INDEPENDENT BANK CORPORATION
|
Michigan
|
38-2032782
|
|
(State or jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification Number)
|
4200 East Beltline, Grand Rapids, Michigan 49525
|
(Address of principal executive offices)
|
NONE
|
Former name, address and fiscal year, if changed since last report.
|
Large accelerated filer ☐
|
Accelerated filer ☒
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
Common stock, no par value
|
21,223,212
|
|
Class
|
Outstanding at August 3, 2016
|
Number(s)
|
||
PART I -
|
Financial Information
|
|
Item 1.
|
3
|
|
4
|
||
5
|
||
6
|
||
7
|
||
8-59
|
||
Item 2.
|
60-86
|
|
Item 3.
|
87
|
|
Item 4.
|
87
|
|
PART II -
|
Other Information
|
|
Item 1A
|
88
|
|
Item 2.
|
88
|
|
Item 6.
|
89
|
• | economic, market, operational, liquidity, credit, and interest rate risks associated with our business; |
• | economic conditions generally and in the financial services industry, particularly economic conditions within Michigan and the regional and local real estate markets in which our bank operates; |
• | the failure of assumptions underlying the establishment of, and provisions made to, our allowance for loan losses; |
• | the failure of assumptions underlying our estimate of probable incurred losses from vehicle service contract payment plan counterparty contingencies, including our assumptions regarding future cancellations of vehicle service contracts, the value to us of collateral that may be available to recover funds due from our counterparties, and our ability to enforce the contractual obligations of our counterparties to pay amounts owing to us; |
• | increased competition in the financial services industry, either nationally or regionally; |
• | our ability to achieve loan and deposit growth; |
• | volatility and direction of market interest rates; |
• | the continued services of our management team; and |
• | implementation of new legislation, which may have significant effects on us and the financial services industry. |
Part I - Item 1.
|
June 30,
2016
|
December 31,
2015
|
|||||||
(unaudited)
|
||||||||
(In thousands, except share
amounts)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
34,542
|
$
|
54,260
|
||||
Interest bearing deposits
|
26,488
|
31,523
|
||||||
Cash and Cash Equivalents
|
61,030
|
85,783
|
||||||
Interest bearing deposits - time
|
8,560
|
11,866
|
||||||
Trading securities
|
212
|
148
|
||||||
Securities available for sale
|
599,755
|
585,484
|
||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
|
15,229
|
15,471
|
||||||
Loans held for sale, carried at fair value
|
31,713
|
27,866
|
||||||
Loans
|
||||||||
Commercial
|
792,000
|
748,398
|
||||||
Mortgage
|
506,021
|
500,454
|
||||||
Installment
|
252,712
|
231,599
|
||||||
Payment plan receivables
|
31,389
|
34,599
|
||||||
Total Loans
|
1,582,122
|
1,515,050
|
||||||
Allowance for loan losses
|
(22,712
|
)
|
(22,570
|
)
|
||||
Net Loans
|
1,559,410
|
1,492,480
|
||||||
Other real estate and repossessed assets
|
5,572
|
7,150
|
||||||
Property and equipment, net
|
41,044
|
43,103
|
||||||
Bank-owned life insurance
|
54,990
|
54,402
|
||||||
Deferred tax assets, net
|
35,257
|
39,635
|
||||||
Capitalized mortgage loan servicing rights
|
10,331
|
12,436
|
||||||
Vehicle service contract counterparty receivables, net
|
3,036
|
7,229
|
||||||
Other intangibles
|
2,106
|
2,280
|
||||||
Accrued income and other assets
|
24,451
|
23,733
|
||||||
Total Assets
|
$
|
2,452,696
|
$
|
2,409,066
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Deposits
|
||||||||
Non-interest bearing
|
$
|
678,489
|
$
|
659,793
|
||||
Savings and interest-bearing checking
|
997,102
|
988,174
|
||||||
Reciprocal
|
49,355
|
50,207
|
||||||
Time
|
403,346
|
387,789
|
||||||
Total Deposits
|
2,128,292
|
2,085,963
|
||||||
Other borrowings
|
11,797
|
11,954
|
||||||
Subordinated debentures
|
35,569
|
35,569
|
||||||
Vehicle service contract counterparty payables
|
1,066
|
797
|
||||||
Accrued expenses and other liabilities
|
29,049
|
23,691
|
||||||
Total Liabilities
|
2,205,773
|
2,157,974
|
||||||
Shareholders’ Equity
|
||||||||
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding
|
-
|
-
|
||||||
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 21,315,881 shares at June 30, 2016 and 22,251,373 shares at December 31, 2015
|
324,268
|
339,462
|
||||||
Accumulated deficit
|
(74,062
|
)
|
(82,334
|
)
|
||||
Accumulated other comprehensive loss
|
(3,283
|
)
|
(6,036
|
)
|
||||
Total Shareholders’ Equity
|
246,923
|
251,092
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
2,452,696
|
$
|
2,409,066
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
(In thousands, except per share amounts)
|
||||||||||||||||
Interest Income
|
||||||||||||||||
Interest and fees on loans
|
$
|
18,208
|
$
|
17,751
|
$
|
36,764
|
$
|
34,990
|
||||||||
Interest on securities
|
||||||||||||||||
Taxable
|
2,480
|
1,869
|
4,724
|
3,627
|
||||||||||||
Tax-exempt
|
282
|
222
|
530
|
439
|
||||||||||||
Other investments
|
297
|
289
|
603
|
627
|
||||||||||||
Total Interest Income
|
21,267
|
20,131
|
42,621
|
39,683
|
||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
1,152
|
967
|
2,266
|
1,974
|
||||||||||||
Other borrowings
|
485
|
463
|
962
|
917
|
||||||||||||
Total Interest Expense
|
1,637
|
1,430
|
3,228
|
2,891
|
||||||||||||
Net Interest Income
|
19,630
|
18,701
|
39,393
|
36,792
|
||||||||||||
Provision for loan losses
|
(734
|
)
|
(134
|
)
|
(1,264
|
)
|
(793
|
)
|
||||||||
Net Interest Income After Provision for Loan Losses
|
20,364
|
18,835
|
40,657
|
37,585
|
||||||||||||
Non-Interest Income
|
||||||||||||||||
Service charges on deposit accounts
|
3,038
|
3,117
|
5,883
|
5,967
|
||||||||||||
Interchange income
|
1,976
|
2,240
|
3,854
|
4,382
|
||||||||||||
Net gains (losses) on assets
|
||||||||||||||||
Mortgage loans
|
2,529
|
1,784
|
4,171
|
3,923
|
||||||||||||
Securities
|
185
|
(33
|
)
|
347
|
52
|
|||||||||||
Mortgage loan servicing, net
|
(334
|
)
|
1,452
|
(1,312
|
)
|
1,032
|
||||||||||
Title insurance fees
|
253
|
337
|
541
|
593
|
||||||||||||
Other
|
1,933
|
2,090
|
3,905
|
4,000
|
||||||||||||
Total Non-Interest Income
|
9,580
|
10,987
|
17,389
|
19,949
|
||||||||||||
Non-Interest Expense
|
||||||||||||||||
Compensation and employee benefits
|
12,000
|
11,791
|
23,881
|
23,576
|
||||||||||||
Occupancy, net
|
1,856
|
2,040
|
4,063
|
4,459
|
||||||||||||
Data processing
|
1,936
|
2,027
|
4,037
|
3,957
|
||||||||||||
Furniture, fixtures and equipment
|
965
|
965
|
1,949
|
1,917
|
||||||||||||
Communications
|
722
|
694
|
1,610
|
1,430
|
||||||||||||
Loan and collection
|
571
|
967
|
1,396
|
2,122
|
||||||||||||
Advertising
|
478
|
448
|
955
|
932
|
||||||||||||
Legal and professional
|
345
|
453
|
758
|
833
|
||||||||||||
FDIC deposit insurance
|
331
|
351
|
665
|
694
|
||||||||||||
Interchange expense
|
267
|
289
|
533
|
580
|
||||||||||||
Credit card and bank service fees
|
198
|
203
|
385
|
405
|
||||||||||||
Vehicle service contract counterparty contingencies
|
(1
|
)
|
30
|
29
|
59
|
|||||||||||
Provision for loss reimbursement on sold loans
|
-
|
45
|
(15
|
)
|
(24
|
)
|
||||||||||
Costs (recoveries) related to unfunded lending commitments
|
(80
|
)
|
4
|
(67
|
)
|
20
|
||||||||||
Net gains on other real estate and repossessed assets
|
(159
|
)
|
(139
|
)
|
(165
|
)
|
(178
|
)
|
||||||||
Other
|
1,466
|
1,411
|
2,926
|
2,948
|
||||||||||||
Total Non-Interest Expense
|
20,895
|
21,579
|
42,940
|
43,730
|
||||||||||||
Income Before Income Tax
|
9,049
|
8,243
|
15,106
|
13,804
|
||||||||||||
Income tax expense
|
2,611
|
2,624
|
4,568
|
4,404
|
||||||||||||
Net Income
|
$
|
6,438
|
$
|
5,619
|
$
|
10,538
|
$
|
9,400
|
||||||||
Net Income Per Common Share
|
||||||||||||||||
Basic
|
$
|
0.30
|
$
|
0.25
|
$
|
0.49
|
$
|
0.41
|
||||||||
Diluted
|
$
|
0.30
|
$
|
0.24
|
$
|
0.48
|
$
|
0.40
|
||||||||
Dividends Per Common Share
|
||||||||||||||||
Declared
|
$
|
0.08
|
$
|
0.06
|
$
|
0.16
|
$
|
0.12
|
||||||||
Paid
|
$
|
0.08
|
$
|
0.06
|
$
|
0.16
|
$
|
0.12
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Net income
|
$
|
6,438
|
$
|
5,619
|
$
|
10,538
|
$
|
9,400
|
||||||||
Other comprehensive income (loss), before tax
|
||||||||||||||||
Securities available for sale
|
||||||||||||||||
Unrealized gains (losses) arising during period
|
2,334
|
(1,806
|
)
|
4,448
|
464
|
|||||||||||
Change in unrealized gains (losses) for which a portion of other than temporary impairment has been recognized in earnings
|
107
|
(21
|
)
|
71
|
(10
|
)
|
||||||||||
Reclassification adjustments for gains included in earnings
|
(109
|
)
|
-
|
(283
|
)
|
(75
|
)
|
|||||||||
Unrealized gains (losses) recognized in other comprehensive
income (loss) on securities available for sale
|
2,332
|
(1,827
|
)
|
4,236
|
379
|
|||||||||||
Income tax expense (benefit)
|
816
|
(639
|
)
|
1,483
|
133
|
|||||||||||
Unrealized gains (losses) recognized in other comprehensive
income (loss) on available for sale securities, net of tax
|
1,516
|
(1,188
|
)
|
2,753
|
246
|
|||||||||||
Other comprehensive income (loss)
|
1,516
|
(1,188
|
)
|
2,753
|
246
|
|||||||||||
Comprehensive income
|
$
|
7,954
|
$
|
4,431
|
$
|
13,291
|
$
|
9,646
|
Six months ended June 30,
|
||||||||
2016
|
2015
|
|||||||
(unaudited - In thousands)
|
||||||||
Net Income
|
$
|
10,538
|
$
|
9,400
|
||||
Adjustments to Reconcile Net Income to Net Cash From Operating Activities
|
||||||||
Proceeds from sales of loans held for sale
|
129,838
|
154,938
|
||||||
Disbursements for loans held for sale
|
(129,514
|
)
|
(157,871
|
)
|
||||
Provision for loan losses
|
(1,264
|
)
|
(793
|
)
|
||||
Deferred federal income tax expense
|
5,625
|
4,475
|
||||||
Deferred loan fees
|
(987
|
)
|
(930
|
)
|
||||
Depreciation, amortization of intangible assets and premiums and accretion of discounts on securities, loans and interest bearning deposits - time
|
2,507
|
2,228
|
||||||
Net gains on mortgage loans
|
(4,171
|
)
|
(3,923
|
)
|
||||
Net gains on securities
|
(347
|
)
|
(52
|
)
|
||||
Net gains on other real estate and repossessed assets
|
(165
|
)
|
(178
|
)
|
||||
Vehicle service contract counterparty contingencies
|
29
|
59
|
||||||
Share based compensation
|
825
|
772
|
||||||
(Increase) decrease in accrued income and other assets
|
(1,051
|
)
|
551
|
|||||
Increase (decrease) in accrued expenses and other liabilities
|
2,639
|
(894
|
)
|
|||||
Total Adjustments
|
3,964
|
(1,618
|
)
|
|||||
Net Cash From Operating Activities
|
14,502
|
7,782
|
||||||
Cash Flow Used in Investing Activities
|
||||||||
Proceeds from the sale of securities available for sale
|
55,362
|
11,786
|
||||||
Proceeds from the maturity of securities available for sale
|
21,413
|
16,047
|
||||||
Principal payments received on securities available for sale
|
74,212
|
58,587
|
||||||
Purchases of securities available for sale
|
(159,698
|
)
|
(111,908
|
)
|
||||
Purchases of interest bearing deposits - time
|
-
|
(245
|
)
|
|||||
Proceeds from the maturity of interest bearing deposits - time
|
3,290
|
2,915
|
||||||
Purchase of Federal Reserve Bank stock
|
(129
|
)
|
(132
|
)
|
||||
Redemption of Federal Reserve Bank stock
|
371
|
391
|
||||||
Redemption of Federal Home Loan Bank stock
|
-
|
4,514
|
||||||
Net increase in portfolio loans (loans originated, net of principal payments)
|
(64,236
|
)
|
(39,442
|
)
|
||||
Proceeds from the collection of vehicle service contract counterparty receivables
|
4,458
|
15
|
||||||
Proceeds from the sale of other real estate and repossessed assets
|
3,018
|
4,515
|
||||||
Proceeds from life insurance
|
742
|
-
|
||||||
Proceeds from the sale of property and equipment
|
23
|
490
|
||||||
Capital expenditures
|
(990
|
)
|
(1,898
|
)
|
||||
Net Cash Used in Investing Activities
|
(62,164
|
)
|
(54,365
|
)
|
||||
Cash Flow From Financing Activities
|
||||||||
Net increase in total deposits
|
42,329
|
37,115
|
||||||
Net decrease in other borrowings
|
(1
|
)
|
(1
|
)
|
||||
Payments of Federal Home Loan Bank Advances
|
(156
|
)
|
(144
|
)
|
||||
Net increase in vehicle service contract counterparty payables
|
269
|
328
|
||||||
Dividends paid
|
(3,451
|
)
|
(2,760
|
)
|
||||
Proceeds from issuance of common stock
|
56
|
80
|
||||||
Repurchase of common stock
|
(15,510
|
)
|
(3,668
|
)
|
||||
Share based compensation withholding obligation
|
(627
|
)
|
(66
|
)
|
||||
Net Cash From Financing Activities
|
22,909
|
30,884
|
||||||
Net Decrease in Cash and Cash Equivalents
|
(24,753
|
)
|
(15,699
|
)
|
||||
Cash and Cash Equivalents at Beginning of Period
|
85,783
|
74,016
|
||||||
Cash and Cash Equivalents at End of Period
|
$
|
61,030
|
$
|
58,317
|
||||
Cash paid during the period for
|
||||||||
Interest
|
$
|
3,158
|
$
|
2,878
|
||||
Income taxes
|
360
|
91
|
||||||
Transfers to other real estate and repossessed assets
|
1,275
|
2,354
|
||||||
Transfer of payment plan receivables to vehicle service contract counterparty receivables
|
294
|
110
|
||||||
Purchase of securities available for sale not yet settled
|
2,342
|
-
|
Six months ended
June 30,
|
||||||||
2016
|
2015
|
|||||||
(unaudited)
|
||||||||
(In thousands)
|
||||||||
Balance at beginning of period
|
$
|
251,092
|
$
|
250,371
|
||||
Cumulative effect of change in accounting principle
|
1,247
|
-
|
||||||
Balance at beginning of period, as adjusted
|
252,339
|
250,371
|
||||||
Net income
|
10,538
|
9,400
|
||||||
Cash dividends declared
|
(3,451
|
)
|
(2,760
|
)
|
||||
Issuance of common stock
|
56
|
80
|
||||||
Share based compensation
|
825
|
772
|
||||||
Share based compensation withholding obligation
|
(627
|
)
|
(66
|
)
|
||||
Repurchase of common stock
|
(15,510
|
)
|
(3,668
|
)
|
||||
Net change in accumulated other comprehensive loss, net of related tax effect
|
2,753
|
246
|
||||||
Balance at end of period
|
$
|
246,923
|
$
|
254,375
|
January 1,
2016
Originally
Presented
|
Cumulative
Retrospective
Adjustments
|
January 1,
2016
Adjusted
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Deferred tax assets
|
$
|
39,635
|
$
|
1,247
|
$
|
40,882
|
||||||
Total assets
|
$
|
2,409,066
|
$
|
1,247
|
$
|
2,410,313
|
||||||
Common stock
|
$
|
339,462
|
$
|
62
|
$
|
339,524
|
||||||
Accumulated deficit
|
$
|
(82,334
|
)
|
$
|
1,185
|
$
|
(81,149
|
)
|
||||
Total Shareholders’ Equity
|
$
|
251,092
|
$
|
1,247
|
$
|
252,339
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
2,409,066
|
$
|
1,247
|
$
|
2,410,313
|
Amortized
|
Unrealized
|
|||||||||||||||
Cost
|
Gains
|
Losses
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
June 30, 2016
|
||||||||||||||||
U.S. agency
|
$
|
31,165
|
$
|
552
|
$
|
38
|
$
|
31,679
|
||||||||
U.S. agency residential mortgage-backed
|
180,415
|
1,783
|
135
|
182,063
|
||||||||||||
U.S. agency commercial mortgage-backed
|
7,832
|
167
|
3
|
7,996
|
||||||||||||
Private label mortgage-backed
|
26,202
|
343
|
299
|
26,246
|
||||||||||||
Other asset backed
|
139,895
|
298
|
347
|
139,846
|
||||||||||||
Obligations of states and political subdivisions
|
156,663
|
2,311
|
633
|
158,341
|
||||||||||||
Corporate
|
49,150
|
521
|
144
|
49,527
|
||||||||||||
Trust preferred
|
2,920
|
-
|
523
|
2,397
|
||||||||||||
Foreign government
|
1,644
|
16
|
0
|
1,660
|
||||||||||||
Total
|
$
|
595,886
|
$
|
5,991
|
$
|
2,122
|
$
|
599,755
|
||||||||
December 31, 2015
|
||||||||||||||||
U.S. agency
|
$
|
47,283
|
$
|
309
|
$
|
80
|
$
|
47,512
|
||||||||
U.S. agency residential mortgage-backed
|
195,055
|
1,584
|
583
|
196,056
|
||||||||||||
U.S. agency commercial mortgage-backed
|
34,017
|
94
|
83
|
34,028
|
||||||||||||
Private label mortgage-backed
|
5,061
|
161
|
319
|
4,903
|
||||||||||||
Other asset backed
|
117,431
|
54
|
581
|
116,904
|
||||||||||||
Obligations of states and political subdivisions
|
145,193
|
941
|
1,150
|
144,984
|
||||||||||||
Corporate
|
38,895
|
9
|
290
|
38,614
|
||||||||||||
Trust preferred
|
2,916
|
-
|
433
|
2,483
|
||||||||||||
Total
|
$
|
585,851
|
$
|
3,152
|
$
|
3,519
|
$
|
585,484
|
Less Than Twelve Months
|
Twelve Months or More
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses |
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||||||
U.S. agency
|
$
|
3,432
|
$
|
7
|
$
|
6,168
|
$
|
31
|
$
|
9,600
|
$
|
38
|
||||||||||||
U.S. agency residential mortgage-backed
|
23,927
|
53
|
13,743
|
82
|
37,670
|
135
|
||||||||||||||||||
U.S. agency commercial mortgage-backed
|
548
|
2
|
199
|
1
|
747
|
3
|
||||||||||||||||||
Private label mortgage- backed
|
2,566
|
8
|
1,521
|
291
|
4,087
|
299
|
||||||||||||||||||
Other asset backed
|
42,783
|
161
|
12,079
|
186
|
54,862
|
347
|
||||||||||||||||||
Obligations of states and political subdivisions
|
12,316
|
227
|
10,176
|
406
|
22,492
|
633
|
||||||||||||||||||
Corporate
|
4,033
|
19
|
3,878
|
125
|
7,911
|
144
|
||||||||||||||||||
Trust preferred
|
-
|
-
|
2,397
|
523
|
2,397
|
523
|
||||||||||||||||||
Total
|
$
|
89,605
|
$
|
477
|
$
|
50,161
|
$
|
1,645
|
$
|
139,766
|
$
|
2,122
|
||||||||||||
December 31, 2015
|
||||||||||||||||||||||||
U.S. agency
|
$
|
12,164
|
$
|
47
|
$
|
6,746
|
$
|
33
|
$
|
18,910
|
$
|
80
|
||||||||||||
U.S. agency residential mortgage-backed
|
57,538
|
316
|
23,340
|
267
|
80,878
|
583
|
||||||||||||||||||
U.S. agency commercial mortgage-backed
|
16,747
|
60
|
2,247
|
23
|
18,994
|
83
|
||||||||||||||||||
Private label mortgage- backed
|
-
|
-
|
3,393
|
319
|
3,393
|
319
|
||||||||||||||||||
Other asset backed
|
102,660
|
434
|
5,189
|
147
|
107,849
|
581
|
||||||||||||||||||
Obligations of states and political subdivisions
|
52,493
|
597
|
12,240
|
553
|
64,733
|
1,150
|
||||||||||||||||||
Corporate
|
30,550
|
290
|
-
|
-
|
30,550
|
290
|
||||||||||||||||||
Trust preferred
|
-
|
-
|
2,483
|
433
|
2,483
|
433
|
||||||||||||||||||
Total
|
$
|
272,152
|
$
|
1,744
|
$
|
55,638
|
$
|
1,775
|
$
|
327,790
|
$
|
3,519
|
June 30, 2016
|
December 31, 2015
|
|||||||||||||||
Fair
Value
|
Net
Unrealized
Loss
|
Fair
Value
|
Net
Unrealized
Loss
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Trust preferred securities
|
||||||||||||||||
Rated issues
|
$
|
1,650
|
$
|
(270
|
)
|
$
|
1,690
|
$
|
(226
|
)
|
||||||
Unrated issues
|
747
|
(253
|
)
|
793
|
(207
|
)
|
Senior
Security
|
Super
Senior
Security
|
Senior
Support
Security
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
As of June 30, 2016
|
||||||||||||||||
Fair value
|
$
|
1,469
|
$
|
1,194
|
$
|
76
|
$
|
2,739
|
||||||||
Amortized cost
|
1,396
|
1,129
|
-
|
2,525
|
||||||||||||
Non-credit unrealized loss
|
-
|
-
|
-
|
-
|
||||||||||||
Unrealized gain
|
73
|
65
|
76
|
214
|
||||||||||||
Cumulative credit related OTTI
|
757
|
457
|
380
|
1,594
|
||||||||||||
Credit related OTTI recognized in our Condensed
|
||||||||||||||||
Consolidated Statements of Operations
|
||||||||||||||||
For the three months ended June 30,
|
||||||||||||||||
2016
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
2015
|
-
|
-
|
-
|
-
|
||||||||||||
For the six months ended June 30,
|
||||||||||||||||
2016
|
-
|
-
|
-
|
-
|
||||||||||||
2015
|
-
|
-
|
-
|
-
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Balance at beginning of period
|
$
|
1,844
|
$
|
1,844
|
$
|
1,844
|
$
|
1,844
|
||||||||
Additions to credit losses on securities for which no previous OTTI was recognized
|
-
|
-
|
-
|
-
|
||||||||||||
Increases to credit losses on securities for which OTTI was previously recognized
|
-
|
-
|
-
|
-
|
||||||||||||
Balance at end of period
|
$
|
1,844
|
$
|
1,844
|
$
|
1,844
|
$
|
1,844
|
Amortized
Cost
|
Fair
Value
|
|||||||
(In thousands)
|
||||||||
Maturing within one year
|
$
|
27,502
|
$
|
27,533
|
||||
Maturing after one year but within five years
|
79,845
|
80,614
|
||||||
Maturing after five years but within ten years
|
66,708
|
67,656
|
||||||
Maturing after ten years
|
67,487
|
67,801
|
||||||
241,542
|
243,604
|
|||||||
U.S. agency residential mortgage-backed
|
180,415
|
182,063
|
||||||
U.S. agency commercial mortgage-backed
|
7,832
|
7,996
|
||||||
Private label residential mortgage-backed
|
26,202
|
26,246
|
||||||
Other asset backed
|
139,895
|
139,846
|
||||||
Total
|
$
|
595,886
|
$
|
599,755
|
Proceeds
|
Realized
Gains
|
Losses
|
||||||||||
(In thousands)
|
||||||||||||
2016
|
$
|
55,362
|
$
|
336
|
$
|
53
|
||||||
2015
|
11,786
|
75
|
-
|
Commercial
|
Mortgage
|
Installment
|
Payment
Plan
Receivables
|
Subjective
Allocation
|
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
2016
|
||||||||||||||||||||||||
Balance at beginning of period
|
$
|
5,622
|
$
|
10,296
|
$
|
1,161
|
$
|
53
|
$
|
5,363
|
$
|
22,495
|
||||||||||||
Additions (deductions)
|
||||||||||||||||||||||||
Provision for loan losses
|
(663
|
)
|
(359
|
)
|
126
|
(1
|
)
|
163
|
(734
|
)
|
||||||||||||||
Recoveries credited to allowance
|
1,114
|
294
|
351
|
-
|
-
|
1,759
|
||||||||||||||||||
Loans charged against the allowance
|
(34
|
)
|
(275
|
)
|
(499
|
)
|
-
|
-
|
(808
|
)
|
||||||||||||||
Balance at end of period
|
$
|
6,039
|
$
|
9,956
|
$
|
1,139
|
$
|
52
|
$
|
5,526
|
$
|
22,712
|
||||||||||||
2015
|
||||||||||||||||||||||||
Balance at beginning of period
|
$
|
5,916
|
$
|
12,081
|
$
|
1,564
|
$
|
62
|
$
|
5,056
|
$
|
24,679
|
||||||||||||
Additions (deductions)
|
||||||||||||||||||||||||
Provision for loan losses
|
177
|
(101
|
)
|
(45
|
)
|
3
|
(168
|
)
|
(134
|
)
|
||||||||||||||
Recoveries credited to allowance
|
652
|
319
|
284
|
-
|
-
|
1,255
|
||||||||||||||||||
Loans charged against the allowance
|
(38
|
)
|
(834
|
)
|
(342
|
)
|
-
|
-
|
(1,214
|
)
|
||||||||||||||
Balance at end of period
|
$
|
6,707
|
$
|
11,465
|
$
|
1,461
|
$
|
65
|
$
|
4,888
|
$
|
24,586
|
Commercial
|
Mortgage
|
Installment
|
Payment
Plan
Receivables
|
Subjective
Allocation
|
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
2016
|
||||||||||||||||||||||||
Balance at beginning of period
|
$
|
5,670
|
$
|
10,391
|
$
|
1,181
|
$
|
56
|
$
|
5,272
|
$
|
22,570
|
||||||||||||
Additions (deductions)
|
||||||||||||||||||||||||
Provision for loan losses
|
(1,067
|
)
|
(638
|
)
|
191
|
(4
|
)
|
254
|
(1,264
|
)
|
||||||||||||||
Recoveries credited to allowance
|
1,470
|
676
|
572
|
-
|
-
|
2,718
|
||||||||||||||||||
Loans charged against the allowance
|
(34
|
)
|
(473
|
)
|
(805
|
)
|
-
|
-
|
(1,312
|
)
|
||||||||||||||
Balance at end of period
|
$
|
6,039
|
$
|
9,956
|
$
|
1,139
|
$
|
52
|
$
|
5,526
|
$
|
22,712
|
||||||||||||
2015
|
||||||||||||||||||||||||
Balance at beginning of period
|
$
|
5,445
|
$
|
13,444
|
$
|
1,814
|
$
|
64
|
$
|
5,223
|
$
|
25,990
|
||||||||||||
Additions (deductions)
|
||||||||||||||||||||||||
Provision for loan losses
|
505
|
(834
|
)
|
(130
|
)
|
1
|
(335
|
)
|
(793
|
)
|
||||||||||||||
Recoveries credited to allowance
|
1,085
|
557
|
603
|
-
|
-
|
2,245
|
||||||||||||||||||
Loans charged against the allowance
|
(328
|
)
|
(1,702
|
)
|
(826
|
)
|
-
|
-
|
(2,856
|
)
|
||||||||||||||
Balance at end of period
|
$
|
6,707
|
$
|
11,465
|
$
|
1,461
|
$
|
65
|
$
|
4,888
|
$
|
24,586
|
Commercial
|
Mortgage
|
Installment
|
Payment
Plan
Receivables
|
Subjective
Allocation
|
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
3,271
|
$
|
7,262
|
$
|
408
|
$
|
-
|
$
|
-
|
$
|
10,941
|
||||||||||||
Collectively evaluated for impairment
|
2,768
|
2,694
|
731
|
52
|
5,526
|
11,771
|
||||||||||||||||||
Total ending allowance balance
|
$
|
6,039
|
$
|
9,956
|
$
|
1,139
|
$
|
52
|
$
|
5,526
|
$
|
22,712
|
||||||||||||
Loans
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
17,802
|
$
|
63,430
|
$
|
5,427
|
$
|
-
|
$
|
86,659
|
||||||||||||||
Collectively evaluated for impairment
|
775,794
|
444,865
|
247,973
|
31,389
|
1,500,021
|
|||||||||||||||||||
Total loans recorded investment
|
793,596
|
508,295
|
253,400
|
31,389
|
1,586,680
|
|||||||||||||||||||
Accrued interest included in recorded investment
|
1,596
|
2,274
|
688
|
-
|
4,558
|
|||||||||||||||||||
Total loans
|
$
|
792,000
|
$
|
506,021
|
$
|
252,712
|
$
|
31,389
|
$
|
1,582,122
|
||||||||||||||
December 31, 2015
|
||||||||||||||||||||||||
Allowance for loan losses
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
2,708
|
$
|
7,818
|
$
|
457
|
$
|
-
|
$
|
-
|
$
|
10,983
|
||||||||||||
Collectively evaluated for impairment
|
2,962
|
2,573
|
724
|
56
|
5,272
|
11,587
|
||||||||||||||||||
Total ending allowance balance
|
$
|
5,670
|
$
|
10,391
|
$
|
1,181
|
$
|
56
|
$
|
5,272
|
$
|
22,570
|
||||||||||||
Loans
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
16,868
|
$
|
66,375
|
$
|
5,888
|
$
|
-
|
$
|
89,131
|
||||||||||||||
Collectively evaluated for impairment
|
733,399
|
436,349
|
226,409
|
34,599
|
1,430,756
|
|||||||||||||||||||
Total loans recorded investment
|
750,267
|
502,724
|
232,297
|
34,599
|
1,519,887
|
|||||||||||||||||||
Accrued interest included in recorded investment
|
1,869
|
2,270
|
698
|
-
|
4,837
|
|||||||||||||||||||
Total loans
|
$
|
748,398
|
$
|
500,454
|
$
|
231,599
|
$
|
34,599
|
$
|
1,515,050
|
90+ and
Still
Accruing
|
Non-
Accrual
|
Total Non-
Performing
Loans
|
||||||||||
(In thousands)
|
||||||||||||
June 30, 2016
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
$
|
-
|
$
|
950
|
$
|
950
|
||||||
Land, land development and construction - real estate
|
-
|
133
|
133
|
|||||||||
Commercial and industrial
|
95
|
2,533
|
2,628
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
-
|
5,013
|
5,013
|
|||||||||
Resort lending
|
-
|
803
|
803
|
|||||||||
Home equity - 1st lien
|
-
|
180
|
180
|
|||||||||
Home equity - 2nd lien
|
-
|
262
|
262
|
|||||||||
Purchased loans
|
-
|
6
|
6
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
-
|
181
|
181
|
|||||||||
Home equity - 2nd lien
|
-
|
327
|
327
|
|||||||||
Loans not secured by real estate
|
-
|
382
|
382
|
|||||||||
Other
|
-
|
15
|
15
|
|||||||||
Payment plan receivables
|
||||||||||||
Full refund
|
-
|
2
|
2
|
|||||||||
Partial refund
|
-
|
13
|
13
|
|||||||||
Other
|
-
|
3
|
3
|
|||||||||
Total recorded investment
|
$
|
95
|
$
|
10,803
|
$
|
10,898
|
||||||
Accrued interest included in recorded investment
|
$
|
1
|
$
|
-
|
$
|
1
|
||||||
December 31, 2015
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
$
|
-
|
$
|
1,027
|
$
|
1,027
|
||||||
Land, land development and construction - real estate
|
49
|
401
|
450
|
|||||||||
Commercial and industrial
|
69
|
2,028
|
2,097
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
-
|
4,744
|
4,744
|
|||||||||
Resort lending
|
-
|
1,094
|
1,094
|
|||||||||
Home equity - 1st lien
|
-
|
187
|
187
|
|||||||||
Home equity - 2nd lien
|
-
|
147
|
147
|
|||||||||
Purchased loans
|
-
|
2
|
2
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
-
|
106
|
106
|
|||||||||
Home equity - 2nd lien
|
-
|
443
|
443
|
|||||||||
Loans not secured by real estate
|
-
|
421
|
421
|
|||||||||
Other
|
-
|
2
|
2
|
|||||||||
Payment plan receivables
|
||||||||||||
Full refund
|
-
|
2
|
2
|
|||||||||
Partial refund
|
-
|
2
|
2
|
|||||||||
Other
|
-
|
1
|
1
|
|||||||||
Total recorded investment
|
$
|
118
|
$
|
10,607
|
$
|
10,725
|
||||||
Accrued interest included in recorded investment
|
$
|
2
|
$
|
-
|
$
|
2
|
Loans Past Due
|
Loans not
|
Total
|
||||||||||||||||||||||
30-59 days
|
60-89 days
|
90+ days
|
Total
|
Past Due
|
Loans
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
$
|
30
|
$
|
176
|
$
|
774
|
$
|
980
|
$
|
306,698
|
$
|
307,678
|
||||||||||||
Land, land development and construction - real estate
|
9
|
114
|
133
|
256
|
48,189
|
48,445
|
||||||||||||||||||
Commercial and industrial
|
205
|
194
|
516
|
915
|
436,558
|
437,473
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
2,142
|
687
|
5,013
|
7,842
|
281,979
|
289,821
|
||||||||||||||||||
Resort lending
|
328
|
78
|
803
|
1,209
|
107,824
|
109,033
|
||||||||||||||||||
Home equity - 1st lien
|
228
|
35
|
180
|
443
|
26,988
|
27,431
|
||||||||||||||||||
Home equity - 2nd lien
|
494
|
152
|
262
|
908
|
51,461
|
52,369
|
||||||||||||||||||
Purchased loans
|
5
|
1
|
6
|
12
|
29,629
|
29,641
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
268
|
37
|
181
|
486
|
14,430
|
14,916
|
||||||||||||||||||
Home equity - 2nd lien
|
210
|
121
|
327
|
658
|
16,612
|
17,270
|
||||||||||||||||||
Loans not secured by real estate
|
239
|
128
|
382
|
749
|
218,181
|
218,930
|
||||||||||||||||||
Other
|
13
|
-
|
15
|
28
|
2,256
|
2,284
|
||||||||||||||||||
Payment plan receivables
|
||||||||||||||||||||||||
Full refund
|
377
|
137
|
2
|
516
|
12,683
|
13,199
|
||||||||||||||||||
Partial refund
|
397
|
116
|
13
|
526
|
10,572
|
11,098
|
||||||||||||||||||
Other
|
230
|
68
|
3
|
301
|
6,791
|
7,092
|
||||||||||||||||||
Total recorded investment
|
$
|
5,175
|
$
|
2,044
|
$
|
8,610
|
$
|
15,829
|
$
|
1,570,851
|
$
|
1,586,680
|
||||||||||||
Accrued interest included in recorded investment
|
$
|
44
|
$
|
22
|
$
|
1
|
$
|
67
|
$
|
4,491
|
$
|
4,558
|
||||||||||||
December 31, 2015
|
||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
$
|
203
|
$
|
209
|
$
|
647
|
$
|
1,059
|
$
|
305,155
|
$
|
306,214
|
||||||||||||
Land, land development and construction - real estate
|
-
|
-
|
252
|
252
|
44,231
|
44,483
|
||||||||||||||||||
Commercial and industrial
|
785
|
16
|
151
|
952
|
398,618
|
399,570
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
1,943
|
640
|
4,744
|
7,327
|
272,298
|
279,625
|
||||||||||||||||||
Resort lending
|
307
|
-
|
1,094
|
1,401
|
114,619
|
116,020
|
||||||||||||||||||
Home equity - 1st lien
|
50
|
-
|
187
|
237
|
22,327
|
22,564
|
||||||||||||||||||
Home equity - 2nd lien
|
439
|
54
|
147
|
640
|
50,618
|
51,258
|
||||||||||||||||||
Purchased loans
|
9
|
1
|
2
|
12
|
33,245
|
33,257
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
315
|
107
|
106
|
528
|
16,707
|
17,235
|
||||||||||||||||||
Home equity - 2nd lien
|
231
|
149
|
443
|
823
|
19,727
|
20,550
|
||||||||||||||||||
Loans not secured by real estate
|
567
|
83
|
421
|
1,071
|
191,262
|
192,333
|
||||||||||||||||||
Other
|
15
|
3
|
2
|
20
|
2,159
|
2,179
|
||||||||||||||||||
Payment plan receivables
|
||||||||||||||||||||||||
Full refund
|
492
|
62
|
2
|
556
|
21,294
|
21,850
|
||||||||||||||||||
Partial refund
|
415
|
228
|
2
|
645
|
5,834
|
6,479
|
||||||||||||||||||
Other
|
110
|
3
|
1
|
114
|
6,156
|
6,270
|
||||||||||||||||||
Total recorded investment
|
$
|
5,881
|
$
|
1,555
|
$
|
8,201
|
$
|
15,637
|
$
|
1,504,250
|
$
|
1,519,887
|
||||||||||||
Accrued interest included in recorded investment
|
$
|
53
|
$
|
17
|
$
|
2
|
$
|
72
|
$
|
4,765
|
$
|
4,837
|
June 30,
2016
|
December 31,
2015
|
|||||||
Impaired loans with no allocated allowance
|
(In thousands)
|
|||||||
TDR
|
$
|
173
|
$
|
2,518
|
||||
Non - TDR
|
542
|
203
|
||||||
Impaired loans with an allocated allowance
|
||||||||
TDR - allowance based on collateral
|
5,036
|
4,810
|
||||||
TDR - allowance based on present value cash flow
|
80,205
|
81,002
|
||||||
Non - TDR - allowance based on collateral
|
398
|
260
|
||||||
Non - TDR - allowance based on present value cash flow
|
-
|
-
|
||||||
Total impaired loans
|
$
|
86,354
|
$
|
88,793
|
||||
Amount of allowance for loan losses allocated
|
||||||||
TDR - allowance based on collateral
|
$
|
2,127
|
$
|
2,436
|
||||
TDR - allowance based on present value cash flow
|
8,603
|
8,471
|
||||||
Non - TDR - allowance based on collateral
|
211
|
76
|
||||||
Non - TDR - allowance based on present value cash flow
|
-
|
-
|
||||||
Total amount of allowance for loan losses allocated
|
$
|
10,941
|
$
|
10,983
|
June 30, 2016
|
December 31, 2015
|
|||||||||||||||||||||||
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance |
Recorded
Investment |
Unpaid
Principal |
Related
Allowance |
|||||||||||||||||||
With no related allowance recorded:
|
(In thousands)
|
|||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
$
|
560
|
$
|
806
|
$
|
-
|
$
|
641
|
$
|
851
|
$
|
-
|
||||||||||||
Land, land development & construction-real estate
|
133
|
709
|
-
|
818
|
1,393
|
-
|
||||||||||||||||||
Commercial and industrial
|
-
|
-
|
-
|
1,245
|
1,241
|
-
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
22
|
348
|
-
|
23
|
183
|
-
|
||||||||||||||||||
Resort lending
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
-
|
43
|
-
|
-
|
76
|
-
|
||||||||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Loans not secured by real estate
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
715
|
1,906
|
-
|
2,727
|
3,744
|
-
|
|||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
8,186
|
8,935
|
663
|
8,377
|
9,232
|
516
|
||||||||||||||||||
Land, land development & construction-real estate
|
1,844
|
1,843
|
158
|
1,690
|
1,778
|
296
|
||||||||||||||||||
Commercial and industrial
|
7,079
|
7,359
|
2,450
|
4,097
|
4,439
|
1,896
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
45,474
|
47,259
|
4,700
|
47,792
|
49,808
|
5,132
|
||||||||||||||||||
Resort lending
|
17,449
|
17,484
|
2,529
|
18,148
|
18,319
|
2,662
|
||||||||||||||||||
Home equity - 1st lien
|
243
|
246
|
11
|
168
|
172
|
9
|
||||||||||||||||||
Home equity - 2nd lien
|
242
|
324
|
22
|
244
|
325
|
15
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
2,172
|
2,315
|
130
|
2,364
|
2,492
|
143
|
||||||||||||||||||
Home equity - 2nd lien
|
2,709
|
2,725
|
245
|
2,929
|
2,951
|
271
|
||||||||||||||||||
Loans not secured by real estate
|
541
|
575
|
33
|
587
|
658
|
42
|
||||||||||||||||||
Other
|
5
|
5
|
-
|
8
|
8
|
1
|
||||||||||||||||||
85,944
|
89,070
|
10,941
|
86,404
|
90,182
|
10,983
|
|||||||||||||||||||
Total
|
||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
8,746
|
9,741
|
663
|
9,018
|
10,083
|
516
|
||||||||||||||||||
Land, land development & construction-real estate
|
1,977
|
2,552
|
158
|
2,508
|
3,171
|
296
|
||||||||||||||||||
Commercial and industrial
|
7,079
|
7,359
|
2,450
|
5,342
|
5,680
|
1,896
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
45,496
|
47,607
|
4,700
|
47,815
|
49,991
|
5,132
|
||||||||||||||||||
Resort lending
|
17,449
|
17,484
|
2,529
|
18,148
|
18,319
|
2,662
|
||||||||||||||||||
Home equity - 1st lien
|
243
|
246
|
11
|
168
|
172
|
9
|
||||||||||||||||||
Home equity - 2nd lien
|
242
|
324
|
22
|
244
|
325
|
15
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
2,172
|
2,358
|
130
|
2,364
|
2,568
|
143
|
||||||||||||||||||
Home equity - 2nd lien
|
2,709
|
2,725
|
245
|
2,929
|
2,951
|
271
|
||||||||||||||||||
Loans not secured by real estate
|
541
|
575
|
33
|
587
|
658
|
42
|
||||||||||||||||||
Other
|
5
|
5
|
-
|
8
|
8
|
1
|
||||||||||||||||||
Total
|
$
|
86,659
|
$
|
90,976
|
$
|
10,941
|
$
|
89,131
|
$
|
93,926
|
$
|
10,983
|
||||||||||||
Accrued interest included in recorded investment
|
$
|
305
|
$
|
338
|
(1)
|
There were no impaired payment plan receivables or purchased mortgage loans at June 30, 2016 or December 31, 2015.
|
2016
|
2015
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||
With no related allowance recorded:
|
(In thousands)
|
|||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
$
|
673
|
$
|
-
|
$
|
5,658
|
$
|
50
|
||||||||
Land, land development & construction-real estate
|
335
|
-
|
1,021
|
15
|
||||||||||||
Commercial and industrial
|
609
|
-
|
2,855
|
37
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
11
|
5
|
25
|
2
|
||||||||||||
Resort lending
|
-
|
-
|
7
|
-
|
||||||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
-
|
||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
1
|
-
|
-
|
1
|
||||||||||||
Home equity - 2nd lien
|
7
|
-
|
-
|
-
|
||||||||||||
Loans not secured by real estate
|
-
|
-
|
-
|
-
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
1,636
|
5
|
9,566
|
105
|
|||||||||||||
With an allowance recorded:
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
8,210
|
100
|
12,878
|
163
|
||||||||||||
Land, land development & construction-real estate
|
1,664
|
13
|
1,943
|
13
|
||||||||||||
Commercial and industrial
|
6,203
|
59
|
7,863
|
67
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
46,041
|
475
|
50,931
|
539
|
||||||||||||
Resort lending
|
17,689
|
159
|
18,482
|
173
|
||||||||||||
Home equity - 1st lien
|
243
|
2
|
160
|
2
|
||||||||||||
Home equity - 2nd lien
|
181
|
4
|
185
|
4
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
2,230
|
42
|
2,576
|
44
|
||||||||||||
Home equity - 2nd lien
|
2,751
|
41
|
3,101
|
49
|
||||||||||||
Loans not secured by real estate
|
555
|
10
|
668
|
9
|
||||||||||||
Other
|
6
|
-
|
11
|
1
|
||||||||||||
85,773
|
905
|
98,798
|
1,064
|
|||||||||||||
Total
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
8,883
|
100
|
18,536
|
213
|
||||||||||||
Land, land development & construction-real estate
|
1,999
|
13
|
2,964
|
28
|
||||||||||||
Commercial and industrial
|
6,812
|
59
|
10,718
|
104
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
46,052
|
480
|
50,956
|
541
|
||||||||||||
Resort lending
|
17,689
|
159
|
18,489
|
173
|
||||||||||||
Home equity - 1st lien
|
243
|
2
|
160
|
2
|
||||||||||||
Home equity - 2nd lien
|
181
|
4
|
185
|
4
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
2,231
|
42
|
2,576
|
45
|
||||||||||||
Home equity - 2nd lien
|
2,758
|
41
|
3,101
|
49
|
||||||||||||
Loans not secured by real estate
|
555
|
10
|
668
|
9
|
||||||||||||
Other
|
6
|
-
|
11
|
1
|
||||||||||||
Total
|
$
|
87,409
|
$
|
910
|
$
|
108,364
|
$
|
1,169
|
(1)
|
There were no impaired payment plan receivables or purchased mortgage loans during the three month periods ended June 30, 2016 and 2015, respectively.
|
2016
|
2015
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||
With no related allowance recorded:
|
(In thousands)
|
|||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
$
|
662
|
$
|
2
|
$
|
5,728
|
$
|
103
|
||||||||
Land, land development & construction-real estate
|
496
|
7
|
1,031
|
49
|
||||||||||||
Commercial and industrial
|
821
|
21
|
2,798
|
74
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
15
|
6
|
17
|
2
|
||||||||||||
Resort lending
|
-
|
-
|
20
|
-
|
||||||||||||
Home equity line of credit - 1st lien
|
-
|
-
|
-
|
-
|
||||||||||||
Home equity line of credit - 2nd lien
|
-
|
-
|
-
|
-
|
||||||||||||
Installment
|
||||||||||||||||
Home equity installment - 1st lien
|
-
|
1
|
-
|
1
|
||||||||||||
Home equity installment - 2nd lien
|
5
|
-
|
-
|
-
|
||||||||||||
Loans not secured by real estate
|
-
|
-
|
-
|
-
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
1,999
|
37
|
9,594
|
229
|
|||||||||||||
With an allowance recorded:
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
8,266
|
207
|
12,864
|
320
|
||||||||||||
Land, land development & construction-real estate
|
1,673
|
26
|
2,447
|
27
|
||||||||||||
Commercial and industrial
|
5,501
|
82
|
7,992
|
133
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
46,625
|
977
|
51,689
|
1,090
|
||||||||||||
Resort lending
|
17,842
|
319
|
18,587
|
344
|
||||||||||||
Home equity line of credit - 1st lien
|
218
|
4
|
160
|
4
|
||||||||||||
Home equity line of credit - 2nd lien
|
202
|
5
|
165
|
6
|
||||||||||||
Installment
|
||||||||||||||||
Home equity installment - 1st lien
|
2,274
|
84
|
2,632
|
94
|
||||||||||||
Home equity installment - 2nd lien
|
2,810
|
85
|
3,138
|
100
|
||||||||||||
Loans not secured by real estate
|
566
|
19
|
682
|
19
|
||||||||||||
Other
|
6
|
-
|
11
|
1
|
||||||||||||
85,983
|
1,808
|
100,367
|
2,138
|
|||||||||||||
Total
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
8,928
|
209
|
18,592
|
423
|
||||||||||||
Land, land development & construction-real estate
|
2,169
|
33
|
3,478
|
76
|
||||||||||||
Commercial and industrial
|
6,322
|
103
|
10,790
|
207
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
46,640
|
983
|
51,706
|
1,092
|
||||||||||||
Resort lending
|
17,842
|
319
|
18,607
|
344
|
||||||||||||
Home equity line of credit - 1st lien
|
218
|
4
|
160
|
4
|
||||||||||||
Home equity line of credit - 2nd lien
|
202
|
5
|
165
|
6
|
||||||||||||
Installment
|
||||||||||||||||
Home equity installment - 1st lien
|
2,274
|
85
|
2,632
|
95
|
||||||||||||
Home equity installment - 2nd lien
|
2,815
|
85
|
3,138
|
100
|
||||||||||||
Loans not secured by real estate
|
566
|
19
|
682
|
19
|
||||||||||||
Other
|
6
|
-
|
11
|
1
|
||||||||||||
Total
|
$
|
87,982
|
$
|
1,845
|
$
|
109,961
|
$
|
2,367
|
(1) | There were no impaired payment plan receivables or purchased mortgage loans during the six month periods ended June 30, 2016 and 2015, respectively. |
June 30, 2016
|
||||||||||||
Commercial
|
Retail
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Performing TDRs
|
$
|
14,130
|
$
|
64,818
|
$
|
78,948
|
||||||
Non-performing TDRs(1)
|
2,678
|
3,788
|
(2) |
6,466
|
||||||||
Total
|
$
|
16,808
|
$
|
68,606
|
$
|
85,414
|
December 31, 2015
|
||||||||||||
Commercial
|
Retail
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Performing TDRs
|
$
|
13,318
|
$
|
68,194
|
$
|
81,512
|
||||||
Non-performing TDRs(1)
|
3,041
|
3,777
|
(2) |
6,818
|
||||||||
Total
|
$
|
16,359
|
$
|
71,971
|
$
|
88,330
|
(1) | Included in non-performing loans table above. |
(2) | Also includes loans on non-accrual at the time of modification until six payments are received on a timely basis. |
Number of
Contracts
|
Pre-modification
Recorded
Balance
|
Post-modification
Recorded
Balance
|
||||||||||
(Dollars in thousands)
|
||||||||||||
2016
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
-
|
$
|
-
|
$
|
-
|
|||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
-
|
-
|
-
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
1
|
109
|
110
|
|||||||||
Resort lending
|
-
|
-
|
-
|
|||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
|||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
3
|
29
|
29
|
|||||||||
Home equity - 2nd lien
|
2
|
71
|
73
|
|||||||||
Loans not secured by real estate
|
1
|
12
|
12
|
|||||||||
Other
|
-
|
-
|
-
|
|||||||||
Total
|
7
|
$
|
221
|
$
|
224
|
|||||||
2015
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
1
|
$
|
73
|
$
|
73
|
|||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
1
|
17
|
17
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
1
|
25
|
40
|
|||||||||
Resort lending
|
1
|
313
|
309
|
|||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
|||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
1
|
23
|
24
|
|||||||||
Home equity - 2nd lien
|
3
|
58
|
58
|
|||||||||
Loans not secured by real estate
|
1
|
-
|
6
|
|||||||||
Other
|
-
|
-
|
-
|
|||||||||
Total
|
9
|
$
|
509
|
$
|
527
|
Number of
Contracts
|
Pre-modification
Recorded
Balance
|
Post-modification
Recorded
Balance
|
||||||||||
(Dollars in thousands)
|
||||||||||||
2016
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
2
|
$
|
110
|
$
|
110
|
|||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
4
|
1,758
|
1,758
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
3
|
192
|
263
|
|||||||||
Resort lending
|
1
|
116
|
117
|
|||||||||
Home equity - 1st lien
|
1
|
107
|
78
|
|||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
4
|
59
|
60
|
|||||||||
Home equity - 2nd lien
|
4
|
126
|
129
|
|||||||||
Loans not secured by real estate
|
1
|
12
|
12
|
|||||||||
Other
|
-
|
-
|
-
|
|||||||||
Total
|
20
|
$
|
2,480
|
$
|
2,527
|
|||||||
2015
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
2
|
$
|
229
|
$
|
234
|
|||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
3
|
253
|
247
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
6
|
1,030
|
845
|
|||||||||
Resort lending
|
1
|
313
|
309
|
|||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
|||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
5
|
190
|
164
|
|||||||||
Home equity - 2nd lien
|
3
|
58
|
58
|
|||||||||
Loans not secured by real estate
|
1
|
-
|
6
|
|||||||||
Other
|
-
|
-
|
-
|
|||||||||
Total
|
21
|
$
|
2,073
|
$
|
1,863
|
Number of
Contracts
|
Recorded
Balance
|
|||||||
(Dollars in thousands)
|
||||||||
2016
|
||||||||
Commercial
|
||||||||
Income producing - real estate
|
-
|
$
|
-
|
|||||
Land, land development & construction-real estate
|
-
|
-
|
||||||
Commercial and industrial
|
-
|
-
|
||||||
Mortgage
|
||||||||
1-4 family
|
-
|
-
|
||||||
Resort lending
|
-
|
-
|
||||||
Home equity - 1st lien
|
-
|
-
|
||||||
Home equity - 2nd lien
|
-
|
-
|
||||||
Installment
|
||||||||
Home equity - 1st lien
|
-
|
-
|
||||||
Home equity - 2nd lien
|
-
|
-
|
||||||
Loans not secured by real estate
|
-
|
-
|
||||||
Other
|
-
|
-
|
||||||
-
|
$
|
-
|
||||||
2015
|
||||||||
Commercial
|
||||||||
Income producing - real estate
|
-
|
$
|
-
|
|||||
Land, land development & construction-real estate
|
-
|
-
|
||||||
Commercial and industrial
|
1
|
65
|
||||||
Mortgage
|
||||||||
1-4 family
|
-
|
-
|
||||||
Resort lending
|
-
|
-
|
||||||
Home equity - 1st lien
|
-
|
-
|
||||||
Home equity - 2nd lien
|
-
|
-
|
||||||
Installment
|
||||||||
Home equity - 1st lien
|
-
|
-
|
||||||
Home equity - 2nd lien
|
-
|
-
|
||||||
Loans not secured by real estate
|
1
|
4
|
||||||
Other
|
-
|
-
|
||||||
2
|
$
|
69
|
Number of
Contracts
|
Recorded
Balance
|
|||||||
(Dollars in thousands)
|
||||||||
2016
|
||||||||
Commercial
|
||||||||
Income producing - real estate
|
-
|
$
|
-
|
|||||
Land, land development & construction-real estate
|
-
|
-
|
||||||
Commercial and industrial
|
-
|
-
|
||||||
Mortgage
|
||||||||
1-4 family
|
-
|
-
|
||||||
Resort lending
|
-
|
-
|
||||||
Home equity - 1st lien
|
-
|
-
|
||||||
Home equity - 2nd lien
|
-
|
-
|
||||||
Installment
|
||||||||
Home equity - 1st lien
|
-
|
-
|
||||||
Home equity - 2nd lien
|
-
|
-
|
||||||
Loans not secured by real estate
|
-
|
-
|
||||||
Other
|
-
|
-
|
||||||
-
|
$
|
-
|
||||||
2015
|
||||||||
Commercial
|
||||||||
Income producing - real estate
|
-
|
$
|
-
|
|||||
Land, land development & construction-real estate
|
-
|
-
|
||||||
Commercial and industrial
|
2
|
157
|
||||||
Mortgage
|
||||||||
1-4 family
|
-
|
-
|
||||||
Resort lending
|
-
|
-
|
||||||
Home equity - 1st lien
|
-
|
-
|
||||||
Home equity - 2nd lien
|
-
|
-
|
||||||
Installment
|
||||||||
Home equity - 1st lien
|
-
|
-
|
||||||
Home equity - 2nd lien
|
-
|
-
|
||||||
Loans not secured by real estate
|
1
|
4
|
||||||
Other
|
-
|
-
|
||||||
3
|
$
|
161
|
Commercial
|
||||||||||||||||||||
Non-watch
1-6 |
Watch
7-8 |
Substandard
Accrual |
Non-
Accrual |
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||
Income producing - real estate
|
$
|
300,344
|
$
|
5,334
|
$
|
1,050
|
$
|
950
|
$
|
307,678
|
||||||||||
Land, land development and construction - real estate
|
46,529
|
1,669
|
114
|
133
|
48,445
|
|||||||||||||||
Commercial and industrial
|
416,102
|
12,516
|
6,322
|
2,533
|
437,473
|
|||||||||||||||
Total
|
$
|
762,975
|
$
|
19,519
|
$
|
7,486
|
$
|
3,616
|
$
|
793,596
|
||||||||||
Accrued interest included in total
|
$
|
1,509
|
$
|
62
|
$
|
25
|
$
|
-
|
$
|
1,596
|
||||||||||
December 31, 2015
|
||||||||||||||||||||
Income producing - real estate
|
$
|
296,898
|
$
|
6,866
|
$
|
1,423
|
$
|
1,027
|
$
|
306,214
|
||||||||||
Land, land development and construction - real estate
|
40,844
|
2,995
|
243
|
401
|
44,483
|
|||||||||||||||
Commercial and industrial
|
371,357
|
19,502
|
6,683
|
2,028
|
399,570
|
|||||||||||||||
Total
|
$
|
709,099
|
$
|
29,363
|
$
|
8,349
|
$
|
3,456
|
$
|
750,267
|
||||||||||
Accrued interest included in total
|
$
|
1,729
|
$
|
108
|
$
|
32
|
$
|
-
|
$
|
1,869
|
Mortgage (1)
|
|||||||||||||||||||||||||
1-4 Family
|
Resort
Lending
|
Home
Equity
1st Lien
|
Home
Equity
2nd Lien
|
Purchased
Loans
|
Total
|
||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||
June 30, 2016
|
|||||||||||||||||||||||||
800 and above
|
$
|
31,459
|
$
|
12,187
|
$
|
6,000
|
$
|
8,476
|
$
|
2,287
|
$
|
60,409
|
|||||||||||||
750-799
|
83,455
|
39,058
|
9,279
|
18,317
|
19,259
|
169,368
|
|||||||||||||||||||
700-749
|
59,358
|
31,410
|
4,840
|
10,455
|
7,601
|
113,664
|
|||||||||||||||||||
650-699
|
52,187
|
13,815
|
3,646
|
8,249
|
-
|
77,897
|
|||||||||||||||||||
600-649
|
28,791
|
6,525
|
1,347
|
3,375
|
-
|
40,038
|
|||||||||||||||||||
550-599
|
15,745
|
2,485
|
743
|
1,573
|
-
|
20,546
|
|||||||||||||||||||
500-549
|
8,594
|
882
|
581
|
1,280
|
-
|
11,337
|
|||||||||||||||||||
Under 500
|
5,332
|
600
|
172
|
305
|
-
|
6,409
|
|||||||||||||||||||
Unknown
|
4,900
|
2,071
|
823
|
339
|
494
|
8,627
|
|||||||||||||||||||
Total
|
$
|
289,821
|
$
|
109,033
|
$
|
27,431
|
$
|
52,369
|
$
|
29,641
|
$
|
508,295
|
|||||||||||||
Accrued interest included in total
|
$
|
1,383
|
$
|
479
|
$
|
104
|
$
|
210
|
$
|
98
|
$
|
2,274
|
|||||||||||||
December 31, 2015
|
|||||||||||||||||||||||||
800 and above
|
$
|
28,760
|
$
|
13,943
|
$
|
4,374
|
$
|
7,696
|
$
|
2,310
|
$
|
57,083
|
|||||||||||||
750-799
|
78,802
|
40,888
|
7,137
|
17,405
|
23,283
|
167,515
|
|||||||||||||||||||
700-749
|
56,519
|
31,980
|
4,341
|
11,022
|
6,940
|
110,802
|
|||||||||||||||||||
650-699
|
51,813
|
17,433
|
3,203
|
7,691
|
-
|
80,140
|
|||||||||||||||||||
600-649
|
27,966
|
4,991
|
1,467
|
3,684
|
-
|
38,108
|
|||||||||||||||||||
550-599
|
16,714
|
3,070
|
1,027
|
1,918
|
-
|
22,729
|
|||||||||||||||||||
500-549
|
10,610
|
1,051
|
572
|
1,295
|
-
|
13,528
|
|||||||||||||||||||
Under 500
|
4,708
|
554
|
244
|
265
|
-
|
5,771
|
|||||||||||||||||||
Unknown
|
3,733
|
2,110
|
199
|
282
|
724
|
7,048
|
|||||||||||||||||||
Total
|
$
|
279,625
|
$
|
116,020
|
$
|
22,564
|
$
|
51,258
|
$
|
33,257
|
$
|
502,724
|
|||||||||||||
Accrued interest included in total
|
$
|
1,396
|
$
|
477
|
$
|
87
|
$
|
196
|
$
|
114
|
$
|
2,270
|
(1)
|
Credit scores have been updated within the last twelve months.
|
Installment(1)
|
|||||||||||||||||||||
Home
Equity
1st Lien
|
Home
Equity
2nd Lien
|
Loans not
Secured by
Real Estate
|
Other
|
Total
|
|||||||||||||||||
(In thousands)
|
|||||||||||||||||||||
June 30, 2016
|
|||||||||||||||||||||
800 and above
|
$
|
1,518
|
$
|
2,133
|
$
|
50,680
|
$
|
81
|
$
|
54,412
|
|||||||||||
750-799
|
3,337
|
4,198
|
101,146
|
577
|
109,258
|
||||||||||||||||
700-749
|
2,383
|
3,299
|
38,660
|
694
|
45,036
|
||||||||||||||||
650-699
|
2,863
|
3,503
|
18,041
|
477
|
24,884
|
||||||||||||||||
600-649
|
2,356
|
1,820
|
4,311
|
285
|
8,772
|
||||||||||||||||
550-599
|
1,363
|
1,423
|
1,855
|
64
|
4,705
|
||||||||||||||||
500-549
|
922
|
649
|
1,212
|
50
|
2,833
|
||||||||||||||||
Under 500
|
141
|
240
|
345
|
25
|
751
|
||||||||||||||||
Unknown
|
33
|
5
|
2,680
|
31
|
2,749
|
||||||||||||||||
Total
|
$
|
14,916
|
$
|
17,270
|
$
|
218,930
|
$
|
2,284
|
$
|
253,400
|
|||||||||||
Accrued interest included in total
|
$
|
57
|
$
|
64
|
$
|
551
|
$
|
16
|
$
|
688
|
|||||||||||
December 31, 2015
|
|||||||||||||||||||||
800 and above
|
$
|
1,792
|
$
|
1,782
|
$
|
44,254
|
$
|
58
|
$
|
47,886
|
|||||||||||
750-799
|
4,117
|
5,931
|
86,800
|
531
|
97,379
|
||||||||||||||||
700-749
|
2,507
|
3,899
|
34,789
|
694
|
41,889
|
||||||||||||||||
650-699
|
3,508
|
4,182
|
16,456
|
499
|
24,645
|
||||||||||||||||
600-649
|
2,173
|
2,153
|
4,979
|
200
|
9,505
|
||||||||||||||||
550-599
|
1,800
|
1,346
|
1,997
|
109
|
5,252
|
||||||||||||||||
500-549
|
1,056
|
855
|
1,170
|
61
|
3,142
|
||||||||||||||||
Under 500
|
223
|
370
|
385
|
23
|
1,001
|
||||||||||||||||
Unknown
|
59
|
32
|
1,503
|
4
|
1,598
|
||||||||||||||||
Total
|
$
|
17,235
|
$
|
20,550
|
$
|
192,333
|
$
|
2,179
|
$
|
232,297
|
|||||||||||
Accrued interest included in total
|
$
|
78
|
$
|
83
|
$
|
520
|
$
|
17
|
$
|
698
|
(1)
|
Credit scores have been updated within the last twelve months.
|
Payment Plan Receivables
|
|||||||||||||||||
Full
Refund
|
Partial
Refund
|
Other
|
Total
|
||||||||||||||
(In thousands)
|
|||||||||||||||||
June 30, 2016
|
|||||||||||||||||
AM Best rating
|
|||||||||||||||||
A+
|
$
|
-
|
$
|
11
|
$
|
-
|
$
|
11
|
|||||||||
A
|
1,358
|
9,715
|
-
|
11,073
|
|||||||||||||
A-
|
1,644
|
1,333
|
3,374
|
6,351
|
|||||||||||||
B+
|
-
|
-
|
3,717
|
3,717
|
|||||||||||||
Not rated
|
10,197
|
39
|
1
|
10,237
|
|||||||||||||
Total
|
$
|
13,199
|
$
|
11,098
|
$
|
7,092
|
$
|
31,389
|
|||||||||
December 31, 2015
|
|||||||||||||||||
AM Best rating
|
|||||||||||||||||
A+
|
$
|
-
|
$
|
6
|
$
|
-
|
$
|
6
|
|||||||||
A
|
2,712
|
5,203
|
-
|
7,915
|
|||||||||||||
A-
|
3,418
|
1,177
|
6,265
|
10,860
|
|||||||||||||
Not rated
|
15,720
|
93
|
5
|
15,818
|
|||||||||||||
Total
|
$
|
21,850
|
$
|
6,479
|
$
|
6,270
|
$
|
34,599
|
IB
|
Mepco
|
Other(1)
|
Elimination(2)
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Total assets
|
||||||||||||||||||||
June 30, 2016
|
$
|
2,391,120
|
$
|
50,178
|
$
|
282,570
|
$
|
(271,172
|
)
|
$
|
2,452,696
|
|||||||||
December 31, 2015
|
2,340,566
|
57,208
|
286,936
|
(275,644
|
)
|
2,409,066
|
||||||||||||||
For the three months ended June 30,
|
||||||||||||||||||||
2016
|
||||||||||||||||||||
Interest income
|
$
|
20,216
|
$
|
1,052
|
$
|
12
|
$
|
(13
|
)
|
$
|
21,267
|
|||||||||
Net interest income
|
18,989
|
915
|
(274
|
)
|
0
|
19,630
|
||||||||||||||
Provision for loan losses
|
(734
|
)
|
0
|
0
|
0
|
(734
|
)
|
|||||||||||||
Income (loss) before income tax
|
9,298
|
49
|
(274
|
)
|
(24
|
)
|
9,049
|
|||||||||||||
Net income (loss)
|
6,550
|
32
|
(129
|
)
|
(15
|
)
|
6,438
|
|||||||||||||
2015
|
||||||||||||||||||||
Interest income
|
$
|
18,701
|
$
|
1,430
|
$
|
20
|
$
|
(20
|
)
|
$
|
20,131
|
|||||||||
Net interest income
|
17,717
|
1,218
|
(234
|
)
|
-
|
18,701
|
||||||||||||||
Provision for loan losses
|
(138
|
)
|
4
|
-
|
-
|
(134
|
)
|
|||||||||||||
Income (loss) before income tax
|
8,843
|
(221
|
)
|
(356
|
)
|
(23
|
)
|
8,243
|
||||||||||||
Net income (loss)
|
5,935
|
(77
|
)
|
(225
|
)
|
(14
|
)
|
5,619
|
||||||||||||
For the six months ended June 30,
|
||||||||||||||||||||
2016
|
||||||||||||||||||||
Interest income
|
$
|
40,459
|
$
|
2,162
|
$
|
17
|
$
|
(17
|
)
|
$
|
42,621
|
|||||||||
Net interest income
|
38,091
|
1,847
|
(545
|
)
|
-
|
39,393
|
||||||||||||||
Provision for loan losses
|
(1,260
|
)
|
(4
|
)
|
-
|
-
|
(1,264
|
)
|
||||||||||||
Income (loss) before income tax
|
16,160
|
(310
|
)
|
(697
|
)
|
(47
|
)
|
15,106
|
||||||||||||
Net income (loss)
|
11,169
|
(205
|
)
|
(396
|
)
|
(30
|
)
|
10,538
|
||||||||||||
2015
|
||||||||||||||||||||
Interest income
|
$
|
36,922
|
$
|
2,761
|
$
|
40
|
$
|
(40
|
)
|
$
|
39,683
|
|||||||||
Net interest income
|
34,900
|
2,353
|
(461
|
)
|
-
|
36,792
|
||||||||||||||
Provision for loan losses
|
(794
|
)
|
1
|
-
|
-
|
(793
|
)
|
|||||||||||||
Income (loss) before income tax
|
15,102
|
(512
|
)
|
(739
|
)
|
(47
|
)
|
13,804
|
||||||||||||
Net income (loss)
|
10,168
|
(269
|
)
|
(469
|
)
|
(30
|
)
|
9,400
|
(1)
|
Includes amounts relating to our parent company.
|
(2)
|
Includes parent company’s investment in subsidiaries and cash balances maintained at subsidiary.
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(In thousands, except per share amounts)
|
||||||||||||||||
Net income
|
$
|
6,438
|
$
|
5,619
|
$
|
10,538
|
$
|
9,400
|
||||||||
Weighted average shares outstanding (1)
|
21,281
|
22,889
|
21,516
|
22,943
|
||||||||||||
Stock units for deferred compensation plan for non-employee directors
|
114
|
111
|
114
|
111
|
||||||||||||
Effect of stock options
|
148
|
120
|
150
|
120
|
||||||||||||
Restricted stock units
|
55
|
310
|
70
|
310
|
||||||||||||
Performance share units
|
41
|
-
|
37
|
-
|
||||||||||||
Weighted average shares outstanding for calculation of diluted earnings per share
|
21,639
|
23,430
|
21,887
|
23,484
|
||||||||||||
Net income per common share
|
||||||||||||||||
Basic (1)
|
$
|
0.30
|
$
|
0.25
|
$
|
0.49
|
$
|
0.41
|
||||||||
Diluted
|
$
|
0.30
|
$
|
0.24
|
$
|
0.48
|
$
|
0.40
|
(1)
|
Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards.
|
June 30, 2016
|
||||||||||||
Notional
Amount
|
Average
Maturity
(years)
|
Fair
Value
|
||||||||||
(Dollars in thousands)
|
||||||||||||
No hedge designation
|
||||||||||||
Rate-lock mortgage loan commitments
|
$
|
26,831
|
0.1
|
$
|
899
|
|||||||
Mandatory commitments to sell mortgage loans
|
57,034
|
0.1
|
(377
|
)
|
||||||||
Pay-fixed interest rate swap agreements
|
44,396
|
9.1
|
(2,205
|
)
|
||||||||
Pay-variable interest rate swap agreements
|
44,396
|
9.1
|
2,205
|
|||||||||
Purchased options
|
3,119
|
5.0
|
203
|
|||||||||
Written options
|
3,119
|
5.0
|
(203
|
)
|
||||||||
Total
|
$
|
178,895
|
4.7
|
$
|
522
|
December 31, 2015
|
||||||||||||
Notional
Amount
|
Average
Maturity
(years)
|
Fair
Value
|
||||||||||
(Dollars in thousands)
|
||||||||||||
No hedge designation
|
||||||||||||
Rate-lock mortgage loan commitments
|
$
|
20,581
|
0.1
|
$
|
550
|
|||||||
Mandatory commitments to sell mortgage loans
|
46,320
|
0.1
|
69
|
|||||||||
Pay-fixed interest rate swap agreements
|
27,587
|
8.0
|
(497
|
)
|
||||||||
Pay-variable interest rate swap agreements
|
27,587
|
8.0
|
497
|
|||||||||
Purchased options
|
2,098
|
5.7
|
122
|
|||||||||
Written options
|
2,098
|
5.7
|
(122
|
)
|
||||||||
Total
|
$
|
126,271
|
3.7
|
$
|
619
|
Asset Derivatives
|
Liability Derivatives
|
|||||||||||||||||||
June 30,
2016
|
December 31,
2015
|
June 30,
2016
|
December 31,
2015
|
|||||||||||||||||
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
||||||||||||
(In thousands)
|
||||||||||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||
Rate-lock mortgage loan commitments
|
Other assets
|
$
|
899
|
Other assets
|
$
|
550
|
Other liabilities
|
$
|
-
|
Other liabilities
|
$
|
-
|
||||||||
Mandatory commitments to sell mortgage loans
|
Other assets
|
-
|
Other assets
|
69
|
Other liabilities
|
377
|
Other liabilities
|
-
|
||||||||||||
Pay-fixed interest rate swap agreements
|
Other assets
|
-
|
Other assets
|
-
|
Other liabilities
|
2,205
|
Other liabilities
|
497
|
||||||||||||
Pay-variable interest rate swap agreements
|
Other assets
|
2,205
|
Other assets
|
497
|
Other liabilities
|
-
|
Other liabilities
|
-
|
||||||||||||
Purchased options
|
Other assets
|
203
|
Other assets
|
122
|
Other liabilities
|
-
|
Other liabilities
|
-
|
||||||||||||
Written options
|
Other assets
|
-
|
Other assets
|
-
|
Other liabilities
|
203
|
Other liabilities
|
122
|
||||||||||||
Total derivatives
|
$
|
3,307
|
$
|
1,238
|
$
|
2,785
|
$
|
619
|
Gain (Loss) Recognized in Income
|
|||||||||||||||||
Location of Gain (Loss)
|
Three Month
Periods Ended
June 30,
|
Six Month
Periods Ended
June 30,
|
|||||||||||||||
Recognized in Income
|
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(In thousands)
|
|||||||||||||||||
No hedge designation
|
|||||||||||||||||
Rate-lock mortgage loan commitments
|
Net gains on mortgage loans
|
$
|
130
|
$
|
(283
|
)
|
$
|
349
|
$
|
105
|
|||||||
Mandatory commitments to sell mortgage loans
|
Net gains on mortgage loans
|
(240
|
)
|
559
|
(446
|
)
|
520
|
||||||||||
Pay-fixed interest rate swap agreements
|
Interest income
|
(590
|
)
|
221
|
(1,708
|
)
|
(40
|
)
|
|||||||||
Pay-variable interest rate swap agreements
|
Interest income
|
590
|
(221
|
)
|
1,708
|
40
|
|||||||||||
Purchased options
|
Interest expense
|
3
|
-
|
81
|
-
|
||||||||||||
Written options
|
Interest expense
|
(3
|
)
|
-
|
(81
|
)
|
-
|
||||||||||
Total
|
$
|
(110
|
)
|
$
|
276
|
$
|
(97
|
)
|
$
|
625
|
June 30, 2016
|
December 31, 2015
|
|||||||||||||||
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Amortized intangible assets - core deposits
|
$
|
6,118
|
$
|
4,012
|
$
|
6,118
|
$
|
3,838
|
(In thousands)
|
||||
Six months ending December 31, 2016
|
$
|
173
|
||
2017
|
346
|
|||
2018
|
346
|
|||
2019
|
346
|
|||
2020
|
346
|
|||
2021 and thereafter
|
549
|
|||
Total
|
$
|
2,106
|
Number of
Shares
|
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term (Years)
|
Aggregated
Intrinsic
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Outstanding at January 1, 2016
|
235,596
|
$
|
4.94
|
|||||||||||||
Granted
|
-
|
|||||||||||||||
Exercised
|
(16,014
|
)
|
3.69
|
|||||||||||||
Forfeited
|
(664
|
)
|
6.42
|
|||||||||||||
Expired
|
(400
|
)
|
4.25
|
|||||||||||||
Outstanding at June 30, 2016
|
218,518
|
$
|
5.02
|
5.54
|
$
|
2,109
|
||||||||||
Vested and expected to vest at June 30, 2016
|
218,518
|
$
|
5.02
|
5.54
|
$
|
2,109
|
||||||||||
Exercisable at June 30, 2016
|
218,518
|
$
|
5.02
|
5.54
|
$
|
2,109
|
Number
of Shares
|
Weighted-
Average
Grant Date
Fair Value
|
|||||||
Outstanding at January 1, 2016
|
261,981
|
$
|
11.29
|
|||||
Granted
|
96,660
|
14.39
|
||||||
Vested
|
(107,795
|
)
|
7.92
|
|||||
Forfeited
|
(4,924
|
)
|
13.24
|
|||||
Outstanding at June 30, 2016
|
245,922
|
$
|
13.94
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Intrinsic value
|
$
|
60
|
$
|
187
|
$
|
177
|
$
|
243
|
||||||||
Cash proceeds received
|
$
|
27
|
$
|
67
|
$
|
59
|
$
|
82
|
||||||||
Tax benefit realized
|
$
|
21
|
$
|
65
|
$
|
62
|
$
|
85
|
Actual
|
Minimum for
Adequately Capitalized
Institutions
|
Minimum for
Well-Capitalized
Institutions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
275,163
|
15.97
|
%
|
$
|
137,844
|
8.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
260,344
|
15.12
|
137,712
|
8.00
|
172,140
|
10.00
|
%
|
|||||||||||||||||
Tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
253,484
|
14.71
|
%
|
$
|
103,383
|
6.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
238,734
|
13.87
|
103,284
|
6.00
|
137,712
|
8.00
|
%
|
|||||||||||||||||
Common equity tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
228,648
|
13.27
|
%
|
$
|
77,537
|
4.50
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
238,734
|
13.87
|
77,463
|
4.50
|
111,891
|
6.50
|
%
|
|||||||||||||||||
Tier 1 capital to average assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
253,484
|
10.47
|
%
|
$
|
96,803
|
4.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
238,734
|
9.87
|
96,737
|
4.00
|
120,921
|
5.00
|
%
|
|||||||||||||||||
December 31, 2015
|
||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
278,170
|
16.65
|
%
|
$
|
133,668
|
8.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
261,894
|
15.69
|
133,514
|
8.00
|
$
|
166,893
|
10.00
|
%
|
||||||||||||||||
Tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
257,050
|
15.38
|
%
|
$
|
100,251
|
6.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
240,867
|
14.43
|
100,136
|
6.00
|
$
|
133,514
|
8.00
|
%
|
||||||||||||||||
Common equity tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
239,271
|
14.32
|
%
|
$
|
75,188
|
4.50
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
240,867
|
14.43
|
75,102
|
4.50
|
$
|
108,480
|
6.50
|
%
|
||||||||||||||||
Tier 1 capital to average assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
257,050
|
10.91
|
%
|
$
|
94,217
|
4.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
240,867
|
10.23
|
94,145
|
4.00
|
$
|
117,682
|
5.00
|
%
|
Consolidated
|
Independent Bank
|
|||||||||||||||
June 30,
2016
|
December 31,
2015
|
June 30,
2016
|
December 31,
2015
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Total shareholders’ equity
|
$
|
246,923
|
$
|
251,092
|
$
|
256,850
|
$
|
259,947
|
||||||||
Add (deduct)
|
||||||||||||||||
Accumulated other comprehensive (income) loss for regulatory purposes
|
(2,515
|
)
|
238
|
(2,514
|
)
|
238
|
||||||||||
Intangible assets
|
(1,264
|
)
|
(912
|
)
|
(1,264
|
)
|
(912
|
)
|
||||||||
Disallowed deferred tax assets
|
(14,496
|
)
|
(11,147
|
)
|
(14,338
|
)
|
(18,406
|
)
|
||||||||
Common equity tier 1 capital
|
228,648
|
239,271
|
238,734
|
240,867
|
||||||||||||
Qualifying trust preferred securities
|
34,500
|
34,500
|
-
|
-
|
||||||||||||
Disallowed deferred tax assets
|
(9,664
|
)
|
(16,721
|
)
|
-
|
-
|
||||||||||
Tier 1 capital
|
253,484
|
257,050
|
238,734
|
240,867
|
||||||||||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets
|
21,679
|
21,120
|
21,610
|
21,027
|
||||||||||||
Total risk-based capital
|
$
|
275,163
|
$
|
278,170
|
$
|
260,344
|
$
|
261,894
|
Fair Value Measurements Using
|
||||||||||||||||
Fair Value
Measure-
ments
|
Quoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Un-
observable
Inputs
(Level 3)
|
|||||||||||||
(In thousands)
|
||||||||||||||||
June 30, 2016:
|
||||||||||||||||
Measured at Fair Value on a Recurring Basis:
|
||||||||||||||||
Assets
|
||||||||||||||||
Trading securities
|
$
|
212
|
$
|
212
|
$
|
-
|
$
|
-
|
||||||||
Securities available for sale
|
||||||||||||||||
U.S. agency
|
31,679
|
-
|
31,679
|
-
|
||||||||||||
U.S. agency residential mortgage-backed
|
182,063
|
-
|
182,063
|
-
|
||||||||||||
U.S. agency commercial mortgage-backed
|
7,996
|
-
|
7,996
|
-
|
||||||||||||
Private label mortgage-backed
|
26,246
|
-
|
26,246
|
-
|
||||||||||||
Other asset backed
|
139,846
|
-
|
139,846
|
-
|
||||||||||||
Obligations of states and political subdivisions
|
158,341
|
-
|
158,341
|
-
|
||||||||||||
Corporate
|
49,527
|
-
|
49,527
|
-
|
||||||||||||
Trust preferred
|
2,397
|
-
|
2,397
|
-
|
||||||||||||
Foreign government
|
1,660
|
-
|
1,660
|
-
|
||||||||||||
Loans held for sale
|
31,713
|
-
|
31,713
|
-
|
||||||||||||
Derivatives (1)
|
3,307
|
-
|
3,307
|
-
|
||||||||||||
Liabilities
|
||||||||||||||||
Derivatives (2)
|
2,785
|
-
|
2,785
|
-
|
||||||||||||
Measured at Fair Value on a Non-recurring basis:
|
||||||||||||||||
Assets
|
||||||||||||||||
Capitalized mortgage loan servicing rights (3)
|
10,007
|
-
|
-
|
10,007
|
||||||||||||
Impaired loans (4)
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
649
|
-
|
-
|
649
|
||||||||||||
Land, land development & construction-real estate
|
158
|
-
|
-
|
158
|
||||||||||||
Commercial and industrial
|
1,638
|
-
|
-
|
1,638
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 Family
|
651
|
-
|
-
|
651
|
||||||||||||
Other real estate (5)
|
||||||||||||||||
Commercial
|
||||||||||||||||
Land, land development & construction-real estate
|
176
|
-
|
-
|
176
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 Family
|
48
|
-
|
-
|
48
|
||||||||||||
Resort lending
|
92
|
-
|
-
|
92
|
(1)
|
Included in accrued income and other assets
|
(2)
|
Included in accrued expenses and other liabilities
|
(3)
|
Only includes servicing rights that are carried at fair value due to recognition of a valuation allowance.
|
(4)
|
Only includes impaired loans with specific loss allocations based on collateral value.
|
(5)
|
Only includes other real estate with subsequent write downs to fair value.
|
Fair Value Measurements Using
|
||||||||||||||||
Fair Value
Measure-
ments
|
Quoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Un-
observable
Inputs
(Level 3)
|
|||||||||||||
(In thousands)
|
||||||||||||||||
December 31, 2015:
|
||||||||||||||||
Measured at Fair Value on a Recurring Basis:
|
||||||||||||||||
Assets
|
||||||||||||||||
Trading securities
|
$
|
148
|
$
|
148
|
$
|
-
|
$
|
-
|
||||||||
Securities available for sale
|
||||||||||||||||
U.S. agency
|
47,512
|
-
|
47,512
|
-
|
||||||||||||
U.S. agency residential mortgage-backed
|
196,056
|
-
|
196,056
|
-
|
||||||||||||
U.S. agency commercial mortgage-backed
|
34,028
|
-
|
34,028
|
-
|
||||||||||||
Private label mortgage-backed
|
4,903
|
-
|
4,903
|
-
|
||||||||||||
Other asset backed
|
116,904
|
-
|
116,904
|
-
|
||||||||||||
Obligations of states and political subdivisions
|
144,984
|
-
|
144,984
|
-
|
||||||||||||
Corporate
|
38,614
|
-
|
38,614
|
-
|
||||||||||||
Trust preferred
|
2,483
|
-
|
2,483
|
-
|
||||||||||||
Loans held for sale
|
27,866
|
-
|
27,866
|
-
|
||||||||||||
Derivatives (1)
|
1,238
|
-
|
1,238
|
-
|
||||||||||||
Liabilities
|
||||||||||||||||
Derivatives (2)
|
619
|
-
|
619
|
-
|
||||||||||||
Measured at Fair Value on a Non-recurring basis:
|
||||||||||||||||
Assets
|
||||||||||||||||
Capitalized mortgage loan servicing rights (3)
|
8,481
|
-
|
-
|
8,481
|
||||||||||||
Impaired loans (4)
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
711
|
-
|
-
|
711
|
||||||||||||
Land, land development & construction-real estate
|
40
|
-
|
-
|
40
|
||||||||||||
Commercial and industrial
|
1,257
|
-
|
-
|
1,257
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 Family
|
421
|
-
|
-
|
421
|
||||||||||||
Resort lending
|
129
|
-
|
-
|
129
|
||||||||||||
Other real estate (5)
|
||||||||||||||||
Commercial
|
||||||||||||||||
Land, land development & construction-real estate
|
639
|
-
|
-
|
639
|
||||||||||||
Commercial and industrial
|
165
|
-
|
-
|
165
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 Family
|
26
|
-
|
-
|
26
|
||||||||||||
Resort lending
|
107
|
-
|
-
|
107
|
||||||||||||
Home equity - 1st lien
|
14
|
-
|
-
|
14
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
36
|
-
|
-
|
36
|
(1)
|
Included in accrued income and other assets
|
(2)
|
Included in accrued expenses and other liabilities
|
(3)
|
Only includes servicing rights that are carried at fair value due to recognition of a valuation allowance.
|
(4)
|
Only includes impaired loans with specific loss allocations based on collateral value.
|
(5)
|
Only includes other real estate with subsequent write downs to fair value.
|
Changes in Fair Values for the Six-Month
Periods Ended June 30 for Items Measured at
Fair Value Pursuant to Election of the Fair Value Option
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
Net Gains (Losses)
on Assets
|
Total
Change
in Fair
Values
Included
in Current
Period
|
Net Gains (Losses)
on Assets
|
Total
Change
in Fair
Values
Included
in Current
Period
|
|||||||||||||||||||||
Securities
|
Loans
|
Earnings
|
Securities
|
Loans
|
Earnings
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Trading securities
|
$
|
64
|
$
|
-
|
$
|
64
|
$
|
(23
|
)
|
$
|
-
|
$
|
(23
|
)
|
||||||||||
Loans held for sale
|
-
|
478
|
478
|
-
|
(121
|
)
|
(121
|
)
|
· | Capitalized mortgage loan servicing rights, whose individual strata are measured at fair value, had a carrying amount of $10.0 million which is net of a valuation allowance of $5.4 million at June 30, 2016 and had a carrying amount of $8.5 million which is net of a valuation allowance of $3.3 million at December 31, 2015. A recovery (charge) of $(0.6) million and $(2.1) million was included in our results of operations for the three and six month periods ending June 30, 2016, respectively and $1.2 million and $0.5 million during the same periods in 2015. |
· | Loans which are measured for impairment using the fair value of collateral for collateral dependent loans, had a carrying amount of $5.4 million, with a valuation allowance of $2.3 million at June 30, 2016 and had a carrying amount of $5.1 million, with a valuation allowance of $2.5 million at December 31, 2015. The provision for loan losses included in our results of operations relating to impaired loans was a net expense (recovery) of $(0.1) million and $0.5 million for the three month periods ending June 30, 2016 and 2015, respectively, and a net expense of $0.3 million and $1.0 million for the six month periods ending June 30, 2016 and 2015, respectively. |
· | Other real estate, which is measured using the fair value of the property, had a carrying amount of $0.3 million which is net of a valuation allowance of $1.1 million at June 30, 2016 and a carrying amount of $1.0 million which is net of a valuation allowance of $1.7 million at December 31, 2015. An additional charge relating to other real estate measured at fair value of $0.04 million and $0.06 million was included in our results of operations during the three and six month periods ended June 30, 2016, respectively and $0.22 million and $0.37 million during the same periods in 2015. |
Asset
Fair
Value
|
Valuation
Technique
|
Unobservable
Inputs
|
Weighted
Average
|
||||||||
(In thousands)
|
|||||||||||
June 30, 2016
|
|||||||||||
Capitalized mortgage loan servicing rights
|
$
|
10,007
|
Present value of net servicing revenue
|
Discount rate
|
10.05
|
%
|
|||||
Cost to service
|
$
|
80
|
|||||||||
Ancillary income
|
24
|
||||||||||
Float rate
|
0.98
|
%
|
|||||||||
Impaired loans
|
|||||||||||
Commercial (1)
|
2,240
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(1.5
|
)%
|
||||||
Mortgage
|
651
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
4.2
|
|||||||
Other real estate
|
|||||||||||
Commercial
|
176
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(22.5
|
)
|
||||||
Mortgage and installment
|
140
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
73.8
|
|||||||
December 31, 2015
|
|||||||||||
Capitalized mortgage loan servicing rights
|
$
|
8,481
|
Present value of net servicing revenue
|
Discount rate
|
10.04
|
%
|
|||||
Cost to service
|
$
|
80
|
|||||||||
Ancillary income
|
24
|
||||||||||
Float rate
|
1.73
|
%
|
|||||||||
Impaired loans
|
|||||||||||
Commercial (1)
|
1,605
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(2.1
|
)%
|
||||||
Income approach
|
Capitalization rate
|
9.3
|
|||||||||
Mortgage
|
550
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
0.7
|
|||||||
Other real estate
|
|||||||||||
Commercial
|
804
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(3.9
|
)
|
||||||
Mortgage and installment
|
183
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
75.6
|
(1)
|
In addition to the valuation techniques and unobservable inputs discussed above, at June 30, 2016 and December 31, 2015, we had an impaired collateral dependent commercial relationship that totaled $0.2 million and $0.4 million, respectively that was primarily secured by collateral other than real estate. Collateral securing this relationship primarily included machinery and equipment and inventory at June 30, 2016 and December 31, 2015. Valuation techniques at June 30, 2016 and December 31, 2015, included appraisals and discounting restructuring firm valuations based on estimates of value recovery of each particular asset type. Discount rates used ranged from 0% to 100% of stated values.
|
Aggregate
Fair Value
|
Difference
|
Contractual
Principal
|
||||||||||
(In thousands)
|
||||||||||||
Loans held for sale
|
||||||||||||
June 30, 2016
|
$
|
31,713
|
$
|
1,192
|
$
|
30,521
|
||||||
December 31, 2015
|
27,866
|
714
|
27,152
|
Fair Value Using
|
||||||||||||||||||||
Recorded
Book
Balance
|
Fair Value
|
Quoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Un-
observable
Inputs
(Level 3)
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
34,542
|
$
|
34,542
|
$
|
34,542
|
$
|
-
|
$
|
-
|
||||||||||
Interest bearing deposits
|
26,488
|
26,488
|
26,488
|
-
|
-
|
|||||||||||||||
Interest bearing deposits - time
|
8,560
|
8,600
|
-
|
8,600
|
-
|
|||||||||||||||
Trading securities
|
212
|
212
|
212
|
-
|
-
|
|||||||||||||||
Securities available for sale
|
599,755
|
599,755
|
-
|
599,755
|
-
|
|||||||||||||||
Federal Home Loan Bank and Federal
|
||||||||||||||||||||
Reserve Bank Stock
|
15,229
|
NA
|
NA
|
NA
|
NA
|
|||||||||||||||
Net loans and loans held for sale
|
1,591,123
|
1,566,760
|
-
|
31,713
|
1,535,047
|
|||||||||||||||
Accrued interest receivable
|
6,767
|
6,767
|
3
|
2,178
|
4,586
|
|||||||||||||||
Derivative financial instruments
|
3,307
|
3,307
|
-
|
3,307
|
-
|
|||||||||||||||
Liabilities
|
||||||||||||||||||||
Deposits with no stated maturity (1)
|
$
|
1,687,965
|
$
|
1,687,965
|
$
|
1,687,965
|
$
|
-
|
$
|
-
|
||||||||||
Deposits with stated maturity (1)
|
440,327
|
439,916
|
-
|
439,916
|
-
|
|||||||||||||||
Other borrowings
|
11,797
|
13,152
|
-
|
13,152
|
-
|
|||||||||||||||
Subordinated debentures
|
35,569
|
22,445
|
-
|
22,445
|
-
|
|||||||||||||||
Accrued interest payable
|
536
|
536
|
18
|
518
|
-
|
|||||||||||||||
Derivative financial instruments
|
2,785
|
2,785
|
-
|
2,785
|
-
|
|||||||||||||||
December 31, 2015
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
54,260
|
$
|
54,260
|
$
|
54,260
|
$
|
-
|
$
|
-
|
||||||||||
Interest bearing deposits
|
31,523
|
31,523
|
31,523
|
-
|
-
|
|||||||||||||||
Interest bearing deposits - time
|
11,866
|
11,858
|
-
|
11,858
|
-
|
|||||||||||||||
Trading securities
|
148
|
148
|
148
|
-
|
-
|
|||||||||||||||
Securities available for sale
|
585,484
|
585,484
|
-
|
585,484
|
-
|
|||||||||||||||
Federal Home Loan Bank and Federal
|
||||||||||||||||||||
Reserve Bank Stock
|
15,471
|
NA
|
NA
|
NA
|
NA
|
|||||||||||||||
Net loans and loans held for sale
|
1,520,346
|
1,472,613
|
-
|
27,866
|
1,444,747
|
|||||||||||||||
Accrued interest receivable
|
6,565
|
6,565
|
5
|
1,969
|
4,591
|
|||||||||||||||
Derivative financial instruments
|
1,238
|
1,238
|
-
|
1,238
|
-
|
|||||||||||||||
Liabilities
|
||||||||||||||||||||
Deposits with no stated maturity (1)
|
$
|
1,659,743
|
$
|
1,659,743
|
$
|
1,659,743
|
$
|
-
|
$
|
-
|
||||||||||
Deposits with stated maturity (1)
|
426,220
|
423,776
|
-
|
423,776
|
-
|
|||||||||||||||
Other borrowings
|
11,954
|
13,448
|
-
|
13,448
|
-
|
|||||||||||||||
Subordinated debentures
|
35,569
|
23,069
|
-
|
23,069
|
-
|
|||||||||||||||
Accrued interest payable
|
466
|
466
|
21
|
445
|
-
|
|||||||||||||||
Derivative financial instruments
|
619
|
619
|
-
|
619
|
-
|
(1)
|
Deposits with no stated maturity include reciprocal deposits with a recorded book balance of $12.4 million and $11.8 million at June 30, 2016 and December 31, 2015, respectively. Deposits with a stated maturity include reciprocal deposits with a recorded book balance of $37.0 million and $38.4 million at June 30, 2016 and December 31, 2015, respectively.
|
Unrealized
Gains
(Losses) on
Securities
Available
for Sale
|
Dispropor-
tionate
Tax Effects
from
Securities
Available
for Sale
|
Total
|
||||||||||
For the three months ended June 30,
|
||||||||||||
2016
|
||||||||||||
Balances at beginning of period
|
$
|
999
|
$
|
(5,798
|
)
|
$
|
(4,799
|
)
|
||||
Other comprehensive income before reclassifications
|
1,588
|
-
|
1,588
|
|||||||||
Amounts reclassified from AOCL
|
(72
|
)
|
-
|
(72
|
)
|
|||||||
Net current period other comprehensive income
|
1,516
|
-
|
1,516
|
|||||||||
Balances at end of period
|
$
|
2,515
|
$
|
(5,798
|
)
|
$
|
(3,283
|
)
|
||||
2015
|
||||||||||||
Balances at beginning of period
|
$
|
1,596
|
$
|
(5,798
|
)
|
$
|
(4,202
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
(1,188
|
)
|
-
|
(1,188
|
)
|
|||||||
Amounts reclassified from AOCL
|
-
|
-
|
-
|
|||||||||
Net current period other comprehensive income (loss)
|
(1,188
|
)
|
-
|
(1,188
|
)
|
|||||||
Balances at end of period
|
$
|
408
|
$
|
(5,798
|
)
|
$
|
(5,390
|
)
|
||||
For the six months ended June 30,
|
||||||||||||
2016
|
||||||||||||
Balances at beginning of period
|
$
|
(238
|
)
|
$
|
(5,798
|
)
|
$
|
(6,036
|
)
|
|||
Other comprehensive income before reclassifications
|
2,937
|
-
|
2,937
|
|||||||||
Amounts reclassified from AOCL
|
(184
|
)
|
-
|
(184
|
)
|
|||||||
Net current period other comprehensive income
|
2,753
|
-
|
2,753
|
|||||||||
Balances at end of period
|
$
|
2,515
|
$
|
(5,798
|
)
|
$
|
(3,283
|
)
|
||||
2015
|
||||||||||||
Balances at beginning of period
|
$
|
162
|
$
|
(5,798
|
)
|
$
|
(5,636
|
)
|
||||
Other comprehensive income before reclassifications
|
295
|
-
|
295
|
|||||||||
Amounts reclassified from AOCL
|
(49
|
)
|
-
|
(49
|
)
|
|||||||
Net current period other comprehensive income
|
246
|
-
|
246
|
|||||||||
Balances at end of period
|
$
|
408
|
$
|
(5,798
|
)
|
$
|
(5,390
|
)
|
AOCL Component
|
Amount
Reclassified
From
AOCL
|
Affected Line Item in Condensed
Consolidated Statements of Operations
|
|||
(In thousands)
|
|||||
2016
|
|||||
Unrealized gains on securities available for sale
|
|||||
$
|
109
|
Net gains on securities
|
|||
-
|
Net impairment loss recognized in earnings
|
||||
109
|
Total reclassifications before tax
|
||||
37
|
Income tax expense
|
||||
$
|
72
|
Reclassifications, net of tax
|
|||
2015
|
|||||
Unrealized gains on securities available for sale
|
|||||
$
|
-
|
Net gains on securities
|
|||
-
|
Net impairment loss recognized in earnings
|
||||
-
|
Total reclassifications before tax
|
||||
-
|
Income tax expense
|
||||
$
|
-
|
Reclassifications, net of tax
|
AOCL Component
|
Amount
Reclassified
From
AOCL
|
Affected Line Item in Condensed
Consolidated Statements of Operations
|
|||
(In thousands)
|
|||||
2016
|
|||||
Unrealized gains on securities available for sale
|
|||||
$
|
283
|
Net gains on securities
|
|||
-
|
Net impairment loss recognized in earnings
|
||||
283
|
Total reclassifications before tax
|
||||
99
|
Income tax expense
|
||||
$
|
184
|
Reclassifications, net of tax
|
|||
2015
|
|||||
Unrealized gains on securities available for sale
|
|||||
$
|
75
|
Net gains on securities
|
|||
-
|
Net impairment loss recognized in earnings
|
||||
75
|
Total reclassifications before tax
|
||||
26
|
Income tax expense
|
||||
$
|
49
|
Reclassifications, net of tax
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net income (annualized) to
|
||||||||||||||||
Average assets
|
1.06
|
%
|
0.98
|
%
|
0.87
|
%
|
0.83
|
%
|
||||||||
Average common shareholders’ equity
|
10.66
|
8.86
|
8.67
|
7.46
|
||||||||||||
Net income per common share
|
||||||||||||||||
Basic
|
$
|
0.30
|
$
|
0.25
|
$
|
0.49
|
$
|
0.41
|
||||||||
Diluted
|
0.30
|
0.24
|
0.48
|
0.40
|
Three Months Ended
June 30,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Rate (3)
|
Average
Balance
|
Interest
|
Rate (3)
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Assets (1)
|
||||||||||||||||||||||||
Taxable loans
|
$
|
1,573,471
|
$
|
18,173
|
4.64
|
%
|
$
|
1,449,218
|
$
|
17,707
|
4.90
|
%
|
||||||||||||
Tax-exempt loans (2)
|
3,555
|
55
|
6.22
|
4,198
|
67
|
6.40
|
||||||||||||||||||
Taxable securities
|
541,557
|
2,480
|
1.83
|
529,345
|
1,869
|
1.41
|
||||||||||||||||||
Tax-exempt securities (2)
|
50,091
|
432
|
3.45
|
31,397
|
341
|
4.34
|
||||||||||||||||||
Interest bearing cash
|
74,384
|
100
|
0.54
|
50,664
|
54
|
0.43
|
||||||||||||||||||
Other investments
|
15,478
|
197
|
5.12
|
18,145
|
235
|
5.19
|
||||||||||||||||||
Interest Earning Assets
|
2,258,536
|
21,437
|
3.81
|
2,082,967
|
20,273
|
3.90
|
||||||||||||||||||
Cash and due from banks
|
34,515
|
42,980
|
||||||||||||||||||||||
Other assets, net
|
154,859
|
167,499
|
||||||||||||||||||||||
Total Assets
|
$
|
2,447,910
|
$
|
2,293,446
|
||||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||
Savings and interest- bearing checking
|
$
|
1,027,913
|
277
|
0.11
|
$
|
990,019
|
260
|
0.11
|
||||||||||||||||
Time deposits
|
430,955
|
875
|
0.82
|
371,304
|
707
|
0.76
|
||||||||||||||||||
Other borrowings
|
47,467
|
485
|
4.11
|
47,986
|
463
|
3.87
|
||||||||||||||||||
Interest Bearing Liabilities
|
1,506,335
|
1,637
|
0.44
|
1,409,309
|
1,430
|
0.41
|
||||||||||||||||||
Non-interest bearing deposits
|
672,920
|
603,706
|
||||||||||||||||||||||
Other liabilities
|
25,855
|
25,948
|
||||||||||||||||||||||
Shareholders’ equity
|
242,800
|
254,483
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
2,447,910
|
$
|
2,293,446
|
||||||||||||||||||||
Net Interest Income
|
$
|
19,800
|
$
|
18,843
|
||||||||||||||||||||
Net Interest Income as a Percent of Average Interest Earning Assets
|
3.52
|
%
|
3.62
|
%
|
(1) | All domestic. |
(2) | Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 35% |
(3) | Annualized |
Six Months Ended
June 30,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Rate (3)
|
Average
Balance
|
Interest
|
Rate (3)
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Assets (1)
|
||||||||||||||||||||||||
Taxable loans
|
$
|
1,559,807
|
$
|
36,693
|
4.72
|
%
|
$
|
1,434,817
|
$
|
34,902
|
4.89
|
%
|
||||||||||||
Tax-exempt loans (2)
|
3,601
|
110
|
6.14
|
4,279
|
135
|
6.36
|
||||||||||||||||||
Taxable securities
|
531,695
|
4,724
|
1.78
|
517,941
|
3,627
|
1.40
|
||||||||||||||||||
Tax-exempt securities (2)
|
46,036
|
813
|
3.53
|
32,630
|
674
|
4.13
|
||||||||||||||||||
Interest bearing cash
|
77,910
|
206
|
0.53
|
62,850
|
124
|
0.40
|
||||||||||||||||||
Other investments
|
15,512
|
397
|
5.15
|
19,063
|
503
|
5.32
|
||||||||||||||||||
Interest Earning Assets
|
2,234,561
|
42,943
|
3.86
|
2,071,580
|
39,965
|
3.88
|
||||||||||||||||||
Cash and due from banks
|
39,841
|
44,500
|
||||||||||||||||||||||
Other assets, net
|
159,979
|
169,678
|
||||||||||||||||||||||
Total Assets
|
$
|
2,434,381
|
$
|
2,285,758
|
||||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||
Savings and interest- bearing checking
|
$
|
1,021,015
|
547
|
0.11
|
$
|
987,763
|
526
|
0.11
|
||||||||||||||||
Time deposits
|
433,449
|
1,719
|
0.80
|
374,115
|
1,448
|
0.78
|
||||||||||||||||||
Other borrowings
|
47,495
|
962
|
4.07
|
48,012
|
917
|
3.85
|
||||||||||||||||||
Interest Bearing Liabilities
|
1,501,959
|
3,228
|
0.43
|
1,409,890
|
2,891
|
0.41
|
||||||||||||||||||
Non-interest bearing deposits
|
663,168
|
596,935
|
||||||||||||||||||||||
Other liabilities
|
24,811
|
24,951
|
||||||||||||||||||||||
Shareholders’ equity
|
244,443
|
253,982
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
2,434,381
|
$
|
2,285,758
|
||||||||||||||||||||
Net Interest Income
|
$
|
39,715
|
$
|
37,074
|
||||||||||||||||||||
Net Interest Income as a Percent of Average Interest Earning Assets
|
3.57
|
%
|
3.60
|
%
|
(1) | All domestic. |
(2) | Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 35% |
(3) | Annualized |
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Service charges on deposit accounts
|
$
|
3,038
|
$
|
3,117
|
$
|
5,883
|
$
|
5,967
|
||||||||
Interchange income
|
1,976
|
2,240
|
3,854
|
4,382
|
||||||||||||
Net gains (losses) on assets:
|
||||||||||||||||
Mortgage loans
|
2,529
|
1,784
|
4,171
|
3,923
|
||||||||||||
Securities
|
185
|
(33
|
)
|
347
|
52
|
|||||||||||
Mortgage loan servicing
|
(334
|
)
|
1,452
|
(1,312
|
)
|
1,032
|
||||||||||
Investment and insurance commissions
|
384
|
487
|
851
|
933
|
||||||||||||
Bank owned life insurance
|
298
|
325
|
588
|
675
|
||||||||||||
Title insurance fees
|
253
|
337
|
541
|
593
|
||||||||||||
Other
|
1,251
|
1,278
|
2,466
|
2,392
|
||||||||||||
Total non-interest income
|
$
|
9,580
|
$
|
10,987
|
$
|
17,389
|
$
|
19,949
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Mortgage loans originated
|
$
|
91,966
|
$
|
101,306
|
$
|
165,468
|
$
|
181,096
|
||||||||
Mortgage loans sold
|
70,479
|
82,167
|
126,145
|
150,894
|
||||||||||||
Net gains on mortgage loans
|
2,529
|
1,784
|
4,171
|
3,923
|
||||||||||||
Net gains as a percent of mortgage loans sold (“Loan Sales Margin”)
|
3.59
|
%
|
2.17
|
%
|
3.31
|
%
|
2.60
|
%
|
||||||||
Fair value adjustments included in the Loan Sales Margin
|
0.34
|
(0.07
|
)
|
0.30
|
0.33
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Balance at beginning of period
|
$
|
10,983
|
$
|
11,318
|
$
|
12,436
|
$
|
12,106
|
||||||||
Originated servicing rights capitalized
|
703
|
787
|
1,257
|
1,450
|
||||||||||||
Amortization
|
(709
|
)
|
(800
|
)
|
(1,266
|
)
|
(1,559
|
)
|
||||||||
Change in valuation allowance
|
(646
|
)
|
1,230
|
(2,096
|
)
|
538
|
||||||||||
Balance at end of period
|
$
|
10,331
|
$
|
12,535
|
$
|
10,331
|
$
|
12,535
|
||||||||
Valuation allowance at end of period
|
$
|
5,368
|
$
|
3,235
|
$
|
5,368
|
$
|
3,235
|
Non-Interest Expense | ||||||||||||||||
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Compensation
|
$
|
8,168
|
$
|
8,131
|
$
|
16,402
|
$
|
16,461
|
||||||||
Performance-based compensation
|
1,679
|
1,744
|
3,200
|
3,032
|
||||||||||||
Payroll taxes and employee benefits
|
2,153
|
1,916
|
4,279
|
4,083
|
||||||||||||
Compensation and employee benefits
|
12,000
|
11,791
|
23,881
|
23,576
|
||||||||||||
Occupancy, net
|
1,856
|
2,040
|
4,063
|
4,459
|
||||||||||||
Data processing
|
1,936
|
2,027
|
4,037
|
3,957
|
||||||||||||
Furniture, fixtures and equipment
|
965
|
965
|
1,949
|
1,917
|
||||||||||||
Communications
|
722
|
694
|
1,610
|
1,430
|
||||||||||||
Loan and collection
|
571
|
967
|
1,396
|
2,122
|
||||||||||||
Advertising
|
478
|
448
|
955
|
932
|
||||||||||||
Legal and professional
|
345
|
453
|
758
|
833
|
||||||||||||
FDIC deposit insurance
|
331
|
351
|
665
|
694
|
||||||||||||
Interchange expense
|
267
|
289
|
533
|
580
|
||||||||||||
Credit card and bank service fees
|
198
|
203
|
385
|
405
|
||||||||||||
Supplies
|
197
|
216
|
373
|
429
|
||||||||||||
Amortization of intangible assets
|
87
|
87
|
174
|
174
|
||||||||||||
Vehicle service contract counterparty contingencies
|
(1
|
)
|
30
|
29
|
59
|
|||||||||||
Provision for loss reimbursement on sold loans
|
-
|
45
|
(15
|
)
|
(24
|
)
|
||||||||||
Costs (recoveries) related to unfunded lending commitments
|
(80
|
)
|
4
|
(67
|
)
|
20
|
||||||||||
Net gains on other real estate and repossessed assets
|
(159
|
)
|
(139
|
)
|
(165
|
)
|
(178
|
)
|
||||||||
Other
|
1,182
|
1,108
|
2,379
|
2,345
|
||||||||||||
Total non-interest expense
|
$
|
20,895
|
$
|
21,579
|
$
|
42,940
|
$
|
43,730
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Independent Bank
|
$
|
6,550
|
$
|
5,935
|
$
|
11,169
|
$
|
10,168
|
||||||||
Mepco
|
32
|
(77
|
)
|
(205
|
)
|
(269
|
)
|
|||||||||
Other(1)
|
(129
|
)
|
(225
|
)
|
(396
|
)
|
(469
|
)
|
||||||||
Elimination
|
(15
|
)
|
(14
|
)
|
(30
|
)
|
(30
|
)
|
||||||||
Net income
|
$
|
6,438
|
$
|
5,619
|
$
|
10,538
|
$
|
9,400
|
(1)
|
Includes amounts relating to our parent company.
|
Unrealized
|
||||||||||||||||
Amortized
Cost
|
Gains
|
Losses
|
Fair
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Securities available for sale
|
||||||||||||||||
June 30, 2016
|
$
|
595,886
|
$
|
5,991
|
$
|
2,122
|
$
|
599,755
|
||||||||
December 31, 2015
|
585,851
|
3,152
|
3,519
|
585,484
|
Six months ended
June 30,
|
||||||||
2016
|
2015
|
|||||||
(In thousands)
|
||||||||
Proceeds
|
$
|
55,362
|
$
|
11,786
|
||||
Gross gains
|
$
|
336
|
$
|
75
|
||||
Gross losses
|
(53
|
)
|
-
|
|||||
Net impairment charges
|
-
|
-
|
||||||
Fair value adjustments
|
64
|
(23
|
)
|
|||||
Net gains
|
$
|
347
|
$
|
52
|
June 30,
2016
|
December 31,
2015
|
|||||||
(Dollars in thousands)
|
||||||||
Non-accrual loans
|
$
|
10,803
|
$
|
10,607
|
||||
Loans 90 days or more past due and still accruing interest
|
94
|
116
|
||||||
Total non-performing loans
|
10,897
|
10,723
|
||||||
Other real estate and repossessed assets
|
5,572
|
7,150
|
||||||
Total non-performing assets
|
$
|
16,469
|
$
|
17,873
|
||||
As a percent of Portfolio Loans | ||||||||
Non-performing loans
|
0.69
|
%
|
0.71
|
%
|
||||
Allowance for loan losses
|
1.44
|
1.49
|
||||||
Non-performing assets to total assets
|
0.67
|
0.74
|
||||||
Allowance for loan losses as a percent of non-performing loans
|
208.42
|
210.48
|
(1) | Excludes loans classified as “troubled debt restructured” that are not past due and vehicle service contract counterparty receivables, net. |
June 30, 2016
|
|||||||||||||
Commercial
|
Retail
|
Total
|
|||||||||||
(In thousands)
|
|||||||||||||
Performing TDRs
|
$
|
14,130
|
$
|
64,818
|
$
|
78,948
|
|||||||
Non-performing TDRs(1)
|
2,678
|
3,788
|
(2)
|
6,466
|
|||||||||
Total
|
$
|
16,808
|
$
|
68,606
|
$
|
85,414
|
December 31, 2015
|
|||||||||||||
Commercial
|
Retail
|
Total
|
|||||||||||
(In thousands)
|
|||||||||||||
Performing TDRs
|
$
|
13,318
|
$
|
68,194
|
$
|
81,512
|
|||||||
Non-performing TDRs(1)
|
3,041
|
3,777
|
(2)
|
6,818
|
|||||||||
Total
|
$
|
16,359
|
$
|
71,971
|
$
|
88,330
|
(1) | Included in non-performing loans table above. |
(2) | Also includes loans on non-accrual at the time of modification until six payments are received on a timely basis. |
Six months ended
June 30,
|
||||||||||||||||
2016
|
2015
|
|||||||||||||||
Loans
|
Unfunded
Commitments |
Loans
|
Unfunded
Commitments |
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Balance at beginning of period
|
$
|
22,570
|
$
|
652
|
$
|
25,990
|
$
|
539
|
||||||||
Additions (deductions)
|
||||||||||||||||
Provision for loan losses
|
(1,264
|
)
|
-
|
(793
|
)
|
-
|
||||||||||
Recoveries credited to allowance
|
2,718
|
-
|
2,245
|
-
|
||||||||||||
Loans charged against the allowance
|
(1,312
|
)
|
-
|
(2,856
|
)
|
-
|
||||||||||
Additions (deductions) included in non-interest expense
|
-
|
(67
|
)
|
-
|
20
|
|||||||||||
Balance at end of period
|
$
|
22,712
|
$
|
585
|
$
|
24,586
|
$
|
559
|
||||||||
Net loans charged against the allowance to average Portfolio Loans (annualized)
|
(0.18
|
)%
|
0.09
|
%
|
June 30,
2016
|
December 31,
2015
|
|||||||
(In thousands)
|
||||||||
Specific allocations
|
$
|
10,941
|
$
|
10,983
|
||||
Other adversely rated commercial loans
|
659
|
1,053
|
||||||
Historical loss allocations
|
5,586
|
5,262
|
||||||
Additional allocations based on subjective factors
|
5,526
|
5,272
|
||||||
Total
|
$
|
22,712
|
$
|
22,570
|
June 30,
2016
|
December 31,
2015
|
|||||||
(In thousands)
|
||||||||
Subordinated debentures
|
$
|
35,569
|
$
|
35,569
|
||||
Amount not qualifying as regulatory capital
|
(1,069
|
)
|
(1,069
|
)
|
||||
Amount qualifying as regulatory capital
|
34,500
|
34,500
|
||||||
Shareholders’ equity
|
||||||||
Common stock
|
324,268
|
339,462
|
||||||
Accumulated deficit
|
(74,062
|
)
|
(82,334
|
)
|
||||
Accumulated other comprehensive loss
|
(3,283
|
)
|
(6,036
|
)
|
||||
Total shareholders’ equity
|
246,923
|
251,092
|
||||||
Total capitalization
|
$
|
281,423
|
$
|
285,592
|
Change in Interest Rates
|
Market Value
Of Portfolio
Equity(1)
|
Percent
Change
|
Net Interest
Income(2)
|
Percent
Change
|
||||||||||||
(Dollars in thousands)
|
||||||||||||||||
June 30, 2016
|
||||||||||||||||
200 basis point rise
|
$
|
390,100
|
12.03
|
%
|
$
|
83,400
|
7.34
|
%
|
||||||||
100 basis point rise
|
374,600
|
7.58
|
81,000
|
4.25
|
||||||||||||
Base-rate scenario
|
348,200
|
-
|
77,700
|
-
|
||||||||||||
100 basis point decline
|
315,900
|
(9.28
|
)
|
73,400
|
5.53
|
|||||||||||
December 31, 2015
|
||||||||||||||||
200 basis point rise
|
$
|
419,600
|
8.42
|
%
|
$
|
80,700
|
6.32
|
%
|
||||||||
100 basis point rise
|
407,300
|
5.25
|
78,700
|
3.69
|
||||||||||||
Base-rate scenario
|
387,000
|
-
|
75,900
|
-
|
||||||||||||
100 basis point decline
|
356,500
|
(7.88
|
)
|
72,000
|
(5.14
|
)
|
(1) | Simulation analyses calculate the change in the net present value of our assets and liabilities, including debt and related financial derivative instruments, under parallel shifts in interest rates by discounting the estimated future cash flows using a market-based discount rate. Cash flow estimates incorporate anticipated changes in prepayment speeds and other embedded options. |
(2) | Simulation analyses calculate the change in net interest income under immediate parallel shifts in interest rates over the next twelve months, based upon a static statement of financial condition, which includes debt and related financial derivative instruments, and do not consider loan fees. |
(a) | Evaluation of Disclosure Controls and Procedures. |
(b) | Changes in Internal Controls. |
Period
|
Total Number of
Shares Purchased (1)
|
Average Price
Paid Per Share
|
Total Number of
Shares Purchased
as Part of a
Publicly
Announced Plan
|
Remaining
Number of
Shares Authorized
for Purchase
Under the Plan
|
||||||||||||
April 2016
|
-
|
$
|
-
|
-
|
52,703
|
(2)
|
||||||||||
May 2016
|
37,367
|
14.99
|
-
|
52,703
|
(2)
|
|||||||||||
June 2016
|
-
|
-
|
-
|
52,703
|
(2)
|
|||||||||||
Total
|
37,367
|
$
|
14.99
|
-
|
52,703
|
(2)
|
(1) | Represents shares withheld from the shares that would otherwise have been issued to certain officers in order to satisfy tax withholding obligations resulting from vesting of restricted stock units. |
(2) | Plus an additional $5.0 million. |
(a) | The following exhibits (listed by number corresponding to the Exhibit Table as Item 601 in Regulation S-K) are filed with this report: |
31.1 | Certificate of the Chief Executive Officer of Independent Bank Corporation pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). |
31.2 | Certificate of the Chief Financial Officer of Independent Bank Corporation pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). |
32.1 | Certificate of the Chief Executive Officer of Independent Bank Corporation pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). |
Certificate of the Chief Financial Officer of Independent Bank Corporation pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
101.INS Instance Document
|
101.SCH XBRL Taxonomy Extension Schema Document
|
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
|
Date
|
August 4, 2016
|
By
|
/s/ Robert N. Shuster
|
|
Robert N. Shuster, Principal Financial Officer
|
||||
Date
|
August 4, 2016
|
By
|
/s/ James J. Twarozynski
|
|
James J. Twarozynski, Principal Accounting Officer
|
1. | I have reviewed this quarterly report on Form 10-Q of Independent Bank Corporation; |
2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. |
INDEPENDENT BANK CORPORATION
|
|
Date: August 4, 2016
|
/s/ William B. Kessel
|
William B. Kessel
|
|
President and Chief Executive Officer
|
1. | I have reviewed this quarterly report on Form 10-Q of Independent Bank Corporation; |
2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. |
INDEPENDENT BANK CORPORATION
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|
Date: August 4, 2016
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/s/ Robert N. Shuster
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Robert N. Shuster
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Chief Financial Officer
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INDEPENDENT BANK CORPORATION
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|
Date: August 4, 2016
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/s/ William B. Kessel
|
William B. Kessel
|
|
President and Chief Executive Officer
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INDEPENDENT BANK CORPORATION
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|
Date: August 4, 2016
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/s/ Robert N. Shuster
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Robert N. Shuster
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|
Chief Financial Officer
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Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Aug. 03, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | INDEPENDENT BANK CORP /MI/ | |
Entity Central Index Key | 0000039311 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 21,223,212 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 |
Condensed Consolidated Statements of Financial Condition (unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Shareholders' Equity | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 200,000 | 200,000 |
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) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 21,315,881 | 22,251,373 |
Common stock, shares outstanding (in shares) | 21,315,881 | 22,251,373 |
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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Interest Income | ||||||
Interest and fees on loans | $ 18,208 | $ 17,751 | $ 36,764 | $ 34,990 | ||
Interest on securities | ||||||
Taxable | 2,480 | 1,869 | 4,724 | 3,627 | ||
Tax-exempt | 282 | 222 | 530 | 439 | ||
Other investments | 297 | 289 | 603 | 627 | ||
Total Interest Income | 21,267 | 20,131 | 42,621 | 39,683 | ||
Interest Expense | ||||||
Deposits | 1,152 | 967 | 2,266 | 1,974 | ||
Other borrowings | 485 | 463 | 962 | 917 | ||
Total Interest Expense | 1,637 | 1,430 | 3,228 | 2,891 | ||
Net Interest Income | 19,630 | 18,701 | 39,393 | 36,792 | ||
Provision for loan losses | (734) | (134) | (1,264) | (793) | ||
Net Interest Income After Provision for Loan Losses | 20,364 | 18,835 | 40,657 | 37,585 | ||
Non-Interest Income | ||||||
Service charges on deposit accounts | 3,038 | 3,117 | 5,883 | 5,967 | ||
Interchange income | 1,976 | 2,240 | 3,854 | 4,382 | ||
Net gains (losses) on assets | ||||||
Mortgage loans | 2,529 | 1,784 | 4,171 | 3,923 | ||
Securities | 185 | (33) | 347 | 52 | ||
Mortgage loan servicing, net | (334) | 1,452 | (1,312) | 1,032 | ||
Title insurance fees | 253 | 337 | 541 | 593 | ||
Other | 1,933 | 2,090 | 3,905 | 4,000 | ||
Total Non-Interest Income | 9,580 | 10,987 | 17,389 | 19,949 | ||
Non-Interest Expense | ||||||
Compensation and employee benefits | 12,000 | 11,791 | 23,881 | 23,576 | ||
Occupancy, net | 1,856 | 2,040 | 4,063 | 4,459 | ||
Data processing | 1,936 | 2,027 | 4,037 | 3,957 | ||
Furniture, fixtures and equipment | 965 | 965 | 1,949 | 1,917 | ||
Communications | 722 | 694 | 1,610 | 1,430 | ||
Loan and collection | 571 | 967 | 1,396 | 2,122 | ||
Advertising | 478 | 448 | 955 | 932 | ||
Legal and professional | 345 | 453 | 758 | 833 | ||
FDIC deposit insurance | 331 | 351 | 665 | 694 | ||
Interchange expense | 267 | 289 | 533 | 580 | ||
Credit card and bank service fees | 198 | 203 | 385 | 405 | ||
Vehicle service contract counterparty contingencies | (1) | 30 | 29 | 59 | ||
Provision for loss reimbursement on sold loans | 0 | 45 | (15) | (24) | ||
Costs (recoveries) related to unfunded lending commitments | (80) | 4 | (67) | 20 | ||
Net gains on other real estate and repossessed assets | (159) | (139) | (165) | (178) | ||
Other | 1,466 | 1,411 | 2,926 | 2,948 | ||
Total Non-Interest Expense | 20,895 | 21,579 | 42,940 | 43,730 | ||
Income Before Income Tax | 9,049 | 8,243 | 15,106 | 13,804 | ||
Income tax expense | 2,611 | 2,624 | 4,568 | 4,404 | ||
Net Income | $ 6,438 | $ 5,619 | $ 10,538 | $ 9,400 | ||
Net Income Per Common Share | ||||||
Basic (in dollars per share) | [1] | $ 0.30 | $ 0.25 | $ 0.49 | $ 0.41 | |
Diluted (in dollars per share) | 0.30 | 0.24 | 0.48 | 0.40 | ||
Dividends Per Common Share | ||||||
Declared (in dollars per share) | 0.08 | 0.06 | 0.16 | 0.12 | ||
Paid (in dollars per share) | $ 0.08 | $ 0.06 | $ 0.16 | $ 0.12 | ||
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Preparation of Financial Statements |
6 Months Ended |
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Jun. 30, 2016 | |
Preparation of Financial Statements [Abstract] | |
Preparation of Financial Statements | 1. Preparation of Financial Statements The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2015 included in our Annual Report on Form 10-K. In our opinion, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary to present fairly our consolidated financial condition as of June 30, 2016 and December 31, 2015, and the results of operations for the three and six-month periods ended June 30, 2016 and 2015. The results of operations for the three and six -month periods ended June 30, 2016, are not necessarily indicative of the results to be expected for the full year. Certain reclassifications have been made in the prior period financial statements to conform to the current period presentation. Our critical accounting policies include the determination of the allowance for loan losses, the determination of vehicle service contract counterparty contingencies, the valuation of originated mortgage loan servicing rights and the valuation of deferred tax assets. Refer to our 2015 Annual Report on Form 10-K for a disclosure of our accounting policies. |
New Accounting Standards |
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New Accounting Standards [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Standards | 2. New Accounting Standards In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-12, “Compensation – Stock Compensation (Topic 718) – Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period”. This ASU amends existing guidance related to the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. These amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. This amended guidance became effective for us on January 1, 2016, and did not have a material impact on our consolidated operating results or financial condition. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This ASU supersedes and replaces nearly all existing revenue recognition guidance, including industry-specific guidance, establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In addition, this ASU specifies the accounting for some costs to obtain or fulfill a contract with a customer. This amended guidance is effective for us on January 1, 2018, and is not expected to have a material impact on our consolidated operating results or financial condition. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities”. This ASU amends existing guidance related to the accounting for certain financial assets and liabilities. These amendments, among other things, requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. This amended guidance is effective for us on January 1, 2018, and is not expected to have a material impact on our consolidated operating results or financial condition. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. This ASU amends existing guidance related to the accounting for leases. These amendments, among other things, requires lessees to account for most leases on the balance sheet while recognizing expense on the income statement in a manner similar to existing guidance. For lessors the guidance modifies the classification criteria and the accounting for sales-type and direct finance leases. This amended guidance is effective for us on January 1, 2019, and is not expected to have a material impact on our consolidated operating results or financial condition. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (718) Improvements to Employee Share-Based Payment Accounting”. This ASU amends existing guidance in an effort to simplify certain aspects of accounting for share-based payments. The areas for simplification in this ASU include income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This amended guidance is effective for us on January 1, 2017, with early adoption permitted. We adopted this amended guidance during the second quarter of 2016 using a modified retrospective approach. The impact of this adoption was to adjust our January 1, 2016 Condensed Consolidated Statement of Financial Position to reflect cumulative effect adjustments as follows:
The adjustments above reflect the recording of $1.23 million of unrealized excess benefits on share based compensation and $0.06 million (impact to equity of $0.02 million after consideration of deferred taxes) for the impact of making an accounting policy election to account for forfeitures as they occur. After January 1, 2016, excess tax benefits or deficiencies resulting from share-based payments will be recognized as tax benefit or expense when they occur. A tax benefit of $0.3 million was recorded during the three months ended June 30, 2016 as a result of share awards vesting during the period. In addition, we have elected to apply the amendments related to the presentation of excess tax benefits in the statement of cash flows on a prospective basis. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments”. This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. This ASU will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For available-for-sale debt securities, allowances will be recorded rather than reducing the carrying amount as is done under the current other-than-temporary impairment model. This ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. This amended guidance is effective for us on January 1, 2020. We have not yet determined what the impact will be on our consolidated operating results or financial condition. |
Securities |
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Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | 3. Securities Securities available for sale consist of the following:
Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:
Our portfolio of securities available-for-sale is reviewed quarterly for impairment in value. In performing this review management considers (1) the length of time and extent that fair value has been less than cost, (2) the financial condition and near term prospects of the issuer, (3) the impact of changes in market interest rates on the market value of the security and (4) an assessment of whether we intend to sell, or it is more likely than not that we will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. For securities that do not meet the aforementioned recovery criteria, the amount of impairment recognized in earnings is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income or (loss). U.S. agency, U.S. agency residential mortgage-backed securities and U.S. agency commercial mortgage backed securities — at June 30, 2016, we had 19 U.S. agency, 56 U.S. agency residential mortgage-backed and four U.S. agency commercial mortgage-backed securities whose fair market value is less than amortized cost. The unrealized losses are largely attributed to increases in interest rates since acquisition and widening spreads to Treasury bonds. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. Private label mortgage backed securities — at June 30, 2016, we had nine of this type of security whose fair value is less than amortized cost. The unrealized losses are primarily attributed to four securities purchased prior to 2016. Two of these four securities have an impairment in excess of 10% and three of these holdings have been impaired for more than 12 months. The unrealized losses are largely attributable to credit spread widening on these four securities since their acquisition. These four securities are receiving principal and interest payments. Most of these transactions are pass-through structures, receiving pro rata principal and interest payments from a dedicated collateral pool. The nonreceipt of interest cash flows is not expected and thus not presently considered in our discounted cash flow methodology discussed below. These four private label mortgage-backed securities are reviewed for other than temporary impairment (“OTTI”) utilizing a cash flow projection. The cash flow analysis forecasts cash flow from the underlying loans in each transaction and then applies these cash flows to the bonds in the securitization. Our cash flow analysis forecasts complete recovery of our cost basis for all four of these securities whose fair value is less than amortized cost. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no other declines discussed above are deemed to be other than temporary. Other asset backed — at June 30, 2016, we had 88 other asset backed securities whose fair value is less than amortized cost. The unrealized losses are primarily due to credit spread widening and increases in interest rates since acquisition. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. Obligations of states and political subdivisions — at June 30, 2016, we had 52 municipal securities whose fair value is less than amortized cost. The unrealized losses are primarily due to increases in interest rates since acquisition. One of these securities has an impairment in excess of 10%. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. Corporate — at June 30, 2016, we had eight corporate securities whose fair value is less than amortized cost. The unrealized losses are primarily due to credit spread widening and increases in interest rates since acquisition. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. Trust preferred securities — at June 30, 2016, we had three trust preferred securities whose fair value is less than amortized cost. All of our trust preferred securities are single issue securities issued by a trust subsidiary of a bank holding company. The pricing of trust preferred securities has suffered from credit spread widening. One of the three securities is rated by two major rating agencies as investment grade, while one (a Bank of America issuance) is rated below investment grade by two major rating agencies and the other one is non-rated. The non-rated issue is a relatively small bank and was never rated. The issuer of this non-rated trust preferred security, which had a total amortized cost of $1.0 million and total fair value of $0.7 million as of June 30, 2016, continues to have satisfactory credit metrics and make interest payments. The following table breaks out our trust preferred securities in further detail as of June 30, 2016 and December 31, 2015:
As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. We recorded no credit related OTTI charges in our Condensed Consolidated Statements of Operations related to securities available for sale during the three or six month periods ended June 30, 2016 and 2015, respectively. At June 30, 2016, three private label mortgage-backed securities had credit related OTTI and are summarized as follows:
Each of these securities is receiving principal and interest payments similar to principal reductions in the underlying collateral. All three of these securities have unrealized gains at June 30, 2016. The original amortized cost for each of these securities has been permanently adjusted downward for previously recorded credit related OTTI. The unrealized loss (based on original amortized cost) for these securities is now less than previously recorded credit related OTTI amounts. A roll forward of credit losses recognized in earnings on securities available for sale for the three and six month periods ending June 30, follows:
The amortized cost and fair value of securities available for sale at June 30, 2016, by contractual maturity, follow:
The actual maturity may differ from the contractual maturity because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Gains and losses realized on the sale of securities available for sale are determined using the specific identification method and are recognized on a trade-date basis. A summary of proceeds from the sale of securities available for sale and gains and losses for the six month periods ending June 30, follows:
During 2016 and 2015, our trading securities consisted of various preferred stocks. During the first six months of 2016 and 2015, we recognized gains (losses) on trading securities of $0.064 million and $(0.023) million, respectively, that are included in net gains on securities in the Condensed Consolidated Statements of Operations. Both of these amounts relate to gains (losses) recognized on trading securities still held at each respective period end. |
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Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | . Loans Our assessment of the allowance for loan losses is based on an evaluation of the loan portfolio, recent loss experience, current economic conditions and other pertinent factors. An analysis of the allowance for loan losses by portfolio segment for the three months ended June 30, follows:
An analysis of the allowance for loan losses by portfolio segment for the six months ended June 30, follows:
Allowance for loan losses and recorded investment in loans by portfolio segment follows:
Loans on non-accrual status and past due more than 90 days (“Non-performing Loans”) follow:
An aging analysis of loans by class follows:
Impaired loans are as follows :
Impaired loans by class are as follows (1):
Average recorded investment in and interest income earned on impaired loans by class for the three month periods ending June 30, follows (1):
Average recorded investment in and interest income earned on impaired loans by class for the six month periods ending June 30, follows (1):
Our average investment in impaired loans was approximately $87.4 million and $108.4 million for the three-month periods ended June 30, 2016 and 2015, respectively and $88.0 million and $110.0 million for the six-month periods ended June 30, 2016 and 2015, respectively. Cash receipts on impaired loans on non-accrual status are generally applied to the principal balance. Interest income recognized on impaired loans during the three months ending June 30, 2016 and 2015, was approximately $0.9 million and $1.2 million, respectively and was approximately $1.8 million and $2.4 million during the six months ending June 30, 2016 and 2015, respectively. Troubled debt restructurings follow:
We allocated $10.7 million and $10.9 million of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2016 and December 31, 2015, respectively. During the six months ended June 30, 2016 and 2015, the terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans generally included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. Modifications involving a reduction of the stated interest rate of the loan have generally been for periods ranging from 9 months to 36 months but have extended to as much as 480 months in certain circumstances. Modifications involving an extension of the maturity date have generally been for periods ranging from 1 month to 60 months but have extended to as much as 230 months in certain circumstances. Loans that have been classified as troubled debt restructurings during the three-month periods ended June 30 follow:
Loans that have been classified as troubled debt restructurings during the six-month periods ended June 30 follow:
The troubled debt restructurings described above for 2016 had no impact on the allowance for loan losses and resulted in zero charge offs during the three months ended June 30, 2016, and increased the allowance by $0.3 million and resulted in zero charge offs during the six months ended June 30, 2016. The troubled debt restructurings described above for 2015 increased the allowance for loan losses by $0.1 million and resulted in zero charge offs during the three months ended June 30, 2015, and increased the allowance by $0.1 million and resulted in zero charge offs during the six months ended June 30, 2015. Loans that have been classified as troubled debt restructurings during the past twelve months and that have subsequently defaulted during the three-month periods ended June 30 follow:
Loans that have been classified as troubled debt restructurings during the past twelve months and that have subsequently defaulted during the six-month periods ended June 30 follow:
A loan is considered to be in payment default generally once it is 90 days contractually past due under the modified terms. There were no troubled debt restructurings that subsequently defaulted during the three and six months ended June 30, 2016. The troubled debt restructurings that subsequently defaulted described above for 2015 had no impact on the allowance for loan losses and resulted in zero charge offs during the three months ended June 30, 2015 and decreased the allowance for loan losses by $0.01 million and resulted in zero charge offs during the six months ended June 30, 2015. In order to determine whether a borrower is experiencing financial difficulty, we perform an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under our internal underwriting policy. Credit Quality Indicators – As part of our on on-going monitoring of the credit quality of our loan portfolios, we track certain credit quality indicators including (a) weighted-average risk grade of commercial loans, (b) the level of classified commercial loans, (c) credit scores of mortgage and installment loan borrowers, (d) financial performance of certain counterparties for payment plan receivables and (e) delinquency history and non-performing loans. For commercial loans, we use a loan rating system that is similar to those employed by state and federal banking regulators. Loans are graded on a scale of 1 to 12. A description of the general characteristics of the ratings follows: Rating 1 through 6: These loans are generally referred to as our “non-watch” commercial credits that include very high or exceptional credit fundamentals through acceptable credit fundamentals. Rating 7 and 8: These loans are generally referred to as our “watch” commercial credits. This rating includes loans to borrowers that exhibit potential credit weakness or downward trends. If not checked or cured these trends could weaken our asset or credit position. While potentially weak, no loss of principal or interest is envisioned with these ratings. Rating 9: These loans are generally referred to as our “substandard accruing” commercial credits. This rating includes loans to borrowers that exhibit a well-defined weakness where payment default is probable and loss is possible if deficiencies are not corrected. Generally, loans with this rating are considered collectible as to both principal and interest primarily due to collateral coverage. Rating 10 and 11: These loans are generally referred to as our “substandard - non-accrual” and “doubtful” commercial credits. This rating includes loans to borrowers with weaknesses that make collection of debt in full, on the basis of current facts, conditions and values at best questionable and at worst improbable. All of these loans are placed in non-accrual. Rating 12: These loans are generally referred to as our “loss” commercial credits. This rating includes loans to borrowers that are deemed incapable of repayment and are charged-off. The following table summarizes loan ratings by loan class for our commercial loan segment:
For each of our mortgage and installment segment classes, we generally monitor credit quality based on the credit scores of the borrowers. These credit scores are generally updated semi-annually. The following tables summarize credit scores by loan class for our mortgage and installment loan segments:
Mepco Finance Corporation (“Mepco”) is a wholly-owned subsidiary of our Bank that operates a vehicle service contract payment plan business throughout the United States. See Note #14 for more information about Mepco’s business. As of June 30, 2016, approximately 42.0% of Mepco’s outstanding payment plan receivables relate to programs in which a third party insurer or risk retention group is obligated to pay Mepco the full refund owing upon cancellation of the related service contract (including with respect to both the portion funded to the service contract seller and the portion funded to the administrator). These receivables are shown as “Full Refund” in the table below. Another approximately 35.4% of Mepco’s outstanding payment plan receivables as of June 30, 2016, relate to programs in which a third party insurer or risk retention group is obligated to pay Mepco the refund owing upon cancellation only with respect to the unearned portion previously funded by Mepco to the administrator (but not to the service contract seller). These receivables are shown as “Partial Refund” in the table below. The balance of Mepco’s outstanding payment plan receivables relate to programs in which there is no insurer or risk retention group that has any contractual liability to Mepco for any portion of the refund amount. These receivables are shown as “Other” in the table below. For each class of our payment plan receivables we monitor financial information on the counterparties as we evaluate the credit quality of this portfolio. The following table summarizes credit ratings of insurer or risk retention group counterparties by class of payment plan receivable:
Although Mepco has contractual recourse against various counterparties for refunds owing upon cancellation of vehicle service contracts, see Note #14 below regarding certain risks and difficulties associated with collecting these refunds. Foreclosed residential real estate properties included in other real estate and repossessed assets on our Condensed Consolidated Statements of Financial Condition totaled $1.9 million and $2.8 million at June 30, 2016 and December 31, 2015, respectively. Retail mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements totaled $1.1 million at both June 30, 2016 and December 31, 2015. |
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Segments | 5. Segments Our reportable segments are based upon legal entities. We currently have two reportable segments: Independent Bank (“IB” or “Bank”) and Mepco. These business segments are also differentiated based on the products and services provided. We evaluate performance based principally on net income (loss) of the respective reportable segments. In the normal course of business, our IB segment provides funding to our Mepco segment through an intercompany line of credit priced at the prime rate of interest as published in the Wall Street Journal. Our IB segment also provides certain administrative services to our Mepco segment which are reimbursed at an agreed upon rate. These intercompany transactions are eliminated upon consolidation. The only other material intersegment balances and transactions are investments in subsidiaries at the parent entities and cash balances on deposit at our IB segment. A summary of selected financial information for our reportable segments follows:
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Shareholders' Equity and Earnings Per Common Share |
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Shareholders' Equity and Earnings Per Common Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Earnings Per Common Share | 6. Shareholders’ Equity and Earnings Per Common Share On January 21, 2016, our Board of Directors authorized a share repurchase plan (the “Repurchase Plan”) to buy back up to 5% of our outstanding common stock through December 31, 2016. On April 26, 2016 our Board of Directors authorized a $5.0 million expansion of the Repurchase Plan. We expect to accomplish the repurchases through open market transactions, though we could affect repurchases through other means, such as privately negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions, the trading price of our common stock, regulatory requirements, potential alternative uses for capital, and our financial performance. The Repurchase Plan does not obligate us to acquire any particular amount of common stock, and it may be modified or suspended at any time at our discretion. We expect to fund any repurchases from cash on hand. During the six months ended June 30, 2016, we repurchased 1,059,865 shares of common stock for an aggregate purchase price of $15.5 million leaving 52,703 shares and $5.0 million to be repurchased under the Repurchase Plan. On November 15, 2011, we entered into a Tax Benefits Preservation Plan (the “Preservation Plan”) with our stock transfer agent, American Stock Transfer & Trust Company. Our Board of Directors adopted the Preservation Plan in an effort to protect the value to our shareholders of our ability to use deferred tax assets such as net operating loss carry forwards to reduce potential future federal income tax obligations. Under federal tax rules, this value could be lost in the event we experienced an “ownership change,” as defined in Section 382 of the Internal Revenue Code. The Preservation Plan attempts to protect this value by reducing the likelihood that we will experience such an ownership change by discouraging any person who is not already a 5% shareholder from becoming a 5% shareholder (with certain limited exceptions). On November 15, 2011, our Board of Directors declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of our common stock under the terms of the Preservation Plan. The dividend is payable to the holders of common stock outstanding as of the close of business on November 15, 2011, or outstanding at any time thereafter but before the earlier of a “Distribution Date” and the date the Preservation Plan terminates. Each Right entitles the registered holder to purchase from us 1/1000 of a share of our Series C Junior Participating Preferred Stock, no par value per share (“Series C Preferred Stock”). Each 1/1000 of a share of Series C Preferred Stock has economic and voting terms similar to those of one whole share of common stock. The Rights are not exercisable and generally do not become exercisable until a person or group has acquired, subject to certain exceptions and conditions, beneficial ownership of 4.99% or more of the outstanding shares of common stock. At that time, each Right will generally entitle its holder to purchase securities of the Company at a discount of 50% to the current market price of the common stock. However, the Rights owned by the person acquiring beneficial ownership of 4.99% or more of the outstanding shares of common stock would automatically be void. The significant dilution that would result is expected to deter any person from acquiring beneficial ownership of 4.99% or more and thereby triggering the Rights. To date, none of the Rights have been exercised or have become exercisable because no unpermitted 4.99% or more change in the beneficial ownership of the outstanding common stock has occurred. The Rights will generally expire on the earlier to occur of the close of business on November 15, 2016, and certain other events described in the Preservation Plan, including such date as our Board of Directors determines that the Preservation Plan is no longer necessary for its intended purposes. At the present time, the Board of Directors does not intend to extend the Preservation Plan. A reconciliation of basic and diluted net income per common share follows:
Weighted average stock options outstanding that were not considered in computing diluted net income per share because they were anti-dilutive totaled 0.03 million for both three-month periods ended June 30, 2016 and 2015, respectively and totaled 0.03 million for both six-month periods ended June 30, 2016 and 2015, respectively. |
Derivative Financial Instruments |
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Derivative Financial Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | 7. Derivative Financial Instruments We are required to record derivatives on our Condensed Consolidated Statements of Financial Condition as assets and liabilities measured at their fair value. The accounting for increases and decreases in the value of derivatives depends upon the use of derivatives and whether the derivatives qualify for hedge accounting. Our derivative financial instruments according to the type of hedge in which they are designated follows:
Certain financial derivative instruments have not been designated as hedges. The fair value of these derivative financial instruments has been recorded on our Condensed Consolidated Statements of Financial Condition and is adjusted on an ongoing basis to reflect their then current fair value. The changes in fair value of derivative financial instruments not designated as hedges are recognized in our Condensed Consolidated Statements of Operations. In the ordinary course of business, we enter into rate-lock mortgage loan commitments with customers (“Rate-Lock Commitments”). These commitments expose us to interest rate risk. We also enter into mandatory commitments to sell mortgage loans (“Mandatory Commitments”) to reduce the impact of price fluctuations of mortgage loans held for sale and Rate-Lock Commitments. Mandatory Commitments help protect our loan sale profit margin from fluctuations in interest rates. The changes in the fair value of Rate-Lock Commitments and Mandatory Commitments are recognized currently as part of net gains on mortgage loans. We obtain market prices on Mandatory Commitments and Rate-Lock Commitments. Net gains on mortgage loans, as well as net income may be more volatile as a result of these derivative instruments, which are not designated as hedges. During 2015, we began offering to our deposit customers an equity linked time deposit product (“Altitude CD”). The Altitude CD is a time deposit that provides the customer a guaranteed return of principal at maturity plus a potential equity return (a written option), while we receive a like stream of funds based on the equity return (a purchased option). The written and purchased options will generally move in opposite directions resulting in little or no net impact on our Condensed Consolidated Statements of Operations. All of the written and purchased options in the table above relate to this Altitude CD product. We have a program that allows commercial loan customers to lock in a fixed rate for a longer period of time than we would normally offer for interest rate risk reasons. We will enter into a variable rate commercial loan and an interest rate swap agreement with a customer and then enter into an offsetting interest rate swap agreement with an unrelated party. The interest rate swap agreement fair values will generally move in opposite directions resulting in little or no net impact on our Condensed Consolidated Statements of Operations. All of the interest rate swap agreements in the table above relate to this program. The following tables illustrate the impact that the derivative financial instruments discussed above have on individual line items in the Condensed Consolidated Statements of Financial Condition for the periods presented: Fair Values of Derivative Instruments
The effect of derivative financial instruments on the Condensed Consolidated Statements of Operations follows:
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Intangible Assets |
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Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | 8. Intangible Assets The following table summarizes intangible assets, net of amortization:
Amortization of other intangibles has been estimated through 2021 and thereafter in the following table.
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Share Based Compensation |
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Share Based Compensation | 9. Share Based Compensation We maintain share based payment plans that include a non-employee director stock purchase plan and a long-term incentive plan that permits the issuance of share based compensation, including stock options and non-vested share awards. The long-term incentive plan, which is shareholder approved, permits the grant of additional share based awards for up to 0.2 million shares of common stock as of June 30, 2016. The non-employee director stock purchase plan permits the issuance of additional share based payments for up to 0.2 million shares of common stock as of June 30, 2016. Share based awards and payments are measured at fair value at the date of grant and are expensed over the requisite service period. Common shares issued upon exercise of stock options come from currently authorized but unissued shares. During each first quarter period of 2016 and 2015, pursuant to our long-term incentive plan, we granted 0.07 million shares of restricted stock and 0.03 million performance stock units (“PSU”) to certain officers. The shares of restricted stock and PSUs cliff vest after a period of three years. The performance feature of the PSUs is based on a comparison of our total shareholder return over the three year period starting on the grant date to the total shareholder return over that period for a banking index of our peers. No long term incentive grants were made during the second quarters of 2016 or 2015. Our directors may elect to receive a portion of their quarterly cash retainer fees in the form of common stock (either on a current basis or on a deferred basis pursuant to the non-employee director stock purchase plan referenced above). Shares equal in value to that portion of each director’s fees that he or she has elected to receive in stock are issued each quarter and vest immediately. We issued 0.004 million shares and 0.002 million shares to directors during the first six months of 2016 and 2015, respectively and expensed their value during those same periods. Total compensation expense recognized for grants pursuant to our long-term incentive plan was $0.4 million and $0.8 million during the three and six month periods ended June 30, 2016, respectively, and was $0.4 million and $0.7 million during the same periods in 2015, respectively. The corresponding tax benefit relating to this expense was $0.1 million and $0.3 million for the three and six month periods ended June 30, 2016, respectively and $0.1 million and $0.3 million for the same periods in 2015. Total expense recognized for non-employee director share based payments was $0.03 million and $0.06 million during the three and six month periods ended June 30, 2016, respectively, and was $0.02 million and $0.03 million during the same periods in 2015, respectively. The corresponding tax benefit relating to this expense was $0.01 million and $0.02 million for the three and six month periods ended June 30, 2016, respectively and $0.01 million and $0.01 million during the same periods in 2015. At June 30, 2016, the total expected compensation cost related to non-vested stock options, restricted stock, PSUs and restricted stock unit awards not yet recognized was $2.1 million. The weighted-average period over which this amount will be recognized is 2.0 years. A summary of outstanding stock option grants and related transactions follows:
A summary of outstanding non-vested restricted stock, restricted stock units and PSUs and related transactions follows:
Certain information regarding options exercised during the periods follows:
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Income Tax |
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Income Tax [Abstract] | |
Income Tax | 10. Income Tax Income tax expense was $2.6 million during both three month periods ended June 30, 2016 and 2015, respectively and $4.6 million and $4.4 million during the six months ended June 30, 2016 and 2015, respectively. As described in note #2, we adopted ASU 2016-09, “Compensation – Stock Compensation (718) Improvements to Employee Share-Based Payment Accounting” during the second quarter of 2016 which now requires us to recognize for book purposes either income tax expense or benefit relating to excess deficiencies/benefits relating to share-based compensation. Included in income tax expense for both three and six month periods ended June 30, 2016 is a tax benefit of $0.3 million due to the vesting of certain share-based compensation grants during the second quarter of 2016. We assess whether a valuation allowance should be established against our deferred tax assets based on the consideration of all available evidence using a “more likely than not” standard. The ultimate realization of this asset is primarily based on generating future income. We concluded at both June 30, 2016 and 2015, that the realization of substantially all of our deferred tax assets continues to be more likely than not. We did maintain a valuation allowance against our deferred tax assets of approximately $1.1 million at both June 30, 2016 and December 31, 2015. This valuation allowance on our deferred tax assets primarily relates to state income taxes at our Mepco segment. In this instance, we determined that the future realization of these particular deferred tax assets was not more likely than not. This conclusion was primarily based on the uncertainty of Mepco’s future earnings attributable to particular states (given the various apportionment criteria) and the significant reduction in the size of Mepco’s business. At both June 30, 2016 and December 31, 2015, we had approximately $1.0 million, of gross unrecognized tax benefits. We do not expect the total amount of unrecognized tax benefits to significantly increase or decrease during the balance of 2016. |
Regulatory Matters |
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Regulatory Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | 11. Regulatory Matters Capital guidelines adopted by federal and state regulatory agencies and restrictions imposed by law limit the amount of cash dividends our Bank can pay to us. Under these guidelines, the amount of dividends that may be paid in any calendar year is limited to the Bank’s current year net profits, combined with the retained net profits of the preceding two years. Further, the Bank cannot pay a dividend at any time that it has negative undivided profits. As of June 30, 2016, the Bank had positive undivided profits of $2.1 million. We can request regulatory approval for a return of capital from the Bank to the parent company. During the first quarters of 2016 and 2015, we requested regulatory approval for returns of capital from the Bank to the parent company of $18.0 million and $18.5 million, respectively. These return of capital requests were approved by our banking regulators on February 24, 2016 and February 13, 2015, respectively and the Bank returned these amounts to the parent company on February 25, 2016 and February 17, 2015, respectively. It is not our intent to have dividends paid in amounts that would reduce the capital of our Bank to levels below those which we consider prudent and in accordance with guidelines of regulatory authorities. We are also subject to various regulatory capital requirements. The prompt corrective action regulations establish quantitative measures to ensure capital adequacy and require minimum amounts and ratios of total, Tier 1, and common equity Tier 1 capital to risk-weighted assets and Tier 1 capital to average assets. Failure to meet minimum capital requirements can result in certain mandatory, and possibly discretionary, actions by regulators that could have a material effect on our consolidated financial statements. Under capital adequacy guidelines, we must meet specific capital requirements that involve quantitative measures as well as qualitative judgments by the regulators. The most recent regulatory filings as of June 30, 2016 and December 31, 2015, categorized our Bank as well capitalized. Management is not aware of any conditions or events that would have changed the most recent Federal Deposit Insurance Corporation (“FDIC”) categorization. On July 2, 2013, the Federal Reserve approved a final rule that establishes an integrated regulatory capital framework (the “New Capital Rules”). The rule implements in the United States the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Act. In general, under the New Capital Rules, minimum requirements have increased for both the quantity and quality of capital held by banking organizations. Consistent with the international Basel framework, the New Capital Rules include a new minimum ratio of common equity Tier 1 capital to risk-weighted assets of 4.5% and a common equity Tier 1 capital conservation buffer of 2.5% of risk-weighted assets that applies to all supervised financial institutions. The capital conservation buffer began to phase in on January 1, 2016 with 0.625% added to the minimum ratio for adequately capitalized institutions for 2016. To avoid limits on capital distributions and certain discretionary bonus payments we must meet the minimum ratio for adequately capitalized institutions plus the phased in buffer. The rule also raises the minimum ratio of Tier 1 capital to risk-weighted assets from 4% to 6% and includes a minimum leverage ratio of 4% for all banking organizations. As to the quality of capital, the New Capital Rules emphasize common equity Tier 1 capital, the most loss-absorbing form of capital, and implement strict eligibility criteria for regulatory capital instruments. The New Capital Rules also change the methodology for calculating risk-weighted assets to enhance risk sensitivity. The New Capital Rules became effective for us on January 1, 2015. Our actual capital amounts and ratios follow:
NA - Not applicable The components of our regulatory capital are as follows:
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Fair Value Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | 12. Fair Value Disclosures FASB ASC topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an 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. FASB ASC topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 instruments include securities traded on active exchange markets, such as the New York Stock Exchange, as well as U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets. Level 2: Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 2 instruments include securities traded in less active dealer or broker markets. Level 3: Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. We used the following methods and significant assumptions to estimate fair value: Securities: Where quoted market prices are available in an active market, securities (trading or available for sale) are classified as Level 1 of the valuation hierarchy. Level 1 securities include certain preferred stocks included in our trading portfolio for which there are quoted prices in active markets. If quoted market prices are not available for the specific security, then fair values are estimated by (1) using quoted market prices of securities with similar characteristics, (2) matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices, or (3) a discounted cash flow analysis whose significant fair value inputs can generally be verified and do not typically involve judgment by management. These securities are classified as Level 2 of the valuation hierarchy and primarily include agency securities, private label mortgage-backed securities, other asset backed securities, municipal securities, trust preferred securities and corporate securities. Loans held for sale: The fair value of mortgage loans held for sale is based on mortgage backed security pricing for comparable assets (recurring Level 2). Impaired loans with specific loss allocations based on collateral value: From time to time, certain loans are considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. We measure our investment in an impaired loan based on one of three methods: the loan’s observable market price, the fair value of the collateral or the present value of expected future cash flows discounted at the loan’s effective interest rate. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At June 30, 2016 and December 31, 2015, all of our impaired loans were evaluated based on either the fair value of the collateral or the present value of expected future cash flows discounted at the loan’s effective interest rate. When the fair value of the collateral is based on an appraised value or when an appraised value is not available we record the impaired loan as nonrecurring Level 3. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments can be significant and thus will typically result in a Level 3 classification of the inputs for determining fair value. Other real estate: At the time of acquisition, other real estate is recorded at fair value, less estimated costs to sell, which becomes the property’s new basis. Subsequent write-downs to reflect declines in value since the time of acquisition may occur from time to time and are recorded in net (gains) losses on other real estate and repossessed assets in the Condensed Consolidated Statements of Operations. The fair value of the property used at and subsequent to the time of acquisition is typically determined by a third party appraisal of the property. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments can be significant and typically result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral-dependent impaired loans and other real estate are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by us. Once received, an independent third party (for commercial properties over $0.25 million) or a member of our Collateral Evaluation Department (for commercial properties under $0.25 million) or a member of our Special Assets Group (for retail properties) reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. We compare the actual selling price of collateral that has been sold to the most recent appraised value of our properties to determine what additional adjustment, if any, should be made to the appraisal value to arrive at fair value. For commercial and retail properties we typically discount an appraisal to account for various factors that the appraisal excludes in its assumptions. These additional discounts generally do not result in material adjustments to the appraised value. Capitalized mortgage loan servicing rights: The fair value of capitalized mortgage loan servicing rights is based on a valuation model used by an independent third party that calculates the present value of estimated net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income. Certain model assumptions are generally unobservable and are based upon the best information available including data relating to our own servicing portfolio, reviews of mortgage servicing assumption and valuation surveys and input from various mortgage servicers and, therefore, are recorded as nonrecurring Level 3. Management evaluates the third party valuation for reasonableness each quarter as part of our financial reporting control processes. Derivatives: The fair value of rate-lock mortgage loan commitments and mandatory commitments to sell mortgage loans is based on mortgage backed security pricing for comparable assets (recurring Level 2). The fair value of interest rate swap agreements is based on a discounted cash flow analysis whose significant fair value inputs can generally be observed in the market place and do not typically involve judgment by management (recurring Level 2). The fair value of purchased and written options is based on prices of financial instruments with similar characteristics and do not typically involve judgment by management (recurring Level 2). Assets and liabilities measured at fair value, including financial assets for which we have elected the fair value option, were as follows:
There were no transfers between Level 1 and Level 2 during the six months ended June 30, 2016 and 2015. Changes in fair values for financial assets which we have elected the fair value option for the periods presented were as follows:
For those items measured at fair value pursuant to our election of the fair value option, interest income is recorded within the Condensed Consolidated Statements of Operations based on the contractual amount of interest income earned on these financial assets and dividend income is recorded based on cash dividends received. The following represent impairment charges recognized during the three and six month periods ended June 30, 2016 and 2015 relating to assets measured at fair value on a non-recurring basis:
We had no assets or liabilities measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) during the six months ended June 30, 2016 and 2015. Quantitative information about Level 3 fair value measurements measured on a non-recurring basis follows:
The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding for loans held for sale for which the fair value option has been elected for the periods presented.
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Fair Values of Financial Instruments |
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Fair Values of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Financial Instruments | 13. Fair Values of Financial Instruments Most of our assets and liabilities are considered financial instruments. Many of these financial instruments lack an available trading market and it is our general practice and intent to hold the majority of our financial instruments to maturity. Significant estimates and assumptions were used to determine the fair value of financial instruments. These estimates are subjective in nature, involving uncertainties and matters of judgment, and therefore, fair values may not be a precise estimate. Changes in assumptions could significantly affect the estimates. Estimated fair values have been determined using available data and methodologies that are considered suitable for each category of financial instrument. For instruments with adjustable interest rates which reprice frequently and without significant credit risk, it is presumed that estimated fair values approximate the recorded book balances. Cash and due from banks and interest bearing deposits: The recorded book balance of cash and due from banks and interest bearing deposits approximate fair value and are classified as Level 1. Interest bearing deposits - time: Interest bearing deposits - time have been valued based on a model using a benchmark yield curve plus a base spread and are classified as Level 2. Securities: Financial instrument assets actively traded in a secondary market have been valued using quoted market prices. Trading securities are classified as Level 1 while securities available for sale are classified as Level 2 as described in Note #12. Federal Home Loan Bank and Federal Reserve Bank Stock: It is not practicable to determine the fair value of FHLB and FRB Stock due to restrictions placed on transferability. Net loans and loans held for sale: The fair value of loans is calculated by discounting estimated future cash flows using estimated market discount rates that reflect credit and interest-rate risk inherent in the loans and do not necessarily represent an exit price. Loans are classified as Level 3. Impaired loans are valued at the lower of cost or fair value as described in Note #12. Loans held for sale are classified as Level 2 as described in Note #12. Accrued interest receivable and payable: The recorded book balance of accrued interest receivable and payable approximate fair value and are classified at the same Level as the asset and liability they are associated with. Derivative financial instruments: The fair value of rate-lock mortgage loan commitments and mandatory commitments to sell mortgage loans is based on mortgage backed security pricing for comparable assets, the fair value of interest rate swap agreements is based on a discounted cash flow analysis whose significant fair value inputs can generally be observed in the market place and do not typically involve judgment by management and the fair value of purchased and written options is based on prices of financial instruments with similar characteristics and do not typically involve judgment by management. Each of these instruments has been classified as Level 2 as described in Note #12. Deposits: Deposits without a stated maturity, including demand deposits, savings, NOW and money market accounts, have a fair value equal to the amount payable on demand. Each of these instruments is classified as Level 1. Deposits with a stated maturity, such as certificates of deposit have generally been valued based on the discounted value of contractual cash flows using a discount rate approximating current market rates for liabilities with a similar maturity resulting in a Level 2 classification. Other borrowings: Other borrowings have been valued based on the discounted value of contractual cash flows using a discount rate approximating current market rates for liabilities with a similar maturity resulting in a Level 2 classification. Subordinated debentures: Subordinated debentures have generally been valued based on a quoted market price of similar instruments resulting in a Level 2 classification. The estimated recorded book balances and fair values follow:
The fair values for commitments to extend credit and standby letters of credit are estimated to approximate their aggregate book balance, which is nominal and therefore are not disclosed. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale the entire holdings of a particular financial instrument. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business, the value of future earnings attributable to off-balance sheet activities and the value of assets and liabilities that are not considered financial instruments. Fair value estimates for deposit accounts do not include the value of the core deposit intangible asset resulting from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market. |
Contingent Liabilities |
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Contingent Liabilities [Abstract] | |
Contingent Liabilities | 14. Contingent Liabilities We are involved in various litigation matters in the ordinary course of business. At the present time, we do not believe any of these matters will have a significant impact on our consolidated financial position or results of operations. The aggregate amount we have accrued for losses we consider probable as a result of these litigation matters is immaterial. However, because of the inherent uncertainty of outcomes from any litigation matter, we believe it is reasonably possible we may incur losses in addition to the amounts we have accrued. At this time, we estimate the maximum amount of additional losses that are reasonably possible is approximately $1.0 million. However, because of a number of factors, including the fact that certain of these litigation matters are still in their early stages, this maximum amount may change in the future. The litigation matters described in the preceding paragraph primarily include claims that have been brought against us for damages, but do not include litigation matters where we seek to collect amounts owed to us by third parties (such as litigation initiated to collect delinquent loans or vehicle service contract counterparty receivables). These excluded, collection-related matters may involve claims or counterclaims by the opposing party or parties, but we have excluded such matters from the disclosure contained in the preceding paragraph in all cases where we believe the possibility of us paying damages to any opposing party is remote. Risks associated with the likelihood that we will not collect the full amount owed to us, net of reserves, are disclosed elsewhere in this report. Our Mepco segment conducts its payment plan business activities across the United States. Mepco acquires the payment plans from companies (which we refer to as Mepco’s “counterparties”) at a discount from the face amount of the payment plan. Each payment plan (which are classified as payment plan receivables in our Condensed Consolidated Statements of Financial Condition) permits a consumer to purchase a vehicle service contract by making installment payments, generally for a term of 12 to 24 months, to the sellers of those contracts (one of the “counterparties”). Mepco thereafter collects the payments from consumers. In acquiring the payment plan, Mepco generally funds a portion of the cost to the seller of the service contract and a portion of the cost to the administrator of the service contract. The administrator, in turn, pays the necessary contractual liability insurance policy (“CLIP”) premium to the insurer or risk retention group. Consumers are allowed to voluntarily cancel the service contract at any time and are generally entitled to receive a refund from the administrator of the unearned portion of the service contract at the time of cancellation. As a result, while Mepco does not owe any refund to the consumer, it also does not have any recourse against the consumer for nonpayment of a payment plan and therefore does not evaluate the creditworthiness of the individual consumer. If a consumer stops making payments on a payment plan or exercises the right to voluntarily cancel the service contract, the service contract seller and administrator are each obligated to refund to Mepco the amount necessary to make Mepco whole as a result of its funding of the service contract. In addition, the insurer or risk retention group that issued the CLIP for the service contract often guarantees all or a portion of the refund to Mepco. See Note #4 above for a breakdown of Mepco’s payment plan receivables by the level of recourse Mepco has against various counterparties. Upon the cancellation of a service contract and the completion of the billing process to the counterparties for amounts due to Mepco, there is a decrease in the amount of “payment plan receivables” and an increase in the amount of “vehicle service contract counterparty receivables” until such time as the amount due from the counterparty is collected. These amounts represent funds actually due to Mepco from its counterparties for cancelled service contracts. Mepco is currently in the process of working to recover these receivables, primarily through negotiated settlements with the counterparties. In some cases, Mepco requires collateral or guaranties by the principals of the counterparties to secure these refund obligations; however, this is generally only the case when no insurance company is involved to guarantee the repayment obligation of the seller and administrator counterparties. In most cases, there is no collateral to secure the counterparties’ refund obligations to Mepco, but Mepco has the contractual right to offset unpaid refund obligations against amounts Mepco would otherwise be obligated to fund to the counterparties. In addition, even when collateral is involved, the refund obligations of these counterparties are not fully secured. Mepco incurs losses when it is unable to fully recover funds owing to it by counterparties upon cancellation of the underlying service contracts. The sudden failure of one of Mepco’s major counterparties (an insurance company, administrator, or seller/dealer) could expose us to significant losses. When counterparties do not honor their contractual obligations to Mepco to repay funds, we recognize estimated losses. Mepco pursues collection (including commencing legal action if necessary) of funds due to it under its various contracts with counterparties. Mepco has had to initiate litigation against certain counterparties, including third party insurers, to collect amounts owed to Mepco as a result of those parties’ dispute of their contractual obligations to Mepco. During the first quarter of 2016, we settled our last significant remaining litigation matter with certain of Mepco’s counterparties. This settlement resulted in our receipt of a cash payment of $4.0 million and reduced vehicle service contract counterparty receivables, net which totaled $3.0 million as of June 30, 2016 compared to $7.2 million as of December 31, 2015. This settlement also resulted in our receipt of an interest-bearing promissory note from one of Mepco’s counterparties for $1.5 million with monthly payments scheduled over a five-year period beginning in May 2016. Due to the lack of any payment history and limited financial information on this counterparty, we established a full reserve on this promissory note as of March 31, 2016. A full reserve on the remaining balance ($1.45 million) on this note was maintained at June 30, 2016. This counterparty has made the first three required monthly payments on the note. As a longer-term payment history is developed on this note, we will continue to evaluate the need for all or any part of a reserve. Expense/(credit) related to vehicle service contract counterparty contingencies included in non-interest expense totaled $(0.001) million and $0.030 million for the three month periods ended June 30, 2016 and 2015, respectively and totaled $0.029 million and $0.059 million for the six month periods ended June 30, 2016 and 2015, respectively. These charges (recoveries) are being classified in non-interest expense because they are associated with a default or potential default of a contractual obligation under our counterparty contracts as opposed to loss on the administration of the payment plan itself. Our estimate of probable incurred losses from vehicle service contract counterparty contingencies requires a significant amount of judgment because a number of factors can influence the amount of loss that we may ultimately incur. These factors include our estimate of future cancellations of vehicle service contracts, our evaluation of collateral that may be available to recover funds due from our counterparties, and our assessment of the amount that may ultimately be collected from counterparties in connection with their contractual obligations. We apply a rigorous process, based upon historical payment plan activity and past experience, to estimate probable incurred losses and quantify the necessary reserves for our vehicle service contract counterparty contingencies, but there can be no assurance that our modeling process will successfully identify all such losses. We believe our assumptions regarding the collection of vehicle service contract counterparty receivables are reasonable, and we based them on our good faith judgments using data currently available. We also believe the current amount of reserves we have established and the vehicle service contract counterparty contingencies expense that we have recorded are appropriate given our estimate of probable incurred losses at the applicable Condensed Consolidated Statement of Financial Condition date. However, because of the uncertainty surrounding the numerous and complex assumptions made, actual losses could exceed the charges we have taken to date. The provision for loss reimbursement on sold loans represents our estimate of incurred losses related to mortgage loans that we have sold to investors (primarily Fannie Mae, Freddie Mac and Ginnie Mae). Since we sell mortgage loans without recourse, loss reimbursements only occur in those instances where we have breached a representation or warranty or other contractual requirement related to the loan sale. The provision for loss reimbursement on sold loans was an expense of zero and $0.05 million for the three months ended June 30, 2016 and 2015, respectively and a credit of $0.02 million for both six month periods ended June 30, 2016 and 2015, respectively. The credit provision for each six month period is due primarily to the settlement of certain loss reimbursement claims at slightly lower amounts than what had been specifically reserved for previously. The reserve for loss reimbursements on sold mortgage loans totaled $0.5 million at both June 30, 2016 and December 31, 2015. This reserve is included in accrued expenses and other liabilities in our Condensed Consolidated Statements of Financial Condition. This reserve is based on an analysis of mortgage loans that we have sold which are further categorized by delinquency status, loan to value, and year of origination. The calculation includes factors such as probability of default, probability of loss reimbursement (breach of representation or warranty) and estimated loss severity. The reserve levels at June 30, 2016 and December 31, 2015 also reflect the resolution of the mortgage loan origination years of 2000 to 2008 with Fannie Mae and Freddie Mac. We believe that the amounts that we have accrued for incurred losses on sold mortgage loans are appropriate given our analyses. However, future losses could exceed our current estimate. |
Accumulated Other Comprehensive Loss ("AOCL") |
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Accumulated Other Comprehensive Loss ("AOCL") [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss ("AOCL") | 15. Accumulated Other Comprehensive Loss (“AOCL”) A summary of changes in AOCL follows:
The disproportionate tax effects from securities available for sale arose due to tax effects of other comprehensive income (“OCI”) in the presence of a valuation allowance against our deferred tax assets and a pretax loss from operations. Generally, the amount of income tax expense or benefit allocated to operations is determined without regard to the tax effects of other categories of income or loss, such as OCI. However, an exception to the general rule is provided when, in the presence of a valuation allowance against deferred tax assets, there is a pretax loss from operations and pretax income from other categories in the current period. In such instances, income from other categories must offset the current loss from operations, the tax benefit of such offset being reflected in operations. A summary of reclassifications out of each component of AOCL for the three months ended June 30 follows:
A summary of reclassifications out of each component of AOCL for the six months ended June 30 follows:
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New Accounting Standards (Policies) |
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New Accounting Standards [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Standards | In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-12, “Compensation – Stock Compensation (Topic 718) – Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period”. This ASU amends existing guidance related to the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. These amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. This amended guidance became effective for us on January 1, 2016, and did not have a material impact on our consolidated operating results or financial condition. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This ASU supersedes and replaces nearly all existing revenue recognition guidance, including industry-specific guidance, establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. In addition, this ASU specifies the accounting for some costs to obtain or fulfill a contract with a customer. This amended guidance is effective for us on January 1, 2018, and is not expected to have a material impact on our consolidated operating results or financial condition. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities”. This ASU amends existing guidance related to the accounting for certain financial assets and liabilities. These amendments, among other things, requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. This amended guidance is effective for us on January 1, 2018, and is not expected to have a material impact on our consolidated operating results or financial condition. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. This ASU amends existing guidance related to the accounting for leases. These amendments, among other things, requires lessees to account for most leases on the balance sheet while recognizing expense on the income statement in a manner similar to existing guidance. For lessors the guidance modifies the classification criteria and the accounting for sales-type and direct finance leases. This amended guidance is effective for us on January 1, 2019, and is not expected to have a material impact on our consolidated operating results or financial condition. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (718) Improvements to Employee Share-Based Payment Accounting”. This ASU amends existing guidance in an effort to simplify certain aspects of accounting for share-based payments. The areas for simplification in this ASU include income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This amended guidance is effective for us on January 1, 2017, with early adoption permitted. We adopted this amended guidance during the second quarter of 2016 using a modified retrospective approach. The impact of this adoption was to adjust our January 1, 2016 Condensed Consolidated Statement of Financial Position to reflect cumulative effect adjustments as follows:
The adjustments above reflect the recording of $1.23 million of unrealized excess benefits on share based compensation and $0.06 million (impact to equity of $0.02 million after consideration of deferred taxes) for the impact of making an accounting policy election to account for forfeitures as they occur. After January 1, 2016, excess tax benefits or deficiencies resulting from share-based payments will be recognized as tax benefit or expense when they occur. A tax benefit of $0.3 million was recorded during the three months ended June 30, 2016 as a result of share awards vesting during the period. In addition, we have elected to apply the amendments related to the presentation of excess tax benefits in the statement of cash flows on a prospective basis. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments”. This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. This ASU will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For available-for-sale debt securities, allowances will be recorded rather than reducing the carrying amount as is done under the current other-than-temporary impairment model. This ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. This amended guidance is effective for us on January 1, 2020. We have not yet determined what the impact will be on our consolidated operating results or financial condition. |
New Accounting Standards (Tables) |
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Standards [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed consolidated statement of financial position to reflect cumulative effect of adjustments | Condensed Consolidated Statement of Financial Position to reflect cumulative effect adjustments as follows:
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Securities (Tables) |
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Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale consist of the following:
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Investments in a continuous unrealized loss position | Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:
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Trust preferred securities | The following table breaks out our trust preferred securities in further detail as of June 30, 2016 and December 31, 2015:
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Private label mortgage backed securities below investment grade | At June 30, 2016, three private label mortgage-backed securities had credit related OTTI and are summarized as follows:
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Credit losses recognized in earnings on securities available for sale | A roll forward of credit losses recognized in earnings on securities available for sale for the three and six month periods ending June 30, follows:
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Amortized cost and fair value of securities available for sale by contractual maturity | The amortized cost and fair value of securities available for sale at June 30, 2016, by contractual maturity, follow:
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Gains and losses realized on sale of securities available for sale | A summary of proceeds from the sale of securities available for sale and gains and losses for the six month periods ending June 30, follows:
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Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of allowance for loan losses by portfolio segment | An analysis of the allowance for loan losses by portfolio segment for the three months ended June 30, follows:
An analysis of the allowance for loan losses by portfolio segment for the six months ended June 30, follows:
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Allowance for loan losses and recorded investment in loans by portfolio segment | Allowance for loan losses and recorded investment in loans by portfolio segment follows:
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Loans on non-accrual status and past due more than 90 days | Loans on non-accrual status and past due more than 90 days (“Non-performing Loans”) follow:
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Aging analysis of loans by class | An aging analysis of loans by class follows:
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Impaired loans | Impaired loans are as follows :
Impaired loans by class are as follows (1):
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Average recorded investment in and interest income earned on impaired loans by class | Average recorded investment in and interest income earned on impaired loans by class for the three month periods ending June 30, follows (1):
Average recorded investment in and interest income earned on impaired loans by class for the six month periods ending June 30, follows (1):
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Troubled debt restructurings | Troubled debt restructurings follow:
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Troubled debt restructuring during the period | Loans that have been classified as troubled debt restructurings during the three-month periods ended June 30 follow:
Loans that have been classified as troubled debt restructurings during the six-month periods ended June 30 follow:
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Troubled debt restructuring during the past twelve months that subsequently defaulted | Loans that have been classified as troubled debt restructurings during the past twelve months and that have subsequently defaulted during the three-month periods ended June 30 follow:
Loans that have been classified as troubled debt restructurings during the past twelve months and that have subsequently defaulted during the six-month periods ended June 30 follow:
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Summary of loan ratings by loan class | The following table summarizes loan ratings by loan class for our commercial loan segment:
The following tables summarize credit scores by loan class for our mortgage and installment loan segments:
The following table summarizes credit ratings of insurer or risk retention group counterparties by class of payment plan receivable:
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Segments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of selected financial information for reportable segments | A summary of selected financial information for our reportable segments follows:
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Shareholders' Equity and Earnings Per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Earnings Per Common Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of basic and diluted net income per share | A reconciliation of basic and diluted net income per common share follows:
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments according to type of hedge designation | Our derivative financial instruments according to the type of hedge in which they are designated follows:
|
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Fair value of derivative instruments | Fair Values of Derivative Instruments
|
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Effect of derivative financial instruments on condensed consolidated statement of operation | The effect of derivative financial instruments on the Condensed Consolidated Statements of Operations follows:
|
Intangible Assets (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net of amortization | The following table summarizes intangible assets, net of amortization:
|
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Estimated amortization of other intangible assets | Amortization of other intangibles has been estimated through 2021 and thereafter in the following table.
|
Share Based Compensation (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of outstanding stock option grants and transactions | A summary of outstanding stock option grants and related transactions follows:
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Summary of non-vested restricted stock, restricted stock units and PSU's | A summary of outstanding non-vested restricted stock, restricted stock units and PSUs and related transactions follows:
|
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Information regarding options exercised | Certain information regarding options exercised during the periods follows:
|
Regulatory Matters (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual capital amounts and ratios | Our actual capital amounts and ratios follow:
NA - Not applicable |
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Components of regulatory capital | The components of our regulatory capital are as follows:
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Fair Value Disclosures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value | Assets and liabilities measured at fair value, including financial assets for which we have elected the fair value option, were as follows:
|
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Changes in fair value for financial assets | Changes in fair values for financial assets which we have elected the fair value option for the periods presented were as follows:
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Quantitative information about Level 3 fair value measurements measured on a non-recurring basis | Quantitative information about Level 3 fair value measurements measured on a non-recurring basis follows:
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Aggregate fair value and aggregate remaining contractual principal balance for loans held for sale | The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding for loans held for sale for which the fair value option has been elected for the periods presented.
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Fair Values of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated recorded book balances and fair values | The estimated recorded book balances and fair values follow:
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Accumulated Other Comprehensive Loss ("AOCL") (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss ("AOCL") [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accumulated other comprehensive loss (AOCL), net of tax | A summary of changes in AOCL follows:
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Summary of reclassifications out of each component of AOCL | A summary of reclassifications out of each component of AOCL for the three months ended June 30 follows:
A summary of reclassifications out of each component of AOCL for the six months ended June 30 follows:
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Loans, Receivables Past Due (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Non performing loans [Abstract] | |||||
90+ and Still Accruing | $ 95 | $ 118 | |||
Non-Accrual | 10,803 | 10,607 | |||
Total Non-performing Loans | 10,898 | 10,725 | |||
Accrued interest included in recorded investment | 1 | 2 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 15,829 | 15,637 | |||
Loans not Past Due | 1,570,851 | 1,504,250 | |||
Total loans recorded investment | 1,586,680 | 1,519,887 | |||
Accrued interest included in recorded investment | 4,558 | 4,837 | |||
Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 5,175 | 5,881 | |||
Accrued interest included in recorded investment | 44 | 53 | |||
Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 2,044 | 1,555 | |||
Accrued interest included in recorded investment | 22 | 17 | |||
Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 8,610 | 8,201 | |||
Accrued interest included in recorded investment | 1 | 2 | |||
Loans Past Due Total [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Accrued interest included in recorded investment | 67 | 72 | |||
Loans Not Past Due [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Accrued interest included in recorded investment | 4,491 | 4,765 | |||
Commercial [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total loans recorded investment | 793,596 | 750,267 | |||
Accrued interest included in recorded investment | 1,596 | 1,869 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 950 | 1,027 | |||
Total Non-performing Loans | 950 | 1,027 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 980 | 1,059 | |||
Loans not Past Due | 306,698 | 305,155 | |||
Total loans recorded investment | 307,678 | 306,214 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 30 | 203 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 176 | 209 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 774 | 647 | |||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 49 | |||
Non-Accrual | 133 | 401 | |||
Total Non-performing Loans | 133 | 450 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 256 | 252 | |||
Loans not Past Due | 48,189 | 44,231 | |||
Total loans recorded investment | 48,445 | 44,483 | |||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 9 | 0 | |||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 114 | 0 | |||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 133 | 252 | |||
Commercial [Member] | Commercial and Industrial [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 95 | 69 | |||
Non-Accrual | 2,533 | 2,028 | |||
Total Non-performing Loans | 2,628 | 2,097 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 915 | 952 | |||
Loans not Past Due | 436,558 | 398,618 | |||
Total loans recorded investment | 437,473 | 399,570 | |||
Commercial [Member] | Commercial and Industrial [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 205 | 785 | |||
Commercial [Member] | Commercial and Industrial [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 194 | 16 | |||
Commercial [Member] | Commercial and Industrial [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 516 | 151 | |||
Mortgage [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total loans recorded investment | 508,295 | 502,724 | |||
Accrued interest included in recorded investment | [1] | 2,274 | 2,270 | ||
Mortgage [Member] | 1-4 Family [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 5,013 | 4,744 | |||
Total Non-performing Loans | 5,013 | 4,744 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 7,842 | 7,327 | |||
Loans not Past Due | 281,979 | 272,298 | |||
Total loans recorded investment | 289,821 | 279,625 | |||
Accrued interest included in recorded investment | [1] | 1,383 | 1,396 | ||
Mortgage [Member] | 1-4 Family [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 2,142 | 1,943 | |||
Mortgage [Member] | 1-4 Family [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 687 | 640 | |||
Mortgage [Member] | 1-4 Family [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 5,013 | 4,744 | |||
Mortgage [Member] | Resort Lending [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 803 | 1,094 | |||
Total Non-performing Loans | 803 | 1,094 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 1,209 | 1,401 | |||
Loans not Past Due | 107,824 | 114,619 | |||
Total loans recorded investment | 109,033 | 116,020 | |||
Accrued interest included in recorded investment | [1] | 479 | 477 | ||
Mortgage [Member] | Resort Lending [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 328 | 307 | |||
Mortgage [Member] | Resort Lending [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 78 | 0 | |||
Mortgage [Member] | Resort Lending [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 803 | 1,094 | |||
Mortgage [Member] | Home Equity - 1st Lien [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 180 | 187 | |||
Total Non-performing Loans | 180 | 187 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 443 | 237 | |||
Loans not Past Due | 26,988 | 22,327 | |||
Total loans recorded investment | 27,431 | 22,564 | |||
Accrued interest included in recorded investment | [1] | 104 | 87 | ||
Mortgage [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 228 | 50 | |||
Mortgage [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 35 | 0 | |||
Mortgage [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 180 | 187 | |||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 262 | 147 | |||
Total Non-performing Loans | 262 | 147 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 908 | 640 | |||
Loans not Past Due | 51,461 | 50,618 | |||
Total loans recorded investment | 52,369 | 51,258 | |||
Accrued interest included in recorded investment | [1] | 210 | 196 | ||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 494 | 439 | |||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 152 | 54 | |||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 262 | 147 | |||
Mortgage [Member] | Purchased Loans [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 6 | 2 | |||
Total Non-performing Loans | 6 | 2 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 12 | 12 | |||
Loans not Past Due | 29,629 | 33,245 | |||
Total loans recorded investment | 29,641 | 33,257 | |||
Accrued interest included in recorded investment | [1] | 98 | 114 | ||
Mortgage [Member] | Purchased Loans [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 5 | 9 | |||
Mortgage [Member] | Purchased Loans [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 1 | 1 | |||
Mortgage [Member] | Purchased Loans [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 6 | 2 | |||
Installment [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total loans recorded investment | 253,400 | 232,297 | |||
Accrued interest included in recorded investment | [1] | 688 | 698 | ||
Installment [Member] | Home Equity - 1st Lien [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 181 | 106 | |||
Total Non-performing Loans | 181 | 106 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 486 | 528 | |||
Loans not Past Due | 14,430 | 16,707 | |||
Total loans recorded investment | 14,916 | 17,235 | |||
Accrued interest included in recorded investment | [1] | 57 | 78 | ||
Installment [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 268 | 315 | |||
Installment [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 37 | 107 | |||
Installment [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 181 | 106 | |||
Installment [Member] | Home Equity - 2nd Lien [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 327 | 443 | |||
Total Non-performing Loans | 327 | 443 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 658 | 823 | |||
Loans not Past Due | 16,612 | 19,727 | |||
Total loans recorded investment | 17,270 | 20,550 | |||
Accrued interest included in recorded investment | [1] | 64 | 83 | ||
Installment [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 210 | 231 | |||
Installment [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 121 | 149 | |||
Installment [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 327 | 443 | |||
Installment [Member] | Loans Not Secured by Real Estate [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 382 | 421 | |||
Total Non-performing Loans | 382 | 421 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 749 | 1,071 | |||
Loans not Past Due | 218,181 | 191,262 | |||
Total loans recorded investment | 218,930 | 192,333 | |||
Accrued interest included in recorded investment | [1] | 551 | 520 | ||
Installment [Member] | Loans Not Secured by Real Estate [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 239 | 567 | |||
Installment [Member] | Loans Not Secured by Real Estate [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 128 | 83 | |||
Installment [Member] | Loans Not Secured by Real Estate [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 382 | 421 | |||
Installment [Member] | Other [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 15 | 2 | |||
Total Non-performing Loans | 15 | 2 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 28 | 20 | |||
Loans not Past Due | 2,256 | 2,159 | |||
Total loans recorded investment | 2,284 | 2,179 | |||
Accrued interest included in recorded investment | [1] | 16 | 17 | ||
Installment [Member] | Other [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 13 | 15 | |||
Installment [Member] | Other [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 0 | 3 | |||
Installment [Member] | Other [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 15 | 2 | |||
Payment Plan Receivables [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total loans recorded investment | 31,389 | 34,599 | |||
Accrued interest included in recorded investment | 0 | 0 | |||
Payment Plan Receivables [Member] | Full Refund [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 2 | 2 | |||
Total Non-performing Loans | 2 | 2 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 516 | 556 | |||
Loans not Past Due | 12,683 | 21,294 | |||
Total loans recorded investment | 13,199 | 21,850 | |||
Payment Plan Receivables [Member] | Full Refund [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 377 | 492 | |||
Payment Plan Receivables [Member] | Full Refund [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 137 | 62 | |||
Payment Plan Receivables [Member] | Full Refund [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 2 | 2 | |||
Payment Plan Receivables [Member] | Partial Refund [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 13 | 2 | |||
Total Non-performing Loans | 13 | 2 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 526 | 645 | |||
Loans not Past Due | 10,572 | 5,834 | |||
Total loans recorded investment | 11,098 | 6,479 | |||
Payment Plan Receivables [Member] | Partial Refund [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 397 | 415 | |||
Payment Plan Receivables [Member] | Partial Refund [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 116 | 228 | |||
Payment Plan Receivables [Member] | Partial Refund [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 13 | 2 | |||
Payment Plan Receivables [Member] | Other [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 3 | 1 | |||
Total Non-performing Loans | 3 | 1 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 301 | 114 | |||
Loans not Past Due | 6,791 | 6,156 | |||
Total loans recorded investment | 7,092 | 6,270 | |||
Payment Plan Receivables [Member] | Other [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 230 | 110 | |||
Payment Plan Receivables [Member] | Other [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 68 | 3 | |||
Payment Plan Receivables [Member] | Other [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | $ 3 | $ 1 | |||
|
Loans, Impaired Financing Receivables (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
[2] | Jun. 30, 2016 |
Jun. 30, 2015 |
[3] | Dec. 31, 2015 |
||||||||||
Impaired loans [Abstract] | ||||||||||||||||
TDR | $ 173 | $ 173 | $ 2,518 | |||||||||||||
Non - TDR | 542 | 542 | 203 | |||||||||||||
TDR allowances based on collateral | 5,036 | 5,036 | 4,810 | |||||||||||||
TDR - allowances based on present value cash flow | 80,205 | 80,205 | 81,002 | |||||||||||||
Non - TDR - allowance based on collateral | 398 | 398 | 260 | |||||||||||||
Non - TDR - allowance based on present value cash flow | 0 | 0 | 0 | |||||||||||||
Total impaired loans | 86,354 | 86,354 | 88,793 | |||||||||||||
Amount of allowance for loan losses allocated [Abstract] | ||||||||||||||||
TDR - allowance based on collateral | 2,127 | 2,127 | 2,436 | |||||||||||||
TDR - allowance based on present value cash flow | 8,603 | 8,603 | 8,471 | |||||||||||||
Non - TDR - allowance based on collateral | 211 | 211 | 76 | |||||||||||||
Non - TDR - allowance based on present value cash flow | 0 | 0 | 0 | |||||||||||||
Allowance for loan losses allocated | 10,941 | 10,941 | 10,983 | |||||||||||||
Impaired Loans by class [Abstract] | ||||||||||||||||
Recorded Investment, with no related allowance | [1] | 715 | 715 | 2,727 | ||||||||||||
Unpaid Principal Balance, with no related allowance | [1] | 1,906 | 1,906 | 3,744 | ||||||||||||
No Related Allowance | [1] | 0 | 0 | 0 | ||||||||||||
Recorded Investment, with an allowance recorded | [1] | 85,944 | 85,944 | 86,404 | ||||||||||||
Unpaid Principal Balance, with an allowance recorded | [1] | 89,070 | 89,070 | 90,182 | ||||||||||||
Recorded Investment | [1] | 86,659 | 86,659 | 89,131 | ||||||||||||
Unpaid Principal Balance | [1] | 90,976 | 90,976 | 93,926 | ||||||||||||
Related Allowance | [1] | 10,941 | 10,941 | 10,983 | ||||||||||||
Accrued interest included in recorded investment | [1] | 305 | 305 | 338 | ||||||||||||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||||||||||||
Average Recorded Investment, with No Related Allowance | 1,636 | [2] | $ 9,566 | 1,999 | [3] | $ 9,594 | ||||||||||
Interest Income Recognized, with No Related Allowance | 5 | [2] | 105 | 37 | [3] | 229 | ||||||||||
Average Recorded Investment, with Related Allowance | 85,773 | [2] | 98,798 | 85,983 | [3] | 100,367 | ||||||||||
Interest Income Recognized, with Related Allowance | 905 | [2] | 1,064 | 1,808 | [3] | 2,138 | ||||||||||
Average Recorded Investment | 87,409 | [2] | 108,364 | 87,982 | [3] | 109,961 | ||||||||||
Interest Income Recognized | 910 | [2] | 1,169 | 1,845 | [3] | 2,367 | ||||||||||
Commercial [Member] | Income Producing - Real Estate [Member] | ||||||||||||||||
Impaired Loans by class [Abstract] | ||||||||||||||||
Recorded Investment, with no related allowance | [1] | 560 | 560 | 641 | ||||||||||||
Unpaid Principal Balance, with no related allowance | [1] | 806 | 806 | 851 | ||||||||||||
No Related Allowance | [1] | 0 | 0 | 0 | ||||||||||||
Recorded Investment, with an allowance recorded | [1] | 8,186 | 8,186 | 8,377 | ||||||||||||
Unpaid Principal Balance, with an allowance recorded | [1] | 8,935 | 8,935 | 9,232 | ||||||||||||
Recorded Investment | [1] | 8,746 | 8,746 | 9,018 | ||||||||||||
Unpaid Principal Balance | [1] | 9,741 | 9,741 | 10,083 | ||||||||||||
Related Allowance | [1] | 663 | 663 | 516 | ||||||||||||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||||||||||||
Average Recorded Investment, with No Related Allowance | 673 | [2] | 5,658 | 662 | [3] | 5,728 | ||||||||||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 50 | 2 | [3] | 103 | ||||||||||
Average Recorded Investment, with Related Allowance | 8,210 | [2] | 12,878 | 8,266 | [3] | 12,864 | ||||||||||
Interest Income Recognized, with Related Allowance | 100 | [2] | 163 | 207 | [3] | 320 | ||||||||||
Average Recorded Investment | 8,883 | [2] | 18,536 | 8,928 | [3] | 18,592 | ||||||||||
Interest Income Recognized | 100 | [2] | 213 | 209 | [3] | 423 | ||||||||||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | ||||||||||||||||
Impaired Loans by class [Abstract] | ||||||||||||||||
Recorded Investment, with no related allowance | [1] | 133 | 133 | 818 | ||||||||||||
Unpaid Principal Balance, with no related allowance | [1] | 709 | 709 | 1,393 | ||||||||||||
No Related Allowance | [1] | 0 | 0 | 0 | ||||||||||||
Recorded Investment, with an allowance recorded | [1] | 1,844 | 1,844 | 1,690 | ||||||||||||
Unpaid Principal Balance, with an allowance recorded | [1] | 1,843 | 1,843 | 1,778 | ||||||||||||
Recorded Investment | [1] | 1,977 | 1,977 | 2,508 | ||||||||||||
Unpaid Principal Balance | [1] | 2,552 | 2,552 | 3,171 | ||||||||||||
Related Allowance | [1] | 158 | 158 | 296 | ||||||||||||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||||||||||||
Average Recorded Investment, with No Related Allowance | 335 | [2] | 1,021 | 496 | [3] | 1,031 | ||||||||||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 15 | 7 | [3] | 49 | ||||||||||
Average Recorded Investment, with Related Allowance | 1,664 | [2] | 1,943 | 1,673 | [3] | 2,447 | ||||||||||
Interest Income Recognized, with Related Allowance | 13 | [2] | 13 | 26 | [3] | 27 | ||||||||||
Average Recorded Investment | 1,999 | [2] | 2,964 | 2,169 | [3] | 3,478 | ||||||||||
Interest Income Recognized | 13 | [2] | 28 | 33 | [3] | 76 | ||||||||||
Commercial [Member] | Commercial and Industrial [Member] | ||||||||||||||||
Impaired Loans by class [Abstract] | ||||||||||||||||
Recorded Investment, with no related allowance | [1] | 0 | 0 | 1,245 | ||||||||||||
Unpaid Principal Balance, with no related allowance | [1] | 0 | 0 | 1,241 | ||||||||||||
No Related Allowance | [1] | 0 | 0 | 0 | ||||||||||||
Recorded Investment, with an allowance recorded | [1] | 7,079 | 7,079 | 4,097 | ||||||||||||
Unpaid Principal Balance, with an allowance recorded | [1] | 7,359 | 7,359 | 4,439 | ||||||||||||
Recorded Investment | [1] | 7,079 | 7,079 | 5,342 | ||||||||||||
Unpaid Principal Balance | [1] | 7,359 | 7,359 | 5,680 | ||||||||||||
Related Allowance | [1] | 2,450 | 2,450 | 1,896 | ||||||||||||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||||||||||||
Average Recorded Investment, with No Related Allowance | 609 | [2] | 2,855 | 821 | [3] | 2,798 | ||||||||||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 37 | 21 | [3] | 74 | ||||||||||
Average Recorded Investment, with Related Allowance | 6,203 | [2] | 7,863 | 5,501 | [3] | 7,992 | ||||||||||
Interest Income Recognized, with Related Allowance | 59 | [2] | 67 | 82 | [3] | 133 | ||||||||||
Average Recorded Investment | 6,812 | [2] | 10,718 | 6,322 | [3] | 10,790 | ||||||||||
Interest Income Recognized | 59 | [2] | 104 | 103 | [3] | 207 | ||||||||||
Mortgage [Member] | 1-4 Family [Member] | ||||||||||||||||
Impaired Loans by class [Abstract] | ||||||||||||||||
Recorded Investment, with no related allowance | [1] | 22 | 22 | 23 | ||||||||||||
Unpaid Principal Balance, with no related allowance | [1] | 348 | 348 | 183 | ||||||||||||
No Related Allowance | [1] | 0 | 0 | 0 | ||||||||||||
Recorded Investment, with an allowance recorded | [1] | 45,474 | 45,474 | 47,792 | ||||||||||||
Unpaid Principal Balance, with an allowance recorded | [1] | 47,259 | 47,259 | 49,808 | ||||||||||||
Recorded Investment | [1] | 45,496 | 45,496 | 47,815 | ||||||||||||
Unpaid Principal Balance | [1] | 47,607 | 47,607 | 49,991 | ||||||||||||
Related Allowance | [1] | 4,700 | 4,700 | 5,132 | ||||||||||||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||||||||||||
Average Recorded Investment, with No Related Allowance | 11 | [2] | 25 | 15 | [3] | 17 | ||||||||||
Interest Income Recognized, with No Related Allowance | 5 | [2] | 2 | 6 | [3] | 2 | ||||||||||
Average Recorded Investment, with Related Allowance | 46,041 | [2] | 50,931 | 46,625 | [3] | 51,689 | ||||||||||
Interest Income Recognized, with Related Allowance | 475 | [2] | 539 | 977 | [3] | 1,090 | ||||||||||
Average Recorded Investment | 46,052 | [2] | 50,956 | 46,640 | [3] | 51,706 | ||||||||||
Interest Income Recognized | 480 | [2] | 541 | 983 | [3] | 1,092 | ||||||||||
Mortgage [Member] | Resort Lending [Member] | ||||||||||||||||
Impaired Loans by class [Abstract] | ||||||||||||||||
Recorded Investment, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
Unpaid Principal Balance, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
No Related Allowance | [1] | 0 | 0 | 0 | ||||||||||||
Recorded Investment, with an allowance recorded | [1] | 17,449 | 17,449 | 18,148 | ||||||||||||
Unpaid Principal Balance, with an allowance recorded | [1] | 17,484 | 17,484 | 18,319 | ||||||||||||
Recorded Investment | [1] | 17,449 | 17,449 | 18,148 | ||||||||||||
Unpaid Principal Balance | [1] | 17,484 | 17,484 | 18,319 | ||||||||||||
Related Allowance | [1] | 2,529 | 2,529 | 2,662 | ||||||||||||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||||||||||||
Average Recorded Investment, with No Related Allowance | 0 | [2] | 7 | 0 | [3] | 20 | ||||||||||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | 0 | [3] | 0 | ||||||||||
Average Recorded Investment, with Related Allowance | 17,689 | [2] | 18,482 | 17,842 | [3] | 18,587 | ||||||||||
Interest Income Recognized, with Related Allowance | 159 | [2] | 173 | 319 | [3] | 344 | ||||||||||
Average Recorded Investment | 17,689 | [2] | 18,489 | 17,842 | [3] | 18,607 | ||||||||||
Interest Income Recognized | 159 | [2] | 173 | 319 | [3] | 344 | ||||||||||
Mortgage [Member] | Home Equity - 1st Lien [Member] | ||||||||||||||||
Impaired Loans by class [Abstract] | ||||||||||||||||
Recorded Investment, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
Unpaid Principal Balance, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
No Related Allowance | [1] | 0 | 0 | 0 | ||||||||||||
Recorded Investment, with an allowance recorded | [1] | 243 | 243 | 168 | ||||||||||||
Unpaid Principal Balance, with an allowance recorded | [1] | 246 | 246 | 172 | ||||||||||||
Recorded Investment | [1] | 243 | 243 | 168 | ||||||||||||
Unpaid Principal Balance | [1] | 246 | 246 | 172 | ||||||||||||
Related Allowance | [1] | 11 | 11 | 9 | ||||||||||||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||||||||||||
Average Recorded Investment, with No Related Allowance | 0 | [2] | 0 | 0 | [3] | 0 | ||||||||||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | 0 | [3] | 0 | ||||||||||
Average Recorded Investment, with Related Allowance | 243 | [2] | 160 | 218 | [3] | 160 | ||||||||||
Interest Income Recognized, with Related Allowance | 2 | [2] | 2 | 4 | [3] | 4 | ||||||||||
Average Recorded Investment | 243 | [2] | 160 | 218 | [3] | 160 | ||||||||||
Interest Income Recognized | 2 | [2] | 2 | 4 | [3] | 4 | ||||||||||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | ||||||||||||||||
Impaired Loans by class [Abstract] | ||||||||||||||||
Recorded Investment, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
Unpaid Principal Balance, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
No Related Allowance | [1] | 0 | 0 | 0 | ||||||||||||
Recorded Investment, with an allowance recorded | [1] | 242 | 242 | 244 | ||||||||||||
Unpaid Principal Balance, with an allowance recorded | [1] | 324 | 324 | 325 | ||||||||||||
Recorded Investment | [1] | 242 | 242 | 244 | ||||||||||||
Unpaid Principal Balance | [1] | 324 | 324 | 325 | ||||||||||||
Related Allowance | [1] | 22 | 22 | 15 | ||||||||||||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||||||||||||
Average Recorded Investment, with No Related Allowance | 0 | [2] | 0 | 0 | [3] | 0 | ||||||||||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | 0 | [3] | 0 | ||||||||||
Average Recorded Investment, with Related Allowance | 181 | [2] | 185 | 202 | [3] | 165 | ||||||||||
Interest Income Recognized, with Related Allowance | 4 | [2] | 4 | 5 | [3] | 6 | ||||||||||
Average Recorded Investment | 181 | [2] | 185 | 202 | [3] | 165 | ||||||||||
Interest Income Recognized | 4 | [2] | 4 | 5 | [3] | 6 | ||||||||||
Installment [Member] | Home Equity - 1st Lien [Member] | ||||||||||||||||
Impaired Loans by class [Abstract] | ||||||||||||||||
Recorded Investment, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
Unpaid Principal Balance, with no related allowance | [1] | 43 | 43 | 76 | ||||||||||||
No Related Allowance | [1] | 0 | 0 | 0 | ||||||||||||
Recorded Investment, with an allowance recorded | [1] | 2,172 | 2,172 | 2,364 | ||||||||||||
Unpaid Principal Balance, with an allowance recorded | [1] | 2,315 | 2,315 | 2,492 | ||||||||||||
Recorded Investment | [1] | 2,172 | 2,172 | 2,364 | ||||||||||||
Unpaid Principal Balance | [1] | 2,358 | 2,358 | 2,568 | ||||||||||||
Related Allowance | [1] | 130 | 130 | 143 | ||||||||||||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||||||||||||
Average Recorded Investment, with No Related Allowance | 1 | [2] | 0 | 0 | [3] | 0 | ||||||||||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 1 | 1 | [3] | 1 | ||||||||||
Average Recorded Investment, with Related Allowance | 2,230 | [2] | 2,576 | 2,274 | [3] | 2,632 | ||||||||||
Interest Income Recognized, with Related Allowance | 42 | [2] | 44 | 84 | [3] | 94 | ||||||||||
Average Recorded Investment | 2,231 | [2] | 2,576 | 2,274 | [3] | 2,632 | ||||||||||
Interest Income Recognized | 42 | [2] | 45 | 85 | [3] | 95 | ||||||||||
Installment [Member] | Home Equity - 2nd Lien [Member] | ||||||||||||||||
Impaired Loans by class [Abstract] | ||||||||||||||||
Recorded Investment, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
Unpaid Principal Balance, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
No Related Allowance | [1] | 0 | 0 | 0 | ||||||||||||
Recorded Investment, with an allowance recorded | [1] | 2,709 | 2,709 | 2,929 | ||||||||||||
Unpaid Principal Balance, with an allowance recorded | [1] | 2,725 | 2,725 | 2,951 | ||||||||||||
Recorded Investment | [1] | 2,709 | 2,709 | 2,929 | ||||||||||||
Unpaid Principal Balance | [1] | 2,725 | 2,725 | 2,951 | ||||||||||||
Related Allowance | [1] | 245 | 245 | 271 | ||||||||||||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||||||||||||
Average Recorded Investment, with No Related Allowance | 7 | [2] | 0 | 5 | [3] | 0 | ||||||||||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | 0 | [3] | 0 | ||||||||||
Average Recorded Investment, with Related Allowance | 2,751 | [2] | 3,101 | 2,810 | [3] | 3,138 | ||||||||||
Interest Income Recognized, with Related Allowance | 41 | [2] | 49 | 85 | [3] | 100 | ||||||||||
Average Recorded Investment | 2,758 | [2] | 3,101 | 2,815 | [3] | 3,138 | ||||||||||
Interest Income Recognized | 41 | [2] | 49 | 85 | [3] | 100 | ||||||||||
Installment [Member] | Loans Not Secured by Real Estate [Member] | ||||||||||||||||
Impaired Loans by class [Abstract] | ||||||||||||||||
Recorded Investment, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
Unpaid Principal Balance, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
No Related Allowance | [1] | 0 | 0 | 0 | ||||||||||||
Recorded Investment, with an allowance recorded | [1] | 541 | 541 | 587 | ||||||||||||
Unpaid Principal Balance, with an allowance recorded | [1] | 575 | 575 | 658 | ||||||||||||
Recorded Investment | [1] | 541 | 541 | 587 | ||||||||||||
Unpaid Principal Balance | [1] | 575 | 575 | 658 | ||||||||||||
Related Allowance | [1] | 33 | 33 | 42 | ||||||||||||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||||||||||||
Average Recorded Investment, with No Related Allowance | 0 | [2] | 0 | 0 | [3] | 0 | ||||||||||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | 0 | [3] | 0 | ||||||||||
Average Recorded Investment, with Related Allowance | 555 | [2] | 668 | 566 | [3] | 682 | ||||||||||
Interest Income Recognized, with Related Allowance | 10 | [2] | 9 | 19 | [3] | 19 | ||||||||||
Average Recorded Investment | 555 | [2] | 668 | 566 | [3] | 682 | ||||||||||
Interest Income Recognized | 10 | [2] | 9 | 19 | [3] | 19 | ||||||||||
Installment [Member] | Other [Member] | ||||||||||||||||
Impaired Loans by class [Abstract] | ||||||||||||||||
Recorded Investment, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
Unpaid Principal Balance, with no related allowance | [1] | 0 | 0 | 0 | ||||||||||||
No Related Allowance | [1] | 0 | 0 | 0 | ||||||||||||
Recorded Investment, with an allowance recorded | [1] | 5 | 5 | 8 | ||||||||||||
Unpaid Principal Balance, with an allowance recorded | [1] | 5 | 5 | 8 | ||||||||||||
Recorded Investment | [1] | 5 | 5 | 8 | ||||||||||||
Unpaid Principal Balance | [1] | 5 | 5 | 8 | ||||||||||||
Related Allowance | [1] | 0 | 0 | $ 1 | ||||||||||||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | ||||||||||||||||
Average Recorded Investment, with No Related Allowance | 0 | [2] | 0 | 0 | [3] | 0 | ||||||||||
Interest Income Recognized, with No Related Allowance | 0 | [2] | 0 | 0 | [3] | 0 | ||||||||||
Average Recorded Investment, with Related Allowance | 6 | [2] | 11 | 6 | [3] | 11 | ||||||||||
Interest Income Recognized, with Related Allowance | 0 | [2] | 1 | 0 | [3] | 1 | ||||||||||
Average Recorded Investment | 6 | [2] | 11 | 6 | [3] | 11 | ||||||||||
Interest Income Recognized | $ 0 | [2] | $ 1 | $ 0 | [3] | $ 1 | ||||||||||
|
Loans, Troubled Debt Restructurings (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
Contract
|
Jun. 30, 2015
USD ($)
Contract
|
Jun. 30, 2016
USD ($)
Contract
|
Jun. 30, 2015
USD ($)
Contract
|
Dec. 31, 2015
USD ($)
|
||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Troubled debt restructuring | $ 85,414 | $ 85,414 | $ 88,330 | |||||||
Troubled debt restructuring, specific reserve | $ 10,700 | $ 10,700 | 10,900 | |||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||
Number of contracts | Contract | 7 | 9 | 20 | 21 | ||||||
Pre-modification recorded balance | $ 221 | $ 509 | $ 2,480 | $ 2,073 | ||||||
Post-modification recorded balance | 224 | 527 | 2,527 | 1,863 | ||||||
Increase (decrease) in allowance for loan losses | 0 | 100 | 300 | 100 | ||||||
Charge offs due to troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
TDR that subsequently defaulted [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 2 | 0 | 3 | ||||||
Recorded Balance | $ 0 | $ 69 | $ 0 | $ 161 | ||||||
Past due period for modified loans | 90 days | |||||||||
Increase (decrease) in allowance for loan loss due to TDRs that subsequently defaulted | 0 | (10) | ||||||||
Charge-offs on TDRs that subsequently defaulted | $ 0 | $ 0 | ||||||||
Minimum [Member] | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Modification of stated interest rate of loans, range of period | 9 months | |||||||||
Modifications involving extension of maturity date, period range | 1 month | |||||||||
Maximum [Member] | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Modification of stated interest rate of loans, range of period | 36 months | |||||||||
Modifications involving extension of maturity date, period range | 60 months | |||||||||
Maximum in Certain Circumstances [Member] | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Modification of stated interest rate of loans, range of period | 480 months | |||||||||
Modifications involving extension of maturity date, period range | 230 months | |||||||||
Commercial [Member] | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Troubled debt restructuring | $ 16,808 | $ 16,808 | 16,359 | |||||||
Retail [Member] | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Troubled debt restructuring | $ 68,606 | $ 68,606 | 71,971 | |||||||
Income Producing - Real Estate [Member] | Commercial [Member] | ||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 1 | 2 | 2 | ||||||
Pre-modification recorded balance | $ 0 | $ 73 | $ 110 | $ 229 | ||||||
Post-modification recorded balance | $ 0 | $ 73 | $ 110 | $ 234 | ||||||
TDR that subsequently defaulted [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 0 | 0 | ||||||
Recorded Balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Land, Land Development and Construction - Real Estate [Member] | Commercial [Member] | ||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 0 | 0 | ||||||
Pre-modification recorded balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Post-modification recorded balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
TDR that subsequently defaulted [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 0 | 0 | ||||||
Recorded Balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Commercial and Industrial [Member] | Commercial [Member] | ||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 1 | 4 | 3 | ||||||
Pre-modification recorded balance | $ 0 | $ 17 | $ 1,758 | $ 253 | ||||||
Post-modification recorded balance | $ 0 | $ 17 | $ 1,758 | $ 247 | ||||||
TDR that subsequently defaulted [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 1 | 0 | 2 | ||||||
Recorded Balance | $ 0 | $ 65 | $ 0 | $ 157 | ||||||
1-4 Family [Member] | Mortgage [Member] | ||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||
Number of contracts | Contract | 1 | 1 | 3 | 6 | ||||||
Pre-modification recorded balance | $ 109 | $ 25 | $ 192 | $ 1,030 | ||||||
Post-modification recorded balance | $ 110 | $ 40 | $ 263 | $ 845 | ||||||
TDR that subsequently defaulted [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 0 | 0 | ||||||
Recorded Balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Resort Lending [Member] | Mortgage [Member] | ||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 1 | 1 | 1 | ||||||
Pre-modification recorded balance | $ 0 | $ 313 | $ 116 | $ 313 | ||||||
Post-modification recorded balance | $ 0 | $ 309 | $ 117 | $ 309 | ||||||
TDR that subsequently defaulted [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 0 | 0 | ||||||
Recorded Balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Home Equity - 1st Lien [Member] | Mortgage [Member] | ||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 1 | 0 | ||||||
Pre-modification recorded balance | $ 0 | $ 0 | $ 107 | $ 0 | ||||||
Post-modification recorded balance | $ 0 | $ 0 | $ 78 | $ 0 | ||||||
TDR that subsequently defaulted [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 0 | 0 | ||||||
Recorded Balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Home Equity - 1st Lien [Member] | Installment [Member] | ||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||
Number of contracts | Contract | 3 | 1 | 4 | 5 | ||||||
Pre-modification recorded balance | $ 29 | $ 23 | $ 59 | $ 190 | ||||||
Post-modification recorded balance | $ 29 | $ 24 | $ 60 | $ 164 | ||||||
TDR that subsequently defaulted [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 0 | 0 | ||||||
Recorded Balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Home Equity - 2nd Lien [Member] | Mortgage [Member] | ||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 0 | 0 | ||||||
Pre-modification recorded balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Post-modification recorded balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
TDR that subsequently defaulted [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 0 | 0 | ||||||
Recorded Balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Home Equity - 2nd Lien [Member] | Installment [Member] | ||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||
Number of contracts | Contract | 2 | 3 | 4 | 3 | ||||||
Pre-modification recorded balance | $ 71 | $ 58 | $ 126 | $ 58 | ||||||
Post-modification recorded balance | $ 73 | $ 58 | $ 129 | $ 58 | ||||||
TDR that subsequently defaulted [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 0 | 0 | ||||||
Recorded Balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Loans Not Secured by Real Estate [Member] | Installment [Member] | ||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||
Number of contracts | Contract | 1 | 1 | 1 | 1 | ||||||
Pre-modification recorded balance | $ 12 | $ 0 | $ 12 | $ 0 | ||||||
Post-modification recorded balance | $ 12 | $ 6 | $ 12 | $ 6 | ||||||
TDR that subsequently defaulted [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 1 | 0 | 1 | ||||||
Recorded Balance | $ 0 | $ 4 | $ 0 | $ 4 | ||||||
Other [Member] | Installment [Member] | ||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 0 | 0 | ||||||
Pre-modification recorded balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Post-modification recorded balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
TDR that subsequently defaulted [Abstract] | ||||||||||
Number of contracts | Contract | 0 | 0 | 0 | 0 | ||||||
Recorded Balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Performing TDRs [Member] | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Troubled debt restructuring | 78,948 | 78,948 | 81,512 | |||||||
Performing TDRs [Member] | Commercial [Member] | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Troubled debt restructuring | 14,130 | 14,130 | 13,318 | |||||||
Performing TDRs [Member] | Retail [Member] | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Troubled debt restructuring | 64,818 | 64,818 | 68,194 | |||||||
Non-performing TDRs [Member] | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Troubled debt restructuring | [1] | 6,466 | 6,466 | 6,818 | ||||||
Non-performing TDRs [Member] | Commercial [Member] | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Troubled debt restructuring | [1] | 2,678 | 2,678 | 3,041 | ||||||
Non-performing TDRs [Member] | Retail [Member] | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Troubled debt restructuring | [1],[2] | $ 3,788 | $ 3,788 | $ 3,777 | ||||||
|
Loans, Loan Ratings by Loan Class, Commercial Segment (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | $ 792,000 | $ 748,398 | |||
Accrued interest included in total | $ 4,558 | 4,837 | |||
Credit ratings of insurer or risk retention group counterparties [Abstract] | |||||
Subsidiary's outstanding payment plan insured by third party | 42.00% | ||||
Subsidiary's outstanding payment plan 2, insured by third party | 35.40% | ||||
Payment Plan Receivables, Full Refund | $ 13,199 | 21,850 | |||
Payment Plan Receivables, Partial Refund | 11,098 | 6,479 | |||
Payment Plan Receivables, Other | 7,092 | 6,270 | |||
Total | 31,389 | 34,599 | |||
Other Real Estate and Foreclosed Assets [Abstract] | |||||
Foreclosed residential real estate properties | 1,900 | 2,800 | |||
Retail mortgage loans in process of foreclosure | 1,100 | 1,100 | |||
AM Best Rating A+ [Member] | |||||
Credit ratings of insurer or risk retention group counterparties [Abstract] | |||||
Payment Plan Receivables, Full Refund | 0 | 0 | |||
Payment Plan Receivables, Partial Refund | 11 | 6 | |||
Payment Plan Receivables, Other | 0 | 0 | |||
Total | 11 | 6 | |||
AM Best A Rating [Member] | |||||
Credit ratings of insurer or risk retention group counterparties [Abstract] | |||||
Payment Plan Receivables, Full Refund | 1,358 | 2,712 | |||
Payment Plan Receivables, Partial Refund | 9,715 | 5,203 | |||
Payment Plan Receivables, Other | 0 | 0 | |||
Total | 11,073 | 7,915 | |||
AM Best Rating, A- Rating [Member] | |||||
Credit ratings of insurer or risk retention group counterparties [Abstract] | |||||
Payment Plan Receivables, Full Refund | 1,644 | 3,418 | |||
Payment Plan Receivables, Partial Refund | 1,333 | 1,177 | |||
Payment Plan Receivables, Other | 3,374 | 6,265 | |||
Total | 6,351 | 10,860 | |||
AM Best Rating, B+ Rating [Member] | |||||
Credit ratings of insurer or risk retention group counterparties [Abstract] | |||||
Payment Plan Receivables, Full Refund | 0 | ||||
Payment Plan Receivables, Partial Refund | 0 | ||||
Payment Plan Receivables, Other | 3,717 | ||||
Total | 3,717 | ||||
Not Rated [Member] | |||||
Credit ratings of insurer or risk retention group counterparties [Abstract] | |||||
Payment Plan Receivables, Full Refund | 10,197 | 15,720 | |||
Payment Plan Receivables, Partial Refund | 39 | 93 | |||
Payment Plan Receivables, Other | 1 | 5 | |||
Total | 10,237 | 15,818 | |||
Commercial [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 793,596 | 750,267 | |||
Accrued interest included in total | 1,596 | 1,869 | |||
Commercial [Member] | Non-Watch 1-6 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 762,975 | 709,099 | |||
Accrued interest included in total | 1,509 | 1,729 | |||
Commercial [Member] | Watch 7-8 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 19,519 | 29,363 | |||
Accrued interest included in total | 62 | 108 | |||
Commercial [Member] | Substandard Accrual 9 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 7,486 | 8,349 | |||
Accrued interest included in total | 25 | 32 | |||
Commercial [Member] | Non Accrual 10-11 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 3,616 | 3,456 | |||
Accrued interest included in total | 0 | 0 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 307,678 | 306,214 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | Non-Watch 1-6 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 300,344 | 296,898 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | Watch 7-8 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 5,334 | 6,866 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | Substandard Accrual 9 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 1,050 | 1,423 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | Non Accrual 10-11 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 950 | 1,027 | |||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 48,445 | 44,483 | |||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Non-Watch 1-6 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 46,529 | 40,844 | |||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Watch 7-8 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 1,669 | 2,995 | |||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Substandard Accrual 9 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 114 | 243 | |||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Non Accrual 10-11 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 133 | 401 | |||
Commercial [Member] | Commercial and Industrial [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 437,473 | 399,570 | |||
Commercial [Member] | Commercial and Industrial [Member] | Non-Watch 1-6 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 416,102 | 371,357 | |||
Commercial [Member] | Commercial and Industrial [Member] | Watch 7-8 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 12,516 | 19,502 | |||
Commercial [Member] | Commercial and Industrial [Member] | Substandard Accrual 9 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 6,322 | 6,683 | |||
Commercial [Member] | Commercial and Industrial [Member] | Non Accrual 10-11 [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
Commercial | 2,533 | 2,028 | |||
Mortgage [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
800 and above | [1] | 60,409 | 57,083 | ||
750-799 | [1] | 169,368 | 167,515 | ||
700-749 | [1] | 113,664 | 110,802 | ||
650-699 | [1] | 77,897 | 80,140 | ||
600-649 | [1] | 40,038 | 38,108 | ||
550-599 | [1] | 20,546 | 22,729 | ||
500-549 | [1] | 11,337 | 13,528 | ||
Under 500 | [1] | 6,409 | 5,771 | ||
Unknown | [1] | 8,627 | 7,048 | ||
Total | [1] | 508,295 | 502,724 | ||
Accrued interest included in total | [1] | 2,274 | 2,270 | ||
Mortgage [Member] | 1-4 Family [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
800 and above | [1] | 31,459 | 28,760 | ||
750-799 | [1] | 83,455 | 78,802 | ||
700-749 | [1] | 59,358 | 56,519 | ||
650-699 | [1] | 52,187 | 51,813 | ||
600-649 | [1] | 28,791 | 27,966 | ||
550-599 | [1] | 15,745 | 16,714 | ||
500-549 | [1] | 8,594 | 10,610 | ||
Under 500 | [1] | 5,332 | 4,708 | ||
Unknown | [1] | 4,900 | 3,733 | ||
Total | [1] | 289,821 | 279,625 | ||
Accrued interest included in total | [1] | 1,383 | 1,396 | ||
Mortgage [Member] | Resort Lending [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
800 and above | [1] | 12,187 | 13,943 | ||
750-799 | [1] | 39,058 | 40,888 | ||
700-749 | [1] | 31,410 | 31,980 | ||
650-699 | [1] | 13,815 | 17,433 | ||
600-649 | [1] | 6,525 | 4,991 | ||
550-599 | [1] | 2,485 | 3,070 | ||
500-549 | [1] | 882 | 1,051 | ||
Under 500 | [1] | 600 | 554 | ||
Unknown | [1] | 2,071 | 2,110 | ||
Total | [1] | 109,033 | 116,020 | ||
Accrued interest included in total | [1] | 479 | 477 | ||
Mortgage [Member] | Home Equity - 1st Lien [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
800 and above | [1] | 6,000 | 4,374 | ||
750-799 | [1] | 9,279 | 7,137 | ||
700-749 | [1] | 4,840 | 4,341 | ||
650-699 | [1] | 3,646 | 3,203 | ||
600-649 | [1] | 1,347 | 1,467 | ||
550-599 | [1] | 743 | 1,027 | ||
500-549 | [1] | 581 | 572 | ||
Under 500 | [1] | 172 | 244 | ||
Unknown | [1] | 823 | 199 | ||
Total | [1] | 27,431 | 22,564 | ||
Accrued interest included in total | [1] | 104 | 87 | ||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
800 and above | [1] | 8,476 | 7,696 | ||
750-799 | [1] | 18,317 | 17,405 | ||
700-749 | [1] | 10,455 | 11,022 | ||
650-699 | [1] | 8,249 | 7,691 | ||
600-649 | [1] | 3,375 | 3,684 | ||
550-599 | [1] | 1,573 | 1,918 | ||
500-549 | [1] | 1,280 | 1,295 | ||
Under 500 | [1] | 305 | 265 | ||
Unknown | [1] | 339 | 282 | ||
Total | [1] | 52,369 | 51,258 | ||
Accrued interest included in total | [1] | 210 | 196 | ||
Mortgage [Member] | Purchased Loans [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
800 and above | [1] | 2,287 | 2,310 | ||
750-799 | [1] | 19,259 | 23,283 | ||
700-749 | [1] | 7,601 | 6,940 | ||
650-699 | [1] | 0 | 0 | ||
600-649 | [1] | 0 | 0 | ||
550-599 | [1] | 0 | 0 | ||
500-549 | [1] | 0 | 0 | ||
Under 500 | [1] | 0 | 0 | ||
Unknown | [1] | 494 | 724 | ||
Total | [1] | 29,641 | 33,257 | ||
Accrued interest included in total | [1] | 98 | 114 | ||
Installment [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
800 and above | [1] | 54,412 | 47,886 | ||
750-799 | [1] | 109,258 | 97,379 | ||
700-749 | [1] | 45,036 | 41,889 | ||
650-699 | [1] | 24,884 | 24,645 | ||
600-649 | [1] | 8,772 | 9,505 | ||
550-599 | [1] | 4,705 | 5,252 | ||
500-549 | [1] | 2,833 | 3,142 | ||
Under 500 | [1] | 751 | 1,001 | ||
Unknown | [1] | 2,749 | 1,598 | ||
Total | [1] | 253,400 | 232,297 | ||
Accrued interest included in total | [1] | 688 | 698 | ||
Installment [Member] | Home Equity - 1st Lien [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
800 and above | [1] | 1,518 | 1,792 | ||
750-799 | [1] | 3,337 | 4,117 | ||
700-749 | [1] | 2,383 | 2,507 | ||
650-699 | [1] | 2,863 | 3,508 | ||
600-649 | [1] | 2,356 | 2,173 | ||
550-599 | [1] | 1,363 | 1,800 | ||
500-549 | [1] | 922 | 1,056 | ||
Under 500 | [1] | 141 | 223 | ||
Unknown | [1] | 33 | 59 | ||
Total | [1] | 14,916 | 17,235 | ||
Accrued interest included in total | [1] | 57 | 78 | ||
Installment [Member] | Home Equity - 2nd Lien [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
800 and above | [1] | 2,133 | 1,782 | ||
750-799 | [1] | 4,198 | 5,931 | ||
700-749 | [1] | 3,299 | 3,899 | ||
650-699 | [1] | 3,503 | 4,182 | ||
600-649 | [1] | 1,820 | 2,153 | ||
550-599 | [1] | 1,423 | 1,346 | ||
500-549 | [1] | 649 | 855 | ||
Under 500 | [1] | 240 | 370 | ||
Unknown | [1] | 5 | 32 | ||
Total | [1] | 17,270 | 20,550 | ||
Accrued interest included in total | [1] | 64 | 83 | ||
Installment [Member] | Loans Not Secured by Real Estate [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
800 and above | [1] | 50,680 | 44,254 | ||
750-799 | [1] | 101,146 | 86,800 | ||
700-749 | [1] | 38,660 | 34,789 | ||
650-699 | [1] | 18,041 | 16,456 | ||
600-649 | [1] | 4,311 | 4,979 | ||
550-599 | [1] | 1,855 | 1,997 | ||
500-549 | [1] | 1,212 | 1,170 | ||
Under 500 | [1] | 345 | 385 | ||
Unknown | [1] | 2,680 | 1,503 | ||
Total | [1] | 218,930 | 192,333 | ||
Accrued interest included in total | [1] | 551 | 520 | ||
Installment [Member] | Other [Member] | |||||
Loan ratings/credit scores by loan class [Abstract] | |||||
800 and above | [1] | 81 | 58 | ||
750-799 | [1] | 577 | 531 | ||
700-749 | [1] | 694 | 694 | ||
650-699 | [1] | 477 | 499 | ||
600-649 | [1] | 285 | 200 | ||
550-599 | [1] | 64 | 109 | ||
500-549 | [1] | 50 | 61 | ||
Under 500 | [1] | 25 | 23 | ||
Unknown | [1] | 31 | 4 | ||
Total | [1] | 2,284 | 2,179 | ||
Accrued interest included in total | [1] | $ 16 | $ 17 | ||
|
Segments (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
Segment
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
||||||
Segments [Abstract] | ||||||||||
Number of reportable segments | Segment | 2 | |||||||||
Selected financial information for reportable segments [Abstract] | ||||||||||
Total assets | $ 2,452,696 | $ 2,452,696 | $ 2,409,066 | |||||||
Interest income | 21,267 | $ 20,131 | 42,621 | $ 39,683 | ||||||
Net interest income | 19,630 | 18,701 | 39,393 | 36,792 | ||||||
Provision for loan losses | (734) | (134) | (1,264) | (793) | ||||||
Income (loss) before income tax | 9,049 | 8,243 | 15,106 | 13,804 | ||||||
Net income (loss) | 6,438 | 5,619 | 10,538 | 9,400 | ||||||
Other [Member] | ||||||||||
Selected financial information for reportable segments [Abstract] | ||||||||||
Total assets | [1] | 282,570 | 282,570 | 286,936 | ||||||
Interest income | [1] | 12 | 20 | 17 | 40 | |||||
Net interest income | [1] | (274) | (234) | (545) | (461) | |||||
Provision for loan losses | [1] | 0 | 0 | 0 | 0 | |||||
Income (loss) before income tax | [1] | (274) | (356) | (697) | (739) | |||||
Net income (loss) | [1] | (129) | (225) | (396) | (469) | |||||
Operating Segments [Member] | IB [Member] | ||||||||||
Selected financial information for reportable segments [Abstract] | ||||||||||
Total assets | 2,391,120 | 2,391,120 | 2,340,566 | |||||||
Interest income | 20,216 | 18,701 | 40,459 | 36,922 | ||||||
Net interest income | 18,989 | 17,717 | 38,091 | 34,900 | ||||||
Provision for loan losses | (734) | (138) | (1,260) | (794) | ||||||
Income (loss) before income tax | 9,298 | 8,843 | 16,160 | 15,102 | ||||||
Net income (loss) | 6,550 | 5,935 | 11,169 | 10,168 | ||||||
Operating Segments [Member] | Mepco [Member] | ||||||||||
Selected financial information for reportable segments [Abstract] | ||||||||||
Total assets | 50,178 | 50,178 | 57,208 | |||||||
Interest income | 1,052 | 1,430 | 2,162 | 2,761 | ||||||
Net interest income | 915 | 1,218 | 1,847 | 2,353 | ||||||
Provision for loan losses | 0 | 4 | (4) | 1 | ||||||
Income (loss) before income tax | 49 | (221) | (310) | (512) | ||||||
Net income (loss) | 32 | (77) | (205) | (269) | ||||||
Elimination [Member] | ||||||||||
Selected financial information for reportable segments [Abstract] | ||||||||||
Total assets | [2] | (271,172) | (271,172) | $ (275,644) | ||||||
Interest income | [2] | (13) | (20) | (17) | (40) | |||||
Net interest income | [2] | 0 | 0 | 0 | 0 | |||||
Provision for loan losses | [2] | 0 | 0 | 0 | 0 | |||||
Income (loss) before income tax | [2] | (24) | (23) | (47) | (47) | |||||
Net income (loss) | [2] | $ (15) | $ (14) | $ (30) | $ (30) | |||||
|
Shareholders' Equity and Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Nov. 15, 2011 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Apr. 26, 2016 |
Jan. 21, 2016 |
||||
Class of Stock [Line Items] | ||||||||||
Stock repurchased | $ 15,510 | $ 3,668 | ||||||||
Shareholders with certain limited exceptions | 5.00% | |||||||||
Number of Series C Junior participating preferred stock purchase by each right | 1/1000 | |||||||||
Beneficial ownership level | 4.99% | |||||||||
Discount to current market price of the common stock | 50.00% | |||||||||
Earnings Per Share Reconciliation [Abstract] | ||||||||||
Net income | $ 6,438 | $ 5,619 | $ 10,538 | $ 9,400 | ||||||
Weighted average shares outstanding (in shares) | [1] | 21,281,000 | 22,889,000 | 21,516,000 | 22,943,000 | |||||
Stock units for deferred compensation plan for non-employee directors (in shares) | 114,000 | 111,000 | 114,000 | 111,000 | ||||||
Effect of stock options (in shares) | 148,000 | 120,000 | 150,000 | 120,000 | ||||||
Restricted stock units (in shares) | 55,000 | 310,000 | 70,000 | 310,000 | ||||||
Performance share units (in shares) | 41,000 | 0 | 37,000 | 0 | ||||||
Weighted average shares outstanding for calculation of diluted earnings per share (in shares) | 21,639,000 | 23,430,000 | 21,887,000 | 23,484,000 | ||||||
Net income per common share [Abstract] | ||||||||||
Basic (in dollars per share) | [1] | $ 0.30 | $ 0.25 | $ 0.49 | $ 0.41 | |||||
Diluted (in dollars per share) | $ 0.30 | $ 0.24 | $ 0.48 | $ 0.40 | ||||||
Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program percentage of shares authorized to be repurchased | 5.00% | |||||||||
Stock repurchased (in shares) | 1,059,865 | |||||||||
Stock repurchased | $ 15,500 | |||||||||
Stock repurchase program, remaining shares to be repurchased (in shares) | 52,703 | 52,703 | ||||||||
Stock repurchase program, remaining amount to be repurchased | $ 5,000 | $ 5,000 | ||||||||
Stock repurchase program, additional authorized amount | $ 5,000 | |||||||||
Stock Options [Member] | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Antidilutive shares excluded from computation of diluted loss per share (in shares) | 30,000 | 30,000 | 30,000 | 30,000 | ||||||
|
Derivative Financial Instruments (Details) - No Hedge Designation [Member] - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Derivative financial instrument according to type of hedge[ Abstract] | ||
Notional Amount | $ 178,895 | $ 126,271 |
Average Maturity | 4 years 8 months 12 days | 3 years 8 months 12 days |
Fair Value | $ 522 | $ 619 |
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 3,307 | 1,238 |
Liability Derivatives | 2,785 | 619 |
Rate-Lock Mortgage Loan Commitments [Member] | ||
Derivative financial instrument according to type of hedge[ Abstract] | ||
Notional Amount | $ 26,831 | $ 20,581 |
Average Maturity | 1 month 6 days | 1 month 6 days |
Fair Value | $ 899 | $ 550 |
Rate-Lock Mortgage Loan Commitments [Member] | Other Assets [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 899 | 550 |
Rate-Lock Mortgage Loan Commitments [Member] | Other Liabilities [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 0 | 0 |
Mandatory Commitments to Sell Mortgage Loans [Member] | ||
Derivative financial instrument according to type of hedge[ Abstract] | ||
Notional Amount | $ 57,034 | $ 46,320 |
Average Maturity | 1 month 6 days | 1 month 6 days |
Fair Value | $ (377) | $ 69 |
Mandatory Commitments to Sell Mortgage Loans [Member] | Other Assets [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 0 | 69 |
Mandatory Commitments to Sell Mortgage Loans [Member] | Other Liabilities [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 377 | 0 |
Interest Rate Swap [Member] | Fixed Income Interest Rate [Member] | ||
Derivative financial instrument according to type of hedge[ Abstract] | ||
Notional Amount | $ 44,396 | $ 27,587 |
Average Maturity | 9 years 1 month 6 days | 8 years |
Fair Value | $ (2,205) | $ (497) |
Interest Rate Swap [Member] | Fixed Income Interest Rate [Member] | Other Assets [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 0 | 0 |
Interest Rate Swap [Member] | Fixed Income Interest Rate [Member] | Other Liabilities [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 2,205 | 497 |
Interest Rate Swap [Member] | Variable Income Interest Rate [Member] | ||
Derivative financial instrument according to type of hedge[ Abstract] | ||
Notional Amount | $ 44,396 | $ 27,587 |
Average Maturity | 9 years 1 month 6 days | 8 years |
Fair Value | $ 2,205 | $ 497 |
Interest Rate Swap [Member] | Variable Income Interest Rate [Member] | Other Assets [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 2,205 | 497 |
Interest Rate Swap [Member] | Variable Income Interest Rate [Member] | Other Liabilities [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 0 | 0 |
Purchased Options [Member] | ||
Derivative financial instrument according to type of hedge[ Abstract] | ||
Notional Amount | $ 3,119 | $ 2,098 |
Average Maturity | 5 years | 5 years 8 months 12 days |
Fair Value | $ 203 | $ 122 |
Purchased Options [Member] | Other Assets [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 203 | 122 |
Purchased Options [Member] | Other Liabilities [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 0 | 0 |
Written Options [Member] | ||
Derivative financial instrument according to type of hedge[ Abstract] | ||
Notional Amount | $ 3,119 | $ 2,098 |
Average Maturity | 5 years | 5 years 8 months 12 days |
Fair Value | $ (203) | $ (122) |
Written Options [Member] | Other Assets [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 0 | 0 |
Written Options [Member] | Other Liabilities [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | $ 203 | $ 122 |
Derivative Financial Instruments, Effect on Statement of Operations (Details) - No Hedge Designation [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||||
Gain (Loss) Recognized in Income | $ (110) | $ 276 | $ (97) | $ 625 |
Rate-Lock Mortgage Loan Commitments [Member] | Net Gains on Mortgage Loans [Member] | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||||
Gain (Loss) Recognized in Income | 130 | (283) | 349 | 105 |
Mandatory Commitments to Sell Mortgage Loans [Member] | Net Gains on Mortgage Loans [Member] | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||||
Gain (Loss) Recognized in Income | (240) | 559 | (446) | 520 |
Purchased Options [Member] | Interest Expense [Member] | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||||
Gain (Loss) Recognized in Income | 3 | 0 | 81 | 0 |
Written Options [Member] | Interest Expense [Member] | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||||
Gain (Loss) Recognized in Income | (3) | 0 | (81) | 0 |
Fixed Income Interest Rate [Member] | Interest Rate Swap [Member] | Interest Income [Member] | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||||
Gain (Loss) Recognized in Income | (590) | 221 | (1,708) | (40) |
Variable Income Interest Rate [Member] | Interest Rate Swap [Member] | Interest Income [Member] | ||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | ||||
Gain (Loss) Recognized in Income | $ 590 | $ (221) | $ 1,708 | $ 40 |
Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Amortized intangible assets - core deposits [Abstract] | ||
Gross Carrying Amount | $ 6,118 | $ 6,118 |
Accumulated Amortization | 4,012 | $ 3,838 |
Summary of estimated intangible amortization [Abstract] | ||
Six months ending December 31, 2016 | 173 | |
2017 | 346 | |
2018 | 346 | |
2019 | 346 | |
2020 | 346 | |
2021 and thereafter | 549 | |
Total | $ 2,106 |
Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Share based compensation arrangements [Line Items] | ||||||
Number of additional shares approved for grant (in shares) | 200,000 | |||||
Total compensation cost not yet recognized | $ 2,100 | $ 2,100 | ||||
Total compensation cost not yet recognized, period for recognition | 2 years | |||||
Information regarding options exercised [Abstract] | ||||||
Intrinsic value | 60 | $ 187 | $ 177 | $ 243 | ||
Cash proceeds received | 27 | 67 | 59 | 82 | ||
Tax benefit realized | $ 21 | $ 65 | 62 | 85 | ||
Long-term Incentive Plan [Member] | ||||||
Share based compensation arrangements [Line Items] | ||||||
Number of stock units or restricted shares issued in period (in shares) | 0 | 0 | ||||
Total compensation expense recognized | $ 400 | $ 400 | 800 | 700 | ||
Tax benefit relating to compensation expense recognized | $ 100 | 100 | $ 300 | $ 300 | ||
Stock Options [Member] | ||||||
Outstanding stock option grants and transaction [Roll Forward] | ||||||
Outstanding, beginning balance (in shares) | 235,596 | 235,596 | ||||
Granted (in shares) | 0 | |||||
Exercised (in shares) | (16,014) | |||||
Forfeited (in shares) | (664) | |||||
Expired (in shares) | (400) | |||||
Outstanding, ending balance (in shares) | 218,518 | 218,518 | ||||
Vested and expected to vest, period end (in shares) | 218,518 | 218,518 | ||||
Exercisable, period end (in shares) | 218,518 | 218,518 | ||||
Weighted Average Exercise Price [Roll Forward] | ||||||
Outstanding, beginning balance (in dollars per share) | $ 4.94 | $ 4.94 | ||||
Exercised (in dollars per share) | 3.69 | |||||
Forfeited (in dollars per share) | 6.42 | |||||
Expired (in dollars per share) | 4.25 | |||||
Outstanding, ending balance (in dollars per share) | $ 5.02 | 5.02 | ||||
Vested and expected to vest, period end (in dollars per share) | 5.02 | 5.02 | ||||
Exercisable, period end (in dollars per share) | $ 5.02 | $ 5.02 | ||||
Weighted-Average Remaining Contractual Term [Abstract] | ||||||
Outstanding, Weighted Average Remaining Contractual Term | 5 years 6 months 14 days | |||||
Vested and Expected to Vest, Weighted-Average Remaining Contractual Term | 5 years 6 months 14 days | |||||
Exercisable, Weighted Average Remaining Contractual Term | 5 years 6 months 14 days | |||||
Aggregate intrinsic value [Abstract] | ||||||
Outstanding, Aggregate Intrinsic Value | $ 2,109 | $ 2,109 | ||||
Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 2,109 | 2,109 | ||||
Exercisable, Aggregate Intrinsic Value | $ 2,109 | $ 2,109 | ||||
Non-Vested Restricted Stock, Restricted Stock Units and PSU's [Member] | ||||||
Number of Shares [Roll Forward] | ||||||
Outstanding, beginning balance (in shares) | 261,981 | 261,981 | ||||
Granted (in shares) | 96,660 | |||||
Vested (in shares) | (107,795) | |||||
Forfeited (in shares) | (4,924) | |||||
Outstanding, ending balance (in shares) | 245,922 | 245,922 | ||||
Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
Outstanding, beginning balance (in dollars per share) | $ 11.29 | $ 11.29 | ||||
Granted (in dollars per share) | 14.39 | |||||
Vested (in dollars per share) | 7.92 | |||||
Forfeited (in dollars per share) | 13.24 | |||||
Outstanding, ending balance (in dollars per share) | $ 13.94 | $ 13.94 | ||||
Director [Member] | ||||||
Share based compensation arrangements [Line Items] | ||||||
Shares issues as retainer fees (in shares) | 4,000 | 2,000 | ||||
Non-Employee Directors [Member] | ||||||
Share based compensation arrangements [Line Items] | ||||||
Number of additional shares approved for grant (in shares) | 200,000 | |||||
Total compensation expense recognized | $ 30 | 20 | $ 60 | $ 30 | ||
Tax benefit relating to compensation expense recognized | $ 10 | $ 10 | $ 20 | $ 10 | ||
Officers [Member] | Restricted Stock [Member] | Long-term Incentive Plan [Member] | ||||||
Share based compensation arrangements [Line Items] | ||||||
Number of stock units or restricted shares issued in period (in shares) | 70,000 | 70,000 | ||||
Vesting period | 3 years | 3 years | ||||
Officers [Member] | Performance Stock Units [Member] | Long-term Incentive Plan [Member] | ||||||
Share based compensation arrangements [Line Items] | ||||||
Number of stock units or restricted shares issued in period (in shares) | 30,000 | 30,000 | ||||
Vesting period | 3 years | 3 years |
Income Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Income Tax [Abstract] | |||||
Income tax expense | $ 2,611 | $ 2,624 | $ 4,568 | $ 4,404 | |
Tax benefit relating to compensation expense recognized | (300) | $ (300) | |||
Gross unrecognized tax benefits | 1,000 | 1,000 | $ 1,000 | ||
Mepco [Member] | |||||
Valuation Allowance [Line Items] | |||||
Valuation allowance against deferred tax assets attributable to Mepco | $ 1,100 | $ 1,100 | $ 1,100 |
Regulatory Matters (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Jun. 30, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
|
Regulatory Matters [Abstract] | ||||||
Undivided profits | $ 2,100 | |||||
Request for approval to transfer capital from bank to parent entity | $ 18,000 | $ 18,500 | ||||
Components of regulatory capital [Abstract] | ||||||
Total shareholders' equity | 246,923 | $ 251,092 | $ 254,375 | $ 250,371 | ||
Add (deduct) [Abstract] | ||||||
Accumulated other comprehensive (income) loss for regulatory purposes | (3,283) | (6,036) | ||||
Intangible assets | (2,106) | (2,280) | ||||
Consolidated [Member] | ||||||
Total capital to risk-weighted assets [Abstract] | ||||||
Total risk-based capital | 275,163 | 278,170 | ||||
Minimum for Adequately Capitalized Institutions, Amount | $ 137,844 | $ 133,668 | ||||
Actual, Ratio | 15.97% | 16.65% | ||||
Minimum for Adequately Capitalized Institutions, Ratio | 8.00% | 8.00% | ||||
Tier 1 capital to risk-weighted assets [Abstract] | ||||||
Actual, Amount | $ 253,484 | $ 257,050 | ||||
Minimum for Adequately Capitalized Institutions, Amount | $ 103,383 | $ 100,251 | ||||
Actual, Ratio | 14.71% | 15.38% | ||||
Minimum for Adequately Capitalized Institutions, Ratio | 6.00% | 6.00% | ||||
Common equity tier 1 capital to risk-weighted assets [Abstract] | ||||||
Actual, Amount | $ 228,648 | $ 239,271 | ||||
Minimum for Adequately Capitalized Institutions, Amount | $ 77,537 | $ 75,188 | ||||
Actual, Ratio | 13.27% | 14.32% | ||||
Minimum for Adequately Capitalized Institutions, Ratio | 4.50% | 4.50% | ||||
Tier 1 capital to average assets [Abstract] | ||||||
Tier 1 capital | $ 253,484 | $ 257,050 | ||||
Minimum for Adequately Capitalized Institutions, Amount | $ 96,803 | $ 94,217 | ||||
Actual, Ratio | 10.47% | 10.91% | ||||
Minimum for Adequately Capitalized Institutions, Ratio | 4.00% | 4.00% | ||||
Components of regulatory capital [Abstract] | ||||||
Total shareholders' equity | $ 246,923 | $ 251,092 | ||||
Add (deduct) [Abstract] | ||||||
Accumulated other comprehensive (income) loss for regulatory purposes | (2,515) | 238 | ||||
Intangible assets | (1,264) | (912) | ||||
Disallowed deferred tax assets | (14,496) | (11,147) | ||||
Common equity tier 1 capital | 228,648 | 239,271 | ||||
Qualifying trust preferred securities | 34,500 | 34,500 | ||||
Disallowed deferred tax assets | (9,664) | (16,721) | ||||
Tier 1 capital | 253,484 | 257,050 | ||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 21,679 | 21,120 | ||||
Total risk-based capital | 275,163 | 278,170 | ||||
Independent Bank [Member] | ||||||
Total capital to risk-weighted assets [Abstract] | ||||||
Total risk-based capital | 260,344 | 261,894 | ||||
Minimum for Adequately Capitalized Institutions, Amount | 137,712 | 133,514 | ||||
Minimum for Well Capitalized Institutions, Amount | $ 172,140 | $ 166,893 | ||||
Actual, Ratio | 15.12% | 15.69% | ||||
Minimum for Adequately Capitalized Institutions, Ratio | 8.00% | 8.00% | ||||
Minimum for Well-Capitalized Institutions, Ratio | 10.00% | 10.00% | ||||
Tier 1 capital to risk-weighted assets [Abstract] | ||||||
Actual, Amount | $ 238,734 | $ 240,867 | ||||
Minimum for Adequately Capitalized Institutions, Amount | 103,284 | 100,136 | ||||
Minimum for Well-Capitalized Institutions, Amount | $ 137,712 | $ 133,514 | ||||
Actual, Ratio | 13.87% | 14.43% | ||||
Minimum for Adequately Capitalized Institutions, Ratio | 6.00% | 6.00% | ||||
Minimum for Well Capitalized Institutions, Ratio | 8.00% | 8.00% | ||||
Common equity tier 1 capital to risk-weighted assets [Abstract] | ||||||
Actual, Amount | $ 238,734 | $ 240,867 | ||||
Minimum for Adequately Capitalized Institutions, Amount | 77,463 | 75,102 | ||||
Minimum for Well-Capitalized Institutions, Amount | $ 111,891 | $ 108,480 | ||||
Actual, Ratio | 13.87% | 14.43% | ||||
Minimum for Adequately Capitalized Institutions, Ratio | 4.50% | 4.50% | ||||
Minimum for Well Capitalized Institutions, Ratio | 6.50% | 6.50% | ||||
Tier 1 capital to average assets [Abstract] | ||||||
Tier 1 capital | $ 238,734 | $ 240,867 | ||||
Minimum for Adequately Capitalized Institutions, Amount | 96,737 | 94,145 | ||||
Minimum for Well-Capitalized Institutions, Amount | $ 120,921 | $ 117,682 | ||||
Actual, Ratio | 9.87% | 10.23% | ||||
Minimum for Adequately Capitalized Institutions, Ratio | 4.00% | 4.00% | ||||
Minimum for Well-Capitalized Institutions, Ratio | 5.00% | 5.00% | ||||
Components of regulatory capital [Abstract] | ||||||
Total shareholders' equity | $ 256,850 | $ 259,947 | ||||
Add (deduct) [Abstract] | ||||||
Accumulated other comprehensive (income) loss for regulatory purposes | (2,514) | 238 | ||||
Intangible assets | (1,264) | (912) | ||||
Disallowed deferred tax assets | (14,338) | (18,406) | ||||
Common equity tier 1 capital | 238,734 | 240,867 | ||||
Qualifying trust preferred securities | 0 | 0 | ||||
Disallowed deferred tax assets | 0 | 0 | ||||
Tier 1 capital | 238,734 | 240,867 | ||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 21,610 | 21,027 | ||||
Total risk-based capital | $ 260,344 | $ 261,894 |
Fair Value Disclosures, Significant Assumptions (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fair Value Disclosures [Abstract] | |||||||||||||
Value of collateral-dependent impaired loans that will be reviewed by independent third party, minimum | $ 250 | ||||||||||||
Value of collateral-dependent impaired loans that will be reviewed by special assets group, maximum | 250 | ||||||||||||
Assets [Abstract] | |||||||||||||
Trading securities | 212 | $ 148 | |||||||||||
Securities available for sale | 599,755 | 585,484 | |||||||||||
Loans held for sale | 31,713 | 27,866 | |||||||||||
Assets [Abstract] | |||||||||||||
Capitalized mortgage loan servicing rights | 10,007 | 8,481 | |||||||||||
U.S. Agency [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 31,679 | 47,512 | |||||||||||
U.S. Agency Residential Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 182,063 | 196,056 | |||||||||||
U.S. Agency Commercial Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 7,996 | 34,028 | |||||||||||
Private Label Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 26,246 | 4,903 | |||||||||||
Other Asset Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 139,846 | 116,904 | |||||||||||
Obligations of States and Political Subdivisions [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 158,341 | 144,984 | |||||||||||
Corporate [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 49,527 | 38,614 | |||||||||||
Trust Preferred [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 2,397 | 2,483 | |||||||||||
Foreign Government [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 1,660 | ||||||||||||
Fair Value, Measurements, Recurring [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Trading securities | 212 | 148 | |||||||||||
Loans held for sale | 31,713 | 27,866 | |||||||||||
Derivatives | [1] | 3,307 | 1,238 | ||||||||||
Liabilities [Abstract] | |||||||||||||
Derivatives | [2] | 2,785 | 619 | ||||||||||
Fair Value, Measurements, Recurring [Member] | U.S. Agency [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 31,679 | 47,512 | |||||||||||
Fair Value, Measurements, Recurring [Member] | U.S. Agency Residential Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 182,063 | 196,056 | |||||||||||
Fair Value, Measurements, Recurring [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 7,996 | 34,028 | |||||||||||
Fair Value, Measurements, Recurring [Member] | Private Label Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 26,246 | 4,903 | |||||||||||
Fair Value, Measurements, Recurring [Member] | Other Asset Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 139,846 | 116,904 | |||||||||||
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 158,341 | 144,984 | |||||||||||
Fair Value, Measurements, Recurring [Member] | Corporate [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 49,527 | 38,614 | |||||||||||
Fair Value, Measurements, Recurring [Member] | Trust Preferred [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 2,397 | 2,483 | |||||||||||
Fair Value, Measurements, Recurring [Member] | Foreign Government [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 1,660 | ||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Capitalized mortgage loan servicing rights | [3] | 10,007 | 8,481 | ||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | |||||||||||||
Commercial [Abstract] | |||||||||||||
Income producing - real estate | [4] | 649 | 711 | ||||||||||
Land, land development & construction - real estate | [4] | 158 | 40 | ||||||||||
Commercial and industrial | [4] | 1,638 | 1,257 | ||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [4] | 651 | 421 | ||||||||||
Resort Lending | [4] | 129 | |||||||||||
Commercial [Abstract] | |||||||||||||
Land, land development & construction - real estate | [4] | 158 | 40 | ||||||||||
Commercial and industrial | [4] | 1,638 | 1,257 | ||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [4] | 651 | 421 | ||||||||||
Resort Lending | [4] | 129 | |||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate [Member] | |||||||||||||
Commercial [Abstract] | |||||||||||||
Land, land development & construction - real estate | [5] | 176 | 639 | ||||||||||
Commercial and industrial | [5] | 165 | |||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [5] | 48 | 26 | ||||||||||
Resort Lending | [5] | 92 | 107 | ||||||||||
Commercial [Abstract] | |||||||||||||
Land, land development & construction - real estate | [5] | 176 | 639 | ||||||||||
Commercial and industrial | [5] | 165 | |||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [5] | 48 | 26 | ||||||||||
Resort Lending | [5] | 92 | 107 | ||||||||||
Home equity - 1st lien | [5] | 14 | |||||||||||
Installment [Abstract] | |||||||||||||
Home equity - 1st lien | [5] | 36 | |||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Trading securities | 212 | 148 | |||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Derivatives | 0 | 0 | |||||||||||
Liabilities [Abstract] | |||||||||||||
Derivatives | 0 | 0 | |||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Trading securities | 212 | 148 | |||||||||||
Loans held for sale | 0 | 0 | |||||||||||
Derivatives | [1] | 0 | 0 | ||||||||||
Liabilities [Abstract] | |||||||||||||
Derivatives | [2] | 0 | 0 | ||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Residential Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Private Label Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Other Asset Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Government [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | ||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Capitalized mortgage loan servicing rights | [3] | 0 | 0 | ||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | |||||||||||||
Commercial [Abstract] | |||||||||||||
Income producing - real estate | [4] | 0 | 0 | ||||||||||
Land, land development & construction - real estate | [4] | 0 | 0 | ||||||||||
Commercial and industrial | [4] | 0 | 0 | ||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [4] | 0 | 0 | ||||||||||
Resort Lending | [4] | 0 | |||||||||||
Commercial [Abstract] | |||||||||||||
Land, land development & construction - real estate | [4] | 0 | 0 | ||||||||||
Commercial and industrial | [4] | 0 | 0 | ||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [4] | 0 | 0 | ||||||||||
Resort Lending | [4] | 0 | |||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate [Member] | |||||||||||||
Commercial [Abstract] | |||||||||||||
Land, land development & construction - real estate | [5] | 0 | 0 | ||||||||||
Commercial and industrial | [5] | 0 | |||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [5] | 0 | 0 | ||||||||||
Resort Lending | [5] | 0 | 0 | ||||||||||
Commercial [Abstract] | |||||||||||||
Land, land development & construction - real estate | [5] | 0 | 0 | ||||||||||
Commercial and industrial | [5] | 0 | |||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [5] | 0 | 0 | ||||||||||
Resort Lending | [5] | 0 | 0 | ||||||||||
Home equity - 1st lien | [5] | 0 | |||||||||||
Installment [Abstract] | |||||||||||||
Home equity - 1st lien | [5] | 0 | |||||||||||
Significant Other Observable Inputs (Level 2) [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Trading securities | 0 | 0 | |||||||||||
Securities available for sale | 599,755 | 585,484 | |||||||||||
Derivatives | 3,307 | 1,238 | |||||||||||
Liabilities [Abstract] | |||||||||||||
Derivatives | 2,785 | 619 | |||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Trading securities | 0 | 0 | |||||||||||
Loans held for sale | 31,713 | 27,866 | |||||||||||
Derivatives | [1] | 3,307 | 1,238 | ||||||||||
Liabilities [Abstract] | |||||||||||||
Derivatives | [2] | 2,785 | 619 | ||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 31,679 | 47,512 | |||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Residential Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 182,063 | 196,056 | |||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 7,996 | 34,028 | |||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Private Label Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 26,246 | 4,903 | |||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Other Asset Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 139,846 | 116,904 | |||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 158,341 | 144,984 | |||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 49,527 | 38,614 | |||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 2,397 | 2,483 | |||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Government [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 1,660 | ||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Capitalized mortgage loan servicing rights | [3] | 0 | 0 | ||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | |||||||||||||
Commercial [Abstract] | |||||||||||||
Income producing - real estate | [4] | 0 | 0 | ||||||||||
Land, land development & construction - real estate | [4] | 0 | 0 | ||||||||||
Commercial and industrial | [4] | 0 | 0 | ||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [4] | 0 | 0 | ||||||||||
Resort Lending | [4] | 0 | |||||||||||
Commercial [Abstract] | |||||||||||||
Land, land development & construction - real estate | [4] | 0 | 0 | ||||||||||
Commercial and industrial | [4] | 0 | 0 | ||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [4] | 0 | 0 | ||||||||||
Resort Lending | [4] | 0 | |||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate [Member] | |||||||||||||
Commercial [Abstract] | |||||||||||||
Land, land development & construction - real estate | [5] | 0 | 0 | ||||||||||
Commercial and industrial | [5] | 0 | |||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [5] | 0 | 0 | ||||||||||
Resort Lending | [5] | 0 | 0 | ||||||||||
Commercial [Abstract] | |||||||||||||
Land, land development & construction - real estate | [5] | 0 | 0 | ||||||||||
Commercial and industrial | [5] | 0 | |||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [5] | 0 | 0 | ||||||||||
Resort Lending | [5] | 0 | 0 | ||||||||||
Home equity - 1st lien | [5] | 0 | |||||||||||
Installment [Abstract] | |||||||||||||
Home equity - 1st lien | [5] | 0 | |||||||||||
Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Trading securities | 0 | 0 | |||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Derivatives | 0 | 0 | |||||||||||
Liabilities [Abstract] | |||||||||||||
Derivatives | 0 | 0 | |||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Trading securities | 0 | 0 | |||||||||||
Loans held for sale | 0 | 0 | |||||||||||
Derivatives | [1] | 0 | 0 | ||||||||||
Liabilities [Abstract] | |||||||||||||
Derivatives | [2] | 0 | 0 | ||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Residential Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Private Label Mortgage-Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Other Asset Backed [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | 0 | |||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Government [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Securities available for sale | 0 | ||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||||||||
Assets [Abstract] | |||||||||||||
Capitalized mortgage loan servicing rights | [3] | 10,007 | 8,481 | ||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | |||||||||||||
Commercial [Abstract] | |||||||||||||
Income producing - real estate | [4] | 649 | 711 | ||||||||||
Land, land development & construction - real estate | [4] | 158 | 40 | ||||||||||
Commercial and industrial | [4] | 1,638 | 1,257 | ||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [4] | 651 | 421 | ||||||||||
Resort Lending | [4] | 129 | |||||||||||
Commercial [Abstract] | |||||||||||||
Land, land development & construction - real estate | [4] | 158 | 40 | ||||||||||
Commercial and industrial | [4] | 1,638 | 1,257 | ||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [4] | 651 | 421 | ||||||||||
Resort Lending | [4] | 129 | |||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate [Member] | |||||||||||||
Commercial [Abstract] | |||||||||||||
Land, land development & construction - real estate | [5] | 176 | 639 | ||||||||||
Commercial and industrial | [5] | 165 | |||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [5] | 48 | 26 | ||||||||||
Resort Lending | [5] | 92 | 107 | ||||||||||
Commercial [Abstract] | |||||||||||||
Land, land development & construction - real estate | [5] | 176 | 639 | ||||||||||
Commercial and industrial | [5] | 165 | |||||||||||
Mortgage [Abstract] | |||||||||||||
1-4 Family | [5] | 48 | 26 | ||||||||||
Resort Lending | [5] | $ 92 | 107 | ||||||||||
Home equity - 1st lien | [5] | 14 | |||||||||||
Installment [Abstract] | |||||||||||||
Home equity - 1st lien | [5] | $ 36 | |||||||||||
|
Fair Value Disclosures, Changes in Fair Value for Financial Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Impairment charges recognized [Abstract] | |||||
Capitalized mortgage loan servicing rights, carrying amount | $ 10,000 | $ 10,000 | $ 8,500 | ||
Capitalized mortgage loan servicing rights, valuation allowance | 5,400 | 5,400 | 3,300 | ||
Capitalized mortgage loan servicing rights | (600) | $ 1,200 | (2,100) | $ 500 | |
Collateral dependent loans, carrying amount | 5,400 | 5,400 | 5,100 | ||
Collateral dependent loans, valuation allowance | 2,300 | 2,300 | 2,500 | ||
Additional provision for loan losses on impaired loans | (100) | 500 | 300 | 1,000 | |
Other real estate, carrying amount | 300 | 300 | 1,000 | ||
Other real estate, valuation allowance | 1,100 | 1,100 | $ 1,700 | ||
Other real estate, additional charge | $ 40 | $ 220 | 60 | 370 | |
Trading Securities [Member] | |||||
Changes in fair value for financial assets [Abstract] | |||||
Net Gains (Losses) on Assets | 64 | (23) | |||
Total Change in Fair Values Included in Current Period Earnings | 64 | (23) | |||
Loans Held For Sale [Member] | |||||
Changes in fair value for financial assets [Abstract] | |||||
Net Gains (Losses) on Assets | 478 | (121) | |||
Total Change in Fair Values Included in Current Period Earnings | $ 478 | $ (121) |
Fair Value Disclosures, Quantitative Information About Level 3 (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
Asset (Liability) Fair Value [Abstract] | |||||
Capitalized mortgage loan servicing rights | $ 10,007,000 | $ 10,007,000 | $ 8,481,000 | ||
Impaired Loans Commercial [Member] | |||||
Impaired loan [Abstract] | |||||
Commercial | [1] | 2,240,000 | $ 2,240,000 | 1,605,000 | |
Unobservable Inputs Weighted Average [Abstract] | |||||
Total impaired collateral value | 200,000 | $ 400,000 | |||
Impaired Loans Commercial [Member] | Minimum [Member] | |||||
Unobservable Inputs Weighted Average [Abstract] | |||||
Discount rate | 0.00% | 0.00% | |||
Impaired Loans Commercial [Member] | Maximum [Member] | |||||
Unobservable Inputs Weighted Average [Abstract] | |||||
Discount rate | 100.00% | 100.00% | |||
Mortgage [Member] | |||||
Impaired loan [Abstract] | |||||
Mortgage | 651,000 | $ 651,000 | $ 550,000 | ||
Other Real Estate Commercial [Member] | |||||
Other real estate [Abstract] | |||||
Commercial | 176,000 | 176,000 | 804,000 | ||
Mortgage and Installment [Member] | |||||
Other real estate [Abstract] | |||||
Mortgage and installment | $ 140,000 | $ 140,000 | $ 183,000 | ||
Income Approach [Member] | Impaired Loans Commercial [Member] | |||||
Unobservable Inputs Weighted Average [Abstract] | |||||
Capitalization rate | 9.30% | ||||
Present Value of Net Servicing Revenue [Member] | |||||
Unobservable Inputs Weighted Average [Abstract] | |||||
Discount rate | 10.05% | 10.04% | |||
Cost to service | $ 80 | $ 80 | |||
Ancillary income | $ 24 | $ 24 | |||
Float rate | 0.98% | 1.73% | |||
Sales Comparison Approach [Member] | Impaired Loans Commercial [Member] | |||||
Unobservable Inputs Weighted Average [Abstract] | |||||
Adjustment for differences between comparable sales | (1.50%) | (2.10%) | |||
Sales Comparison Approach [Member] | Mortgage [Member] | |||||
Unobservable Inputs Weighted Average [Abstract] | |||||
Adjustment for differences between comparable sales | 4.20% | 0.70% | |||
Sales Comparison Approach [Member] | Other Real Estate Commercial [Member] | |||||
Unobservable Inputs Weighted Average [Abstract] | |||||
Adjustment for differences between comparable sales | (22.50%) | (3.90%) | |||
Sales Comparison Approach [Member] | Mortgage and Installment [Member] | |||||
Unobservable Inputs Weighted Average [Abstract] | |||||
Adjustment for differences between comparable sales | 73.80% | 75.60% | |||
|
Fair Value Disclosures, Difference Between Aggregate Fair Value and Aggregate Remaining Contractual Principal (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair value option - Loans held for sale [Abstract] | ||
Loans held for sale | $ 31,713 | $ 27,866 |
Difference | 1,192 | 714 |
Contractual Principal | $ 30,521 | $ 27,152 |
Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Assets [Abstract] | |||||
Interest bearing deposits - time | $ 8,560 | $ 11,866 | |||
Trading securities | 212 | 148 | |||
Securities available for sale | 599,755 | 585,484 | |||
Federal Home Loan Bank and Federal Reserve Bank Stock | 15,229 | 15,471 | |||
Liabilities [Abstract] | |||||
Other borrowings | 11,797 | 11,954 | |||
Subordinated debentures | 35,569 | 35,569 | |||
Reciprocal deposits included in deposits with no stated maturity | 12,400 | 11,800 | |||
Reciprocal deposits included in deposits with stated maturity | 37,000 | 38,400 | |||
Recorded Book Balance [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 34,542 | 54,260 | |||
Interest bearing deposits | 26,488 | 31,523 | |||
Interest bearing deposits - time | 8,560 | 11,866 | |||
Trading securities | 212 | 148 | |||
Securities available for sale | 599,755 | 585,484 | |||
Federal Home Loan Bank and Federal Reserve Bank Stock | 15,229 | 15,471 | |||
Net loans and loans held for sale | 1,591,123 | 1,520,346 | |||
Accrued interest receivable | 6,767 | 6,565 | |||
Derivative financial instruments | 3,307 | 1,238 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | [1] | 1,687,965 | 1,659,743 | ||
Deposits with stated maturity | [1] | 440,327 | 426,220 | ||
Other borrowings | 11,797 | 11,954 | |||
Subordinated debentures | 35,569 | 35,569 | |||
Accrued interest payable | 536 | 466 | |||
Derivative financial instruments | 2,785 | 619 | |||
Fair Value [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 34,542 | 54,260 | |||
Interest bearing deposits | 26,488 | 31,523 | |||
Interest bearing deposits - time | 8,600 | 11,858 | |||
Trading securities | 212 | 148 | |||
Securities available for sale | 599,755 | 585,484 | |||
Net loans and loans held for sale | 1,566,760 | 1,472,613 | |||
Accrued interest receivable | 6,767 | 6,565 | |||
Derivative financial instruments | 3,307 | 1,238 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | [1] | 1,687,965 | 1,659,743 | ||
Deposits with stated maturity | [1] | 439,916 | 423,776 | ||
Other borrowings | 13,152 | 13,448 | |||
Subordinated debentures | 22,445 | 23,069 | |||
Accrued interest payable | 536 | 466 | |||
Derivative financial instruments | 2,785 | 619 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 34,542 | 54,260 | |||
Interest bearing deposits | 26,488 | 31,523 | |||
Interest bearing deposits - time | 0 | 0 | |||
Trading securities | 212 | 148 | |||
Securities available for sale | 0 | 0 | |||
Net loans and loans held for sale | 0 | 0 | |||
Accrued interest receivable | 3 | 5 | |||
Derivative financial instruments | 0 | 0 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | [1] | 1,687,965 | 1,659,743 | ||
Deposits with stated maturity | [1] | 0 | 0 | ||
Other borrowings | 0 | 0 | |||
Subordinated debentures | 0 | 0 | |||
Accrued interest payable | 18 | 21 | |||
Derivative financial instruments | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 0 | 0 | |||
Interest bearing deposits | 0 | 0 | |||
Interest bearing deposits - time | 8,600 | 11,858 | |||
Trading securities | 0 | 0 | |||
Securities available for sale | 599,755 | 585,484 | |||
Net loans and loans held for sale | 31,713 | 27,866 | |||
Accrued interest receivable | 2,178 | 1,969 | |||
Derivative financial instruments | 3,307 | 1,238 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | [1] | 0 | 0 | ||
Deposits with stated maturity | [1] | 439,916 | 423,776 | ||
Other borrowings | 13,152 | 13,448 | |||
Subordinated debentures | 22,445 | 23,069 | |||
Accrued interest payable | 518 | 445 | |||
Derivative financial instruments | 2,785 | 619 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 0 | 0 | |||
Interest bearing deposits | 0 | 0 | |||
Interest bearing deposits - time | 0 | 0 | |||
Trading securities | 0 | 0 | |||
Securities available for sale | 0 | 0 | |||
Net loans and loans held for sale | 1,535,047 | 1,444,747 | |||
Accrued interest receivable | 4,586 | 4,591 | |||
Derivative financial instruments | 0 | 0 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | [1] | 0 | 0 | ||
Deposits with stated maturity | [1] | 0 | 0 | ||
Other borrowings | 0 | 0 | |||
Subordinated debentures | 0 | 0 | |||
Accrued interest payable | 0 | 0 | |||
Derivative financial instruments | $ 0 | $ 0 | |||
|
Contingent Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Loss Contingencies [Line Items] | ||||||
Cash payment for litigation settlement relating to collection of vehicle service contracts counterparty receivables | $ 4,000 | |||||
Aggregate amount of counterparty obligations | $ 3,036 | $ 3,036 | $ 7,229 | |||
Vehicle service contract counterparty contingencies | (1) | $ 30 | 29 | $ 59 | ||
Provision for loss reimbursement on sold loans | 0 | $ 45 | (15) | $ (24) | ||
Reserve for loss reimbursement on sold mortgage loans | 500 | 500 | $ 500 | |||
Promissory Note [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Notes payable amount of settlement to counterparties | $ 1,500 | |||||
Term of note | 5 years | |||||
Full reserve on the remaining balance | 1,450 | |||||
Pending Litigation [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of reasonably possible loss | $ 1,000 | $ 1,000 | ||||
Accounts Receivables Due to Mepco [Member] | Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Installment payments period for service contract | 12 months | |||||
Accounts Receivables Due to Mepco [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Installment payments period for service contract | 24 months |
Accumulated Other Comprehensive Loss ("AOCL") (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | $ 251,092 | $ 250,371 | ||
Other comprehensive income (loss) before reclassifications | $ 1,588 | $ (1,188) | 2,937 | 295 |
Amounts reclassified from AOCL | (72) | 0 | (184) | (49) |
Net current period other comprehensive income (loss) | 1,516 | (1,188) | 2,753 | 246 |
Balance at end of period | 246,923 | 254,375 | 246,923 | 254,375 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications before tax | 9,049 | 8,243 | 15,106 | 13,804 |
Income tax expense | 2,611 | 2,624 | 4,568 | 4,404 |
Reclassifications, net of tax | 6,438 | 5,619 | 10,538 | 9,400 |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (4,799) | (4,202) | (6,036) | (5,636) |
Balance at end of period | (3,283) | (5,390) | (3,283) | (5,390) |
Unrealized Gains (Losses) on Securities Available For Sale [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | 999 | 1,596 | (238) | 162 |
Other comprehensive income (loss) before reclassifications | 1,588 | (1,188) | 2,937 | 295 |
Amounts reclassified from AOCL | (72) | 0 | (184) | (49) |
Net current period other comprehensive income (loss) | 1,516 | (1,188) | 2,753 | 246 |
Balance at end of period | 2,515 | 408 | 2,515 | 408 |
Unrealized Gains (Losses) on Securities Available For Sale [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gains on securities | 109 | 0 | 283 | 75 |
Net impairment loss recognized in earnings | 0 | 0 | 0 | 0 |
Total reclassifications before tax | 109 | 0 | 283 | 75 |
Income tax expense | 37 | 0 | 99 | 26 |
Reclassifications, net of tax | 72 | 0 | 184 | 49 |
Disproportionate Tax Effects from Securities Available for Sale [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (5,798) | (5,798) | (5,798) | (5,798) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCL | 0 | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Balance at end of period | $ (5,798) | $ (5,798) | $ (5,798) | $ (5,798) |
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