INDEPENDENT BANK CORPORATION
|
(Exact name of registrant as specified in its charter)
|
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)
|
(616) 527-5820
|
(Registrant's telephone number, including area code)
|
NONE
|
Former name, address and fiscal year, if changed since last report.
|
Common stock, no par value
|
24,105,586
|
|
Class
|
Outstanding at November 1, 2018
|
Number(s)
|
||
PART I -
|
Financial Information
|
|
Item 1.
|
3
|
|
4
|
||
5
|
||
6
|
||
7
|
||
8-65
|
||
Item 2.
|
66-90
|
|
Item 3.
|
91
|
|
Item 4.
|
91
|
|
PART II -
|
Other Information
|
|
Item 1A
|
92
|
|
Item 2.
|
92
|
|
Item 6.
|
93
|
· |
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;
|
· |
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. | INDEPENDENT BANK CORPORATION AND SUBSIDIARIES |
|
September 30,
2018
|
December 31,
2017
|
|||||||
(unaudited)
|
||||||||
(In thousands, except share
amounts)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
35,180
|
$
|
36,994
|
||||
Interest bearing deposits
|
17,990
|
17,744
|
||||||
Cash and Cash Equivalents
|
53,170
|
54,738
|
||||||
Interest bearing deposits - time
|
593
|
2,739
|
||||||
Equity securities at fair value
|
285
|
-
|
||||||
Trading securities
|
-
|
455
|
||||||
Securities available for sale
|
436,957
|
522,925
|
||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
|
18,355
|
15,543
|
||||||
Loans held for sale, carried at fair value
|
41,325
|
39,436
|
||||||
Loans
|
||||||||
Commercial
|
1,112,101
|
853,260
|
||||||
Mortgage
|
1,056,482
|
849,530
|
||||||
Installment
|
393,995
|
316,027
|
||||||
Total Loans
|
2,562,578
|
2,018,817
|
||||||
Allowance for loan losses
|
(24,401
|
)
|
(22,587
|
)
|
||||
Net Loans
|
2,538,177
|
1,996,230
|
||||||
Other real estate and repossessed assets
|
1,445
|
1,643
|
||||||
Property and equipment, net
|
39,012
|
39,149
|
||||||
Bank-owned life insurance
|
54,811
|
54,572
|
||||||
Deferred tax assets, net
|
8,449
|
15,089
|
||||||
Capitalized mortgage loan servicing rights
|
23,151
|
15,699
|
||||||
Other intangibles
|
6,709
|
1,586
|
||||||
Goodwill
|
28,300
|
-
|
||||||
Accrued income and other assets
|
46,385
|
29,551
|
||||||
Total Assets
|
$
|
3,297,124
|
$
|
2,789,355
|
||||
Liabilities and Shareholders' Equity
|
||||||||
Deposits
|
||||||||
Non-interest bearing
|
$
|
880,932
|
$
|
768,333
|
||||
Savings and interest-bearing checking
|
1,217,939
|
1,064,391
|
||||||
Reciprocal
|
92,635
|
50,979
|
||||||
Time
|
399,110
|
374,872
|
||||||
Brokered time
|
208,027
|
141,959
|
||||||
Total Deposits
|
2,798,643
|
2,400,534
|
||||||
Other borrowings
|
79,688
|
54,600
|
||||||
Subordinated debentures
|
39,371
|
35,569
|
||||||
Accrued expenses and other liabilities
|
34,218
|
33,719
|
||||||
Total Liabilities
|
2,951,920
|
2,524,422
|
||||||
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: 24,150,341
shares at September 30, 2018 and 21,333,869 shares at December 31, 2017
|
389,689
|
324,986
|
||||||
Accumulated deficit
|
(34,596
|
)
|
(54,054
|
)
|
||||
Accumulated other comprehensive loss
|
(9,889
|
)
|
(5,999
|
)
|
||||
Total Shareholders’ Equity
|
345,204
|
264,933
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
3,297,124
|
$
|
2,789,355
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
(In thousands, except per share amounts)
|
||||||||||||||||
Interest Income
|
||||||||||||||||
Interest and fees on loans
|
$
|
31,000
|
$
|
21,831
|
$
|
84,027
|
$
|
61,638
|
||||||||
Interest on securities
|
||||||||||||||||
Taxable
|
2,737
|
2,765
|
8,092
|
8,300
|
||||||||||||
Tax-exempt
|
412
|
512
|
1,335
|
1,478
|
||||||||||||
Other investments
|
303
|
263
|
898
|
867
|
||||||||||||
Total Interest Income
|
34,452
|
25,371
|
94,352
|
72,283
|
||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
3,976
|
1,833
|
9,472
|
4,754
|
||||||||||||
Other borrowings and subordinated debentures
|
779
|
626
|
2,267
|
1,659
|
||||||||||||
Total Interest Expense
|
4,755
|
2,459
|
11,739
|
6,413
|
||||||||||||
Net Interest Income
|
29,697
|
22,912
|
82,613
|
65,870
|
||||||||||||
Provision for loan losses
|
(53
|
)
|
582
|
912
|
806
|
|||||||||||
Net Interest Income After Provision for Loan Losses
|
29,750
|
22,330
|
81,701
|
65,064
|
||||||||||||
Non-interest Income
|
||||||||||||||||
Service charges on deposit accounts
|
3,166
|
3,281
|
9,166
|
9,465
|
||||||||||||
Interchange income
|
2,486
|
1,942
|
7,236
|
5,869
|
||||||||||||
Net gains (losses) on assets
|
||||||||||||||||
Mortgage loans
|
2,745
|
2,971
|
8,571
|
8,886
|
||||||||||||
Securities
|
93
|
69
|
(71
|
)
|
62
|
|||||||||||
Mortgage loan servicing, net
|
1,212
|
1
|
4,668
|
668
|
||||||||||||
Other
|
2,134
|
2,040
|
6,294
|
6,139
|
||||||||||||
Total Non-interest Income
|
11,836
|
10,304
|
35,864
|
31,089
|
||||||||||||
Non-interest Expense
|
||||||||||||||||
Compensation and employee benefits
|
16,169
|
13,577
|
46,506
|
41,104
|
||||||||||||
Occupancy, net
|
2,233
|
1,970
|
6,667
|
6,032
|
||||||||||||
Data processing
|
2,051
|
1,796
|
6,180
|
5,670
|
||||||||||||
Merger related expenses
|
98
|
10
|
3,354
|
10
|
||||||||||||
Furniture, fixtures and equipment
|
1,043
|
961
|
3,029
|
2,943
|
||||||||||||
Communications
|
727
|
685
|
2,111
|
2,046
|
||||||||||||
Interchange expense
|
715
|
294
|
1,974
|
869
|
||||||||||||
Loan and collection
|
531
|
481
|
1,900
|
1,564
|
||||||||||||
Advertising
|
594
|
526
|
1,578
|
1,551
|
||||||||||||
Legal and professional
|
477
|
540
|
1,311
|
1,366
|
||||||||||||
FDIC deposit insurance
|
270
|
208
|
750
|
608
|
||||||||||||
Other
|
1,832
|
1,568
|
5,276
|
5,183
|
||||||||||||
Total Non-interest Expense
|
26,740
|
22,616
|
80,636
|
68,946
|
||||||||||||
Income Before Income Tax
|
14,846
|
10,018
|
36,929
|
27,207
|
||||||||||||
Income tax expense
|
2,921
|
3,159
|
7,026
|
8,443
|
||||||||||||
Net Income
|
$
|
11,925
|
$
|
6,859
|
$
|
29,903
|
$
|
18,764
|
||||||||
Net Income Per Common Share
|
||||||||||||||||
Basic
|
$
|
0.49
|
$
|
0.32
|
$
|
1.29
|
$
|
0.88
|
||||||||
Diluted
|
$
|
0.49
|
$
|
0.32
|
$
|
1.27
|
$
|
0.87
|
||||||||
Dividends Per Common Share
|
||||||||||||||||
Declared
|
$
|
0.15
|
$
|
0.10
|
$
|
0.45
|
$
|
0.30
|
||||||||
Paid
|
$
|
0.15
|
$
|
0.10
|
$
|
0.45
|
$
|
0.30
|
Three months ended
September 30, |
Nine months ended
September 30, |
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(unaudited)
|
||||||||||||||||
(In thousands)
|
||||||||||||||||
Net income
|
$
|
11,925
|
$
|
6,859
|
$
|
29,903
|
$
|
18,764
|
||||||||
Other comprehensive income (loss)
|
||||||||||||||||
Securities available for sale
|
||||||||||||||||
Unrealized gains (losses) arising during period
|
(1,157
|
)
|
20
|
(6,220
|
)
|
7,738
|
||||||||||
Change in unrealized gains (losses) for which a portion of other than temporary impairment has been recognized in earnings
|
(14
|
)
|
126
|
(17
|
)
|
211
|
||||||||||
Reclassification adjustments for (gains) losses included in earnings
|
-
|
(8
|
)
|
45
|
(125
|
)
|
||||||||||
Unrealized gains (losses) recognized in other comprehensive income (loss) on securities available for sale
|
(1,171
|
)
|
138
|
(6,192
|
)
|
7,824
|
||||||||||
Income tax expense (benefit)
|
(246
|
)
|
48
|
(1,300
|
)
|
2,738
|
||||||||||
Unrealized gains (losses) recognized in other comprehensive income (loss) on securities available for sale, net of tax
|
(925
|
)
|
90
|
(4,892
|
)
|
5,086
|
||||||||||
Derivative instruments
|
||||||||||||||||
Unrealized gain arising during period
|
389
|
95
|
1,400
|
95
|
||||||||||||
Reclassification adjustment for income (expense) recognized in earnings
|
(73
|
)
|
5
|
(132
|
)
|
5
|
||||||||||
Unrealized gains recognized in other comprehensive income (loss) on derivative instruments
|
316
|
100
|
1,268
|
100
|
||||||||||||
Income tax expense
|
66
|
35
|
266
|
35
|
||||||||||||
Unrealized gains recognized in other comprehensive income (loss) on derivative instruments, net of tax
|
250
|
65
|
1,002
|
65
|
||||||||||||
Other comprehensive income (loss)
|
(675
|
)
|
155
|
(3,890
|
)
|
5,151
|
||||||||||
Comprehensive income
|
$
|
11,250
|
$
|
7,014
|
$
|
26,013
|
$
|
23,915
|
Nine months ended September 30,
|
||||||||
2018
|
2017
|
|||||||
(unaudited - In thousands)
|
||||||||
Net Income
|
$
|
29,903
|
$
|
18,764
|
||||
Adjustments to Reconcile Net Income to Net Cash From Operating Activities
|
||||||||
Proceeds from sales of loans held for sale
|
351,486
|
313,559
|
||||||
Disbursements for loans held for sale
|
(343,462
|
)
|
(316,338
|
)
|
||||
Provision for loan losses
|
912
|
806
|
||||||
Deferred income tax expense
|
6,972
|
7,422
|
||||||
Deferred loan fees and costs
|
(3,681
|
)
|
(4,588
|
)
|
||||
Net depreciation, amortization of intangible assets and premiums and accretion of discounts on
securities, loans and interest bearing deposits - time
|
4,560
|
5,079
|
||||||
Net gains on mortgage loans
|
(8,571
|
)
|
(8,886
|
)
|
||||
Net losses on securities
|
71
|
(62
|
)
|
|||||
Share based compensation
|
1,293
|
1,342
|
||||||
Increase in accrued income and other assets
|
(16,925
|
)
|
(12,748
|
)
|
||||
Increase (decrease) in accrued expenses and other liabilities
|
(1,930
|
)
|
2,274
|
|||||
Total Adjustments
|
(9,275
|
)
|
(12,140
|
)
|
||||
Net Cash From Operating Activities
|
20,628
|
6,624
|
||||||
Cash Flow Used in Investing Activities
|
||||||||
Proceeds from the sale of securities available for sale
|
31,445
|
8,834
|
||||||
Proceeds from maturities, prepayments and calls of securities available for sale
|
125,275
|
143,953
|
||||||
Purchases of securities available for sale
|
(71,067
|
)
|
(84,080
|
)
|
||||
Proceeds from the sale of interest bearing deposits - time
|
2,474
|
-
|
||||||
Proceeds from the maturity of interest bearing deposits - time
|
3,728
|
2,100
|
||||||
Purchase of Federal Reserve Bank stock
|
(2,034
|
)
|
-
|
|||||
Net increase in portfolio loans (loans originated, net of principal payments)
|
(272,084
|
)
|
(326,089
|
)
|
||||
Proceeds from the sale of portfolio loans
|
27,577
|
-
|
||||||
Acquisition of TCSB Bancorp Inc., less cash received
|
23,516
|
-
|
||||||
Cash received from the sale of Mepco Finance Corporation assets, net
|
-
|
33,446
|
||||||
Proceeds from bank-owned life insurance
|
474
|
523
|
||||||
Proceeds from the sale of other real estate and repossessed assets
|
1,777
|
4,111
|
||||||
Capital expenditures
|
(2,812
|
)
|
(2,592
|
)
|
||||
Net Cash Used in Investing Activities
|
(131,731
|
)
|
(219,794
|
)
|
||||
Cash Flow From Financing Activities
|
||||||||
Net increase in total deposits
|
110,400
|
118,042
|
||||||
Net increase in other borrowings
|
18,903
|
3,003
|
||||||
Proceeds from Federal Home Loan Bank Advances
|
1,202,000
|
461,000
|
||||||
Payments of Federal Home Loan Bank Advances
|
(1,210,197
|
)
|
(397,587
|
)
|
||||
Dividends paid
|
(10,446
|
)
|
(6,400
|
)
|
||||
Proceeds from issuance of common stock
|
202
|
57
|
||||||
Share based compensation withholding obligation
|
(1,327
|
)
|
(536
|
)
|
||||
Net Cash From Financing Activities
|
109,535
|
177,579
|
||||||
Net Decrease in Cash and Cash Equivalents
|
(1,568
|
)
|
(35,591
|
)
|
||||
Cash and Cash Equivalents at Beginning of Period
|
54,738
|
83,194
|
||||||
Cash and Cash Equivalents at End of Period
|
$
|
53,170
|
$
|
47,603
|
||||
Cash paid during the period for
|
||||||||
Interest
|
$
|
11,168
|
$
|
6,240
|
||||
Income taxes
|
120
|
988
|
||||||
Transfers to other real estate and repossessed assets
|
960
|
1,389
|
||||||
Transfer of loans to held for sale
|
27,577
|
-
|
||||||
Purchase of securities available for sale not yet settled
|
1,000
|
1,765
|
||||||
Sale of securities available for sale not yet settled
|
-
|
760
|
Nine months ended
September 30,
|
||||||||
2018
|
2017
|
|||||||
(unaudited)
|
||||||||
(In thousands)
|
||||||||
Balance at beginning of period
|
$
|
264,933
|
$
|
248,980
|
||||
Cumulative effect of change in accounting
|
-
|
352
|
||||||
Balance at beginning of period, as adjusted
|
264,933
|
249,332
|
||||||
Net income
|
29,903
|
18,764
|
||||||
Cash dividends declared
|
(10,446
|
)
|
(6,400
|
)
|
||||
Acquisition of TCSB Bancorp, Inc.
|
64,536
|
-
|
||||||
Issuance of common stock
|
202
|
57
|
||||||
Share based compensation
|
1,293
|
1,342
|
||||||
Share based compensation withholding obligation
|
(1,327
|
)
|
(536
|
)
|
||||
Net change in accumulated other comprehensive loss, net of related tax effect
|
(3,890
|
)
|
5,151
|
|||||
Balance at end of period
|
$
|
345,204
|
$
|
267,710
|
1.
|
Preparation of Financial Statements
|
2.
|
New Accounting Standards
|
As Reported
|
Under
Legacy GAAP
|
Impact of
ASU 2014-09
|
|||||||||||
(In thousands)
|
|||||||||||||
Three months ended September 30, 2018
|
|||||||||||||
Non-interest income - Interchange income
|
$
|
2,486
|
$
|
2,088
|
$
|
398
|
(1
|
)
|
|||||
Non-interest expense - interchange expense
|
$
|
715
|
$
|
317
|
398
|
(1
|
)
|
||||||
Impact on net income
|
$
|
-
|
|||||||||||
Nine months ended September 30, 2018
|
|||||||||||||
Non-interest income - Interchange income
|
$
|
7,236
|
$
|
6,170
|
$
|
1,066
|
(1
|
)
|
|||||
Non-interest expense - interchange expense
|
$
|
1,974
|
$
|
908
|
1,066
|
(1
|
)
|
||||||
Impact on net income
|
$
|
-
|
(1)
|
Represents certain costs charged by payment networks that were previously netted against interchange income.
|
3.
|
Securities
|
Amortized
|
Unrealized
|
|||||||||||||||
Cost
|
Gains
|
Losses
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
September 30, 2018
|
||||||||||||||||
U.S. agency
|
$
|
20,769
|
$
|
-
|
$
|
346
|
$
|
20,423
|
||||||||
U.S. agency residential mortgage-backed
|
126,851
|
802
|
2,592
|
125,061
|
||||||||||||
U.S. agency commercial mortgage-backed
|
6,039
|
-
|
224
|
5,815
|
||||||||||||
Private label mortgage-backed
|
29,340
|
369
|
736
|
28,973
|
||||||||||||
Other asset backed
|
78,567
|
147
|
188
|
78,526
|
||||||||||||
Obligations of states and political subdivisions
|
143,138
|
219
|
3,703
|
139,654
|
||||||||||||
Corporate
|
35,017
|
65
|
512
|
34,570
|
||||||||||||
Trust preferred
|
1,963
|
-
|
38
|
1,925
|
||||||||||||
Foreign government
|
2,060
|
-
|
50
|
2,010
|
||||||||||||
Total
|
$
|
443,744
|
$
|
1,602
|
$
|
8,389
|
$
|
436,957
|
||||||||
December 31, 2017
|
||||||||||||||||
U.S. Treasury
|
$
|
898
|
$
|
-
|
$
|
-
|
$
|
898
|
||||||||
U.S. agency
|
25,667
|
82
|
67
|
25,682
|
||||||||||||
U.S. agency residential mortgage-backed
|
137,785
|
1,116
|
983
|
137,918
|
||||||||||||
U.S. agency commercial mortgage-backed
|
9,894
|
36
|
170
|
9,760
|
||||||||||||
Private label mortgage-backed
|
29,011
|
428
|
330
|
29,109
|
||||||||||||
Other asset backed
|
93,811
|
202
|
115
|
93,898
|
||||||||||||
Obligations of states and political subdivisions
|
174,073
|
755
|
1,883
|
172,945
|
||||||||||||
Corporate
|
47,365
|
578
|
90
|
47,853
|
||||||||||||
Trust preferred
|
2,929
|
-
|
127
|
2,802
|
||||||||||||
Foreign government
|
2,087
|
-
|
27
|
2,060
|
||||||||||||
Total
|
$
|
523,520
|
$
|
3,197
|
$
|
3,792
|
$
|
522,925
|
Less Than Twelve Months
|
Twelve Months or More
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
September 30, 2018
|
||||||||||||||||||||||||
U.S. agency
|
$
|
11,938
|
$
|
239
|
$
|
8,485
|
$
|
107
|
$
|
20,423
|
$
|
346
|
||||||||||||
U.S. agency residential mortgage-backed
|
28,672
|
765
|
40,857
|
1,827
|
69,529
|
2,592
|
||||||||||||||||||
U.S. agency commercial mortgage-backed
|
1,358
|
12
|
4,391
|
212
|
5,749
|
224
|
||||||||||||||||||
Private label mortgage- backed
|
10,209
|
295
|
8,473
|
441
|
18,682
|
736
|
||||||||||||||||||
Other asset backed
|
30,663
|
92
|
11,226
|
96
|
41,889
|
188
|
||||||||||||||||||
Obligations of states and political subdivisions
|
59,590
|
1,157
|
57,509
|
2,546
|
117,099
|
3,703
|
||||||||||||||||||
Corporate
|
20,853
|
361
|
5,726
|
151
|
26,579
|
512
|
||||||||||||||||||
Trust preferred
|
-
|
-
|
925
|
38
|
925
|
38
|
||||||||||||||||||
Foreign government
|
-
|
-
|
2,010
|
50
|
2,010
|
50
|
||||||||||||||||||
Total
|
$
|
163,283
|
$
|
2,921
|
$
|
139,602
|
$
|
5,468
|
$
|
302,885
|
$
|
8,389
|
||||||||||||
December 31, 2017
|
||||||||||||||||||||||||
U.S. agency
|
$
|
5,466
|
$
|
26
|
$
|
5,735
|
$
|
41
|
$
|
11,201
|
$
|
67
|
||||||||||||
U.S. agency residential mortgage-backed
|
22,198
|
229
|
40,698
|
754
|
62,896
|
983
|
||||||||||||||||||
U.S. agency commercial mortgage-backed
|
2,181
|
34
|
3,994
|
136
|
6,175
|
170
|
||||||||||||||||||
Private label
mortgage-backed
|
11,390
|
92
|
4,396
|
238
|
15,786
|
330
|
||||||||||||||||||
Other asset backed
|
20,352
|
40
|
16,648
|
75
|
37,000
|
115
|
||||||||||||||||||
Obligations of states and political subdivisions
|
76,574
|
936
|
28,246
|
947
|
104,820
|
1,883
|
||||||||||||||||||
Corporate
|
14,440
|
33
|
3,943
|
57
|
18,383
|
90
|
||||||||||||||||||
Trust preferred
|
-
|
-
|
2,802
|
127
|
2,802
|
127
|
||||||||||||||||||
Foreign government
|
489
|
10
|
1,571
|
17
|
2,060
|
27
|
||||||||||||||||||
Total
|
$
|
153,090
|
$
|
1,400
|
$
|
108,033
|
$
|
2,392
|
$
|
261,123
|
$
|
3,792
|
Senior
Security
|
Super
Senior
Security
|
Senior
Support
Security
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Fair value
|
$
|
842
|
$
|
808
|
$
|
32
|
$
|
1,682
|
||||||||
Amortized cost
|
698
|
633
|
-
|
1,331
|
||||||||||||
Non-credit unrealized loss
|
-
|
-
|
-
|
-
|
||||||||||||
Unrealized gain
|
144
|
175
|
32
|
351
|
||||||||||||
Cumulative credit related OTTI
|
757
|
457
|
380
|
1,594
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Balance at beginning of period
|
$
|
1,594
|
$
|
1,594
|
$
|
1,594
|
$
|
1,594
|
||||||||
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
|
$
|
1,594
|
$
|
1,594
|
$
|
1,594
|
$
|
1,594
|
Amortized
Cost
|
Fair
Value
|
|||||||
(In thousands)
|
||||||||
Maturing within one year
|
$
|
14,513
|
$
|
14,494
|
||||
Maturing after one year but within five years
|
79,683
|
78,634
|
||||||
Maturing after five years but within ten years
|
62,609
|
60,979
|
||||||
Maturing after ten years
|
46,142
|
44,475
|
||||||
202,947
|
198,582
|
|||||||
U.S. agency residential mortgage-backed
|
126,851
|
125,061
|
||||||
U.S. agency commercial mortgage-backed
|
6,039
|
5,815
|
||||||
Private label mortgage-backed
|
29,340
|
28,973
|
||||||
Other asset backed
|
78,567
|
78,526
|
||||||
Total
|
$
|
443,744
|
$
|
436,957
|
Realized
|
||||||||||||
Proceeds (1)
|
Gains (2)
|
Losses
|
||||||||||
(In thousands)
|
||||||||||||
2018
|
$
|
31,445
|
$
|
81
|
$
|
126
|
||||||
2017
|
9,594
|
125
|
-
|
(1) |
2017 includes $0.760 million for trades that did not settle until after September 30, 2017.
|
(2) |
2018 excludes a $0.144 million gain on the sale of 1,000 VISA Class B shares.
|
4. |
Loans
|
Commercial
|
Mortgage
|
Installment
|
Subjective
Allocation
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
2018
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
6,073
|
$
|
8,296
|
$
|
848
|
$
|
8,287
|
$
|
23,504
|
||||||||||
Additions (deductions)
|
||||||||||||||||||||
Provision for loan losses
|
(907
|
)
|
415
|
(25
|
)
|
464
|
(53
|
)
|
||||||||||||
Recoveries credited to the allowance
|
1,418
|
192
|
298
|
-
|
1,908
|
|||||||||||||||
Loans charged against the allowance
|
(225
|
)
|
(448
|
)
|
(285
|
)
|
-
|
(958
|
)
|
|||||||||||
Balance at end of period
|
$
|
6,359
|
$
|
8,455
|
$
|
836
|
$
|
8,751
|
$
|
24,401
|
||||||||||
2017
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
5,100
|
$
|
8,145
|
$
|
900
|
$
|
6,441
|
$
|
20,586
|
||||||||||
Additions (deductions)
|
||||||||||||||||||||
Provision for loan losses
|
(97
|
)
|
68
|
(33
|
)
|
644
|
582
|
|||||||||||||
Recoveries credited to the allowance
|
340
|
587
|
285
|
-
|
1,212
|
|||||||||||||||
Loans charged against the allowance
|
(92
|
)
|
(471
|
)
|
(339
|
)
|
-
|
(902
|
)
|
|||||||||||
Balance at end of period
|
$
|
5,251
|
$
|
8,329
|
$
|
813
|
$
|
7,085
|
$
|
21,478
|
Commercial
|
Mortgage
|
Installment
|
Subjective
Allocation |
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
2018
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
5,595
|
$
|
8,733
|
$
|
864
|
$
|
7,395
|
$
|
22,587
|
||||||||||
Additions (deductions)
|
||||||||||||||||||||
Provision for loan losses
|
(1,404
|
)
|
778
|
182
|
1,356
|
912
|
||||||||||||||
Recoveries credited to the allowance
|
2,458
|
549
|
761
|
-
|
3,768
|
|||||||||||||||
Loans charged against the allowance
|
(290
|
)
|
(1,605
|
)
|
(971
|
)
|
-
|
(2,866
|
)
|
|||||||||||
Balance at end of period
|
$
|
6,359
|
$
|
8,455
|
$
|
836
|
$
|
8,751
|
$
|
24,401
|
||||||||||
2017
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
4,880
|
$
|
8,681
|
$
|
1,011
|
$
|
5,662
|
$
|
20,234
|
||||||||||
Additions (deductions)
|
||||||||||||||||||||
Provision for loan losses
|
(197
|
)
|
(593
|
)
|
173
|
1,423
|
806
|
|||||||||||||
Recoveries credited to the allowance
|
946
|
1,264
|
788
|
-
|
2,998
|
|||||||||||||||
Loans charged against the allowance
|
(378
|
)
|
(1,023
|
)
|
(1,159
|
)
|
-
|
(2,560
|
)
|
|||||||||||
Balance at end of period
|
$
|
5,251
|
$
|
8,329
|
$
|
813
|
$
|
7,085
|
$
|
21,478
|
Commercial
|
Mortgage
|
Installment
|
Subjective
Allocation
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
September 30, 2018
|
||||||||||||||||||||
Allowance for loan losses
|
||||||||||||||||||||
Individually evaluated for impairment
|
$
|
727
|
$
|
5,155
|
$
|
220
|
$
|
-
|
$
|
6,102
|
||||||||||
Collectively evaluated for impairment
|
5,632
|
3,300
|
616
|
8,751
|
18,299
|
|||||||||||||||
Loans acquired with
deteriorated credit quality
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total ending allowance balance
|
$
|
6,359
|
$
|
8,455
|
$
|
836
|
$
|
8,751
|
$
|
24,401
|
||||||||||
Loans
|
||||||||||||||||||||
Individually evaluated for impairment
|
$
|
9,714
|
$
|
48,815
|
$
|
3,630
|
$
|
62,159
|
||||||||||||
Collectively evaluated for impairment
|
1,103,860
|
1,011,276
|
391,093
|
2,506,229
|
||||||||||||||||
Loans acquired with
deteriorated credit quality
|
1,653
|
557
|
355
|
2,565
|
||||||||||||||||
Total loans recorded investment
|
1,115,227
|
1,060,648
|
395,078
|
2,570,953
|
||||||||||||||||
Accrued interest included in recorded investment
|
3,126
|
4,166
|
1,083
|
8,375
|
||||||||||||||||
Total loans
|
$
|
1,112,101
|
$
|
1,056,482
|
$
|
393,995
|
$
|
2,562,578
|
||||||||||||
December 31, 2017
|
||||||||||||||||||||
Allowance for loan losses
|
||||||||||||||||||||
Individually evaluated for impairment
|
$
|
837
|
$
|
5,725
|
$
|
277
|
$
|
-
|
$
|
6,839
|
||||||||||
Collectively evaluated for impairment
|
4,758
|
3,008
|
587
|
7,395
|
15,748
|
|||||||||||||||
Total ending allowance balance
|
$
|
5,595
|
$
|
8,733
|
$
|
864
|
$
|
7,395
|
$
|
22,587
|
||||||||||
Loans
|
||||||||||||||||||||
Individually evaluated for impairment
|
$
|
8,420
|
$
|
53,179
|
$
|
3,945
|
$
|
65,544
|
||||||||||||
Collectively evaluated for impairment
|
847,140
|
799,629
|
313,005
|
1,959,774
|
||||||||||||||||
Total loans recorded investment
|
855,560
|
852,808
|
316,950
|
2,025,318
|
||||||||||||||||
Accrued interest included in recorded investment
|
2,300
|
3,278
|
923
|
6,501
|
||||||||||||||||
Total loans
|
$
|
853,260
|
$
|
849,530
|
$
|
316,027
|
$
|
2,018,817
|
90+ and
Still
Accruing
|
Non-
Accrual
|
Total Non-
Performing
Loans
|
||||||||||
(In thousands)
|
||||||||||||
September 30, 2018
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Land, land development and construction - real estate
|
-
|
2,402
|
2,402
|
|||||||||
Commercial and industrial
|
-
|
380
|
380
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
-
|
4,159
|
4,159
|
|||||||||
Resort lending
|
-
|
969
|
969
|
|||||||||
Home equity - 1st lien
|
-
|
324
|
324
|
|||||||||
Home equity - 2nd lien
|
-
|
353
|
353
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
-
|
225
|
225
|
|||||||||
Home equity - 2nd lien
|
-
|
246
|
246
|
|||||||||
Boat lending
|
-
|
64
|
64
|
|||||||||
Recreational vehicle lending
|
-
|
8
|
8
|
|||||||||
Other
|
-
|
213
|
213
|
|||||||||
Total recorded investment
|
$
|
-
|
$
|
9,343
|
$
|
9,343
|
||||||
Accrued interest included in recorded investment
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
December 31, 2017
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
$
|
-
|
$
|
30
|
$
|
30
|
||||||
Land, land development and construction - real estate
|
-
|
9
|
9
|
|||||||||
Commercial and industrial
|
-
|
607
|
607
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
-
|
5,130
|
5,130
|
|||||||||
Resort lending
|
-
|
1,223
|
1,223
|
|||||||||
Home equity - 1st lien
|
-
|
326
|
326
|
|||||||||
Home equity - 2nd lien
|
-
|
316
|
316
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
-
|
141
|
141
|
|||||||||
Home equity - 2nd lien
|
-
|
159
|
159
|
|||||||||
Boat lending
|
-
|
100
|
100
|
|||||||||
Recreational vehicle lending
|
-
|
25
|
25
|
|||||||||
Other
|
-
|
118
|
118
|
|||||||||
Total recorded investment
|
$
|
-
|
$
|
8,184
|
$
|
8,184
|
||||||
Accrued interest included in recorded investment
|
$
|
-
|
$
|
-
|
$
|
-
|
Loans Past Due
|
Loans not
Past Due
|
Total
Loans
|
||||||||||||||||||||||
30-59 days
|
60-89 days
|
90+ days
|
Total
|
|||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
September 30, 2018
|
||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
$
|
-
|
$
|
32
|
$
|
-
|
$
|
32
|
$
|
378,201
|
$
|
378,233
|
||||||||||||
Land, land development and construction - real estate
|
-
|
-
|
2,402
|
2,402
|
61,760
|
64,162
|
||||||||||||||||||
Commercial and industrial
|
881
|
25
|
51
|
957
|
671,875
|
672,832
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
2,146
|
687
|
4,344
|
7,177
|
844,584
|
851,761
|
||||||||||||||||||
Resort lending
|
418
|
-
|
969
|
1,387
|
83,420
|
84,807
|
||||||||||||||||||
Home equity - 1st lien
|
81
|
15
|
324
|
420
|
40,312
|
40,732
|
||||||||||||||||||
Home equity - 2nd lien
|
364
|
209
|
353
|
926
|
82,422
|
83,348
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
285
|
44
|
225
|
554
|
7,738
|
8,292
|
||||||||||||||||||
Home equity - 2nd lien
|
190
|
45
|
246
|
481
|
7,099
|
7,580
|
||||||||||||||||||
Boat lending
|
153
|
16
|
64
|
233
|
169,925
|
170,158
|
||||||||||||||||||
Recreational vehicle lending
|
46
|
30
|
8
|
84
|
123,199
|
123,283
|
||||||||||||||||||
Other
|
145
|
140
|
213
|
498
|
85,267
|
85,765
|
||||||||||||||||||
Total recorded investment
|
$
|
4,709
|
$
|
1,243
|
$
|
9,199
|
$
|
15,151
|
$
|
2,555,802
|
$
|
2,570,953
|
||||||||||||
Accrued interest included in recorded investment
|
$
|
53
|
$
|
21
|
$
|
-
|
$
|
74
|
$
|
8,301
|
$
|
8,375
|
||||||||||||
December 31, 2017
|
||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
$
|
-
|
$
|
-
|
$
|
30
|
$
|
30
|
$
|
290,466
|
$
|
290,496
|
||||||||||||
Land, land development and construction - real estate
|
9
|
-
|
-
|
9
|
70,182
|
70,191
|
||||||||||||||||||
Commercial and industrial
|
60
|
-
|
44
|
104
|
494,769
|
494,873
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
1,559
|
802
|
5,130
|
7,491
|
659,742
|
667,233
|
||||||||||||||||||
Resort lending
|
713
|
-
|
1,223
|
1,936
|
88,620
|
90,556
|
||||||||||||||||||
Home equity - 1st lien
|
308
|
38
|
326
|
672
|
34,689
|
35,361
|
||||||||||||||||||
Home equity - 2nd lien
|
353
|
155
|
316
|
824
|
58,834
|
59,658
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
90
|
11
|
141
|
242
|
9,213
|
9,455
|
||||||||||||||||||
Home equity - 2nd lien
|
217
|
94
|
159
|
470
|
9,001
|
9,471
|
||||||||||||||||||
Boat lending
|
59
|
36
|
100
|
195
|
129,777
|
129,972
|
||||||||||||||||||
Recreational vehicle lending
|
28
|
20
|
25
|
73
|
92,737
|
92,810
|
||||||||||||||||||
Other
|
275
|
115
|
118
|
508
|
74,734
|
75,242
|
||||||||||||||||||
Total recorded investment
|
$
|
3,671
|
$
|
1,271
|
$
|
7,612
|
$
|
12,554
|
$
|
2,012,764
|
$
|
2,025,318
|
||||||||||||
Accrued interest included in recorded investment
|
$
|
43
|
$
|
22
|
$
|
-
|
$
|
65
|
$
|
6,436
|
$
|
6,501
|
September 30,
2018
|
December 31,
2017
|
|||||||
Impaired loans with no allocated allowance for loan losses
|
(In thousands)
|
|||||||
TDR
|
$
|
347
|
$
|
349
|
||||
Non - TDR
|
2,402
|
175
|
||||||
Impaired loans with an allocated allowance for loan losses
|
||||||||
TDR - allowance based on collateral
|
2,366
|
2,482
|
||||||
TDR - allowance based on present value cash flow
|
56,599
|
62,113
|
||||||
Non - TDR - allowance based on collateral
|
168
|
148
|
||||||
Total impaired loans
|
$
|
61,882
|
$
|
65,267
|
||||
Amount of allowance for loan losses allocated
|
||||||||
TDR - allowance based on collateral
|
$
|
692
|
$
|
684
|
||||
TDR - allowance based on present value cash flow
|
5,335
|
6,089
|
||||||
Non - TDR - allowance based on collateral
|
75
|
66
|
||||||
Total amount of allowance for loan losses allocated
|
$
|
6,102
|
$
|
6,839
|
September 30, 2018
|
December 31, 2017
|
|||||||||||||||||||||||
Recorded
Investment |
Unpaid
Principal |
Related
Allowance |
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance |
|||||||||||||||||||
With no related allowance for loan losses recorded:
|
(In thousands)
|
|||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Land, land development & construction-real estate
|
2,402
|
2,402
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial and industrial
|
347
|
347
|
-
|
524
|
549
|
-
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
2
|
447
|
-
|
2
|
469
|
-
|
||||||||||||||||||
Resort lending
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Home equity - 2nd lien
|
-
|
34
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
1
|
90
|
-
|
1
|
69
|
-
|
||||||||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Boat lending
|
-
|
5
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other
|
-
|
16
|
-
|
-
|
-
|
-
|
||||||||||||||||||
2,752
|
3,341
|
-
|
527
|
1,087
|
-
|
|||||||||||||||||||
With an allowance for loan losses recorded:
|
||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
4,829
|
4,808
|
307
|
5,195
|
5,347
|
347
|
||||||||||||||||||
Land, land development & construction-real estate
|
152
|
152
|
4
|
166
|
194
|
9
|
||||||||||||||||||
Commercial and industrial
|
1,984
|
2,133
|
416
|
2,535
|
2,651
|
481
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
34,656
|
36,169
|
3,126
|
36,848
|
38,480
|
3,454
|
||||||||||||||||||
Resort lending
|
13,934
|
13,972
|
2,017
|
15,978
|
16,046
|
2,210
|
||||||||||||||||||
Home equity - 1st lien
|
66
|
65
|
3
|
173
|
236
|
43
|
||||||||||||||||||
Home equity - 2nd lien
|
157
|
156
|
9
|
178
|
213
|
18
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
1,520
|
1,640
|
97
|
1,667
|
1,804
|
108
|
||||||||||||||||||
Home equity - 2nd lien
|
1,626
|
1,644
|
93
|
1,793
|
1,805
|
140
|
||||||||||||||||||
Boat lending
|
-
|
-
|
-
|
1
|
5
|
1
|
||||||||||||||||||
Recreational vehicle lending
|
81
|
81
|
4
|
90
|
90
|
5
|
||||||||||||||||||
Other
|
402
|
428
|
26
|
393
|
418
|
23
|
||||||||||||||||||
59,407
|
61,248
|
6,102
|
65,017
|
67,289
|
6,839
|
|||||||||||||||||||
Total
|
||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
4,829
|
4,808
|
307
|
5,195
|
5,347
|
347
|
||||||||||||||||||
Land, land development & construction-real estate
|
2,554
|
2,554
|
4
|
166
|
194
|
9
|
||||||||||||||||||
Commercial and industrial
|
2,331
|
2,480
|
416
|
3,059
|
3,200
|
481
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
34,658
|
36,616
|
3,126
|
36,850
|
38,949
|
3,454
|
||||||||||||||||||
Resort lending
|
13,934
|
13,972
|
2,017
|
15,978
|
16,046
|
2,210
|
||||||||||||||||||
Home equity - 1st lien
|
66
|
65
|
3
|
173
|
236
|
43
|
||||||||||||||||||
Home equity - 2nd lien
|
157
|
190
|
9
|
178
|
213
|
18
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
1,521
|
1,730
|
97
|
1,668
|
1,873
|
108
|
||||||||||||||||||
Home equity - 2nd lien
|
1,626
|
1,644
|
93
|
1,793
|
1,805
|
140
|
||||||||||||||||||
Boat lending
|
-
|
5
|
-
|
1
|
5
|
1
|
||||||||||||||||||
Recreational vehicle lending
|
81
|
81
|
4
|
90
|
90
|
5
|
||||||||||||||||||
Other
|
402
|
444
|
26
|
393
|
418
|
23
|
||||||||||||||||||
Total
|
$
|
62,159
|
$
|
64,589
|
$
|
6,102
|
$
|
65,544
|
$
|
68,376
|
$
|
6,839
|
||||||||||||
Accrued interest included in recorded investment
|
$
|
277
|
$
|
277
|
2018
|
2017
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||
With no related allowance for loan losses recorded:
|
(In thousands)
|
|||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Land, land development & construction-real estate
|
2,402
|
-
|
-
|
-
|
||||||||||||
Commercial and industrial
|
425
|
7
|
445
|
8
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
121
|
9
|
127
|
7
|
||||||||||||
Resort lending
|
-
|
-
|
-
|
-
|
||||||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
-
|
||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
1
|
1
|
1
|
1
|
||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
||||||||||||
Boat lending
|
-
|
-
|
-
|
-
|
||||||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
-
|
||||||||||||
Other
|
-
|
-
|
-
|
1
|
||||||||||||
2,949
|
17
|
573
|
17
|
|||||||||||||
With an allowance for loan losses recorded:
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
4,968
|
64
|
7,311
|
91
|
||||||||||||
Land, land development & construction-real estate
|
153
|
3
|
171
|
2
|
||||||||||||
Commercial and industrial
|
2,264
|
24
|
2,878
|
26
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
34,731
|
458
|
38,533
|
462
|
||||||||||||
Resort lending
|
14,276
|
161
|
16,175
|
153
|
||||||||||||
Home equity - 1st lien
|
67
|
1
|
201
|
1
|
||||||||||||
Home equity - 2nd lien
|
157
|
2
|
180
|
2
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
1,545
|
27
|
1,808
|
40
|
||||||||||||
Home equity - 2nd lien
|
1,679
|
24
|
2,058
|
26
|
||||||||||||
Boat lending
|
1
|
-
|
1
|
-
|
||||||||||||
Recreational vehicle lending
|
83
|
1
|
98
|
1
|
||||||||||||
Other
|
406
|
5
|
361
|
6
|
||||||||||||
60,330
|
770
|
69,775
|
810
|
|||||||||||||
Total
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
4,968
|
64
|
7,311
|
91
|
||||||||||||
Land, land development & construction-real estate
|
2,555
|
3
|
171
|
2
|
||||||||||||
Commercial and industrial
|
2,689
|
31
|
3,323
|
34
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
34,852
|
467
|
38,660
|
469
|
||||||||||||
Resort lending
|
14,276
|
161
|
16,175
|
153
|
||||||||||||
Home equity - 1st lien
|
67
|
1
|
201
|
1
|
||||||||||||
Home equity - 2nd lien
|
157
|
2
|
180
|
2
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
1,546
|
28
|
1,809
|
41
|
||||||||||||
Home equity - 2nd lien
|
1,679
|
24
|
2,058
|
26
|
||||||||||||
Boat lending
|
1
|
-
|
1
|
-
|
||||||||||||
Recreational vehicle lending
|
83
|
1
|
98
|
1
|
||||||||||||
Other
|
406
|
5
|
361
|
7
|
||||||||||||
Total
|
$
|
63,279
|
$
|
787
|
$
|
70,348
|
$
|
827
|
2018
|
2017
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||
With no related allowance for loan losses recorded:
|
(In thousands)
|
|||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
$
|
-
|
$
|
-
|
$
|
222
|
$
|
-
|
||||||||
Land, land development & construction-real estate
|
1,201
|
-
|
8
|
-
|
||||||||||||
Commercial and industrial
|
472
|
20
|
808
|
16
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
70
|
18
|
64
|
16
|
||||||||||||
Resort lending
|
-
|
-
|
-
|
-
|
||||||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
-
|
||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
1
|
5
|
1
|
4
|
||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
||||||||||||
Boat lending
|
-
|
-
|
-
|
-
|
||||||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
-
|
||||||||||||
Other
|
-
|
1
|
-
|
1
|
||||||||||||
1,744
|
44
|
1,103
|
37
|
|||||||||||||
With an allowance for loan losses recorded:
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
5,077
|
202
|
7,525
|
300
|
||||||||||||
Land, land development & construction-real estate
|
157
|
7
|
187
|
6
|
||||||||||||
Commercial and industrial
|
2,391
|
90
|
3,488
|
98
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
35,549
|
1,347
|
39,716
|
1,420
|
||||||||||||
Resort lending
|
15,027
|
475
|
16,485
|
464
|
||||||||||||
Home equity - 1st lien
|
115
|
4
|
218
|
5
|
||||||||||||
Home equity - 2nd lien
|
167
|
5
|
217
|
5
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
1,595
|
81
|
1,874
|
107
|
||||||||||||
Home equity - 2nd lien
|
1,728
|
76
|
2,210
|
96
|
||||||||||||
Boat lending
|
1
|
-
|
1
|
-
|
||||||||||||
Recreational vehicle lending
|
86
|
3
|
103
|
4
|
||||||||||||
Other
|
406
|
18
|
373
|
19
|
||||||||||||
62,299
|
2,308
|
72,397
|
2,524
|
|||||||||||||
Total
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
5,077
|
202
|
7,747
|
300
|
||||||||||||
Land, land development & construction-real estate
|
1,358
|
7
|
195
|
6
|
||||||||||||
Commercial and industrial
|
2,863
|
110
|
4,296
|
114
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
35,619
|
1,365
|
39,780
|
1,436
|
||||||||||||
Resort lending
|
15,027
|
475
|
16,485
|
464
|
||||||||||||
Home equity - 1st lien
|
115
|
4
|
218
|
5
|
||||||||||||
Home equity - 2nd lien
|
167
|
5
|
217
|
5
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
1,596
|
86
|
1,875
|
111
|
||||||||||||
Home equity - 2nd lien
|
1,728
|
76
|
2,210
|
96
|
||||||||||||
Boat lending
|
1
|
-
|
1
|
-
|
||||||||||||
Recreational vehicle lending
|
86
|
3
|
103
|
4
|
||||||||||||
Other
|
406
|
19
|
373
|
20
|
||||||||||||
Total
|
$
|
64,043
|
$
|
2,352
|
$
|
73,500
|
$
|
2,561
|
September 30, 2018
|
||||||||||||
Commercial
|
Retail (1)
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Performing TDRs
|
$
|
6,904
|
$
|
49,397
|
$
|
56,301
|
||||||
Non-performing TDRs(2)
|
212
|
2,799
|
(3)
|
3,011
|
||||||||
Total
|
$
|
7,116
|
$
|
52,196
|
$
|
59,312
|
December 31, 2017
|
||||||||||||
Commercial
|
Retail (1)
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Performing TDRs
|
$
|
7,748
|
$
|
52,367
|
$
|
60,115
|
||||||
Non-performing TDRs(2)
|
323
|
4,506
|
(3)
|
4,829
|
||||||||
Total
|
$
|
8,071
|
$
|
56,873
|
$
|
64,944
|
(1) |
Retail loans include mortgage and installment portfolio segments.
|
(2) |
Included in non-performing loans table above.
|
(3) |
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)
|
||||||||||||
2018
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
-
|
$
|
-
|
$
|
-
|
|||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
1
|
24
|
24
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
3
|
609
|
609
|
|||||||||
Resort lending
|
1
|
115
|
114
|
|||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
|||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
1
|
15
|
15
|
|||||||||
Home equity - 2nd lien
|
1
|
20
|
21
|
|||||||||
Boat lending
|
-
|
-
|
-
|
|||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
|||||||||
Other
|
-
|
-
|
-
|
|||||||||
Total
|
7
|
$
|
783
|
$
|
783
|
|||||||
2017
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
-
|
$
|
-
|
$
|
-
|
|||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
-
|
-
|
-
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
1
|
93
|
95
|
|||||||||
Resort lending
|
-
|
-
|
-
|
|||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
|||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
|||||||||
Home equity - 2nd lien
|
2
|
51
|
50
|
|||||||||
Boat lending
|
-
|
-
|
-
|
|||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
|||||||||
Other
|
1
|
10
|
10
|
|||||||||
Total
|
4
|
$
|
154
|
$
|
155
|
Number of
Contracts
|
Pre-modification
Recorded
Balance
|
Post-modification
Recorded
Balance
|
||||||||||
(Dollars in thousands)
|
||||||||||||
2018
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
1
|
$
|
67
|
$
|
67
|
|||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
6
|
611
|
611
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
7
|
903
|
889
|
|||||||||
Resort lending
|
1
|
115
|
114
|
|||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
|||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
6
|
203
|
205
|
|||||||||
Home equity - 2nd lien
|
3
|
113
|
114
|
|||||||||
Boat lending
|
-
|
-
|
-
|
|||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
|||||||||
Other
|
2
|
76
|
73
|
|||||||||
Total
|
26
|
$
|
2,088
|
$
|
2,073
|
|||||||
2017
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
-
|
$
|
-
|
$
|
-
|
|||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
12
|
786
|
786
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
3
|
142
|
144
|
|||||||||
Resort lending
|
1
|
189
|
189
|
|||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
|||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
2
|
34
|
37
|
|||||||||
Home equity - 2nd lien
|
7
|
300
|
301
|
|||||||||
Boat lending
|
-
|
-
|
-
|
|||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
|||||||||
Other
|
1
|
10
|
10
|
|||||||||
Total
|
26
|
$
|
1,461
|
$
|
1,467
|
Commercial
|
||||||||||||||||||||
Non-watch
1-6 |
Watch
7-8
|
Substandard
Accrual |
Non-
Accrual10-11
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
September 30, 2018
|
||||||||||||||||||||
Income producing - real estate
|
$
|
374,965
|
$
|
3,060
|
$
|
208
|
$
|
-
|
$
|
378,233
|
||||||||||
Land, land development and construction - real estate
|
55,126
|
6,623
|
11
|
2,402
|
64,162
|
|||||||||||||||
Commercial and industrial
|
634,763
|
27,174
|
10,515
|
380
|
672,832
|
|||||||||||||||
Total
|
$
|
1,064,854
|
$
|
36,857
|
$
|
10,734
|
$
|
2,782
|
$
|
1,115,227
|
||||||||||
Accrued interest included in total
|
$
|
2,869
|
$
|
146
|
$
|
111
|
$
|
-
|
$
|
3,126
|
||||||||||
December 31, 2017
|
||||||||||||||||||||
Income producing - real estate
|
$
|
288,869
|
$
|
1,293
|
$
|
304
|
$
|
30
|
$
|
290,496
|
||||||||||
Land, land development and construction - real estate
|
70,122
|
60
|
-
|
9
|
70,191
|
|||||||||||||||
Commercial and industrial
|
463,570
|
28,351
|
2,345
|
607
|
494,873
|
|||||||||||||||
Total
|
$
|
822,561
|
$
|
29,704
|
$
|
2,649
|
$
|
646
|
$
|
855,560
|
||||||||||
Accrued interest included in total
|
$
|
2,198
|
$
|
94
|
$
|
8
|
$
|
-
|
$
|
2,300
|
Mortgage (1)
|
|||||||||||||||||||||
1-4 Family
|
Resort
Lending |
Home
Equity |
Home
Equity |
Total
|
|||||||||||||||||
(In thousands)
|
|||||||||||||||||||||
September 30, 2018
|
|||||||||||||||||||||
800 and above
|
$
|
110,400
|
$
|
12,423
|
$
|
7,872
|
$
|
12,318
|
$
|
143,013
|
|||||||||||
750-799
|
358,072
|
32,498
|
15,037
|
30,573
|
436,180
|
||||||||||||||||
700-749
|
211,575
|
21,239
|
9,562
|
21,561
|
263,937
|
||||||||||||||||
650-699
|
104,395
|
9,271
|
3,222
|
9,539
|
126,427
|
||||||||||||||||
600-649
|
30,578
|
4,142
|
569
|
2,884
|
38,173
|
||||||||||||||||
550-599
|
13,491
|
1,220
|
503
|
1,261
|
16,475
|
||||||||||||||||
500-549
|
7,641
|
822
|
228
|
1,205
|
9,896
|
||||||||||||||||
Under 500
|
1,702
|
84
|
86
|
190
|
2,062
|
||||||||||||||||
Unknown
|
13,907
|
3,108
|
3,653
|
3,817
|
24,485
|
||||||||||||||||
Total
|
$
|
851,761
|
$
|
84,807
|
$
|
40,732
|
$
|
83,348
|
$
|
1,060,648
|
|||||||||||
Accrued interest included in total
|
$
|
3,161
|
$
|
360
|
$
|
206
|
$
|
439
|
$
|
4,166
|
|||||||||||
December 31, 2017
|
|||||||||||||||||||||
800 and above
|
$
|
78,523
|
$
|
11,625
|
$
|
6,169
|
$
|
7,842
|
$
|
104,159
|
|||||||||||
750-799
|
283,558
|
36,015
|
16,561
|
24,126
|
360,260
|
||||||||||||||||
700-749
|
154,239
|
22,099
|
7,317
|
15,012
|
198,667
|
||||||||||||||||
650-699
|
84,121
|
12,145
|
2,793
|
7,420
|
106,479
|
||||||||||||||||
600-649
|
25,087
|
3,025
|
1,189
|
2,512
|
31,813
|
||||||||||||||||
550-599
|
15,136
|
2,710
|
518
|
1,118
|
19,482
|
||||||||||||||||
500-549
|
9,548
|
1,009
|
397
|
1,156
|
12,110
|
||||||||||||||||
Under 500
|
2,549
|
269
|
260
|
385
|
3,463
|
||||||||||||||||
Unknown
|
14,472
|
1,659
|
157
|
87
|
16,375
|
||||||||||||||||
Total
|
$
|
667,233
|
$
|
90,556
|
$
|
35,361
|
$
|
59,658
|
$
|
852,808
|
|||||||||||
Accrued interest included in total
|
$
|
2,456
|
$
|
371
|
$
|
157
|
$
|
294
|
$
|
3,278
|
Installment(1)
|
|||||||||||||||||||||||||
Home
Equity |
Home
Equity |
Boat Lending
|
Recreational
Vehicle |
Other
|
Total
|
||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||
September 30, 2018
|
|||||||||||||||||||||||||
800 and above
|
$
|
651
|
$
|
264
|
$
|
25,231
|
$
|
22,621
|
$
|
6,223
|
$
|
54,990
|
|||||||||||||
750-799
|
1,899
|
1,519
|
95,664
|
72,298
|
32,094
|
203,474
|
|||||||||||||||||||
700-749
|
1,471
|
1,806
|
36,743
|
22,996
|
23,917
|
86,933
|
|||||||||||||||||||
650-699
|
1,608
|
1,627
|
8,760
|
4,093
|
10,002
|
26,090
|
|||||||||||||||||||
600-649
|
1,174
|
1,065
|
2,064
|
778
|
2,504
|
7,585
|
|||||||||||||||||||
550-599
|
1,065
|
850
|
410
|
334
|
961
|
3,620
|
|||||||||||||||||||
500-549
|
305
|
132
|
340
|
76
|
433
|
1,286
|
|||||||||||||||||||
Under 500
|
87
|
172
|
43
|
21
|
152
|
475
|
|||||||||||||||||||
Unknown
|
32
|
145
|
903
|
66
|
9,479
|
10,625
|
|||||||||||||||||||
Total
|
$
|
8,292
|
$
|
7,580
|
$
|
170,158
|
$
|
123,283
|
$
|
85,765
|
$
|
395,078
|
|||||||||||||
Accrued interest included in total
|
$
|
33
|
$
|
27
|
$
|
431
|
$
|
319
|
$
|
273
|
$
|
1,083
|
|||||||||||||
December 31, 2017
|
|||||||||||||||||||||||||
800 and above
|
$
|
815
|
$
|
825
|
$
|
15,531
|
$
|
16,754
|
$
|
7,060
|
$
|
40,985
|
|||||||||||||
750-799
|
1,912
|
1,952
|
73,251
|
52,610
|
28,422
|
158,147
|
|||||||||||||||||||
700-749
|
1,825
|
2,142
|
28,922
|
17,993
|
20,059
|
70,941
|
|||||||||||||||||||
650-699
|
1,840
|
2,036
|
9,179
|
4,270
|
9,258
|
26,583
|
|||||||||||||||||||
600-649
|
1,567
|
1,065
|
2,052
|
754
|
2,402
|
7,840
|
|||||||||||||||||||
550-599
|
950
|
1,028
|
640
|
305
|
871
|
3,794
|
|||||||||||||||||||
500-549
|
499
|
303
|
281
|
83
|
475
|
1,641
|
|||||||||||||||||||
Under 500
|
32
|
88
|
57
|
6
|
194
|
377
|
|||||||||||||||||||
Unknown
|
15
|
32
|
59
|
35
|
6,501
|
6,642
|
|||||||||||||||||||
Total
|
$
|
9,455
|
$
|
9,471
|
$
|
129,972
|
$
|
92,810
|
$
|
75,242
|
$
|
316,950
|
|||||||||||||
Accrued interest included in total
|
$
|
39
|
$
|
43
|
$
|
346
|
$
|
254
|
$
|
241
|
$
|
923
|
September 30,
2018
|
December 31,
2017
|
|||||||
(In thousands)
|
||||||||
Commercial
|
$
|
1,653
|
$
|
-
|
||||
Mortgage
|
557
|
-
|
||||||
Installment
|
355
|
-
|
||||||
Total carrying amount
|
2,565
|
-
|
||||||
Allowance for loan losses
|
-
|
-
|
||||||
Carrying amount, net of allowance for loan losses
|
$
|
2,565
|
$
|
-
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Balance at beginning of period
|
$
|
533
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
New loans purchased
|
-
|
-
|
568
|
-
|
||||||||||||
Accretion of income
|
(32
|
)
|
-
|
(67
|
)
|
-
|
||||||||||
Reclassification from (to) nonaccretable difference
|
-
|
-
|
-
|
-
|
||||||||||||
Displosals/other adjustments
|
-
|
-
|
-
|
-
|
||||||||||||
Balance at end of period
|
$
|
501
|
$
|
-
|
$
|
501
|
$
|
-
|
(In thousands)
|
||||
Contractually required payments
|
$
|
4,213
|
||
Non accretable difference
|
(742
|
)
|
||
Cash flows expected to be collected at acquisition
|
3,471
|
|||
Accretable yield
|
(568
|
)
|
||
Fair value of acquired loans at acquisition
|
$
|
2,903
|
5. |
Shareholders’ Equity and Earnings Per Common Share
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
Net income
|
$
|
11,925
|
$
|
6,859
|
$
|
29,903
|
$
|
18,764
|
||||||||
Weighted average shares outstanding (1)
|
24,149
|
21,334
|
23,218
|
21,325
|
||||||||||||
Effect of stock options
|
182
|
138
|
180
|
144
|
||||||||||||
Stock units for deferred compensation plan for non-employee directors
|
129
|
121
|
126
|
120
|
||||||||||||
Performance share units
|
55
|
59
|
52
|
57
|
||||||||||||
Weighted average shares outstanding for calculation of diluted earnings per share
|
24,515
|
21,652
|
23,576
|
21,646
|
||||||||||||
Net income per common share
|
||||||||||||||||
Basic (1)
|
$
|
0.49
|
$
|
0.32
|
$
|
1.29
|
$
|
0.88
|
||||||||
Diluted
|
$
|
0.49
|
$
|
0.32
|
$
|
1.27
|
$
|
0.87
|
6. |
Derivative Financial Instruments
|
September 30, 2018
|
||||||||||||
Notional
Amount
|
Average
Maturity
(years)
|
Fair
Value
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Cash flow hedge designation
|
||||||||||||
Pay-fixed interest rate swap agreements
|
$
|
25,000
|
2.8
|
$
|
581
|
|||||||
Interest rate cap agreements
|
130,000
|
3.6
|
3,391
|
|||||||||
$
|
155,000
|
3.5
|
$
|
3,972
|
||||||||
No hedge designation
|
||||||||||||
Rate-lock mortgage loan commitments
|
$
|
44,609
|
0.1
|
$
|
884
|
|||||||
Mandatory commitments to sell mortgage loans
|
65,633
|
0.1
|
182
|
|||||||||
Pay-fixed interest rate swap agreements - commercial
|
88,657
|
5.7
|
2,242
|
|||||||||
Pay-variable interest rate swap agreements - commercial
|
88,657
|
5.7
|
(2,242
|
)
|
||||||||
Purchased options
|
3,119
|
2.8
|
178
|
|||||||||
Written options
|
3,119
|
2.8
|
(178
|
)
|
||||||||
Total
|
$
|
293,794
|
3.5
|
$
|
1,066
|
December 31, 2017
|
||||||||||||
Notional
Amount
|
Average
Maturity
(years)
|
Fair
Value
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Cash flow hedge designation
|
||||||||||||
Pay-fixed interest rate swap agreements
|
$
|
15,000
|
3.7
|
$
|
245
|
|||||||
Interest rate cap agreements
|
45,000
|
3.5
|
976
|
|||||||||
|
$
|
60,000
|
3.6
|
$
|
1,221
|
|||||||
No hedge designation
|
||||||||||||
Rate-lock mortgage loan commitments
|
$
|
25,032
|
0.1
|
$
|
530
|
|||||||
Mandatory commitments to sell mortgage loans
|
56,127
|
0.1
|
37
|
|||||||||
Pay-fixed interest rate swap agreements - commercial
|
75,990
|
6.2
|
292
|
|||||||||
Pay-variable interest rate swap agreements - commercial
|
75,990
|
6.2
|
(292
|
) |
||||||||
Purchased options
|
3,119
|
3.5
|
322
|
|||||||||
Written options
|
3,119
|
3.5
|
(322
|
) |
||||||||
Total
|
$
|
239,377
|
4.1
|
$
|
567
|
Asset Derivatives
|
Liability Derivatives
|
|||||||||||||||||||
September 30,
2018
|
December 31,
2017
|
September 30,
2018
|
December 31,
2017
|
|||||||||||||||||
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||||||
|
||||||||||||||||||||
Derivatives designated as hedging instruments
|
||||||||||||||||||||
|
|
|
||||||||||||||||||
Pay-fixed interest rate swap agreements
|
Other assets
|
$
|
581
|
Other assets
|
$
|
245
|
Other liabilities
|
$
|
-
|
Other liabilities
|
$
|
-
|
||||||||
Interest rate cap agreements
|
Other assets
|
3,391
|
Other assets
|
976
|
Other liabilities
|
-
|
Other liabilities
|
-
|
||||||||||||
3,972
|
1,221
|
-
|
-
|
|||||||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||
Rate-lock mortgage loan commitments
|
Other assets
|
884
|
Other assets
|
530
|
Other liabilities
|
-
|
Other liabilities
|
-
|
||||||||||||
|
|
|||||||||||||||||||
Mandatory commitments to sell mortgage loans
|
Other assets
|
182
|
Other assets
|
37
|
Other liabilities
|
-
|
Other liabilities
|
-
|
||||||||||||
|
||||||||||||||||||||
Pay-fixed interest rate swap agreements - commercial
|
Other assets
|
2,380
|
Other assets
|
631
|
Other liabilities
|
138
|
Other liabilities
|
339
|
||||||||||||
|
||||||||||||||||||||
Pay-variable interest rate swap agreements - commercial
|
Other assets
|
138
|
Other assets
|
339
|
Other liabilities
|
2,380
|
Other liabilities
|
631
|
||||||||||||
Purchased options
|
Other assets
|
178
|
Other assets
|
322
|
Other liabilities
|
-
|
Other liabilities
|
-
|
||||||||||||
Written options
|
Other assets
|
-
|
Other assets
|
-
|
Other liabilities
|
178
|
Otherliabilities
|
322
|
||||||||||||
3,762
|
1,859
|
2,696
|
1,292
|
|||||||||||||||||
Total derivatives
|
$
|
7,734
|
$
|
3,080
|
$
|
2,696
|
$
|
1,292
|
Three Month Periods Ended September 30,
|
Gain
Recognized in
Other
Comprehensive
Income (Loss)
(Effective Portion)
|
Location of
Gain (Loss)
Reclassified
from
Accumulated
Other
Comprehensive
Loss into
Income
(Effective
Portion)
|
Gain (Loss)
Reclassified from
Accumulated Other
Comprehensive
Loss into Income
(Effective Portion)
|
Location of
Gain
Recognized
in Income (1)
|
Gain
Recognized
in Income (1)
|
||||||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2018
|
2017
|
|||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||
Interest rate cap
agreements
|
$
|
297
|
$
|
-
|
Interest expense
|
$
|
67
|
$
|
-
|
Interest expense
|
$
|
-
|
$
|
-
|
||||||||||||
Pay-fixed interest rate swap
agreements
|
92
|
95
|
Interest expense
|
6
|
(5
|
)
|
Interest expense
|
16
|
5
|
|||||||||||||||||
Total
|
$
|
389
|
$
|
95
|
$
|
73
|
$
|
(5
|
)
|
$
|
16
|
$
|
5
|
|||||||||||||
No hedge designation
|
||||||||||||||||||||||||||
Rate-lock mortgage
loan commitments
|
Net gains on mortgage loans
|
$
|
(318
|
)
|
$
|
(313
|
)
|
|||||||||||||||||||
Mandatory
commitments to sell mortgage loans
|
Net gains on mortgage loans
|
415
|
2
|
|||||||||||||||||||||||
Pay-fixed interest rate swap agreements - commercial
|
Interest income
|
407
|
52
|
|||||||||||||||||||||||
Pay-variable interest rate swap agreements - commercial
|
Interest
income
|
(407
|
)
|
(52
|
)
|
|||||||||||||||||||||
Purchased options
|
Interest expense
|
(45
|
)
|
5
|
||||||||||||||||||||||
Written options
|
Interest
expense
|
45
|
(5
|
)
|
||||||||||||||||||||||
Total
|
$
|
97
|
$
|
(311
|
)
|
(1)
|
For cash flow hedges, this location and amount refers to the ineffective portion.
|
Nine Month Periods Ended September 30,
|
Gain
Recognized in
Other
Comprehensive
Income (Loss)
(Effective Portion)
|
Location of
Gain (Loss)
Reclassified
from
Accumulated
Other
Comprehensive
Loss into
Income
(Effective
Portion)
|
Gain (Loss)
Reclassified from
Accumulated Other
Comprehensive
Loss into Income
(Effective Portion)
|
Location of
Gain
Recognized
in Income (1)
|
Gain
Recognized
in Income (1)
|
||||||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2018
|
2017
|
|||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||
Cash Flow Hedges
|
||||||||||||||||||||||||||
Interest rate cap agreements
|
$
|
1,054
|
$
|
-
|
Interest
expense
|
$
|
119
|
$
|
-
|
Interest expense
|
$
|
-
|
$
|
-
|
||||||||||||
Pay-fixed interest rate swap agreements
|
346
|
95
|
Interest
expense
|
13
|
(5
|
)
|
Interest
expense
|
4
|
5
|
|||||||||||||||||
Total
|
$
|
1,400
|
$
|
95
|
$
|
132
|
$
|
(5
|
)
|
$
|
4
|
$
|
5
|
|||||||||||||
No hedge designation
|
||||||||||||||||||||||||||
Rate-lock mortgage loan commitments
|
Net gains on mortgage loans
|
$
|
354
|
$
|
123
|
|||||||||||||||||||||
Mandatory
commitments to sell mortgage loans
|
Net gains on mortgage loans
|
145
|
(604
|
)
|
||||||||||||||||||||||
Pay-fixed interest rate swap agreements - commercial
|
Interest
income
|
1,950
|
(197
|
)
|
||||||||||||||||||||||
Pay-variable interest rate swap agreements - commercial
|
Interest income
|
(1,950
|
)
|
197
|
||||||||||||||||||||||
Purchased options
|
Interest expense
|
(144
|
)
|
39
|
||||||||||||||||||||||
Written options
|
Interest expense
|
144
|
(39
|
)
|
||||||||||||||||||||||
Total
|
$
|
499
|
$
|
(481
|
)
|
(1)
|
For cash flow hedges, this location and amount refers to the ineffective portion.
|
September 30, 2018
|
December 31, 2017
|
|||||||||||||||
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Amortized intangible assets - core deposits
|
$
|
11,916
|
$
|
5,207
|
$
|
6,118
|
$
|
4,532
|
||||||||
Unamortized intangible assets - goodwill
|
$
|
28,300
|
$
|
-
|
(In thousands)
|
||||
Three months ending December 31, 2018
|
$
|
293
|
||
2019
|
1,089
|
|||
2020
|
1,020
|
|||
2021
|
970
|
|||
2022
|
785
|
|||
2023 and thereafter
|
2,552
|
|||
Total
|
$
|
6,709
|
(In thousands)
|
||||
Balance at beginning of year
|
$
|
-
|
||
Acquired during the year
|
28,300
|
|||
Balance at end of the period
|
$
|
28,300
|
Number of
Shares
|
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term (Years)
|
Aggregated
Intrinsic
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Outstanding at January 1, 2018
|
176,055
|
$
|
5.24
|
|||||||||||||
Issued for acquisition (see note #16)
|
187,915
|
9.94
|
||||||||||||||
Exercised
|
(113,548
|
)
|
9.18
|
|||||||||||||
Forfeited
|
-
|
|||||||||||||||
Expired
|
-
|
|||||||||||||||
Outstanding at September 30, 2018
|
250,422
|
$
|
6.98
|
4.7
|
$
|
4,174
|
||||||||||
Vested and expected to vest at September 30, 2018
|
250,422
|
$
|
6.98
|
4.7
|
$
|
4,174
|
||||||||||
Exercisable at September 30, 2018
|
250,422
|
$
|
6.98
|
4.7
|
$
|
4,174
|
Number
of Shares
|
Weighted-
Average
Grant Date
Fair Value
|
|||||||
Outstanding at January 1, 2018
|
290,527
|
$
|
15.88
|
|||||
Granted
|
73,406
|
23.62
|
||||||
Vested
|
(96,255
|
)
|
13.17
|
|||||
Forfeited
|
(8,259
|
)
|
18.53
|
|||||
Outstanding at September 30, 2018
|
259,419
|
$
|
19.00
|
Expected dividend yield
|
2.62
|
%
|
||
Risk-free interest rate
|
2.40
|
|||
Expected life (in years)
|
3.14
|
|||
Expected volatility
|
45.99
|
%
|
||
Per share weighted-average fair value
|
$
|
13.25
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Intrinsic value
|
$
|
153
|
$
|
39
|
$
|
1,827
|
$
|
513
|
||||||||
Cash proceeds received
|
$
|
58
|
$
|
18
|
$
|
1,042
|
$
|
117
|
||||||||
Tax benefit realized
|
$
|
32
|
$
|
14
|
$
|
384
|
$
|
180
|
Actual
|
Minimum for
Adequately Capitalized
Institutions
|
Minimum for
Well-Capitalized
Institutions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
September 30, 2018
|
||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
373,748
|
14.57
|
%
|
$
|
205,173
|
8.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
337,905
|
13.18
|
205,044
|
8.00
|
$
|
256,305
|
10.00
|
%
|
||||||||||||||||
Tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
348,228
|
13.58
|
%
|
$
|
153,880
|
6.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
312,385
|
12.19
|
153,783
|
6.00
|
$
|
205,044
|
8.00
|
%
|
||||||||||||||||
Common equity tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
310,081
|
12.09
|
%
|
$
|
115,410
|
4.50
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
312,385
|
12.19
|
115,337
|
4.50
|
$
|
166,598
|
6.50
|
%
|
||||||||||||||||
Tier 1 capital to average assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
348,228
|
10.84
|
%
|
$
|
128,543
|
4.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
312,385
|
9.73
|
128,376
|
4.00
|
$
|
160,469
|
5.00
|
%
|
||||||||||||||||
December 31, 2017
|
||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
312,163
|
15.16
|
%
|
$
|
164,782
|
8.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
290,188
|
14.10
|
164,675
|
8.00
|
$
|
205,843
|
10.00
|
%
|
||||||||||||||||
Tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
288,451
|
14.00
|
%
|
$
|
123,586
|
6.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
266,476
|
12.95
|
123,506
|
6.00
|
$
|
164,675
|
8.00
|
%
|
||||||||||||||||
Common equity tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
255,934
|
12.43
|
%
|
$
|
92,690
|
4.50
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
266,476
|
12.95
|
92,630
|
4.50
|
$
|
133,798
|
6.50
|
%
|
||||||||||||||||
Tier 1 capital to average assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
288,451
|
10.57
|
%
|
$
|
109,209
|
4.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
266,476
|
9.78
|
109,041
|
4.00
|
$
|
136,301
|
5.00
|
%
|
NA - Not applicable
|
Consolidated
|
Independent Bank
|
|||||||||||||||
September 30,
2018
|
December 31,
2017
|
September 30,
2018
|
December 31,
2017
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Total shareholders' equity
|
$
|
345,204
|
$
|
264,933
|
$
|
343,351
|
$
|
269,481
|
||||||||
|
||||||||||||||||
Add (deduct)
|
||||||||||||||||
Accumulated other comprehensive loss for regulatory purposes
|
4,092
|
201
|
4,092
|
201
|
||||||||||||
Goodwill and other intangibles
|
(35,009
|
)
|
(1,269
|
)
|
(35,009
|
)
|
(1,269
|
)
|
||||||||
Disallowed deferred tax assets
|
(4,206
|
)
|
(7,931
|
)
|
(49
|
)
|
(1,937
|
)
|
||||||||
Common equity tier 1 capital
|
310,081
|
255,934
|
312,385
|
266,476
|
||||||||||||
Qualifying trust preferred securities
|
38,147
|
34,500
|
-
|
-
|
||||||||||||
Disallowed deferred tax assets
|
-
|
(1,983
|
)
|
-
|
-
|
|||||||||||
Tier 1 capital
|
348,228
|
288,451
|
312,385
|
266,476
|
||||||||||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets
|
25,520
|
23,712
|
25,520
|
23,712
|
||||||||||||
Total risk-based capital
|
$
|
373,748
|
$
|
312,163
|
$
|
337,905
|
$
|
290,188
|
11.
|
Fair Value Disclosures
|
Fair Value
Measure-
ments
|
Fair Value Measurements Using
|
|||||||||||||||
Quoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Un-
observable
Inputs
(Level 3)
|
||||||||||||||
(In thousands)
|
||||||||||||||||
September 30, 2018:
|
||||||||||||||||
Measured at Fair Value on a Recurring Basis
|
||||||||||||||||
Assets
|
||||||||||||||||
Equity securities at fair value
|
$
|
285
|
$
|
285
|
$
|
-
|
$
|
-
|
||||||||
Securities available for sale
|
||||||||||||||||
U.S. agency
|
20,423
|
-
|
20,423
|
-
|
||||||||||||
U.S. agency residential mortgage-backed
|
125,061
|
-
|
125,061
|
-
|
||||||||||||
U.S. agency commercial mortgage-backed
|
5,815
|
-
|
5,815
|
-
|
||||||||||||
Private label mortgage-backed
|
28,973
|
-
|
28,973
|
-
|
||||||||||||
Other asset backed
|
78,526
|
-
|
78,526
|
-
|
||||||||||||
Obligations of states and political subdivisions
|
139,654
|
-
|
139,654
|
-
|
||||||||||||
Corporate
|
34,570
|
-
|
34,570
|
-
|
||||||||||||
Trust preferred
|
1,925
|
-
|
1,925
|
-
|
||||||||||||
Foreign government
|
2,010
|
-
|
2,010
|
-
|
||||||||||||
Loans held for sale
|
41,325
|
-
|
41,325
|
-
|
||||||||||||
Capitalized mortgage loan servicing rights
|
23,151
|
-
|
-
|
23,151
|
||||||||||||
Derivatives (1)
|
7,734
|
-
|
7,734
|
-
|
||||||||||||
Liabilities
|
||||||||||||||||
Derivatives (2)
|
2,696
|
-
|
2,696
|
-
|
||||||||||||
Measured at Fair Value on a Non-recurring basis:
|
||||||||||||||||
Assets
|
||||||||||||||||
Impaired loans (3)
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
225
|
-
|
-
|
225
|
||||||||||||
Commercial and industrial
|
944
|
-
|
-
|
944
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
334
|
-
|
-
|
334
|
||||||||||||
Resort lending
|
264
|
-
|
-
|
264
|
||||||||||||
Other real estate (4)
|
||||||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
94
|
-
|
-
|
94
|
||||||||||||
Resort lending
|
1
|
-
|
-
|
1
|
(1)
|
Included in accrued income and other assets
|
(2)
|
Included in accrued expenses and other liabilities
|
(3)
|
Only includes impaired loans with specific loss allocations based on collateral value.
|
(4)
|
Only includes other real estate with subsequent write downs to fair value.
|
Fair Value
Measure-
ments
|
Fair Value Measurements Using
|
|||||||||||||||
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, 2017:
|
||||||||||||||||
Measured at Fair Value on a Recurring Basis:
|
||||||||||||||||
Assets
|
||||||||||||||||
Trading securities
|
$
|
455
|
$
|
455
|
$
|
-
|
$
|
-
|
||||||||
Securities available for sale
|
||||||||||||||||
U.S. Treasury
|
898
|
898
|
-
|
-
|
||||||||||||
U.S. agency
|
25,682
|
-
|
25,682
|
-
|
||||||||||||
U.S. agency residential mortgage-backed
|
137,918
|
-
|
137,918
|
-
|
||||||||||||
U.S. agency commercial mortgage-backed
|
9,760
|
-
|
9,760
|
-
|
||||||||||||
Private label mortgage-backed
|
29,109
|
-
|
29,109
|
-
|
||||||||||||
Other asset backed
|
93,898
|
-
|
93,898
|
-
|
||||||||||||
Obligations of states and political subdivisions
|
172,945
|
-
|
172,945
|
-
|
||||||||||||
Corporate
|
47,853
|
-
|
47,853
|
-
|
||||||||||||
Trust preferred
|
2,802
|
-
|
2,802
|
-
|
||||||||||||
Foreign government
|
2,060
|
-
|
2,060
|
-
|
||||||||||||
Loans held for sale
|
39,436
|
-
|
39,436
|
-
|
||||||||||||
Capitalized mortgage loan servicing rights
|
15,699
|
-
|
-
|
15,699
|
||||||||||||
Derivatives (1)
|
3,080
|
-
|
3,080
|
-
|
||||||||||||
Liabilities
|
||||||||||||||||
Derivatives (2)
|
1,292
|
-
|
1,292
|
-
|
||||||||||||
Measured at Fair Value on a Non-recurring basis:
|
||||||||||||||||
Assets
|
||||||||||||||||
Impaired loans (3)
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
274
|
-
|
-
|
274
|
||||||||||||
Land, land development & construction-real estate
|
9
|
-
|
-
|
9
|
||||||||||||
Commercial and industrial
|
1,051
|
-
|
-
|
1,051
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
339
|
-
|
-
|
339
|
||||||||||||
Resort lending
|
207
|
-
|
-
|
207
|
||||||||||||
Other real estate (4)
|
||||||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
186
|
-
|
-
|
186
|
||||||||||||
Resort lending
|
65
|
-
|
-
|
65
|
Changes in Fair Values for the nine-Month Periods
Ended September 30 for Items Measured at Fair Value
Pursuant to Election of the Fair Value Option
|
||||||||||||||||
Net Gains (Losses)
on Assets
|
Mortgage
Loan
Servicing, net
|
Total
Change
in Fair
Values
Included
in Current
Period
Earnings
|
||||||||||||||
Securities
|
Mortgage
Loans
|
|||||||||||||||
(In thousands)
|
||||||||||||||||
2018
|
||||||||||||||||
Equity securities at fair value
|
$
|
(170
|
)
|
$
|
-
|
$
|
-
|
$
|
(170
|
)
|
||||||
Loans held for sale
|
-
|
(120
|
)
|
-
|
(120
|
)
|
||||||||||
Capitalized mortgage loan servicing rights
|
-
|
-
|
694
|
694
|
||||||||||||
2017
|
||||||||||||||||
Trading securities
|
$
|
(63
|
)
|
$
|
-
|
$
|
-
|
$
|
(63
|
)
|
||||||
Loans held for sale
|
-
|
713
|
-
|
713
|
||||||||||||
Capitalized mortgage loan servicing rights
|
-
|
-
|
(2,585
|
)
|
(2,585
|
)
|
· |
Loans which are measured for impairment using the fair value of collateral for collateral
dependent loans had a carrying amount of $1.8 million, which is net of a valuation allowance of $0.8 million at September 30, 2018, and had a carrying amount of $1.9 million, which is net of a valuation allowance
of $0.7 million at December 31, 2017. The provision for loan losses included in our results of operations relating to impaired loans was a net expense of $0.1 million and $0.3 million for the three month
periods ending September 30, 2018 and 2017, respectively, and a net expense of $0.5 million for both nine month periods ending September 30, 2018 and 2017, respectively.
|
· |
Other real estate, which is measured using the fair value of the property, had a carrying
amount of $0.1 million which is net of a valuation allowance of $0.1 million at September 30, 2018, and a carrying amount of $0.3 million, which
is net of a valuation allowance of $0.1 million, at December 31, 2017. Additional charges relating to other real estate measured at fair value of $0.04 million and $0.04 million were included in our
results of operations during the three and nine month periods ended September 30, 2018, respectively and $0.03 million and $0.04 million during the same periods in 2017.
|
Capitalized Mortgage Loan Servicing Rights
|
||||||||||||||||
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Beginning balance
|
$
|
21,848
|
$
|
14,515
|
$
|
15,699
|
$
|
-
|
||||||||
Change in accounting
|
-
|
-
|
-
|
14,213
|
||||||||||||
Beginning balance, as adjusted
|
21,848
|
14,515
|
15,699
|
14,213
|
||||||||||||
Total gains (losses) realized and unrealized:
|
||||||||||||||||
Included in results of operations
|
(198
|
)
|
(1,090
|
)
|
694
|
(2,585
|
)
|
|||||||||
Included in other comprehensive income (loss)
|
-
|
-
|
-
|
-
|
||||||||||||
Purchases, issuances, settlements, maturities and calls
|
1,501
|
1,250
|
6,758
|
3,047
|
||||||||||||
Transfers in and/or out of Level 3
|
-
|
-
|
-
|
-
|
||||||||||||
Ending balance
|
$
|
23,151
|
$
|
14,675
|
$
|
23,151
|
$
|
14,675
|
||||||||
|
||||||||||||||||
Amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses)
relating to assets and liabilities still held at September 30
|
$
|
(198
|
)
|
$
|
(1,090
|
)
|
$
|
694
|
$
|
(2,585
|
)
|
Asset
Fair
Value
|
Valuation
Technique
|
Unobservable
Inputs
|
Range
|
Weighted
Average
|
|||||||||||
(In thousands)
|
|||||||||||||||
September 30, 2018
|
|||||||||||||||
Capitalized mortgage loan servicing rights
|
$
|
23,151
|
Present value of net
|
Discount rate
|
10.00% to 13.00
|
%
|
10.15
|
%
|
|||||||
servicing revenue
|
Cost to service
|
$
|
68 to $317
|
$
|
81
|
||||||||||
Ancillary income
|
20 to 36
|
22
|
|||||||||||||
Float rate
|
3.07
|
%
|
3.07
|
%
|
|||||||||||
December 31, 2017
|
|||||||||||||||
Capitalized mortgage loan servicing rights
|
$
|
15,699
|
Present value of net
|
Discount rate
|
9.88% to 11.00
|
% |
10.11
|
%
|
|||||||
servicing revenue
|
Cost to service
|
$
|
66 to $216
|
$
|
81
|
||||||||||
Ancillary income
|
20 to 36
|
23
|
|||||||||||||
Float rate
|
2.24
|
%
|
2.24
|
%
|
Asset
Fair
Value
|
Valuation
Technique
|
Unobservable
Inputs
|
Range
|
Weighted
Average
|
|||||||||
(In thousands)
|
|||||||||||||
|
|||||||||||||
September 30, 2018
|
|
|
|
||||||||||
Impaired loans
|
|
|
|||||||||||
Commercial
|
$
|
1,169
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(32.5)% to 25.0%
|
(4.5
|
)%
|
||||||
|
|
||||||||||||
Mortgage
|
598
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(40.1) to 30.4
|
(1.9
|
)
|
|||||||
|
|||||||||||||
Other real estate
|
|
|
|||||||||||
Mortgage
|
95 |
Sales comparison approach
|
Adjustment for differences between comparable sales
|
2.2 to 34.1
|
17.9
|
||||||||
December 31, 2017
|
|
|
|
||||||||||
Impaired loans
|
|
|
|||||||||||
Commercial
|
1,334
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(32.5)% to 25.0%
|
(4.5
|
)%
|
|||||||
|
|
|
|
||||||||||
Mortgage
|
546
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(21.1) to 34.1
|
(2.7
|
)
|
|||||||
|
|||||||||||||
Other real estate
|
|
|
|||||||||||
Mortgage
|
251
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(33.0) to 44.5
|
(1.0
|
)
|
Aggregate
Fair Value
|
Difference
|
Contractual
Principal
|
||||||||||
(In thousands)
|
||||||||||||
Loans held for sale
|
||||||||||||
September 30, 2018
|
$
|
41,325
|
$
|
724
|
$
|
40,601
|
||||||
December 31, 2017
|
39,436
|
844
|
38,592
|
12.
|
Fair Values of Financial Instruments
|
Recorded
Book
Balance
|
Fair Value
|
Fair Value Using
|
||||||||||||||||||
Quoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Un-
observable
Inputs
(Level 3)
|
||||||||||||||||||
(In thousands)
|
||||||||||||||||||||
September 30, 2018
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
35,180
|
$
|
35,180
|
$
|
35,180
|
$
|
-
|
$
|
-
|
||||||||||
Interest bearing deposits
|
17,990
|
17,990
|
17,990
|
-
|
-
|
|||||||||||||||
Interest bearing deposits - time
|
593
|
593
|
-
|
593
|
-
|
|||||||||||||||
Equity securities at fair value
|
285
|
285
|
285
|
-
|
-
|
|||||||||||||||
Securities available for sale
|
436,957
|
436,957
|
-
|
436,957
|
-
|
|||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock
|
18,355
|
NA
|
NA
|
NA
|
NA
|
|||||||||||||||
Net loans and loans held for sale
|
2,579,502
|
2,533,221
|
-
|
41,325
|
2,491,896
|
|||||||||||||||
Accrued interest receivable
|
10,791
|
10,791
|
1
|
2,383
|
8,407
|
|||||||||||||||
Derivative financial instruments
|
7,734
|
7,734
|
-
|
7,734
|
-
|
|||||||||||||||
Liabilities
|
||||||||||||||||||||
Deposits with no stated maturity (1)
|
$
|
2,143,552
|
$
|
2,143,552
|
$
|
2,143,552
|
$
|
-
|
$
|
-
|
||||||||||
Deposits with stated maturity (1)
|
655,091
|
649,709
|
-
|
649,709
|
-
|
|||||||||||||||
Other borrowings
|
79,688
|
79,275
|
-
|
79,275
|
-
|
|||||||||||||||
Subordinated debentures
|
39,371
|
36,888
|
-
|
36,888
|
-
|
|||||||||||||||
Accrued interest payable
|
1,463
|
1,463
|
110
|
1,353
|
-
|
|||||||||||||||
Derivative financial instruments
|
2,696
|
2,696
|
-
|
2,696
|
-
|
|||||||||||||||
December 31, 2017
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
36,994
|
$
|
36,994
|
$
|
36,994
|
$
|
-
|
$
|
-
|
||||||||||
Interest bearing deposits
|
17,744
|
17,744
|
17,744
|
-
|
-
|
|||||||||||||||
Interest bearing deposits - time
|
2,739
|
2,740
|
-
|
2,740
|
-
|
|||||||||||||||
Trading securities
|
455
|
455
|
455
|
-
|
-
|
|||||||||||||||
Securities available for sale
|
522,925
|
522,925
|
898
|
522,027
|
-
|
|||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock
|
15,543
|
NA
|
NA
|
NA
|
NA
|
|||||||||||||||
Net loans and loans held for sale
|
2,035,666
|
1,962,937
|
-
|
39,436
|
1,923,501
|
|||||||||||||||
Accrued interest receivable
|
8,609
|
8,609
|
1
|
2,192
|
6,416
|
|||||||||||||||
Derivative financial instruments
|
3,080
|
3,080
|
-
|
3,080
|
-
|
|||||||||||||||
Liabilities
|
||||||||||||||||||||
Deposits with no stated maturity (1)
|
$
|
1,845,716
|
$
|
1,845,716
|
$
|
1,845,716
|
$
|
-
|
$
|
-
|
||||||||||
Deposits with stated maturity (1)
|
554,818
|
551,489
|
-
|
551,489
|
-
|
|||||||||||||||
Other borrowings
|
54,600
|
54,918
|
-
|
54,918
|
-
|
|||||||||||||||
Subordinated debentures
|
35,569
|
29,946
|
-
|
29,946
|
-
|
|||||||||||||||
Accrued interest payable
|
892
|
892
|
48
|
844
|
-
|
|||||||||||||||
Derivative financial instruments
|
1,292
|
1,292
|
-
|
1,292
|
-
|
(1)
|
Deposits with no stated maturity include
reciprocal deposits with a recorded book balance of $44.681 million and $12.992 million at September 30, 2018 and December 31, 2017, respectively. Deposits with a stated maturity include reciprocal
deposits with a recorded book balance of $47.954 million and $37.987 million September 30, 2018 and December 31, 2017, respectively.
|
Unrealized
Gains
(Losses) on
Securities
Available
for Sale
|
Dispropor-
tionate
Tax Effects
from
Securities
Available
for Sale
|
Unrealized
Gains on
Cash Flow
Hedges
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
For the three months ended September 30,
|
||||||||||||||||
2018
|
||||||||||||||||
Balances at beginning of period
|
$
|
(4,437
|
)
|
$
|
(5,798
|
)
|
$
|
1,021
|
$
|
(9,214
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(925
|
)
|
-
|
307
|
(618
|
)
|
||||||||||
Amounts reclassified from AOCL
|
-
|
-
|
(57
|
)
|
(57
|
)
|
||||||||||
Net current period other comprehensive income (loss)
|
(925
|
)
|
-
|
250
|
(675
|
)
|
||||||||||
Balances at end of period
|
$
|
(5,362
|
)
|
$
|
(5,798
|
)
|
$
|
1,271
|
$
|
(9,889
|
)
|
|||||
2017
|
||||||||||||||||
Balances at beginning of period
|
$
|
1,986
|
$
|
(5,798
|
)
|
$
|
-
|
$
|
(3,812
|
)
|
||||||
Other comprehensive income before reclassifications
|
95
|
-
|
62
|
157
|
||||||||||||
Amounts reclassified from AOCL
|
(5
|
)
|
-
|
3
|
(2
|
)
|
||||||||||
Net current period other comprehensive income
|
90
|
-
|
65
|
155
|
||||||||||||
Balances at end of period
|
$
|
2,076
|
$
|
(5,798
|
)
|
$
|
65
|
$
|
(3,657
|
)
|
||||||
For the nine months ended September 30,
|
||||||||||||||||
2018
|
||||||||||||||||
Balances at beginning of period
|
$
|
(470
|
)
|
$
|
(5,798
|
)
|
$
|
269
|
$
|
(5,999
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(4,928
|
)
|
-
|
1,106
|
(3,822
|
)
|
||||||||||
Amounts reclassified from AOCL
|
36
|
-
|
(104
|
)
|
(68
|
)
|
||||||||||
Net current period other comprehensive income (loss)
|
(4,892
|
)
|
-
|
1,002
|
(3,890
|
)
|
||||||||||
Balances at end of period
|
$
|
(5,362
|
)
|
$
|
(5,798
|
)
|
$
|
1,271
|
$
|
(9,889
|
)
|
|||||
2017
|
||||||||||||||||
Balances at beginning of period
|
$
|
(3,310
|
)
|
$
|
(5,798
|
)
|
$
|
-
|
$
|
(9,108
|
)
|
|||||
Cumulative effect of change in accounting
|
300
|
-
|
-
|
300
|
||||||||||||
Balances at beginning of period, as adjusted
|
(3,010
|
)
|
(5,798
|
)
|
-
|
(8,808
|
)
|
|||||||||
Other comprehensive income before reclassifications
|
5,167
|
-
|
62
|
5,229
|
||||||||||||
Amounts reclassified from AOCL
|
(81
|
)
|
-
|
3
|
(78
|
)
|
||||||||||
Net current period other comprehensive income
|
5,086
|
-
|
65
|
5,151
|
||||||||||||
Balances at end of period
|
$
|
2,076
|
$
|
(5,798
|
)
|
$
|
65
|
$
|
(3,657
|
)
|
AOCL Component
|
Amount
Reclassified
From
AOCL
|
Affected Line Item in Condensed
Consolidated Statements of Operations
|
|||
(In thousands)
|
|||||
2018
|
|||||
Unrealized losses on securities available for sale
|
|||||
$
|
-
|
Net gains (losses) on securities
|
|||
-
|
Net impairment loss recognized in earnings
|
||||
-
|
Total reclassifications before tax
|
||||
-
|
Income tax expense
|
||||
$
|
-
|
Reclassifications, net of tax
|
|||
Unrealized gains on cash flow hedges
|
|||||
$
|
(73
|
)
|
Interest expense
|
||
(16
|
)
|
Income tax expense
|
|||
$
|
(57
|
)
|
Reclassification, net of tax
|
||
$
|
57
|
Total reclassifications for the period, net of tax
|
|||
2017
|
|||||
Unrealized gains on securities available for sale
|
|||||
$
|
8
|
Net gains (losses) on securities
|
|||
-
|
Net impairment loss recognized in earnings
|
||||
8
|
Total reclassifications before tax
|
||||
3
|
Income tax expense
|
||||
$
|
5
|
Reclassifications, net of tax
|
|||
Unrealized gains on cash flow hedges
|
|||||
$
|
(5
|
)
|
Interest expense
|
||
(2
|
)
|
Income tax expense
|
|||
$
|
(3
|
)
|
Reclassification, net of tax
|
||
$
|
2
|
Total reclassifications for the period, net of tax
|
AOCL Component
|
Amount
Reclassified
From
AOCL
|
Affected Line Item in Condensed
Consolidated Statements of Operations
|
|||
(In thousands)
|
|||||
2018
|
|||||
Unrealized losses on securities available for sale
|
|||||
$
|
(45
|
)
|
Net gains (losses) on securities
|
||
-
|
Net impairment loss recognized in earnings
|
||||
(45
|
)
|
Total reclassifications before tax
|
|||
(9
|
)
|
Income tax expense
|
|||
$
|
(36
|
)
|
Reclassifications, net of tax
|
||
Unrealized gains on cash flow hedges
|
|||||
$
|
(132
|
)
|
Interest expense
|
||
(28
|
)
|
Income tax expense
|
|||
$
|
(104
|
)
|
Reclassification, net of tax
|
||
$
|
68
|
Total reclassifications for the period, net of tax
|
|||
2017
|
|||||
Unrealized gains on securities available for sale
|
|||||
$
|
125
|
Net gains (losses) on securities
|
|||
-
|
Net impairment loss recognized in earnings
|
||||
125
|
Total reclassifications before tax
|
||||
44
|
Income tax expense
|
||||
$
|
81
|
Reclassifications, net of tax
|
|||
Unrealized gains on cash flow hedges
|
|||||
$
|
(5
|
)
|
Interest expense
|
||
(2
|
)
|
Income tax expense
|
|||
$
|
(3
|
)
|
Reclassification, net of tax
|
||
$
|
78
|
Total reclassifications for the period, net of tax
|
(In thousands)
|
||||
Cash and cash equivalents
|
$
|
23,521
|
||
Interest bearing deposits - time
|
4,054
|
|||
Securities available for sale
|
6,066
|
|||
Federal Home Loan Bank stock
|
778
|
|||
Loans, net
|
295,799
|
|||
Property and equipement, net
|
1,067
|
|||
Capitalized mortgage loan servicing rights
|
3,047
|
|||
Accrued income and other assets
|
3,362
|
|||
Other intangibles (1)
|
5,798
|
|||
Total assets acquired
|
343,492
|
|||
Deposits
|
287,710
|
|||
Other borrowings
|
14,345
|
|||
Subordinated debentures
|
3,768
|
|||
Accrued expenses and other liabilities
|
1,429
|
|||
Total liabilities assumed
|
307,252
|
|||
Net assets acquired
|
36,240
|
|||
Goodwill
|
28,300
|
|||
Purchase price (fair value of consideration)
|
$
|
64,540
|
(1) |
Relates to core deposit intangibles (see note #7).
|
Service
Charges
on Deposits
|
Other
Deposit
Related
Income
|
Interchange
Income
|
Investment
and
Insurance
Commissions
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Retail
|
||||||||||||||||||||
Overdraft fees
|
$
|
2,161
|
$
|
2,161
|
||||||||||||||||
Account service charges
|
519
|
519
|
||||||||||||||||||
ATM fees
|
$
|
374
|
374
|
|||||||||||||||||
Other
|
219
|
219
|
||||||||||||||||||
Business
|
||||||||||||||||||||
Overdraft fees
|
408
|
408
|
||||||||||||||||||
Account service charges
|
78
|
78
|
||||||||||||||||||
ATM fees
|
10
|
10
|
||||||||||||||||||
Other
|
124
|
124
|
||||||||||||||||||
Interchange income
|
$
|
2,486
|
2,486
|
|||||||||||||||||
Asset management revenue
|
$
|
274
|
274
|
|||||||||||||||||
Transaction based revenue
|
239
|
239
|
||||||||||||||||||
Total
|
$
|
3,166
|
$
|
727
|
$
|
2,486
|
$
|
513
|
$
|
6,892
|
||||||||||
Reconciliation to Condensed Consolidated Statement of Operations:
|
||||||||||||||||||||
Non-interest income - other:
|
||||||||||||||||||||
Other deposit related income
|
$
|
727
|
||||||||||||||||||
Investment and insurance commissions
|
513
|
|||||||||||||||||||
Bank owned life insurance
|
237
|
|||||||||||||||||||
Other
|
657
|
|||||||||||||||||||
Total
|
$
|
2,134
|
Service
Charges
on Deposits
|
Other
Deposit
Related
Income
|
Interchange
Income
|
Investment
and
Insurance
Commissions
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Retail
|
||||||||||||||||||||
Overdraft fees
|
$
|
6,177
|
$
|
6,177
|
||||||||||||||||
Account service charges
|
1,607
|
1,607
|
||||||||||||||||||
ATM fees
|
$
|
1,077
|
1,077
|
|||||||||||||||||
Other
|
656
|
656
|
||||||||||||||||||
Business
|
||||||||||||||||||||
Overdraft fees
|
1,153
|
1,153
|
||||||||||||||||||
Account service charges
|
229
|
229
|
||||||||||||||||||
ATM fees
|
26
|
26
|
||||||||||||||||||
Other
|
399
|
399
|
||||||||||||||||||
Interchange income
|
$
|
7,236
|
7,236
|
|||||||||||||||||
Asset management revenue
|
$
|
826
|
826
|
|||||||||||||||||
Transaction based revenue
|
608
|
608
|
||||||||||||||||||
Total
|
$
|
9,166
|
$
|
2,158
|
$
|
7,236
|
$
|
1,434
|
$
|
19,994
|
||||||||||
Reconciliation to Condensed Consolidated Statement of Operations:
|
||||||||||||||||||||
Non-interest income - other:
|
||||||||||||||||||||
Other deposit related income
|
$
|
2,158
|
||||||||||||||||||
Investment and insurance commissions
|
1,434
|
|||||||||||||||||||
Bank owned life insurance
|
713
|
|||||||||||||||||||
Other
|
1,989
|
|||||||||||||||||||
Total
|
$
|
6,294
|
Three months ended
September 30, |
Nine months ended
September 30, |
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Net income (annualized) to
|
||||||||||||||||
Average assets
|
1.46
|
%
|
1.01
|
%
|
1.30
|
%
|
0.96
|
%
|
||||||||
Average common shareholders’ equity
|
13.83
|
10.27
|
12.73
|
9.69
|
||||||||||||
Net income per common share
|
||||||||||||||||
Basic
|
$
|
0.49
|
$
|
0.32
|
$
|
1.29
|
$
|
0.88
|
||||||||
Diluted
|
0.49
|
0.32
|
1.27
|
0.87
|
Three Months Ended
September 30, |
||||||||||||||||||||||||
2018
|
2017
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Rate (2)
|
Average
Balance
|
Interest
|
Rate (2)
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Taxable loans
|
$
|
2,543,712
|
$
|
30,936
|
4.84
|
%
|
$
|
1,908,497
|
$
|
21,801
|
4.55
|
%
|
||||||||||||
Tax-exempt loans (1)
|
6,590
|
81
|
4.88
|
3,138
|
47
|
5.94
|
||||||||||||||||||
Taxable securities
|
379,985
|
2,737
|
2.88
|
474,901
|
2,765
|
2.33
|
||||||||||||||||||
Tax-exempt securities (1)
|
62,964
|
518
|
3.29
|
90,645
|
783
|
3.46
|
||||||||||||||||||
Interest bearing cash
|
27,477
|
66
|
0.95
|
29,336
|
63
|
0.85
|
||||||||||||||||||
Other investments
|
17,493
|
237
|
5.38
|
15,543
|
200
|
5.11
|
||||||||||||||||||
Interest Earning Assets
|
3,038,221
|
34,575
|
4.53
|
2,522,060
|
25,659
|
4.05
|
||||||||||||||||||
Cash and due from banks
|
35,874
|
33,019
|
||||||||||||||||||||||
Other assets, net
|
173,508
|
142,283
|
||||||||||||||||||||||
Total Assets
|
$
|
3,247,603
|
$
|
2,697,362
|
||||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||
Savings and interest-bearing checking
|
$
|
1,241,868
|
1,223
|
0.39
|
$
|
1,048,289
|
408
|
0.15
|
||||||||||||||||
Time deposits
|
664,098
|
2,753
|
1.64
|
531,226
|
1,425
|
1.06
|
||||||||||||||||||
Other borrowings
|
80,939
|
779
|
3.82
|
85,219
|
626
|
2.91
|
||||||||||||||||||
Interest Bearing Liabilities
|
1,986,905
|
4,755
|
0.95
|
1,664,734
|
2,459
|
0.59
|
||||||||||||||||||
Non-interest bearing deposits
|
884,003
|
736,291
|
||||||||||||||||||||||
Other liabilities
|
34,697
|
31,263
|
||||||||||||||||||||||
Shareholders’ equity
|
341,998
|
265,074
|
||||||||||||||||||||||
Total liabilities and shareholders’
equity
|
$
|
3,247,603
|
$
|
2,697,362
|
||||||||||||||||||||
Net Interest Income
|
$
|
29,820
|
$
|
23,200
|
||||||||||||||||||||
Net Interest Income as a Percent of
Average Interest Earning Assets
|
3.91
|
%
|
3.66
|
%
|
(1) |
Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 21% in 2018 and 35% in 2017.
|
(2) |
Annualized
|
Nine Months Ended
September 30,
|
||||||||||||||||||||||||
2018
|
2017
|
|||||||||||||||||||||||
Average
Balance |
Interest
|
Rate (2)
|
Average
Balance |
Interest
|
Rate (2)
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Taxable loans
|
$
|
2,350,883
|
$
|
83,881
|
4.77
|
%
|
$
|
1,792,381
|
$
|
61,544
|
4.59
|
%
|
||||||||||||
Tax-exempt loans (1)
|
5,221
|
185
|
4.74
|
3,410
|
145
|
5.69
|
||||||||||||||||||
Taxable securities
|
400,957
|
8,092
|
2.69
|
499,886
|
8,300
|
2.21
|
||||||||||||||||||
Tax-exempt securities (1)
|
70,155
|
1,680
|
3.19
|
85,853
|
2,264
|
3.52
|
||||||||||||||||||
Interest bearing cash
|
29,502
|
214
|
0.97
|
42,610
|
229
|
0.72
|
||||||||||||||||||
Other investments
|
16,457
|
684
|
5.56
|
15,543
|
638
|
5.49
|
||||||||||||||||||
Interest Earning Assets
|
2,873,175
|
94,736
|
4.40
|
2,439,683
|
73,120
|
4.00
|
||||||||||||||||||
Cash and due from banks
|
33,204
|
32,492
|
||||||||||||||||||||||
Other assets, net
|
159,844
|
146,753
|
||||||||||||||||||||||
Total Assets
|
$
|
3,066,223
|
$
|
2,618,928
|
||||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||
Savings and interest- bearing checking
|
$
|
1,193,388
|
2,785
|
0.31
|
$
|
1,051,395
|
1,007
|
0.13
|
||||||||||||||||
Time deposits
|
611,103
|
6,687
|
1.46
|
494,219
|
3,747
|
1.01
|
||||||||||||||||||
Other borrowings
|
82,253
|
2,267
|
3.68
|
66,392
|
1,659
|
3.34
|
||||||||||||||||||
Interest Bearing Liabilities
|
1,886,744
|
11,739
|
0.83
|
1,612,006
|
6,413
|
0.53
|
||||||||||||||||||
Non-interest bearing deposits
|
833,283
|
717,589
|
||||||||||||||||||||||
Other liabilities
|
32,177
|
30,372
|
||||||||||||||||||||||
Shareholders’ equity
|
314,019
|
258,961
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
3,066,223
|
$
|
2,618,928
|
||||||||||||||||||||
Net Interest Income
|
$
|
82,997
|
$
|
66,707
|
||||||||||||||||||||
Net Interest Income as a Percent of Average Interest Earning Assets
|
3.86
|
%
|
3.65
|
%
|
(1) |
Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 21% in 2018 and 35% in 2017.
|
(2) |
Annualized
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Net Interest Margin, Fully Taxable Equivalent ("FTE")
|
||||||||||||||||
Net interest income
|
$
|
29,697
|
$
|
22,912
|
$
|
82,613
|
$
|
65,870
|
||||||||
Add: taxable equivalent adjustment
|
123
|
288
|
384
|
837
|
||||||||||||
Net interest income - taxable equivalent
|
$
|
29,820
|
$
|
23,200
|
$
|
82,997
|
$
|
66,707
|
||||||||
Net interest margin (GAAP) (1)
|
3.88
|
%
|
3.60
|
%
|
3.84
|
%
|
3.61
|
%
|
||||||||
Net interest margin (FTE) (1)
|
3.91
|
%
|
3.66
|
%
|
3.86
|
%
|
3.65
|
%
|
(1)
|
Annualized
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2018 |
2017
|
2018
|
2017
|
|||||||||||||
|
(In thousands)
|
|||||||||||||||
Service charges on deposit accounts
|
$
|
3,166
|
$
|
3,281
|
$
|
9,166
|
$
|
9,465
|
||||||||
Interchange income
|
2,486
|
1,942
|
7,236
|
5,869
|
||||||||||||
Net gains (losses) on assets:
|
||||||||||||||||
Mortgage loans
|
2,745
|
2,971
|
8,571
|
8,886
|
||||||||||||
Securities
|
93
|
69
|
(71
|
)
|
62
|
|||||||||||
Mortgage loan servicing, net
|
1,212
|
1
|
4,668
|
668
|
||||||||||||
Investment and insurance commissions
|
513
|
606
|
1,434
|
1,541
|
||||||||||||
Bank owned life insurance
|
237
|
283
|
713
|
776
|
||||||||||||
Other
|
1,384
|
1,151
|
4,147
|
3,822
|
||||||||||||
Total non-interest income
|
$
|
11,836
|
$
|
10,304
|
$
|
35,864
|
$
|
31,089
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Mortgage loans originated
|
$
|
231,849
|
$
|
264,177
|
$
|
617,080
|
$
|
657,345
|
||||||||
Mortgage loans sold
|
148,730
|
120,981
|
370,372
|
305,386
|
||||||||||||
Net gains on mortgage loans
|
2,745
|
2,971
|
8,571
|
8,886
|
||||||||||||
Net gains as a percent of mortgage loans sold (“Loan Sales Margin”)
|
1.85
|
%
|
2.46
|
%
|
2.31
|
%
|
2.91
|
%
|
||||||||
Fair value adjustments included in the Loan Sales Margin
|
(0.26
|
)
|
(0.22
|
)
|
0.10
|
0.08
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
9/30/2018
|
9/30/2017
|
9/30/2018
|
9/30/2017
|
|||||||||||||
Mortgage loan servicing, net:
|
(In thousands)
|
|||||||||||||||
Revenue, net
|
$
|
1,410
|
$
|
1,091
|
$
|
3,974
|
$
|
3,253
|
||||||||
Fair value change due to price
|
610
|
(572
|
)
|
2,586
|
(1,075
|
)
|
||||||||||
Fair value change due to pay-downs
|
(808
|
)
|
(518
|
)
|
(1,892
|
)
|
(1,510
|
)
|
||||||||
Total
|
$
|
1,212
|
$
|
1
|
$
|
4,668
|
$
|
668
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Balance at beginning of period
|
$
|
21,848
|
$
|
14,515
|
$
|
15,699
|
$
|
13,671
|
||||||||
Change in accounting
|
-
|
-
|
-
|
542
|
||||||||||||
Balance at beginning of period, as adjusted
|
21,848
|
14,515
|
15,699
|
14,213
|
||||||||||||
Servicing rights acquired
|
-
|
-
|
3,047
|
-
|
||||||||||||
Originated servicing rights capitalized
|
1,501
|
1,250
|
3,711
|
3,047
|
||||||||||||
Change in fair value
|
(198
|
)
|
(1,090
|
)
|
694
|
(2,585
|
)
|
|||||||||
Balance at end of period
|
$
|
23,151
|
$
|
14,675
|
$
|
23,151
|
$
|
14,675
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2018 |
2017
|
2018
|
2017
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Compensation
|
$
|
9,582
|
$
|
8,494
|
$
|
28,086
|
$
|
26,872
|
||||||||
Performance-based compensation
|
3,305
|
2,688
|
9,238
|
6,819
|
||||||||||||
Payroll taxes and employee benefits
|
3,282
|
2,395
|
9,182
|
7,413
|
||||||||||||
Compensation and employee benefits
|
16,169
|
13,577
|
46,506
|
41,104
|
||||||||||||
Occupancy, net
|
2,233
|
1,970
|
6,667
|
6,032
|
||||||||||||
Data processing
|
2,051
|
1,796
|
6,180
|
5,670
|
||||||||||||
Merger related expenses
|
98
|
10
|
3,354
|
10
|
||||||||||||
Furniture, fixtures and equipment
|
1,043
|
961
|
3,029
|
2,943
|
||||||||||||
Communications
|
727
|
685
|
2,111
|
2,046
|
||||||||||||
Interchange expense
|
715
|
294
|
1,974
|
869
|
||||||||||||
Loan and collection
|
531
|
481
|
1,900
|
1,564
|
||||||||||||
Advertising
|
594
|
526
|
1,578
|
1,551
|
||||||||||||
Legal and professional
|
477
|
540
|
1,311
|
1,366
|
||||||||||||
FDIC deposit insurance
|
270
|
208
|
750
|
608
|
||||||||||||
Amortization of intangible assets
|
295
|
87
|
676
|
260
|
||||||||||||
Supplies
|
173
|
176
|
516
|
507
|
||||||||||||
Credit card and bank service fees
|
108
|
105
|
310
|
432
|
||||||||||||
Provision for loss reimbursement on sold loans
|
47
|
15
|
78
|
66
|
||||||||||||
Costs (recoveries) related to unfunded lending commitments
|
71
|
92
|
(6
|
)
|
332
|
|||||||||||
Net (gains) losses on other real estate and repossessed assets
|
(325
|
)
|
30
|
(619
|
)
|
132
|
||||||||||
Other
|
1,463
|
1,063
|
4,321
|
3,454
|
||||||||||||
Total non-interest expense
|
$
|
26,740
|
$
|
22,616
|
$
|
80,636
|
$
|
68,946
|
Securities
|
||||||||||||||||
Unrealized
|
||||||||||||||||
Amortized
Cost
|
Gains
|
Losses
|
Fair
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Securities available for sale
|
||||||||||||||||
September 30, 2018
|
$
|
443,744
|
$
|
1,602
|
$
|
8,389
|
$
|
436,957
|
||||||||
December 31, 2017
|
523,520
|
3,197
|
3,792
|
522,925
|
Nine months ended
September 30,
|
||||||||
2018
|
2017
|
|||||||
(In thousands)
|
||||||||
Proceeds (1)
|
$
|
31,445
|
$
|
9,594
|
||||
Gross gains (2)
|
$
|
225
|
$
|
125
|
||||
Gross losses
|
(126
|
)
|
-
|
|||||
Net impairment charges
|
-
|
-
|
||||||
Fair value adjustments
|
(170
|
)
|
(63
|
) |
||||
Net gains (losses)
|
$
|
(71
|
)
|
$
|
62
|
(1) |
2017 includes $0.760 million for trades that did not settle until after September 30, 2017.
|
(2) |
2018 gains include $0.144 million from the sale of 1,000 VISA Class B shares.
|
September 30,
2018 |
December 31,
2017 |
|||||||
(In thousands)
|
||||||||
Real estate(1)
|
||||||||
Residential first mortgages
|
$
|
815,202
|
$
|
672,592
|
||||
Residential home equity and other junior mortgages
|
175,426
|
136,560
|
||||||
Construction and land development
|
171,546
|
143,188
|
||||||
Other(2)
|
701,711
|
538,880
|
||||||
Consumer
|
377,451
|
291,091
|
||||||
Commercial
|
314,848
|
231,786
|
||||||
Agricultural
|
6,394
|
4,720
|
||||||
Total loans
|
$
|
2,562,578
|
$
|
2,018,817
|
(1)
|
Includes both residential and non-residential commercial loans secured by real estate.
|
(2)
|
Includes loans secured by multi-family residential and non-farm, non-residential property.
|
Non-performing assets(1)
|
||||||||
September 30,
2018
|
December 31,
2017
|
|||||||
(Dollars in thousands) | ||||||||
Non-accrual loans
|
$
|
9,343
|
$
|
8,184
|
||||
Loans 90 days or more past due and still accruing interest
|
--
|
--
|
||||||
Total non-performing loans
|
9,343
|
8,184
|
||||||
Other real estate and repossessed assets
|
1,445
|
1,643
|
||||||
Total non-performing assets
|
$
|
10,788
|
$
|
9,827
|
||||
As a percent of Portfolio Loans
|
||||||||
Non-performing loans
|
0.36
|
%
|
0.41
|
%
|
||||
Allowance for loan losses
|
0.95
|
1.12
|
||||||
Non-performing assets to total assets
|
0.33
|
0.35
|
||||||
Allowance for loan losses as a percent of non-performing loans
|
261.17
|
275.99
|
(1)
|
Excludes loans classified as “troubled debt restructured” that are not past due.
|
September 30, 2018
|
||||||||||||
Commercial
|
Retail (1)
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Performing TDR's
|
$
|
6,904
|
$
|
49,397
|
$
|
56,301
|
||||||
Non-performing TDR's(2)
|
212
|
2,799
|
(3)
|
3,011
|
||||||||
Total
|
$
|
7,116
|
$
|
52,196
|
$
|
59,312
|
December 31, 2017
|
||||||||||||
Commercial
|
Retail (1)
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Performing TDR's
|
$
|
7,748
|
$
|
52,367
|
$
|
60,115
|
||||||
Non-performing TDR's(2)
|
323
|
4,506
|
(3)
|
4,829
|
||||||||
Total
|
$
|
8,071
|
$
|
56,873
|
$
|
64,944
|
(1) |
Retail loans include mortgage and installment portfolio segments.
|
(2) |
Included in non-performing loans table above.
|
(3) |
Also includes loans on non-accrual at the time of modification until six payments are received on a timely basis.
|
Nine months ended
September 30, |
||||||||||||||||
2018
|
2017
|
|||||||||||||||
Loans
|
Unfunded
Commitments
|
Loans
|
Unfunded
Commitments
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Balance at beginning of period
|
$
|
22,587
|
$
|
1,125
|
$
|
20,234
|
$
|
650
|
||||||||
Additions (deductions)
|
||||||||||||||||
Provision for loan losses
|
912
|
-
|
806
|
-
|
||||||||||||
Recoveries credited to allowance
|
3,768
|
-
|
2,998
|
-
|
||||||||||||
Loans charged against the allowance
|
(2,866
|
)
|
-
|
(2,560
|
)
|
-
|
||||||||||
Additions included in non-interest expense
|
-
|
(6
|
)
|
-
|
332
|
|||||||||||
Balance at end of period
|
$
|
24,401
|
$
|
1,119
|
$
|
21,478
|
$
|
982
|
||||||||
Net loans charged against the allowance to average Portfolio Loans
|
(0.04
|
)%
|
(0.03
|
)%
|
September 30,
2018 |
December 31,
2017 |
|||||||
(In thousands)
|
||||||||
Specific allocations
|
$
|
6,102
|
$
|
6,839
|
||||
Other adversely rated commercial loans
|
1,883
|
1,228
|
||||||
Historical loss allocations
|
7,665
|
7,125
|
||||||
Additional allocations based on subjective factors
|
8,751
|
7,395
|
||||||
Total
|
$
|
24,401
|
$
|
22,587
|
September 30,
2018 |
December 31,
2017 |
|||||||
(In thousands)
|
||||||||
Subordinated debentures
|
$
|
39,371
|
$
|
35,569
|
||||
Amount not qualifying as regulatory capital
|
(1,224
|
)
|
(1,069
|
)
|
||||
Amount qualifying as regulatory capital
|
38,147
|
34,500
|
||||||
Shareholders’ equity
|
||||||||
Common stock
|
389,689
|
324,986
|
||||||
Accumulated deficit
|
(34,596
|
)
|
(54,054
|
)
|
||||
Accumulated other comprehensive loss
|
(9,889
|
)
|
(5,999
|
)
|
||||
Total shareholders’ equity
|
345,204
|
264,933
|
||||||
Total capitalization
|
$
|
383,351
|
$
|
299,433
|
Change in Interest
Rates
|
Market Value
Of Portfolio
Equity(1)
|
Percent
Change
|
Net Interest
Income(2)
|
Percent
Change
|
||||||||||||
(Dollars in thousands)
|
||||||||||||||||
September 30, 2018
|
||||||||||||||||
200 basis point rise
|
$
|
474,800
|
(4.33
|
)%
|
$
|
123,700
|
2.66
|
%
|
||||||||
100 basis point rise
|
489,900
|
(1.29
|
)
|
122,700
|
1.83
|
|||||||||||
Base-rate scenario
|
496,300
|
-
|
120,500
|
-
|
||||||||||||
100 basis point decline
|
486,100
|
(2.06
|
)
|
117,700
|
(2.32
|
)
|
||||||||||
December 31, 2017
|
||||||||||||||||
200 basis point rise
|
$
|
409,200
|
(1.23
|
)%
|
$
|
99,100
|
2.27
|
%
|
||||||||
100 basis point rise
|
417,100
|
0.68
|
98,600
|
1.75
|
||||||||||||
Base-rate scenario
|
414,300
|
-
|
96,900
|
-
|
||||||||||||
100 basis point decline
|
386,400
|
(6.73
|
)
|
91,600
|
(5.47
|
)
|
(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
|
||||||||||||
July 2018
|
-
|
$
|
-
|
-
|
1,066,693
|
|||||||||||
August 2018
|
101
|
25.05
|
-
|
1,066,693
|
||||||||||||
September 2018
|
-
|
-
|
-
|
1,066,693
|
||||||||||||
Total
|
101
|
$
|
25.05
|
-
|
1,066,693
|
(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.
|
(a)
|
The following exhibits (listed by number corresponding to the Exhibit Table as Item 601 in Regulation S-K) are filed with
this report:
|
|
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).
|
||
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).
|
||
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
|
November 2, 2018
|
By
|
/s/ Robert N. Shuster
|
|
Robert N. Shuster, Principal Financial Officer
|
||||
Date
|
November 2, 2018
|
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: November 2, 2018
|
/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
|
||
Date: November 2, 2018
|
/s/ Robert N. Shuster
|
|
|
Robert N. Shuster
|
|
|
Chief Financial Officer
|
INDEPENDENT BANK CORPORATION
|
||
Date: November 2, 2018
|
/s/ William B. Kessel
|
|
|
William B. Kessel
|
|
|
President and Chief Executive Officer
|
INDEPENDENT BANK CORPORATION
|
||
Date: November 2, 2018
|
/s/ Robert N. Shuster
|
|
|
Robert N. Shuster
|
|
|
Chief Financial Officer
|
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Nov. 01, 2018 |
|
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 Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 24,105,586 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 |
Condensed Consolidated Statements of Financial Condition (unaudited) (Parenthetical) - $ / shares |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
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) | 24,150,341 | 21,333,869 |
Common stock, shares outstanding (in shares) | 24,150,341 | 21,333,869 |
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||
Interest Income | ||||||
Interest and fees on loans | $ 31,000 | $ 21,831 | $ 84,027 | $ 61,638 | ||
Interest on securities | ||||||
Taxable | 2,737 | 2,765 | 8,092 | 8,300 | ||
Tax-exempt | 412 | 512 | 1,335 | 1,478 | ||
Other investments | 303 | 263 | 898 | 867 | ||
Total Interest Income | 34,452 | 25,371 | 94,352 | 72,283 | ||
Interest Expense | ||||||
Deposits | 3,976 | 1,833 | 9,472 | 4,754 | ||
Other borrowings and subordinated debentures | 779 | 626 | 2,267 | 1,659 | ||
Total Interest Expense | 4,755 | 2,459 | 11,739 | 6,413 | ||
Net Interest Income | 29,697 | 22,912 | 82,613 | 65,870 | ||
Provision for loan losses | (53) | 582 | 912 | 806 | ||
Net Interest Income After Provision for Loan Losses | 29,750 | 22,330 | 81,701 | 65,064 | ||
Non-interest Income | ||||||
Service charges on deposit accounts | 3,166 | 3,281 | 9,166 | 9,465 | ||
Interchange income | 2,486 | 1,942 | 7,236 | 5,869 | ||
Net gains (losses) on assets | ||||||
Mortgage loans | 2,745 | 2,971 | 8,571 | 8,886 | ||
Securities | 93 | 69 | (71) | 62 | ||
Mortgage loan servicing, net | 1,212 | 1 | 4,668 | 668 | ||
Other | 2,134 | 2,040 | 6,294 | 6,139 | ||
Total Non-Interest Income | 11,836 | 10,304 | 35,864 | 31,089 | ||
Non-interest Expense | ||||||
Compensation and employee benefits | 16,169 | 13,577 | 46,506 | 41,104 | ||
Occupancy, net | 2,233 | 1,970 | 6,667 | 6,032 | ||
Data processing | 2,051 | 1,796 | 6,180 | 5,670 | ||
Merger related expenses | 98 | 10 | 3,354 | 10 | ||
Furniture, fixtures and equipment | 1,043 | 961 | 3,029 | 2,943 | ||
Communications | 727 | 685 | 2,111 | 2,046 | ||
Interchange expense | 715 | 294 | 1,974 | 869 | ||
Loan and collection | 531 | 481 | 1,900 | 1,564 | ||
Advertising | 594 | 526 | 1,578 | 1,551 | ||
Legal and professional | 477 | 540 | 1,311 | 1,366 | ||
FDIC deposit insurance | 270 | 208 | 750 | 608 | ||
Other | 1,832 | 1,568 | 5,276 | 5,183 | ||
Total Non-Interest Expense | 26,740 | 22,616 | 80,636 | 68,946 | ||
Income Before Income Tax | 14,846 | 10,018 | 36,929 | 27,207 | ||
Income tax expense | 2,921 | 3,159 | 7,026 | 8,443 | ||
Net Income | $ 11,925 | $ 6,859 | $ 29,903 | $ 18,764 | ||
Net Income Per Common Share | ||||||
Basic (in dollars per share) | [1] | $ 0.49 | $ 0.32 | $ 1.29 | $ 0.88 | |
Diluted (in dollars per share) | 0.49 | 0.32 | 1.27 | 0.87 | ||
Dividends Per Common Share | ||||||
Declared (in dollars per share) | 0.15 | 0.10 | 0.45 | 0.30 | ||
Paid (in dollars per share) | $ 0.15 | $ 0.10 | $ 0.45 | $ 0.30 | ||
|
Preparation of Financial Statements |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2018 | |||
Preparation of Financial Statements [Abstract] | |||
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, 2017 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 September 30, 2018 and December 31, 2017, and the results of operations for the three and nine-month periods ended September 30, 2018 and 2017. The results of operations for the three and nine-month periods ended September 30, 2018, 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 valuation of capitalized mortgage loan servicing rights and the valuation of deferred tax assets. Refer to our 2017 Annual Report on Form 10-K for a disclosure of our accounting policies. |
New Accounting Standards |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Standards [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Standards |
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)”. This ASU amends existing guidance related to the accounting for leases. These amendments, among other things, require 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. Based on a review of our operating leases that we currently have in place we do not expect a material change in the recognition, measurement and presentation of lease expense or impact on cash flow. While the primary impact will be the recognition of certain operating leases on our Condensed Consolidated Statements of Financial Condition this impact is not expected to be material. 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 are not 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 securities available for sale, 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 began evaluating this ASU in 2016 and have formed a committee that includes personnel from various areas of Independent Bank (the “Bank”) that meets regularly to discuss the implementation of the ASU. We are currently in the process of gathering data and reviewing loss methodologies and have engaged third party resources that will assist us in the implementation of this ASU. While we have not yet determined what the impact will be on our consolidated operating results or financial condition by the nature of the implementation of an expected loss model compared to an incurred loss approach, we would expect our allowance for loan losses (“AFLL”) to increase under this ASU. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities”. This new ASU amends the hedge accounting model in Topic 815 to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results. The amendments expand an entity’s ability to hedge nonfinancial and financial risk components and reduce complexity in fair value hedges of interest rate risk. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. This amended guidance is effective for us on January 1, 2019, and given our current level of derivatives designated as hedges is not expected to 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)”, (“ASU 2014-09”). 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. We adopted this ASU using the modified retrospective approach with no impact to our accumulated deficit at January 1, 2018. Financial instruments for the most part and related contractual rights and obligations which are the sources of the majority of our operating revenue are excluded from the scope of this amended guidance. Those operating revenue streams that are included in the scope of this amended guidance were not materially impacted. Results for reporting periods beginning after January 1, 2018 are presented under this ASU while prior period amounts continue to be reported in accordance with legacy GAAP. The impact of the adoption of this ASU on our Condensed Consolidated Statements of Operations for the three and nine month periods ending September 30, 2018 is summarized in the table below. In addition, see note #17 for further discussion on our accounting policies for operating revenue streams that are included in the scope of this amended guidance. The impact of the adoption of ASU 2014-09 on our Condensed Consolidated Statement of Operations follows:
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, require 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, require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset and eliminate 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 was effective for us on January 1, 2018. The adoption of this ASU did not have a material impact on our consolidated operating results or financial condition. As a result of the adoption of this ASU our equity securities previously classified as trading securities are now classified as equity securities at fair value on our September 30, 2018 Condensed Consolidated Statement of Financial Condition. In addition, this amended guidance impacted certain fair value disclosure items (see note #12). In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business”. This new ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses which distinction determines whether goodwill is recorded or not. This amended guidance was effective for us on January 1, 2018, and did not have a material impact on our consolidated operating results or financial condition. In January 2017, the FASB issued ASU 2017-4, “Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment”. This new ASU amends the requirement that entities compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, entities should perform their annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment if the carrying amount exceeds the reporting unit’s fair value. This amended guidance is effective for us on January 1, 2020 with early application permitted. Due to our recent acquisition (see note #16) and expectations this ASU will be relevant to us in 2018 we elected to adopt this amended guidance as of January 1, 2018. The adoption of this ASU did not have a material impact on our consolidated operating results or financial condition. In February 2018, the FASB issued ASU 2018-02, ‘‘Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income’’. This new ASU allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. As a result, this amended guidance eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. This amended guidance is effective for us on January 1, 2019, with early application permitted in any period for which financial statements have not yet been issued. We elected to adopt this amended guidance during the fourth quarter of 2017 and it resulted in a $0.04 million reclassification between accumulated other comprehensive loss and accumulated deficit. |
Securities |
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Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 (loss). U.S. agency, U.S. agency residential mortgage-backed securities and U.S. agency commercial mortgage backed securities — at September 30, 2018, we had 51 U.S. agency, 133 U.S. agency residential mortgage-backed and 15 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 September 30, 2018, we had 27 of this type of security whose fair value is less than amortized cost. Unrealized losses are primarily due to credit spread widening and increases in interest rates since their acquisition. Two private label mortgage-backed securities (included in the securities discussed further below) were 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. See further discussion below. 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 September 30, 2018, we had 72 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 September 30, 2018, we had 393 municipal securities whose fair value is less than amortized cost. The unrealized losses are primarily due to wider benchmark pricing spreads and increases in interest rates since acquisition. Tax exempt securities have been negatively impacted by lower federal tax rates signed into law in December, 2017. 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 September 30, 2018, we had 32 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 September 30, 2018, we had one trust preferred security whose fair value is less than amortized cost. This trust preferred security is a single issue security issued by a trust subsidiary of a bank holding company. The pricing of this trust preferred security has suffered from credit spread widening. This security is rated by a major rating agency as investment grade. As management does not intend to liquidate this security and it is more likely than not that we will not be required to sell this security prior to recovery of the unrealized loss, this decline is not deemed to be other than temporary. Foreign government — at September 30, 2018, we had two foreign government securities whose fair value is less than amortized cost. The unrealized losses are primarily due to 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. We recorded no credit related OTTI charges in our Condensed Consolidated Statements of Operations related to securities available for sale during the three and nine month periods ended September 30, 2018 and 2017, respectively. At September 30, 2018, 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 September 30, 2018. The original amortized cost (current amortized cost excluding cumulative credit related OTTI) 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 follows:
The amortized cost and fair value of securities available for sale at September 30, 2018, 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 nine month periods ending September 30, follows:
Certain preferred stocks have been classified as equity securities at fair value in our Condensed Consolidated Statement of Financial Condition beginning on January 1, 2018. Previously these preferred stocks were classified as trading securities. See note #2. During the nine months ended September 30, 2018 and 2017 we recognized losses on these preferred stocks of $0.170 million and $0.063 million, respectively, that are included in net gains (losses) on securities in the Condensed Consolidated Statements of Operations. These amounts relate to preferred stock still held at each respective period end. |
Loans |
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Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, follows:
An analysis of the allowance for loan losses by portfolio segment for the nine months ended September 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:
Average recorded investment in and interest income earned on impaired loans by class for the three month periods ending September 30, follows:
Average recorded investment in and interest income earned on impaired loans by class for the nine month periods ending September 30, follows:
Cash receipts on impaired loans on non-accrual status are generally applied to the principal balance. Troubled debt restructurings follow:
We allocated $6.0 million and $6.8 million of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of September 30, 2018 and December 31, 2017, respectively. During the nine months ended September 30, 2018 and 2017, 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 September 30 follow:
Loans that have been classified as troubled debt restructurings during the nine-month periods ended September 30 follow:
The troubled debt restructurings described above for 2018 decreased the allowance for loan losses by $0.01 million and resulted in zero charge offs during the three months ended September 30, 2018, and decreased the allowance by $0.004 million and resulted in zero charge offs during the nine months ended September 30, 2018. The troubled debt restructurings described above for 2017 increased the allowance for loan losses by $0.02 million and resulted in zero charge offs during the three months ended September 30, 2017, and increased the allowance by $0.08 million and resulted in zero charge offs during the nine months ended September 30, 2017. There were no troubled debt restructurings that subsequently defaulted within twelve months following the modification during the three and nine months periods ended September 30, 2018. Six commercial and industrial loans with a recorded balance of $0.16 million that have been classified as troubled debt restructurings during the past twelve months (from September 30, 2017) subsequently defaulted during the three and nine month periods ended September 30, 2017. These subsequent defaults resulted in an increase in the allowance of $0.02 million and $0.04 million during the three and nine month periods ended September 30, 2017, respectively and resulted in charge-offs of $0.05 million during both the three and nine month periods ended September 30, 2017. There were no troubled debt restructurings that subsequently defaulted within twelve months following the modification during the three and nine months ended September 30, 2017 for any other loan class. A loan is considered to be in payment default generally once it is 90 days contractually past due under the modified terms. 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-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, and (d) 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. These ratings include 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. Our doubtful rating includes a sub classification for a loss rate other than 50% (which is the standard doubtful loss rate). These ratings include 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:
(1) Other than for the TCSB Bancorp, Inc. ("TCSB") acquired loans, credit scores have been updated within the last twelve months.
(1) Other than for the TCSB acquired loans, credit scores have been updated within the last twelve months. Foreclosed residential real estate properties included in other real estate and repossessed assets on our Condensed Consolidated Statements of Financial Condition totaled $1.3 million and $1.6 million at September 30, 2018 and December 31, 2017, respectively. Retail mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements totaled $0.4 million and $0.8 million at September 30, 2018 and December 31, 2017, respectively. In March and July 2018, we sold $16.5 million and $11.1 million, respectively, of single-family residential fixed and adjustable rate mortgage loans servicing retained to another financial institution and recognized a gain (loss) on sale of $0.05 million and ($0.01) million, respectively. These mortgage loans were all on properties located in Ohio, had weighted average interest rates of 3.59% and 4.07%, respectively, and were sold primarily for asset/liability management purposes. Purchase Credit Impaired (“PCI”) Loans Loans acquired in a business combination are recorded at estimated fair value on their purchase date with no carryover of the related allowance for loan losses. In determining the estimated fair value of purchased loans, management considers a number of factors including, among others, the remaining life of the acquired loans, estimated prepayments, estimated loss ratios, estimated value of the underlying collateral, and net present value of cash flows expected to be received. Purchased loans are accounted for in accordance with guidance for certain loans acquired in a transfer (ASC 310-30), when the loans have evidence of credit deterioration since origination and it is probable at the date of acquisition that the acquirer will not collect all contractually required principal and interest payments. The difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. Subsequent increases in expected cash flows will result in a reversal of the provision for loan losses to the extent of prior charges and then an adjustment to accretable yield, which would have a positive impact on interest income. As a result of our acquisition of TCSB (see note #16) we purchased loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. For these loans that meet the criteria of ASC 310-30 treatment, the carrying amount was as follows:
The accretable difference on PCI loans is the difference between the expected cash flows and the net present value of expected cash flows with such difference accreted into earnings using the effective yield method over the term of the loans. Accretion recorded as loan interest income totaled $0.03 million and $0.07 million during the three and nine months ended September 30, 2018, respectively. Accretable yield of PCI loans, or income expected to be collected follows:
PCI loans purchased during 2018 (all relating to the TCSB acquisition) for which it was probable at acquisition that all contractually required payments would not be collected follows:
Income would not be recognized on certain purchased loans if we could not reasonably estimate cash flows to be collected. We did not have any purchased loans for which we could not reasonably estimate cash flows to be collected. |
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 |
On January 22, 2018, 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, 2018. 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. We did not repurchase any shares of common stock during the nine months ended September 30, 2018. A reconciliation of basic and diluted net income per common share follows:
(1)Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards. Weighted average stock options outstanding that were not considered in computing diluted net income per common share because they were anti-dilutive were zero for the three and nine month periods ended September 30, 2018 and 2017, respectively. |
Derivative Financial Instruments |
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Derivative Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
We use variable-rate and short-term fixed-rate (less than 12 months) debt obligations to fund a portion of our Condensed Consolidated Statements of Financial Condition, which exposes us to variability in interest rates. To meet our asset/liability management objectives, we may periodically enter into derivative financial instruments to mitigate exposure to fluctuations in cash flows resulting from changes in interest rates (“Cash Flow Hedges”). Cash Flow Hedges included certain pay-fixed interest rate swaps and interest rate cap agreements. Pay-fixed interest rate swaps convert the variable-rate cash flows on debt obligations to fixed-rates. Under interest-rate cap agreements, we will receive cash if interest rates rise above a predetermined level. As a result, we effectively have variable-rate debt with an established maximum rate. We pay an upfront premium on interest rate caps which is recognized in earnings in the same period in which the hedged item affects earnings. Unrecognized premiums from interest rate caps aggregated to $2.3 million at September 30, 2018 and $0.9 million at December 31, 2017. We record the fair value of Cash Flow Hedges in accrued income and other assets and accrued expenses and other liabilities on our Condensed Consolidated Statements of Financial Condition. On an ongoing basis, we adjust our Condensed Consolidated Statements of Financial Condition to reflect the then current fair value of Cash Flow Hedges. The related gains or losses are reported in other comprehensive income or loss and are subsequently reclassified into earnings, as a yield adjustment in the same period in which the related interest on the hedged items (variable-rate debt obligations) affect earnings. It is anticipated that approximately $0.66 million, of unrealized gains on Cash Flow Hedges at September 30, 2018 will be reclassified to earnings over the next twelve months. To the extent that the Cash Flow Hedges are not effective, the ineffective portion of the Cash Flow Hedges is immediately recognized in interest expense. The maximum term of the Cash Flow Hedge at September 30, 2018 is 5.0 years. 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 in our Condensed Consolidated Statements of Operations. 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. In prior periods we offered 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 noted as commercial in the table above with no hedge designation 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 | 7. Intangible Assets The following table summarizes intangible assets, net of amortization:
The $5.8 million and $28.3 million increases in the gross carrying amount of core deposit intangibles and goodwill, respectively are the result of our acquisition of TCSB (see note #16). There is no expected residual value relating to the core deposit intangible asset which is expected to be amortized over a period of 10 years (weighted average of 5.2 years). In the third quarter of 2018, goodwill was reduced by $0.7 million (to $28.3 million) related to the collection of a TCSB acquired loan that had been charged off in full prior to the Merger. Because of the status of the collection activities related to this loan at the time of the Merger, we determined that this transaction was a measurement period adjustment and reduced goodwill accordingly. Amortization of other intangibles has been estimated through 2022 in the following table.
Changes in the carrying amount of goodwill for the nine month period ending September 30, 2018 follows:
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Share Based Compensation |
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Share Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Based Compensation | 8. 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 0.5 million shares of common stock as of September 30, 2018. 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 September 30, 2018. 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 the nine month periods ended September 30, 2018 and 2017, pursuant to our long-term incentive plan, we granted 0.05 million shares of restricted stock during each period, and 0.02 million performance stock units (“PSU”), during each period to certain officers. No long term incentive grants were made during the three months ended September 30, 2018 and 2017. Except for 0.002 million shares of restricted stock issued in 2018 that vest ratably over three years, 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. 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 0.007 million shares and 0.006 million shares during the nine months ended September 30, 2018 and 2017, 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 $1.1 million during the three and nine month periods ended September 30, 2018, respectively, and was $0.4 million and $1.2 million during the same periods in 2017, respectively. The corresponding tax benefit relating to this expense was $0.1 million and $0.2 million for the three and nine month periods ended September 30, 2018, respectively and $0.1 million and $0.4 million for the same periods in 2017. Total expense recognized for non-employee director share based payments was $0.05 million and $0.16 million during the three and nine month periods ended September 30, 2018, respectively, and was $0.05 million and $0.12 million during the same periods in 2017, respectively. The corresponding tax benefit relating to this expense was $0.01 million and $0.03 million for the three and nine month periods ended September 30, 2018, respectively and $0.02 million and $0.04 million during the same periods in 2017. At September 30, 2018, the total expected compensation cost related to non-vested restricted stock and PSUs not yet recognized was $2.4 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 and PSUs and related transactions follows:
A summary of weighted-average assumptions used in the Black-Scholes option pricing model for the issue of stock options relating to the acquisition of TCSB (see note #16) during the second quarter of 2018 follows:
The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life was obtained using a simplified method that, in general, averaged the vesting term and original contractual term of the stock option. This method was used as relevant historical data of actual exercise activity was very limited. The expected volatility was based on historical volatility of our common stock. Certain information regarding options exercised during the periods follows:
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Income Tax |
9 Months Ended |
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Sep. 30, 2018 | |
Income Tax [Abstract] | |
Income Tax | 9. Income Tax Income tax expense was $2.9 million and $3.2 million during the three month periods ended September 30, 2018 and 2017, respectively and $7.0 million and $8.4 million during the nine months ended September 30, 2018 and 2017, respectively. On December 22, 2017, "H.R. 1" (also known as the "Tax Cuts and Jobs Act") was signed into law. H.R. 1, among other things, reduced the federal corporate income tax rate to 21% effective January 1, 2018 from 35% during 2017. Our actual federal income tax expense is different than the amount computed by applying our statutory income tax rate to our income before income tax primarily due to tax-exempt interest income and tax-exempt income from the increase in the cash surrender value on life insurance. In addition, the three and nine month periods ending September 30, 2018 include reductions of $0.01 million and $0.33 million, respectively, of income tax expense related to impact of the excess value of stock awards that vested and stock options that were exercised as compared to the initial fair values that were expensed. These amounts during the same periods in 2017 were $0.02 million and $0.23 million, respectively. 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 September 30, 2018 and 2017, that the realization of substantially all of our deferred tax assets continues to be more likely than not. At both September 30, 2018 and December 31, 2017, we had approximately $0.7 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 2018. |
Regulatory Matters |
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Regulatory Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | 10. 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 September 30, 2018, the Bank had positive undivided profits of $27.2 million. 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 interim condensed 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 September 30, 2018 and December 31, 2017, 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 1.875% and 1.25% added to the minimum ratio for adequately capitalized institutions for 2018 and 2017, respectively and 0.625% will be added each subsequent year until fully phased in during 2019. This capital conservation buffer is not reflected in the table that follows. 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. Our actual capital amounts and ratios follow:
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 | 11. 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 (equity securities at fair value, trading or available for sale) are classified as Level 1 of the valuation hierarchy. Level 1 securities include certain preferred stocks included in our equity securities at fair value (trading securities as of December 31, 2017) for which there are quoted prices in active markets and US Treasuries (at December 31, 2017) in our securities available for sale portfolio. 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, obligations of states and political subdivisions, trust preferred securities, corporate securities and foreign government securities. Loans held for sale: The fair value of mortgage loans held for sale is based on agency cash window loan 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 for loan losses represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At September 30, 2018 and December 31, 2017, 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, which is part of non-interest expense - other 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, or a member of our Collateral Evaluation Department (for commercial properties), or a member of our Special Assets/ORE Group (for residential 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 residential 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 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 is based on agency cash window loan pricing for comparable assets and the fair value of 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 and interest rate cap agreements are derived from proprietary models which utilize current market data. The 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:
(1) Included in accrued income and other assets (2) Included in accrued expenses and other liabilities (3) Only includes impaired loans with specific loss allocations based on collateral value. (4) Only includes other real estate with subsequent write downs to fair value. There were no transfers between Level 1 and Level 2 during the nine months ended September 30, 2018 and 2017. 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 nine month periods ended September 30, 2018 and 2017 relating to assets measured at fair value on a non-recurring basis:
A reconciliation for all assets and (liabilities) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) follows:
The fair value of our capitalized mortgage loan servicing rights has been determined based on a valuation model used by an independent third party as discussed above. The significant unobservable inputs used in the fair value measurement of the capitalized mortgage loan servicing rights are discount rate, cost to service, ancillary income and float rate. Significant changes in all four of these assumptions in isolation would result in significant changes to the value of our capitalized mortgage loan servicing rights. Quantitative information about our Level 3 fair value measurements measured on a recurring basis follows:
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 |
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. As discussed in note #2, we adopted ASU 2016-02 as of January 1, 2018. This new ASU requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. All of estimated fair values of our financial instruments in the table below at September 30, 2018 have used this exit price notion. In addition, except as discussed below in the net loans and loans held for sale section, all of our financial assets and liabilities have historically been valued using an exit price notion. This new ASU also removes the requirement to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost. The methods and significant assumptions for those financial instruments measured at amortized cost disclosed below are presented for fair values at December 31, 2017. 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. Equity securities at fair value, trading securities and U.S. Treasury securities available for sale are classified as Level 1 while all other securities available for sale are classified as Level 2 as described in note #11. 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 at December 31, 2017 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 #11. Loans held for sale are classified as Level 2 as described in note #11. 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 is based on agency cash window loan pricing for comparable assets, the fair value of mandatory commitments to sell mortgage loans is based on mortgage backed security pricing for comparable assets, the fair value of interest rate swap and interest rate cap agreements is derived from proprietary models which utilize current market data 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 #11. 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 time deposits 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 | 13. 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 insignificant. 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). 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. In connection with the sale of Mepco Finance Corporation (“Mepco”) (see note #15), we agreed to contractually indemnify the purchaser from certain losses it may incur, including as a result of its failure to collect certain receivables it purchased as part of the business as well as breaches of representations and warranties we made in the sale agreement, subject to various limitations. We have not accrued any liability related to these indemnification requirements in our September 30, 2018 Condensed Consolidated Statement of Financial Condition because we believe the likelihood of having to pay any amount as a result of these indemnification obligations is remote. However, if the purchaser is unable to collect the receivables it purchased from Mepco or otherwise encounters difficulties in operating the business, it is possible it could make one or more claims against us pursuant to the sale agreement. In that event, we may incur expenses in defending any such claims and/or amounts paid to such purchaser to resolve such claims. As of September 30, 2018 these receivables balances had declined to $2.1 million and to date the purchaser has made no claims for indemnification. 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, Ginnie Mae and the FHLB). 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 $0.05 million and $0.02 million for the three month periods ended September 30, 2018 and 2017 and an expense of $0.08 million and $0.07 million for the nine month periods ended September 30, 2018 and 2017, respectively. The reserve for loss reimbursements on sold mortgage loans totaled $0.85 million and $0.67 million at September 30, 2018 and December 31, 2017, respectively. 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. 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") | 14. 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. Release of material disproportionate tax effects from other comprehensive income to earnings is done by the portfolio method whereby the effects will remain in AOCL as long as we carry a more than insubstantial portfolio of securities available for sale. A summary of reclassifications out of each component of AOCL for the three months ended September 30 follows:
A summary of reclassifications out of each component of AOCL for the nine months ended September 30 follows:
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Mepco Sale |
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Sep. 30, 2018 | |
Mepco Sale [Abstract] | |
Mepco Sale | 15. Mepco Sale On December 30, 2016, Mepco executed an Asset Purchase Agreement (the “APA”) with Seabury Asset Management LLC (“Seabury”). Pursuant to the terms of the APA, we sold our payment plan processing business, payment plan receivables, and certain other assets to Seabury, who also assumed certain liabilities of Mepco. This transaction closed on May 18, 2017, with an effective date of May 1, 2017. As a result of the closing, Mepco sold $33.1 million of net payment plan receivables, $0.5 million of commercial loans, $0.2 million of furniture and equipment and $1.6 million of other assets to Seabury, who also assumed $2.0 million of specified liabilities. We received cash totaling $33.4 million and recorded no gain or loss in 2017 as the assets were sold and the liabilities were assumed at book value. |
Recent Acquisition |
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Recent Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Acquisition | 16. Recent Acquisition Effective April 1, 2018, we completed the acquisition of all of the issued and outstanding shares of common stock of TCSB through a merger of TCSB into Independent Bank Corporation (“IBCP”), with IBCP as the surviving corporation (the ‘‘Merger’’). On that same date we also consolidated Traverse City State Bank, TCSB’s wholly-owned subsidiary bank, into Independent Bank (with Independent Bank as the surviving institution). Under the terms of the merger agreement each holder of TCSB common stock received 1.1166 shares of IBCP common stock plus cash in lieu of fractional shares totaling $0.005 million. TCSB option holders had their options converted into IBCP stock options. As a result we issued 2.71 million shares of common stock and 0.19 million stock options with a fair value of approximately $64.5 million to the shareholders and option holders of TCSB. The fair value of common stock and stock options issued as the consideration paid for TCSB was determined using the closing price of our common stock on the acquisition date. This acquisition was accounted for under the acquisition method of accounting. Accordingly, we recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values. TCSB results of operations are included in our results beginning April 1, 2018. Non-interest expense includes $0.1 million and $3.4 million of costs incurred during the three and nine month periods ended September 30, 2018, respectively related to the Merger. Any remaining merger related costs will be expensed as incurred in future periods. The following table reflects our preliminary valuation of the assets acquired and liabilities assumed:
Management views the disclosed fair values presented above to be provisional. Prior to the end of the one-year measurement period for finalizing acquisition-date fair values, if information becomes available which would indicate adjustments are required to the allocation, such adjustments will be included in the allocation in the reporting period in which the adjustment amounts are determined. In the third quarter of 2018, goodwill was reduced by $0.7 million (to $28.3 million) related to the collection of a TCSB acquired loan that had been charged off in full prior to the Merger. Because of the status of the collection activities related to this loan at the time of the Merger, we determined that this transaction was a measurement period adjustment and reduced goodwill accordingly. Goodwill related to this acquisition will not be deductible for tax purposes and consists largely of synergies and cost savings resulting from the combining of the operations of TCSB into ours as well as expansion into a new market. The estimated fair value of the core deposit intangible was $5.8 million and is being amortized over an estimated useful life of 10 years. The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, we believe that all contractual cash flows related to these financial instruments will be collected. As such, these receivables were not considered impaired at the acquisition date and were not subject to the guidance relating to purchased credit impaired loans which have shown evidence of credit deterioration since origination. Receivables acquired that are not subject to these requirements included non-impaired customer receivables with a fair value and gross contractual amounts receivable of $292.9 million and $298.6 million on the date of acquisition. |
Revenue from Contracts with Customers |
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Revenue from Contracts with Customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | 17. Revenue from Contracts with Customers We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which we adopted on January 1, 2018, using the modified retrospective method (see note #2). We derive the majority of our revenue from financial instruments and their related contractual rights and obligations which for the most part are excluded from the scope of ASU 2014-09. These sources of revenue that are excluded from the scope of this amended guidance include interest income, net gains on mortgage loans, net gains (losses) on securities, mortgage loan servicing, net and bank owned life insurance and were approximately 83.1% and 80.0% of total revenues at September 30, 2018 and 2017, respectively. Material sources of revenue that are included in the scope of ASC Topic 606 include service charges on deposits, other deposit related income, interchange income and investment and insurance commissions and are discussed in the following paragraphs. Generally these sources of revenue are earned at the time the service is delivered or over the course of a monthly period and do not result in any contract asset or liability balance at any given period end. As a result, there were no contract assets or liabilities recorded as of September 30, 2018. Service charges on deposit accounts and other deposit related income: Revenues are earned on depository accounts for commercial and retail customers and include fees for transaction-based, account maintenance and overdraft services. Transaction-based fees, which includes services such as ATM use fees, stop payment charges and ACH fees are recognized at the time the transaction is executed as that is the time we fulfill our customer’s request. Account maintenance fees, which includes monthly maintenance services are earned over the course of a month representing the period over which the performance obligation is satisfied. Our obligation for overdraft services is satisfied at the time of the overdraft. Interchange income: Interchange income primarily includes debit card interchange and network revenues. Debit card interchange and network revenues are earned on debit card transactions conducted through payment networks such as MasterCard and NYCE. Interchange income is recognized concurrently with the delivery of services on a daily basis. Interchange and network revenues are presented gross of interchange expenses, which are presented separately as a component of non-interest expense. Investment and insurance commissions: Investment and insurance commissions include fees and commissions from asset management, custody, recordkeeping, investment advisory and other services provided to our customers. Revenue is recognized on an accrual basis at the time the services are performed and are generally based on either the market value of the assets managed or the services provided. We have an agent relationship with a third party provider of these services and net certain direct costs charged by the third party provider associated with providing these services to our customers. Net (gains) losses on other real estate and repossessed assets: We record a gain or loss from the sale of other real estate when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. If we were to finance the sale of other real estate to the buyer, we would assess whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction is probable. Once these criteria are met, the other real estate asset would be derecognized and the gain or loss on sale would be recorded upon the transfer of control of the property to the buyer. There were no other real estate properties sold during the nine months ending September 30, 2018 that were financed by us. Disaggregation of our revenue sources by attribute for the three months ending September 30, 2018 follows:
Disaggregation of our revenue sources by attribute for the nine months ending September 30, 2018 follows:
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New Accounting Standards (Policies) |
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New Accounting Standards [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Standards | In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)”. This ASU amends existing guidance related to the accounting for leases. These amendments, among other things, require 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. Based on a review of our operating leases that we currently have in place we do not expect a material change in the recognition, measurement and presentation of lease expense or impact on cash flow. While the primary impact will be the recognition of certain operating leases on our Condensed Consolidated Statements of Financial Condition this impact is not expected to be material. 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 are not 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 securities available for sale, 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 began evaluating this ASU in 2016 and have formed a committee that includes personnel from various areas of Independent Bank (the “Bank”) that meets regularly to discuss the implementation of the ASU. We are currently in the process of gathering data and reviewing loss methodologies and have engaged third party resources that will assist us in the implementation of this ASU. While we have not yet determined what the impact will be on our consolidated operating results or financial condition by the nature of the implementation of an expected loss model compared to an incurred loss approach, we would expect our allowance for loan losses (“AFLL”) to increase under this ASU. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities”. This new ASU amends the hedge accounting model in Topic 815 to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results. The amendments expand an entity’s ability to hedge nonfinancial and financial risk components and reduce complexity in fair value hedges of interest rate risk. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. This amended guidance is effective for us on January 1, 2019, and given our current level of derivatives designated as hedges is not expected to 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)”, (“ASU 2014-09”). 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. We adopted this ASU using the modified retrospective approach with no impact to our accumulated deficit at January 1, 2018. Financial instruments for the most part and related contractual rights and obligations which are the sources of the majority of our operating revenue are excluded from the scope of this amended guidance. Those operating revenue streams that are included in the scope of this amended guidance were not materially impacted. Results for reporting periods beginning after January 1, 2018 are presented under this ASU while prior period amounts continue to be reported in accordance with legacy GAAP. The impact of the adoption of this ASU on our Condensed Consolidated Statements of Operations for the three and nine month periods ending September 30, 2018 is summarized in the table below. In addition, see note #17 for further discussion on our accounting policies for operating revenue streams that are included in the scope of this amended guidance. The impact of the adoption of ASU 2014-09 on our Condensed Consolidated Statement of Operations follows:
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, require 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, require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset and eliminate 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 was effective for us on January 1, 2018. The adoption of this ASU did not have a material impact on our consolidated operating results or financial condition. As a result of the adoption of this ASU our equity securities previously classified as trading securities are now classified as equity securities at fair value on our September 30, 2018 Condensed Consolidated Statement of Financial Condition. In addition, this amended guidance impacted certain fair value disclosure items (see note #12). In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business”. This new ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses which distinction determines whether goodwill is recorded or not. This amended guidance was effective for us on January 1, 2018, and did not have a material impact on our consolidated operating results or financial condition. In January 2017, the FASB issued ASU 2017-4, “Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment”. This new ASU amends the requirement that entities compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, entities should perform their annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment if the carrying amount exceeds the reporting unit’s fair value. This amended guidance is effective for us on January 1, 2020 with early application permitted. Due to our recent acquisition (see note #16) and expectations this ASU will be relevant to us in 2018 we elected to adopt this amended guidance as of January 1, 2018. The adoption of this ASU did not have a material impact on our consolidated operating results or financial condition. In February 2018, the FASB issued ASU 2018-02, ‘‘Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income’’. This new ASU allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. As a result, this amended guidance eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. This amended guidance is effective for us on January 1, 2019, with early application permitted in any period for which financial statements have not yet been issued. We elected to adopt this amended guidance during the fourth quarter of 2017 and it resulted in a $0.04 million reclassification between accumulated other comprehensive loss and accumulated deficit. |
New Accounting Standards (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Accounting Standards [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of Adoption on Condensed Consolidated Statement of Operations | The impact of the adoption of ASU 2014-09 on our Condensed Consolidated Statement of Operations follows:
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Securities (Tables) |
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Private Label Mortgage Backed Securities Below Investment Grade | At September 30, 2018, 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 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 September 30, 2018, 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 nine month periods ending September 30, follows:
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Loans (Tables) |
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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 September 30, follows:
An analysis of the allowance for loan losses by portfolio segment for the nine months ended September 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:
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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 September 30, follows:
Average recorded investment in and interest income earned on impaired loans by class for the nine month periods ending September 30, follows:
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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 September 30 follow:
Loans that have been classified as troubled debt restructurings during the nine-month periods ended September 30 follow:
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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:
(1) Other than for the TCSB Bancorp, Inc. ("TCSB") acquired loans, credit scores have been updated within the last twelve months.
(1) Other than for the TCSB acquired loans, credit scores have been updated within the last twelve months. |
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Purchase Credit Impaired (PCI) Loans | For these loans that meet the criteria of ASC 310-30 treatment, the carrying amount was as follows:
Accretable yield of PCI loans, or income expected to be collected follows:
PCI loans purchased during 2018 (all relating to the TCSB acquisition) for which it was probable at acquisition that all contractually required payments would not be collected follows:
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Shareholders' Equity and Earnings Per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1)Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards. |
Derivative Financial Instruments (Tables) |
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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 | 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
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Effect of Derivative Financial Instruments on Condensed Consolidated Statement of Operations | The effect of derivative financial instruments on the Condensed Consolidated Statements of Operations follows:
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Intangible Assets (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 2022 in the following table.
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Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the nine month period ending September 30, 2018 follows:
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Share Based Compensation (Tables) |
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Share Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Stock Option Grants and Transactions | A summary of outstanding stock option grants and related transactions follows:
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Non-Vested Restricted Stock, Restricted Stock Units and PSU's | A summary of outstanding non-vested restricted stock and PSUs and related transactions follows:
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Weighted-average Assumptions Used Black-Scholes Option Pricing Model | A summary of weighted-average assumptions used in the Black-Scholes option pricing model for the issue of stock options relating to the acquisition of TCSB (see note #16) during the second quarter of 2018 follows:
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Information Regarding Options Exercised | Certain information regarding options exercised during the periods follows:
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Regulatory Matters (Tables) |
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Regulatory Matters [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual Capital Amounts and Ratios | Our actual capital amounts and ratios follow:
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Regulatory Capital | The components of our regulatory capital are as follows:
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Fair Value Disclosures (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1) Included in accrued income and other assets (2) Included in accrued expenses and other liabilities (3) Only includes impaired loans with specific loss allocations based on collateral value. (4) Only includes other real estate with subsequent write downs to fair value. |
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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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Reconciliation for all Assets and (Liabilities) Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | A reconciliation for all assets and (liabilities) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) follows:
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Quantitative Information About Level 3 Fair Value Measurements Measured on a Recurring Basis and Non-recurring Basis | Quantitative information about our Level 3 fair value measurements measured on a recurring basis follows:
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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accumulated Other Comprehensive Loss ("AOCL") [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss (AOCL), Net of Tax | A summary of changes in AOCL follows:
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Reclassifications Out of Each Component of AOCL | A summary of reclassifications out of each component of AOCL for the three months ended September 30 follows:
A summary of reclassifications out of each component of AOCL for the nine months ended September 30 follows:
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Recent Acquisition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Recent Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preliminary Valuation of Assets Acquired and Liabilities Assumed | The following table reflects our preliminary valuation of the assets acquired and liabilities assumed:
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Revenue from Contracts with Customers (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contracts with Customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue Sources by Attribute | Disaggregation of our revenue sources by attribute for the three months ending September 30, 2018 follows:
Disaggregation of our revenue sources by attribute for the nine months ending September 30, 2018 follows:
|
Securities (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018
USD ($)
Security
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
Security
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized Cost | $ 443,744 | $ 443,744 | $ 523,520 | ||
Unrealized Gains | 1,602 | 1,602 | 3,197 | ||
Unrealized Losses | 8,389 | 8,389 | 3,792 | ||
Fair Value | 436,957 | 436,957 | 522,925 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 163,283 | 163,283 | 153,090 | ||
Less Than Twelve Months, Unrealized Losses | 2,921 | 2,921 | 1,400 | ||
Twelve Months or More, Fair Value | 139,602 | 139,602 | 108,033 | ||
Twelve Months or More, Unrealized Losses | 5,468 | 5,468 | 2,392 | ||
Total, Fair Value | 302,885 | 302,885 | 261,123 | ||
Total, Unrealized Losses | 8,389 | 8,389 | 3,792 | ||
Credit related OTTI recognized in earnings | 0 | $ 0 | 0 | $ 0 | |
Private Label Mortgage Backed Securities Below Investment Grade [Abstract] | |||||
Fair value | 1,682 | 1,682 | |||
Amortized cost | 1,331 | 1,331 | |||
Non-credit unrealized loss | 0 | 0 | |||
Unrealized gain | 351 | 351 | |||
Cumulative credit related OTTI | 1,594 | 1,594 | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||||
Balance at beginning of period | 1,594 | 1,594 | 1,594 | 1,594 | |
Additions to credit losses on securities for which no previous OTTI was recognized | 0 | 0 | 0 | 0 | |
Increases to credit losses on securities for which OTTI was previously recognized | 0 | 0 | 0 | 0 | |
Balance at end of period | 1,594 | $ 1,594 | 1,594 | $ 1,594 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Maturing within one year | 14,513 | 14,513 | |||
Maturing after one year but within five years | 79,683 | 79,683 | |||
Maturing after five years but within ten years | 62,609 | 62,609 | |||
Maturing after ten years | 46,142 | 46,142 | |||
Available-for-sale securities, debt maturities, amortized cost basis | 202,947 | 202,947 | |||
U.S. agency residential mortgage-backed | 126,851 | 126,851 | |||
U.S. agency commercial mortgage-backed | 6,039 | 6,039 | |||
Private label mortgage-backed | 29,340 | 29,340 | |||
Other asset backed | 78,567 | 78,567 | |||
Amortized Cost | 443,744 | 443,744 | 523,520 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Maturing within one year | 14,494 | 14,494 | |||
Maturing after one year but within five years | 78,634 | 78,634 | |||
Maturing after five years but within ten years | 60,979 | 60,979 | |||
Maturing after ten years | 44,475 | 44,475 | |||
Total available-for-sale securities fair value | 198,582 | 198,582 | |||
U.S. agency residential mortgage-backed | 125,061 | 125,061 | |||
U.S. agency commercial mortgage-backed | 5,815 | 5,815 | |||
Private label mortgage-backed | 28,973 | 28,973 | |||
Other asset backed | 78,526 | 78,526 | |||
Total | 436,957 | 436,957 | 522,925 | ||
U.S. Treasury [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized Cost | 898 | ||||
Unrealized Gains | 0 | ||||
Unrealized Losses | 0 | ||||
Fair Value | 898 | ||||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized Cost | 898 | ||||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 898 | ||||
U.S. Agency [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized Cost | 20,769 | 20,769 | 25,667 | ||
Unrealized Gains | 0 | 0 | 82 | ||
Unrealized Losses | 346 | 346 | 67 | ||
Fair Value | 20,423 | 20,423 | 25,682 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 11,938 | 11,938 | 5,466 | ||
Less Than Twelve Months, Unrealized Losses | 239 | 239 | 26 | ||
Twelve Months or More, Fair Value | 8,485 | 8,485 | 5,735 | ||
Twelve Months or More, Unrealized Losses | 107 | 107 | 41 | ||
Total, Fair Value | 20,423 | 20,423 | 11,201 | ||
Total, Unrealized Losses | $ 346 | $ 346 | 67 | ||
Number of securities with market fair value less than amortized cost | Security | 51 | 51 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized Cost | $ 20,769 | $ 20,769 | 25,667 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 20,423 | 20,423 | 25,682 | ||
U.S. Agency Residential Mortgage-Backed [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized Cost | 126,851 | 126,851 | 137,785 | ||
Unrealized Gains | 802 | 802 | 1,116 | ||
Unrealized Losses | 2,592 | 2,592 | 983 | ||
Fair Value | 125,061 | 125,061 | 137,918 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 28,672 | 28,672 | 22,198 | ||
Less Than Twelve Months, Unrealized Losses | 765 | 765 | 229 | ||
Twelve Months or More, Fair Value | 40,857 | 40,857 | 40,698 | ||
Twelve Months or More, Unrealized Losses | 1,827 | 1,827 | 754 | ||
Total, Fair Value | 69,529 | 69,529 | 62,896 | ||
Total, Unrealized Losses | $ 2,592 | $ 2,592 | 983 | ||
Number of securities with market fair value less than amortized cost | Security | 133 | 133 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized Cost | $ 126,851 | $ 126,851 | 137,785 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 125,061 | 125,061 | 137,918 | ||
U.S. Agency Commercial Mortgage-Backed [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized Cost | 6,039 | 6,039 | 9,894 | ||
Unrealized Gains | 0 | 0 | 36 | ||
Unrealized Losses | 224 | 224 | 170 | ||
Fair Value | 5,815 | 5,815 | 9,760 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 1,358 | 1,358 | 2,181 | ||
Less Than Twelve Months, Unrealized Losses | 12 | 12 | 34 | ||
Twelve Months or More, Fair Value | 4,391 | 4,391 | 3,994 | ||
Twelve Months or More, Unrealized Losses | 212 | 212 | 136 | ||
Total, Fair Value | 5,749 | 5,749 | 6,175 | ||
Total, Unrealized Losses | $ 224 | $ 224 | 170 | ||
Number of securities with market fair value less than amortized cost | Security | 15 | 15 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized Cost | $ 6,039 | $ 6,039 | 9,894 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 5,815 | 5,815 | 9,760 | ||
Private Label Mortgage-Backed [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized Cost | 29,340 | 29,340 | 29,011 | ||
Unrealized Gains | 369 | 369 | 428 | ||
Unrealized Losses | 736 | 736 | 330 | ||
Fair Value | 28,973 | 28,973 | 29,109 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 10,209 | 10,209 | 11,390 | ||
Less Than Twelve Months, Unrealized Losses | 295 | 295 | 92 | ||
Twelve Months or More, Fair Value | 8,473 | 8,473 | 4,396 | ||
Twelve Months or More, Unrealized Losses | 441 | 441 | 238 | ||
Total, Fair Value | 18,682 | 18,682 | 15,786 | ||
Total, Unrealized Losses | $ 736 | $ 736 | 330 | ||
Number of securities with market fair value less than amortized cost | Security | 27 | 27 | |||
Private Label Mortgage Backed Securities Below Investment Grade [Abstract] | |||||
Number of private label mortgage backed securities complete recovery of cost basis | Security | 2 | 2 | |||
Number of private label mortgage backed securities currently with OTTI unrealized gains | Security | 3 | 3 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized Cost | $ 29,340 | $ 29,340 | 29,011 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 28,973 | 28,973 | 29,109 | ||
Senior Security [Member] | |||||
Private Label Mortgage Backed Securities Below Investment Grade [Abstract] | |||||
Fair value | 842 | 842 | |||
Amortized cost | 698 | 698 | |||
Non-credit unrealized loss | 0 | 0 | |||
Unrealized gain | 144 | 144 | |||
Cumulative credit related OTTI | 757 | 757 | |||
Super Senior Security [Member] | |||||
Private Label Mortgage Backed Securities Below Investment Grade [Abstract] | |||||
Fair value | 808 | 808 | |||
Amortized cost | 633 | 633 | |||
Non-credit unrealized loss | 0 | 0 | |||
Unrealized gain | 175 | 175 | |||
Cumulative credit related OTTI | 457 | 457 | |||
Senior Support Security [Member] | |||||
Private Label Mortgage Backed Securities Below Investment Grade [Abstract] | |||||
Fair value | 32 | 32 | |||
Amortized cost | 0 | 0 | |||
Non-credit unrealized loss | 0 | 0 | |||
Unrealized gain | 32 | 32 | |||
Cumulative credit related OTTI | 380 | 380 | |||
Other Asset Backed [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized Cost | 78,567 | 78,567 | 93,811 | ||
Unrealized Gains | 147 | 147 | 202 | ||
Unrealized Losses | 188 | 188 | 115 | ||
Fair Value | 78,526 | 78,526 | 93,898 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 30,663 | 30,663 | 20,352 | ||
Less Than Twelve Months, Unrealized Losses | 92 | 92 | 40 | ||
Twelve Months or More, Fair Value | 11,226 | 11,226 | 16,648 | ||
Twelve Months or More, Unrealized Losses | 96 | 96 | 75 | ||
Total, Fair Value | 41,889 | 41,889 | 37,000 | ||
Total, Unrealized Losses | $ 188 | $ 188 | 115 | ||
Number of securities with market fair value less than amortized cost | Security | 72 | 72 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized Cost | $ 78,567 | $ 78,567 | 93,811 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 78,526 | 78,526 | 93,898 | ||
Obligations of States and Political Subdivisions [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized Cost | 143,138 | 143,138 | 174,073 | ||
Unrealized Gains | 219 | 219 | 755 | ||
Unrealized Losses | 3,703 | 3,703 | 1,883 | ||
Fair Value | 139,654 | 139,654 | 172,945 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 59,590 | 59,590 | 76,574 | ||
Less Than Twelve Months, Unrealized Losses | 1,157 | 1,157 | 936 | ||
Twelve Months or More, Fair Value | 57,509 | 57,509 | 28,246 | ||
Twelve Months or More, Unrealized Losses | 2,546 | 2,546 | 947 | ||
Total, Fair Value | 117,099 | 117,099 | 104,820 | ||
Total, Unrealized Losses | $ 3,703 | $ 3,703 | 1,883 | ||
Number of securities with market fair value less than amortized cost | Security | 393 | 393 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized Cost | $ 143,138 | $ 143,138 | 174,073 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 139,654 | 139,654 | 172,945 | ||
Corporate [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized Cost | 35,017 | 35,017 | 47,365 | ||
Unrealized Gains | 65 | 65 | 578 | ||
Unrealized Losses | 512 | 512 | 90 | ||
Fair Value | 34,570 | 34,570 | 47,853 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 20,853 | 20,853 | 14,440 | ||
Less Than Twelve Months, Unrealized Losses | 361 | 361 | 33 | ||
Twelve Months or More, Fair Value | 5,726 | 5,726 | 3,943 | ||
Twelve Months or More, Unrealized Losses | 151 | 151 | 57 | ||
Total, Fair Value | 26,579 | 26,579 | 18,383 | ||
Total, Unrealized Losses | $ 512 | $ 512 | 90 | ||
Number of securities with market fair value less than amortized cost | Security | 32 | 32 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized Cost | $ 35,017 | $ 35,017 | 47,365 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 34,570 | 34,570 | 47,853 | ||
Trust Preferred [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized Cost | 1,963 | 1,963 | 2,929 | ||
Unrealized Gains | 0 | 0 | 0 | ||
Unrealized Losses | 38 | 38 | 127 | ||
Fair Value | 1,925 | 1,925 | 2,802 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 0 | 0 | 0 | ||
Less Than Twelve Months, Unrealized Losses | 0 | 0 | 0 | ||
Twelve Months or More, Fair Value | 925 | 925 | 2,802 | ||
Twelve Months or More, Unrealized Losses | 38 | 38 | 127 | ||
Total, Fair Value | 925 | 925 | 2,802 | ||
Total, Unrealized Losses | $ 38 | $ 38 | 127 | ||
Number of securities with market fair value less than amortized cost | Security | 1 | 1 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized Cost | $ 1,963 | $ 1,963 | 2,929 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 1,925 | 1,925 | 2,802 | ||
Foreign Government [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized Cost | 2,060 | 2,060 | 2,087 | ||
Unrealized Gains | 0 | 0 | 0 | ||
Unrealized Losses | 50 | 50 | 27 | ||
Fair Value | 2,010 | 2,010 | 2,060 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 0 | 0 | 489 | ||
Less Than Twelve Months, Unrealized Losses | 0 | 0 | 10 | ||
Twelve Months or More, Fair Value | 2,010 | 2,010 | 1,571 | ||
Twelve Months or More, Unrealized Losses | 50 | 50 | 17 | ||
Total, Fair Value | 2,010 | 2,010 | 2,060 | ||
Total, Unrealized Losses | $ 50 | $ 50 | 27 | ||
Number of securities with market fair value less than amortized cost | Security | 2 | 2 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized Cost | $ 2,060 | $ 2,060 | 2,087 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | $ 2,010 | $ 2,010 | $ 2,060 |
Securities, Gains and Losses Realized on Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|||||||
Gain and losses realized on sale of securities available for sale [Abstract] | ||||||||
Proceeds | $ 31,445 | $ 9,594 | [1] | |||||
Realized gains | 81 | [2] | 125 | |||||
Realized losses | 126 | 0 | ||||||
Sale of securities available for sale not yet settled | 0 | 760 | ||||||
Trading securities, realized losses | (170) | $ (63) | ||||||
VISA Class B Shares [Member] | ||||||||
Gain and losses realized on sale of securities available for sale [Abstract] | ||||||||
Realized gains | $ 144 | |||||||
Number securities sold (in shares) | 1,000 | |||||||
|
Loans, Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
||||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ||||||||||
Balance at beginning of period | $ 23,504 | $ 20,586 | $ 22,587 | $ 20,234 | ||||||
Additions (deductions) [Abstract] | ||||||||||
Provision for loan losses | (53) | 582 | 912 | 806 | ||||||
Recoveries credited to the allowance | 1,908 | 1,212 | 3,768 | 2,998 | ||||||
Loans charged against the allowance | (958) | (902) | (2,866) | (2,560) | ||||||
Balance at end of period | 24,401 | 21,478 | 24,401 | 21,478 | ||||||
Allowance for loan losses [Abstract] | ||||||||||
Individually evaluated for impairment | 6,102 | 6,102 | $ 6,839 | |||||||
Collectively evaluated for impairment | 18,299 | 18,299 | 15,748 | |||||||
Total ending allowance balance | 24,401 | 24,401 | 22,587 | |||||||
Loans [Abstract] | ||||||||||
Individually evaluated for impairment | 62,159 | 62,159 | 65,544 | |||||||
Collectively evaluated for impairment | 2,506,229 | 2,506,229 | 1,959,774 | |||||||
Total loans recorded investment | 2,570,953 | 2,570,953 | 2,025,318 | |||||||
Accrued interest included in recorded investment | 8,375 | 8,375 | 6,501 | |||||||
Total loans | 2,562,578 | 2,562,578 | 2,018,817 | |||||||
Loans Acquired with Deteriorated Credit Quality [Member] | ||||||||||
Allowance for loan losses [Abstract] | ||||||||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||||||
Loans [Abstract] | ||||||||||
Loans acquired with deteriorated credit quality | 2,565 | 2,565 | ||||||||
Commercial [Member] | ||||||||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ||||||||||
Balance at beginning of period | 6,073 | 5,100 | 5,595 | 4,880 | ||||||
Additions (deductions) [Abstract] | ||||||||||
Provision for loan losses | (907) | (97) | (1,404) | (197) | ||||||
Recoveries credited to the allowance | 1,418 | 340 | 2,458 | 946 | ||||||
Loans charged against the allowance | (225) | (92) | (290) | (378) | ||||||
Balance at end of period | 6,359 | 5,251 | 6,359 | 5,251 | ||||||
Allowance for loan losses [Abstract] | ||||||||||
Individually evaluated for impairment | 727 | 727 | 837 | |||||||
Collectively evaluated for impairment | 5,632 | 5,632 | 4,758 | |||||||
Total ending allowance balance | 6,359 | 6,359 | 5,595 | |||||||
Loans [Abstract] | ||||||||||
Individually evaluated for impairment | 9,714 | 9,714 | 8,420 | |||||||
Collectively evaluated for impairment | 1,103,860 | 1,103,860 | 847,140 | |||||||
Total loans recorded investment | 1,115,227 | 1,115,227 | 855,560 | |||||||
Accrued interest included in recorded investment | 3,126 | 3,126 | 2,300 | |||||||
Total loans | 1,112,101 | 1,112,101 | 853,260 | |||||||
Commercial [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||||||||
Allowance for loan losses [Abstract] | ||||||||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||||||
Loans [Abstract] | ||||||||||
Loans acquired with deteriorated credit quality | 1,653 | 1,653 | ||||||||
Mortgage [Member] | ||||||||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ||||||||||
Balance at beginning of period | 8,296 | 8,145 | 8,733 | 8,681 | ||||||
Additions (deductions) [Abstract] | ||||||||||
Provision for loan losses | 415 | 68 | 778 | (593) | ||||||
Recoveries credited to the allowance | 192 | 587 | 549 | 1,264 | ||||||
Loans charged against the allowance | (448) | (471) | (1,605) | (1,023) | ||||||
Balance at end of period | 8,455 | 8,329 | 8,455 | 8,329 | ||||||
Allowance for loan losses [Abstract] | ||||||||||
Individually evaluated for impairment | 5,155 | 5,155 | 5,725 | |||||||
Collectively evaluated for impairment | 3,300 | 3,300 | 3,008 | |||||||
Total ending allowance balance | 8,455 | 8,455 | 8,733 | |||||||
Loans [Abstract] | ||||||||||
Individually evaluated for impairment | 48,815 | 48,815 | 53,179 | |||||||
Collectively evaluated for impairment | 1,011,276 | 1,011,276 | 799,629 | |||||||
Total loans recorded investment | 1,060,648 | 1,060,648 | 852,808 | |||||||
Accrued interest included in recorded investment | [1] | 4,166 | 4,166 | 3,278 | ||||||
Total loans | 1,056,482 | 1,056,482 | 849,530 | |||||||
Mortgage [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||||||||
Allowance for loan losses [Abstract] | ||||||||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||||||
Loans [Abstract] | ||||||||||
Loans acquired with deteriorated credit quality | 557 | 557 | ||||||||
Installment [Member] | ||||||||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ||||||||||
Balance at beginning of period | 848 | 900 | 864 | 1,011 | ||||||
Additions (deductions) [Abstract] | ||||||||||
Provision for loan losses | (25) | (33) | 182 | 173 | ||||||
Recoveries credited to the allowance | 298 | 285 | 761 | 788 | ||||||
Loans charged against the allowance | (285) | (339) | (971) | (1,159) | ||||||
Balance at end of period | 836 | 813 | 836 | 813 | ||||||
Allowance for loan losses [Abstract] | ||||||||||
Individually evaluated for impairment | 220 | 220 | 277 | |||||||
Collectively evaluated for impairment | 616 | 616 | 587 | |||||||
Total ending allowance balance | 836 | 836 | 864 | |||||||
Loans [Abstract] | ||||||||||
Individually evaluated for impairment | 3,630 | 3,630 | 3,945 | |||||||
Collectively evaluated for impairment | 391,093 | 391,093 | 313,005 | |||||||
Total loans recorded investment | 395,078 | 395,078 | 316,950 | |||||||
Accrued interest included in recorded investment | [2] | 1,083 | 1,083 | 923 | ||||||
Total loans | 393,995 | 393,995 | 316,027 | |||||||
Installment [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||||||||
Allowance for loan losses [Abstract] | ||||||||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||||||
Loans [Abstract] | ||||||||||
Loans acquired with deteriorated credit quality | 355 | 355 | ||||||||
Subjective Allocation [Member] | ||||||||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ||||||||||
Balance at beginning of period | 8,287 | 6,441 | 7,395 | 5,662 | ||||||
Additions (deductions) [Abstract] | ||||||||||
Provision for loan losses | 464 | 644 | 1,356 | 1,423 | ||||||
Recoveries credited to the allowance | 0 | 0 | 0 | 0 | ||||||
Loans charged against the allowance | 0 | 0 | 0 | 0 | ||||||
Balance at end of period | 8,751 | $ 7,085 | 8,751 | $ 7,085 | ||||||
Allowance for loan losses [Abstract] | ||||||||||
Individually evaluated for impairment | 0 | 0 | 0 | |||||||
Collectively evaluated for impairment | 8,751 | 8,751 | 7,395 | |||||||
Total ending allowance balance | 8,751 | 8,751 | $ 7,395 | |||||||
Subjective Allocation [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||||||||
Allowance for loan losses [Abstract] | ||||||||||
Loans acquired with deteriorated credit quality | $ 0 | $ 0 | ||||||||
|
Loans, Receivables Past Due (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | $ 0 | $ 0 | |||||
Non-Accrual | 9,343 | 8,184 | |||||
Total Non-performing Loans | 9,343 | 8,184 | |||||
Accrued interest included in recorded investment | 0 | 0 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 15,151 | 12,554 | |||||
Loans not Past Due | 2,555,802 | 2,012,764 | |||||
Total loans recorded investment | 2,570,953 | 2,025,318 | |||||
Accrued interest included in recorded investment | 8,375 | 6,501 | |||||
Loans Past Due, 30-59 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 4,709 | 3,671 | |||||
Accrued interest included in recorded investment | 53 | 43 | |||||
Loans Past Due, 60-89 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 1,243 | 1,271 | |||||
Accrued interest included in recorded investment | 21 | 22 | |||||
Loans Past Due, 90+ days [Member] | |||||||
Non performing loans [Abstract] | |||||||
Accrued interest included in recorded investment | 0 | 0 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 9,199 | 7,612 | |||||
Accrued interest included in recorded investment | 0 | 0 | |||||
Loans Past Due Total [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Accrued interest included in recorded investment | 74 | 65 | |||||
Loans Not Past Due [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Accrued interest included in recorded investment | 8,301 | 6,436 | |||||
Commercial [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total loans recorded investment | 1,115,227 | 855,560 | |||||
Accrued interest included in recorded investment | 3,126 | 2,300 | |||||
Commercial [Member] | Income Producing - Real Estate [Member] | |||||||
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | 0 | 0 | |||||
Non-Accrual | 0 | 30 | |||||
Total Non-performing Loans | 0 | 30 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 32 | 30 | |||||
Loans not Past Due | 378,201 | 290,466 | |||||
Total loans recorded investment | 378,233 | 290,496 | |||||
Commercial [Member] | Income Producing - Real Estate [Member] | Loans Past Due, 30-59 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 0 | 0 | |||||
Commercial [Member] | Income Producing - Real Estate [Member] | Loans Past Due, 60-89 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 32 | 0 | |||||
Commercial [Member] | Income Producing - Real Estate [Member] | Loans Past Due, 90+ days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 0 | 30 | |||||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | |||||||
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | 0 | 0 | |||||
Non-Accrual | 2,402 | 9 | |||||
Total Non-performing Loans | 2,402 | 9 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 2,402 | 9 | |||||
Loans not Past Due | 61,760 | 70,182 | |||||
Total loans recorded investment | 64,162 | 70,191 | |||||
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 | 0 | 9 | |||||
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 | 0 | 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 | 2,402 | 0 | |||||
Commercial [Member] | Commercial and Industrial [Member] | |||||||
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | 0 | 0 | |||||
Non-Accrual | 380 | 607 | |||||
Total Non-performing Loans | 380 | 607 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 957 | 104 | |||||
Loans not Past Due | 671,875 | 494,769 | |||||
Total loans recorded investment | 672,832 | 494,873 | |||||
Commercial [Member] | Commercial and Industrial [Member] | Loans Past Due, 30-59 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 881 | 60 | |||||
Commercial [Member] | Commercial and Industrial [Member] | Loans Past Due, 60-89 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 25 | 0 | |||||
Commercial [Member] | Commercial and Industrial [Member] | Loans Past Due, 90+ days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 51 | 44 | |||||
Mortgage [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total loans recorded investment | 1,060,648 | 852,808 | |||||
Accrued interest included in recorded investment | [1] | 4,166 | 3,278 | ||||
Mortgage [Member] | 1-4 Family [Member] | |||||||
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | 0 | 0 | |||||
Non-Accrual | 4,159 | 5,130 | |||||
Total Non-performing Loans | 4,159 | 5,130 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 7,177 | 7,491 | |||||
Loans not Past Due | 844,584 | 659,742 | |||||
Total loans recorded investment | 851,761 | 667,233 | |||||
Accrued interest included in recorded investment | [1] | 3,161 | 2,456 | ||||
Mortgage [Member] | 1-4 Family [Member] | Loans Past Due, 30-59 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 2,146 | 1,559 | |||||
Mortgage [Member] | 1-4 Family [Member] | Loans Past Due, 60-89 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 687 | 802 | |||||
Mortgage [Member] | 1-4 Family [Member] | Loans Past Due, 90+ days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 4,344 | 5,130 | |||||
Mortgage [Member] | Resort Lending [Member] | |||||||
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | 0 | 0 | |||||
Non-Accrual | 969 | 1,223 | |||||
Total Non-performing Loans | 969 | 1,223 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 1,387 | 1,936 | |||||
Loans not Past Due | 83,420 | 88,620 | |||||
Total loans recorded investment | 84,807 | 90,556 | |||||
Accrued interest included in recorded investment | [1] | 360 | 371 | ||||
Mortgage [Member] | Resort Lending [Member] | Loans Past Due, 30-59 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 418 | 713 | |||||
Mortgage [Member] | Resort Lending [Member] | Loans Past Due, 60-89 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 0 | 0 | |||||
Mortgage [Member] | Resort Lending [Member] | Loans Past Due, 90+ days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 969 | 1,223 | |||||
Mortgage [Member] | Home Equity - 1st Lien [Member] | |||||||
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | 0 | 0 | |||||
Non-Accrual | 324 | 326 | |||||
Total Non-performing Loans | 324 | 326 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 420 | 672 | |||||
Loans not Past Due | 40,312 | 34,689 | |||||
Total loans recorded investment | 40,732 | 35,361 | |||||
Accrued interest included in recorded investment | [1] | 206 | 157 | ||||
Mortgage [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 30-59 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 81 | 308 | |||||
Mortgage [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 60-89 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 15 | 38 | |||||
Mortgage [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 90+ days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 324 | 326 | |||||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||||
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | 0 | 0 | |||||
Non-Accrual | 353 | 316 | |||||
Total Non-performing Loans | 353 | 316 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 926 | 824 | |||||
Loans not Past Due | 82,422 | 58,834 | |||||
Total loans recorded investment | 83,348 | 59,658 | |||||
Accrued interest included in recorded investment | [1] | 439 | 294 | ||||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 30-59 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 364 | 353 | |||||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 60-89 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 209 | 155 | |||||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 90+ days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 353 | 316 | |||||
Installment [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total loans recorded investment | 395,078 | 316,950 | |||||
Accrued interest included in recorded investment | [2] | 1,083 | 923 | ||||
Installment [Member] | Home Equity - 1st Lien [Member] | |||||||
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | 0 | 0 | |||||
Non-Accrual | 225 | 141 | |||||
Total Non-performing Loans | 225 | 141 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 554 | 242 | |||||
Loans not Past Due | 7,738 | 9,213 | |||||
Total loans recorded investment | 8,292 | 9,455 | |||||
Accrued interest included in recorded investment | [2] | 33 | 39 | ||||
Installment [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 30-59 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 285 | 90 | |||||
Installment [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 60-89 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 44 | 11 | |||||
Installment [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 90+ days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 225 | 141 | |||||
Installment [Member] | Home Equity - 2nd Lien [Member] | |||||||
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | 0 | 0 | |||||
Non-Accrual | 246 | 159 | |||||
Total Non-performing Loans | 246 | 159 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 481 | 470 | |||||
Loans not Past Due | 7,099 | 9,001 | |||||
Total loans recorded investment | 7,580 | 9,471 | |||||
Accrued interest included in recorded investment | [2] | 27 | 43 | ||||
Installment [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 30-59 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 190 | 217 | |||||
Installment [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 60-89 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 45 | 94 | |||||
Installment [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 90+ days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 246 | 159 | |||||
Installment [Member] | Boat Lending [Member] | |||||||
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | 0 | 0 | |||||
Non-Accrual | 64 | 100 | |||||
Total Non-performing Loans | 64 | 100 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 233 | 195 | |||||
Loans not Past Due | 169,925 | 129,777 | |||||
Total loans recorded investment | 170,158 | 129,972 | |||||
Accrued interest included in recorded investment | [2] | 431 | 346 | ||||
Installment [Member] | Boat Lending [Member] | Loans Past Due, 30-59 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 153 | 59 | |||||
Installment [Member] | Boat Lending [Member] | Loans Past Due, 60-89 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 16 | 36 | |||||
Installment [Member] | Boat Lending [Member] | Loans Past Due, 90+ days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 64 | 100 | |||||
Installment [Member] | Recreational Vehicle Lending [Member] | |||||||
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | 0 | 0 | |||||
Non-Accrual | 8 | 25 | |||||
Total Non-performing Loans | 8 | 25 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 84 | 73 | |||||
Loans not Past Due | 123,199 | 92,737 | |||||
Total loans recorded investment | 123,283 | 92,810 | |||||
Accrued interest included in recorded investment | [2] | 319 | 254 | ||||
Installment [Member] | Recreational Vehicle Lending [Member] | Loans Past Due, 30-59 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 46 | 28 | |||||
Installment [Member] | Recreational Vehicle Lending [Member] | Loans Past Due, 60-89 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 30 | 20 | |||||
Installment [Member] | Recreational Vehicle Lending [Member] | Loans Past Due, 90+ days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 8 | 25 | |||||
Installment [Member] | Other [Member] | |||||||
Non performing loans [Abstract] | |||||||
90+ and Still Accruing | 0 | 0 | |||||
Non-Accrual | 213 | 118 | |||||
Total Non-performing Loans | 213 | 118 | |||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 498 | 508 | |||||
Loans not Past Due | 85,267 | 74,734 | |||||
Total loans recorded investment | 85,765 | 75,242 | |||||
Accrued interest included in recorded investment | [2] | 273 | 241 | ||||
Installment [Member] | Other [Member] | Loans Past Due, 30-59 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 145 | 275 | |||||
Installment [Member] | Other [Member] | Loans Past Due, 60-89 days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | 140 | 115 | |||||
Installment [Member] | Other [Member] | Loans Past Due, 90+ days [Member] | |||||||
Aging analysis of loans by class [Abstract] | |||||||
Total | $ 213 | $ 118 | |||||
|
Loans, Impaired Financing Receivables (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Impaired loans with no allocated allowance for loan losses [Abstract] | |||||
TDR | $ 347 | $ 347 | $ 349 | ||
Non - TDR | 2,402 | 2,402 | 175 | ||
Impaired loans with an allocated allowance for loan losses [Abstract] | |||||
TDR - allowance based on collateral | 2,366 | 2,366 | 2,482 | ||
TDR - allowance based on present value cash flow | 56,599 | 56,599 | 62,113 | ||
Non - TDR - allowance based on collateral | 168 | 168 | 148 | ||
Total impaired loans | 61,882 | 61,882 | 65,267 | ||
Amount of allowance for loan losses allocated [Abstract] | |||||
TDR - allowance based on collateral | 692 | 692 | 684 | ||
TDR - allowance based on present value cash flow | 5,335 | 5,335 | 6,089 | ||
Non - TDR - allowance based on collateral | 75 | 75 | 66 | ||
Total amount of allowance for loan losses allocated | 6,102 | 6,102 | 6,839 | ||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 2,752 | 2,752 | 527 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 3,341 | 3,341 | 1,087 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 59,407 | 59,407 | 65,017 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 61,248 | 61,248 | 67,289 | ||
With an allowance for loan losses recorded | 62,159 | 62,159 | 65,544 | ||
Unpaid Principal Balance | 64,589 | 64,589 | 68,376 | ||
Related Allowance | 6,102 | 6,102 | 6,839 | ||
Accrued interest included in recorded investment | 277 | 277 | 277 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 2,949 | $ 573 | 1,744 | $ 1,103 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 17 | 17 | 44 | 37 | |
Average Recorded Investment, with an allowance for loan losses recorded | 60,330 | 69,775 | 62,299 | 72,397 | |
Interest Income Recognized, with an allowance for loan losses recorded | 770 | 810 | 2,308 | 2,524 | |
Average Recorded Investment | 63,279 | 70,348 | 64,043 | 73,500 | |
Interest Income Recognized | 787 | 827 | 2,352 | 2,561 | |
Commercial [Member] | Income Producing - Real Estate [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 4,829 | 4,829 | 5,195 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 4,808 | 4,808 | 5,347 | ||
With an allowance for loan losses recorded | 4,829 | 4,829 | 5,195 | ||
Unpaid Principal Balance | 4,808 | 4,808 | 5,347 | ||
Related Allowance | 307 | 307 | 347 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | 222 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment, with an allowance for loan losses recorded | 4,968 | 7,311 | 5,077 | 7,525 | |
Interest Income Recognized, with an allowance for loan losses recorded | 64 | 91 | 202 | 300 | |
Average Recorded Investment | 4,968 | 7,311 | 5,077 | 7,747 | |
Interest Income Recognized | 64 | 91 | 202 | 300 | |
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 2,402 | 2,402 | 0 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 2,402 | 2,402 | 0 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 152 | 152 | 166 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 152 | 152 | 194 | ||
With an allowance for loan losses recorded | 2,554 | 2,554 | 166 | ||
Unpaid Principal Balance | 2,554 | 2,554 | 194 | ||
Related Allowance | 4 | 4 | 9 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 2,402 | 0 | 1,201 | 8 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment, with an allowance for loan losses recorded | 153 | 171 | 157 | 187 | |
Interest Income Recognized, with an allowance for loan losses recorded | 3 | 2 | 7 | 6 | |
Average Recorded Investment | 2,555 | 171 | 1,358 | 195 | |
Interest Income Recognized | 3 | 2 | 7 | 6 | |
Commercial [Member] | Commercial and Industrial [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 347 | 347 | 524 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 347 | 347 | 549 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 1,984 | 1,984 | 2,535 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 2,133 | 2,133 | 2,651 | ||
With an allowance for loan losses recorded | 2,331 | 2,331 | 3,059 | ||
Unpaid Principal Balance | 2,480 | 2,480 | 3,200 | ||
Related Allowance | 416 | 416 | 481 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 425 | 445 | 472 | 808 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 7 | 8 | 20 | 16 | |
Average Recorded Investment, with an allowance for loan losses recorded | 2,264 | 2,878 | 2,391 | 3,488 | |
Interest Income Recognized, with an allowance for loan losses recorded | 24 | 26 | 90 | 98 | |
Average Recorded Investment | 2,689 | 3,323 | 2,863 | 4,296 | |
Interest Income Recognized | 31 | 34 | 110 | 114 | |
Mortgage [Member] | 1-4 Family [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 2 | 2 | 2 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 447 | 447 | 469 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 34,656 | 34,656 | 36,848 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 36,169 | 36,169 | 38,480 | ||
With an allowance for loan losses recorded | 34,658 | 34,658 | 36,850 | ||
Unpaid Principal Balance | 36,616 | 36,616 | 38,949 | ||
Related Allowance | 3,126 | 3,126 | 3,454 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 121 | 127 | 70 | 64 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 9 | 7 | 18 | 16 | |
Average Recorded Investment, with an allowance for loan losses recorded | 34,731 | 38,533 | 35,549 | 39,716 | |
Interest Income Recognized, with an allowance for loan losses recorded | 458 | 462 | 1,347 | 1,420 | |
Average Recorded Investment | 34,852 | 38,660 | 35,619 | 39,780 | |
Interest Income Recognized | 467 | 469 | 1,365 | 1,436 | |
Mortgage [Member] | Resort Lending [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 13,934 | 13,934 | 15,978 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 13,972 | 13,972 | 16,046 | ||
With an allowance for loan losses recorded | 13,934 | 13,934 | 15,978 | ||
Unpaid Principal Balance | 13,972 | 13,972 | 16,046 | ||
Related Allowance | 2,017 | 2,017 | 2,210 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment, with an allowance for loan losses recorded | 14,276 | 16,175 | 15,027 | 16,485 | |
Interest Income Recognized, with an allowance for loan losses recorded | 161 | 153 | 475 | 464 | |
Average Recorded Investment | 14,276 | 16,175 | 15,027 | 16,485 | |
Interest Income Recognized | 161 | 153 | 475 | 464 | |
Mortgage [Member] | Home Equity - 1st Lien [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 66 | 66 | 173 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 65 | 65 | 236 | ||
With an allowance for loan losses recorded | 66 | 66 | 173 | ||
Unpaid Principal Balance | 65 | 65 | 236 | ||
Related Allowance | 3 | 3 | 43 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment, with an allowance for loan losses recorded | 67 | 201 | 115 | 218 | |
Interest Income Recognized, with an allowance for loan losses recorded | 1 | 1 | 4 | 5 | |
Average Recorded Investment | 67 | 201 | 115 | 218 | |
Interest Income Recognized | 1 | 1 | 4 | 5 | |
Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 34 | 34 | 0 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 157 | 157 | 178 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 156 | 156 | 213 | ||
With an allowance for loan losses recorded | 157 | 157 | 178 | ||
Unpaid Principal Balance | 190 | 190 | 213 | ||
Related Allowance | 9 | 9 | 18 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment, with an allowance for loan losses recorded | 157 | 180 | 167 | 217 | |
Interest Income Recognized, with an allowance for loan losses recorded | 2 | 2 | 5 | 5 | |
Average Recorded Investment | 157 | 180 | 167 | 217 | |
Interest Income Recognized | 2 | 2 | 5 | 5 | |
Installment [Member] | Home Equity - 1st Lien [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 1 | 1 | 1 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 90 | 90 | 69 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 1,520 | 1,520 | 1,667 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 1,640 | 1,640 | 1,804 | ||
With an allowance for loan losses recorded | 1,521 | 1,521 | 1,668 | ||
Unpaid Principal Balance | 1,730 | 1,730 | 1,873 | ||
Related Allowance | 97 | 97 | 108 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 1 | 1 | 1 | 1 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 1 | 1 | 5 | 4 | |
Average Recorded Investment, with an allowance for loan losses recorded | 1,545 | 1,808 | 1,595 | 1,874 | |
Interest Income Recognized, with an allowance for loan losses recorded | 27 | 40 | 81 | 107 | |
Average Recorded Investment | 1,546 | 1,809 | 1,596 | 1,875 | |
Interest Income Recognized | 28 | 41 | 86 | 111 | |
Installment [Member] | Home Equity - 2nd Lien [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 1,626 | 1,626 | 1,793 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 1,644 | 1,644 | 1,805 | ||
With an allowance for loan losses recorded | 1,626 | 1,626 | 1,793 | ||
Unpaid Principal Balance | 1,644 | 1,644 | 1,805 | ||
Related Allowance | 93 | 93 | 140 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment, with an allowance for loan losses recorded | 1,679 | 2,058 | 1,728 | 2,210 | |
Interest Income Recognized, with an allowance for loan losses recorded | 24 | 26 | 76 | 96 | |
Average Recorded Investment | 1,679 | 2,058 | 1,728 | 2,210 | |
Interest Income Recognized | 24 | 26 | 76 | 96 | |
Installment [Member] | Boat Lending [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 5 | 5 | 0 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 0 | 0 | 1 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 0 | 0 | 5 | ||
With an allowance for loan losses recorded | 0 | 0 | 1 | ||
Unpaid Principal Balance | 5 | 5 | 5 | ||
Related Allowance | 0 | 0 | 1 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment, with an allowance for loan losses recorded | 1 | 1 | 1 | 1 | |
Interest Income Recognized, with an allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment | 1 | 1 | 1 | 1 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Installment [Member] | Recreational Vehicle Lending [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 81 | 81 | 90 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 81 | 81 | 90 | ||
With an allowance for loan losses recorded | 81 | 81 | 90 | ||
Unpaid Principal Balance | 81 | 81 | 90 | ||
Related Allowance | 4 | 4 | 5 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment, with an allowance for loan losses recorded | 83 | 98 | 86 | 103 | |
Interest Income Recognized, with an allowance for loan losses recorded | 1 | 1 | 3 | 4 | |
Average Recorded Investment | 83 | 98 | 86 | 103 | |
Interest Income Recognized | 1 | 1 | 3 | 4 | |
Installment [Member] | Other [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 16 | 16 | 0 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 402 | 402 | 393 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 428 | 428 | 418 | ||
With an allowance for loan losses recorded | 402 | 402 | 393 | ||
Unpaid Principal Balance | 444 | 444 | 418 | ||
Related Allowance | 26 | 26 | $ 23 | ||
Average recorded investment in and interest income earned on impaired loans by class [Abstract] | |||||
Average Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 0 | 1 | 1 | 1 | |
Average Recorded Investment, with an allowance for loan losses recorded | 406 | 361 | 406 | 373 | |
Interest Income Recognized, with an allowance for loan losses recorded | 5 | 6 | 18 | 19 | |
Average Recorded Investment | 406 | 361 | 406 | 373 | |
Interest Income Recognized | $ 5 | $ 7 | $ 19 | $ 20 |
Loans, Troubled Debt Restructurings (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018
USD ($)
Contract
|
Sep. 30, 2017
USD ($)
Contract
|
Sep. 30, 2018
USD ($)
Payment
Contract
|
Sep. 30, 2017
USD ($)
Contract
Loan
|
Dec. 31, 2017
USD ($)
|
||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | $ 59,312 | $ 59,312 | $ 64,944 | |||||||||
Troubled debt restructuring, specific reserve | $ 6,000 | $ 6,000 | 6,800 | |||||||||
Number of consecutive timely payments required | Payment | 6 | |||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||||
Number of contracts | Contract | 7 | 4 | 26 | 26 | ||||||||
Pre-modification recorded balance | $ 783 | $ 154 | $ 2,088 | $ 1,461 | ||||||||
Post-modification recorded balance | 783 | 155 | 2,073 | 1,467 | ||||||||
Increase (decrease) in allowance for loan losses | (10) | 20 | (4) | 80 | ||||||||
Charge offs due to troubled debt restructurings | 0 | 0 | $ 0 | 0 | ||||||||
TDR that subsequently defaulted [Abstract] | ||||||||||||
Past due period for modified loans | 90 days | |||||||||||
Charge-offs on TDRs that subsequently defaulted | 0 | 0 | $ 0 | $ 0 | ||||||||
Minimum [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Modification of stated interest rate of loans, range of period | 9 months | |||||||||||
Modifications involving extension of maturity date, period range | 1 month | |||||||||||
Maximum [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Modification of stated interest rate of loans, range of period | 36 months | |||||||||||
Modification of stated interest rate of loans, range of period in certain circumstances | 480 months | |||||||||||
Modifications involving extension of maturity date, period range | 60 months | |||||||||||
Modifications involving extension of maturity date, period range in certain circumstances | 230 months | |||||||||||
Performing TDRs [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | 56,301 | $ 56,301 | 60,115 | |||||||||
Non-performing TDRs [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | [1] | 3,011 | 3,011 | 4,829 | ||||||||
Commercial and Industrial [Member] | ||||||||||||
TDR that subsequently defaulted [Abstract] | ||||||||||||
Number of loans subsequently defaulted | Loan | 6 | |||||||||||
Recorded balance | 160 | $ 160 | ||||||||||
Increase (decrease) in allowance for loan loss due to TDRs that subsequently defaulted | 20 | 40 | ||||||||||
Charge-offs on TDRs that subsequently defaulted | $ 50 | $ 50 | ||||||||||
Commercial [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | 7,116 | 7,116 | 8,071 | |||||||||
Commercial [Member] | Performing TDRs [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | 6,904 | 6,904 | 7,748 | |||||||||
Commercial [Member] | Non-performing TDRs [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | [1] | $ 212 | $ 212 | 323 | ||||||||
Commercial [Member] | Income Producing - Real Estate [Member] | ||||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||||
Number of contracts | Contract | 0 | 0 | 1 | 0 | ||||||||
Pre-modification recorded balance | $ 0 | $ 0 | $ 67 | $ 0 | ||||||||
Post-modification recorded balance | $ 0 | $ 0 | $ 67 | $ 0 | ||||||||
Commercial [Member] | Land, Land Development and Construction - Real Estate [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 | ||||||||
Commercial [Member] | Commercial and Industrial [Member] | ||||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||||
Number of contracts | Contract | 1 | 0 | 6 | 12 | ||||||||
Pre-modification recorded balance | $ 24 | $ 0 | $ 611 | $ 786 | ||||||||
Post-modification recorded balance | $ 24 | $ 0 | $ 611 | $ 786 | ||||||||
Mortgage [Member] | 1-4 Family [Member] | ||||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||||
Number of contracts | Contract | 3 | 1 | 7 | 3 | ||||||||
Pre-modification recorded balance | $ 609 | $ 93 | $ 903 | $ 142 | ||||||||
Post-modification recorded balance | $ 609 | $ 95 | $ 889 | $ 144 | ||||||||
Mortgage [Member] | Resort Lending [Member] | ||||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||||
Number of contracts | Contract | 1 | 0 | 1 | 1 | ||||||||
Pre-modification recorded balance | $ 115 | $ 0 | $ 115 | $ 189 | ||||||||
Post-modification recorded balance | $ 114 | $ 0 | $ 114 | $ 189 | ||||||||
Mortgage [Member] | Home Equity - 1st Lien [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 | ||||||||
Mortgage [Member] | Home Equity - 2nd Lien [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 | ||||||||
Installment [Member] | Home Equity - 1st Lien [Member] | ||||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||||
Number of contracts | Contract | 1 | 0 | 6 | 2 | ||||||||
Pre-modification recorded balance | $ 15 | $ 0 | $ 203 | $ 34 | ||||||||
Post-modification recorded balance | $ 15 | $ 0 | $ 205 | $ 37 | ||||||||
Installment [Member] | Home Equity - 2nd Lien [Member] | ||||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||||
Number of contracts | Contract | 1 | 2 | 3 | 7 | ||||||||
Pre-modification recorded balance | $ 20 | $ 51 | $ 113 | $ 300 | ||||||||
Post-modification recorded balance | $ 21 | $ 50 | $ 114 | $ 301 | ||||||||
Installment [Member] | Boat Lending [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 | ||||||||
Installment [Member] | Recreational Vehicle Lending [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 | ||||||||
Installment [Member] | Other [Member] | ||||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||||
Number of contracts | Contract | 0 | 1 | 2 | 1 | ||||||||
Pre-modification recorded balance | $ 0 | $ 10 | $ 76 | $ 10 | ||||||||
Post-modification recorded balance | 0 | $ 10 | 73 | $ 10 | ||||||||
Retail [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | [2] | 52,196 | 52,196 | 56,873 | ||||||||
Retail [Member] | Performing TDRs [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | [2] | 49,397 | 49,397 | 52,367 | ||||||||
Retail [Member] | Non-performing TDRs [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | [1],[2],[3] | $ 2,799 | $ 2,799 | $ 4,506 | ||||||||
|
Loans, Loan Ratings by Loan Class, Commercial, Mortgage and Installment Segments (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2018 |
Mar. 31, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | $ 1,112,101 | $ 1,112,101 | $ 853,260 | |||||||||
Accrued interest included in total | 8,375 | 8,375 | 6,501 | |||||||||
Other Real Estate and Foreclosed Assets [Abstract] | ||||||||||||
Foreclosed residential real estate properties | 1,300 | 1,300 | 1,600 | |||||||||
Retail mortgage loans in process of foreclosure | 400 | 400 | 800 | |||||||||
Sale of Mortgage Loans [Abstract] | ||||||||||||
Proceeds from sale of mortgage loan | 27,577 | $ 0 | ||||||||||
Net gains on mortgage loans | (2,745) | $ (2,971) | (8,571) | $ (8,886) | ||||||||
Single-family Residential Loans [Member] | ||||||||||||
Sale of Mortgage Loans [Abstract] | ||||||||||||
Proceeds from sale of mortgage loan | $ 11,100 | $ 16,500 | ||||||||||
Net gains on mortgage loans | $ (10) | $ 50 | ||||||||||
Weighted average interest rate | 4.07% | 3.59% | ||||||||||
Commercial [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 1,115,227 | 1,115,227 | 855,560 | |||||||||
Accrued interest included in total | 3,126 | 3,126 | 2,300 | |||||||||
Commercial [Member] | Non-Watch 1-6 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 1,064,854 | 1,064,854 | 822,561 | |||||||||
Accrued interest included in total | 2,869 | 2,869 | 2,198 | |||||||||
Commercial [Member] | Watch 7-8 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 36,857 | 36,857 | 29,704 | |||||||||
Accrued interest included in total | 146 | 146 | 94 | |||||||||
Commercial [Member] | Substandard Accrual 9 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 10,734 | 10,734 | 2,649 | |||||||||
Accrued interest included in total | 111 | 111 | 8 | |||||||||
Commercial [Member] | Non-Accrual 10-11 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 2,782 | 2,782 | 646 | |||||||||
Accrued interest included in total | 0 | 0 | 0 | |||||||||
Commercial [Member] | Income Producing - Real Estate [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 378,233 | 378,233 | 290,496 | |||||||||
Commercial [Member] | Income Producing - Real Estate [Member] | Non-Watch 1-6 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 374,965 | 374,965 | 288,869 | |||||||||
Commercial [Member] | Income Producing - Real Estate [Member] | Watch 7-8 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 3,060 | 3,060 | 1,293 | |||||||||
Commercial [Member] | Income Producing - Real Estate [Member] | Substandard Accrual 9 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 208 | 208 | 304 | |||||||||
Commercial [Member] | Income Producing - Real Estate [Member] | Non-Accrual 10-11 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 0 | 0 | 30 | |||||||||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 64,162 | 64,162 | 70,191 | |||||||||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Non-Watch 1-6 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 55,126 | 55,126 | 70,122 | |||||||||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Watch 7-8 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 6,623 | 6,623 | 60 | |||||||||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Substandard Accrual 9 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 11 | 11 | 0 | |||||||||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Non-Accrual 10-11 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 2,402 | 2,402 | 9 | |||||||||
Commercial [Member] | Commercial and Industrial [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 672,832 | 672,832 | 494,873 | |||||||||
Commercial [Member] | Commercial and Industrial [Member] | Non-Watch 1-6 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 634,763 | 634,763 | 463,570 | |||||||||
Commercial [Member] | Commercial and Industrial [Member] | Watch 7-8 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 27,174 | 27,174 | 28,351 | |||||||||
Commercial [Member] | Commercial and Industrial [Member] | Substandard Accrual 9 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 10,515 | 10,515 | 2,345 | |||||||||
Commercial [Member] | Commercial and Industrial [Member] | Non-Accrual 10-11 [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
Commercial | 380 | 380 | 607 | |||||||||
Mortgage [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
800 and above | [1] | 143,013 | 143,013 | 104,159 | ||||||||
750-799 | [1] | 436,180 | 436,180 | 360,260 | ||||||||
700-749 | [1] | 263,937 | 263,937 | 198,667 | ||||||||
650-699 | [1] | 126,427 | 126,427 | 106,479 | ||||||||
600-649 | [1] | 38,173 | 38,173 | 31,813 | ||||||||
550-599 | [1] | 16,475 | 16,475 | 19,482 | ||||||||
500-549 | [1] | 9,896 | 9,896 | 12,110 | ||||||||
Under 500 | [1] | 2,062 | 2,062 | 3,463 | ||||||||
Unknown | [1] | 24,485 | 24,485 | 16,375 | ||||||||
Total | [1] | 1,060,648 | 1,060,648 | 852,808 | ||||||||
Accrued interest included in total | [1] | 4,166 | 4,166 | 3,278 | ||||||||
Mortgage [Member] | 1-4 Family [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
800 and above | [1] | 110,400 | 110,400 | 78,523 | ||||||||
750-799 | [1] | 358,072 | 358,072 | 283,558 | ||||||||
700-749 | [1] | 211,575 | 211,575 | 154,239 | ||||||||
650-699 | [1] | 104,395 | 104,395 | 84,121 | ||||||||
600-649 | [1] | 30,578 | 30,578 | 25,087 | ||||||||
550-599 | [1] | 13,491 | 13,491 | 15,136 | ||||||||
500-549 | [1] | 7,641 | 7,641 | 9,548 | ||||||||
Under 500 | [1] | 1,702 | 1,702 | 2,549 | ||||||||
Unknown | [1] | 13,907 | 13,907 | 14,472 | ||||||||
Total | [1] | 851,761 | 851,761 | 667,233 | ||||||||
Accrued interest included in total | [1] | 3,161 | 3,161 | 2,456 | ||||||||
Mortgage [Member] | Resort Lending [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
800 and above | [1] | 12,423 | 12,423 | 11,625 | ||||||||
750-799 | [1] | 32,498 | 32,498 | 36,015 | ||||||||
700-749 | [1] | 21,239 | 21,239 | 22,099 | ||||||||
650-699 | [1] | 9,271 | 9,271 | 12,145 | ||||||||
600-649 | [1] | 4,142 | 4,142 | 3,025 | ||||||||
550-599 | [1] | 1,220 | 1,220 | 2,710 | ||||||||
500-549 | [1] | 822 | 822 | 1,009 | ||||||||
Under 500 | [1] | 84 | 84 | 269 | ||||||||
Unknown | [1] | 3,108 | 3,108 | 1,659 | ||||||||
Total | [1] | 84,807 | 84,807 | 90,556 | ||||||||
Accrued interest included in total | [1] | 360 | 360 | 371 | ||||||||
Mortgage [Member] | Home Equity - 1st Lien [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
800 and above | [1] | 7,872 | 7,872 | 6,169 | ||||||||
750-799 | [1] | 15,037 | 15,037 | 16,561 | ||||||||
700-749 | [1] | 9,562 | 9,562 | 7,317 | ||||||||
650-699 | [1] | 3,222 | 3,222 | 2,793 | ||||||||
600-649 | [1] | 569 | 569 | 1,189 | ||||||||
550-599 | [1] | 503 | 503 | 518 | ||||||||
500-549 | [1] | 228 | 228 | 397 | ||||||||
Under 500 | [1] | 86 | 86 | 260 | ||||||||
Unknown | [1] | 3,653 | 3,653 | 157 | ||||||||
Total | [1] | 40,732 | 40,732 | 35,361 | ||||||||
Accrued interest included in total | [1] | 206 | 206 | 157 | ||||||||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
800 and above | [1] | 12,318 | 12,318 | 7,842 | ||||||||
750-799 | [1] | 30,573 | 30,573 | 24,126 | ||||||||
700-749 | [1] | 21,561 | 21,561 | 15,012 | ||||||||
650-699 | [1] | 9,539 | 9,539 | 7,420 | ||||||||
600-649 | [1] | 2,884 | 2,884 | 2,512 | ||||||||
550-599 | [1] | 1,261 | 1,261 | 1,118 | ||||||||
500-549 | [1] | 1,205 | 1,205 | 1,156 | ||||||||
Under 500 | [1] | 190 | 190 | 385 | ||||||||
Unknown | [1] | 3,817 | 3,817 | 87 | ||||||||
Total | [1] | 83,348 | 83,348 | 59,658 | ||||||||
Accrued interest included in total | [1] | 439 | 439 | 294 | ||||||||
Installment [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
800 and above | [2] | 54,990 | 54,990 | 40,985 | ||||||||
750-799 | [2] | 203,474 | 203,474 | 158,147 | ||||||||
700-749 | [2] | 86,933 | 86,933 | 70,941 | ||||||||
650-699 | [2] | 26,090 | 26,090 | 26,583 | ||||||||
600-649 | [2] | 7,585 | 7,585 | 7,840 | ||||||||
550-599 | [2] | 3,620 | 3,620 | 3,794 | ||||||||
500-549 | [2] | 1,286 | 1,286 | 1,641 | ||||||||
Under 500 | [2] | 475 | 475 | 377 | ||||||||
Unknown | [2] | 10,625 | 10,625 | 6,642 | ||||||||
Total | [2] | 395,078 | 395,078 | 316,950 | ||||||||
Accrued interest included in total | [2] | 1,083 | 1,083 | 923 | ||||||||
Installment [Member] | Home Equity - 1st Lien [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
800 and above | [2] | 651 | 651 | 815 | ||||||||
750-799 | [2] | 1,899 | 1,899 | 1,912 | ||||||||
700-749 | [2] | 1,471 | 1,471 | 1,825 | ||||||||
650-699 | [2] | 1,608 | 1,608 | 1,840 | ||||||||
600-649 | [2] | 1,174 | 1,174 | 1,567 | ||||||||
550-599 | [2] | 1,065 | 1,065 | 950 | ||||||||
500-549 | [2] | 305 | 305 | 499 | ||||||||
Under 500 | [2] | 87 | 87 | 32 | ||||||||
Unknown | [2] | 32 | 32 | 15 | ||||||||
Total | [2] | 8,292 | 8,292 | 9,455 | ||||||||
Accrued interest included in total | [2] | 33 | 33 | 39 | ||||||||
Installment [Member] | Home Equity - 2nd Lien [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
800 and above | [2] | 264 | 264 | 825 | ||||||||
750-799 | [2] | 1,519 | 1,519 | 1,952 | ||||||||
700-749 | [2] | 1,806 | 1,806 | 2,142 | ||||||||
650-699 | [2] | 1,627 | 1,627 | 2,036 | ||||||||
600-649 | [2] | 1,065 | 1,065 | 1,065 | ||||||||
550-599 | [2] | 850 | 850 | 1,028 | ||||||||
500-549 | [2] | 132 | 132 | 303 | ||||||||
Under 500 | [2] | 172 | 172 | 88 | ||||||||
Unknown | [2] | 145 | 145 | 32 | ||||||||
Total | [2] | 7,580 | 7,580 | 9,471 | ||||||||
Accrued interest included in total | [2] | 27 | 27 | 43 | ||||||||
Installment [Member] | Boat Lending [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
800 and above | [2] | 25,231 | 25,231 | 15,531 | ||||||||
750-799 | [2] | 95,664 | 95,664 | 73,251 | ||||||||
700-749 | [2] | 36,743 | 36,743 | 28,922 | ||||||||
650-699 | [2] | 8,760 | 8,760 | 9,179 | ||||||||
600-649 | [2] | 2,064 | 2,064 | 2,052 | ||||||||
550-599 | [2] | 410 | 410 | 640 | ||||||||
500-549 | [2] | 340 | 340 | 281 | ||||||||
Under 500 | [2] | 43 | 43 | 57 | ||||||||
Unknown | [2] | 903 | 903 | 59 | ||||||||
Total | [2] | 170,158 | 170,158 | 129,972 | ||||||||
Accrued interest included in total | [2] | 431 | 431 | 346 | ||||||||
Installment [Member] | Recreational Vehicle Lending [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
800 and above | [2] | 22,621 | 22,621 | 16,754 | ||||||||
750-799 | [2] | 72,298 | 72,298 | 52,610 | ||||||||
700-749 | [2] | 22,996 | 22,996 | 17,993 | ||||||||
650-699 | [2] | 4,093 | 4,093 | 4,270 | ||||||||
600-649 | [2] | 778 | 778 | 754 | ||||||||
550-599 | [2] | 334 | 334 | 305 | ||||||||
500-549 | [2] | 76 | 76 | 83 | ||||||||
Under 500 | [2] | 21 | 21 | 6 | ||||||||
Unknown | [2] | 66 | 66 | 35 | ||||||||
Total | [2] | 123,283 | 123,283 | 92,810 | ||||||||
Accrued interest included in total | [2] | 319 | 319 | 254 | ||||||||
Installment [Member] | Other [Member] | ||||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||||
800 and above | [2] | 6,223 | 6,223 | 7,060 | ||||||||
750-799 | [2] | 32,094 | 32,094 | 28,422 | ||||||||
700-749 | [2] | 23,917 | 23,917 | 20,059 | ||||||||
650-699 | [2] | 10,002 | 10,002 | 9,258 | ||||||||
600-649 | [2] | 2,504 | 2,504 | 2,402 | ||||||||
550-599 | [2] | 961 | 961 | 871 | ||||||||
500-549 | [2] | 433 | 433 | 475 | ||||||||
Under 500 | [2] | 152 | 152 | 194 | ||||||||
Unknown | [2] | 9,479 | 9,479 | 6,501 | ||||||||
Total | [2] | 85,765 | 85,765 | 75,242 | ||||||||
Accrued interest included in total | [2] | $ 273 | $ 273 | $ 241 | ||||||||
|
Loans, Purchase Credit Impaired ("PCI") Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
PCI loans contractually required payments would not be collected [Abstract] | |||||
Accretions recorded as loan interest income | $ 30 | $ 70 | |||
TCSB Bancorp, Inc. [Member] | |||||
Carrying amount of loans that meet the criteria of ASC 310-30 treatment [Abstract] | |||||
Total carrying amount | 2,565 | 2,565 | $ 0 | ||
Allowance for loan losses | 0 | 0 | 0 | ||
Carrying amount, net of allowance for loan losses | 2,565 | 2,565 | 0 | ||
Accretable yield of PCI loans, or income expected to be collected [Roll Forward] | |||||
Balance at beginning of period | 533 | $ 0 | 0 | $ 0 | |
New loans purchased | 0 | 0 | 568 | 0 | |
Accretion of income | (32) | 0 | (67) | 0 | |
Reclassification from (to) nonaccretable difference | 0 | 0 | 0 | 0 | |
Disposals/other adjustments | 0 | 0 | 0 | 0 | |
Balance at end of period | 501 | $ 0 | 501 | $ 0 | |
PCI loans contractually required payments would not be collected [Abstract] | |||||
Contractually required payments | 4,213 | 4,213 | |||
Non accretable difference | (742) | (742) | |||
Cash flows expected to be collected at acquisition | 3,471 | 3,471 | |||
Accretable yield | (568) | (568) | |||
Fair value of acquired loans at acquisition | 2,903 | 2,903 | |||
Commercial [Member] | TCSB Bancorp, Inc. [Member] | |||||
Carrying amount of loans that meet the criteria of ASC 310-30 treatment [Abstract] | |||||
Total carrying amount | 1,653 | 1,653 | 0 | ||
Mortgage [Member] | TCSB Bancorp, Inc. [Member] | |||||
Carrying amount of loans that meet the criteria of ASC 310-30 treatment [Abstract] | |||||
Total carrying amount | 557 | 557 | 0 | ||
Installment [Member] | TCSB Bancorp, Inc. [Member] | |||||
Carrying amount of loans that meet the criteria of ASC 310-30 treatment [Abstract] | |||||
Total carrying amount | $ 355 | $ 355 | $ 0 |
Shareholders' Equity and Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Jan. 22, 2018 |
||||
Earnings Per Share Reconciliation [Abstract] | ||||||||
Net Income | $ 11,925 | $ 6,859 | $ 29,903 | $ 18,764 | ||||
Weighted average shares outstanding (in shares) | [1] | 24,149 | 21,334 | 23,218 | 21,325 | |||
Effect of stock options (in shares) | 182 | 138 | 180 | 144 | ||||
Stock units for deferred compensation plan for non-employee directors (in shares) | 129 | 121 | 126 | 120 | ||||
Performance share units (in shares) | 55 | 59 | 52 | 57 | ||||
Weighted average shares outstanding for calculation of diluted earnings per share (in shares) | 24,515 | 21,652 | 23,576 | 21,646 | ||||
Net income per common share [Abstract] | ||||||||
Basic (in dollars per share) | [1] | $ 0.49 | $ 0.32 | $ 1.29 | $ 0.88 | |||
Diluted (in dollars per share) | $ 0.49 | $ 0.32 | $ 1.27 | $ 0.87 | ||||
Common Stock [Member] | ||||||||
Share Repurchase Plan [Abstract] | ||||||||
Share repurchase plan percentage of shares authorized to be repurchased | 5.00% | |||||||
Stock Options [Member] | ||||||||
Antidilutive Securities [Abstract] | ||||||||
Antidilutive shares excluded from computation of diluted loss per share (in shares) | 0 | 0 | 0 | 0 | ||||
|
Derivative Financial Instruments (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Derivative financial instrument according to type of hedge [Abstract] | ||
Unrealized gain on cash flow hedges, net of tax | $ 660 | |
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 7,734 | $ 3,080 |
Liability Derivatives | 2,696 | 1,292 |
Interest-Rate Cap Agreements [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Unrecognized premiums | $ 2,300 | 900 |
Maximum [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Term of cash flow hedge | 5 years | |
Cash Flow Hedge Designation [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 155,000 | $ 60,000 |
Average Maturity | 3 years 6 months | 3 years 7 months 6 days |
Fair Value | $ 3,972 | $ 1,221 |
Cash Flow Hedge Designation [Member] | Interest-Rate Cap Agreements [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 130,000 | $ 45,000 |
Average Maturity | 3 years 7 months 6 days | 3 years 6 months |
Fair Value | $ 3,391 | $ 976 |
Designated as Hedging Instrument [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 3,972 | 1,221 |
Liability Derivatives | 0 | 0 |
No Hedge Designation [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 293,794 | $ 239,377 |
Average Maturity | 3 years 6 months | 4 years 1 month 6 days |
Fair Value | $ 1,066 | $ 567 |
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 3,762 | 1,859 |
Liability Derivatives | 2,696 | 1,292 |
No Hedge Designation [Member] | Rate-Lock Mortgage Loan Commitments [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 44,609 | $ 25,032 |
Average Maturity | 1 month 6 days | 1 month 6 days |
Fair Value | $ 884 | $ 530 |
No Hedge Designation [Member] | Mandatory Commitments to Sell Mortgage Loans [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 65,633 | $ 56,127 |
Average Maturity | 1 month 6 days | 1 month 6 days |
Fair Value | $ 182 | $ 37 |
No Hedge Designation [Member] | Purchased Options [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 3,119 | $ 3,119 |
Average Maturity | 2 years 9 months 18 days | 3 years 6 months |
Fair Value | $ 178 | $ 322 |
No Hedge Designation [Member] | Written Options [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 3,119 | $ 3,119 |
Average Maturity | 2 years 9 months 18 days | 3 years 6 months |
Fair Value | $ (178) | $ (322) |
Fixed Income Interest Rate [Member] | Cash Flow Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 25,000 | $ 15,000 |
Average Maturity | 2 years 9 months 18 days | 3 years 8 months 12 days |
Fair Value | $ 581 | $ 245 |
Fixed Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap - Commercial [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 88,657 | $ 75,990 |
Average Maturity | 5 years 8 months 12 days | 6 years 2 months 12 days |
Fair Value | $ 2,242 | $ 292 |
Variable Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap - Commercial [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 88,657 | $ 75,990 |
Average Maturity | 5 years 8 months 12 days | 6 years 2 months 12 days |
Fair Value | $ (2,242) | $ (292) |
Other Assets [Member] | Designated as Hedging Instrument [Member] | Interest-Rate Cap Agreements [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 3,391 | 976 |
Other Assets [Member] | No Hedge Designation [Member] | Rate-Lock Mortgage Loan Commitments [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 884 | 530 |
Other Assets [Member] | No Hedge Designation [Member] | Mandatory Commitments to Sell Mortgage Loans [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 182 | 37 |
Other Assets [Member] | No Hedge Designation [Member] | Purchased Options [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 178 | 322 |
Other Assets [Member] | No Hedge Designation [Member] | Written Options [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 0 | 0 |
Other Assets [Member] | Fixed Income Interest Rate [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 581 | 245 |
Other Assets [Member] | Fixed Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap - Commercial [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 2,380 | 631 |
Other Assets [Member] | Variable Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap - Commercial [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 138 | 339 |
Other Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest-Rate Cap Agreements [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 0 | 0 |
Other Liabilities [Member] | No Hedge Designation [Member] | Rate-Lock Mortgage Loan Commitments [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 0 | 0 |
Other Liabilities [Member] | No Hedge Designation [Member] | Mandatory Commitments to Sell Mortgage Loans [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 0 | 0 |
Other Liabilities [Member] | No Hedge Designation [Member] | Purchased Options [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 0 | 0 |
Other Liabilities [Member] | No Hedge Designation [Member] | Written Options [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 178 | 322 |
Other Liabilities [Member] | Fixed Income Interest Rate [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 0 | 0 |
Other Liabilities [Member] | Fixed Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap - Commercial [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 138 | 339 |
Other Liabilities [Member] | Variable Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap - Commercial [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | $ 2,380 | $ 631 |
Derivative Financial Instruments, Effect on Statement of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain Recognized in Other Comprehensive Income (Loss) (Effective Portion) | $ 389 | $ 95 | $ 1,400 | $ 95 | |||
Cash Flow Hedge [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain Recognized in Other Comprehensive Income (Loss) (Effective Portion) | 389 | 95 | 1,400 | 95 | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 73 | (5) | 132 | (5) | |||
Gain Recognized in Income | [1] | 16 | 5 | 4 | 5 | ||
Cash Flow Hedge [Member] | Interest-Rate Cap Agreements [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain Recognized in Other Comprehensive Income (Loss) (Effective Portion) | 297 | 0 | 1,054 | 0 | |||
Cash Flow Hedge [Member] | Interest-Rate Cap Agreements [Member] | Interest Expense [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 67 | 0 | 119 | 0 | |||
Gain Recognized in Income | [1] | 0 | 0 | 0 | 0 | ||
Cash Flow Hedge [Member] | Fixed Income Interest Rate [Member] | Interest Rate Swap [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain Recognized in Other Comprehensive Income (Loss) (Effective Portion) | 92 | 95 | 346 | 95 | |||
Cash Flow Hedge [Member] | Fixed Income Interest Rate [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 6 | (5) | 13 | (5) | |||
Gain Recognized in Income | [1] | 16 | 5 | 4 | 5 | ||
No Hedge Designation [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain Recognized in Income | 97 | (311) | 499 | (481) | |||
No Hedge Designation [Member] | 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 Recognized in Income | (318) | (313) | 354 | 123 | |||
No Hedge Designation [Member] | 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 Recognized in Income | 415 | 2 | 145 | (604) | |||
No Hedge Designation [Member] | Purchased Options [Member] | Interest Expense [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain Recognized in Income | (45) | 5 | (144) | 39 | |||
No Hedge Designation [Member] | Written Options [Member] | Interest Expense [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain Recognized in Income | 45 | (5) | 144 | (39) | |||
No Hedge Designation [Member] | Fixed Income Interest Rate [Member] | Interest Rate Swap - Commercial [Member] | Interest Income [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain Recognized in Income | 407 | 52 | 1,950 | (197) | |||
No Hedge Designation [Member] | Variable Income Interest Rate [Member] | Interest Rate Swap - Commercial [Member] | Interest Income [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain Recognized in Income | $ (407) | $ (52) | $ (1,950) | $ 197 | |||
|
Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Amortized intangible assets - core deposits [Abstract] | ||||
Gross Carrying Amount | $ 11,916 | $ 6,118 | ||
Accumulated Amortization | 5,207 | 4,532 | ||
Unamortized intangible assets - goodwill [Abstract] | ||||
Gross Carrying Amount | $ 28,300 | $ 0 | 28,300 | $ 0 |
Increases in gross carrying amount of core deposit intangibles | 5,800 | |||
Increases (decrease) in goodwill | (700) | $ 28,300 | ||
Expected residual value of core deposit intangible asset | 0 | |||
Expected amortization period of core deposit intangible asset | 10 years | |||
Weighted average amortization period of core deposit intangible asset | 5 years 2 months 12 days | |||
Summary of estimated intangible amortization [Abstract] | ||||
Three months ending December 31, 2018 | 293 | |||
2019 | 1,089 | |||
2020 | 1,020 | |||
2021 | 970 | |||
2022 | 785 | |||
2023 and thereafter | 2,552 | |||
Total | $ 6,709 | |||
Goodwill [Roll Forward] | ||||
Balance at beginning of year | $ 0 | |||
Acquired during the year | 28,300 | |||
Balance at end of the period | $ 28,300 | $ 28,300 |
Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Share Based Compensation [Abstract] | ||||
Number of additional shares approved for grant (in shares) | 500,000 | |||
Total compensation cost not yet recognized | $ 2,400 | $ 2,400 | ||
Total compensation cost not yet recognized, period for recognition | 2 years | |||
Information regarding options exercised [Abstract] | ||||
Intrinsic value | 153 | $ 39 | $ 1,827 | $ 513 |
Cash proceeds received | 58 | 18 | 1,042 | 117 |
Tax benefit realized | 32 | 14 | 384 | 180 |
Long-Term Incentive Plan [Member] | ||||
Share Based Compensation [Abstract] | ||||
Total compensation expense recognized | 400 | 400 | 1,100 | 1,200 |
Tax benefit relating to compensation expense recognized | $ 100 | 100 | $ 200 | $ 400 |
Stock Options [Member] | ||||
Number of Shares [Roll Forward] | ||||
Outstanding, beginning balance (in shares) | 176,055 | |||
Issued for acquisition (in shares) | 187,915 | |||
Exercised (in shares) | (113,548) | |||
Forfeited (in shares) | 0 | |||
Expired (in shares) | 0 | |||
Outstanding, ending balance (in shares) | 250,422 | 250,422 | ||
Vested and expected to vest, period end (in shares) | 250,422 | 250,422 | ||
Exercisable, period end (in shares) | 250,422 | 250,422 | ||
Average Exercise Price [Roll Forward] | ||||
Outstanding, beginning balance (in dollars per share) | $ 5.24 | |||
Issued for acquisition (in dollars per share) | 9.94 | |||
Exercised (in dollars per share) | 9.18 | |||
Outstanding, ending balance (in dollars per share) | $ 6.98 | 6.98 | ||
Vested and expected to vest, period end (in dollars per share) | 6.98 | 6.98 | ||
Exercisable, period end (in dollars per share) | $ 6.98 | $ 6.98 | ||
Weighted-Average Remaining Contractual Term (Years) [Abstract] | ||||
Outstanding, weighted average remaining contractual term | 4 years 8 months 12 days | |||
Vested and expected to vest, weighted-average remaining contractual term | 4 years 8 months 12 days | |||
Exercisable, weighted average remaining contractual term | 4 years 8 months 12 days | |||
Aggregate Intrinsic Value [Abstract] | ||||
Outstanding, aggregate intrinsic value | $ 4,174 | $ 4,174 | ||
Vested and expected to vest, aggregate intrinsic value | 4,174 | 4,174 | ||
Exercisable, aggregate intrinsic value | $ 4,174 | $ 4,174 | ||
Weighted-average assumptions used in the Black-Scholes option pricing model [Abstract] | ||||
Expected dividend yield | 2.62% | |||
Risk-free interest rate | 2.40% | |||
Expected life | 3 years 1 month 20 days | |||
Expected volatility | 45.99% | |||
Per share weighted-average fair value (in dollars per share) | $ 13.25 | $ 13.25 | ||
Restricted Stock [Member] | Long-Term Incentive Plan [Member] | ||||
Share Based Compensation [Abstract] | ||||
Number of stock units or restricted shares issued in period (in shares) | 2,000 | |||
Vesting period | 3 years | |||
Non-Vested Restricted Stock and PSUs [Member] | ||||
Number of Shares [Roll Forward] | ||||
Outstanding, beginning balance (in shares) | 290,527 | |||
Granted (in shares) | 73,406 | |||
Vested (in shares) | (96,255) | |||
Forfeited (in shares) | (8,259) | |||
Outstanding, ending balance (in shares) | 259,419 | 259,419 | ||
Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Outstanding, beginning balance (in dollars per share) | $ 15.88 | |||
Granted (in dollars per share) | 23.62 | |||
Vested (in dollars per share) | 13.17 | |||
Forfeited (in dollars per share) | 18.53 | |||
Outstanding, ending balance (in dollars per share) | $ 19.00 | $ 19.00 | ||
Directors [Member] | ||||
Share Based Compensation [Abstract] | ||||
Shares issues as retainer fees (in shares) | 7,000 | 6,000 | ||
Non-Employee Directors [Member] | ||||
Share Based Compensation [Abstract] | ||||
Number of additional shares approved for grant (in shares) | 200,000 | |||
Total compensation expense recognized | $ 50 | 50 | $ 160 | $ 120 |
Tax benefit relating to compensation expense recognized | $ 10 | $ 20 | $ 30 | $ 40 |
Officers [Member] | Long-Term Incentive Plan [Member] | ||||
Share Based Compensation [Abstract] | ||||
Number of stock units or restricted shares issued in period (in shares) | 0 | 0 | ||
Officers [Member] | Restricted Stock [Member] | Long-Term Incentive Plan [Member] | ||||
Share Based Compensation [Abstract] | ||||
Number of stock units or restricted shares issued in period (in shares) | 50,000 | 50,000 | ||
Vesting period | 3 years | 3 years | ||
Officers [Member] | Performance Stock Units [Member] | Long-Term Incentive Plan [Member] | ||||
Share Based Compensation [Abstract] | ||||
Number of stock units or restricted shares issued in period (in shares) | 20,000 | 20,000 | ||
Vesting period | 3 years | 3 years | ||
Performance feature comparison period | 3 years |
Income Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Income Tax [Abstract] | |||||
Income tax expense | $ 2,921 | $ 3,159 | $ 7,026 | $ 8,443 | |
Statutory federal income tax rate | 21.00% | 35.00% | |||
Decrease in income tax expense | (10) | $ (20) | $ (330) | $ (230) | |
Gross unrecognized tax benefits | $ 700 | $ 700 | $ 700 |
Regulatory Matters (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Regulatory Matters [Abstract] | ||||
Undivided profits | $ 27,200 | |||
Components of regulatory capital [Abstract] | ||||
Total shareholders' equity | 345,204 | $ 264,933 | $ 267,710 | $ 248,980 |
Add (deduct) [Abstract] | ||||
Accumulated other comprehensive loss for regulatory purposes | (9,889) | (5,999) | ||
Consolidated [Member] | ||||
Total capital to risk-weighted assets [Abstract] | ||||
Total risk-based capital | $ 373,748 | $ 312,163 | ||
Actual, Ratio | 14.57% | 15.16% | ||
Minimum for Adequately Capitalized Institutions, Amount | $ 205,173 | $ 164,782 | ||
Minimum for Adequately Capitalized Institutions, Ratio | 8.00% | 8.00% | ||
Tier 1 capital to risk-weighted assets [Abstract] | ||||
Actual, Amount | $ 348,228 | $ 288,451 | ||
Actual, Ratio | 13.58% | 14.00% | ||
Minimum for Adequately Capitalized Institutions, Amount | $ 153,880 | $ 123,586 | ||
Minimum for Adequately Capitalized Institutions, Ratio | 6.00% | 6.00% | ||
Common equity tier 1 capital to risk-weighted assets [Abstract] | ||||
Actual, Amount | $ 310,081 | $ 255,934 | ||
Actual, Ratio | 12.09% | 12.43% | ||
Minimum for Adequately Capitalized Institutions, Amount | $ 115,410 | $ 92,690 | ||
Minimum for Adequately Capitalized Institutions, Ratio | 4.50% | 4.50% | ||
Tier 1 capital to average assets [Abstract] | ||||
Tier 1 capital | $ 348,228 | $ 288,451 | ||
Actual, Ratio | 10.84% | 10.57% | ||
Minimum for Adequately Capitalized Institutions, Amount | $ 128,543 | $ 109,209 | ||
Minimum for Adequately Capitalized Institutions, Ratio | 4.00% | 4.00% | ||
Components of regulatory capital [Abstract] | ||||
Total shareholders' equity | $ 345,204 | $ 264,933 | ||
Add (deduct) [Abstract] | ||||
Accumulated other comprehensive loss for regulatory purposes | 4,092 | 201 | ||
Goodwill and other intangibles | (35,009) | (1,269) | ||
Disallowed deferred tax assets | (4,206) | (7,931) | ||
Common equity tier 1 capital | 310,081 | 255,934 | ||
Qualifying trust preferred securities | 38,147 | 34,500 | ||
Disallowed deferred tax assets | 0 | (1,983) | ||
Tier 1 capital | 348,228 | 288,451 | ||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 25,520 | 23,712 | ||
Total risk-based capital | 373,748 | 312,163 | ||
Independent Bank [Member] | ||||
Total capital to risk-weighted assets [Abstract] | ||||
Total risk-based capital | $ 337,905 | $ 290,188 | ||
Actual, Ratio | 13.18% | 14.10% | ||
Minimum for Adequately Capitalized Institutions, Amount | $ 205,044 | $ 164,675 | ||
Minimum for Adequately Capitalized Institutions, Ratio | 8.00% | 8.00% | ||
Minimum for Well Capitalized Institutions, Amount | $ 256,305 | $ 205,843 | ||
Minimum for Well-Capitalized Institutions, Ratio | 10.00% | 10.00% | ||
Tier 1 capital to risk-weighted assets [Abstract] | ||||
Actual, Amount | $ 312,385 | $ 266,476 | ||
Actual, Ratio | 12.19% | 12.95% | ||
Minimum for Adequately Capitalized Institutions, Amount | $ 153,783 | $ 123,506 | ||
Minimum for Adequately Capitalized Institutions, Ratio | 6.00% | 6.00% | ||
Minimum for Well-Capitalized Institutions, Amount | $ 205,044 | $ 164,675 | ||
Minimum for Well Capitalized Institutions, Ratio | 8.00% | 8.00% | ||
Common equity tier 1 capital to risk-weighted assets [Abstract] | ||||
Actual, Amount | $ 312,385 | $ 266,476 | ||
Actual, Ratio | 12.19% | 12.95% | ||
Minimum for Adequately Capitalized Institutions, Amount | $ 115,337 | $ 92,630 | ||
Minimum for Adequately Capitalized Institutions, Ratio | 4.50% | 4.50% | ||
Minimum for Well-Capitalized Institutions, Amount | $ 166,598 | $ 133,798 | ||
Minimum for Well Capitalized Institutions, Ratio | 6.50% | 6.50% | ||
Tier 1 capital to average assets [Abstract] | ||||
Tier 1 capital | $ 312,385 | $ 266,476 | ||
Actual, Ratio | 9.73% | 9.78% | ||
Minimum for Adequately Capitalized Institutions, Amount | $ 128,376 | $ 109,041 | ||
Minimum for Adequately Capitalized Institutions, Ratio | 4.00% | 4.00% | ||
Minimum for Well-Capitalized Institutions, Amount | $ 160,469 | $ 136,301 | ||
Minimum for Well-Capitalized Institutions, Ratio | 5.00% | 5.00% | ||
Components of regulatory capital [Abstract] | ||||
Total shareholders' equity | $ 343,351 | $ 269,481 | ||
Add (deduct) [Abstract] | ||||
Accumulated other comprehensive loss for regulatory purposes | 4,092 | 201 | ||
Goodwill and other intangibles | (35,009) | (1,269) | ||
Disallowed deferred tax assets | (49) | (1,937) | ||
Common equity tier 1 capital | 312,385 | 266,476 | ||
Qualifying trust preferred securities | 0 | 0 | ||
Disallowed deferred tax assets | 0 | 0 | ||
Tier 1 capital | 312,385 | 266,476 | ||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 25,520 | 23,712 | ||
Total risk-based capital | $ 337,905 | $ 290,188 |
Fair Value Disclosures, Significant Assumptions (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Assets [Abstract] | |||||||||||
Equity securities at fair value | $ 285 | $ 0 | |||||||||
Trading securities | 0 | 455 | |||||||||
Securities available for sale | 436,957 | 522,925 | |||||||||
Loans held for sale | 41,325 | 39,436 | |||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 285 | ||||||||||
Trading securities | 455 | ||||||||||
Securities available for sale | 0 | 898 | |||||||||
Derivatives | 0 | 0 | |||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | 0 | 0 | |||||||||
Significant Other Observable Inputs (Level 2) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 0 | ||||||||||
Trading securities | 0 | ||||||||||
Securities available for sale | 436,957 | 522,027 | |||||||||
Derivatives | 7,734 | 3,080 | |||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | 2,696 | 1,292 | |||||||||
Significant Un-observable Inputs (Level 3) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 0 | ||||||||||
Trading securities | 0 | ||||||||||
Securities available for sale | 0 | 0 | |||||||||
Derivatives | 0 | 0 | |||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 285 | ||||||||||
Trading securities | 455 | ||||||||||
Loans held for sale | 41,325 | 39,436 | |||||||||
Capitalized mortgage loan servicing rights | 23,151 | 15,699 | |||||||||
Derivatives | [1] | 7,734 | 3,080 | ||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | [2] | 2,696 | 1,292 | ||||||||
Fair Value, Measurements, Recurring [Member] | U.S. Treasury [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 898 | ||||||||||
Fair Value, Measurements, Recurring [Member] | U.S. Agency [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 20,423 | 25,682 | |||||||||
Fair Value, Measurements, Recurring [Member] | U.S. Agency Residential Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 125,061 | 137,918 | |||||||||
Fair Value, Measurements, Recurring [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 5,815 | 9,760 | |||||||||
Fair Value, Measurements, Recurring [Member] | Private Label Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 28,973 | 29,109 | |||||||||
Fair Value, Measurements, Recurring [Member] | Other Asset Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 78,526 | 93,898 | |||||||||
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 139,654 | 172,945 | |||||||||
Fair Value, Measurements, Recurring [Member] | Corporate [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 34,570 | 47,853 | |||||||||
Fair Value, Measurements, Recurring [Member] | Trust Preferred [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 1,925 | 2,802 | |||||||||
Fair Value, Measurements, Recurring [Member] | Foreign Government [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 2,010 | 2,060 | |||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 285 | ||||||||||
Trading securities | 455 | ||||||||||
Loans held for sale | 0 | 0 | |||||||||
Capitalized mortgage loan servicing rights | 0 | 0 | |||||||||
Derivatives | [1] | 0 | 0 | ||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | [2] | 0 | 0 | ||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 898 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Agency [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Agency Residential Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Private Label Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Asset Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Trust Preferred [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Government [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 0 | ||||||||||
Trading securities | 0 | ||||||||||
Loans held for sale | 41,325 | 39,436 | |||||||||
Capitalized mortgage loan servicing rights | 0 | 0 | |||||||||
Derivatives | [1] | 7,734 | 3,080 | ||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | [2] | 2,696 | 1,292 | ||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Agency [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 20,423 | 25,682 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Agency Residential Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 125,061 | 137,918 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 5,815 | 9,760 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Private Label Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 28,973 | 29,109 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Asset Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 78,526 | 93,898 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 139,654 | 172,945 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 34,570 | 47,853 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Trust Preferred [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 1,925 | 2,802 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Government [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 2,010 | 2,060 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 0 | ||||||||||
Trading securities | 0 | ||||||||||
Loans held for sale | 0 | 0 | |||||||||
Capitalized mortgage loan servicing rights | 23,151 | 15,699 | |||||||||
Derivatives | [1] | 0 | 0 | ||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | [2] | 0 | 0 | ||||||||
Fair Value, Measurements, Recurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | U.S. Treasury [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | U.S. Agency [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | U.S. Agency Residential Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | Private Label Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | Other Asset Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | Corporate [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | Trust Preferred [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | Foreign Government [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | |||||||||||
Commercial [Abstract] | |||||||||||
Income producing - real estate | [3] | 225 | 274 | ||||||||
Land, land development & construction - real estate | [3] | 9 | |||||||||
Commercial and industrial | [3] | 944 | 1,051 | ||||||||
Mortgage [Abstract] | |||||||||||
1-4 Family | [3] | 334 | 339 | ||||||||
Resort Lending | [3] | 264 | 207 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate [Member] | |||||||||||
Mortgage [Abstract] | |||||||||||
1-4 Family | [4] | 94 | 186 | ||||||||
Resort Lending | [4] | 1 | 65 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | |||||||||||
Commercial [Abstract] | |||||||||||
Income producing - real estate | [3] | 0 | 0 | ||||||||
Land, land development & construction - real estate | [3] | 0 | |||||||||
Commercial and industrial | [3] | 0 | 0 | ||||||||
Mortgage [Abstract] | |||||||||||
1-4 Family | [3] | 0 | 0 | ||||||||
Resort Lending | [3] | 0 | 0 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Real Estate [Member] | |||||||||||
Mortgage [Abstract] | |||||||||||
1-4 Family | [4] | 0 | 0 | ||||||||
Resort Lending | [4] | 0 | 0 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | |||||||||||
Commercial [Abstract] | |||||||||||
Income producing - real estate | [3] | 0 | 0 | ||||||||
Land, land development & construction - real estate | [3] | 0 | |||||||||
Commercial and industrial | [3] | 0 | 0 | ||||||||
Mortgage [Abstract] | |||||||||||
1-4 Family | [3] | 0 | 0 | ||||||||
Resort Lending | [3] | 0 | 0 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Real Estate [Member] | |||||||||||
Mortgage [Abstract] | |||||||||||
1-4 Family | [4] | 0 | 0 | ||||||||
Resort Lending | [4] | 0 | 0 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | |||||||||||
Commercial [Abstract] | |||||||||||
Income producing - real estate | [3] | 225 | 274 | ||||||||
Land, land development & construction - real estate | [3] | 9 | |||||||||
Commercial and industrial | [3] | 944 | 1,051 | ||||||||
Mortgage [Abstract] | |||||||||||
1-4 Family | [3] | 334 | 339 | ||||||||
Resort Lending | [3] | 264 | 207 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Significant Un-observable Inputs (Level 3) [Member] | Other Real Estate [Member] | |||||||||||
Mortgage [Abstract] | |||||||||||
1-4 Family | [4] | 94 | 186 | ||||||||
Resort Lending | [4] | $ 1 | $ 65 | ||||||||
|
Fair Value Disclosures, Changes in Fair Value for Financial Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Changes in fair value for financial assets [Abstract] | |||||
Equity Securities at fair value, net gains (losses) | $ (170) | ||||
Trading securities, net gains (losses) | $ (63) | ||||
Loans held for sale, net gains (losses) | (120) | 713 | |||
Capitalized mortgage loan servicing rights, net gains (losses) | 694 | (2,585) | |||
Impairment charges recognized [Abstract] | |||||
Collateral dependent loans, carrying amount | $ 1,800 | 1,800 | $ 1,900 | ||
Collateral dependent loans, valuation allowance | 800 | 800 | 700 | ||
Additional provision for loan losses on impaired loans | 100 | $ 300 | 500 | 500 | |
Other real estate, carrying amount | 100 | 100 | 300 | ||
Other real estate, valuation allowance | 100 | 100 | $ 100 | ||
Other real estate, additional charge | $ 40 | $ 30 | 40 | 40 | |
Securities [Member] | |||||
Changes in fair value for financial assets [Abstract] | |||||
Equity Securities at fair value, net gains (losses) | (170) | ||||
Trading securities, net gains (losses) | (63) | ||||
Mortgage Loans [Member] | |||||
Changes in fair value for financial assets [Abstract] | |||||
Loans held for sale, net gains (losses) | (120) | 713 | |||
Mortgage Loan Servicing, Net [Member] | |||||
Changes in fair value for financial assets [Abstract] | |||||
Capitalized mortgage loan servicing rights, net gains (losses) | $ 694 | $ (2,585) |
Fair Value Disclosures, Reconciliation for all Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - Capitalized Mortgage Loan Servicing Rights [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) [Roll Forward] | ||||
Beginning balance | $ 21,848 | $ 14,515 | $ 15,699 | $ 0 |
Change in accounting | 0 | 0 | 0 | 14,213 |
Total gains (losses) realized and unrealized [Abstract] | ||||
Included in results of operations | (198) | (1,090) | 694 | (2,585) |
Included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Purchases, issuances, settlements, maturities and calls | 1,501 | 1,250 | 6,758 | 3,047 |
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 23,151 | 14,675 | 23,151 | 14,675 |
Amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at September 30 | (198) | (1,090) | 694 | (2,585) |
As Adjusted [Member] | ||||
Reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) [Roll Forward] | ||||
Beginning balance | $ 21,848 | $ 14,515 | $ 15,699 | $ 14,213 |
Fair Value Disclosures, Quantitative Information About Level 3 (Details) - Significant Un-observable Inputs (Level 3) [Member] |
Sep. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
---|---|---|
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | ||
Asset Fair Value [Abstract] | ||
Servicing asset fair value | $ 23,151,000 | $ 15,699,000 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Present Value of Net Servicing Revenue [Member] | Float Rate [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 0.0307 | 0.0224 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Minimum [Member] | Cost to Service [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 68 | 66 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Minimum [Member] | Ancillary Income [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 20 | 20 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Minimum [Member] | Present Value of Net Servicing Revenue [Member] | Discount Rate [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 0.1 | 0.0988 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Maximum [Member] | Cost to Service [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 317 | 216 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Maximum [Member] | Ancillary Income [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 36 | 36 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Maximum [Member] | Present Value of Net Servicing Revenue [Member] | Discount Rate [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 0.13 | 0.1100 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Weighted Average [Member] | Cost to Service [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 81 | 81 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Weighted Average [Member] | Ancillary Income [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 22 | 23 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Weighted Average [Member] | Present Value of Net Servicing Revenue [Member] | Discount Rate [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 0.1015 | 0.1011 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Weighted Average [Member] | Present Value of Net Servicing Revenue [Member] | Float Rate [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 0.0307 | 0.0224 |
Nonrecurring Basis [Member] | Impaired Loans Commercial [Member] | ||
Asset Fair Value [Abstract] | ||
Impaired loans fair value | $ 1,169,000 | $ 1,334,000 |
Nonrecurring Basis [Member] | Impaired Loans Commercial [Member] | Minimum [Member] | Sales Comparison Approach [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | (0.325) | (0.325) |
Nonrecurring Basis [Member] | Impaired Loans Commercial [Member] | Maximum [Member] | Sales Comparison Approach [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | 0.250 | 0.250 |
Nonrecurring Basis [Member] | Impaired Loans Commercial [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | (0.045) | (0.045) |
Nonrecurring Basis [Member] | Impaired Loans Mortgage [Member] | ||
Asset Fair Value [Abstract] | ||
Impaired loans fair value | $ 598,000 | $ 546,000 |
Nonrecurring Basis [Member] | Impaired Loans Mortgage [Member] | Minimum [Member] | Sales Comparison Approach [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | (0.401) | (0.211) |
Nonrecurring Basis [Member] | Impaired Loans Mortgage [Member] | Maximum [Member] | Sales Comparison Approach [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | 0.304 | (0.341) |
Nonrecurring Basis [Member] | Impaired Loans Mortgage [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | (0.019) | (0.027) |
Nonrecurring Basis [Member] | Other Real Estate Mortgage [Member] | ||
Asset Fair Value [Abstract] | ||
Other real estate fair value | $ 95,000 | $ 251,000 |
Nonrecurring Basis [Member] | Other Real Estate Mortgage [Member] | Minimum [Member] | Sales Comparison Approach [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Other real estate measurement input | 0.022 | (0.33) |
Nonrecurring Basis [Member] | Other Real Estate Mortgage [Member] | Maximum [Member] | Sales Comparison Approach [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Other real estate measurement input | 0.341 | 0.445 |
Nonrecurring Basis [Member] | Other Real Estate Mortgage [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Other real estate measurement input | 0.179 | (0.010) |
Fair Value Disclosures, Difference Between Aggregate Fair Value and Aggregate Remaining Contractual Principal (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Loans held for sale [Abstract] | ||
Aggregate Fair Value | $ 41,325 | $ 39,436 |
Difference | 724 | 844 |
Contractual Principal | $ 40,601 | $ 38,592 |
Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Assets [Abstract] | |||||
Interest bearing deposits - time | $ 593 | $ 2,739 | |||
Equity securities at fair value | 285 | 0 | |||
Trading securities | 0 | 455 | |||
Securities available for sale | 436,957 | 522,925 | |||
Federal Home Loan Bank and Federal Reserve Bank Stock | 18,355 | 15,543 | |||
Liabilities [Abstract] | |||||
Other borrowings | 79,688 | 54,600 | |||
Subordinated debentures | 39,371 | 35,569 | |||
Reciprocal deposits included in deposits with no stated maturity | 44,681 | 12,992 | |||
Reciprocal deposits included in deposits with stated maturity | 47,954 | 37,987 | |||
Recorded Book Balance [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 35,180 | 36,994 | |||
Interest bearing deposits | 17,990 | 17,744 | |||
Interest bearing deposits - time | 593 | 2,739 | |||
Equity securities at fair value | 285 | ||||
Trading securities | 455 | ||||
Securities available for sale | 436,957 | 522,925 | |||
Federal Home Loan Bank and Federal Reserve Bank Stock | 18,355 | 15,543 | |||
Net loans and loans held for sale | 2,579,502 | 2,035,666 | |||
Accrued interest receivable | 10,791 | 8,609 | |||
Derivative financial instruments | 7,734 | 3,080 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | [1] | 2,143,552 | 1,845,716 | ||
Deposits with stated maturity | [1] | 655,091 | 554,818 | ||
Other borrowings | 79,688 | 54,600 | |||
Subordinated debentures | 39,371 | 35,569 | |||
Accrued interest payable | 1,463 | 892 | |||
Derivative financial instruments | 2,696 | 1,292 | |||
Fair Value [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 35,180 | 36,994 | |||
Interest bearing deposits | 17,990 | 17,744 | |||
Interest bearing deposits - time | 593 | 2,740 | |||
Equity securities at fair value | 285 | ||||
Trading securities | 455 | ||||
Securities available for sale | 436,957 | 522,925 | |||
Net loans and loans held for sale | 2,533,221 | 1,962,937 | |||
Accrued interest receivable | 10,791 | 8,609 | |||
Derivative financial instruments | 7,734 | 3,080 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | 2,143,552 | 1,845,716 | |||
Deposits with stated maturity | 649,709 | 551,489 | |||
Other borrowings | 79,275 | 54,918 | |||
Subordinated debentures | 36,888 | 29,946 | |||
Accrued interest payable | 1,463 | 892 | |||
Derivative financial instruments | 2,696 | 1,292 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 35,180 | 36,994 | |||
Interest bearing deposits | 17,990 | 17,744 | |||
Interest bearing deposits - time | 0 | 0 | |||
Equity securities at fair value | 285 | ||||
Trading securities | 455 | ||||
Securities available for sale | 0 | 898 | |||
Net loans and loans held for sale | 0 | 0 | |||
Accrued interest receivable | 1 | 1 | |||
Derivative financial instruments | 0 | 0 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | 2,143,552 | 1,845,716 | |||
Deposits with stated maturity | 0 | 0 | |||
Other borrowings | 0 | 0 | |||
Subordinated debentures | 0 | 0 | |||
Accrued interest payable | 110 | 48 | |||
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 | 593 | 2,740 | |||
Equity securities at fair value | 0 | ||||
Trading securities | 0 | ||||
Securities available for sale | 436,957 | 522,027 | |||
Net loans and loans held for sale | 41,325 | 39,436 | |||
Accrued interest receivable | 2,383 | 2,192 | |||
Derivative financial instruments | 7,734 | 3,080 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | 0 | 0 | |||
Deposits with stated maturity | 649,709 | 551,489 | |||
Other borrowings | 79,275 | 54,918 | |||
Subordinated debentures | 36,888 | 29,946 | |||
Accrued interest payable | 1,353 | 844 | |||
Derivative financial instruments | 2,696 | 1,292 | |||
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 | |||
Equity securities at fair value | 0 | ||||
Trading securities | 0 | ||||
Securities available for sale | 0 | 0 | |||
Net loans and loans held for sale | 2,491,896 | 1,923,501 | |||
Accrued interest receivable | 8,407 | 6,416 | |||
Derivative financial instruments | 0 | 0 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | 0 | 0 | |||
Deposits with stated maturity | 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 | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Contingent Liabilities [Abstract] | |||||
Receivables balance decline | $ 2,100 | $ 2,100 | |||
Provision for loss reimbursement on sold loans | 50 | $ 20 | 80 | $ 70 | |
Reserve for loss reimbursement on sold mortgage loans | $ 850 | $ 850 | $ 670 |
Accumulated Other Comprehensive Loss ("AOCL"), Summary of Changes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Changes in AOCL [Roll Forward] | ||||
Balance at beginning of period | $ 264,933 | $ 248,980 | ||
Cumulative effect of change in accounting | 0 | 352 | ||
Balance at beginning of period, as adjusted | 264,933 | 249,332 | ||
Other comprehensive income (loss) before reclassifications | $ (618) | $ 157 | (3,822) | 5,229 |
Amounts reclassified from AOCL | (57) | (2) | (68) | (78) |
Other comprehensive income (loss) | (675) | 155 | (3,890) | 5,151 |
Balance at end of period | 345,204 | 267,710 | 345,204 | 267,710 |
Accumulated Other Comprehensive Loss [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Balance at beginning of period | (9,214) | (3,812) | (5,999) | (9,108) |
Cumulative effect of change in accounting | 300 | |||
Balance at beginning of period, as adjusted | (8,808) | |||
Balance at end of period | (9,889) | (3,657) | (9,889) | (3,657) |
Unrealized Gains (Losses) on Securities Available For Sale [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Balance at beginning of period | (4,437) | 1,986 | (470) | (3,310) |
Cumulative effect of change in accounting | 300 | |||
Balance at beginning of period, as adjusted | (3,010) | |||
Other comprehensive income (loss) before reclassifications | (925) | 95 | (4,928) | 5,167 |
Amounts reclassified from AOCL | 0 | (5) | 36 | (81) |
Other comprehensive income (loss) | (925) | 90 | (4,892) | 5,086 |
Balance at end of period | (5,362) | 2,076 | (5,362) | 2,076 |
Disproportionate Tax Effects from Securities Available for Sale [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Balance at beginning of period | (5,798) | (5,798) | (5,798) | (5,798) |
Cumulative effect of change in accounting | 0 | |||
Balance at beginning of period, as adjusted | (5,798) | |||
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCL | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Balance at end of period | (5,798) | (5,798) | (5,798) | (5,798) |
Unrealized Gains on Cash Flow Hedges [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Balance at beginning of period | 1,021 | 0 | 269 | 0 |
Cumulative effect of change in accounting | 0 | |||
Balance at beginning of period, as adjusted | 0 | |||
Other comprehensive income (loss) before reclassifications | 307 | 62 | 1,106 | 62 |
Amounts reclassified from AOCL | (57) | 3 | (104) | 3 |
Other comprehensive income (loss) | 250 | 65 | 1,002 | 65 |
Balance at end of period | $ 1,271 | $ 65 | $ 1,271 | $ 65 |
Accumulated Other Comprehensive Loss ("AOCL"), Reclassification Out of Each Components (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Reclassifications out of AOCL [Abstract] | ||||
Total reclassifications before tax | $ 14,846 | $ 10,018 | $ 36,929 | $ 27,207 |
Interest expense | (4,755) | (2,459) | (11,739) | (6,413) |
Income tax expense | 2,921 | 3,159 | 7,026 | 8,443 |
Reclassifications, net of tax | 11,925 | 6,859 | 29,903 | 18,764 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications out of AOCL [Abstract] | ||||
Reclassifications, net of tax | 57 | 2 | 68 | 78 |
Unrealized Gains (Losses) on Securities Available For Sale [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications out of AOCL [Abstract] | ||||
Net gains (losses) on securities | 0 | 8 | (45) | 125 |
Net impairment loss recognized in earnings | 0 | 0 | 0 | 0 |
Total reclassifications before tax | 0 | 8 | (45) | 125 |
Income tax expense | 0 | 3 | (9) | 44 |
Reclassifications, net of tax | 0 | 5 | (36) | 81 |
Unrealized Gains on Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications out of AOCL [Abstract] | ||||
Interest expense | (73) | (5) | (132) | (5) |
Income tax expense | (16) | (2) | (28) | (2) |
Reclassifications, net of tax | $ (57) | $ (3) | $ (104) | $ (3) |
Mepco Sale (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
May 01, 2017 |
|
Asset Purchase Agreement [Abstract] | ||||
Commercial loans | $ 1,112,101 | $ 853,260 | ||
Cash proceeds from sale of assets | $ 0 | $ 33,446 | ||
Mepco [Member] | ||||
Asset Purchase Agreement [Abstract] | ||||
Net payment plan receivables | $ 33,100 | |||
Commercial loans | 500 | |||
Furniture and Equipment | 200 | |||
Other assets | 1,600 | |||
Liabilities assumed | $ 2,000 | |||
Cash proceeds from sale of assets | 33,400 | |||
Gain (loss) on sale of assets | $ 0 |
Recent Acquisition (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 01, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Mar. 31, 2018 |
Dec. 31, 2017 |
|||
Recent Acquisition [Abstract] | |||||||||
Non-interest expense amount | $ 98 | $ 10 | $ 3,354 | $ 10 | |||||
Decrease in goodwill | (700) | 28,300 | |||||||
Valuation of the assets acquired and liabilities assumed [Abstract] | |||||||||
Goodwill | 28,300 | $ 28,300 | $ 0 | ||||||
Estimated useful life | 10 years | ||||||||
TCSB Bancorp, Inc. [Member] | |||||||||
Recent Acquisition [Abstract] | |||||||||
Equity interest issued to each holder of common stock under merger agreement (in shares) | 1.1166 | ||||||||
Total value of common stock and cash paid in lieu of fractional shares | $ 5 | ||||||||
Equity issued under merger agreement (in shares) | 2,710,000 | ||||||||
Options issued under merger agreement (in shares) | 190,000 | ||||||||
Fair value of equity issued under merger agreement | $ 64,500 | ||||||||
Non-interest expense amount | 100 | $ 3,400 | |||||||
Decrease in goodwill | $ (700) | ||||||||
Valuation of the assets acquired and liabilities assumed [Abstract] | |||||||||
Cash and cash equivalents | $ 23,521 | ||||||||
Interest bearing deposits - time | 4,054 | ||||||||
Securities available for sale | 6,066 | ||||||||
Federal Home Loan Bank stock | 778 | ||||||||
Loans, net | 295,799 | ||||||||
Property and equipment, net | 1,067 | ||||||||
Capitalized mortgage loan servicing rights | 3,047 | ||||||||
Accrued income and other assets | 3,362 | ||||||||
Other intangibles | [1] | 5,798 | |||||||
Total assets acquired | 343,492 | ||||||||
Deposits | 287,710 | ||||||||
Other borrowings | 14,345 | ||||||||
Subordinated debentures | 3,768 | ||||||||
Accrued expenses and other liabilities | 1,429 | ||||||||
Total liabilities assumed | 307,252 | ||||||||
Net assets acquired | 36,240 | ||||||||
Goodwill | 28,300 | ||||||||
Purchase price (fair value of consideration) | 64,540 | ||||||||
Fair value of acquired receivables | 292,900 | ||||||||
Gross contractual amounts receivable | $ 298,600 | ||||||||
TCSB Bancorp, Inc. [Member] | Core Deposits [Member] | |||||||||
Valuation of the assets acquired and liabilities assumed [Abstract] | |||||||||
Estimated fair value of intangible assets | $ 5,800 | ||||||||
Estimated useful life | 10 years | ||||||||
|
Revenue from Contracts with Customers (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
Asset
|
Sep. 30, 2017
USD ($)
|
|
Revenue from Contracts with Customers [Abstract] | ||||
Percentage of revenues excluded from ASU 2014-09 | 83.10% | 80.00% | 83.10% | 80.00% |
Number of real estate assets sold during the period | Asset | 0 | |||
Contract assets | $ 0 | $ 0 | ||
Contract liabilities | 0 | 0 | ||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 6,892 | 19,994 | ||
Bank owned life insurance | 237 | 713 | ||
Other | 657 | 1,989 | ||
Total | 2,134 | $ 2,040 | 6,294 | $ 6,139 |
Service Charges on Deposits [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 3,166 | 9,166 | ||
Overdraft Fees [Member] | Retail [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 2,161 | 6,177 | ||
Overdraft Fees [Member] | Business [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 408 | 1,153 | ||
Account Service Charges [Member] | Retail [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 519 | 1,607 | ||
Account Service Charges [Member] | Business [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 78 | 229 | ||
Other Deposit Related Income [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 727 | 2,158 | ||
ATM Fees [Member] | Retail [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 374 | 1,077 | ||
ATM Fees [Member] | Business [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 10 | 26 | ||
Other [Member] | Retail [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 219 | 656 | ||
Other [Member] | Business [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 124 | 399 | ||
Interchange Income [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 2,486 | 7,236 | ||
Investment and Insurance Commissions [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 513 | 1,434 | ||
Asset Management Revenue [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | 274 | 826 | ||
Transaction Based Revenue [Member] | ||||
Disaggregation of Revenue Sources by Attributes [Abstract] | ||||
Revenue from contracts with customers | $ 239 | $ 608 |
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