Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000835324 | |
Entity Shell Company | false | |
Entity Registrant Name | Stock Yards Bancorp, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 1-13661 | |
Entity Incorporation, State or Country Code | KY | |
Entity Tax Identification Number | 61-1137529 | |
Entity Address, Address Line One | 1040 East Main Street | |
Entity Address, City or Town | Louisville, | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 40206 | |
City Area Code | 502 | |
Local Phone Number | 582-2571 | |
Title of 12(b) Security | Common stock | |
Trading Symbol | SYBT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 22,723,643 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Assets | |||
Cash and due from banks | $ 51,264 | $ 51,892 | |
Federal funds sold and interest bearing due from banks | 64,775 | 147,047 | |
Cash and cash equivalents | 116,039 | 198,939 | |
Mortgage loans held for sale | 3,922 | 1,675 | |
Securities available for sale | 423,579 | 436,995 | |
Federal Home Loan Bank stock, at cost | 11,316 | 10,370 | |
Loans and leases | [1] | 2,763,880 | 2,548,171 |
Allowance for loan and lease losses | 26,416 | 25,534 | |
Net loans and leases | 2,737,464 | 2,522,637 | |
Premises and equipment, net | 65,069 | 44,764 | |
Bank owned life insurance | 32,631 | 32,273 | |
Accrued interest receivable | 9,633 | 8,360 | |
Goodwill | 12,826 | 682 | |
Core deposit intangible | 2,461 | 1,057 | |
Other assets | 48,883 | 45,172 | |
Total assets | 3,463,823 | 3,302,924 | |
Liabilities | |||
Non-interest bearing | 777,652 | 711,023 | |
Interest bearing | 2,105,801 | 2,083,333 | |
Total deposits | 2,883,453 | 2,794,356 | |
Securities sold under agreements to repurchase | 33,809 | 36,094 | |
Federal funds purchased | 12,012 | 10,247 | |
Federal Home Loan Bank advances | 84,279 | 48,177 | |
Accrued interest payable | 1,008 | 762 | |
Other liabilities | 59,897 | 46,788 | |
Total liabilities | 3,074,458 | 2,936,424 | |
Commitments and contingent liabilities (note 15) | 0 | 0 | |
Stockholders’ equity | |||
Preferred stock, no par value. Authorized 1,000,000 shares; no shares issued or outstanding | 0 | 0 | |
Common stock, no par value. Authorized 40,000,000 shares; issued and outstanding 22,721,027 and 22,749,139 shares in 2019 and 2018, respectively | 36,596 | 36,689 | |
Additional paid-in capital | 37,776 | 36,797 | |
Retained earnings | 313,927 | 298,156 | |
Accumulated other comprehensive income (loss) | 1,066 | (5,142) | |
Total stockholders’ equity | 389,365 | 366,500 | |
Total liabilities and stockholders’ equity | $ 3,463,823 | $ 3,302,924 | |
[1] | Total loans are presented inclusive of premiums, discounts, and net loan origination fees and costs. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 22,721,027 | 22,749,139 |
Common stock, shares outstanding (in shares) | 22,721,027 | 22,749,139 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Interest income: | |||||
Loans and leases | $ 33,419 | $ 29,456 | $ 64,963 | $ 56,518 | |
Federal funds sold and interest bearing due from banks | 830 | 163 | 1,563 | 431 | |
Mortgage loans held for sale | 43 | 44 | 80 | 79 | |
Securities available for sale | |||||
Taxable | 2,546 | 2,105 | 5,114 | 4,243 | |
Tax-exempt | 130 | 236 | 277 | 477 | |
Total interest income | 36,968 | 32,004 | 71,997 | 61,748 | |
Interest expense: | |||||
Deposits | 5,652 | 2,674 | 10,718 | 4,751 | |
Securities sold under agreements to repurchase | 28 | 30 | 53 | 67 | |
Federal funds purchased and other short-term borrowing | 64 | 397 | 124 | 483 | |
Federal Home Loan Bank advances | 424 | 229 | 645 | 464 | |
Subordinated debentures | 26 | 0 | 26 | 0 | |
Total interest expense | 6,194 | 3,330 | 11,566 | 5,765 | |
Net interest income | 30,774 | 28,674 | 60,431 | 55,983 | |
Provision for loan and lease losses | 0 | 1,235 | 600 | 1,970 | |
Net interest income after provision | 30,774 | 27,439 | 59,831 | 54,013 | |
Non-interest income: | |||||
Non-interest income | 5,662 | 5,344 | 11,101 | 10,844 | |
Mortgage banking income | [1] | 796 | 746 | 1,278 | 1,322 |
Bank owned life insurance | [1] | 184 | 191 | 362 | 378 |
Total non-interest income | 12,263 | 11,435 | 23,325 | 22,344 | |
Non-interest expenses: | |||||
Compensation | 12,715 | 11,703 | 24,516 | 22,673 | |
Employee benefits | 2,908 | 2,512 | 5,550 | 5,145 | |
Net occupancy and equipment | 1,976 | 1,811 | 3,834 | 3,629 | |
Technology and communication | 1,848 | 1,685 | 3,621 | 3,315 | |
Debit and credit card processing | 631 | 579 | 1,218 | 1,145 | |
Marketing and business development | 903 | 805 | 1,528 | 1,451 | |
Postage, printing, and supplies | 410 | 400 | 816 | 791 | |
Legal and professional | 1,523 | 504 | 2,057 | 997 | |
FDIC insurance | 248 | 238 | 486 | 480 | |
Amortization/impairment of investments in tax credit partnerships | 52 | 58 | 104 | 58 | |
Capital and deposit based taxes | 967 | 862 | 1,871 | 1,714 | |
Other | 1,283 | 979 | 2,502 | 1,765 | |
Total non-interest expenses | 25,464 | 22,136 | 48,103 | 43,163 | |
Income before income tax expense | 17,573 | 16,738 | 35,053 | 33,194 | |
Income tax expense | 1,030 | 3,159 | 2,869 | 6,211 | |
Net income | $ 16,543 | $ 13,579 | $ 32,184 | $ 26,983 | |
Net income per share, basic (in dollars per share) | $ 0.73 | $ 0.60 | $ 1.42 | $ 1.19 | |
Net income per share, diluted (in dollars per share) | $ 0.72 | $ 0.59 | $ 1.40 | $ 1.17 | |
Weighted average common shares: | |||||
Basic (in shares) | 22,689 | 22,625 | 22,675 | 22,601 | |
Diluted (in shares) | 22,949 | 22,967 | 22,948 | 22,959 | |
Fiduciary and Trust [Member] | |||||
Non-interest income: | |||||
Non-interest income | $ 5,662 | $ 5,344 | $ 11,101 | $ 10,844 | |
Deposit Account [Member] | |||||
Non-interest income: | |||||
Non-interest income | 1,336 | 1,447 | 2,583 | 2,858 | |
Credit and Debit Card [Member] | |||||
Non-interest income: | |||||
Non-interest income | 2,168 | 1,689 | 3,912 | 3,197 | |
Treasury Management [Member] | |||||
Non-interest income: | |||||
Non-interest income | 1,202 | 1,113 | 2,359 | 2,160 | |
Investment Advisory, Management and Administrative Service [Member] | |||||
Non-interest income: | |||||
Non-interest income | 364 | 397 | 720 | 801 | |
Product and Service, Other [Member] | |||||
Non-interest income: | |||||
Non-interest income | $ 551 | $ 508 | $ 1,010 | $ 784 | |
[1] | Outside of the scope of ASC 606 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 16,543 | $ 13,579 | $ 32,184 | $ 26,983 |
Other comprehensive income: | ||||
Change in unrealized gain (loss) on available for sale debt securities | 5,021 | (1,618) | 8,446 | (6,325) |
Change in fair value of derivatives used in cash flow hedges | (321) | 99 | (530) | 491 |
Total other comprehensive income (loss), before income tax | 4,700 | (1,519) | 7,916 | (5,834) |
Tax effect | 1,121 | (319) | 1,708 | (1,226) |
Total other comprehensive income (loss), net of tax | 3,579 | (1,200) | 6,208 | (4,608) |
Comprehensive income | $ 20,122 | $ 12,379 | $ 38,392 | $ 22,375 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 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, 2017 | 22,679 | ||||
Balance at Dec. 31, 2017 | $ 36,457 | $ 31,924 | $ 267,193 | $ (1,930) | $ 333,644 |
Net income | 0 | 0 | 13,404 | 0 | 13,404 |
Net change in accumulated other comprehensive income (loss) | 0 | 0 | 0 | (3,408) | (3,408) |
Stock compensation expense | $ 0 | 823 | 0 | 0 | 823 |
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 52 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | $ 174 | 205 | (1,914) | 0 | (1,535) |
Cash dividends declared | 0 | 0 | (5,226) | 0 | (5,226) |
Shares cancelled | (4) | (35) | 39 | 0 | 0 |
Reclassification adjustment under Accounting Standards Update 2018-02 | $ 0 | 0 | 506 | (506) | 0 |
Shares cancelled (in shares) | (1) | ||||
Balance (in shares) at Mar. 31, 2018 | 22,730 | ||||
Balance at Mar. 31, 2018 | $ 36,627 | 32,917 | 274,002 | (5,844) | 337,702 |
Balance (in shares) at Dec. 31, 2017 | 22,679 | ||||
Balance at Dec. 31, 2017 | $ 36,457 | 31,924 | 267,193 | (1,930) | 333,644 |
Net income | 26,983 | ||||
Net change in accumulated other comprehensive income (loss) | (4,608) | (4,608) | |||
Reclassification adjustment under Accounting Standards Update 2018-02 | (506) | ||||
Balance (in shares) at Jun. 30, 2018 | 22,746 | ||||
Balance at Jun. 30, 2018 | $ 36,680 | 34,715 | 281,164 | (7,044) | 345,515 |
Balance (in shares) at Mar. 31, 2018 | 22,730 | ||||
Balance at Mar. 31, 2018 | $ 36,627 | 32,917 | 274,002 | (5,844) | 337,702 |
Net income | 0 | 0 | 13,579 | 0 | 13,579 |
Net change in accumulated other comprehensive income (loss) | 0 | 0 | 0 | (1,200) | (1,200) |
Stock compensation expense | $ 0 | 1,212 | 0 | 0 | 1,212 |
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 17 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | $ 57 | 618 | (1,226) | 0 | (551) |
Cash dividends declared | 0 | 0 | (5,227) | 0 | (5,227) |
Common stock repurchased | 0 | 0 | 0 | 0 | 0 |
Shares cancelled | $ (4) | (32) | 36 | 0 | 0 |
Shares cancelled (in shares) | (1) | ||||
Balance (in shares) at Jun. 30, 2018 | 22,746 | ||||
Balance at Jun. 30, 2018 | $ 36,680 | 34,715 | 281,164 | (7,044) | 345,515 |
Balance (in shares) at Dec. 31, 2018 | 22,749 | ||||
Balance at Dec. 31, 2018 | $ 36,689 | 36,797 | 298,156 | (5,142) | 366,500 |
Net income | 0 | 0 | 15,641 | 0 | 15,641 |
Net change in accumulated other comprehensive income (loss) | 0 | 0 | 0 | 2,629 | 2,629 |
Stock compensation expense | $ 0 | 863 | 0 | 0 | 863 |
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 74 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | $ 245 | 2,254 | (4,452) | 0 | (1,953) |
Cash dividends declared | $ 0 | 0 | (5,686) | 0 | (5,686) |
Balance (in shares) at Mar. 31, 2019 | 22,823 | ||||
Balance at Mar. 31, 2019 | $ 36,934 | 39,914 | 303,659 | (2,513) | 377,994 |
Balance (in shares) at Dec. 31, 2018 | 22,749 | ||||
Balance at Dec. 31, 2018 | $ 36,689 | 36,797 | 298,156 | (5,142) | 366,500 |
Net income | 32,184 | ||||
Net change in accumulated other comprehensive income (loss) | 6,208 | 6,208 | |||
Balance (in shares) at Jun. 30, 2019 | 22,721 | ||||
Balance at Jun. 30, 2019 | $ 36,596 | 37,776 | 313,927 | 1,066 | 389,365 |
Balance (in shares) at Mar. 31, 2019 | 22,823 | ||||
Balance at Mar. 31, 2019 | $ 36,934 | 39,914 | 303,659 | (2,513) | 377,994 |
Net income | 0 | 0 | 16,543 | 0 | 16,543 |
Net change in accumulated other comprehensive income (loss) | 0 | 0 | 0 | 3,579 | 3,579 |
Stock compensation expense | $ 0 | 993 | 0 | 0 | 993 |
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 5 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | $ 19 | 182 | (363) | 0 | (162) |
Cash dividends declared | $ 0 | 0 | (5,917) | 0 | (5,917) |
Common stock repurchased (in shares) | (107) | ||||
Common stock repurchased | $ (357) | (3,308) | 0 | (3,665) | |
Adjustments to retained earnings, common stock repurchased | 0 | ||||
Shares cancelled | $ 0 | (5) | 5 | 0 | 0 |
Balance (in shares) at Jun. 30, 2019 | 22,721 | ||||
Balance at Jun. 30, 2019 | $ 36,596 | $ 37,776 | $ 313,927 | $ 1,066 | $ 389,365 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Retained Earnings [Member] | ||||
Cash dividends declared (in dollars per share) | $ 0.26 | $ 0.25 | ||
Cash dividends declared (in dollars per share) | $ 0.23 | $ 0.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Operating activities: | |||
Net income | $ 32,184 | $ 26,983 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan and lease losses | 600 | 1,970 | |
Depreciation, amortization and accretion, net | 1,679 | 2,680 | |
Deferred income tax (benefit) expense | (3,959) | 40 | |
Gain on sales of mortgage loans held for sale | (719) | (769) | |
Origination of mortgage loans held for sale | (38,081) | (37,803) | |
Proceeds from sale of mortgage loans held for sale | 36,553 | 39,483 | |
Bank owned life insurance income | [1] | (362) | (378) |
Loss (gain) on the disposal of premises and equipment | 6 | (14) | |
Gain on the sale of other real estate | (63) | (109) | |
Stock compensation expense | 1,856 | 2,035 | |
Excess tax benefits from share-based compensation arrangements | (392) | (525) | |
Net change in accrued interest receivable and other assets | (3,429) | 2,236 | |
Net change in accrued interest payable and other liabilities | (3,974) | 247 | |
Net cash provided by operating activities | 21,899 | 36,076 | |
Investing activities: | |||
Purchases of securities available for sale | (373,761) | (399,911) | |
Proceeds from sales of securities | 12,427 | 0 | |
Proceeds from maturities and paydowns of securities available for sale | 396,367 | 392,855 | |
Purchase of Federal Home Loan Bank stock | 0 | (2,724) | |
Proceeds from redemptions of Federal Home Loan Bank stock | 591 | 0 | |
Proceeds from redemption of Federal Reserve Bank stock | 490 | 0 | |
Proceeds from redemption of interest bearing due from banks | 1,761 | 0 | |
Net change in loans | (49,280) | (170,843) | |
Purchases of premises and equipment | (3,321) | (2,694) | |
Proceeds from disposal of premises and equipment | 45 | 230 | |
Proceeds from surrender of acquired bank bank owned life insurance | 3,431 | 0 | |
Proceeds from bank owned life insurance mortality benefit | 909 | 0 | |
Other investment activities | (1,532) | (2,542) | |
Proceeds from sale of foreclosed assets | 868 | 2,860 | |
Cash for acquisition, net of cash acquired | (24,684) | 0 | |
Net cash used in investing activities | (35,689) | (182,769) | |
Financing activities: | |||
Net change in deposits | (36,464) | (37,834) | |
Net change in securities sold under agreements to repurchase and federal funds purchased | (2,086) | 113,443 | |
Proceeds from Federal Home Loan Bank advances | 60,000 | 60,000 | |
Repayments of Federal Home Loan Bank advances | (67,250) | (60,637) | |
Repayment of acquired bank holding company line of credit | (2,300) | 0 | |
Redemption of acquired bank subordinated debentures | (3,609) | 0 | |
Common stock repurchases | (5,780) | (2,086) | |
Cash dividends paid | (11,621) | (10,441) | |
Net cash provided by (used in) financing activities | (69,110) | 62,445 | |
Net change in cash and cash equivalents | (82,900) | (84,248) | |
Cash and cash equivalents at beginning of period | 198,939 | 139,248 | |
Cash and cash equivalents at end of period | 116,039 | 55,000 | |
Supplemental cash flow information: | |||
Income tax payments, net of refunds | 5,382 | 1,800 | |
Cash paid for interest | 11,320 | 5,497 | |
Supplemental non-cash activity: | |||
Initital recognition of right-of-use lease assets | 16,747 | 0 | |
Initital recognition operating lease liabilities | 18,067 | 0 | |
Transfers from loans to real estate acquired in settlement of loans | 0 | 471 | |
Fair value of assets acquired | 204,613 | 0 | |
Cash paid in acqusition | 28,000 | 0 | |
Liabilities assumed | $ 176,613 | $ 0 | |
[1] | Outside of the scope of ASC 606 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation – The consolidated financial statements include the accounts of Stock Yards Bancorp, Inc. (“Holding Company”), and its wholly-owned subsidiary, Stock Yards Bank & Trust Company (“Bank”). All significant inter-company transactions and accounts have been eliminated in consolidation. All companies are collectively referred to as “Bancorp” or the “Company.” As a result of its acquisition of King, Bancorp, Inc. on May 1, 2019, Bancorp became the successor owner of King Bancorp Statutory Trust I (“KBST”), an unconsolidated finance subsidiary. As permitted under the terms of KBST’s governing documents, Bancorp redeemed the trust-preferred securities at the par amount of approximately million on June 17, 2019. The Bank, chartered in 1904, is a Louisville, Kentucky-based, state-chartered non-member financial institution that provides services in the Louisville, Kentucky, Indianapolis, Indiana and Cincinnati, Ohio Metropolitan Statistical Areas (“MSAs”) through 43 full service banking center locations. As of June 30, 2019, Bancorp was divided into reportable segments: Commercial Banking and Wealth Management & Trust (“WM&T”): Commercial Banking provides a full range of loan and deposit products to individual consumers and businesses through commercial lending, retail lending, deposit services, treasury management services, private banking, online banking, mobile banking, merchant services, international banking, correspondent banking and other banking services. The Bank also offers securities brokerage services via its banking center network through an arrangement with a third party broker-dealer. WM&T, with over billion in assets under management (“AUM”), provides custom-tailored financial planning, investment management, retirement planning and trust and estate services in all markets in which Bancorp operates. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10 -Q and Rule 10 - 01 of Regulation S- X. Accordingly, the financial statements do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. For further information, refer to the consolidated financial statements and notes thereto included in Bancorp’s Annual Report on Form 10 -K for the year ended December 31, 2018. Certain reclassifications have been made in the prior year financial statements to conform to current year classifications. Significant Accounting Policies 10 December 31, 2018. Critical Accounting Policies may not may The allowance methodology is driven by risk ratings, historical losses, and qualitative factors. The level of the June 30, 2019 32 36 March 2019. not 2019. 10 Accounting Standards Updates (“ASUs”) The following ASU was issued prior to June 30, 2019 and is considered relevant to Bancorp’s financial statements. Generally, if an issued-but- not -yet-effective ASU with an expected immaterial impact to Bancorp has been disclosed in prior SEC filings, it will not be re-disclosed. In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016 - 13, Measurement of Credit Losses on Financial Instruments , (“CECL”). This ASU significantly changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. Bancorp expects to recognize a one -time cumulative-effect adjustment to the allowance on January 1, 2020. Interagency guidance issued in December 2018 allows for a three year phase-in of the cumulative-effect adjustment for regulatory capital reporting. As a result of this ASU, Bancorp could experience an increase in its allowance. Bancorp has formed a committee to oversee its transition to the CECL methodology. Bancorp has devoted internal resources and purchased a third party software solution to analyze, compute and report upon the CECL disclosure requirements. In addition, Bancorp has analyzed loan-level data and is determining its CECL loan segmentation and initial segment calculation methodologies. Bancorp is currently exploring regression techniques and has begun to run forecasting scenarios. Recently A dopted A ccounting S tandards Bancorp adopted ASU 2016 - 02, Leases and related amendments using an alternative transition method, effective January 1, 2019 and upon adoption recorded million of right-of-use lease assets and million of operating lease liabilities on its balance sheet as of June 30, 2019. Prior periods have not been restated. The right-of-use lease asset and operating lease liability are recorded in premises and equipment and other liabilities, respectively, on the consolidated balance sheet. Bancorp elected all applicable practical expedients, including the option to expense short-term leases, which are defined as leases with a term of one year or less. Bancorp also elected not to separate lease components from non-lease components. The adoption of this ASU did not have a meaningful impact on Bancorp's performance metrics, including regulatory capital ratios and return on average assets. Additionally, Bancorp does not believe that the adoption of this ASU by its clients will have a significant impact on Bancorp's ability to underwrite credit when client financial statements are presented inclusive of the requirements of this ASU. See the note titled “Leases” for additional information on lease activities. |
Note 2 - Acquisition of King Ba
Note 2 - Acquisition of King Bancorp, Inc. | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 2 Acquisition of King Bancorp, Inc. On May 1, 2019, The following table provides a summary of the fair value of the assets acquired and liabilities assumed by Bancorp as of the acquisition date. As provided for under GAAP, management has up to 12 may Acquisition of King Bancorp, Inc. Summary of Assets Aquired and Liabilities Assumed May 1, 2019 As Recorded Fair Value As Recorded (In thousands) by King Adjustments (1) by Bancorp Assets aquired: Cash and due from banks $ 3,316 $ — $ 3,316 Interest bearing due from banks 1,761 — 1,761 Available for sale securities 12,404 23 a 12,427 Loans 165,744 (1,597 ) b 164,147 Allowance for loan and lease losses (1,812 ) 1,812 b - Loans, net 163,932 215 164,147 Federal Home Loan Bank stock, at cost 1,517 — 1,517 Federal Reserve Bank stock, at cost 490 — 490 Premises and equipment, net 4,358 (1,328 ) c 3,030 Core deposit intangible — 1,519 d 1,519 Bank owned life insurance 3,431 — 3,431 Other real estate owned 325 (325 ) e — Other assets and accrued interest receivable 867 (36 ) f 831 Total assets acquired $ 192,401 $ 68 $ 192,469 Liabilities assumed: Deposits Non-interest bearing $ 24,939 $ — $ 24,939 Interest bearing 100,839 (252 ) g 100,587 Total deposits 125,778 (252 ) 125,526 Federal funds purchased 1,566 — 1,566 Federal Home Loan Bank advances 43,718 (419 ) h 43,299 Subordinated Note 3,609 — 3,609 Holding Company line of credit 2,300 — 2,300 Other liabilities and accrued interest payable 313 — 313 Total liabilities assumed 177,284 (671 ) 176,613 Net assets acquired $ 15,117 $ 739 $ 15,856 Cash consideration paid (28,000 ) Goodwill $ 12,144 ( 1 Bancorp’s acquisition of King closed on May 1, 2019. may one Explanation of fair value adjustments a. Reflects the fair value adjustment based on Bancorp’s evaluation of the acquired investment portfolio. b. Reflects the fair value adjustment based on Bancorp’s evaluation of the acquired loan portfolio and to eliminate King’s recorded allowance. c. Reflects the fair value adjustment based on Bancorp’s evaluation of the premises and equipment acquired. d. Reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition. e. Reflects the fair value adjustment based upon Bancorp’s evaluation of the foreclosed real estate acquired. f. Reflects the write-off of a miscellaneous other asset. g. Reflects the fair value adjustment based on the Company’s evaluation of the assumed time deposits. h. Reflects the fair value adjustment based upon Bancorp’s evaluation of the assumed FHLB advances. Goodwill of approximately $12 million, which is the excess of the acquisition consideration over the fair value of net assets acquired, is expected to be recorded in the King acquisition and is the result of expected operational synergies and other factors. This goodwill is all attributable to the Company’s Commercial Banking segment and is not three third 2019, June 30, 2019. Revenue attributed to King totaled $1.6 million for the three six June 30, 2019. not |
Note 3 - Securities
Note 3 - Securities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ( 3 Securities All of Bancorp’s securities are classified as available for sale. Amortized cost, unrealized gains and losses, and fair value of securities follow: (In thousands) Amortized Unrealized June 30, 2019 cost Gains Losses Fair value Government sponsored enterprise obligations $ 266,579 $ 1,755 $ (319 ) $ 268,015 Mortgage backed securities - government agencies 131,447 938 (787 ) 131,598 Obligations of states and political subdivisions 23,854 118 (6 ) 23,966 Total securities available for sale $ 421,880 $ 2,811 $ (1,112 ) $ 423,579 December 31, 2018 Government sponsored enterprise obligations 264,234 156 (3,351 ) 261,039 Mortgage backed securities - government agencies 149,748 282 (3,753 ) 146,277 Obligations of states and political subdivisions 29,760 107 (188 ) 29,679 Total securities available for sale $ 443,742 $ 545 $ (7,292 ) $ 436,995 At June 30, 2019 December 31, 2018, no one 10% There were no gains or losses on sales or calls of securities for the three six June 30, 2019 2018. A summary of securities available for sale by contractual maturity follows: (In thousands) Amortized cost Fair value Due within 1 year $ 132,158 $ 132,133 Due after 1 year but within 5 years 56,040 56,033 Due after 5 years but within 10 years 7,157 7,232 Due after 10 years 95,078 96,583 Mortgage backed securities - government agencies 131,447 131,598 Total securities available for sale $ 421,880 $ 423,579 Actual maturities may may Securities with a carrying value of $336.5 million and $355.1 million were pledged at June 30, 2019 December 31, 2018, Securities with unrealized losses at June 30, 2019 December 31, 2018, (In thousands) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2019 value losses value losses value losses Government sponsored enterprise obligations $ — $ — $ 57,505 $ (319 ) $ 57,505 $ (319 ) Mortgage-backed securities - government agencies — — 82,088 (787 ) 82,088 (787 ) Obligations of states and political subdivisions — — 6,485 (6 ) 6,485 (6 ) Total temporarily impaired securities $ — $ — $ 146,078 $ (1,112 ) $ 146,078 $ (1,112 ) December 31, 2018 Government sponsored enterprise obligations 96,740 (38 ) 149,320 (3,313 ) 246,060 (3,351 ) Mortgage-backed securities - government agencies 3,108 (5 ) 120,848 (3,748 ) 123,956 (3,753 ) Obligations of states and political subdivisions 814 (1 ) 17,639 (187 ) 18,453 (188 ) Total temporarily impaired securities $ 100,662 $ (44 ) $ 287,807 $ (7,248 ) $ 388,469 $ (7,292 ) Applicable dates for determining when securities are in an unrealized loss position are June 30, 2019 December 31, 2018. twelve not 12 Unrealized losses on Bancorp’s investment securities portfolio have not June 30, 2019 December 31, 2018, not not may not June 30, 2019. The term “other-than-temporary” is not not Federal Home Loan Bank of Cincinnati (“FHLB”) stock is an investment held by Bancorp which is not fourth |
Note 4 - Loans and Leases
Note 4 - Loans and Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 4 Loans and leases Composition of loans, net of deferred fees and costs, by loan portfolio class follows: (In thousands) June 30, 2019 December 31, 2018 Commercial and industrial $ 860,085 $ 833,524 Construction and development, excluding undeveloped land(1) 222,632 225,050 Undeveloped land 35,169 30,092 Real estate mortgage: Commercial investment 696,421 588,610 Owner occupied commercial 452,719 426,373 1-4 family residential 338,957 276,017 Home equity - first lien 46,012 49,500 Home equity - junior lien 67,948 70,947 Subtotal: Real estate mortgage 1,602,057 1,411,447 Consumer 43,937 48,058 Total loans(2) $ 2,763,880 $ 2,548,171 ( 1 no ( 2 Loans to directors and their related interests, including loans to companies for which directors are principal owners and executive officers totaled $53.7 million and $52.7 million, as of June 30, 2019 December 31, 2018, The following table summarizes loans acquired in the King acquisition based upon valuation method: May 1, 2019 Contractual Non-accretable Accretable Acquisition-day (In thousands) receivable amount amount fair value Commercial and industrial $ 8,249 $ — $ (23 ) $ 8,226 Construction and development 10,764 — 43 10,807 Raw Land 7,974 — 43 8,017 Real estate mortgage: Commercial real estate 84,219 — (408 ) 83,811 1-4 family residential 50,556 — 322 50,878 Home equity - first lien 196 — 3 199 Home equity - junior lien 679 — 5 684 Subtotal: Real estate mortgage 135,650 — (78 ) 135,572 Consumer 1,528 — (3 ) 1,525 Total loans ASC 310-20 164,165 — (18 ) 164,147 Commercial and industrial Construction and development — — — — Raw Land — — — — Real estate mortgage: Commercial real estate 1,351 (1,351 ) — — 1-4 family residential 228 (228 ) — — Home equity - first lien — — — — Home equity - junior lien — — — — Subtotal: Real estate mortgage 1,579 (1,579 ) — — Consumer — — — — Total loans ASC 310 purchased- credit-impaired loans 1,579 (1,579 ) — — Total loans $ 165,744 $ (1,579 ) $ (18 ) $ 164,147 Purchased-Credit-Impaired (“PCI”) Loans The Bank acquired PCI loans on May 1, 2019 December 31, 2012 310 30, Management utilized the following PCI criteria for the May 1, 2019 ● Loans assigned a non-accretable mark ● Loans classified as substandard, doubtful or loss ● Loans classified as non-accrual when acquired ● Loans past due 90 The following table reconciles the contractually required and carrying amounts of all PCI loans: In thousands June 30, 2019 December 31, 2018 Contractually-required principal $ 1,864 $ 432 Non-accretable amount (1,577 ) — Accretable amount (57 ) (68 ) Carrying value of loans $ 230 $ 364 The following table presents a rollforward of the accretable amount on all PCI loans: Three months ended Six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Balance, beginning of period $ (62 ) $ (95 ) $ (68 ) $ (106 ) Transfers between non-accretable and accretable — — — — Net accretion into interest income on loans, including loan fees 5 10 11 21 Generated from acquisition of King — — — — Balance, end of period $ (57 ) $ (85 ) $ (57 ) $ (85 ) 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 included 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 potential weaknesses that deserve 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 jeopardize ultimate repayment of the debt. Default is a distinct possibility if the deficiencies are not ● Substandard non-performing: Loans classified as substandard non-performing have all the characteristics of substandard loans and have been placed on non-accrual status or have been accounted for as troubled debt restructurings. Loans are placed on non-accrual 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 ● Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Internally assigned risk grades of loans by loan portfolio class classification category follows: (In thousands) Substandard Total June 30, 2019 Pass OAEM Substandard non-performing Doubtful loans Commercial and industrial $ 817,645 $ 23,907 $ 18,241 $ 292 $ — $ 860,085 Construction and development, excluding undeveloped land 222,632 — — — — 222,632 Undeveloped land 35,169 — — — — 35,169 Real estate mortgage: Commercial investment 687,304 4,202 4,213 702 — 696,421 Owner occupied commercial 429,070 17,757 4,228 1,664 — 452,719 1-4 family residential 336,312 1,686 159 800 — 338,957 Home equity - first lien 46,012 — — — — 46,012 Home equity - junior lien 67,236 224 18 470 — 67,948 Subtotal: Real estate mortgage 1,565,934 23,869 8,618 3,636 — 1,602,057 Consumer 43,937 — — — — 43,937 Total $ 2,685,317 $ 47,776 $ 26,859 $ 3,928 $ — $ 2,763,880 December 31, 2018 Commercial and industrial $ 803,073 $ 11,516 $ 18,703 $ 232 $ — $ 833,524 Construction and development, excluding undeveloped land 220,532 4,200 — 318 — 225,050 Undeveloped land 29,618 — — 474 — 30,092 Real estate mortgage: Commercial investment 586,543 1,815 15 237 — 588,610 Owner occupied commercial 411,722 9,030 4,500 1,121 — 426,373 1-4 family residential 273,537 1,544 162 774 — 276,017 Home equity - first lien 49,500 — — — — 49,500 Home equity - junior lien 70,437 249 19 242 — 70,947 Subtotal: Real estate mortgage 1,391,739 12,638 4,696 2,374 — 1,411,447 Consumer 48,058 — — — — 48,058 Total $ 2,493,020 $ 28,354 $ 23,399 $ 3,398 $ — $ 2,548,171 The following table presents the activity in the allowance by loan portfolio class: Type of loan Construction and development, Three months ended Commercial excluding and undeveloped Undeveloped Real estate (In thousands) industrial land land mortgage Consumer Total Balance, April 1, 2019 $ 11,762 $ 1,884 $ 662 $ 12,001 $ 155 $ 26,464 Provision (credit) 92 (74 ) (61 ) 10 33 - Charge-offs — — — (13 ) (148 ) (161 ) Recoveries 4 — — 32 77 113 Balance, June 30, 2019 $ 11,858 $ 1,810 $ 601 $ 12,030 $ 117 $ 26,416 Construction and development, Commercial excluding and undeveloped Undeveloped Real estate (In thousands) industrial land land mortgage Consumer Total Balance, April 1, 2018 $ 10,638 $ 2,020 $ 482 $ 10,707 $ 356 $ 24,203 Provision (credit) 2,008 (82 ) 19 (795 ) 85 1,235 Charge-offs (530 ) — — — (117 ) (647 ) Recoveries 2 — — 2 78 82 Balance, June 30, 2018 $ 12,118 $ 1,938 $ 501 $ 9,914 $ 402 $ 24,873 Type of loan Construction and development, Six months ended Commercial excluding and undeveloped Undeveloped Real estate (In thousands) industrial land land mortgage Consumer Total Balance, January 1, 2019 $ 11,965 $ 1,760 $ 752 $ 10,681 $ 376 $ 25,534 Provision (credit) (210 ) (153 ) (151 ) 1,310 (196 ) 600 Charge-offs (3 ) — — (13 ) (244 ) (260 ) Recoveries 106 203 — 52 181 542 Balance, June 30, 2019 $ 11,858 $ 1,810 $ 601 $ 12,030 $ 117 $ 26,416 Construction and development, Commercial excluding and undeveloped Undeveloped Real estate (In thousands) industrial land land mortgage Consumer Total Balance, January 1, 2018 $ 11,276 $ 1,724 $ 521 $ 11,012 $ 352 $ 24,885 Provision (credit) 2,769 214 (20 ) (1,104 ) 111 1,970 Charge-offs (1,939 ) — — — (236 ) (2,175 ) Recoveries 12 — — 6 175 193 Balance, June 30, 2018 $ 12,118 $ 1,938 $ 501 $ 9,914 $ 402 $ 24,873 The considerations by Bancorp in computing its allowance are determined based on the various risk characteristics of each loan segment. Relevant risk characteristics are as follows: ● Commercial and industrial: 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 the construction period. Upon completion or stabilization, the construction loans generally convert to permanent financing in the real estate mortgage segment, requiring principal amortization. Repayment of development loans is derived from sale of lots or units. Credit risk is affected by construction delays, cost overruns, market conditions and availability of permanent financing; to the extent such permanent financing is not ● Undeveloped land: Loans in this category are secured by land acquired for development by the borrower, but for which no 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. Underlying properties are generally located in Bancorp's primary market areas. A decline in the strength of the borrower or a weakened economy may may ● Consumer: Loans in this category may Impaired loans include non-accrual loans and accruing loans accounted for as troubled debt restructurings (“TDRs”), which continue to accrue interest. Non-performing loans include the balance of impaired loans plus any loans over 90 The following table presents the recorded investment in non-accrual loans: (In thousands) June 30, 2019 December 31, 2018 Commercial and industrial $ 96 $ 192 Construction and development, excluding undeveloped land — 318 Undeveloped land — 474 Real estate mortgage: Commercial investment 305 138 Owner occupied commercial 1,444 586 1-4 family residential 715 760 Home equity - first lien — — Home equity - junior lien 470 143 Subtotal: Real estate mortgage 2,934 1,627 Consumer — — Total non-accrual loans $ 3,030 $ 2,611 In the course of working with borrowers, Bancorp may not not three six June 30, 2019 2018. June 30, 2019 December 31, 2018 (In thousands) Specific Additional Specific Additional reserve commitment reserve commitment TDRs Balance allocation to lend Balance allocation to lend Commercial and industrial $ 23 $ 23 $ — $ 28 $ 28 $ — 1-4 family residential 14 14 — 14 14 — Total TDRs $ 37 $ 37 $ — $ 42 $ 42 $ — As of June 30, 2019 1 4 December 31, 2018. The following tables present the balance in the recorded investment in loans and allowance for loans by portfolio loan class and based on impairment evaluation method: (In thousands) Loans Allowance June 30, 2019 Loans individually evaluated for impairment Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality Total loans Loans individually evaluated for impairment Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality Total allowance Commercial and industrial $ 119 $ 859,966 $ — $ 860,085 $ 23 $ 11,835 $ — $ 11,858 Construction and development, excluding undeveloped land — 222,632 — 222,632 — 1,810 — 1,810 Undeveloped land — 35,169 — 35,169 — 601 — 601 Real estate mortgage 2,948 1,599,109 — 1,602,057 14 12,016 — 12,030 Consumer — 43,937 — 43,937 — 117 — 117 Total $ 3,067 $ 2,760,813 $ — $ 2,763,880 $ 37 $ 26,379 $ — $ 26,416 (In thousands) Loans Allowance December 31, 2018 Loans individually evaluated for impairment Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality Total loans Loans individually evaluated for impairment Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality Total allowance Commercial and industrial $ 220 $ 833,304 $ — $ 833,524 $ 28 $ 11,937 $ — $ 11,965 Construction and development, excluding undeveloped land 318 224,732 — 225,050 — 1,760 — 1,760 Undeveloped land 474 29,618 — 30,092 — 752 — 752 Real estate mortgage 1,641 1,409,806 — 1,411,447 14 10,667 — 10,681 Consumer — 48,058 — 48,058 — 376 — 376 Total $ 2,653 $ 2,545,518 $ — $ 2,548,171 $ 42 $ 25,492 $ — $ 25,534 The following tables present loans individually evaluated for impairment by loan portfolio class: As of Three months ended Six months ended June 30, 2019 June 30, 2019 June 30, 2019 Unpaid Average Interest Average Interest Recorded principal Related recorded income recorded income (In thousands) investment balance allowance investment recognized investment recognized Impaired loans with no related allowance: Commercial and industrial $ 96 $ 96 $ — $ 144 $ — $ 160 $ — Construction and development, excluding undeveloped land — — — — — 106 — Undeveloped land — — — — — 158 — Real estate mortgage Commercial investment 306 306 — 311 — 254 — Owner occupied commercial 1,444 1,882 — 1,455 — 1,165 — 1-4 family residential 715 715 — 779 — 773 — Home equity - first lien — - — — — — — Home equity - junior lien 469 469 — 462 — 356 — Subtotal: Real estate mortgage 2,934 3,372 — 3,007 — 2,548 — Consumer — — — — — — — Subtotal $ 3,030 $ 3,468 $ — $ 3,151 $ — $ 2,972 $ — Impaired loans with an allowance: Commercial and industrial $ 23 $ 23 $ 23 $ 24 $ — $ 26 $ 1 Construction and development, excluding undeveloped land — — — — — — — Undeveloped land — — — — — — — Real estate mortgage Commercial investment — — — — — — — Owner occupied commercial — — — — — — — 1-4 family residential 14 14 14 14 — 14 — Home equity - first lien — — — — — — — Home equity - junior lien — — — — — — — Subtotal: Real estate mortgage 14 14 14 14 — 14 — Consumer — — — — — — — Subtotal $ 37 $ 37 $ 37 $ 38 $ — $ 40 $ 1 Total: Commercial and industrial $ 119 $ 119 $ 23 $ 168 $ — $ 186 $ 1 Construction and development, excluding undeveloped land — — — — — 106 — Undeveloped land — — — — — 158 — Real estate mortgage Commercial investment 306 306 — 311 — 254 — Owner occupied commercial 1,444 1,882 — 1,455 — 1,165 — 1-4 family residential 729 729 14 793 — 787 — Home equity - first lien — — — - — - — Home equity - junior lien 469 469 — 462 — 356 — Subtotal: Real estate mortgage 2,948 3,386 14 3,021 — 2,562 — Consumer — — — — — — — Total impaired loans $ 3,067 $ 3,505 $ 37 $ 3,189 $ — $ 3,012 $ 1 As of Three months ended Six months ended December 31, 2018 June 30, 2018 June 30, 2018 Unpaid Average Interest Average Interest Recorded principal Related recorded income recorded income (In thousands) investment balance allowance investment recognized investment recognized Impaired loans with no related allowance: Commercial and industrial $ 192 $ 707 $ — $ 225 $ — $ 531 $ — Construction and development, excluding undeveloped land 318 489 — 525 — 571 — Undeveloped land 474 506 — 474 — 474 — Real estate mortgage Commercial investment 138 138 — - — 17 — Owner occupied commercial 586 1,023 — 2,335 — 2,667 — 1-4 family residential 760 760 — 1,350 — 1,446 — Home equity - first lien — - — - — - — Home equity - junior lien 143 143 — 17 — 22 — Subtotal: Real estate mortgage 1,627 2,064 — 3,702 — 4,152 — Consumer — — — 46 — 30 — Subtotal $ 2,611 $ 3,766 $ — $ 4,972 $ — $ 5,758 $ — Impaired loans with an allowance: Commercial and industrial $ 28 $ 28 $ 28 $ 3,074 $ — $ 2,061 $ — Construction and development, excluding undeveloped land — — — — — — — Undeveloped land — — — 48 — 32 — Real estate mortgage Commercial investment — — — — — — — Owner occupied commercial — — — 1,645 — 1,097 — 1-4 family residential 14 14 14 14 — 14 — Home equity - first lien — — — — — — — Home equity - junior lien — — — — — — — Subtotal: Real estate mortgage 14 14 14 1,659 — 1,111 — Consumer — — — — — — — Subtotal $ 42 $ 42 $ 42 $ 4,781 $ — $ 3,204 $ — Total: Commercial and industrial $ 220 $ 735 $ 28 $ 3,299 $ — $ 2,592 $ — Construction and development, excluding undeveloped land 318 489 — 525 — 571 — Undeveloped land 474 506 — 522 — 506 — Real estate mortgage Commercial investment 138 138 — - — 17 — Owner occupied commercial 586 1,023 — 3,980 — 3,764 — 1-4 family residential 774 774 14 1,364 — 1,460 — Home equity - first lien — — — - — - — Home equity - junior lien 143 143 — 17 — 22 — Subtotal: Real estate mortgage 1,641 2,078 14 5,361 — 5,263 — Consumer — — — 46 — 30 — Total impaired loans $ 2,653 $ 3,808 $ 42 $ 9,753 $ — $ 8,962 $ — Differences between recorded investment amounts and unpaid principal balance amounts less related allowance are due to partial charge-offs which have occurred over the lives of certain loans. The following table presents the aging of the recorded investment in loans by portfolio class: Recorded (In thousands) 90 or more investment days past due > 90 days 30-59 days 60-89 days (includes all Total Total and June 30, 2019 Current past due past due non-accrual) past due loans accruing Commercial and industrial $ 858,853 $ 572 $ 391 $ 269 $ 1,232 $ 860,085 $ 173 Construction and development, excluding undeveloped land 222,632 — — — — 222,632 — Undeveloped land 35,169 — — — — 35,169 — Real estate mortgage: Commercial investment 692,612 1 3,107 701 3,809 696,421 396 Owner occupied commercial 450,140 643 272 1,664 2,579 452,719 220 1-4 family residential 336,548 749 873 787 2,409 338,957 72 Home equity - first lien 45,963 49 — — 49 46,012 — Home equity - junior lien 67,408 70 — 470 540 67,948 — Subtotal: Real estate mortgage 1,592,671 1,512 4,252 3,622 9,386 1,602,057 688 Consumer 43,901 9 27 — 36 43,937 — Total $ 2,753,226 $ 2,093 $ 4,670 $ 3,891 $ 10,654 $ 2,763,880 $ 861 December 31, 2018 Commercial and industrial $ 832,923 $ 197 $ 200 $ 204 $ 601 $ 833,524 $ 12 Construction and development, excluding undeveloped land 224,732 — — 318 318 225,050 — Undeveloped land 29,552 66 — 474 540 30,092 — Real estate mortgage: Commercial investment 586,884 1,382 107 237 1,726 588,610 99 Owner occupied commercial 421,143 2,732 1,377 1,121 5,230 426,373 535 1-4 family residential 274,547 374 336 760 1,470 276,017 — Home equity - first lien 49,321 179 — — 179 49,500 — Home equity - junior lien 70,467 182 56 242 480 70,947 99 Subtotal: Real estate mortgage 1,402,362 4,849 1,876 2,360 9,085 1,411,447 733 Consumer 48,058 — — — — 48,058 — Total $ 2,537,627 $ 5,112 $ 2,076 $ 3,356 $ 10,544 $ 2,548,171 $ 745 |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 5 Goodwill and Intangible Assets Goodwill, recorded on the acquisition date of an entity, represents $12.1 million related to the May 1, 2019 1996 12 may The goodwill balance at June 30, 2019 not December 31 December 31, 2018, not not not not two December 31, 2018. Changes in the carrying value of goodwill follows: Three months ended Six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Balance at beginning of period $ 682 $ 682 $ 682 $ 682 Goodwill acquired 12,144 — 12,144 — Impairment — — — — Balance at end of period $ 12,826 $ 682 $ 12,826 $ 682 The Company recorded core deposit intangible assets of $1.5 million and $2.5 million in association with its May 1, 2019 2013 Details regarding the King acquisition are discussed in the Acquisitions footnote. Changes in the net carrying amount of core deposit intangibles follow: Three months ended Six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Balance at beginning of period $ 1,015 $ 1,182 $ 1,056 $ 1,225 Core deposit intangible acquired 1,519 — 1,519 — Amortization (73 ) (43 ) (114 ) (86 ) Balance at end of period $ 2,461 $ 1,139 $ 2,461 $ 1,139 Mortgage servicing rights (“MSRs”), a component of other assets, are initially recognized at fair value when mortgage loans are sold with servicing retained. The 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 carrying value to fair value. Estimated fair values of MSRs at June 30, 2019 December 31, 2018 Total outstanding principal balances of loans serviced for others were $325.1 million and $327.9 million at June 30, 2019, December 31, 2018, Changes in the net carrying amount of MSRs follows: Three months ended Six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Balance at beginning of period $ 1,070 $ 861 $ 1,022 $ 875 Additions for mortgage loans sold 134 74 214 95 Amortization (36 ) (37 ) (68 ) (72 ) Balance at end of period $ 1,168 $ 898 $ 1,168 $ 898 |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 6 Income Taxes In March 2019, HB354 2021. two first 2019, first 2019. 2021. In April 2019, HB458 second 2019, three six June 30, 2019. Components of income tax expense (benefit) from operations follow: Three months ended Six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Current income tax expense: Federal $ 3,772 $ 3,426 $ 6,498 $ 5,862 State 189 182 330 310 Total current income tax expense 3,961 3,608 6,828 6,172 Deferred income tax expense (benefit) : Federal 224 (421 ) 789 46 State (3,155 ) (28 ) (4,768 ) (7 ) Total deferred income tax expense (2,931 ) (449 ) (3,979 ) 39 Change in valuation allowance — — 20 — Total income tax expense $ 1,030 $ 3,159 $ 2,869 $ 6,211 An analysis of the difference between statutory and effective income tax rates follows: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Kentucky state income tax enactments (14.1 ) — (10.7 ) — Excess tax benefits from stock-based compensation arrangements (0.4 ) (1.2 ) (1.1 ) (1.5 ) Increase in cash surrender value of life insurance (0.6 ) (1.2 ) (0.9 ) (0.6 ) Tax credits (0.7 ) (0.7 ) (0.7 ) (0.5 ) Tax exempt interest income (0.3 ) (0.5 ) (0.3 ) (0.5 ) State income taxes, net of federal benefit 0.8 0.7 0.8 0.7 Other, net 0.2 0.8 0.1 0.1 Effective income tax rate 5.9 % 18.9 % 8.2 % 18.7 % Currently, state income tax expense represents tax owed to the state of Indiana. Kentucky and Ohio state bank taxes are currently based on capital levels, and are recorded as other non-interest expense. See comment above regarding recent changes in Kentucky tax law. GAAP provides guidance on financial statement recognition and measurement of tax positions taken, or expected to be taken, in tax returns. If recognized, tax benefits would reduce tax expense and accordingly, increase net income. The amount of unrecognized tax benefits may June 30, 2019 December 31, 2018, |
Note 7 - Deposits
Note 7 - Deposits | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | ( 7 Deposits The composition of the Bank’s deposits follows: (In thousands) June 30, 2019 December 31, 2018 Non-interest bearing demand deposits $ 777,652 $ 711,023 Interest bearing deposits: Interest bearing demand 824,324 892,867 Savings 171,471 155,007 Money market 675,221 688,744 Time deposits of $250 thousand or more 71,952 55,182 Other time deposits(1) 362,833 291,533 Total time deposits 434,785 346,715 Total interest bearing deposits 2,105,801 2,083,333 Total deposits $ 2,883,453 $ 2,794,356 ( 1 Includes $29.8 million in brokered deposits as of both June 30 , 2019 December 31, 2018. Deposits totaling $125.5 million were acquired on May 1, 2019, |
Note 8 - Securities Sold Under
Note 8 - Securities Sold Under Agreements to Repurchase | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | ( 8 Securities Sold Under Agreements to Repurchase SSUAR represent 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 June 30, 2019, Information concerning SSUAR follows: (Dollars in thousands) June 30, 2019 December 31, 2018 Outstanding balance at end of period $ 33,809 $ 36,094 Weighted average interest rate at end of period 0.31 % 0.24 % Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2019 2018 2019 2018 Average outstanding balance during the period $ 39,969 $ 61,993 $ 38,755 $ 66,609 Average interest rate during the period 0.28 % 0.21 % 0.28 % 0.20 Maximum outstanding at any month end during the period $ 43,160 $ 60,801 $ 43,160 $ 74,725 |
Note 9 - Federal Home Loan Bank
Note 9 - Federal Home Loan Bank Advances | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | ( 9 Federal Home Loan Bank Advances Bancorp had outstanding 58 separate advances totaling $84.3 million as of June 30, 2019, December 31, 2018. 2019 2028. June 30, 2019, The following is a summary of the contractual maturities and average effective rates of outstanding advances: (In thousands) June 30, 2019 December 31, 2018 Maturity Weighted average Weighted average Year Advance Fixed Rate Advance Fixed Rate 2019 $ 30,850 2.42 % $ 30,000 2.54 % 2020 20,390 2.38 1,691 2.23 2021 2,561 2.46 215 2.12 2023 579 1.01 — — 2024 2,131 2.36 2,240 2.36 2025 4,192 2.42 4,626 2.42 2026 8,470 1.95 8,185 1.99 2027 8,771 1.75 — — 2028 6,335 2.38 1,220 1.49 Total $ 84,279 2.28 % $ 48,177 2.39 % FHLB advances are collateralized by certain commercial and residential real estate mortgage loans under a blanket mortgage collateral pledge agreement and FHLB stock. Bancorp views these advances to be an effective alternative to brokered deposits to fund loan growth. At June 30, 2019, December 31, 2018, June 30, 2019, December 31, 2018. |
Note 10 - Other Comprehensive I
Note 10 - Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 10 Other Comprehensive Income (Loss) The following tables illustrate activity within the balances in accumulated other comprehensive income (“OCI”) by component: Net unrealized Net unrealized Minimum gains (losses) gains (losses) pension Three months ended June 30, 2019 on securities on cash liability (In thousands) available for sale flow hedges adjustment Total Balance, beginning of period $ (2,536 ) $ 234 $ (211 ) $ (2,513 ) Net current period other comprehensive income (loss) 3,827 (248 ) — 3,579 Balance, end of period $ 1,291 $ (14 ) $ (211 ) $ 1,066 Three months ended June 30, 2018 Balance, beginning of period $ (5,995 ) $ 544 $ (393 ) $ (5,844 ) Net current period other comprehensive income (loss) (1,279 ) 79 — (1,200 ) Balance, end of period $ (7,274 ) $ 623 $ (393 ) $ (7,044 ) Net unrealized Net unrealized Minimum gains (losses) gains (losses) pension Six months ended June 30, 2019 on securities on cash liability (In thousands) available for sale flow hedges adjustment Total Balance, beginning of period $ (5,330 ) $ 408 $ (220 ) $ (5,142 ) Net current period other comprehensive income (loss) 6,621 (422 ) 9 6,208 Balance, end of period $ 1,291 $ (14 ) $ (211 ) $ 1,066 Six months ended June 30, 2018 Balance, beginning of period $ (1,781 ) $ 193 $ (342 ) $ (1,930 ) Net current period other comprehensive income (loss) (4,997 ) 389 — $ (4,608 ) Reclassification adjustment for adoption of ASU 2018-02 (496 ) 41 (51 ) (506 ) Balance, end of period $ (7,274 ) $ 623 $ (393 ) $ (7,044 ) |
Note 11 - Preferred Stock
Note 11 - Preferred Stock | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | ( 11 Preferred Stock Bancorp has a class of preferred stock (no par value; 1,000,000 shares authorized), the relative rights, preferences and other terms of which or any series within the class will be determined by the Board of Directors prior to any issuance. None of this stock has been issued to date. |
Note 12 - Net Income Per Share
Note 12 - Net Income Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 12 Net Income Per Share The following table reflects, for the three June 30, 2019 2018, Three months ended Six months ended June 30, June 30, (In thousands, except per share data) 2019 2018 2019 2018 Net income $ 16,543 $ 13,579 $ 32,184 $ 26,983 Weighted average shares outstanding - basic 22,689 22,625 22,675 22,601 Dilutive securities 260 342 273 358 Weighted average shares outstanding- diluted 22,949 22,967 22,948 22,959 Net income per share, basic $ 0.73 $ 0.60 $ 1.42 $ 1.19 Net income per share, diluted 0.72 0.59 1.40 1.17 Stock appreciation rights (“SARs”) excluded from the earnings per share calculation because their impact was antidilutive follows: Three Six months ended months ended (In thousands) June 30, June 30, 2019 2018 2019 2018 Antidilutive SARs 200 93 200 93 These shares while antidilutive, could however, be dilutive to earnings per share (“EPS”) in the future. |
Note 13 - Defined Benefit Plan
Note 13 - Defined Benefit Plan | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ( 13 Defined Benefit Plan Bancorp sponsors an unfunded, non-qualified, defined benefit retirement plan for three key officers (one current and two retired), and has no |
Note 14 - Stock-based Compensat
Note 14 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 14 Stock-Based Compensation The fair value of all stock-based awards granted, net of estimated forfeitures, is recognized as compensation expense over the respective service period. At Bancorp's 2015 2015 2005 2015 2018 June 30, 2019, S tock O ptions – June 30, 2019 December 31, 2018. SARs – Fair values of SARs are estimated at the date of grant using the Black-Scholes option pricing model, a leading formula for calculating such value. This model requires the input of assumptions, changes to which can materially affect the fair value estimate. The following assumptions were used in SAR valuations at the grant date in each year: 2019 2018 Dividend yield 2.54 % 2.56 % Expected volatility 20.39 % 20.17 % Risk free interest rate 2.52 % 2.96 % Expected life of SARs (in years) 7.2 7.0 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 past experience of similar-life SARs. Bancorp evaluates historical exercise and post-vesting termination behavior when determining the expected life. Restricted stock awards (“RSAs”) 2015, 2015 Grants of performance stock units (“PSUs”) January 1 first not 2019, 2018, 2017, Grants of restricted stock units (“RSUs”) Bancorp utilized cash of $272 thousand during the first six 2019 first six 2018 In the first 2019, Bancorp has recognized stock-based compensation expense for SARs, RSAs, and PSUs within compensation expense, and RSUs for directors within other non-interest expense, as follows: Three months ended June 30, 2019 (In thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 86 $ 306 $ 83 $ 518 $ 993 Deferred tax benefit (18 ) (65 ) (17 ) (109 ) (209 ) Total net expense $ 68 $ 241 $ 66 $ 409 $ 784 Three months ended June 30, 2018 (In thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 77 $ 275 $ 62 $ 798 $ 1,212 Deferred tax benefit (16 ) (58 ) (13 ) (167 ) (254 ) Total net expense $ 61 $ 217 $ 49 $ 631 $ 958 Six months ended June 30, 2019 (In thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 170 $ 599 $ 164 $ 923 $ 1,856 Deferred tax benefit (36 ) (126 ) (34 ) (194 ) (390 ) Total net expense $ 134 $ 473 $ 130 $ 729 $ 1,466 Six months ended June 30, 2018 (In thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 150 $ 551 $ 124 $ 1,210 $ 2,035 Deferred tax benefit (32 ) (116 ) (26 ) (253 ) (427 ) Total net expense $ 118 $ 435 $ 98 $ 957 $ 1,608 As of June 30, 2019, (In thousands) Year ended Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Remainder of 2019 $ 175 $ 599 $ 166 $ 999 $ 1,939 2020 306 1,049 2 1,325 2,682 2021 248 830 — 466 1,544 2022 193 559 — — 752 2023 118 308 — — 426 2024 11 25 — — 36 Total estimated expense $ 1,051 $ 3,370 $ 168 $ 2,790 $ 7,379 The following table summarizes SARs activity and related information: Weighted Weighted Weighted average average Aggregate average remaining Exercise exercise intrinsic fair contractual (In thousands, except per share data) SARs price price value (1) value life (in years) Outstanding, January 1, 2018 704 $14.02 - $40.00 $ 19.51 $ 12,923 $ 3.47 5.1 Granted 100 35.90 - 39.32 37.75 — 6.07 Exercised (73 ) 14.02 - 19.37 15.32 1,654 3.43 Forfeited — - - — — Outstanding, December 31, 2018 731 $14.02 - $40.00 $ 22.42 $ 8,422 $ 3.82 5.2 Outstanding, January 1, 2019 731 $14.02 - $40.00 $ 22.42 $ 8,422 $ 3.82 Granted 53 36.65 - 38.18 37.01 — 6.24 Exercised (47 ) 14.02 - 22.96 17.16 830 3.62 Forfeited — - - — — Outstanding, June 30, 2019 737 $14.02 - $40.00 $ 23.79 $ 9,505 $ 4.01 5.0 Vested and exercisable 525 $14.02 - $40.00 $ 19.20 $ 8,975 $ 3.38 3.5 Unvested 212 22.96 - 40.00 35.14 530 5.58 8.5 Outstanding, June 30, 2019 737 $14.02 - $40.00 $ 23.79 $ 9,505 $ 4.01 5.0 Vested at June 30, 2019 79 $19.37 - $40.00 $ 27.39 $ 740 $ 4.55 ( 1 - In trinsic value for SARs is defined as the amount by which the current market price of the underlying stock exceeds the exercise or grant price. The following table summarizes activity for RSAs granted to officers: Grant date weighted (In thousands, except per share data) RSAs average cost Unvested at January 1, 2018 119 $ 27.62 Shares awarded 40 35.89 Restrictions lapsed and shares released (44 ) 23.62 Shares forfeited (5 ) 31.35 Unvested at December 31, 2018 110 $ 32.09 Unvested at January 1, 2019 110 $ 32.09 Shares awarded 39 34.88 Restrictions lapsed and shares released (39 ) 28.70 Shares forfeited — — Unvested at June 30, 2019 110 $ 34.32 Expected shares to be awarded for PSUs granted to executive officers of Bancorp, the three January 1 Vesting Expected Grant period Fair shares to year in years value be awarded 2017 3 $ 35.66 61,893 2018 3 31.54 71,932 2019 3 32.03 43,602 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 15 Commitments and Contingent Liabilities As of June 30, 2019 December 31, 2018, not (In thousands) June 30, 2019 December 31, 2018 Commercial and Industrial $ 381,824 $ 309,920 Construction - Commercial 224,641 163,314 Construction - Residential 15,631 16,050 Home Equity 154,030 147,907 Credit Cards 21,222 20,003 Overdrafts 21,777 21,751 Letters of credit 23,359 20,891 Other 43,572 33,369 Future loan commitments 213,687 101,399 Total off balance sheet commitments to extend credit $ 1,099,743 $ 834,604 Commitments to extend credit are an agreement to lend to a customer as long as collateral is available as agreed upon and there is no not may June 30, 2019 December 31, 2018, Standby letters of credit and financial guarantees written are conditional commitments issued by Bancorp to guarantee the performance of a customer to a first As of June 30, 2019, not |
Note 16 - Assets and Liabilitie
Note 16 - Assets and Liabilities Measured and Reported at Fair Value | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 16 Assets and Liabilities Measured and Reported at Fair Value Fair value represents the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three may ● Level 1: ● Level 2: not ● Level 3: 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 At June 30, 2019 December 31, 2018, All available for sale securities are priced using standard industry models or matrices with various assumptions such as yield curves, volatility, prepayment speeds, default rates, time value, credit rating and market prices for similar instruments. These assumptions are observable in the market place and can be derived from or supported by observable data. These measurements are classified as Level 2. Fair value measurements for interest rate swaps 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 2 Mortgage servicing rights, impaired loans and OREO are recorded at fair value on a non-recurring basis, generally in the application of lower of cost or market adjustments or write-downs of specific assets. Carrying values of assets measured at fair value on a recurring basis follows: (In thousands) Fair value at June 30, 2019 Assets Total Level 1 Level 2 Level 3 Securities available for sale: Government sponsored enterprise obligations $ 268,015 $ — $ 268,015 $ — Mortgage backed securities - government agencies 131,598 — 131,598 — Obligations of states and political subdivisions 23,966 — 23,966 — Total Securities available for sale 423,579 — 423,579 — Interest rate swaps 1,813 — 1,813 — Total assets $ 425,392 $ — $ 425,392 $ — Liabilities Interest rate swaps $ 1,849 $ — $ 1,849 $ — (In thousands) Fair value at December 31, 2018 Assets Total Level 1 Level 2 Level 3 Securities available for sale: Government sponsored enterprise obligations $ 261,039 $ — $ 261,039 $ — Mortgage backed securities - government agencies 146,277 — 146,277 — Obligations of states and political subdivisions 29,679 — 29,679 — Total Securities available for sale 436,995 — 436,995 — Interest rate swaps 1,035 — 1,035 — Total assets $ 438,030 $ — $ 438,030 $ — Liabilities Interest rate swaps $ 543 $ — $ 543 $ — For the securities portfolio, Bancorp monitors the valuation technique used by pricing agencies to ascertain when transfers between levels have occurred. The nature of other assets and liabilities measured at fair value is such that transfers in and out of any level are expected to be rare. For the three six June 30, 2019, no 1, 2, 3. Bancorp had nofinancial instruments classified within Level 3 June 30, 2019 December 31, 2018. Discussion of assets measured at fair value on a non-recurring basis follows: Mortgage Servicing Rights 3. June 30, 2019 December 31, 2018, not June 30, 2019 December 31, 2018. Impaired loans 3 may may may third June 30, 2019, December 31, 2018. Other real estate owned (“OREO”) may not 3. June 30, 2019 December 31, 2018, Below are the carrying values of assets measured at fair value on a non-recurring (In thousands) Fair value at June 30, 2019 Losses recorded: Three months Six months ended ended Total Level 1 Level 2 Level 3 June 30, 2019 June 30, 2019 Impaired loans $ 352 $ — $ — $ 352 $ — $ — Other real estate owned 239 — — 239 — — (In thousands) Fair value at December 31, 2018 Losses recorded: Three months Six months ended ended Total Level 1 Level 2 Level 3 June 30, 2018 June 30, 2018 Impaired loans $ 925 $ — $ — $ 925 $ 304 $ 1,419 Other real estate owned 239 — — 239 — — For Level 3 June 30, 2019 December 31, 2018, June 30, 2019 Fair Valuation Unobservable (weighted (Dollars in thousands) value technique inputs average) Impaired loans - collateral dependent $ 352 Appraisal Appraisal discounts 10.0 % Other real estate owned 239 Appraisal Appraisal discounts 22.0 December 31, 2018 Fair Valuation Unobservable (weighted (Dollars in thousands) value technique inputs average) Impaired loans - collateral dependent $ 925 Appraisal Appraisal discounts 9.9 % Other real estate owned 1,018 Appraisal Appraisal discounts 12.2 |
Note 17 - Disclosure of Financi
Note 17 - Disclosure of Financial Instruments Not Reported at Fair Value | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 17 Disclosure of Financial Instruments Not GAAP requires disclosure of the fair value of financial assets and liabilities, including those financial assets and financial liabilities that are not (In thousands) Carrying June 30, 2019 amount Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 116,039 $ 116,039 $ 116,039 $ — $ — Mortgage loans held for sale 3,922 4,023 — 4,023 — Federal Home Loan Bank stock 11,316 11,316 — 11,316 — Loans, net 2,737,464 2,749,157 — — 2,749,157 Accrued interest receivable 9,633 9,633 9,633 — — Liabilities Non-interest bearing deposits 777,652 777,652 777,652 — — Transaction deposits 1,671,016 1,671,016 — 1,671,016 — Time deposits 434,785 436,451 — 436,451 — Securities sold under agreement to repurchase 33,809 33,809 — 33,809 — Federal funds purchased 12,012 12,012 — 12,012 — FHLB advances 84,279 84,505 — 84,505 — Accrued interest payable 1,008 1,008 1,008 — — (In thousands) Carrying December 31, 2018 amount Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 198,939 $ 198,939 $ 198,939 $ — $ — Mortgage loans held for sale 1,675 1,743 — 1,743 — Federal Home Loan Bank stock 10,370 10,370 — 10,370 — Loans, net 2,522,637 2,508,587 — — 2,508,587 Accrued interest receivable 8,360 8,360 8,360 — — Liabilities Non-interest bearing deposits 711,023 711,023 711,023 — — Transaction deposits 1,736,618 1,736,618 — 1,736,618 — Time deposits 346,715 345,273 — 345,273 — Securities sold under agreement to repurchase 36,094 36,094 — 36,094 — Federal funds purchased 10,247 10,247 — 10,247 — FHLB advances 48,177 47,227 — 47,227 — Accrued interest payable 762 762 762 — — Limitations Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. Because no may not |
Note 18 - Derivative Financial
Note 18 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ( 18 Derivative Financial Instruments Periodically, Bancorp enters into interest rate swap transactions with borrowers who desire 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. These are undesignated derivative instruments and are recognized on the 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 have an insignificant effect on earnings. Exchanges of cash flows related to undesignated interest rate swap agreements for the first six 2019 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 not At June 30, 2019 December 31, 2018, (Dollars in thousands) Receiving Paying June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Notional amount $ 60,607 $ 55,505 $ 60,607 $ 55,505 Weighted average maturity (years) 7.4 8.0 7.4 8.0 Fair value $ 1,813 $ 519 $ 1,835 $ 543 In 2015, three December 9, 2015 December 6, 2020. 2016, three December 6, 2016 December 6, 2021. The following table details Bancorp’s derivative position designated as a cash flow hedge, and the fair values as of June 30, 2019 December 31, 2018. (Dollars in thousands) Fair value Notional Maturity Receive (variable) Pay fixed assets (liabilities) amount date index swap rate June 30, 2019 December 31, 2018 $ 10,000 12/6/2021 US 3 Month LIBOR 1.89 % $ (37 ) $ 193 20,000 12/6/2020 US 3 Month LIBOR 1.79 % 23 323 $ 30,000 1.82 % $ (14 ) $ 516 |
Note 19 - Regulatory Matters
Note 19 - Regulatory Matters | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | ( 19 Regulatory Matters Bancorp and the Bank are subject to capital regulations in accordance with Basel III, as administered by banking regulators. Regulatory agencies measure capital adequacy within a framework that makes capital requirements, in part, dependent on the individual risk profiles of financial institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on Bancorp’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Holding Company and the Bank must meet specific capital guidelines that involve quantitative measures of Bancorp’s assets, liabilities and certain off-balance sheet items, as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators regarding components, risk weightings and other factors. Banking regulators have categorized the Bank as well-capitalized. For prompt corrective action, the regulations in accordance with Basel III define “well capitalized” as a 6.5% Common Equity Tier 1 1 1 1 2016 2019 January 1, 2016; January 1, 2017; January 1, 2018; January 1, 2019. Bancorp continues to exceed the regulatory requirements for Total Risk Based Capital, Common Equity Tier I Risk Based, Tier I Risk Based Capital and Tier I Leverage Capital. Bancorp and the Bank intend to maintain a capital position that meets or exceeds the “well-capitalized” requirements as defined by the FRB and the FDIC, in addition to the Capital Conservation Buffer. The following table sets forth consolidated Bancorp’s and the Bank’s risk based capital amounts and ratios: (Dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized June 30, 2019 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 400,314 12.67 % $ 252,821 8.00 % NA NA Bank 392,705 12.45 252,265 8.00 $ 315,331 10.00 % Common equity tier 1 risk-based capital Consolidated 373,548 11.82 142,212 4.50 NA NA Bank 365,939 11.60 141,899 4.50 204,965 6.50 Tier 1 risk-based capital (1) Consolidated 373,548 11.82 189,616 6.00 NA NA Bank 365,939 11.60 189,198 6.00 252,265 8.00 Leverage (2) Consolidated 373,548 10.91 136,955 4.00 NA NA Bank 365,939 10.70 136,784 4.00 170,980 5.00 (Dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2018 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 396,019 13.91 % $ 227,714 8.00 % NA NA Bank 385,637 13.56 227,462 8.00 $ 284,327 10.00 % Common equity tier 1 risk-based capital Consolidated 370,135 13.00 128,089 4.50 NA NA Bank 359,753 12.65 127,947 4.50 184,813 6.50 Tier 1 risk-based capital (1) Consolidated 370,135 13.00 170,785 6.00 NA NA Bank 359,753 12.65 170,596 6.00 227,462 8.00 Leverage (2) Consolidated 370,135 11.33 130,698 4.00 NA NA Bank 359,753 11.02 130,569 4.00 163,211 5.00 ( 1 Ratio is computed in relation to risk-weighted assets. ( 2 Ratio is computed in relation to average assets. NA Not not |
Note 20 - Segments
Note 20 - Segments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 20 Segments Bancorp’s principal activities include commercial banking and WM&T. Commercial banking provides a full range of loan and deposit products to individual consumers and businesses. Commercial banking also includes Bancorp’s mortgage origination and investment products sales activity. WM&T provides financial management services including 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 performance of business segments is based on the management structure of Bancorp and is not not Principally, all of the net assets of Bancorp are involved in the commercial banking segment. Goodwill of $12.8 million, of which $682 thousand relates to a bank acquisition in 1996, Selected financial information by business segment for the three six June 30, 2019 2018 Wealth Commercial Management (In thousands) Banking and Trust Total Company Three months ended June 30, 2019 Net interest income $ 30,690 $ 84 $ 30,774 Provision — — — Wealth management and trust services — 5,662 5,662 All other non-interest income 6,601 — 6,601 Non-interest expenses 22,297 3,167 25,464 Income before income tax expense 14,994 2,579 17,573 Income tax expense 471 559 1,030 Net income $ 14,523 $ 2,020 $ 16,543 Segment assets $ 3,462,105 $ 1,718 $ 3,463,823 Three months ended June 30, 2018 Net interest income $ 28,612 $ 62 $ 28,674 Provision 1,235 — 1,235 Wealth management and trust services — 5,344 5,344 All other non-interest income 6,091 — 6,091 Non-interest expenses 18,938 3,198 22,136 Income before income tax expense 14,530 2,208 16,738 Income tax expense 2,644 515 3,159 Net income $ 11,886 $ 1,693 $ 13,579 Segment assets $ 3,321,948 $ 1,892 $ 3,323,840 Wealth Commercial management (In thousands) Banking and Trust Total Company Six months ended June 30, 2019 Net interest income $ 60,271 $ 160 $ 60,431 Provision 600 — 600 Wealth management and trust services — 11,101 11,101 All other non-interest income 12,224 — 12,224 Non-interest expenses 41,903 6,200 48,103 Income before income tax expense 29,992 5,061 35,053 Income tax expense 1,771 1,098 2,869 Net income $ 28,221 $ 3,963 $ 32,184 Segment assets $ 3,462,105 $ 1,718 $ 3,463,823 Six months ended June 30, 2018 Net interest income $ 55,850 $ 133 $ 55,983 Provision 1,970 — 1,970 Wealth management and trust services — 10,844 10,844 All other non-interest income 11,500 — 11,500 Non-interest expenses 36,798 6,365 43,163 Income before income tax expense 28,582 4,612 33,194 Income tax expense 5,210 1,001 6,211 Net income $ 23,372 $ 3,611 $ 26,983 Segment assets $ 3,321,948 $ 1,892 $ 3,323,840 |
Note 21 - Revenue From Contract
Note 21 - Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 21 Revenue from Contracts with Customers All of Bancorp’s revenue from contracts with customers in the scope of ASC 606 606 Three months ended June 30, 2019 Three months ended June 30, 2018 (Dollars in thousands) Commercial WM&T Total Commercial WM&T Total Wealth management and trust services $ — $ 5,662 $ 5,662 $ — $ 5,344 $ 5,344 Deposit service charges 1,336 — 1,336 1,447 — 1,447 Debit and credit card income 2,168 — 2,168 1,689 — 1,689 Treasury management fees 1,202 — 1,202 1,113 — 1,113 Mortgage banking income(1) 796 — 796 746 — 746 Net investment product sales commissions and fees 364 — 364 397 — 397 Bank owned life insurance(1) 184 — 184 191 — 191 Other(2) 551 — 551 508 — 508 Total non-interest income $ 6,601 $ 5,662 $ 12,263 $ 6,091 $ 5,344 $ 11,435 Six months ended June 30, 2019 Six months ended June 30, 2018 (Dollars in thousands) Commercial WM&T Total Commercial WM&T Total Wealth management and trust services $ — $ 11,101 $ 11,101 $ — $ 10,844 $ 10,844 Deposit service charges 2,583 — 2,583 2,858 — 2,858 Debit and credit card income 3,912 — 3,912 3,197 — 3,197 Treasury management fees 2,359 — 2,359 2,160 — 2,160 Mortgage banking income(1) 1,278 — 1,278 1,322 — 1,322 Net investment product sales commissions and fees 720 — 720 801 — 801 Bank owned life insurance(1) 362 — 362 378 — 378 Other(2) 1,010 — 1,010 784 — 784 Total non-interest income $ 12,224 $ 11,101 $ 23,325 $ 11,500 $ 10,844 $ 22,344 ( 1 606 Revenue sources within the scope of ASC 606 Bancorp earns fees from its deposit customers for transactions-based, account management, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payments fees, and ACH fees, are recognized at the time the transaction is executed as that is when the company fulfills the performance obligation. Account management fees are earned over the course of a month and charged in the month in which the services are provided. Overdraft fees are recognized at the point in time that the overdraft occurs. Deposit service charges are withdrawn from customer’s account balances. Treasury management transaction fees are recognized at the time the transaction is executed as that is when the company fulfills the performance obligation. Account management fees are earned over the course of a month and charged in the month in which the services are provided. Treasury management fees are withdrawn from customer’s account balances. WM&T provides customers fiduciary and investment management services as agreed upon in asset management contracts. The contracts require WM&T to provide a series of distinct services for which fees are earned over time. The contracts are cancellable upon demand with fees typically based upon the asset value of investments. Revenue is accrued and recognized monthly based upon month-end asset values and collected from the customer predominately in the following month except for a small percentage of fees collected quarterly. Incentive compensation related to WM&T activities is considered a cost of obtaining the contract. Contracts between WM&T and clients do not none June 30, 2019 December 31, 2018. Investment products sales commissions and fees represent the Bank’s share of transaction fees and wrap fees resulting from investment services and programs provided through an agent relationship with a third third not six June 30, 2019, 2018 Debit and credit card revenue primarily consists of debit and credit card interchange income. Interchange income represents fees assessed within the payment card system for acceptance of card based transactions. Interchange fees are assessed as the performance obligation is satisfied, which is at the point in time the card transaction is authorized. Revenue is collected and recognized daily through the payment network settlement process. Bancorp did not 606, first six 2019. Bancorp’s revenue on the consolidated statement of income is categorized by product type, which effectively depicts how the nature, timing, and extent of cash flows are affected by economic factors. |
Note 22 - Leases
Note 22 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 22 Leases Bancorp has operating leases for various branch locations with terms remaining from 3 months to 14 years, some of which include options to extend the leases in 5 year increments. Options reasonably expected to be exercised are included in determination of the right of use asset. Bancorp elected the practical expedient to expense short-term lease expense associated with leases with original terms 12 not Balance sheet, income statement, and cash flow detail regarding operating leases follows: (In thousands) Balance Sheet June 30, 2019 Operating lease right-of-use assets $ 16,056 included in premises and equipment Operating lease liabilities 17,373 included in other liabilities Weighted average remaining lease term (in years) 12.42 Weighted average discount rate 3.61 % Maturities of lease liabilities: One year or less $ 1,949 Year 2 1,929 Year 3 1,919 Year 4 1,955 Year 5 1,935 Greater than 5 years 11,870 Total lease payments $ 21,557 Less imputed interest 4,184 Total $ 17,373 (In thousands) Three months ended Six months ended Income Statement June 30, 2019 June 30, 2019 Components of lease expense: Operating lease cost $ 489 $ 997 Variable lease cost 24 63 Less sublease income 13 27 Total lease cost $ 500 $ 1,033 (In thousands) Six months ended Cash flow Statement June 30, 2019 Supplemental cash flow information: Operating cash flows from operating leases $ 694 As of June 30, 2019 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation – The consolidated financial statements include the accounts of Stock Yards Bancorp, Inc. (“Holding Company”), and its wholly-owned subsidiary, Stock Yards Bank & Trust Company (“Bank”). All significant inter-company transactions and accounts have been eliminated in consolidation. All companies are collectively referred to as “Bancorp” or the “Company.” As a result of its acquisition of King, Bancorp, Inc. on May 1, 2019, Bancorp became the successor owner of King Bancorp Statutory Trust I (“KBST”), an unconsolidated finance subsidiary. As permitted under the terms of KBST’s governing documents, Bancorp redeemed the trust-preferred securities at the par amount of approximately million on June 17, 2019. The Bank, chartered in 1904, is a Louisville, Kentucky-based, state-chartered non-member financial institution that provides services in the Louisville, Kentucky, Indianapolis, Indiana and Cincinnati, Ohio Metropolitan Statistical Areas (“MSAs”) through 43 full service banking center locations. As of June 30, 2019, Bancorp was divided into reportable segments: Commercial Banking and Wealth Management & Trust (“WM&T”): Commercial Banking provides a full range of loan and deposit products to individual consumers and businesses through commercial lending, retail lending, deposit services, treasury management services, private banking, online banking, mobile banking, merchant services, international banking, correspondent banking and other banking services. The Bank also offers securities brokerage services via its banking center network through an arrangement with a third party broker-dealer. WM&T, with over billion in assets under management (“AUM”), provides custom-tailored financial planning, investment management, retirement planning and trust and estate services in all markets in which Bancorp operates. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10 -Q and Rule 10 - 01 of Regulation S- X. Accordingly, the financial statements do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. For further information, refer to the consolidated financial statements and notes thereto included in Bancorp’s Annual Report on Form 10 -K for the year ended December 31, 2018. Certain reclassifications have been made in the prior year financial statements to conform to current year classifications. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Updates (“ASUs”) The following ASU was issued prior to June 30, 2019 and is considered relevant to Bancorp’s financial statements. Generally, if an issued-but- not -yet-effective ASU with an expected immaterial impact to Bancorp has been disclosed in prior SEC filings, it will not be re-disclosed. In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016 - 13, Measurement of Credit Losses on Financial Instruments , (“CECL”). This ASU significantly changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. Bancorp expects to recognize a one -time cumulative-effect adjustment to the allowance on January 1, 2020. Interagency guidance issued in December 2018 allows for a three year phase-in of the cumulative-effect adjustment for regulatory capital reporting. As a result of this ASU, Bancorp could experience an increase in its allowance. Bancorp has formed a committee to oversee its transition to the CECL methodology. Bancorp has devoted internal resources and purchased a third party software solution to analyze, compute and report upon the CECL disclosure requirements. In addition, Bancorp has analyzed loan-level data and is determining its CECL loan segmentation and initial segment calculation methodologies. Bancorp is currently exploring regression techniques and has begun to run forecasting scenarios. Recently A dopted A ccounting S tandards Bancorp adopted ASU 2016 - 02, Leases and related amendments using an alternative transition method, effective January 1, 2019 and upon adoption recorded million of right-of-use lease assets and million of operating lease liabilities on its balance sheet as of June 30, 2019. Prior periods have not been restated. The right-of-use lease asset and operating lease liability are recorded in premises and equipment and other liabilities, respectively, on the consolidated balance sheet. Bancorp elected all applicable practical expedients, including the option to expense short-term leases, which are defined as leases with a term of one year or less. Bancorp also elected not to separate lease components from non-lease components. The adoption of this ASU did not have a meaningful impact on Bancorp's performance metrics, including regulatory capital ratios and return on average assets. Additionally, Bancorp does not believe that the adoption of this ASU by its clients will have a significant impact on Bancorp's ability to underwrite credit when client financial statements are presented inclusive of the requirements of this ASU. See the note titled “Leases” for additional information on lease activities. |
Note 2 - Acquisition of King _2
Note 2 - Acquisition of King Bancorp, Inc. (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | May 1, 2019 As Recorded Fair Value As Recorded (In thousands) by King Adjustments (1) by Bancorp Assets aquired: Cash and due from banks $ 3,316 $ — $ 3,316 Interest bearing due from banks 1,761 — 1,761 Available for sale securities 12,404 23 a 12,427 Loans 165,744 (1,597 ) b 164,147 Allowance for loan and lease losses (1,812 ) 1,812 b - Loans, net 163,932 215 164,147 Federal Home Loan Bank stock, at cost 1,517 — 1,517 Federal Reserve Bank stock, at cost 490 — 490 Premises and equipment, net 4,358 (1,328 ) c 3,030 Core deposit intangible — 1,519 d 1,519 Bank owned life insurance 3,431 — 3,431 Other real estate owned 325 (325 ) e — Other assets and accrued interest receivable 867 (36 ) f 831 Total assets acquired $ 192,401 $ 68 $ 192,469 Liabilities assumed: Deposits Non-interest bearing $ 24,939 $ — $ 24,939 Interest bearing 100,839 (252 ) g 100,587 Total deposits 125,778 (252 ) 125,526 Federal funds purchased 1,566 — 1,566 Federal Home Loan Bank advances 43,718 (419 ) h 43,299 Subordinated Note 3,609 — 3,609 Holding Company line of credit 2,300 — 2,300 Other liabilities and accrued interest payable 313 — 313 Total liabilities assumed 177,284 (671 ) 176,613 Net assets acquired $ 15,117 $ 739 $ 15,856 Cash consideration paid (28,000 ) Goodwill $ 12,144 |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | (In thousands) Amortized Unrealized June 30, 2019 cost Gains Losses Fair value Government sponsored enterprise obligations $ 266,579 $ 1,755 $ (319 ) $ 268,015 Mortgage backed securities - government agencies 131,447 938 (787 ) 131,598 Obligations of states and political subdivisions 23,854 118 (6 ) 23,966 Total securities available for sale $ 421,880 $ 2,811 $ (1,112 ) $ 423,579 December 31, 2018 Government sponsored enterprise obligations 264,234 156 (3,351 ) 261,039 Mortgage backed securities - government agencies 149,748 282 (3,753 ) 146,277 Obligations of states and political subdivisions 29,760 107 (188 ) 29,679 Total securities available for sale $ 443,742 $ 545 $ (7,292 ) $ 436,995 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (In thousands) Amortized cost Fair value Due within 1 year $ 132,158 $ 132,133 Due after 1 year but within 5 years 56,040 56,033 Due after 5 years but within 10 years 7,157 7,232 Due after 10 years 95,078 96,583 Mortgage backed securities - government agencies 131,447 131,598 Total securities available for sale $ 421,880 $ 423,579 |
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 June 30, 2019 value losses value losses value losses Government sponsored enterprise obligations $ — $ — $ 57,505 $ (319 ) $ 57,505 $ (319 ) Mortgage-backed securities - government agencies — — 82,088 (787 ) 82,088 (787 ) Obligations of states and political subdivisions — — 6,485 (6 ) 6,485 (6 ) Total temporarily impaired securities $ — $ — $ 146,078 $ (1,112 ) $ 146,078 $ (1,112 ) December 31, 2018 Government sponsored enterprise obligations 96,740 (38 ) 149,320 (3,313 ) 246,060 (3,351 ) Mortgage-backed securities - government agencies 3,108 (5 ) 120,848 (3,748 ) 123,956 (3,753 ) Obligations of states and political subdivisions 814 (1 ) 17,639 (187 ) 18,453 (188 ) Total temporarily impaired securities $ 100,662 $ (44 ) $ 287,807 $ (7,248 ) $ 388,469 $ (7,292 ) |
Note 4 - Loans and Leases (Tabl
Note 4 - Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) June 30, 2019 December 31, 2018 Commercial and industrial $ 860,085 $ 833,524 Construction and development, excluding undeveloped land(1) 222,632 225,050 Undeveloped land 35,169 30,092 Real estate mortgage: Commercial investment 696,421 588,610 Owner occupied commercial 452,719 426,373 1-4 family residential 338,957 276,017 Home equity - first lien 46,012 49,500 Home equity - junior lien 67,948 70,947 Subtotal: Real estate mortgage 1,602,057 1,411,447 Consumer 43,937 48,058 Total loans(2) $ 2,763,880 $ 2,548,171 |
Schedule of Loans and Leases Receivable Outstanding Balances and Related Carrying Amounts for PCI Loans [Table Text Block] | In thousands June 30, 2019 December 31, 2018 Contractually-required principal $ 1,864 $ 432 Non-accretable amount (1,577 ) — Accretable amount (57 ) (68 ) Carrying value of loans $ 230 $ 364 |
Schedule of Loans and Leases Receivable Rollforward of the Accretable Amount on PCI Loans [Table Text Block] | Three months ended Six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Balance, beginning of period $ (62 ) $ (95 ) $ (68 ) $ (106 ) Transfers between non-accretable and accretable — — — — Net accretion into interest income on loans, including loan fees 5 10 11 21 Generated from acquisition of King — — — — Balance, end of period $ (57 ) $ (85 ) $ (57 ) $ (85 ) |
Financing Receivable Credit Quality Indicators [Table Text Block] | (In thousands) Substandard Total June 30, 2019 Pass OAEM Substandard non-performing Doubtful loans Commercial and industrial $ 817,645 $ 23,907 $ 18,241 $ 292 $ — $ 860,085 Construction and development, excluding undeveloped land 222,632 — — — — 222,632 Undeveloped land 35,169 — — — — 35,169 Real estate mortgage: Commercial investment 687,304 4,202 4,213 702 — 696,421 Owner occupied commercial 429,070 17,757 4,228 1,664 — 452,719 1-4 family residential 336,312 1,686 159 800 — 338,957 Home equity - first lien 46,012 — — — — 46,012 Home equity - junior lien 67,236 224 18 470 — 67,948 Subtotal: Real estate mortgage 1,565,934 23,869 8,618 3,636 — 1,602,057 Consumer 43,937 — — — — 43,937 Total $ 2,685,317 $ 47,776 $ 26,859 $ 3,928 $ — $ 2,763,880 December 31, 2018 Commercial and industrial $ 803,073 $ 11,516 $ 18,703 $ 232 $ — $ 833,524 Construction and development, excluding undeveloped land 220,532 4,200 — 318 — 225,050 Undeveloped land 29,618 — — 474 — 30,092 Real estate mortgage: Commercial investment 586,543 1,815 15 237 — 588,610 Owner occupied commercial 411,722 9,030 4,500 1,121 — 426,373 1-4 family residential 273,537 1,544 162 774 — 276,017 Home equity - first lien 49,500 — — — — 49,500 Home equity - junior lien 70,437 249 19 242 — 70,947 Subtotal: Real estate mortgage 1,391,739 12,638 4,696 2,374 — 1,411,447 Consumer 48,058 — — — — 48,058 Total $ 2,493,020 $ 28,354 $ 23,399 $ 3,398 $ — $ 2,548,171 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Type of loan Construction and development, Three months ended Commercial excluding and undeveloped Undeveloped Real estate (In thousands) industrial land land mortgage Consumer Total Balance, April 1, 2019 $ 11,762 $ 1,884 $ 662 $ 12,001 $ 155 $ 26,464 Provision (credit) 92 (74 ) (61 ) 10 33 - Charge-offs — — — (13 ) (148 ) (161 ) Recoveries 4 — — 32 77 113 Balance, June 30, 2019 $ 11,858 $ 1,810 $ 601 $ 12,030 $ 117 $ 26,416 Construction and development, Commercial excluding and undeveloped Undeveloped Real estate (In thousands) industrial land land mortgage Consumer Total Balance, April 1, 2018 $ 10,638 $ 2,020 $ 482 $ 10,707 $ 356 $ 24,203 Provision (credit) 2,008 (82 ) 19 (795 ) 85 1,235 Charge-offs (530 ) — — — (117 ) (647 ) Recoveries 2 — — 2 78 82 Balance, June 30, 2018 $ 12,118 $ 1,938 $ 501 $ 9,914 $ 402 $ 24,873 Type of loan Construction and development, Six months ended Commercial excluding and undeveloped Undeveloped Real estate (In thousands) industrial land land mortgage Consumer Total Balance, January 1, 2019 $ 11,965 $ 1,760 $ 752 $ 10,681 $ 376 $ 25,534 Provision (credit) (210 ) (153 ) (151 ) 1,310 (196 ) 600 Charge-offs (3 ) — — (13 ) (244 ) (260 ) Recoveries 106 203 — 52 181 542 Balance, June 30, 2019 $ 11,858 $ 1,810 $ 601 $ 12,030 $ 117 $ 26,416 Construction and development, Commercial excluding and undeveloped Undeveloped Real estate (In thousands) industrial land land mortgage Consumer Total Balance, January 1, 2018 $ 11,276 $ 1,724 $ 521 $ 11,012 $ 352 $ 24,885 Provision (credit) 2,769 214 (20 ) (1,104 ) 111 1,970 Charge-offs (1,939 ) — — — (236 ) (2,175 ) Recoveries 12 — — 6 175 193 Balance, June 30, 2018 $ 12,118 $ 1,938 $ 501 $ 9,914 $ 402 $ 24,873 (In thousands) Loans Allowance June 30, 2019 Loans individually evaluated for impairment Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality Total loans Loans individually evaluated for impairment Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality Total allowance Commercial and industrial $ 119 $ 859,966 $ — $ 860,085 $ 23 $ 11,835 $ — $ 11,858 Construction and development, excluding undeveloped land — 222,632 — 222,632 — 1,810 — 1,810 Undeveloped land — 35,169 — 35,169 — 601 — 601 Real estate mortgage 2,948 1,599,109 — 1,602,057 14 12,016 — 12,030 Consumer — 43,937 — 43,937 — 117 — 117 Total $ 3,067 $ 2,760,813 $ — $ 2,763,880 $ 37 $ 26,379 $ — $ 26,416 (In thousands) Loans Allowance December 31, 2018 Loans individually evaluated for impairment Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality Total loans Loans individually evaluated for impairment Loans collectively evaluated for impairment Loans acquired with deteriorated credit quality Total allowance Commercial and industrial $ 220 $ 833,304 $ — $ 833,524 $ 28 $ 11,937 $ — $ 11,965 Construction and development, excluding undeveloped land 318 224,732 — 225,050 — 1,760 — 1,760 Undeveloped land 474 29,618 — 30,092 — 752 — 752 Real estate mortgage 1,641 1,409,806 — 1,411,447 14 10,667 — 10,681 Consumer — 48,058 — 48,058 — 376 — 376 Total $ 2,653 $ 2,545,518 $ — $ 2,548,171 $ 42 $ 25,492 $ — $ 25,534 |
Financing Receivable, Nonaccrual [Table Text Block] | (In thousands) June 30, 2019 December 31, 2018 Commercial and industrial $ 96 $ 192 Construction and development, excluding undeveloped land — 318 Undeveloped land — 474 Real estate mortgage: Commercial investment 305 138 Owner occupied commercial 1,444 586 1-4 family residential 715 760 Home equity - first lien — — Home equity - junior lien 470 143 Subtotal: Real estate mortgage 2,934 1,627 Consumer — — Total non-accrual loans $ 3,030 $ 2,611 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | June 30, 2019 December 31, 2018 (In thousands) Specific Additional Specific Additional reserve commitment reserve commitment TDRs Balance allocation to lend Balance allocation to lend Commercial and industrial $ 23 $ 23 $ — $ 28 $ 28 $ — 1-4 family residential 14 14 — 14 14 — Total TDRs $ 37 $ 37 $ — $ 42 $ 42 $ — |
Impaired Financing Receivables [Table Text Block] | As of Three months ended Six months ended June 30, 2019 June 30, 2019 June 30, 2019 Unpaid Average Interest Average Interest Recorded principal Related recorded income recorded income (In thousands) investment balance allowance investment recognized investment recognized Impaired loans with no related allowance: Commercial and industrial $ 96 $ 96 $ — $ 144 $ — $ 160 $ — Construction and development, excluding undeveloped land — — — — — 106 — Undeveloped land — — — — — 158 — Real estate mortgage Commercial investment 306 306 — 311 — 254 — Owner occupied commercial 1,444 1,882 — 1,455 — 1,165 — 1-4 family residential 715 715 — 779 — 773 — Home equity - first lien — - — — — — — Home equity - junior lien 469 469 — 462 — 356 — Subtotal: Real estate mortgage 2,934 3,372 — 3,007 — 2,548 — Consumer — — — — — — — Subtotal $ 3,030 $ 3,468 $ — $ 3,151 $ — $ 2,972 $ — Impaired loans with an allowance: Commercial and industrial $ 23 $ 23 $ 23 $ 24 $ — $ 26 $ 1 Construction and development, excluding undeveloped land — — — — — — — Undeveloped land — — — — — — — Real estate mortgage Commercial investment — — — — — — — Owner occupied commercial — — — — — — — 1-4 family residential 14 14 14 14 — 14 — Home equity - first lien — — — — — — — Home equity - junior lien — — — — — — — Subtotal: Real estate mortgage 14 14 14 14 — 14 — Consumer — — — — — — — Subtotal $ 37 $ 37 $ 37 $ 38 $ — $ 40 $ 1 Total: Commercial and industrial $ 119 $ 119 $ 23 $ 168 $ — $ 186 $ 1 Construction and development, excluding undeveloped land — — — — — 106 — Undeveloped land — — — — — 158 — Real estate mortgage Commercial investment 306 306 — 311 — 254 — Owner occupied commercial 1,444 1,882 — 1,455 — 1,165 — 1-4 family residential 729 729 14 793 — 787 — Home equity - first lien — — — - — - — Home equity - junior lien 469 469 — 462 — 356 — Subtotal: Real estate mortgage 2,948 3,386 14 3,021 — 2,562 — Consumer — — — — — — — Total impaired loans $ 3,067 $ 3,505 $ 37 $ 3,189 $ — $ 3,012 $ 1 As of Three months ended Six months ended December 31, 2018 June 30, 2018 June 30, 2018 Unpaid Average Interest Average Interest Recorded principal Related recorded income recorded income (In thousands) investment balance allowance investment recognized investment recognized Impaired loans with no related allowance: Commercial and industrial $ 192 $ 707 $ — $ 225 $ — $ 531 $ — Construction and development, excluding undeveloped land 318 489 — 525 — 571 — Undeveloped land 474 506 — 474 — 474 — Real estate mortgage Commercial investment 138 138 — - — 17 — Owner occupied commercial 586 1,023 — 2,335 — 2,667 — 1-4 family residential 760 760 — 1,350 — 1,446 — Home equity - first lien — - — - — - — Home equity - junior lien 143 143 — 17 — 22 — Subtotal: Real estate mortgage 1,627 2,064 — 3,702 — 4,152 — Consumer — — — 46 — 30 — Subtotal $ 2,611 $ 3,766 $ — $ 4,972 $ — $ 5,758 $ — Impaired loans with an allowance: Commercial and industrial $ 28 $ 28 $ 28 $ 3,074 $ — $ 2,061 $ — Construction and development, excluding undeveloped land — — — — — — — Undeveloped land — — — 48 — 32 — Real estate mortgage Commercial investment — — — — — — — Owner occupied commercial — — — 1,645 — 1,097 — 1-4 family residential 14 14 14 14 — 14 — Home equity - first lien — — — — — — — Home equity - junior lien — — — — — — — Subtotal: Real estate mortgage 14 14 14 1,659 — 1,111 — Consumer — — — — — — — Subtotal $ 42 $ 42 $ 42 $ 4,781 $ — $ 3,204 $ — Total: Commercial and industrial $ 220 $ 735 $ 28 $ 3,299 $ — $ 2,592 $ — Construction and development, excluding undeveloped land 318 489 — 525 — 571 — Undeveloped land 474 506 — 522 — 506 — Real estate mortgage Commercial investment 138 138 — - — 17 — Owner occupied commercial 586 1,023 — 3,980 — 3,764 — 1-4 family residential 774 774 14 1,364 — 1,460 — Home equity - first lien — — — - — - — Home equity - junior lien 143 143 — 17 — 22 — Subtotal: Real estate mortgage 1,641 2,078 14 5,361 — 5,263 — Consumer — — — 46 — 30 — Total impaired loans $ 2,653 $ 3,808 $ 42 $ 9,753 $ — $ 8,962 $ — |
Financing Receivable, Past Due [Table Text Block] | Recorded (In thousands) 90 or more investment days past due > 90 days 30-59 days 60-89 days (includes all Total Total and June 30, 2019 Current past due past due non-accrual) past due loans accruing Commercial and industrial $ 858,853 $ 572 $ 391 $ 269 $ 1,232 $ 860,085 $ 173 Construction and development, excluding undeveloped land 222,632 — — — — 222,632 — Undeveloped land 35,169 — — — — 35,169 — Real estate mortgage: Commercial investment 692,612 1 3,107 701 3,809 696,421 396 Owner occupied commercial 450,140 643 272 1,664 2,579 452,719 220 1-4 family residential 336,548 749 873 787 2,409 338,957 72 Home equity - first lien 45,963 49 — — 49 46,012 — Home equity - junior lien 67,408 70 — 470 540 67,948 — Subtotal: Real estate mortgage 1,592,671 1,512 4,252 3,622 9,386 1,602,057 688 Consumer 43,901 9 27 — 36 43,937 — Total $ 2,753,226 $ 2,093 $ 4,670 $ 3,891 $ 10,654 $ 2,763,880 $ 861 December 31, 2018 Commercial and industrial $ 832,923 $ 197 $ 200 $ 204 $ 601 $ 833,524 $ 12 Construction and development, excluding undeveloped land 224,732 — — 318 318 225,050 — Undeveloped land 29,552 66 — 474 540 30,092 — Real estate mortgage: Commercial investment 586,884 1,382 107 237 1,726 588,610 99 Owner occupied commercial 421,143 2,732 1,377 1,121 5,230 426,373 535 1-4 family residential 274,547 374 336 760 1,470 276,017 — Home equity - first lien 49,321 179 — — 179 49,500 — Home equity - junior lien 70,467 182 56 242 480 70,947 99 Subtotal: Real estate mortgage 1,402,362 4,849 1,876 2,360 9,085 1,411,447 733 Consumer 48,058 — — — — 48,058 — Total $ 2,537,627 $ 5,112 $ 2,076 $ 3,356 $ 10,544 $ 2,548,171 $ 745 |
King Bancorp Inc. [Member] | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | May 1, 2019 Contractual Non-accretable Accretable Acquisition-day (In thousands) receivable amount amount fair value Commercial and industrial $ 8,249 $ — $ (23 ) $ 8,226 Construction and development 10,764 — 43 10,807 Raw Land 7,974 — 43 8,017 Real estate mortgage: Commercial real estate 84,219 — (408 ) 83,811 1-4 family residential 50,556 — 322 50,878 Home equity - first lien 196 — 3 199 Home equity - junior lien 679 — 5 684 Subtotal: Real estate mortgage 135,650 — (78 ) 135,572 Consumer 1,528 — (3 ) 1,525 Total loans ASC 310-20 164,165 — (18 ) 164,147 Commercial and industrial Construction and development — — — — Raw Land — — — — Real estate mortgage: Commercial real estate 1,351 (1,351 ) — — 1-4 family residential 228 (228 ) — — Home equity - first lien — — — — Home equity - junior lien — — — — Subtotal: Real estate mortgage 1,579 (1,579 ) — — Consumer — — — — Total loans ASC 310 purchased- credit-impaired loans 1,579 (1,579 ) — — Total loans $ 165,744 $ (1,579 ) $ (18 ) $ 164,147 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Three months ended Six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Balance at beginning of period $ 682 $ 682 $ 682 $ 682 Goodwill acquired 12,144 — 12,144 — Impairment — — — — Balance at end of period $ 12,826 $ 682 $ 12,826 $ 682 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three months ended Six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Balance at beginning of period $ 1,015 $ 1,182 $ 1,056 $ 1,225 Core deposit intangible acquired 1,519 — 1,519 — Amortization (73 ) (43 ) (114 ) (86 ) Balance at end of period $ 2,461 $ 1,139 $ 2,461 $ 1,139 |
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets [Table Text Block] | Three months ended Six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Balance at beginning of period $ 1,070 $ 861 $ 1,022 $ 875 Additions for mortgage loans sold 134 74 214 95 Amortization (36 ) (37 ) (68 ) (72 ) Balance at end of period $ 1,168 $ 898 $ 1,168 $ 898 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three months ended Six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Current income tax expense: Federal $ 3,772 $ 3,426 $ 6,498 $ 5,862 State 189 182 330 310 Total current income tax expense 3,961 3,608 6,828 6,172 Deferred income tax expense (benefit) : Federal 224 (421 ) 789 46 State (3,155 ) (28 ) (4,768 ) (7 ) Total deferred income tax expense (2,931 ) (449 ) (3,979 ) 39 Change in valuation allowance — — 20 — Total income tax expense $ 1,030 $ 3,159 $ 2,869 $ 6,211 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Kentucky state income tax enactments (14.1 ) — (10.7 ) — Excess tax benefits from stock-based compensation arrangements (0.4 ) (1.2 ) (1.1 ) (1.5 ) Increase in cash surrender value of life insurance (0.6 ) (1.2 ) (0.9 ) (0.6 ) Tax credits (0.7 ) (0.7 ) (0.7 ) (0.5 ) Tax exempt interest income (0.3 ) (0.5 ) (0.3 ) (0.5 ) State income taxes, net of federal benefit 0.8 0.7 0.8 0.7 Other, net 0.2 0.8 0.1 0.1 Effective income tax rate 5.9 % 18.9 % 8.2 % 18.7 % |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | (In thousands) June 30, 2019 December 31, 2018 Non-interest bearing demand deposits $ 777,652 $ 711,023 Interest bearing deposits: Interest bearing demand 824,324 892,867 Savings 171,471 155,007 Money market 675,221 688,744 Time deposits of $250 thousand or more 71,952 55,182 Other time deposits(1) 362,833 291,533 Total time deposits 434,785 346,715 Total interest bearing deposits 2,105,801 2,083,333 Total deposits $ 2,883,453 $ 2,794,356 |
Note 8 - Securities Sold Unde_2
Note 8 - Securities Sold Under Agreements to Repurchase (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | (Dollars in thousands) June 30, 2019 December 31, 2018 Outstanding balance at end of period $ 33,809 $ 36,094 Weighted average interest rate at end of period 0.31 % 0.24 % Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2019 2018 2019 2018 Average outstanding balance during the period $ 39,969 $ 61,993 $ 38,755 $ 66,609 Average interest rate during the period 0.28 % 0.21 % 0.28 % 0.20 Maximum outstanding at any month end during the period $ 43,160 $ 60,801 $ 43,160 $ 74,725 |
Note 9 - Federal Home Loan Ba_2
Note 9 - Federal Home Loan Bank Advances (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Maturities and Average Effective Interest Rates of Federal Home Loan Bank Advances Disclosure [Table Text Block] | (In thousands) June 30, 2019 December 31, 2018 Maturity Weighted average Weighted average Year Advance Fixed Rate Advance Fixed Rate 2019 $ 30,850 2.42 % $ 30,000 2.54 % 2020 20,390 2.38 1,691 2.23 2021 2,561 2.46 215 2.12 2023 579 1.01 — — 2024 2,131 2.36 2,240 2.36 2025 4,192 2.42 4,626 2.42 2026 8,470 1.95 8,185 1.99 2027 8,771 1.75 — — 2028 6,335 2.38 1,220 1.49 Total $ 84,279 2.28 % $ 48,177 2.39 % |
Note 10 - Other Comprehensive_2
Note 10 - Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Net unrealized Net unrealized Minimum gains (losses) gains (losses) pension Three months ended June 30, 2019 on securities on cash liability (In thousands) available for sale flow hedges adjustment Total Balance, beginning of period $ (2,536 ) $ 234 $ (211 ) $ (2,513 ) Net current period other comprehensive income (loss) 3,827 (248 ) — 3,579 Balance, end of period $ 1,291 $ (14 ) $ (211 ) $ 1,066 Three months ended June 30, 2018 Balance, beginning of period $ (5,995 ) $ 544 $ (393 ) $ (5,844 ) Net current period other comprehensive income (loss) (1,279 ) 79 — (1,200 ) Balance, end of period $ (7,274 ) $ 623 $ (393 ) $ (7,044 ) Net unrealized Net unrealized Minimum gains (losses) gains (losses) pension Six months ended June 30, 2019 on securities on cash liability (In thousands) available for sale flow hedges adjustment Total Balance, beginning of period $ (5,330 ) $ 408 $ (220 ) $ (5,142 ) Net current period other comprehensive income (loss) 6,621 (422 ) 9 6,208 Balance, end of period $ 1,291 $ (14 ) $ (211 ) $ 1,066 Six months ended June 30, 2018 Balance, beginning of period $ (1,781 ) $ 193 $ (342 ) $ (1,930 ) Net current period other comprehensive income (loss) (4,997 ) 389 — $ (4,608 ) Reclassification adjustment for adoption of ASU 2018-02 (496 ) 41 (51 ) (506 ) Balance, end of period $ (7,274 ) $ 623 $ (393 ) $ (7,044 ) |
Note 12 - Net Income Per Share
Note 12 - Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Six months ended June 30, June 30, (In thousands, except per share data) 2019 2018 2019 2018 Net income $ 16,543 $ 13,579 $ 32,184 $ 26,983 Weighted average shares outstanding - basic 22,689 22,625 22,675 22,601 Dilutive securities 260 342 273 358 Weighted average shares outstanding- diluted 22,949 22,967 22,948 22,959 Net income per share, basic $ 0.73 $ 0.60 $ 1.42 $ 1.19 Net income per share, diluted 0.72 0.59 1.40 1.17 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Six months ended months ended (In thousands) June 30, June 30, 2019 2018 2019 2018 Antidilutive SARs 200 93 200 93 |
Note 14 - Stock-based Compens_2
Note 14 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award Fair Value Assumptions and Methodology [Table Text Block] | 2019 2018 Dividend yield 2.54 % 2.56 % Expected volatility 20.39 % 20.17 % Risk free interest rate 2.52 % 2.96 % Expected life of SARs (in years) 7.2 7.0 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended June 30, 2019 (In thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 86 $ 306 $ 83 $ 518 $ 993 Deferred tax benefit (18 ) (65 ) (17 ) (109 ) (209 ) Total net expense $ 68 $ 241 $ 66 $ 409 $ 784 Three months ended June 30, 2018 (In thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 77 $ 275 $ 62 $ 798 $ 1,212 Deferred tax benefit (16 ) (58 ) (13 ) (167 ) (254 ) Total net expense $ 61 $ 217 $ 49 $ 631 $ 958 Six months ended June 30, 2019 (In thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 170 $ 599 $ 164 $ 923 $ 1,856 Deferred tax benefit (36 ) (126 ) (34 ) (194 ) (390 ) Total net expense $ 134 $ 473 $ 130 $ 729 $ 1,466 Six months ended June 30, 2018 (In thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 150 $ 551 $ 124 $ 1,210 $ 2,035 Deferred tax benefit (32 ) (116 ) (26 ) (253 ) (427 ) Total net expense $ 118 $ 435 $ 98 $ 957 $ 1,608 |
Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block] | (In thousands) Year ended Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Remainder of 2019 $ 175 $ 599 $ 166 $ 999 $ 1,939 2020 306 1,049 2 1,325 2,682 2021 248 830 — 466 1,544 2022 193 559 — — 752 2023 118 308 — — 426 2024 11 25 — — 36 Total estimated expense $ 1,051 $ 3,370 $ 168 $ 2,790 $ 7,379 |
Share-based Payment Arrangement, Option and Stock Appreciation Rights, Activity [Table Text Block] | Weighted Weighted Weighted average average Aggregate average remaining Exercise exercise intrinsic fair contractual (In thousands, except per share data) SARs price price value (1) value life (in years) Outstanding, January 1, 2018 704 $14.02 - $40.00 $ 19.51 $ 12,923 $ 3.47 5.1 Granted 100 35.90 - 39.32 37.75 — 6.07 Exercised (73 ) 14.02 - 19.37 15.32 1,654 3.43 Forfeited — - - — — Outstanding, December 31, 2018 731 $14.02 - $40.00 $ 22.42 $ 8,422 $ 3.82 5.2 Outstanding, January 1, 2019 731 $14.02 - $40.00 $ 22.42 $ 8,422 $ 3.82 Granted 53 36.65 - 38.18 37.01 — 6.24 Exercised (47 ) 14.02 - 22.96 17.16 830 3.62 Forfeited — - - — — Outstanding, June 30, 2019 737 $14.02 - $40.00 $ 23.79 $ 9,505 $ 4.01 5.0 Vested and exercisable 525 $14.02 - $40.00 $ 19.20 $ 8,975 $ 3.38 3.5 Unvested 212 22.96 - 40.00 35.14 530 5.58 8.5 Outstanding, June 30, 2019 737 $14.02 - $40.00 $ 23.79 $ 9,505 $ 4.01 5.0 Vested at June 30, 2019 79 $19.37 - $40.00 $ 27.39 $ 740 $ 4.55 |
Schedule of Nonvested Share Activity [Table Text Block] | Grant date weighted (In thousands, except per share data) RSAs average cost Unvested at January 1, 2018 119 $ 27.62 Shares awarded 40 35.89 Restrictions lapsed and shares released (44 ) 23.62 Shares forfeited (5 ) 31.35 Unvested at December 31, 2018 110 $ 32.09 Unvested at January 1, 2019 110 $ 32.09 Shares awarded 39 34.88 Restrictions lapsed and shares released (39 ) 28.70 Shares forfeited — — Unvested at June 30, 2019 110 $ 34.32 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Vesting Expected Grant period Fair shares to year in years value be awarded 2017 3 $ 35.66 61,893 2018 3 31.54 71,932 2019 3 32.03 43,602 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Off Balance Sheet Commitments to Extend Credit [Table Text Block] | (In thousands) June 30, 2019 December 31, 2018 Commercial and Industrial $ 381,824 $ 309,920 Construction - Commercial 224,641 163,314 Construction - Residential 15,631 16,050 Home Equity 154,030 147,907 Credit Cards 21,222 20,003 Overdrafts 21,777 21,751 Letters of credit 23,359 20,891 Other 43,572 33,369 Future loan commitments 213,687 101,399 Total off balance sheet commitments to extend credit $ 1,099,743 $ 834,604 |
Note 16 - Assets and Liabilit_2
Note 16 - Assets and Liabilities Measured and Reported at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | (In thousands) Fair value at June 30, 2019 Assets Total Level 1 Level 2 Level 3 Securities available for sale: Government sponsored enterprise obligations $ 268,015 $ — $ 268,015 $ — Mortgage backed securities - government agencies 131,598 — 131,598 — Obligations of states and political subdivisions 23,966 — 23,966 — Total Securities available for sale 423,579 — 423,579 — Interest rate swaps 1,813 — 1,813 — Total assets $ 425,392 $ — $ 425,392 $ — Liabilities Interest rate swaps $ 1,849 $ — $ 1,849 $ — (In thousands) Fair value at December 31, 2018 Assets Total Level 1 Level 2 Level 3 Securities available for sale: Government sponsored enterprise obligations $ 261,039 $ — $ 261,039 $ — Mortgage backed securities - government agencies 146,277 — 146,277 — Obligations of states and political subdivisions 29,679 — 29,679 — Total Securities available for sale 436,995 — 436,995 — Interest rate swaps 1,035 — 1,035 — Total assets $ 438,030 $ — $ 438,030 $ — Liabilities Interest rate swaps $ 543 $ — $ 543 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | (In thousands) Fair value at June 30, 2019 Losses recorded: Three months Six months ended ended Total Level 1 Level 2 Level 3 June 30, 2019 June 30, 2019 Impaired loans $ 352 $ — $ — $ 352 $ — $ — Other real estate owned 239 — — 239 — — (In thousands) Fair value at December 31, 2018 Losses recorded: Three months Six months ended ended Total Level 1 Level 2 Level 3 June 30, 2018 June 30, 2018 Impaired loans $ 925 $ — $ — $ 925 $ 304 $ 1,419 Other real estate owned 239 — — 239 — — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | June 30, 2019 Fair Valuation Unobservable (weighted (Dollars in thousands) value technique inputs average) Impaired loans - collateral dependent $ 352 Appraisal Appraisal discounts 10.0 % Other real estate owned 239 Appraisal Appraisal discounts 22.0 December 31, 2018 Fair Valuation Unobservable (weighted (Dollars in thousands) value technique inputs average) Impaired loans - collateral dependent $ 925 Appraisal Appraisal discounts 9.9 % Other real estate owned 1,018 Appraisal Appraisal discounts 12.2 |
Note 17 - Disclosure of Finan_2
Note 17 - Disclosure of Financial Instruments Not Reported at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | (In thousands) Carrying June 30, 2019 amount Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 116,039 $ 116,039 $ 116,039 $ — $ — Mortgage loans held for sale 3,922 4,023 — 4,023 — Federal Home Loan Bank stock 11,316 11,316 — 11,316 — Loans, net 2,737,464 2,749,157 — — 2,749,157 Accrued interest receivable 9,633 9,633 9,633 — — Liabilities Non-interest bearing deposits 777,652 777,652 777,652 — — Transaction deposits 1,671,016 1,671,016 — 1,671,016 — Time deposits 434,785 436,451 — 436,451 — Securities sold under agreement to repurchase 33,809 33,809 — 33,809 — Federal funds purchased 12,012 12,012 — 12,012 — FHLB advances 84,279 84,505 — 84,505 — Accrued interest payable 1,008 1,008 1,008 — — (In thousands) Carrying December 31, 2018 amount Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 198,939 $ 198,939 $ 198,939 $ — $ — Mortgage loans held for sale 1,675 1,743 — 1,743 — Federal Home Loan Bank stock 10,370 10,370 — 10,370 — Loans, net 2,522,637 2,508,587 — — 2,508,587 Accrued interest receivable 8,360 8,360 8,360 — — Liabilities Non-interest bearing deposits 711,023 711,023 711,023 — — Transaction deposits 1,736,618 1,736,618 — 1,736,618 — Time deposits 346,715 345,273 — 345,273 — Securities sold under agreement to repurchase 36,094 36,094 — 36,094 — Federal funds purchased 10,247 10,247 — 10,247 — FHLB advances 48,177 47,227 — 47,227 — Accrued interest payable 762 762 762 — — |
Note 18 - Derivative Financia_2
Note 18 - Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Designated as Hedging Instrument [Member] | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | (Dollars in thousands) Fair value Notional Maturity Receive (variable) Pay fixed assets (liabilities) amount date index swap rate June 30, 2019 December 31, 2018 $ 10,000 12/6/2021 US 3 Month LIBOR 1.89 % $ (37 ) $ 193 20,000 12/6/2020 US 3 Month LIBOR 1.79 % 23 323 $ 30,000 1.82 % $ (14 ) $ 516 |
Not Designated as Hedging Instrument [Member] | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | (Dollars in thousands) Receiving Paying June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Notional amount $ 60,607 $ 55,505 $ 60,607 $ 55,505 Weighted average maturity (years) 7.4 8.0 7.4 8.0 Fair value $ 1,813 $ 519 $ 1,835 $ 543 |
Note 19 - Regulatory Matters (T
Note 19 - Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 400,314 12.67 % $ 252,821 8.00 % NA NA Bank 392,705 12.45 252,265 8.00 $ 315,331 10.00 % Common equity tier 1 risk-based capital Consolidated 373,548 11.82 142,212 4.50 NA NA Bank 365,939 11.60 141,899 4.50 204,965 6.50 Tier 1 risk-based capital (1) Consolidated 373,548 11.82 189,616 6.00 NA NA Bank 365,939 11.60 189,198 6.00 252,265 8.00 Leverage (2) Consolidated 373,548 10.91 136,955 4.00 NA NA Bank 365,939 10.70 136,784 4.00 170,980 5.00 (Dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2018 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 396,019 13.91 % $ 227,714 8.00 % NA NA Bank 385,637 13.56 227,462 8.00 $ 284,327 10.00 % Common equity tier 1 risk-based capital Consolidated 370,135 13.00 128,089 4.50 NA NA Bank 359,753 12.65 127,947 4.50 184,813 6.50 Tier 1 risk-based capital (1) Consolidated 370,135 13.00 170,785 6.00 NA NA Bank 359,753 12.65 170,596 6.00 227,462 8.00 Leverage (2) Consolidated 370,135 11.33 130,698 4.00 NA NA Bank 359,753 11.02 130,569 4.00 163,211 5.00 |
Note 20 - Segments (Tables)
Note 20 - Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Wealth Commercial Management (In thousands) Banking and Trust Total Company Three months ended June 30, 2019 Net interest income $ 30,690 $ 84 $ 30,774 Provision — — — Wealth management and trust services — 5,662 5,662 All other non-interest income 6,601 — 6,601 Non-interest expenses 22,297 3,167 25,464 Income before income tax expense 14,994 2,579 17,573 Income tax expense 471 559 1,030 Net income $ 14,523 $ 2,020 $ 16,543 Segment assets $ 3,462,105 $ 1,718 $ 3,463,823 Three months ended June 30, 2018 Net interest income $ 28,612 $ 62 $ 28,674 Provision 1,235 — 1,235 Wealth management and trust services — 5,344 5,344 All other non-interest income 6,091 — 6,091 Non-interest expenses 18,938 3,198 22,136 Income before income tax expense 14,530 2,208 16,738 Income tax expense 2,644 515 3,159 Net income $ 11,886 $ 1,693 $ 13,579 Segment assets $ 3,321,948 $ 1,892 $ 3,323,840 Wealth Commercial management (In thousands) Banking and Trust Total Company Six months ended June 30, 2019 Net interest income $ 60,271 $ 160 $ 60,431 Provision 600 — 600 Wealth management and trust services — 11,101 11,101 All other non-interest income 12,224 — 12,224 Non-interest expenses 41,903 6,200 48,103 Income before income tax expense 29,992 5,061 35,053 Income tax expense 1,771 1,098 2,869 Net income $ 28,221 $ 3,963 $ 32,184 Segment assets $ 3,462,105 $ 1,718 $ 3,463,823 Six months ended June 30, 2018 Net interest income $ 55,850 $ 133 $ 55,983 Provision 1,970 — 1,970 Wealth management and trust services — 10,844 10,844 All other non-interest income 11,500 — 11,500 Non-interest expenses 36,798 6,365 43,163 Income before income tax expense 28,582 4,612 33,194 Income tax expense 5,210 1,001 6,211 Net income $ 23,372 $ 3,611 $ 26,983 Segment assets $ 3,321,948 $ 1,892 $ 3,323,840 |
Note 21 - Revenue From Contra_2
Note 21 - Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended June 30, 2019 Three months ended June 30, 2018 (Dollars in thousands) Commercial WM&T Total Commercial WM&T Total Wealth management and trust services $ — $ 5,662 $ 5,662 $ — $ 5,344 $ 5,344 Deposit service charges 1,336 — 1,336 1,447 — 1,447 Debit and credit card income 2,168 — 2,168 1,689 — 1,689 Treasury management fees 1,202 — 1,202 1,113 — 1,113 Mortgage banking income(1) 796 — 796 746 — 746 Net investment product sales commissions and fees 364 — 364 397 — 397 Bank owned life insurance(1) 184 — 184 191 — 191 Other(2) 551 — 551 508 — 508 Total non-interest income $ 6,601 $ 5,662 $ 12,263 $ 6,091 $ 5,344 $ 11,435 Six months ended June 30, 2019 Six months ended June 30, 2018 (Dollars in thousands) Commercial WM&T Total Commercial WM&T Total Wealth management and trust services $ — $ 11,101 $ 11,101 $ — $ 10,844 $ 10,844 Deposit service charges 2,583 — 2,583 2,858 — 2,858 Debit and credit card income 3,912 — 3,912 3,197 — 3,197 Treasury management fees 2,359 — 2,359 2,160 — 2,160 Mortgage banking income(1) 1,278 — 1,278 1,322 — 1,322 Net investment product sales commissions and fees 720 — 720 801 — 801 Bank owned life insurance(1) 362 — 362 378 — 378 Other(2) 1,010 — 1,010 784 — 784 Total non-interest income $ 12,224 $ 11,101 $ 23,325 $ 11,500 $ 10,844 $ 22,344 |
Note 22 - Leases (Tables)
Note 22 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Detail Regarding Operating Leases of Lessee [Table Text Block] | (In thousands) Balance Sheet June 30, 2019 Operating lease right-of-use assets $ 16,056 included in premises and equipment Operating lease liabilities 17,373 included in other liabilities Weighted average remaining lease term (in years) 12.42 Weighted average discount rate 3.61 % Maturities of lease liabilities: One year or less $ 1,949 Year 2 1,929 Year 3 1,919 Year 4 1,955 Year 5 1,935 Greater than 5 years 11,870 Total lease payments $ 21,557 Less imputed interest 4,184 Total $ 17,373 (In thousands) Three months ended Six months ended Income Statement June 30, 2019 June 30, 2019 Components of lease expense: Operating lease cost $ 489 $ 997 Variable lease cost 24 63 Less sublease income 13 27 Total lease cost $ 500 $ 1,033 (In thousands) Six months ended Cash flow Statement June 30, 2019 Supplemental cash flow information: Operating cash flows from operating leases $ 694 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Jun. 17, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | May 01, 2019 | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Repayments of Subordinated Debt, Total | $ 3,609 | $ 0 | ||||
Number of Operating Segments | 2 | |||||
Assets, Total | $ 3,463,823 | $ 3,323,840 | $ 3,302,924 | |||
Allowance for Loan and Lease Losses, Period Increase (Decrease), Total | 2,000 | |||||
Operating Lease, Right-of-Use Asset | 16,056 | $ 17,000 | ||||
Operating Lease, Liability, Total | 17,373 | $ 18,000 | ||||
WM&T [Member] | ||||||
Assets, Total | $ 3,000,000 | |||||
Subordinated Notes Assumed in the king Acquisition [Member] | ||||||
Repayments of Subordinated Debt, Total | $ 3,600 | |||||
KBST [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Note 2 - Acquisition of King _3
Note 2 - Acquisition of King Bancorp, Inc. (Details Textual) - USD ($) $ in Thousands | May 01, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Goodwill, Ending Balance | $ 12,826 | $ 682 | $ 682 | $ 682 | $ 682 | $ 682 | |
King Bancorp Inc. [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 28,000 | ||||||
Goodwill, Ending Balance | $ 12,144 | 12,000 | |||||
Business Acquisition, Pro Forma Revenue | $ 1,600 |
Note 2 - Acquisition of King _4
Note 2 - Acquisition of King Bancorp, Inc. - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | May 01, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Liabilities assumed: | ||||||||
Goodwill, Ending Balance | $ 12,826 | $ 682 | $ 682 | $ 682 | $ 682 | $ 682 | ||
King Bancorp Inc. [Member] | ||||||||
Assets aquired: | ||||||||
Available for sale securities | $ 12,427 | |||||||
Loans | 164,147 | |||||||
Allowance for loan and lease losses | 0 | |||||||
Loans, net | 164,147 | |||||||
Federal Home Loan Bank stock, at cost | 1,517 | |||||||
Federal Reserve Bank stock, at cost | 490 | |||||||
Premises and equipment, net | 3,030 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,519 | |||||||
Bank owned life insurance | 3,431 | |||||||
Other real estate owned | 0 | |||||||
Other assets and accrued interest receivable | 831 | |||||||
Total assets acquired | 192,469 | |||||||
Liabilities assumed: | ||||||||
Non-interest bearing | 24,939 | |||||||
Interest bearing | 100,587 | |||||||
Total deposits | 125,526 | |||||||
Federal funds purchased | 1,566 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Federal Home Loan Bank Advances | 43,299 | |||||||
Other liabilities and accrued interest payable | 313 | |||||||
Total liabilities assumed | 176,613 | |||||||
Net assets acquired | 15,856 | |||||||
Cash consideration paid | (28,000) | |||||||
Goodwill, Ending Balance | 12,144 | $ 12,000 | ||||||
King Bancorp Inc. [Member] | Subordinated Debt [Member] | ||||||||
Liabilities assumed: | ||||||||
Long-term debt | 3,609 | |||||||
King Bancorp Inc. [Member] | Line of Credit [Member] | ||||||||
Liabilities assumed: | ||||||||
Long-term debt | 2,300 | |||||||
King Bancorp Inc. [Member] | As Recorded By Acquiree [Member] | ||||||||
Assets aquired: | ||||||||
Available for sale securities | 12,404 | |||||||
Loans | 165,744 | |||||||
Allowance for loan and lease losses | (1,812) | |||||||
Loans, net | 163,932 | |||||||
Federal Home Loan Bank stock, at cost | 1,517 | |||||||
Federal Reserve Bank stock, at cost | 490 | |||||||
Premises and equipment, net | 4,358 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||||
Bank owned life insurance | 3,431 | |||||||
Other real estate owned | 325 | |||||||
Other assets and accrued interest receivable | 867 | |||||||
Total assets acquired | 192,401 | |||||||
Liabilities assumed: | ||||||||
Non-interest bearing | 24,939 | |||||||
Interest bearing | 100,839 | |||||||
Total deposits | 125,778 | |||||||
Federal funds purchased | 1,566 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Federal Home Loan Bank Advances | 43,718 | |||||||
Other liabilities and accrued interest payable | 313 | |||||||
Total liabilities assumed | 177,284 | |||||||
Net assets acquired | 15,117 | |||||||
King Bancorp Inc. [Member] | As Recorded By Acquiree [Member] | Subordinated Debt [Member] | ||||||||
Liabilities assumed: | ||||||||
Long-term debt | 3,609 | |||||||
King Bancorp Inc. [Member] | As Recorded By Acquiree [Member] | Line of Credit [Member] | ||||||||
Liabilities assumed: | ||||||||
Long-term debt | 2,300 | |||||||
King Bancorp Inc. [Member] | As Adjusted By Acuirer [Member] | ||||||||
Assets aquired: | ||||||||
Available for sale securities | [1],[2] | 23 | ||||||
Loans | [1],[3] | (1,597) | ||||||
Allowance for loan and lease losses | [1],[3] | 1,812 | ||||||
Loans, net | [1] | 215 | ||||||
Federal Home Loan Bank stock, at cost | [1] | 0 | ||||||
Federal Reserve Bank stock, at cost | [1] | 0 | ||||||
Premises and equipment, net | [1],[4] | (1,328) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [1],[5] | 1,519 | ||||||
Bank owned life insurance | [1] | 0 | ||||||
Other real estate owned | [1],[6] | (325) | ||||||
Other assets and accrued interest receivable | [1],[7] | (36) | ||||||
Total assets acquired | [1] | 68 | ||||||
Liabilities assumed: | ||||||||
Non-interest bearing | [1] | 0 | ||||||
Interest bearing | [1],[8] | (252) | ||||||
Total deposits | (252) | |||||||
Federal funds purchased | [1] | 0 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Federal Home Loan Bank Advances | [1],[9] | (419) | ||||||
Other liabilities and accrued interest payable | [1] | 0 | ||||||
Total liabilities assumed | [1] | (671) | ||||||
Net assets acquired | [1] | 739 | ||||||
King Bancorp Inc. [Member] | As Adjusted By Acuirer [Member] | Subordinated Debt [Member] | ||||||||
Liabilities assumed: | ||||||||
Long-term debt | [1] | 0 | ||||||
King Bancorp Inc. [Member] | As Adjusted By Acuirer [Member] | Line of Credit [Member] | ||||||||
Liabilities assumed: | ||||||||
Long-term debt | [1] | 0 | ||||||
King Bancorp Inc. [Member] | Cash [Member] | ||||||||
Assets aquired: | ||||||||
Cash and equivalents | 3,316 | |||||||
King Bancorp Inc. [Member] | Cash [Member] | As Recorded By Acquiree [Member] | ||||||||
Assets aquired: | ||||||||
Cash and equivalents | 3,316 | |||||||
King Bancorp Inc. [Member] | Cash [Member] | As Adjusted By Acuirer [Member] | ||||||||
Assets aquired: | ||||||||
Cash and equivalents | [1] | 0 | ||||||
King Bancorp Inc. [Member] | Interest-bearing Deposits [Member] | ||||||||
Assets aquired: | ||||||||
Cash and equivalents | 1,761 | |||||||
King Bancorp Inc. [Member] | Interest-bearing Deposits [Member] | As Recorded By Acquiree [Member] | ||||||||
Assets aquired: | ||||||||
Cash and equivalents | 1,761 | |||||||
King Bancorp Inc. [Member] | Interest-bearing Deposits [Member] | As Adjusted By Acuirer [Member] | ||||||||
Assets aquired: | ||||||||
Cash and equivalents | [1] | $ 0 | ||||||
[1] | Bancorp's acquisition of King closed on May 1, 2019. Accordingly, the fair value adjustments shown are preliminary estimates of the purchase accounting adjustments. Management is continuing to evaluate each of these fair value adjustments and may revise one or more of such fair value adjustments in future periods based on this continuing evaluation. To the extent that any of these preliminary fair value adjustments are revised in future periods, the resultant fair values and the amount of goodwill recorded by the Company will change. | |||||||
[2] | Reflects the fair value adjustment based on Bancorp's evaluation of the acquired investment portfolio. | |||||||
[3] | Reflects the fair value adjustment based on Bancorp's evaluation of the acquired loan portfolio and to eliminate King's recorded allowance. | |||||||
[4] | Reflects the fair value adjustment based on Bancorp's evaluation of the premises and equipment acquired. | |||||||
[5] | Reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition. | |||||||
[6] | Reflects the fair value adjustment based upon Bancorp's evaluation of the foreclosed real estate acquired. | |||||||
[7] | Reflects the write-off of a miscellaneous other asset. | |||||||
[8] | Reflects the fair value adjustment based on the Company's evaluation of the assumed time deposits. | |||||||
[9] | Reflects the fair value adjustment based upon Bancorp's evaluation of the assumed FHLB advances. |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) $ in Thousands | May 01, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Available-for-sale Securities, Gross Realized Gain (Loss), Total | $ 0 | ||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 12,400 | ||
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | $ 0 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 61 | 117 | |
Collateral Pledged [Member] | |||
Debt Securities, Available-for-sale, Restricted | $ 336,500 | $ 355,100 |
Note 3 - Securities - Available
Note 3 - Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities available-for-sale, amortized cost | $ 421,880 | $ 443,742 |
Securities available-for-sale, unrealized gains | 2,811 | 545 |
Securities available-for-sale, unrealized losses | (1,112) | (7,292) |
Securities available-for-sale, fair value | 423,579 | 436,995 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 266,579 | 264,234 |
Securities available-for-sale, unrealized gains | 1,755 | 156 |
Securities available-for-sale, unrealized losses | (319) | (3,351) |
Securities available-for-sale, fair value | 268,015 | 261,039 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale, amortized cost | 131,447 | 149,748 |
Securities available-for-sale, unrealized gains | 938 | 282 |
Securities available-for-sale, unrealized losses | (787) | (3,753) |
Securities available-for-sale, fair value | 131,598 | 146,277 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 23,854 | 29,760 |
Securities available-for-sale, unrealized gains | 118 | 107 |
Securities available-for-sale, unrealized losses | (6) | (188) |
Securities available-for-sale, fair value | $ 23,966 | $ 29,679 |
Note 3 - Securities - Availab_2
Note 3 - Securities - Available-for-sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Due within 1 year, amortized cost | $ 132,158 | |
Due within 1 year, fair value | 132,133 | |
Due after 1 but within 5 years, amortized cost | 56,040 | |
Due after 1 but within 5 years, fair value | 56,033 | |
Due after 5 but within 10 years, amortized cost | 7,157 | |
Due after 5 but within 10 years, fair value | 7,232 | |
Due after 10 years, amortized cost | 95,078 | |
Due after 10 years, fair value | 96,583 | |
Mortgage-backed securities – government agencies, amortized cost | 131,447 | |
Mortgage-backed securities – government agencies, fair value | 131,598 | |
Total securities available-for-sale, amortized cost | 421,880 | $ 443,742 |
Total securities available-for-sale, fair value | $ 423,579 | $ 436,995 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities With Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities available-for-sale, less than 12 months, fair value | $ 0 | $ 100,662 |
Securities available-for-sale, less than 12 months, unrealized losses | 0 | (44) |
Securities available-for-sale, 12 months or more, fair value | 146,078 | 287,807 |
Securities available-for-sale, 12 months or more, unrealized losses | (1,112) | (7,248) |
Securities available-for-sale, fair value | 146,078 | 388,469 |
Securities available-for-sale, unrealized losses | (1,112) | (7,292) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 0 | 96,740 |
Securities available-for-sale, less than 12 months, unrealized losses | 0 | (38) |
Securities available-for-sale, 12 months or more, fair value | 57,505 | 149,320 |
Securities available-for-sale, 12 months or more, unrealized losses | (319) | (3,313) |
Securities available-for-sale, fair value | 57,505 | 246,060 |
Securities available-for-sale, unrealized losses | (319) | (3,351) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 0 | 3,108 |
Securities available-for-sale, less than 12 months, unrealized losses | 0 | (5) |
Securities available-for-sale, 12 months or more, fair value | 82,088 | 120,848 |
Securities available-for-sale, 12 months or more, unrealized losses | (787) | (3,748) |
Securities available-for-sale, fair value | 82,088 | 123,956 |
Securities available-for-sale, unrealized losses | (787) | (3,753) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 0 | 814 |
Securities available-for-sale, less than 12 months, unrealized losses | 0 | (1) |
Securities available-for-sale, 12 months or more, fair value | 6,485 | 17,639 |
Securities available-for-sale, 12 months or more, unrealized losses | (6) | (187) |
Securities available-for-sale, fair value | 6,485 | 18,453 |
Securities available-for-sale, unrealized losses | $ (6) | $ (188) |
Note 4 - Loans and Leases (Deta
Note 4 - Loans and Leases (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 53,700 | $ 52,700 |
Mortgage Loans in Process of Foreclosure, Amount | $ 795 | $ 528 |
Note 4 - Loans and Leases - Loa
Note 4 - Loans and Leases - Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Loans and leases | [1] | $ 2,763,880 | $ 2,548,171 |
Commercial and Industrial Portfolio Segment [Member] | |||
Loans and leases | 860,085 | 833,524 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Loans and leases | [2] | 222,632 | 225,050 |
Undevelopment Land Portfolio Segment [Member] | |||
Loans and leases | 35,169 | 30,092 | |
Real Estate Mortgage Portfolio Segment [Member] | |||
Loans and leases | 1,602,057 | 1,411,447 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Loans and leases | 696,421 | 588,610 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Loans and leases | 452,719 | 426,373 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Loans and leases | 338,957 | 276,017 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Loans and leases | 46,012 | 49,500 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Loans and leases | 67,948 | 70,947 | |
Consumer Portfolio Segment [Member] | |||
Loans and leases | $ 43,937 | $ 48,058 | |
[1] | Total loans are presented inclusive of premiums, discounts, and net loan origination fees and costs. | ||
[2] | Consists of land acquired for development by the borrower, but for which no development has yet taken place. |
Note 4 - Loans and Leases - L_2
Note 4 - Loans and Leases - Loans Acquired in King Acquisition (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | May 01, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Loans | $ 1,864 | $ 432 | |||||
Loans | (1,577) | 0 | |||||
Loans | $ 57 | $ 62 | $ 68 | $ 85 | $ 95 | $ 106 | |
King Bancorp Inc. [Member] | |||||||
Loans | $ 165,744 | ||||||
Loans | (18) | ||||||
Loans | 164,147 | ||||||
Loans | (1,579) | ||||||
King Bancorp Inc. [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | |||||||
Loans | 164,165 | ||||||
Loans | (18) | ||||||
Loans | 164,147 | ||||||
King Bancorp Inc. [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans | 1,579 | ||||||
Loans | (1,579) | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Commercial and Industrial Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | |||||||
Loans | 8,249 | ||||||
Loans | (23) | ||||||
Loans | 8,226 | ||||||
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | |||||||
Loans | 10,764 | ||||||
Loans | 43 | ||||||
Loans | 10,807 | ||||||
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Undevelopment Land Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | |||||||
Loans | 7,974 | ||||||
Loans | 43 | ||||||
Loans | 8,017 | ||||||
Undevelopment Land Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Real Estate Mortgage Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | |||||||
Loans | 135,650 | ||||||
Loans | (78) | ||||||
Loans | 135,572 | ||||||
Real Estate Mortgage Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | Commercial Real Estate [Member] | |||||||
Loans | 84,219 | ||||||
Loans | (408) | ||||||
Loans | 83,811 | ||||||
Real Estate Mortgage Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | One to Four Family Residential [Member] | |||||||
Loans | 50,556 | ||||||
Loans | 322 | ||||||
Loans | 50,878 | ||||||
Real Estate Mortgage Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | Home Equity First Lien [Member] | |||||||
Loans | 196 | ||||||
Loans | 3 | ||||||
Loans | 199 | ||||||
Real Estate Mortgage Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | Home Equity Junior Lien [Member] | |||||||
Loans | 679 | ||||||
Loans | 5 | ||||||
Loans | 684 | ||||||
Real Estate Mortgage Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans | 1,579 | ||||||
Loans | (1,579) | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Real Estate Mortgage Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate [Member] | |||||||
Loans | 1,351 | ||||||
Loans | (1,351) | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Real Estate Mortgage Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired with Credit Deterioration [Member] | One to Four Family Residential [Member] | |||||||
Loans | 228 | ||||||
Loans | (228) | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Real Estate Mortgage Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Home Equity First Lien [Member] | |||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Real Estate Mortgage Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Home Equity Junior Lien [Member] | |||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Consumer Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | |||||||
Loans | 1,528 | ||||||
Loans | (3) | ||||||
Loans | 1,525 | ||||||
Consumer Portfolio Segment [Member] | King Bancorp Inc. [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Loans | 0 | ||||||
Loans | $ 0 |
Note 4 - Loans and Leases - Rec
Note 4 - Loans and Leases - Reconciliation of PCI Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Contractually-required principal | $ 1,864 | $ 432 |
Non-accretable amount | (1,577) | 0 |
Accretable amount | (57) | (68) |
Carrying value of loans | $ 230 | $ 364 |
Note 4 - Loans and Leases - Acc
Note 4 - Loans and Leases - Accretable Amount on PCI Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Balance, beginning of period | $ (62) | $ (95) | $ (68) | $ (106) |
Transfers between non-accretable and accretable | 0 | 0 | 0 | 0 |
Net accretion into interest income on loans, including loan fees | 5 | 10 | 11 | 21 |
Generated from acquisition of King | 0 | 0 | 0 | 0 |
Balance, end of period | $ (57) | $ (85) | $ (57) | $ (85) |
Note 4 - Loans and Leases - Int
Note 4 - Loans and Leases - Internally Assigned Risk Grades of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Loans and leases | [1] | $ 2,763,880 | $ 2,548,171 |
Commercial and Industrial Portfolio Segment [Member] | |||
Loans and leases | 860,085 | 833,524 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Loans and leases | [2] | 222,632 | 225,050 |
Undevelopment Land Portfolio Segment [Member] | |||
Loans and leases | 35,169 | 30,092 | |
Real Estate Mortgage Portfolio Segment [Member] | |||
Loans and leases | 1,602,057 | 1,411,447 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Loans and leases | 696,421 | 588,610 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Loans and leases | 452,719 | 426,373 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Loans and leases | 338,957 | 276,017 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Loans and leases | 46,012 | 49,500 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Loans and leases | 67,948 | 70,947 | |
Consumer Portfolio Segment [Member] | |||
Loans and leases | 43,937 | 48,058 | |
Pass [Member] | |||
Loans and leases | 2,685,317 | 2,493,020 | |
Pass [Member] | Commercial and Industrial Portfolio Segment [Member] | |||
Loans and leases | 817,645 | 803,073 | |
Pass [Member] | Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Loans and leases | 222,632 | 220,532 | |
Pass [Member] | Undevelopment Land Portfolio Segment [Member] | |||
Loans and leases | 35,169 | 29,618 | |
Pass [Member] | Real Estate Mortgage Portfolio Segment [Member] | |||
Loans and leases | 1,565,934 | 1,391,739 | |
Pass [Member] | Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Loans and leases | 687,304 | 586,543 | |
Pass [Member] | Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Loans and leases | 429,070 | 411,722 | |
Pass [Member] | Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Loans and leases | 336,312 | 273,537 | |
Pass [Member] | Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Loans and leases | 46,012 | 49,500 | |
Pass [Member] | Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Loans and leases | 67,236 | 70,437 | |
Pass [Member] | Consumer Portfolio Segment [Member] | |||
Loans and leases | 43,937 | 48,058 | |
Special Mention [Member] | |||
Loans and leases | 47,776 | 28,354 | |
Special Mention [Member] | Commercial and Industrial Portfolio Segment [Member] | |||
Loans and leases | 23,907 | 11,516 | |
Special Mention [Member] | Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Loans and leases | 0 | 4,200 | |
Special Mention [Member] | Undevelopment Land Portfolio Segment [Member] | |||
Loans and leases | 0 | 0 | |
Special Mention [Member] | Real Estate Mortgage Portfolio Segment [Member] | |||
Loans and leases | 23,869 | 12,638 | |
Special Mention [Member] | Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Loans and leases | 4,202 | 1,815 | |
Special Mention [Member] | Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Loans and leases | 17,757 | 9,030 | |
Special Mention [Member] | Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Loans and leases | 1,686 | 1,544 | |
Special Mention [Member] | Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Loans and leases | 0 | 0 | |
Special Mention [Member] | Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Loans and leases | 224 | 249 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | |||
Loans and leases | 0 | 0 | |
Substandard [Member] | Performing Financial Instruments [Member] | |||
Loans and leases | 26,859 | 23,399 | |
Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Loans and leases | 3,928 | 3,398 | |
Substandard [Member] | Commercial and Industrial Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans and leases | 18,241 | 18,703 | |
Substandard [Member] | Commercial and Industrial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans and leases | 292 | 232 | |
Substandard [Member] | Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans and leases | 0 | 0 | |
Substandard [Member] | Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans and leases | 0 | 318 | |
Substandard [Member] | Undevelopment Land Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans and leases | 0 | 0 | |
Substandard [Member] | Undevelopment Land Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans and leases | 0 | 474 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans and leases | 8,618 | 4,696 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Commercial Investment [Member] | |||
Loans and leases | 4,213 | 15 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Owner Occupied Commercial [Member] | |||
Loans and leases | 4,228 | 4,500 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | One to Four Family Residential [Member] | |||
Loans and leases | 159 | 162 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Home Equity First Lien [Member] | |||
Loans and leases | 0 | 0 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Performing Financial Instruments [Member] | Home Equity Junior Lien [Member] | |||
Loans and leases | 18 | 19 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans and leases | 3,636 | 2,374 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Commercial Investment [Member] | |||
Loans and leases | 702 | 237 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial [Member] | |||
Loans and leases | 1,664 | 1,121 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | One to Four Family Residential [Member] | |||
Loans and leases | 800 | 774 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Home Equity First Lien [Member] | |||
Loans and leases | 0 | 0 | |
Substandard [Member] | Real Estate Mortgage Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Home Equity Junior Lien [Member] | |||
Loans and leases | 470 | 242 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans and leases | 0 | 0 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans and leases | 0 | 0 | |
Doubtful [Member] | |||
Loans and leases | 0 | 0 | |
Doubtful [Member] | Commercial and Industrial Portfolio Segment [Member] | |||
Loans and leases | 0 | 0 | |
Doubtful [Member] | Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Loans and leases | 0 | 0 | |
Doubtful [Member] | Undevelopment Land Portfolio Segment [Member] | |||
Loans and leases | 0 | 0 | |
Doubtful [Member] | Real Estate Mortgage Portfolio Segment [Member] | |||
Loans and leases | 0 | 0 | |
Doubtful [Member] | Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Loans and leases | 0 | 0 | |
Doubtful [Member] | Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Loans and leases | 0 | 0 | |
Doubtful [Member] | Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Loans and leases | 0 | 0 | |
Doubtful [Member] | Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Loans and leases | 0 | 0 | |
Doubtful [Member] | Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Loans and leases | 0 | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | |||
Loans and leases | $ 0 | $ 0 | |
[1] | Total loans are presented inclusive of premiums, discounts, and net loan origination fees and costs. | ||
[2] | Consists of land acquired for development by the borrower, but for which no development has yet taken place. |
Note 4 - Loans and Leases - All
Note 4 - Loans and Leases - Allowance for Loan Losses by Portfolio Segment and Based on Impairment Evaluation Method (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | ||
Balance | $ 26,464 | $ 24,203 | $ 25,534 | $ 24,885 | |||
Provision for loan and lease losses | 0 | 1,235 | 600 | 1,970 | |||
Charge-offs | (161) | (647) | (260) | (2,175) | |||
Recoveries | 113 | 82 | 542 | 193 | |||
Balance | 26,416 | 24,873 | 26,416 | 24,873 | |||
Loans individually evaluated for impairment | $ 3,067 | $ 2,653 | |||||
Loans collectively evaluated for impairment | 2,760,813 | 2,545,518 | |||||
Loans and leases | [1] | 2,763,880 | 2,548,171 | ||||
Allowance for loans individually evaluated for impairment | 37 | 42 | |||||
Allowance for loans collectively evaluated for impairment | 26,379 | 25,492 | |||||
Allowance for loan losses | 26,416 | 24,203 | 26,416 | 24,873 | 26,416 | 25,534 | |
Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance | 0 | ||||||
Balance | 0 | 0 | |||||
Loans and leases | 0 | 0 | |||||
Allowance for loan losses | 0 | 0 | 0 | 0 | |||
Commercial and Industrial Portfolio Segment [Member] | |||||||
Balance | 11,762 | 10,638 | 11,965 | 11,276 | |||
Provision for loan and lease losses | 92 | 2,008 | (210) | 2,769 | |||
Charge-offs | 0 | (530) | (3) | (1,939) | |||
Recoveries | 4 | 2 | 106 | 12 | |||
Balance | 11,858 | 12,118 | 11,858 | 12,118 | |||
Loans individually evaluated for impairment | 119 | 220 | |||||
Loans collectively evaluated for impairment | 859,966 | 833,304 | |||||
Loans and leases | 860,085 | 833,524 | |||||
Allowance for loans individually evaluated for impairment | 23 | 28 | |||||
Allowance for loans collectively evaluated for impairment | 11,835 | 11,937 | |||||
Allowance for loan losses | 11,762 | 10,638 | 11,858 | 12,118 | 11,858 | 11,965 | |
Commercial and Industrial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance | 0 | ||||||
Balance | 0 | 0 | |||||
Loans and leases | 0 | 0 | |||||
Allowance for loan losses | 0 | 0 | 0 | 0 | |||
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||||||
Balance | 1,884 | 2,020 | 1,760 | 1,724 | |||
Provision for loan and lease losses | (74) | (82) | (153) | 214 | |||
Charge-offs | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 203 | 0 | |||
Balance | 1,810 | 1,938 | 1,810 | 1,938 | |||
Loans individually evaluated for impairment | 0 | 318 | |||||
Loans collectively evaluated for impairment | 222,632 | 224,732 | |||||
Loans and leases | [2] | 222,632 | 225,050 | ||||
Allowance for loans individually evaluated for impairment | 0 | 0 | |||||
Allowance for loans collectively evaluated for impairment | 1,810 | 1,760 | |||||
Allowance for loan losses | 1,884 | 2,020 | 1,810 | 1,938 | 1,810 | 1,760 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance | 0 | ||||||
Balance | 0 | 0 | |||||
Loans and leases | 0 | 0 | |||||
Allowance for loan losses | 0 | 0 | 0 | 0 | |||
Undevelopment Land Portfolio Segment [Member] | |||||||
Balance | 662 | 482 | 752 | 521 | |||
Provision for loan and lease losses | (61) | 19 | (151) | (20) | |||
Charge-offs | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | |||
Balance | 601 | 501 | 601 | 501 | |||
Loans individually evaluated for impairment | 0 | 474 | |||||
Loans collectively evaluated for impairment | 35,169 | 29,618 | |||||
Loans and leases | 35,169 | 30,092 | |||||
Allowance for loans individually evaluated for impairment | 0 | 0 | |||||
Allowance for loans collectively evaluated for impairment | 601 | 752 | |||||
Allowance for loan losses | 662 | 482 | 601 | 501 | 601 | 752 | |
Undevelopment Land Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance | 0 | ||||||
Balance | 0 | 0 | |||||
Loans and leases | 0 | 0 | |||||
Allowance for loan losses | 0 | 0 | 0 | 0 | |||
Real Estate Mortgage Portfolio Segment [Member] | |||||||
Balance | 12,001 | 10,707 | 10,681 | 11,012 | |||
Provision for loan and lease losses | 10 | (795) | 1,310 | (1,104) | |||
Charge-offs | (13) | 0 | (13) | 0 | |||
Recoveries | 32 | 2 | 52 | 6 | |||
Balance | 12,030 | 9,914 | 12,030 | 9,914 | |||
Loans individually evaluated for impairment | 2,948 | 1,641 | |||||
Loans collectively evaluated for impairment | 1,599,109 | 1,409,806 | |||||
Loans and leases | 1,602,057 | 1,411,447 | |||||
Allowance for loans individually evaluated for impairment | 14 | 14 | |||||
Allowance for loans collectively evaluated for impairment | 12,016 | 10,667 | |||||
Allowance for loan losses | 12,001 | 10,707 | 12,030 | 9,914 | 12,030 | 10,681 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance | 0 | ||||||
Balance | 0 | 0 | |||||
Loans and leases | 0 | 0 | |||||
Allowance for loan losses | 0 | 0 | 0 | 0 | |||
Consumer Portfolio Segment [Member] | |||||||
Balance | 155 | 356 | 376 | 352 | |||
Provision for loan and lease losses | 33 | 85 | (196) | 111 | |||
Charge-offs | (148) | (117) | (244) | (236) | |||
Recoveries | 77 | 78 | 181 | 175 | |||
Balance | 117 | 402 | 117 | 402 | |||
Loans individually evaluated for impairment | 0 | 0 | |||||
Loans collectively evaluated for impairment | 43,937 | 48,058 | |||||
Loans and leases | 43,937 | 48,058 | |||||
Allowance for loans individually evaluated for impairment | 0 | 0 | |||||
Allowance for loans collectively evaluated for impairment | 117 | 376 | |||||
Allowance for loan losses | 155 | $ 356 | 117 | $ 402 | 117 | 376 | |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance | 0 | ||||||
Balance | 0 | 0 | |||||
Loans and leases | 0 | 0 | |||||
Allowance for loan losses | $ 0 | $ 0 | $ 0 | $ 0 | |||
[1] | Total loans are presented inclusive of premiums, discounts, and net loan origination fees and costs. | ||||||
[2] | Consists of land acquired for development by the borrower, but for which no development has yet taken place. |
Note 4 - Loans and Leases - Non
Note 4 - Loans and Leases - Non-accrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Non-accrual loans | $ 3,030 | $ 2,611 |
Commercial and Industrial Portfolio Segment [Member] | ||
Non-accrual loans | 96 | 192 |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 318 |
Undevelopment Land Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 474 |
Real Estate Mortgage Portfolio Segment [Member] | ||
Non-accrual loans | 2,934 | 1,627 |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | ||
Non-accrual loans | 305 | 138 |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | ||
Non-accrual loans | 1,444 | 586 |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | ||
Non-accrual loans | 715 | 760 |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | ||
Non-accrual loans | 0 | 0 |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | ||
Non-accrual loans | 470 | 143 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | $ 0 | $ 0 |
Note 4 - Loans and Leases - Out
Note 4 - Loans and Leases - Outstanding TDRs (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Balance | $ 37 | $ 42 |
Specific Reserve Allocation | 37 | 42 |
Additional Commitment to Lend | 0 | 0 |
Commercial and Industrial Loans [Member] | ||
Balance | 23 | 28 |
Specific Reserve Allocation | 23 | 28 |
Additional Commitment to Lend | 0 | 0 |
One to Four Family Residential [Member] | ||
Balance | 14 | 14 |
Specific Reserve Allocation | 14 | 14 |
Additional Commitment to Lend | $ 0 | $ 0 |
Note 4 - Loans and Leases - L_3
Note 4 - Loans and Leases - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Loans with no related allowance recorded, recorded investment | $ 3,030 | $ 3,030 | $ 2,611 | ||
Loans with no related allowance recorded, unpaid principal balance | 3,468 | 3,468 | 3,766 | ||
Loans with no related allowance recorded, average recorded investment | 3,151 | $ 4,972 | 2,972 | $ 5,758 | |
Loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, recorded investment | 37 | 37 | 42 | ||
Loans with an allowance recorded, unpaid principal balance | 37 | 37 | 42 | ||
Related allowance | 37 | 37 | 42 | ||
Loans with an allowance recorded, average recorded investment | 38 | 4,781 | 40 | 3,204 | |
Loans with an allowance recorded, interest income recognized | 0 | 0 | 1 | 0 | |
Recorded investment | 3,067 | 3,067 | 2,653 | ||
Unpaid principal balance | 3,505 | 3,505 | 3,808 | ||
Average recorded investment | 3,189 | 9,753 | 3,012 | 8,962 | |
Interest income recognized | 0 | 0 | 1 | 0 | |
Commercial and Industrial Portfolio Segment [Member] | |||||
Loans with no related allowance recorded, recorded investment | 96 | 96 | 192 | ||
Loans with no related allowance recorded, unpaid principal balance | 96 | 96 | 707 | ||
Loans with no related allowance recorded, average recorded investment | 144 | 225 | 160 | 531 | |
Loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, recorded investment | 23 | 23 | 28 | ||
Loans with an allowance recorded, unpaid principal balance | 23 | 23 | 28 | ||
Related allowance | 23 | 23 | 28 | ||
Loans with an allowance recorded, average recorded investment | 24 | 3,074 | 26 | 2,061 | |
Loans with an allowance recorded, interest income recognized | 0 | 0 | 1 | 0 | |
Recorded investment | 119 | 119 | 220 | ||
Unpaid principal balance | 119 | 119 | 735 | ||
Average recorded investment | 168 | 3,299 | 186 | 2,592 | |
Interest income recognized | 0 | 0 | 1 | 0 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||||
Loans with no related allowance recorded, recorded investment | 0 | 0 | 318 | ||
Loans with no related allowance recorded, unpaid principal balance | 0 | 0 | 489 | ||
Loans with no related allowance recorded, average recorded investment | 0 | 525 | 106 | 571 | |
Loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, recorded investment | 0 | 0 | 0 | ||
Loans with an allowance recorded, unpaid principal balance | 0 | 0 | 0 | ||
Related allowance | 0 | 0 | 0 | ||
Loans with an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Recorded investment | 0 | 0 | 318 | ||
Unpaid principal balance | 0 | 0 | 489 | ||
Average recorded investment | 0 | 525 | 106 | 571 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
Undevelopment Land Portfolio Segment [Member] | |||||
Loans with no related allowance recorded, recorded investment | 0 | 0 | 474 | ||
Loans with no related allowance recorded, unpaid principal balance | 0 | 0 | 506 | ||
Loans with no related allowance recorded, average recorded investment | 0 | 474 | 158 | 474 | |
Loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, recorded investment | 0 | 0 | 0 | ||
Loans with an allowance recorded, unpaid principal balance | 0 | 0 | 0 | ||
Related allowance | 0 | 0 | 0 | ||
Loans with an allowance recorded, average recorded investment | 0 | 48 | 0 | 32 | |
Loans with an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Recorded investment | 0 | 0 | 474 | ||
Unpaid principal balance | 0 | 0 | 506 | ||
Average recorded investment | 0 | 522 | 158 | 506 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | |||||
Loans with no related allowance recorded, recorded investment | 2,934 | 2,934 | 1,627 | ||
Loans with no related allowance recorded, unpaid principal balance | 3,372 | 3,372 | 2,064 | ||
Loans with no related allowance recorded, average recorded investment | 3,007 | 3,702 | 2,548 | 4,152 | |
Loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, recorded investment | 14 | 14 | 14 | ||
Loans with an allowance recorded, unpaid principal balance | 14 | 14 | 14 | ||
Related allowance | 14 | 14 | 14 | ||
Loans with an allowance recorded, average recorded investment | 14 | 1,659 | 14 | 1,111 | |
Loans with an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Recorded investment | 2,948 | 2,948 | 1,641 | ||
Unpaid principal balance | 3,386 | 3,386 | 2,078 | ||
Average recorded investment | 3,021 | 5,361 | 2,562 | 5,263 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||||
Loans with no related allowance recorded, recorded investment | 306 | 306 | 138 | ||
Loans with no related allowance recorded, unpaid principal balance | 306 | 306 | 138 | ||
Loans with no related allowance recorded, average recorded investment | 311 | 0 | 254 | 17 | |
Loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, recorded investment | 0 | 0 | 0 | ||
Loans with an allowance recorded, unpaid principal balance | 0 | 0 | 0 | ||
Related allowance | 0 | 0 | 0 | ||
Loans with an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Recorded investment | 306 | 306 | 138 | ||
Unpaid principal balance | 306 | 306 | 138 | ||
Average recorded investment | 311 | 0 | 254 | 17 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||||
Loans with no related allowance recorded, recorded investment | 1,444 | 1,444 | 586 | ||
Loans with no related allowance recorded, unpaid principal balance | 1,882 | 1,882 | 1,023 | ||
Loans with no related allowance recorded, average recorded investment | 1,455 | 2,335 | 1,165 | 2,667 | |
Loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, recorded investment | 0 | 0 | 0 | ||
Loans with an allowance recorded, unpaid principal balance | 0 | 0 | 0 | ||
Related allowance | 0 | 0 | 0 | ||
Loans with an allowance recorded, average recorded investment | 0 | 1,645 | 0 | 1,097 | |
Loans with an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Recorded investment | 1,444 | 1,444 | 586 | ||
Unpaid principal balance | 1,882 | 1,882 | 1,023 | ||
Average recorded investment | 1,455 | 3,980 | 1,165 | 3,764 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||||
Loans with no related allowance recorded, recorded investment | 715 | 715 | 760 | ||
Loans with no related allowance recorded, unpaid principal balance | 715 | 715 | 760 | ||
Loans with no related allowance recorded, average recorded investment | 779 | 1,350 | 773 | 1,446 | |
Loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, recorded investment | 14 | 14 | 14 | ||
Loans with an allowance recorded, unpaid principal balance | 14 | 14 | 14 | ||
Related allowance | 14 | 14 | 14 | ||
Loans with an allowance recorded, average recorded investment | 14 | 14 | 14 | 14 | |
Loans with an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Recorded investment | 729 | 729 | 774 | ||
Unpaid principal balance | 729 | 729 | 774 | ||
Average recorded investment | 793 | 1,364 | 787 | 1,460 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||||
Loans with no related allowance recorded, recorded investment | 0 | 0 | 0 | ||
Loans with no related allowance recorded, unpaid principal balance | 0 | 0 | 0 | ||
Loans with no related allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | |
Loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, recorded investment | 0 | 0 | 0 | ||
Loans with an allowance recorded, unpaid principal balance | 0 | 0 | 0 | ||
Related allowance | 0 | 0 | 0 | ||
Loans with an allowance recorded, average recorded investment | 0 | 0 | 0 | ||
Loans with an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Recorded investment | 0 | 0 | 0 | ||
Unpaid principal balance | 0 | 0 | 0 | ||
Average recorded investment | 0 | 0 | 0 | 0 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||||
Loans with no related allowance recorded, recorded investment | 469 | 469 | 143 | ||
Loans with no related allowance recorded, unpaid principal balance | 469 | 469 | 143 | ||
Loans with no related allowance recorded, average recorded investment | 462 | 17 | 356 | 22 | |
Loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, recorded investment | 0 | 0 | 0 | ||
Loans with an allowance recorded, unpaid principal balance | 0 | 0 | 0 | ||
Related allowance | 0 | 0 | 0 | ||
Loans with an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Recorded investment | 469 | 469 | 143 | ||
Unpaid principal balance | 469 | 469 | 143 | ||
Average recorded investment | 462 | 17 | 356 | 22 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||||
Loans with no related allowance recorded, recorded investment | 0 | 0 | 0 | ||
Loans with no related allowance recorded, unpaid principal balance | 0 | 0 | 0 | ||
Loans with no related allowance recorded, average recorded investment | 0 | 46 | 0 | 30 | |
Loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, recorded investment | 0 | 0 | 0 | ||
Loans with an allowance recorded, unpaid principal balance | 0 | 0 | 0 | ||
Related allowance | 0 | 0 | 0 | ||
Loans with an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | |
Recorded investment | 0 | 0 | 0 | ||
Unpaid principal balance | 0 | 0 | $ 0 | ||
Average recorded investment | 0 | 46 | 0 | 30 | |
Interest income recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Note 4 - Loans and Leases - Agi
Note 4 - Loans and Leases - Aging of the Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Current | $ 2,753,226 | $ 2,537,627 | |
Past due | 10,654 | 10,544 | |
Loans and leases | [1] | 2,763,880 | 2,548,171 |
Recorded investment greater than 90 days and accruing | 861 | 745 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Past due | 2,093 | 5,112 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Past due | 4,670 | 2,076 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 3,891 | 3,356 | |
Commercial and Industrial Portfolio Segment [Member] | |||
Current | 858,853 | 832,923 | |
Past due | 1,232 | 601 | |
Loans and leases | 860,085 | 833,524 | |
Recorded investment greater than 90 days and accruing | 173 | 12 | |
Commercial and Industrial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Past due | 572 | 197 | |
Commercial and Industrial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Past due | 391 | 200 | |
Commercial and Industrial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 269 | 204 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | |||
Current | 222,632 | 224,732 | |
Past due | 0 | 318 | |
Loans and leases | [2] | 222,632 | 225,050 |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Past due | 0 | 0 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Past due | 0 | 0 | |
Construction and Development Excluding Undeveloped Land Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 0 | 318 | |
Undevelopment Land Portfolio Segment [Member] | |||
Current | 35,169 | 29,552 | |
Past due | 0 | 540 | |
Loans and leases | 35,169 | 30,092 | |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Undevelopment Land Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Past due | 0 | 66 | |
Undevelopment Land Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Past due | 0 | 0 | |
Undevelopment Land Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 0 | 474 | |
Real Estate Mortgage Portfolio Segment [Member] | |||
Current | 1,592,671 | 1,402,362 | |
Past due | 9,386 | 9,085 | |
Loans and leases | 1,602,057 | 1,411,447 | |
Recorded investment greater than 90 days and accruing | 688 | 733 | |
Real Estate Mortgage Portfolio Segment [Member] | Commercial Investment [Member] | |||
Current | 692,612 | 586,884 | |
Past due | 3,809 | 1,726 | |
Loans and leases | 696,421 | 588,610 | |
Recorded investment greater than 90 days and accruing | 396 | 99 | |
Real Estate Mortgage Portfolio Segment [Member] | Owner Occupied Commercial [Member] | |||
Current | 450,140 | 421,143 | |
Past due | 2,579 | 5,230 | |
Loans and leases | 452,719 | 426,373 | |
Recorded investment greater than 90 days and accruing | 220 | 535 | |
Real Estate Mortgage Portfolio Segment [Member] | One to Four Family Residential [Member] | |||
Current | 336,548 | 274,547 | |
Past due | 2,409 | 1,470 | |
Loans and leases | 338,957 | 276,017 | |
Recorded investment greater than 90 days and accruing | 72 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity First Lien [Member] | |||
Current | 45,963 | 49,321 | |
Past due | 49 | 179 | |
Loans and leases | 46,012 | 49,500 | |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Home Equity Junior Lien [Member] | |||
Current | 67,408 | 70,467 | |
Past due | 540 | 480 | |
Loans and leases | 67,948 | 70,947 | |
Recorded investment greater than 90 days and accruing | 0 | 99 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Past due | 1,512 | 4,849 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Investment [Member] | |||
Past due | 1 | 1,382 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Past due | 643 | 2,732 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | One to Four Family Residential [Member] | |||
Past due | 749 | 374 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity First Lien [Member] | |||
Past due | 49 | 179 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Junior Lien [Member] | |||
Past due | 70 | 182 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Past due | 4,252 | 1,876 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Investment [Member] | |||
Past due | 3,107 | 107 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Past due | 272 | 1,377 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | One to Four Family Residential [Member] | |||
Past due | 873 | 336 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity First Lien [Member] | |||
Past due | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Junior Lien [Member] | |||
Past due | 0 | 56 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 3,622 | 2,360 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Investment [Member] | |||
Past due | 701 | 237 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Past due | 1,664 | 1,121 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | One to Four Family Residential [Member] | |||
Past due | 787 | 760 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity First Lien [Member] | |||
Past due | 0 | 0 | |
Real Estate Mortgage Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity Junior Lien [Member] | |||
Past due | 470 | 242 | |
Consumer Portfolio Segment [Member] | |||
Current | 43,901 | 48,058 | |
Past due | 36 | 0 | |
Loans and leases | 43,937 | 48,058 | |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Past due | 9 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Past due | 27 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | $ 0 | $ 0 | |
[1] | Total loans are presented inclusive of premiums, discounts, and net loan origination fees and costs. | ||
[2] | Consists of land acquired for development by the borrower, but for which no development has yet taken place. |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | May 01, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2013 | Dec. 31, 1996 |
Goodwill, Ending Balance | $ 12,826 | $ 682 | $ 682 | $ 682 | $ 682 | $ 682 | |||
Finite-lived Intangible Assets, Fair Value Disclosure | 2,900 | 3,600 | |||||||
Loans Serviced for Others Outstanding Principal Balance | 325,100 | $ 327,900 | |||||||
King Bancorp Inc. [Member] | |||||||||
Goodwill, Ending Balance | $ 12,000 | $ 12,144 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,519 | ||||||||
King Bancorp Inc. [Member] | Core Deposits [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,500 | ||||||||
Indiana Bank [Member] | Commercial Banking [Member] | |||||||||
Goodwill, Ending Balance | $ 682 | ||||||||
THE BANCorp [Member] | Core Deposits [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,500 |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Balance at beginning of period | $ 682 | $ 682 | $ 682 | $ 682 |
Goodwill acquired | 12,144 | 0 | 12,144 | 0 |
Impairment | 0 | 0 | 0 | 0 |
Balance at end of period | $ 12,826 | $ 682 | $ 12,826 | $ 682 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets - Changes in the Net Carrying Amount of Core Deposit Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Balance at beginning of period | $ 1,057 | |||
Balance at end of period | $ 2,461 | 2,461 | ||
Core Deposits [Member] | ||||
Balance at beginning of period | 1,015 | $ 1,182 | 1,056 | $ 1,225 |
Core deposit intangible acquired | 1,519 | 0 | 1,519 | 0 |
Amortization | (73) | (43) | (114) | (86) |
Balance at end of period | $ 2,461 | $ 1,139 | $ 2,461 | $ 1,139 |
Note 5 - Goodwill and Intangi_6
Note 5 - Goodwill and Intangible Assets - Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Balance at beginning of period | $ 1,070 | $ 861 | $ 1,022 | $ 875 |
Additions for mortgage loans sold | 134 | 74 | 214 | 95 |
Amortization | (36) | (37) | (68) | (72) |
Balance at end of period | $ 1,168 | $ 898 | $ 1,168 | $ 898 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Jan. 01, 2021 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2.4 | $ (1.3) | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment to Per Diluted Share | $ 0.11 | $ 0.06 | |||
Open Tax Year | 2016 2017 2018 | ||||
Forecast [Member] | |||||
Unrecognized Deferred Tax Asset that Would Impact Income Tax Expense (Benefit) | $ 0.2 | ||||
State and Local Jurisdiction [Member] | Kentucky Department of Revenue [Member] | |||||
Franchise Tax as Percent of Net Capital | 1.10% | ||||
Average Franchise Tax Over Two Year-end Periods | $ 2.5 | ||||
State Corporate Income Tax as Percent of Earnings Before Income Tax Expense | 5.00% |
Note 6 - Income Taxes - Compone
Note 6 - Income Taxes - Components of Income Tax Expense (Benefit) from Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Current income tax expense: | ||||
Federal | $ 3,772 | $ 3,426 | $ 6,498 | $ 5,862 |
State | 189 | 182 | 330 | 310 |
Total current income tax expense | 3,961 | 3,608 | 6,828 | 6,172 |
Deferred income tax expense (benefit) : | ||||
Federal | 224 | (421) | 789 | 46 |
State | (3,155) | (28) | (4,768) | (7) |
Total deferred income tax expense | (2,931) | (449) | (3,979) | 39 |
Change in valuation allowance | 0 | 0 | 20 | 0 |
Total income tax expense | $ 1,030 | $ 3,159 | $ 2,869 | $ 6,211 |
Note 6 - Income Taxes - Differe
Note 6 - Income Taxes - Difference Between Statutory and Effective Tax Rates (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Kentucky state income tax enactments | (14.10%) | 0.00% | (10.70%) | 0.00% |
Excess tax benefits from stock-based compensation arrangements | (0.40%) | (1.20%) | (1.10%) | (1.50%) |
Increase in cash surrender value of life insurance | (0.60%) | (1.20%) | (0.90%) | (0.60%) |
Tax credits | (0.70%) | (0.70%) | (0.70%) | (0.50%) |
Tax exempt interest income | (0.30%) | (0.50%) | (0.30%) | (0.50%) |
State income taxes, net of federal benefit | 0.80% | 0.70% | 0.80% | 0.70% |
Other, net | 0.20% | 0.80% | 0.10% | 0.10% |
Effective income tax rate | 5.90% | 18.90% | 8.20% | 18.70% |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Millions | May 01, 2019 | Dec. 31, 2018 |
Interest-bearing Domestic Deposit, Brokered | $ 29.8 | |
King Bancorp Inc. [Member] | ||
Finite-lived Intangible Assets Acquired | $ 125.5 |
Note 7 - Deposits - Composition
Note 7 - Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Non-interest bearing | $ 777,652 | $ 711,023 | |
Interest bearing demand | 824,324 | 892,867 | |
Savings | 171,471 | 155,007 | |
Money market | 675,221 | 688,744 | |
Time deposits of $250 thousand or more | 71,952 | 55,182 | |
Other time deposits(1) | [1] | 362,833 | 291,533 |
Total time deposits | 434,785 | 346,715 | |
Total interest bearing deposits | 2,105,801 | 2,083,333 | |
Total deposits | $ 2,883,453 | $ 2,794,356 | |
[1] | Includes $29.8 million in brokered deposits as of both June 30, 2019 and December 31, 2018. |
Note 8 - Securities Sold Unde_3
Note 8 - Securities Sold Under Agreements to Repurchase - Securities Sold Under Agreements to Repurchase (Details) - Securities Sold under Agreements to Repurchase [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Outstanding balance at end of period | $ 33,809 | $ 33,809 | $ 36,094 | ||
Weighted average interest rate at end of period | 0.31% | 0.31% | 0.24% | ||
Average outstanding balance during the period | $ 39,969 | $ 61,993 | $ 38,755 | $ 66,609 | |
Average interest rate during the period | 0.28% | 0.21% | 0.28% | 0.20% | |
Maximum outstanding at any month end during the period | $ 43,160 | $ 60,801 | $ 43,160 | $ 74,725 |
Note 9 - Federal Home Loan Ba_3
Note 9 - Federal Home Loan Bank Advances (Details Textual) $ in Thousands | May 01, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Federal Home Loan Bank, Number of Separate Advances | 58 | 14 | |
Advances from Federal Home Loan Banks, Total | $ 84,279 | $ 48,177 | |
Federal Home Loan Bank, Number of Separate Advances Principal Due at Maturity | 16 | ||
Advances From Federal Home Loan Banks, Principal Due at Maturity | $ 51,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 484,000 | $ 537,000 | |
Correspondent Banks [Member] | |||
Federal Funds Corresponding Banks Maximum Amount Available | $ 105,000 | ||
King Bancorp Inc. [Member] | |||
Federal Home Loan Bank, Number of Separate Advances | 46 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Federal Home Loan Bank Advances | $ 43,299 |
Note 9 - Federal Home Loan Ba_4
Note 9 - Federal Home Loan Bank Advances - Contractual Maturities and Average Effective Rates of Outstanding Advances (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Advances from Federal Home Loan Banks, Total | $ 84,279 | $ 48,177 |
Federal Home Loan Bank Advances Outstanding [Member] | ||
Advance, 2019 | $ 30,850 | |
Fixed rate, 2019 | 2.42% | |
Advance, 2019 | $ 20,390 | $ 30,000 |
Fixed rate, 2019 | 2.38% | 2.54% |
Advance, 2020 | $ 2,561 | $ 1,691 |
Fixed rate, 2020 | 2.46% | 2.23% |
Advance, 2021 | $ 215 | |
Fixed rate, 2021 | 2.12% | |
Advance, 2023 | $ 579 | $ 0 |
Fixed rate, 2023 | 1.01% | 0.00% |
Advance, 2024 | $ 2,131 | |
Fixed rate, 2024 | 2.36% | |
Advance, 2024 | $ 4,192 | $ 2,240 |
Fixed rate, 2024 | 2.42% | 2.36% |
Advance, 2025 | $ 8,470 | $ 4,626 |
Fixed rate, 2025 | 1.95% | 2.42% |
Advance, 2026 | $ 8,771 | $ 8,185 |
Fixed rate, 2026 | 1.75% | 1.99% |
Advance, 2027 | 2.38% | 0.00% |
Advance, 2028 | $ 6,335 | |
Advance, 2028 | $ 1,220 | |
Fixed rate, 2028 | 1.49% | |
Advances from Federal Home Loan Banks, Total | $ 84,279 | $ 48,177 |
Fixed rate | 2.28% | 2.39% |
Note 10 - Other Comprehensive_3
Note 10 - Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Balance | $ 377,994 | $ 366,500 | $ 337,702 | $ 333,644 | $ 366,500 | $ 333,644 |
Net current period other comprehensive income gain (loss) | 3,579 | 2,629 | (1,200) | (3,408) | 6,208 | (4,608) |
Balance | 389,365 | 377,994 | 345,515 | 337,702 | 389,365 | 345,515 |
Reclassification adjustment under Accounting Standards Update 2018-02 | 0 | |||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||||
Balance | (2,536) | (5,330) | (5,995) | (1,781) | (5,330) | (1,781) |
Net current period other comprehensive income gain (loss) | 3,827 | (1,279) | 6,621 | (4,997) | ||
Balance | 1,291 | (2,536) | (7,274) | (5,995) | 1,291 | (7,274) |
Reclassification adjustment under Accounting Standards Update 2018-02 | (496) | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Balance | 234 | 408 | 544 | 193 | 408 | 193 |
Net current period other comprehensive income gain (loss) | (248) | 79 | (422) | 389 | ||
Balance | (14) | 234 | 623 | 544 | (14) | 623 |
Reclassification adjustment under Accounting Standards Update 2018-02 | 41 | |||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
Balance | (211) | (220) | (393) | (342) | (220) | (342) |
Net current period other comprehensive income gain (loss) | 0 | 0 | 9 | 0 | ||
Balance | (211) | (211) | (393) | (393) | (211) | (393) |
Reclassification adjustment under Accounting Standards Update 2018-02 | (51) | |||||
AOCI Attributable to Parent [Member] | ||||||
Balance | (2,513) | (5,142) | (5,844) | (1,930) | (5,142) | (1,930) |
Net current period other comprehensive income gain (loss) | 3,579 | 2,629 | (1,200) | (3,408) | 6,208 | (4,608) |
Balance | $ 1,066 | $ (2,513) | $ (7,044) | (5,844) | $ 1,066 | (7,044) |
Reclassification adjustment under Accounting Standards Update 2018-02 | $ (506) | $ (506) |
Note 11 - Preferred Stock (Deta
Note 11 - Preferred Stock (Details Textual) - $ / shares $ / shares in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred Stock, No Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued, Total | 0 | 0 |
Note 12 - Net Income Per Shar_2
Note 12 - Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 16,543 | $ 15,641 | $ 13,579 | $ 13,404 | $ 32,184 | $ 26,983 |
Weighted average shares outstanding - basic (in shares) | 22,689 | 22,625 | 22,675 | 22,601 | ||
Dilutive securities (in shares) | 260 | 342 | 273 | 358 | ||
Weighted average shares outstanding- diluted (in shares) | 22,949 | 22,967 | 22,948 | 22,959 | ||
Net income per share, basic (in dollars per share) | $ 0.73 | $ 0.60 | $ 1.42 | $ 1.19 | ||
Net income per share, diluted (in dollars per share) | $ 0.72 | $ 0.59 | $ 1.40 | $ 1.17 |
Note 12 - Net Income Per Shar_3
Note 12 - Net Income Per Share - Antidiutive SARs (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Appreciation Rights (SARs) [Member] | ||||
Antidilutive SARs (in shares) | 200 | 93 | 200 | 93 |
Note 13 - Defined Benefit Plan
Note 13 - Defined Benefit Plan (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Defined Benefit Plan, Number of Employees Covered | 3 |
Defined Benefit Plan, Number of Present Employees Covered | 1 |
Defined Benefit Plan, Number of Retired Employees Covered | 2 |
Note 14 - Stock-based Compens_3
Note 14 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 500,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 505,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 0 | ||||
Proceeds (Used for) and Received from Settlement of Stock Awards | $ 272 | $ 155 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 7,379 | ||||
Stock Appreciation Rights (SARs) [Member] | |||||
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 | 53,000 | 100,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,051 | ||||
Stock Appreciation Rights (SARs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||
Restricted Stock [Member] | |||||
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 | 39,000 | 40,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,370 | ||||
Performance Shares [Member] | |||||
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 | 4.10% | 4.30% | 5.10% | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,790 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 168 | ||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 12 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,834 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Fair Value Granted | $ 330 |
Note 14 - Stock-based Compens_4
Note 14 - Stock-based Compensation - Fair Value Assumptions (Details) - Stock Appreciation Rights (SARs) [Member] | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Dividend yield | 2.54% | 2.56% |
Expected volatility | 20.39% | 20.17% |
Risk free interest rate | 2.52% | 2.96% |
Expected life of SARs (Year) | 7 years 2 months 12 days | 7 years |
Note 14 - Stock-based Compens_5
Note 14 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Expense | $ 993 | $ 1,212 | $ 1,856 | $ 2,035 |
Deferred tax benefit | (209) | (254) | (390) | (427) |
Total net expense | 784 | 958 | 1,466 | 1,608 |
Stock Appreciation Rights (SARs) [Member] | ||||
Expense | 86 | 77 | 170 | 150 |
Deferred tax benefit | (18) | (16) | (36) | (32) |
Total net expense | 68 | 61 | 134 | 118 |
Restricted Stock [Member] | ||||
Expense | 306 | 275 | 599 | 551 |
Deferred tax benefit | (65) | (58) | (126) | (116) |
Total net expense | 241 | 217 | 473 | 435 |
Restricted Stock Units (RSUs) [Member] | ||||
Expense | 83 | 62 | 164 | 124 |
Deferred tax benefit | (17) | (13) | (34) | (26) |
Total net expense | 66 | 49 | 130 | 98 |
Performance Shares [Member] | ||||
Expense | 518 | 798 | 923 | 1,210 |
Deferred tax benefit | (109) | (167) | (194) | (253) |
Total net expense | $ 409 | $ 631 | $ 729 | $ 957 |
Note 14 - Stock-based Compens_6
Note 14 - Stock-based Compensation - Unrecognized Stock-based Compensation Expense (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Remainder of 2019 | $ 1,939 |
2020 | 2,682 |
2021 | 1,544 |
2022 | 752 |
2023 | 426 |
2024 | 36 |
Total estimated expense | 7,379 |
Stock Appreciation Rights (SARs) [Member] | |
Remainder of 2019 | 175 |
2020 | 306 |
2021 | 248 |
2022 | 193 |
2023 | 118 |
2024 | 11 |
Total estimated expense | 1,051 |
Restricted Stock [Member] | |
Remainder of 2019 | 599 |
2020 | 1,049 |
2021 | 830 |
2022 | 559 |
2023 | 308 |
2024 | 25 |
Total estimated expense | 3,370 |
Restricted Stock Units (RSUs) [Member] | |
Remainder of 2019 | 166 |
2020 | 2 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Total estimated expense | 168 |
Performance Shares [Member] | |
Remainder of 2019 | 999 |
2020 | 1,325 |
2021 | 466 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Total estimated expense | $ 2,790 |
Note 14 - Stock-based Compens_7
Note 14 - Stock-based Compensation - SARs Activity (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Unvested (in shares) | 731 | 704 | ||
Outstanding, aggregate intrinsic value | [1] | $ 9,505 | $ 8,422 | $ 12,923 |
Outstanding, weighted average fair value (in dollars per share) | $ 4.01 | $ 3.82 | $ 3.47 | |
Outstanding, weighted average remaining contractual life (Year) | 5 years | 5 years 2 months 12 days | 5 years 1 month 6 days | |
Awarded (in shares) | 53 | 100 | ||
Granted | [1] | $ 0 | $ 0 | |
Fair value at grant date (in dollars per share) | $ 6.24 | $ 6.07 | ||
Exercised (in shares) | (47) | (73) | ||
Exercised, aggregate intrinsic value | [1] | $ 830 | $ 1,654 | |
Exercised, weighted average fair value (in dollars per share) | $ 3.62 | $ 3.43 | ||
Forfeited (in shares) | 0 | 0 | ||
Forfeited | [1] | $ 0 | $ 0 | |
Forfeited (in dollars per share) | $ 0 | $ 0 | ||
Unvested (in shares) | 737 | 731 | 704 | |
Vested and exercisable (in shares) | 525 | |||
Vested and exercisable, aggregate intrinsic value | [1] | $ 8,975 | ||
Vested and exercisable, weighted average fair value (in dollars per share) | $ 3.38 | |||
Vested and exercisable, weighted average remaining contractual life (Year) | 3 years 6 months | |||
Unvested (in shares) | 212 | |||
Unvested, aggregate intrinsic value | [1] | $ 530 | ||
Unvested, weighted average fair value (in dollars per share) | $ 5.58 | |||
Unvested, weighted average remaining contractual life (Year) | 8 years 6 months | |||
Vested (in shares) | 79 | |||
Vested, aggregate intrinsic value | [1] | $ 740 | ||
Vested, weighted average fair value (in dollars per share) | $ 4.55 | |||
Minimum [Member] | ||||
Outstanding, exercise price (in dollars per share) | 14.02 | $ 14.02 | ||
Granted, exercise price (in dollars per share) | 36.65 | 35.90 | ||
Exercised, exercise price (in dollars per share) | 14.02 | 14.02 | ||
Outstanding, exercise price (in dollars per share) | 14.02 | 14.02 | $ 14.02 | |
Vested and exercisable, exercise price (in dollars per share) | 14.02 | |||
Unvested, exercise price (in dollars per share) | 22.96 | |||
Vested, exercise price (in dollars per share) | 19.37 | |||
Maximum [Member] | ||||
Outstanding, exercise price (in dollars per share) | 40 | 40 | ||
Granted, exercise price (in dollars per share) | 38.18 | 39.32 | ||
Exercised, exercise price (in dollars per share) | 22.96 | 19.37 | ||
Outstanding, exercise price (in dollars per share) | 40 | 40 | 40 | |
Vested and exercisable, exercise price (in dollars per share) | 40 | |||
Unvested, exercise price (in dollars per share) | 40 | |||
Vested, exercise price (in dollars per share) | 40 | |||
Weighted Average [Member] | ||||
Outstanding, exercise price (in dollars per share) | 22.42 | 19.51 | ||
Granted, exercise price (in dollars per share) | 37.01 | 37.75 | ||
Exercised, exercise price (in dollars per share) | 17.16 | 15.32 | ||
Outstanding, exercise price (in dollars per share) | 23.79 | $ 22.42 | $ 19.51 | |
Vested and exercisable, exercise price (in dollars per share) | 19.20 | |||
Unvested, exercise price (in dollars per share) | 35.14 | |||
Vested, exercise price (in dollars per share) | $ 27.39 | |||
[1] | Intrinsic value for SARs is defined as the amount by which the current market price of the underlying stock exceeds the exercise or grant price. |
Note 14 - Stock-based Compens_8
Note 14 - Stock-based Compensation - Restricted Stock (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Unvested (in shares) | 110 | 119 |
Unvested, grant date weighted average cost (in dollars per share) | $ 32.09 | $ 27.62 |
Awarded (in shares) | 39 | 40 |
Fair value at grant date (in dollars per share) | $ 34.88 | $ 35.89 |
Restrictions lapsed and shares released (in shares) | (39) | (44) |
Restrictions lapsed and shares released, grant date weighted average cost (in dollars per share) | $ 28.70 | $ 23.62 |
Forfeited (in shares) | 0 | (5) |
Shares forfeited, grant date weighted average cost (in dollars per share) | $ 0 | $ 31.35 |
Unvested (in shares) | 110 | 110 |
Unvested, grant date weighted average cost (in dollars per share) | $ 34.32 | $ 32.09 |
Note 14 - Stock-based Compens_9
Note 14 - Stock-based Compensation - Performance-based Restricted Stock Units (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expected shares to be awarded (in shares) | 505,000 | ||
Performance Shares [Member] | |||
Vesting period (Year) | 3 years | ||
Performance Shares [Member] | Executive Officer [Member] | |||
Vesting period (Year) | 3 years | 3 years | 3 years |
Fair value at grant date (in dollars per share) | $ 32.03 | $ 31.54 | $ 35.66 |
Expected shares to be awarded (in shares) | 43,602 | 71,932 | 61,893 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingent Liabilities (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Loss Contingency Accrual, Ending Balance | $ 350 |
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 |
Note 15 - Commitments and Con_4
Note 15 - Commitments and Contingent Liabilities - Off Balance Sheet Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Off balance sheet commitments to extend credit | $ 1,099,743 | $ 834,604 |
Commercial and Industrial Loans [Member] | ||
Off balance sheet commitments to extend credit | 381,824 | 309,920 |
Commerical Construcition Loans [Member] | ||
Off balance sheet commitments to extend credit | 224,641 | 163,314 |
Residential Construction Loans [Member] | ||
Off balance sheet commitments to extend credit | 15,631 | 16,050 |
Home Equity Loans [Member] | ||
Off balance sheet commitments to extend credit | 154,030 | 147,907 |
Credit Cards [Member] | ||
Off balance sheet commitments to extend credit | 21,222 | 20,003 |
Overdrafts [Member] | ||
Off balance sheet commitments to extend credit | 21,777 | 21,751 |
Letters of Credit [Member] | ||
Off balance sheet commitments to extend credit | 23,359 | 20,891 |
Other Off Balance Sheet Commitments [Member] | ||
Off balance sheet commitments to extend credit | 43,572 | 33,369 |
Future Loan Commitments [Member] | ||
Off balance sheet commitments to extend credit | $ 213,687 | $ 101,399 |
Note 16 - Assets and Liabilit_3
Note 16 - Assets and Liabilities Measured and Reported at Fair Value (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Impaired Financing Receivable, Related Allowance | $ 37 | $ 42 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 37 | 42 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Total | 563 | 1,000 |
Impaired Loans [Member] | Appraisal Discount Method [Member] | ||
Assets, Fair Value Disclosure | 352 | 925 |
Impaired Financing Receivable, Related Allowance | 37 | 42 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 389 | 967 |
Mortgage Servicing Rights [Member] | ||
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Fair Value, Recurring [Member] | ||
Assets, Fair Value Disclosure | 425,392 | 438,030 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Note 16 - Assets and Liabilit_4
Note 16 - Assets and Liabilities Measured and Reported at Fair Value - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities available for sale | $ 423,579 | $ 436,995 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 423,579 | 436,995 |
Interest rate swaps | 1,813 | 1,035 |
Total assets | 425,392 | 438,030 |
Interest rate swaps | 1,849 | 543 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total assets | 0 | 0 |
Interest rate swaps | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 423,579 | 436,995 |
Interest rate swaps | 1,813 | 1,035 |
Total assets | 425,392 | 438,030 |
Interest rate swaps | 1,849 | 543 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total assets | 0 | 0 |
Interest rate swaps | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale | 268,015 | 261,039 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 268,015 | 261,039 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 268,015 | 261,039 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale | 131,598 | 146,277 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 131,598 | 146,277 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 131,598 | 146,277 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 23,966 | 29,679 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 23,966 | 29,679 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 23,966 | 29,679 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | $ 0 | $ 0 |
Note 16 - Assets and Liabilit_5
Note 16 - Assets and Liabilities Measured and Reported at Fair Value - Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Other real estate owned | $ 63 | $ 109 | |||
Fair Value, Nonrecurring [Member] | |||||
Impaired loans | $ 352 | 352 | $ 925 | ||
Impaired loans | 0 | $ 304 | 0 | 1,419 | |
Other real estate owned | 239 | 239 | 239 | ||
Other real estate owned | 0 | $ 0 | 0 | $ 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Impaired loans | 0 | 0 | 0 | ||
Other real estate owned | 0 | 0 | 0 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Impaired loans | 0 | 0 | 0 | ||
Other real estate owned | 0 | 0 | 0 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Impaired loans | 352 | 352 | 925 | ||
Other real estate owned | $ 239 | $ 239 | $ 239 |
Note 16 - Assets and Liabilit_6
Note 16 - Assets and Liabilities Measured and Reported at Fair Value - Significant Unobservable Inputs (Details) - Impaired Loans [Member] - Fair Value, Inputs, Level 3 [Member] - Appraisal Discount Method [Member] $ in Thousands | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Impaired loans - collateral dependent, fair value | $ 352 | $ 925 |
Other real estate owned | $ 239 | $ 1,018 |
Weighted Average [Member] | ||
Impaired loans - collateral dependent, weighted average of input | 10 | 9.9 |
Other real estate owned - collateral dependent, weighted average of input | 22 | 12.2 |
Note 17 - Disclosure of Finan_3
Note 17 - Disclosure of Financial Instruments Not Reported at Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 116,039 | $ 198,939 |
Accrued interest receivable | 9,633 | 8,360 |
Non-interest bearing deposits | 777,652 | 711,023 |
Time deposits | 434,785 | 346,715 |
Accrued interest payable | 1,008 | 762 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 116,039 | 198,939 |
Mortgage loans held for sale | 3,922 | 1,675 |
Federal Home Loan Bank stock | 11,316 | 10,370 |
Loans, net | 2,737,464 | 2,522,637 |
Accrued interest receivable | 9,633 | 8,360 |
Non-interest bearing deposits | 777,652 | 711,023 |
Transaction deposits | 1,671,016 | 1,736,618 |
Time deposits | 434,785 | 346,715 |
Securities sold under agreement to repurchase | 33,809 | 36,094 |
Federal funds purchased | 12,012 | 10,247 |
FHLB advances | 84,279 | 48,177 |
Accrued interest payable | 1,008 | 762 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 116,039 | 198,939 |
Mortgage loans held for sale | 4,023 | 1,743 |
Federal Home Loan Bank stock | 11,316 | 10,370 |
Loans, net | 2,749,157 | 2,508,587 |
Accrued interest receivable | 9,633 | 8,360 |
Non-interest bearing deposits | 777,652 | 711,023 |
Transaction deposits | 1,671,016 | 1,736,618 |
Time deposits | 436,451 | 345,273 |
Securities sold under agreement to repurchase | 33,809 | 36,094 |
Federal funds purchased | 12,012 | 10,247 |
FHLB advances | 84,505 | 47,227 |
Accrued interest payable | 1,008 | 762 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 116,039 | 198,939 |
Mortgage loans held for sale | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 9,633 | 8,360 |
Non-interest bearing deposits | 777,652 | 711,023 |
Transaction deposits | 0 | 0 |
Time deposits | 0 | 0 |
Securities sold under agreement to repurchase | 0 | 0 |
Federal funds purchased | 0 | 0 |
FHLB advances | 0 | 0 |
Accrued interest payable | 1,008 | 762 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Mortgage loans held for sale | 4,023 | 1,743 |
Federal Home Loan Bank stock | 11,316 | 10,370 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Non-interest bearing deposits | 0 | 0 |
Transaction deposits | 1,671,016 | 1,736,618 |
Time deposits | 436,451 | 345,273 |
Securities sold under agreement to repurchase | 33,809 | 36,094 |
Federal funds purchased | 12,012 | 10,247 |
FHLB advances | 84,505 | 47,227 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 2,749,157 | 2,508,587 |
Accrued interest receivable | 0 | 0 |
Non-interest bearing deposits | 0 | 0 |
Transaction deposits | 0 | 0 |
Time deposits | 0 | 0 |
Securities sold under agreement to repurchase | 0 | 0 |
Federal funds purchased | 0 | 0 |
FHLB advances | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Note 18 - Derivative Financia_3
Note 18 - Derivative Financial Instruments (Details Textual) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative, Notional Amount | $ 30,000 | ||
Interest Rate Swap, Maturing December 6, 2020 [Member] | |||
Derivative, Notional Amount | 20,000 | $ 20,000 | |
Interest Rate Swap, Maturing December 6, 2021 [Member] | |||
Derivative, Notional Amount | $ 10,000 | $ 10,000 |
Note 18 - Derivative Financia_4
Note 18 - Derivative Financial Instruments - Outstanding Undesignated Interest Rate Swap Contracts (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Receiving [Member] | ||
Notional amount | $ 60,607 | $ 55,505 |
Weighted average maturity (Year) | 7 years 4 months 24 days | 8 years |
Fair value | $ 1,813 | $ 519 |
Paying [Member] | ||
Notional amount | $ 60,607 | $ 55,505 |
Weighted average maturity (Year) | 7 years 4 months 24 days | 8 years |
Fair value | $ 1,835 | $ 543 |
Note 18 - Derivative Financia_5
Note 18 - Derivative Financial Instruments - Derivative Position Designated As a Cash Flow Hedge (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | |
Notional amount | $ 30,000 | |||
Pay fixed swap rate | 1.82% | |||
Fair value | $ (14) | $ 516 | ||
Interest Rate Swap, Maturing December 6, 2021 [Member] | ||||
Notional amount | $ 10,000 | $ 10,000 | ||
Receive (variable index) | US 3 Month LIBOR | |||
Pay fixed swap rate | 1.89% | |||
Fair value | $ (37) | 193 | ||
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 | $ 23 | $ 323 |
Note 19 - Regulatory Matters (D
Note 19 - Regulatory Matters (Details Textual) | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Jan. 01, 2017 | Jan. 01, 2016 | |
Capital Conservation Buffer | 2.50% | 1.875% | 1.25% | 0.625% | |||
Subsidiaries [Member] | |||||||
Common Equity Tier One Risk Based Capital, Required to Be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% | |||||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | [1] | 8.00% | 8.00% | ||||
Capital Required to be Well Capitalized to Risk Weighted Assets | [1] | 10.00% | 10.00% | ||||
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | [2] | 5.00% | 5.00% | ||||
[1] | Ratio is computed in relation to risk-weighted assets. | ||||||
[2] | Ratio is computed in relation to average assets. |
Note 19 - Regulatory Matters -
Note 19 - Regulatory Matters - Risk Based Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Total risk-based capital | |||
Total risk-based capital, actual amount | [1] | $ 400,314 | $ 396,019 |
Total risk-based capital, actual ratio | [1] | 12.67% | 13.91% |
Total risk-based capital, minimum for adequately capitalized amount | [1] | $ 252,821 | $ 227,714 |
Total risk-based capital, minimum for adequately capitalized ratio | [1] | 8.00% | 8.00% |
Common equity tier 1 risk-based capital | |||
Common Equity Tier 1 risk-based capital, actual amount | $ 373,548 | $ 370,135 | |
Common Equity Tier 1 risk-based capital, actual ratio | 11.82% | 13.00% | |
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized amount | $ 142,212 | $ 128,089 | |
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized ratio | 4.50% | 4.50% | |
Tier 1 risk-based capital | |||
Tier 1 risk-based capital, actual amount | [1] | $ 373,548 | $ 370,135 |
Tier 1 risk-based capital, actual ratio | [1] | 11.82% | 13.00% |
Tier 1 risk-based capital, minimum for adequately capitalized amount | [1] | $ 189,616 | $ 170,785 |
Tier 1 risk-based capital, minimum for adequately capitalized ratio | [1] | 6.00% | 6.00% |
Leverage | |||
Leverage, actual amount | [2] | $ 373,548 | $ 370,135 |
Leverage, actual ratio | [2] | 10.91% | 11.33% |
Leverage, minimum for adequately capitalized amount | [2] | $ 136,955 | $ 130,698 |
Leverage, minimum for adequately capitalized ratio | [2] | 4.00% | 4.00% |
Subsidiaries [Member] | |||
Total risk-based capital | |||
Total risk-based capital, actual amount | [1] | $ 392,705 | $ 385,637 |
Total risk-based capital, actual ratio | [1] | 12.45% | 13.56% |
Total risk-based capital, minimum for adequately capitalized amount | [1] | $ 252,265 | $ 227,462 |
Total risk-based capital, minimum for adequately capitalized ratio | [1] | 8.00% | 8.00% |
Total risk-based capital, minimum for well capitalized amount | [1] | $ 315,331 | $ 284,327 |
Total risk-based capital, minimum for well capitalized ratio | [1] | 10.00% | 10.00% |
Common equity tier 1 risk-based capital | |||
Common Equity Tier 1 risk-based capital, actual amount | $ 365,939 | $ 359,753 | |
Common Equity Tier 1 risk-based capital, actual ratio | 11.60% | 12.65% | |
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized amount | $ 141,899 | $ 127,947 | |
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized ratio | 4.50% | 4.50% | |
Common Equity Tier 1 risk-based capital, minimum for well capitalized amount | $ 204,965 | $ 184,813 | |
Common Equity Tier 1 risk-based capital, minimum for well capitalized ratio | 6.50% | 6.50% | |
Tier 1 risk-based capital | |||
Tier 1 risk-based capital, actual amount | [1] | $ 365,939 | $ 359,753 |
Tier 1 risk-based capital, actual ratio | [1] | 11.60% | 12.65% |
Tier 1 risk-based capital, minimum for adequately capitalized amount | [1] | $ 189,198 | $ 170,596 |
Tier 1 risk-based capital, minimum for adequately capitalized ratio | [1] | 6.00% | 6.00% |
Tier 1 risk-based capital, minimum for well capitalized amount | [1] | $ 252,265 | $ 227,462 |
Tier 1 risk-based capital, minimum for well capitalized ratio | [1] | 8.00% | 8.00% |
Leverage | |||
Leverage, actual amount | [2] | $ 365,939 | $ 359,753 |
Leverage, actual ratio | [2] | 10.70% | 11.02% |
Leverage, minimum for adequately capitalized amount | [2] | $ 136,784 | $ 130,569 |
Leverage, minimum for adequately capitalized ratio | [2] | 4.00% | 4.00% |
Leverage, minimum for well capitalized amount | [2] | $ 170,980 | $ 163,211 |
Leverage, minimum for well capitalized ratio | [2] | 5.00% | 5.00% |
[1] | Ratio is computed in relation to risk-weighted assets. | ||
[2] | Ratio is computed in relation to average assets. |
Note 20 - Segments (Details Tex
Note 20 - Segments (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | May 01, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 1996 |
Goodwill, Ending Balance | $ 12,826 | $ 682 | $ 682 | $ 682 | $ 682 | $ 682 | ||
King Bancorp Inc. [Member] | ||||||||
Goodwill, Ending Balance | 12,000 | $ 12,144 | ||||||
Commercial Banking [Member] | Indiana Bank [Member] | ||||||||
Goodwill, Ending Balance | $ 682 | |||||||
Commercial Banking [Member] | Operating Segments [Member] | ||||||||
Goodwill, Ending Balance | $ 12,800 | |||||||
Commercial Banking [Member] | Operating Segments [Member] | Indiana Bank [Member] | ||||||||
Goodwill, Ending Balance | $ 682 | |||||||
Commercial Banking [Member] | Operating Segments [Member] | King Bancorp Inc. [Member] | ||||||||
Goodwill, Ending Balance | $ 12,100 |
Note 20 - Segments - Financial
Note 20 - Segments - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Net interest income | $ 30,774 | $ 28,674 | $ 60,431 | $ 55,983 | |||
Provision | 0 | 1,235 | 600 | 1,970 | |||
Non-interest income | 5,662 | 5,344 | 11,101 | 10,844 | |||
All other non-interest income | 6,601 | 6,091 | 12,224 | 11,500 | |||
Non-interest expenses | 25,464 | 22,136 | 48,103 | 43,163 | |||
Income before income tax expense | 17,573 | 16,738 | 35,053 | 33,194 | |||
Income tax expense | 1,030 | 3,159 | 2,869 | 6,211 | |||
Net income | 16,543 | $ 15,641 | 13,579 | $ 13,404 | 32,184 | 26,983 | |
Segment assets | 3,463,823 | 3,323,840 | 3,463,823 | 3,323,840 | $ 3,302,924 | ||
Commercial Banking [Member] | |||||||
Net interest income | 30,690 | 28,612 | 60,271 | 55,850 | |||
Provision | 0 | 1,235 | 600 | 1,970 | |||
Non-interest income | 0 | 0 | 0 | 0 | |||
All other non-interest income | 6,601 | 6,091 | 12,224 | 11,500 | |||
Non-interest expenses | 22,297 | 18,938 | 41,903 | 36,798 | |||
Income before income tax expense | 14,994 | 14,530 | 29,992 | 28,582 | |||
Income tax expense | 471 | 2,644 | 1,771 | 5,210 | |||
Net income | 14,523 | 11,886 | 28,221 | 23,372 | |||
Segment assets | 3,462,105 | 3,321,948 | 3,462,105 | 3,321,948 | |||
Investment Management and Trust [Member] | |||||||
Net interest income | 84 | 62 | 160 | 133 | |||
Provision | 0 | 0 | 0 | 0 | |||
Non-interest income | 5,662 | 5,344 | 11,101 | 10,844 | |||
All other non-interest income | 0 | 0 | 0 | 0 | |||
Non-interest expenses | 3,167 | 3,198 | 6,200 | 6,365 | |||
Income before income tax expense | 2,579 | 2,208 | 5,061 | 4,612 | |||
Income tax expense | 559 | 515 | 1,098 | 1,001 | |||
Net income | 2,020 | 1,693 | 3,963 | 3,611 | |||
Segment assets | $ 1,718 | $ 1,892 | $ 1,718 | $ 1,892 |
Note 21 - Revenue From Contra_3
Note 21 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Trading Activity Charges Reducing Product Sales Commissions and Fees | $ 257 | $ 261 | |
Fiduciary and Trust [Member] | |||
Accrued Fees and Other Revenue Receivable | $ 2,100 | $ 1,900 |
Note 21 - Revenue From Contra_4
Note 21 - Revenue From Contracts With Customers - Revenue by Operating Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Non-interest income | $ 5,662 | $ 5,344 | $ 11,101 | $ 10,844 | |
Mortgage banking income | [1] | 796 | 746 | 1,278 | 1,322 |
Bank owned life insurance | [1] | 184 | 191 | 362 | 378 |
Other | [2] | 551 | 508 | 1,010 | 784 |
Non-interest income | 12,263 | 11,435 | 23,325 | 22,344 | |
Commercial Banking [Member] | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Mortgage banking income | [1] | 796 | 746 | 1,278 | 1,322 |
Bank owned life insurance | [1] | 184 | 191 | 362 | 378 |
Other | [2] | 551 | 508 | 1,010 | 784 |
Non-interest income | 6,601 | 6,091 | 12,224 | 11,500 | |
WM&T [Member] | |||||
Mortgage banking income | [1] | 0 | 0 | 0 | 0 |
Bank owned life insurance | [1] | 0 | 0 | 0 | 0 |
Other | [2] | 0 | 0 | 0 | 0 |
Non-interest income | 5,662 | 5,344 | 11,101 | 10,844 | |
Fiduciary and Trust [Member] | |||||
Non-interest income | 5,662 | 5,344 | 11,101 | 10,844 | |
Fiduciary and Trust [Member] | Commercial Banking [Member] | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Fiduciary and Trust [Member] | WM&T [Member] | |||||
Non-interest income | 5,662 | 5,344 | 11,101 | 10,844 | |
Deposit Account [Member] | |||||
Non-interest income | 1,336 | 1,447 | 2,583 | 2,858 | |
Deposit Account [Member] | Commercial Banking [Member] | |||||
Non-interest income | 1,336 | 1,447 | 2,583 | 2,858 | |
Deposit Account [Member] | WM&T [Member] | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Credit and Debit Card [Member] | |||||
Non-interest income | 2,168 | 1,689 | 3,912 | 3,197 | |
Credit and Debit Card [Member] | Commercial Banking [Member] | |||||
Non-interest income | 2,168 | 1,689 | 3,912 | 3,197 | |
Credit and Debit Card [Member] | WM&T [Member] | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Treasury Management [Member] | |||||
Non-interest income | 1,202 | 1,113 | 2,359 | 2,160 | |
Treasury Management [Member] | Commercial Banking [Member] | |||||
Non-interest income | 1,202 | 1,113 | 2,359 | 2,160 | |
Treasury Management [Member] | WM&T [Member] | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Product Sales Commissions and Fees [Member] | |||||
Non-interest income | 364 | 397 | 720 | 801 | |
Product Sales Commissions and Fees [Member] | Commercial Banking [Member] | |||||
Non-interest income | 364 | 397 | 720 | 801 | |
Product Sales Commissions and Fees [Member] | WM&T [Member] | |||||
Non-interest income | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Outside of the scope of ASC 606 | ||||
[2] | Outside of the scope of ASC 606, with the exception of safe deposit fees which were nominal for all periods. |
Note 22 - Leases (Details Textu
Note 22 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Lessee, Operating Lease, Renewal Term | 5 years |
Minimum [Member] | |
Operating Lease, Remaining Lease Term | 3 months |
Maximum [Member] | |
Operating Lease, Remaining Lease Term | 14 years |
Note 22 - Leases - Balance Shee
Note 22 - Leases - Balance Sheet, Income Statement, and Cash Flow Detail Regarding Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | |
Operating lease right-of-use assets | $ 16,056 | $ 16,056 | $ 17,000 |
Operating lease liabilities | $ 17,373 | $ 17,373 | 18,000 |
Weighted average remaining lease term (in years) (Year) | 12 years 5 months 1 day | 12 years 5 months 1 day | |
Weighted average discount rate | 3.61% | 3.61% | |
Maturities of lease liabilities: | |||
One year or less | $ 1,949 | $ 1,949 | |
Year 2 | 1,929 | 1,929 | |
Year 3 | 1,919 | 1,919 | |
Year 4 | 1,955 | 1,955 | |
Year 5 | 1,935 | 1,935 | |
Greater than 5 years | 11,870 | 11,870 | |
Total lease payments | 21,557 | 21,557 | |
Less imputed interest | 4,184 | 4,184 | |
Operating lease liabilities | 17,373 | 17,373 | $ 18,000 |
Components of lease expense: | |||
Operating lease cost | 489 | 997 | |
Variable lease cost | 24 | 63 | |
Less sublease income | 13 | 27 | |
Total lease cost | $ 500 | 1,033 | |
Supplemental cash flow information: | |||
Operating cash flows from operating leases | $ 694 |