3,332 | 1,224 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | One to Four Family Residential [Member] | |||
Past due | 1,637 | 1,018 | |
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home Equity First Lien [Member] | |||
Past due | 46 | ||
Real Estate Mortgage Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home Equity Junior Lien [Member] | |||
Past due | 33 | 383 | |
Consumer Portfolio Segment [Member] | |||
Current | 38,699 | 34,965 | |
Past due | 169 | 205 | |
Loans | 38,868 | 35,170 | $ 35,531 |
Recorded investment greater than 90 days and accruing | |||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due | 86 | 28 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due | 83 | 105 | |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | $ 72 |
Note 5 - Loans - Internally Ass
Note 5 - Loans - Internally Assigned Risk Grades of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loans | $ 2,409,570 | $ 2,305,375 | $ 2,033,007 |
Commercial and Industrial Portfolio Segment [Member] | |||
Loans | 779,014 | 736,841 | 644,398 |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Loans | 195,912 | 192,348 | 134,482 |
Undevelopment Land Portfolio Segment [Member] | |||
Loans | 18,988 | 21,496 | 21,185 |
Real Estate Mortgage Portfolio Segment [Member] | |||
Loans | 1,376,788 | 1,319,520 | 1,197,411 |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Loans | 594,902 | 538,886 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Loans | 398,685 | 408,292 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Loans | 262,110 | 249,498 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Loans | 57,110 | 55,325 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Loans | 63,981 | 67,519 | |
Consumer Portfolio Segment [Member] | |||
Loans | 38,868 | 35,170 | $ 35,531 |
Pass [Member] | |||
Loans | 2,356,343 | 2,267,103 | |
Pass [Member] | Commercial and Industrial Portfolio Segment [Member] | |||
Loans | 751,628 | 714,025 | |
Pass [Member] | Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Loans | 195,248 | 191,455 | |
Pass [Member] | Undevelopment Land Portfolio Segment [Member] | |||
Loans | 18,484 | 21,022 | |
Pass [Member] | Real Estate Mortgage Portfolio Segment [Member] | |||
Loans | 1,352,236 | 1,305,562 | |
Pass [Member] | Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Loans | 591,232 | 538,688 | |
Pass [Member] | Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Loans | 383,455 | 396,997 | |
Pass [Member] | Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Loans | 256,968 | 247,888 | |
Pass [Member] | Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Loans | 57,110 | 55,279 | |
Pass [Member] | Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Loans | 63,471 | 66,710 | |
Pass [Member] | Consumer Portfolio Segment [Member] | |||
Loans | 38,747 | 35,039 | |
Special Mention [Member] | |||
Loans | 27,155 | 22,226 | |
Special Mention [Member] | Commercial and Industrial Portfolio Segment [Member] | |||
Loans | 12,032 | 14,266 | |
Special Mention [Member] | Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Loans | |||
Special Mention [Member] | Undevelopment Land Portfolio Segment [Member] | |||
Loans | |||
Special Mention [Member] | Real Estate Mortgage Portfolio Segment [Member] | |||
Loans | 15,006 | 7,960 | |
Special Mention [Member] | Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Loans | 3,599 | ||
Special Mention [Member] | Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Loans | 8,683 | 7,960 | |
Special Mention [Member] | Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Loans | 2,477 | ||
Special Mention [Member] | Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Loans | |||
Special Mention [Member] | Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Loans | 247 | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | |||
Loans | 117 | ||
Substandard [Member] | Performing Financial Instruments [Member] | |||
Loans | 18,690 | 9,339 | |
Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 7,382 | 6,707 | |
Substandard [Member] | Commercial and Industrial Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 14,178 | 5,850 | |
Substandard [Member] | Commercial and Industrial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 1,176 | 2,700 | |
Substandard [Member] | Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 355 | ||
Substandard [Member] | Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 664 | 538 | |
Substandard [Member] | Undevelopment Land Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 30 | ||
Substandard [Member] | Undevelopment Land Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 474 | 474 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 4,478 | 3,134 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Commercial Investment [Member] | |||
Loans | 19 | 5 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Owner Occupied Commercial [Member] | |||
Loans | 3,215 | 2,111 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | One to Four Family Residential [Member] | |||
Loans | 1,014 | 592 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Home Equity First Lien [Member] | |||
Loans | |||
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Home Equity Junior Lien [Member] | |||
Loans | 230 | 426 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 5,068 | 2,864 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Commercial Investment [Member] | |||
Loans | 52 | 193 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial [Member] | |||
Loans | 3,332 | 1,224 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | One to Four Family Residential [Member] | |||
Loans | 1,651 | 1,018 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Home Equity First Lien [Member] | |||
Loans | 46 | ||
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Home Equity Junior Lien [Member] | |||
Loans | 33 | 383 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 4 | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | $ 131 |
Note 6 - Premises and Equipme75
Note 6 - Premises and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation | $ 3.5 | $ 3.2 | $ 3 |
Note 6 - Premises and Equipme76
Note 6 - Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Premises and equipment, gross | $ 75,049 | $ 75,325 |
Accumulated depreciation and amortization | (33,394) | (32,941) |
Total premises and equipment | 41,655 | 42,384 |
Land [Member] | ||
Premises and equipment, gross | 7,118 | 7,118 |
Building and Building Improvements [Member] | ||
Premises and equipment, gross | 47,924 | 47,398 |
Furniture and Equipment [Member] | ||
Premises and equipment, gross | 18,511 | 20,758 |
Construction in Progress [Member] | ||
Premises and equipment, gross | $ 1,496 | $ 51 |
Note 7 - Other Assets (Details
Note 7 - Other Assets (Details Textual) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Servicing Asset at Fair Value, Amount | $ 3.1 | $ 2.7 |
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $ 344.5 | $ 372.2 |
Note 7 - Other Assets - Summary
Note 7 - Other Assets - Summary of Major Components of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash surrender value of life insurance other than BOLI | $ 16,213 | $ 13,543 | |
Net deferred tax asset | 9,206 | 12,896 | |
Investments in tax credit related ventures | 3,216 | 5,244 | |
Other real estate owned and other foreclosed property | 2,640 | 5,033 | |
Other short term receivables | 2,215 | 2,100 | |
Core deposit intangible | 1,225 | 1,405 | |
Mortgage servicing rights (MSRs) | 875 | 921 | $ 1,018 |
Goodwill | 682 | 682 | |
Other | 12,234 | 7,553 | |
Total | $ 48,506 | $ 49,377 |
Note 7 - Other Assets - Changes
Note 7 - Other Assets - Changes in the Net Carrying Amount of MSRs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at January 1 | $ 921 | $ 1,018 |
Originations | 225 | 177 |
Amortization | (271) | (274) |
Balance at December 31 | $ 875 | $ 921 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 5,900 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 607 | $ 866 | $ 747 | |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 1,700 | $ 673 | ||
Deferred Tax Assets, Equity Method Investments | 565 | 565 | 905 | |
Deferred Tax Assets, Future Deductions for Compensation | 19,000 | 19,000 | ||
Deferred Tax Liabilities, Fixed Assets | 541 | 541 | ||
Deferred Tax Assets, Valuation Allowance | 326 | 326 | 134 | |
Unrecognized Tax Benefits, Including Interest and Penalties | $ 40 | 40 | $ 40 | |
Accounting Standards Update 2016-09 [Member] | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1,500 |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of Income Tax Expense (Benefit) from Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current tax expense | |||||||||||||||
Federal | $ 12,622 | $ 14,270 | $ 15,478 | ||||||||||||
State | 546 | 698 | 608 | ||||||||||||
Total current tax expense | 13,168 | 14,968 | 16,086 | ||||||||||||
Deferred tax expense (benefit) | |||||||||||||||
Federal | 3,783 | 192 | 748 | ||||||||||||
State | (4) | 36 | 54 | ||||||||||||
Total deferred tax expense (benefit) | 3,779 | 228 | 802 | ||||||||||||
Change in valuation allowance | 192 | 48 | 45 | ||||||||||||
Total income tax expense | $ 5,542 | $ 4,096 | $ 4,359 | $ 3,142 | $ 4,009 | $ 3,883 | $ 3,676 | $ 3,676 | $ 4,177 | $ 4,352 | $ 4,151 | $ 4,253 | $ 17,139 | $ 15,244 | $ 16,933 |
Note 8 - Income Taxes - Compo82
Note 8 - Income Taxes - Components of Income Tax (Benefit) Expense Recorded Directly to Stockholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrealized (losses) gains on securities available-for-sale, tax | $ (531) | $ (1,171) | $ (839) |
Reclassification adjustment for securities losses reclassified out of other comprehensive income into loss on sale | 81 | 0 | 0 |
Reclassification adjustment for impairment of equity security realized in income, tax | 0 | 0 | 36 |
Unrealized (losses) gains on hedging instruments, tax | 112 | 24 | (41) |
Minimum pension liability adjustment, tax | (9) | 1 | 61 |
Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes | (1,705) | (673) | |
Total income tax (benefit) expense recorded directly to stockholders’ equity | $ (347) | $ (2,851) | $ (1,456) |
Note 8 - Income Taxes - Differe
Note 8 - Income Taxes - Difference Between Statutory and Effective Tax Rates (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Tax credits | (14.40%) | (9.70%) | (2.50%) |
Net deferred tax asset remeasurement | 10.80% | ||
Amortization/impairment of investments in tax credit partnerships | 3.40% | 2.80% | 0.40% |
Stock based compensation | (2.60%) | ||
Cash surrender value of life insurance | (1.50%) | (0.90%) | (0.80%) |
Tax exempt interest income | (1.20%) | (1.20%) | (1.40%) |
Other, net | 0.90% | 0.30% | (0.20%) |
State income taxes | 0.70% | 0.80% | 0.80% |
Effective tax rate | 31.10% | 27.10% | 31.30% |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for loan loss | $ 5,422 | $ 8,581 |
Deferred compensation | 4,148 | 5,589 |
Accrued expenses | 798 | 1,360 |
Deferred Tax Assets, Equity Method Investments | 565 | 905 |
Write-downs and costs associated with other real estate owned | 39 | 29 |
Loans | 442 | 685 |
Other-than-temporary impairment | 37 | |
Securities | 121 | |
Other assets | 186 | 185 |
Total deferred tax assets | 11,721 | 17,371 |
Securities | 438 | |
Property and equipment | 764 | 1,409 |
Loan costs | 588 | 923 |
Mortgage servicing rights | 161 | 280 |
Leases | 149 | 381 |
Core deposit intangible | 267 | 502 |
Other liabilities | 260 | 408 |
Total deferred tax liabilities | 2,189 | 4,341 |
Valuation allowance | (326) | (134) |
Net deferred tax asset | $ 9,206 | $ 12,896 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of the Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance as of January 1 | $ 40 | $ 40 |
Increases - current year tax positions | 11 | 11 |
Increases - prior year tax positions | ||
Settlements | ||
Lapse of statute of limitations | (11) | (11) |
Balance as of December 31 | $ 40 | $ 40 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Expense, Time Deposits, 250,000 or More | $ 161 | $ 231 | $ 313 |
Related Party Deposit Liabilities | 28,500 | 30,500 | |
Deposit Liabilities Reclassified as Loans Receivable | $ 614 | $ 449 |
Note 9 - Deposits - Composition
Note 9 - Deposits - Composition of Interest Bearing Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Interest bearing demand | $ 833,450 | $ 768,139 |
Savings | 152,348 | 140,030 |
Money market | 682,226 | 682,421 |
Time deposits of more than $250,000 | 38,439 | 40,427 |
Other time deposits | 197,135 | 209,375 |
Total interest bearing deposits | $ 1,903,598 | $ 1,840,392 |
Note 9 - Deposits - Maturities
Note 9 - Deposits - Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 166,219 |
2,019 | 42,857 |
2,020 | 13,100 |
2,021 | 7,646 |
2022 and thereafter | 5,752 |
Total time deposits | $ 235,574 |
Note 10 - Securities Sold Und89
Note 10 - Securities Sold Under Agreements to Repurchase and Other Short-term Borrowings - Securities Sold Under Agreements to Repurchase (Details) - Securities Sold under Agreements to Repurchase [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Average balance during the year | $ 70,187 | $ 62,670 |
Average interest rate during the year | 0.19% | 0.22% |
Maximum month-end balance during the year | $ 75,365 | $ 72,029 |
Note 11 - Advances From the F90
Note 11 - Advances From the Federal Home Loan Bank (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Advances from Federal Home Loan Banks | $ 49,458 | $ 51,075 |
Federal Home Loan Bank, Number of Separate Advances | 14 | |
Federal Home Loan Bank, Number of Separate Advances Principal Due at Maturity | 2 | |
Advances From Federal Home Loan Banks, Principal Due at Maturity | $ 30,000 | |
Final Advances from Federal Home Loan Banks, Principal Paid Monthly | 19,500 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 333,000 | |
Federal Funds Purchased [Member] | ||
Cash Management Advance from the FHLB | $ 150,000 |
Note 11 - Advances from the F91
Note 11 - Advances from the Federal Home Loan Bank - Contractual Maturities and Average Effective Rates of Outstanding Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Advance, 2018 | $ 30,000 | |
Fixed rate, 2018 | 1.48% | |
Advance, 2018 | $ 30,000 | |
Fixed rate, 2018 | 0.70% | |
Advance, 2020 | $ 1,741 | |
Fixed rate, 2020 | 2.23% | |
Advance, 2020 | $ 288 | $ 1,790 |
Fixed rate, 2020 | 2.12% | 2.23% |
Advance, 2021 | $ 359 | |
Fixed rate, 2021 | 2.12% | |
Advance, 2024 | $ 2,454 | |
Fixed rate, 2024 | 2.36% | |
Advance, 2024 | $ 5,149 | $ 2,661 |
Fixed rate, 2024 | 2.42% | 2.36% |
Advance, 2025 | $ 8,564 | $ 6,025 |
Fixed rate, 2025 | 1.99% | 2.43% |
Advance, 2026 | $ 8,936 | |
Fixed rate, 2026 | 1.99% | |
Advance, 2028 | $ 1,262 | |
Fixed rate, 2028 | 1.49% | |
Advance, 2028 | $ 1,304 | |
Fixed rate, 2028 | 1.48% | |
Advance | $ 49,458 | $ 51,075 |
Weighted Average [Member] | ||
Fixed rate | 1.74% | 1.30% |
Note 12 - Other Comprehensive92
Note 12 - Other Comprehensive Income (Loss) (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Other Comprehensive Income (Loss), Remeasurement of Deferred Tax Assets and Liabilities | $ 506 |
Note 12 - Other Comprehensive93
Note 12 - Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 313,872 | $ 286,519 | $ 259,895 |
Other comprehensive (loss) income | (431) | (2,131) | (1,453) |
Balance | 333,644 | 313,872 | 286,519 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Balance | (1,211) | 965 | 2,456 |
Other comprehensive (loss) income before reclassifications | (721) | (2,176) | (1,558) |
Amounts reclassified from accumulated other comprehensive income | 151 | 67 | |
Other comprehensive (loss) income | (1,067) | (2,176) | (1,491) |
Balance | (2,278) | (1,211) | 965 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Balance | (16) | (60) | 16 |
Other comprehensive (loss) income before reclassifications | 209 | 44 | (76) |
Amounts reclassified from accumulated other comprehensive income | |||
Other comprehensive (loss) income | 250 | 44 | (76) |
Balance | 234 | (16) | (60) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (272) | (273) | (387) |
Other comprehensive (loss) income before reclassifications | (70) | 1 | 114 |
Amounts reclassified from accumulated other comprehensive income | |||
Other comprehensive (loss) income | (120) | 1 | 114 |
Balance | (392) | (272) | (273) |
Disproportionate Tax Effect [Member] | |||
Balance | (1,499) | 632 | 2,085 |
Other comprehensive (loss) income before reclassifications | (582) | (2,131) | (1,520) |
Amounts reclassified from accumulated other comprehensive income | 151 | 67 | |
Other comprehensive (loss) income | (431) | (2,131) | (1,453) |
Balance | $ (1,930) | $ (1,499) | $ 632 |
Note 12 - Other Comprehensive94
Note 12 - Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other | $ 4,394 | $ 3,001 | $ 4,660 | ||||||||||||
Income tax expense | $ 5,542 | $ 4,096 | $ 4,359 | $ 3,142 | $ 4,009 | $ 3,883 | $ 3,676 | $ 3,676 | $ 4,177 | $ 4,352 | $ 4,151 | $ 4,253 | 17,139 | $ 15,244 | 16,933 |
Reclassifications, net of income taxes | $ 4,946 | $ 11,704 | $ 10,602 | $ 10,791 | $ 10,616 | $ 10,467 | $ 10,109 | $ 9,835 | $ 9,646 | $ 9,284 | $ 9,002 | $ 9,255 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||
Income tax expense | 81 | 36 | |||||||||||||
Reclassifications, net of income taxes | (151) | (67) | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||||||||||
Realized loss on sale of available-for-sale securities | (232) | ||||||||||||||
Other | $ (103) |
Note 13 - Preferred Stock and95
Note 13 - Preferred Stock and Common Stock (Details Textual) - $ / shares $ / shares in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 30, 2015 |
Preferred Stock, No Par Value | $ 0 | $ 0 | |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 | 20,000,000 |
Note 14 - Stock Split (Details
Note 14 - Stock Split (Details Textual) | Apr. 29, 2016 | Dec. 31, 2016 |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 | |
Stock Dividend, Percentage | 50.00% | |
Stock Split To [Member] | ||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 | |
Stock Split From [Member] | ||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 |
Note 15 - Net Income Per Shar97
Note 15 - Net Income Per Share and Common Stock Dividends - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income, basic and diluted | $ 38,043 | $ 41,027 | $ 37,187 | ||||||||||||
Average shares outstanding, basic (in shares) | 22,532 | 22,356 | 22,088 | ||||||||||||
Effect of dilutive securities (in shares) | 451 | 436 | 371 | ||||||||||||
Average shares outstanding including dilutive securities (in shares) | 22,983 | 22,792 | 22,459 | ||||||||||||
Net income per share, basic (in dollars per share) | $ 0.22 | $ 0.52 | $ 0.47 | $ 0.48 | $ 0.47 | $ 0.47 | $ 0.45 | $ 0.44 | $ 0.43 | $ 0.42 | $ 0.41 | $ 0.42 | $ 1.69 | $ 1.84 | $ 1.68 |
Net income per share, diluted (in dollars per share) | $ 0.22 | $ 0.51 | $ 0.46 | $ 0.47 | $ 0.46 | $ 0.46 | $ 0.45 | $ 0.44 | $ 0.43 | $ 0.41 | $ 0.40 | $ 0.42 | $ 1.66 | $ 1.80 | $ 1.65 |
Note 16 - Employee Benefit Pl98
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Benefit Plan, Employer Additional Contribution of Stock, Percent | 2.00% | ||
Defined Contribution Plan, Cost | $ 2,000 | $ 1,900 | $ 1,800 |
Defined Contribution Plan, Shares, Held in Employee Stock Ownership and Profit Sharing Plan | 577 | 567 | |
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 232 | $ 293 | $ 171 |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 8,200 | 5,600 | |
Defined Benefit Plan, Number of Employees Covered | 3 | ||
Defined Benefit Plan, Number of Present Employees Covered | 2 | ||
Defined Benefit Plan, Number of Retired Employees Covered | 1 | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 25 years | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 2,200 | $ 2,100 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.59% | 4.10% |
Note 16 - Employee Benefit Pl99
Note 16 - Employee Benefit Plans - Components of the Net Periodic Benefit Cost of the Defined Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of net periodic benefit cost: | |||
Service cost | |||
Interest cost | 79 | 87 | 83 |
Expected return on plan assets | |||
Amortization of prior service cost | |||
Amortization of net losses | 71 | 47 | 59 |
Net periodic benefit cost | $ 150 | $ 134 | $ 142 |
Note 16 - Employee Benefit P100
Note 16 - Employee Benefit Plans - Benefits Expected to Be Paid (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 84 |
2,019 | 84 |
2,020 | 84 |
Beyond 2,020 | 3,278 |
Total future payments | $ 3,530 |
Note 17 - Stock-based Compen101
Note 17 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Plans | 1 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 302,727 | 303,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | ||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 607 | $ 866 | $ 747 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,800 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | ||||||
Proceeds (Used for) and Received from Settlement of Stock Awards | $ (216) | 2,337 | 3,249 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and SARs, Exercisable Intrinsic Value | $ 1,900 | $ 4,200 | $ 2,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 124,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expected Shares to be Awarded | 155,497 | ||||||
Accounting Standards Update 2016-09 [Member] | |||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1,500 | ||||||
Stock Appreciation Rights (SARs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | [1] | 303,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.34 | $ 3.56 | $ 5.95 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 704,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 19.51 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | [2] | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | [1] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 44.85 | $ 25.78 | $ 22.99 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 28,625 | 51,122 | 52,898 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 27.62 | $ 21.57 | $ 18.98 | $ 16.63 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 119,000 | ||||||
Restricted Stock [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | [1] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Sharebased Compensation Arrangement by Share-based Payment Award Post Vesting Holding Period | 1 year | ||||||
Share-based Compensation Arrangement by Share-based Payment Award Liquidity Discount | 5.10% | 4.50% | 3.60% | ||||
Common Stock, Capital Shares Reserved for Future Issuance | [3] | ||||||
Performance Shares [Member] | Minimum [Member] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 0 | ||||||
Performance Shares [Member] | Maximum [Member] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 205,000 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | [1] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 5,000 | ||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4,680 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Fair Value Granted | $ 220 | ||||||
[1] | Under the 2015 Omnibus Equity Compensation Plan, shares of stock are authorized for issuance as incentive and nonqualified stock options, SARs, restricted stock, and restricted stock units | ||||||
[2] | At December 31, 2017, approximately 704,000 SARs were outstanding at a weighted average grant price of $19.51. The number of shares to be issued upon exercise will be determined based on the difference between the grant price and the market price at the date of exercise. | ||||||
[3] | The number of shares to be issued is dependent upon Bancorp achieving certain predefined performance targets and ranges from zero shares to approximately 205,000 shares. As of December 31, 2017, the expected shares to be awarded are 155,497. |
Note 17 - Stock-based Compen102
Note 17 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-based compensation expense before income taxes | $ 2,892 | $ 2,473 | $ 2,134 |
Less: deferred tax benefit | (607) | (866) | (747) |
Reduction of net income | $ 2,285 | $ 1,607 | $ 1,387 |
Note 17 - Stock-based Compen103
Note 17 - Stock-based Compensation - Fair Value Assumptions (Details) - Stock Appreciation Rights (SARs) [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividend yield | 2.72% | 2.94% | 2.97% |
Expected volatility | 19.47% | 19.31% | 22.81% |
Risk free interest rate | 2.29% | 1.70% | 1.91% |
Expected life of SARs (Year) | 7 years | 7 years 109 days | 7 years 182 days |
Note 17 - Stock-based Compen104
Note 17 - Stock-based Compensation - Stock Option and SARs Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of SARs outstanding (in shares) | 704 | ||
Options and SARs (in shares) | (704) | ||
Award Vested and Exercisable [Member] | |||
Number of SARs outstanding (in shares) | 490 | 475 | 656 |
Exercise price (in dollars per share) | $ 16.46 | $ 15.72 | $ 15.75 |
Aggregate intrinsic value | $ 10,408 | $ 14,820 | $ 6,191 |
Weighted average fair value (in dollars per share) | $ 3.16 | $ 3.16 | $ 3.39 |
Weighted average remaining contractual life (Year) | 4 years | 4 years 109 days | 3 years 255 days |
Options and SARs (in shares) | (490) | (475) | (656) |
Award Vested and Exercisable [Member] | Minimum [Member] | |||
Exercise price (in dollars per share) | $ 14.02 | $ 14.02 | $ 14.02 |
Award Vested and Exercisable [Member] | Maximum [Member] | |||
Exercise price (in dollars per share) | $ 33.08 | $ 24.56 | $ 19.44 |
Award Unvested [Member] | |||
Number of SARs outstanding (in shares) | 214 | 260 | 266 |
Exercise price (in dollars per share) | $ 26.46 | $ 21.53 | $ 18.66 |
Aggregate intrinsic value | $ 2,515 | $ 6,623 | $ 1,733 |
Weighted average fair value (in dollars per share) | $ 4.17 | $ 3.43 | $ 3.29 |
Weighted average remaining contractual life (Year) | 7 years 255 days | 7 years 292 days | 7 years 255 days |
Options and SARs (in shares) | (214) | (260) | (266) |
Award Unvested [Member] | Minimum [Member] | |||
Exercise price (in dollars per share) | $ 15.26 | $ 15.24 | $ 15.24 |
Award Unvested [Member] | Maximum [Member] | |||
Exercise price (in dollars per share) | $ 40 | $ 33.08 | $ 24.55 |
Award Outstanding [Member] | |||
Number of SARs outstanding (in shares) | 704 | 735 | 922 |
Exercise price (in dollars per share) | $ 19.51 | $ 17.78 | $ 16.59 |
Aggregate intrinsic value | $ 12,923 | $ 21,443 | $ 7,924 |
Weighted average fair value (in dollars per share) | $ 3.47 | $ 3.26 | $ 3.36 |
Weighted average remaining contractual life (Year) | 5 years 36 days | 5 years 182 days | 4 years 292 days |
Options and SARs (in shares) | (704) | (735) | (922) |
Award Outstanding [Member] | Minimum [Member] | |||
Exercise price (in dollars per share) | $ 14.02 | $ 14.02 | $ 14.02 |
Award Outstanding [Member] | Maximum [Member] | |||
Exercise price (in dollars per share) | $ 40 | $ 33.08 | $ 24.55 |
Award Granted [Member] | |||
Number of SARs outstanding (in shares) | 46 | 88 | |
Exercise price (in dollars per share) | $ 40 | $ 25.84 | |
Aggregate intrinsic value | $ 1,866 | ||
Weighted average fair value (in dollars per share) | $ 6.34 | $ 3.56 | |
Weighted average remaining contractual life (Year) | |||
Options and SARs (in shares) | (46) | (88) | |
Award Granted [Member] | Minimum [Member] | |||
Exercise price (in dollars per share) | $ 40 | $ 25.76 | |
Award Granted [Member] | Maximum [Member] | |||
Exercise price (in dollars per share) | $ 40 | $ 33.08 | |
Award Exercised [Member] | |||
Number of SARs outstanding (in shares) | 77 | 272 | |
Exercise price (in dollars per share) | $ 15.41 | $ 16.38 | |
Aggregate intrinsic value | $ 1,855 | $ 4,155 | |
Weighted average fair value (in dollars per share) | $ 3.18 | $ 3.73 | |
Weighted average remaining contractual life (Year) | |||
Options and SARs (in shares) | (77) | (272) | |
Award Exercised [Member] | Minimum [Member] | |||
Exercise price (in dollars per share) | $ 14.02 | $ 14.02 | |
Award Exercised [Member] | Maximum [Member] | |||
Exercise price (in dollars per share) | $ 17.89 | $ 17.89 | |
Award Forfeited [Member] | |||
Number of SARs outstanding (in shares) | 3 | ||
Exercise price (in dollars per share) | $ 15.18 | ||
Aggregate intrinsic value | $ 60 | ||
Weighted average fair value (in dollars per share) | $ 2.94 | ||
Weighted average remaining contractual life (Year) | |||
Options and SARs (in shares) | (3) | ||
Award Forfeited [Member] | Minimum [Member] | |||
Exercise price (in dollars per share) | $ 14.02 | ||
Award Forfeited [Member] | Maximum [Member] | |||
Exercise price (in dollars per share) | $ 15.84 | ||
Award Vested [Member] | |||
Number of SARs outstanding (in shares) | 93 | ||
Exercise price (in dollars per share) | $ 19.37 | ||
Aggregate intrinsic value | $ 1,696 | ||
Weighted average fair value (in dollars per share) | $ 3.18 | ||
Weighted average remaining contractual life (Year) | |||
Options and SARs (in shares) | (93) | ||
Award Vested [Member] | Minimum [Member] | |||
Exercise price (in dollars per share) | $ 15.24 | ||
Award Vested [Member] | Maximum [Member] | |||
Exercise price (in dollars per share) | $ 33.08 |
Note 17 - Stock-based Compen105
Note 17 - Stock-based Compensation - Options and SARS Outstanding (Details) shares in Thousands | Dec. 31, 2017$ / sharesshares |
Number of SARs outstanding (in shares) | 704 |
SARs exercisable (in shares) | 490 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 19.51 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2018 [Member] | |
Number of SARs outstanding (in shares) | 17 |
SARs exercisable (in shares) | 17 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 15.58 |
Stock Options and Stock Appreciation Rights SARs Expiriing in 2019 [Member] | |
Number of SARs outstanding (in shares) | 40 |
SARs exercisable (in shares) | 40 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 14.76 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2020 [Member] | |
Number of SARs outstanding (in shares) | 73 |
SARs exercisable (in shares) | 73 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 14.02 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2021 [Member] | |
Number of SARs outstanding (in shares) | 74 |
SARs exercisable (in shares) | 74 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 15.86 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2022 [Member] | |
Number of SARs outstanding (in shares) | 117 |
SARs exercisable (in shares) | 117 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 15.25 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2023 [Member] | |
Number of SARs outstanding (in shares) | 80 |
SARs exercisable (in shares) | 66 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 15.26 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2024 [Member] | |
Number of SARs outstanding (in shares) | 94 |
SARs exercisable (in shares) | 56 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 19.37 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2025 [Member] | |
Number of SARs outstanding (in shares) | 76 |
SARs exercisable (in shares) | 30 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 22.99 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2026 [Member] | |
Number of SARs outstanding (in shares) | 88 |
SARs exercisable (in shares) | 17 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 25.84 |
Stock Appreciation Rights SARs Expiring in 2027 [Member] | |
Number of SARs outstanding (in shares) | 45 |
SARs exercisable (in shares) | |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 40 |
Note 17 - Stock-based Compen106
Note 17 - Stock-based Compensation - Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unvested (in shares) | 145,235 | 155,858 | 171,139 |
Unvested, grant date weighted average cost (in dollars per share) | $ 21.57 | $ 18.98 | $ 16.63 |
Awarded (in shares) | 28,625 | 51,122 | 52,898 |
Shares awarded, grant date weighted average cost (in dollars per share) | $ 44.85 | $ 25.78 | $ 22.99 |
Restrictions lapsed and shares released to employees/directors (in shares) | (46,797) | (49,265) | (61,205) |
Restrictions lapsed and shares released to employees/directors, grant date weighted average cost (in dollars per share) | $ 19.79 | $ 17.98 | $ 15.89 |
Forfeited (in shares) | (7,691) | (12,480) | (6,974) |
Shares forfeited, grant date weighted average cost (in dollars per share) | $ 25.18 | $ 20.69 | $ 18.97 |
Unvested (in shares) | 119,372 | 145,235 | 155,858 |
Unvested, grant date weighted average cost (in dollars per share) | $ 27.62 | $ 21.57 | $ 18.98 |
Note 17 - Stock-based Compen107
Note 17 - Stock-based Compensation - Performance-based Restricted Stock Units (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Shares available for future issuance (in shares) | 302,727 | 303,000 | ||
Performance Shares [Member] | ||||
Vesting period (Year) | 3 years | |||
Shares available for future issuance (in shares) | [1] | |||
Performance Shares [Member] | Executive Officer [Member] | ||||
Vesting period (Year) | 3 years | 3 years | 3 years | |
Shares awarded, grant date weighted average cost (in dollars per share) | $ 35.66 | $ 22.61 | $ 20.02 | |
Shares available for future issuance (in shares) | 43,325 | 69,161 | 43,011 | |
[1] | Under the 2015 Omnibus Equity Compensation Plan, shares of stock are authorized for issuance as incentive and nonqualified stock options, SARs, restricted stock, and restricted stock units |
Note 17 - Share-based Compensat
Note 17 - Share-based Compensation - Number of Shares to Be Issued Upon Exercise of Outstanding Stock-based Awards (Details) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of shares to be issued upon exercise (in shares) | 124,000 | ||
Weighted average exercise price (in dollars per share) | |||
Shares available for future issuance (in shares) | 302,727 | 303,000 | |
Stock Appreciation Rights (SARs) [Member] | |||
Number of shares to be issued upon exercise (in shares) | [1] | ||
Weighted average exercise price (in dollars per share) | [1] | ||
Shares available for future issuance (in shares) | [2] | 303,000 | |
Restricted Stock [Member] | |||
Number of shares to be issued upon exercise (in shares) | 119,000 | ||
Weighted average exercise price (in dollars per share) | |||
Shares available for future issuance (in shares) | [2] | ||
Performance Shares [Member] | |||
Number of shares to be issued upon exercise (in shares) | [3] | ||
Weighted average exercise price (in dollars per share) | |||
Shares available for future issuance (in shares) | [2] | ||
Restricted Stock Units (RSUs) [Member] | |||
Number of shares to be issued upon exercise (in shares) | 5,000 | ||
Weighted average exercise price (in dollars per share) | |||
Shares available for future issuance (in shares) | [2] | ||
[1] | At December 31, 2017, approximately 704,000 SARs were outstanding at a weighted average grant price of $19.51. The number of shares to be issued upon exercise will be determined based on the difference between the grant price and the market price at the date of exercise. | ||
[2] | Under the 2015 Omnibus Equity Compensation Plan, shares of stock are authorized for issuance as incentive and nonqualified stock options, SARs, restricted stock, and restricted stock units | ||
[3] | The number of shares to be issued is dependent upon Bancorp achieving certain predefined performance targets and ranges from zero shares to approximately 205,000 shares. As of December 31, 2017, the expected shares to be awarded are 155,497. |
Note 18 - Dividend (Details Tex
Note 18 - Dividend (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Regulatory Dividend Restrictions, Prior Period Considered for Net Income | 2 years |
Regulatory Dividend Restrictions, Period Considered for Deduction of Dividend Already Paid for, Net Income | 2 years |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 70.4 |
Note 19 - Commitments and Co110
Note 19 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingency Accrual | $ 350 | ||
Operating Leases, Rent Expense, Net | 1,900 | $ 1,800 | $ 1,700 |
Performance Guarantee [Member] | |||
Guarantee Obligation, Estimated Payment Under Default on Contract | $ 1,500 | ||
Minimum [Member] | |||
Guarantee Obligations, Agreement Term | 30 days | ||
Maximum [Member] | |||
Guarantee Obligations, Agreement Term | 1 year 210 days | ||
Standby Letters of Credit [Member] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 14,800 | 15,600 | |
Standby Letters of Credit [Member] | Minimum [Member] | |||
Guarantee Obligations, Agreement Term | 1 year | ||
Standby Letters of Credit [Member] | Maximum [Member] | |||
Guarantee Obligations, Agreement Term | 2 years | ||
Commitments to Extend Credit and Standby Letters of Credit [Member] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 688,300 | $ 628,300 |
Note 19 - Commitments and Co111
Note 19 - Commitments and Contingent Liabilities - Future Minimum Lease Commitments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 1,847 |
2,019 | 1,880 |
2,020 | 1,532 |
2,021 | 1,391 |
2,022 | 1,501 |
Thereafter | 2,873 |
Total | $ 11,024 |
Note 20 - Assets and Liabili112
Note 20 - Assets and Liabilities Measured and Reported at Fair Value (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Impaired Financing Receivable, Related Allowance | $ 48 | $ 1,267 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 48 | 2,660 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 2,640 | 5,033 |
Impaired Loans [Member] | Appraisal Discount Method [Member] | ||
Assets, Fair Value Disclosure | 2,600 | 2,900 |
Impaired Financing Receivable, Related Allowance | 48 | 1,300 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,600 | 4,200 |
Mortgage Servicing Rights [Member] | ||
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure | 575,079 | 570,252 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | Appraisal Discount Method [Member] | ||
Assets, Fair Value Disclosure | 2,569 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Note 20 - Assets and Liabili113
Note 20 - Assets and Liabilities Measured and Reported at Fair Value - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities available-for-sale, fair value | $ 574,524 | $ 570,074 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available-for-sale, fair value | 574,524 | 570,074 |
Interest rate swaps | 579 | 178 |
Total assets | 575,079 | 570,252 |
Interest rate swaps | 259 | 203 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale, fair value | 149,984 | 75,697 |
Interest rate swaps | ||
Total assets | 149,984 | 75,697 |
Interest rate swaps | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale, fair value | 424,540 | 494,377 |
Interest rate swaps | 579 | 178 |
Total assets | 425,095 | 494,555 |
Interest rate swaps | 259 | 203 |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available-for-sale, fair value | 149,984 | 74,998 |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale, fair value | 149,984 | 74,998 |
US Treasury and Government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale, fair value | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale, fair value | 213,844 | 268,090 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available-for-sale, fair value | 213,844 | 268,090 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale, fair value | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale, fair value | 213,844 | 268,090 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale, fair value | 161,507 | 168,843 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available-for-sale, fair value | 161,507 | 168,843 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale, fair value | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale, fair value | 161,507 | 168,843 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, fair value | 49,189 | 57,444 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available-for-sale, fair value | 49,189 | 57,444 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale, fair value | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale, fair value | $ 49,189 | 57,444 |
Common Stock [Member] | ||
Securities available-for-sale, fair value | 699 | |
Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available-for-sale, fair value | 699 | |
Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale, fair value | 699 | |
Common Stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale, fair value |
Note 20 - Assets and Liabili114
Note 20 - Assets and Liabilities Measured and Reported at Fair Value - Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other real estate owned losses | $ 39 | $ 409 | $ (147) |
Fair Value, Measurements, Nonrecurring [Member] | |||
Impaired loans | 2,569 | 2,933 | |
Impaired loans losses | (121) | (1,470) | |
Other real estate owned | 2,640 | 4,488 | |
Other real estate owned losses | (171) | (62) | |
Total | 5,209 | 7,421 | |
Total losses | (292) | (1,532) | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Impaired loans | 2,569 | 2,933 | |
Other real estate owned | 2,640 | 4,488 | |
Total | $ 5,209 | $ 7,421 |
Note 20 - Assets and Liabili115
Note 20 - Assets and Liabilities Measured and Reported at Fair Value - Significant Unobservable Inputs (Details) - Appraisal Discount Method [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Loans [Member] | ||
Assets, Fair Value Disclosure | $ 2,600 | $ 2,900 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure | $ 2,569 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member] | ||
Weighted average of input | 11.50% | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure | $ 2,640 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member] | ||
Weighted average of input | 23.40% |
Note 21 - Disclosure of Fina116
Note 21 - Disclosure of Financial Instruments Not Reported at Fair Value - Financial Assets and Financial Liabilities That Are Not Measured and Reported at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets | ||
Cash and short-term investments | $ 139,248 | $ 47,973 |
Accrued interest receivable | 8,369 | 6,878 |
Financial liabilities | ||
Accrued interest payable | 232 | 144 |
Reported Value Measurement [Member] | ||
Financial assets | ||
Cash and short-term investments | 139,248 | 47,973 |
Mortgage loans held for sale | 2,964 | 3,213 |
Federal Home Loan Bank stock and other securities | 7,646 | 6,347 |
Loans, net | 2,384,685 | 2,281,368 |
Accrued interest receivable | 8,369 | 6,878 |
Financial liabilities | ||
Deposits | 2,578,295 | 2,520,548 |
Securities sold under agreement to repurchase | 70,473 | 67,595 |
Federal funds purchased | 161,352 | 47,374 |
FHLB Advances | 49,458 | 51,075 |
Accrued interest payable | 232 | 144 |
Estimate of Fair Value Measurement [Member] | ||
Financial assets | ||
Cash and short-term investments | 139,248 | 47,973 |
Mortgage loans held for sale | 2,964 | 3,481 |
Federal Home Loan Bank stock and other securities | 7,646 | 6,347 |
Loans, net | 2,338,464 | 2,284,569 |
Accrued interest receivable | 8,369 | 6,878 |
Financial liabilities | ||
Deposits | 2,576,385 | 2,519,725 |
Securities sold under agreement to repurchase | 70,473 | 67,595 |
Federal funds purchased | 161,352 | 47,374 |
FHLB Advances | 48,642 | 50,806 |
Accrued interest payable | 232 | 144 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets | ||
Cash and short-term investments | 139,248 | 47,973 |
Mortgage loans held for sale | ||
Federal Home Loan Bank stock and other securities | ||
Loans, net | ||
Accrued interest receivable | 8,369 | 6,878 |
Financial liabilities | ||
Deposits | ||
Securities sold under agreement to repurchase | ||
Federal funds purchased | ||
FHLB Advances | ||
Accrued interest payable | 232 | 144 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets | ||
Cash and short-term investments | ||
Mortgage loans held for sale | 2,964 | 3,481 |
Federal Home Loan Bank stock and other securities | 7,646 | 6,347 |
Loans, net | ||
Accrued interest receivable | ||
Financial liabilities | ||
Deposits | ||
Securities sold under agreement to repurchase | 70,473 | 67,595 |
Federal funds purchased | 161,352 | 47,374 |
FHLB Advances | 48,642 | 50,806 |
Accrued interest payable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets | ||
Cash and short-term investments | ||
Mortgage loans held for sale | ||
Federal Home Loan Bank stock and other securities | ||
Loans, net | 2,338,464 | 2,284,569 |
Accrued interest receivable | ||
Financial liabilities | ||
Deposits | 2,576,385 | 2,519,725 |
Securities sold under agreement to repurchase | ||
Federal funds purchased | ||
FHLB Advances | ||
Accrued interest payable |
Note 22 - Derivative Financi117
Note 22 - Derivative Financial Instruments (Details Textual) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative, Notional Amount | $ 30,000 | ||
Interest Rate Swap, Maturing December 6, 2016 [Member] | |||
Derivative, Notional Amount | $ 10,000 | ||
Interest Rate Swap, Maturing December 6, 2020 [Member] | |||
Derivative, Notional Amount | $ 20,000 | $ 20,000 |
Note 22 - Derivative Financi118
Note 22 - Derivative Financial Instruments - Outstanding Undesignated Interest Rate Swap Contracts (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Receiving [Member] | ||
Notional amount | $ 54,964 | $ 43,986 |
Weighted average maturity (Year) | 8 years 255 days | 9 years 328 days |
Fair value | $ (259) | $ (178) |
Paying [Member] | ||
Notional amount | $ 54,964 | $ 43,986 |
Weighted average maturity (Year) | 8 years 255 days | 9 years 328 days |
Fair value | $ 283 | $ 178 |
Note 22 - Derivative Financi119
Note 22 - Derivative Financial Instruments - Derivative Position Designated As a Cash Flow Hedge (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Notional amount | $ 30,000 | ||
Pay fixed swap rate | 1.82% | ||
Fair value | $ 296 | $ 25 | |
Interest Rate Swap, Maturing December 6, 2021 [Member] | |||
Notional amount | $ 10,000 | ||
Receive (variable index) | US 3 Month LIBOR | ||
Pay fixed swap rate | 1.89% | ||
Fair value | $ 106 | 16 | |
Interest Rate Swap, Maturing December 6, 2020 [Member] | |||
Notional amount | $ 20,000 | $ 20,000 | |
Receive (variable index) | US 3 Month LIBOR | ||
Pay fixed swap rate | 1.79% | ||
Fair value | $ 190 | $ 9 |
Note 23 - Regulatory Matters -
Note 23 - Regulatory Matters - Risk Based Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Total risk-based capital | |||
Total risk-based capital, actual amount | $ 359,866 | $ 338,525 | |
Total risk-based capital, actual ratio | 13.52% | 13.04% | |
Total risk-based capital, minimum for adequately capitalized amount | $ 213,012 | $ 207,684 | |
Total risk-based capital, minimum for adequately capitalized ratio | 8.00% | 8.00% | |
Total risk-based capital, minimum for well capitalized amount | [1] | ||
Total risk-based capital, minimum for well capitalized ratio | [1] | ||
Common Equity Tier 1 risk-based capital | |||
Common Equity Tier 1 risk-based capital, actual amount | [2] | $ 334,631 | $ 314,147 |
Common Equity Tier 1 risk-based capital, actual ratio | [2] | 12.57% | 12.10% |
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized amount | [2] | $ 119,820 | $ 116,832 |
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized ratio | [2] | 4.50% | 4.50% |
Common Equity Tier 1 risk-based capital, minimum for well capitalized amount | [1],[2] | ||
Common Equity Tier 1 risk-based capital, minimum for well capitalized ratio | [1],[2] | ||
Tier 1 risk-based capital | |||
Tier 1 risk-based capital, actual amount | $ 334,631 | $ 314,147 | |
Tier 1 risk-based capital, actual ratio | 12.57% | 12.10% | |
Tier 1 risk-based capital, minimum for adequately capitalized amount | $ 159,760 | $ 155,775 | |
Tier 1 risk-based capital, minimum for adequately capitalized ratio | 6.00% | 6.00% | |
Tier 1 risk-based capital, minimum for well capitalized amount | [1] | ||
Tier 1 risk-based capital, minimum for well capitalized ratio | [1] | ||
Leverage | |||
Leverage, actual amount | $ 334,631 | $ 314,147 | |
Leverage, actual ratio | 10.70% | 10.54% | |
Leverage, minimum for adequately capitalized amount | $ 125,122 | $ 119,221 | |
Leverage, minimum for adequately capitalized ratio | 4.00% | 4.00% | |
Leverage, minimum for well capitalized amount | [1] | ||
Leverage, minimum for well capitalized ratio | [1] | ||
Subsidiaries [Member] | |||
Total risk-based capital | |||
Total risk-based capital, actual amount | $ 347,840 | $ 325,630 | |
Total risk-based capital, actual ratio | 13.07% | 12.57% | |
Total risk-based capital, minimum for adequately capitalized amount | $ 212,891 | $ 207,243 | |
Total risk-based capital, minimum for adequately capitalized ratio | 8.00% | 8.00% | |
Total risk-based capital, minimum for well capitalized amount | $ 266,114 | $ 258,986 | |
Total risk-based capital, minimum for well capitalized ratio | 10.00% | 10.00% | |
Common Equity Tier 1 risk-based capital | |||
Common Equity Tier 1 risk-based capital, actual amount | [2] | $ 322,605 | $ 301,252 |
Common Equity Tier 1 risk-based capital, actual ratio | [2] | 12.12% | 11.63% |
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized amount | [2] | $ 212,891 | $ 116,564 |
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized ratio | [2] | 4.50% | 4.50% |
Common Equity Tier 1 risk-based capital, minimum for well capitalized amount | [2] | $ 172,974 | $ 168,341 |
Common Equity Tier 1 risk-based capital, minimum for well capitalized ratio | [2] | 6.50% | 6.50% |
Tier 1 risk-based capital | |||
Tier 1 risk-based capital, actual amount | $ 322,605 | $ 301,252 | |
Tier 1 risk-based capital, actual ratio | 12.12% | 11.63% | |
Tier 1 risk-based capital, minimum for adequately capitalized amount | $ 159,668 | $ 155,418 | |
Tier 1 risk-based capital, minimum for adequately capitalized ratio | 6.00% | 6.00% | |
Tier 1 risk-based capital, minimum for well capitalized amount | $ 212,891 | $ 207,189 | |
Tier 1 risk-based capital, minimum for well capitalized ratio | 8.00% | 8.00% | |
Leverage | |||
Leverage, actual amount | $ 322,605 | $ 301,252 | |
Leverage, actual ratio | 10.32% | 10.11% | |
Leverage, minimum for adequately capitalized amount | $ 125,040 | $ 119,190 | |
Leverage, minimum for adequately capitalized ratio | 4.00% | 4.00% | |
Leverage, minimum for well capitalized amount | $ 156,300 | $ 148,927 | |
Leverage, minimum for well capitalized ratio | 5.00% | 5.00% | |
[1] | Not applicable. Regulatory framework does not define well capitalized for holding companies. | ||
[2] | Ratio is computed in relation to average assets. |
Note 24 - Yards Bancorp, Inc. (
Note 24 - Yards Bancorp, Inc. (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash on deposit with subsidiary bank | $ 41,982 | $ 39,709 | ||
Other assets | 48,506 | 49,377 | ||
Total assets | 3,239,646 | 3,039,481 | $ 2,816,801 | |
Liabilities and stockholders’ equity | ||||
Other liabilities | 46,192 | 38,873 | ||
Total stockholders’ equity | 333,644 | 313,872 | $ 286,519 | $ 259,895 |
Total liabilities and stockholders’ equity | 3,239,646 | 3,039,481 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash on deposit with subsidiary bank | 10,648 | 6,972 | ||
Investment in and receivable from subsidiaries | 321,617 | 300,977 | ||
Other assets | 1,521 | 6,005 | ||
Total assets | 333,786 | 313,954 | ||
Liabilities and stockholders’ equity | ||||
Other liabilities | 142 | 82 | ||
Total stockholders’ equity | 333,644 | 313,872 | ||
Total liabilities and stockholders’ equity | $ 333,786 | $ 313,954 |
Note 24 - Stock Yards Bancor122
Note 24 - Stock Yards Bancorp, Inc. (Parent Company Only) - Condensed Statements of Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income before income taxes | $ 10,488,000 | $ 15,800,000 | $ 14,961,000 | $ 13,933,000 | $ 14,625,000 | $ 14,350,000 | $ 13,785,000 | $ 13,511,000 | $ 13,823,000 | $ 13,636,000 | $ 13,153,000 | $ 13,508,000 | $ 55,182,000 | $ 56,271,000 | $ 54,120,000 |
Income tax expense | $ 5,542,000 | $ 4,096,000 | $ 4,359,000 | $ 3,142,000 | $ 4,009,000 | $ 3,883,000 | $ 3,676,000 | $ 3,676,000 | $ 4,177,000 | $ 4,352,000 | $ 4,151,000 | $ 4,253,000 | 17,139,000 | 15,244,000 | 16,933,000 |
Net income | 38,043,000 | 41,027,000 | 37,187,000 | ||||||||||||
Parent Company [Member] | |||||||||||||||
Income - dividends and interest from subsidiaries | 18,160,000 | 16,147,000 | 14,244,000 | ||||||||||||
Other income | 82,000 | 1,000 | 15,000 | ||||||||||||
Less expenses | 3,255 | 2,235 | 2,511 | ||||||||||||
Income before income taxes | 14,987,000 | 13,913,000 | 11,748,000 | ||||||||||||
Income tax expense | (1,985,000) | (987,000) | (1,016,000) | ||||||||||||
Income before equity in undistributed net income of subsidiary | 16,972,000 | 14,900,000 | 12,764,000 | ||||||||||||
Equity in undistributed net income of subsidiary | 21,071,000 | 26,127,000 | 24,423,000 | ||||||||||||
Net income | $ 38,043,000 | $ 41,027,000 | $ 37,187,000 |
Note 24 - Stock Yards Bancor123
Note 24 - Stock Yards Bancorp, Inc. (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net income | $ 38,043 | $ 41,027 | $ 37,187 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock compensation expense | 2,892 | 2,473 | 2,134 |
Excess tax benefits from share-based compensation arrangements | (1,463) | (1,705) | (673) |
Recover of impairment loss on other assets held for investment | (588) | ||
Depreciation, amortization and accretion, net | 13,640 | 11,142 | 6,902 |
Proceeds from liquidation of private investment fund | (92) | ||
Net cash provided by operating activities | 53,676 | 63,262 | 43,171 |
Investing activities | |||
Proceeds from sale of other assets held for investment | 1,108 | ||
Proceeds from liquidation of private investment fund | 92 | ||
Net cash provided by investing activities | (114,705) | (289,572) | (227,124) |
Financing activities | |||
Common stock repurchases | (2,389) | (1,918) | (918) |
Excess tax benefit from share-based compensation arrangements | 1,705 | 673 | |
Proceeds (used for) and received from settlement of stock awards | (216) | 2,337 | 3,249 |
Cash dividends paid | (18,077) | (16,093) | (14,224) |
Net cash used in financing activities | 152,304 | 170,450 | 213,545 |
Net increase (decrease) in cash | 91,275 | (55,860) | 29,592 |
Cash and cash equivalents at beginning of year | 47,973 | 103,833 | 74,241 |
Cash and cash equivalents at end of period | 139,248 | 47,973 | 103,833 |
Parent Company [Member] | |||
Operating activities | |||
Net income | 38,043 | 41,027 | 37,187 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed net income of subsidiaries | (21,071) | (26,127) | (24,423) |
(Increase) decrease in receivable from subsidiaries | (842) | ||
Stock compensation expense | 2,892 | 2,473 | 2,134 |
Excess tax benefits from share-based compensation arrangements | (1,463) | (1,705) | (673) |
Recover of impairment loss on other assets held for investment | (588) | ||
Depreciation, amortization and accretion, net | 4 | 10 | 11 |
Proceeds from liquidation of private investment fund | (81) | ||
Decrease (increase) in other assets | 5,943 | (990) | 531 |
Increase in other liabilities | 10 | 11 | 91 |
Net cash provided by operating activities | 24,277 | 14,111 | 14,016 |
Investing activities | |||
Proceeds from sale of other assets held for investment | 1,108 | ||
Proceeds from liquidation of private investment fund | 81 | ||
Net cash provided by investing activities | 81 | 1,108 | |
Financing activities | |||
Common stock repurchases | (2,389) | 2,337 | 3,249 |
Excess tax benefit from share-based compensation arrangements | 1,705 | 673 | |
Proceeds (used for) and received from settlement of stock awards | (216) | (1,918) | (918) |
Cash dividends paid | (18,077) | (16,093) | (14,224) |
Net cash used in financing activities | (20,682) | (13,969) | (11,220) |
Net increase (decrease) in cash | 3,676 | 1,250 | 2,796 |
Cash and cash equivalents at beginning of year | 6,972 | 5,722 | 2,926 |
Cash and cash equivalents at end of period | $ 10,648 | $ 6,972 | $ 5,722 |
Note 25 - Segments (Details Tex
Note 25 - Segments (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill | $ 682,000 | $ 682,000 |
Commercial Banking [Member] | Operating Segments [Member] | ||
Goodwill | $ 682,000 |
Note 25 - Segments - Financial
Note 25 - Segments - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net interest income | $ 27,023 | $ 26,164 | $ 25,232 | $ 25,184 | $ 25,075 | $ 24,760 | $ 23,950 | $ 23,469 | $ 22,822 | $ 22,081 | $ 21,801 | $ 21,614 | $ 103,603 | $ 97,254 | $ 88,318 |
Provision (credit) for loan losses | 900 | 150 | 600 | 900 | 500 | 1,250 | 750 | 500 | 750 | 2,550 | 3,000 | 750 | |||
Investment management and trust services | 20,505 | 19,155 | 18,026 | ||||||||||||
All other non-interest income | 24,615 | 24,382 | 21,924 | ||||||||||||
Non-interest expense | 27,180 | 21,317 | 21,346 | 21,148 | 21,269 | 20,518 | 20,193 | 19,540 | 18,322 | 18,430 | 18,867 | 17,779 | 90,991 | 81,520 | 73,398 |
Income before income taxes | 10,488 | 15,800 | 14,961 | 13,933 | 14,625 | 14,350 | 13,785 | 13,511 | 13,823 | 13,636 | 13,153 | 13,508 | 55,182 | 56,271 | 54,120 |
Income tax expense | 5,542 | $ 4,096 | $ 4,359 | $ 3,142 | 4,009 | $ 3,883 | $ 3,676 | $ 3,676 | 4,177 | $ 4,352 | $ 4,151 | $ 4,253 | 17,139 | 15,244 | 16,933 |
Net income | 38,043 | 41,027 | 37,187 | ||||||||||||
Segment assets | 3,239,646 | 3,039,481 | 2,816,801 | 3,239,646 | 3,039,481 | 2,816,801 | |||||||||
Commercial Banking [Member] | |||||||||||||||
Net interest income | 103,302 | 96,986 | 88,124 | ||||||||||||
Provision (credit) for loan losses | 2,550 | 3,000 | 750 | ||||||||||||
Investment management and trust services | |||||||||||||||
All other non-interest income | 24,615 | 24,382 | 21,924 | ||||||||||||
Non-interest expense | 78,752 | 70,230 | 62,748 | ||||||||||||
Income before income taxes | 46,615 | 48,138 | 46,550 | ||||||||||||
Income tax expense | 14,080 | 12,340 | 14,238 | ||||||||||||
Net income | 32,535 | 35,798 | 32,312 | ||||||||||||
Segment assets | 3,237,656 | 3,037,394 | 2,816,373 | 3,237,656 | 3,037,394 | 2,816,373 | |||||||||
Investment Management and Trust [Member] | |||||||||||||||
Net interest income | 301 | 268 | 194 | ||||||||||||
Provision (credit) for loan losses | |||||||||||||||
Investment management and trust services | 20,505 | 19,155 | 18,026 | ||||||||||||
All other non-interest income | |||||||||||||||
Non-interest expense | 12,239 | 11,290 | 10,650 | ||||||||||||
Income before income taxes | 8,567 | 8,133 | 7,570 | ||||||||||||
Income tax expense | 3,059 | 2,904 | 2,695 | ||||||||||||
Net income | 5,508 | 5,229 | 4,875 | ||||||||||||
Segment assets | $ 1,990 | $ 2,087 | $ 428 | $ 1,990 | $ 2,087 | $ 428 |
Note 26 - Quarterly Operatin126
Note 26 - Quarterly Operating Results (Unaudited) - Quarterly Operating Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income | $ 29,092 | $ 28,111 | $ 27,013 | $ 26,633 | $ 26,368 | $ 25,942 | $ 25,162 | $ 24,700 | $ 24,039 | $ 23,284 | $ 23,000 | $ 22,847 | $ 110,849 | $ 102,172 | $ 93,170 |
Interest expense | 2,069 | 1,947 | 1,781 | 1,449 | 1,293 | 1,182 | 1,212 | 1,231 | 1,217 | 1,203 | 1,199 | 1,233 | 7,246 | 4,918 | 4,852 |
Net interest income | 27,023 | 26,164 | 25,232 | 25,184 | 25,075 | 24,760 | 23,950 | 23,469 | 22,822 | 22,081 | 21,801 | 21,614 | 103,603 | 97,254 | 88,318 |
Provision for loan losses | 900 | 150 | 600 | 900 | 500 | 1,250 | 750 | 500 | 750 | 2,550 | 3,000 | 750 | |||
Net interest income after provision | 26,123 | 26,014 | 24,632 | 24,284 | 24,575 | 23,510 | 23,200 | 22,969 | 22,072 | 22,081 | 21,801 | 21,614 | 101,053 | 94,254 | 87,568 |
Non-interest income | 11,545 | 11,103 | 11,675 | 10,797 | 11,319 | 11,358 | 10,778 | 10,082 | 10,073 | 9,985 | 10,219 | 9,673 | 45,120 | 43,537 | 39,950 |
Non-interest expenses | 27,180 | 21,317 | 21,346 | 21,148 | 21,269 | 20,518 | 20,193 | 19,540 | 18,322 | 18,430 | 18,867 | 17,779 | 90,991 | 81,520 | 73,398 |
Income before income taxes | 10,488 | 15,800 | 14,961 | 13,933 | 14,625 | 14,350 | 13,785 | 13,511 | 13,823 | 13,636 | 13,153 | 13,508 | 55,182 | 56,271 | 54,120 |
Income tax expense | 5,542 | 4,096 | 4,359 | 3,142 | 4,009 | 3,883 | 3,676 | 3,676 | 4,177 | 4,352 | 4,151 | 4,253 | $ 17,139 | $ 15,244 | $ 16,933 |
Net income | $ 4,946 | $ 11,704 | $ 10,602 | $ 10,791 | $ 10,616 | $ 10,467 | $ 10,109 | $ 9,835 | $ 9,646 | $ 9,284 | $ 9,002 | $ 9,255 | |||
Basic earnings per share (in dollars per share) | $ 0.22 | $ 0.52 | $ 0.47 | $ 0.48 | $ 0.47 | $ 0.47 | $ 0.45 | $ 0.44 | $ 0.43 | $ 0.42 | $ 0.41 | $ 0.42 | $ 1.69 | $ 1.84 | $ 1.68 |
Diluted earnings per share (in dollars per share) | $ 0.22 | $ 0.51 | $ 0.46 | $ 0.47 | $ 0.46 | $ 0.46 | $ 0.45 | $ 0.44 | $ 0.43 | $ 0.41 | $ 0.40 | $ 0.42 | $ 1.66 | $ 1.80 | $ 1.65 |