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)
|
NONE
|
Former name, address and fiscal year, if changed since last report.
|
Title of each Class
|
Trading Symbol
|
Name of each exchange which registered
|
||
Common stock, no par value
|
IBCP
|
The Nasdaq Stock Market, LLC
|
Number(s)
|
||
PART I -
|
Financial Information
|
|
Item 1.
|
3
|
|
4
|
||
5
|
||
6
|
||
7
|
||
8-66
|
||
Item 2.
|
66-88
|
|
Item 3.
|
89
|
|
Item 4.
|
89
|
|
PART II -
|
Other Information
|
|
Item 1A
|
90
|
|
Item 2.
|
90
|
|
Item 6.
|
91
|
• |
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.
|
June 30,
2019
|
December 31,
2018
|
|||||||
(unaudited)
|
||||||||
(In thousands, except share
amounts)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
34,461
|
$
|
23,350
|
||||
Interest bearing deposits
|
20,676
|
46,894
|
||||||
Cash and Cash Equivalents
|
55,137
|
70,244
|
||||||
Interest bearing deposits - time
|
498
|
595
|
||||||
Equity securities at fair value
|
-
|
393
|
||||||
Securities available for sale
|
430,305
|
427,926
|
||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
|
18,359
|
18,359
|
||||||
Loans held for sale, carried at fair value
|
62,883
|
44,753
|
||||||
Loans held for sale, carried at lower of cost or fair value
|
-
|
41,471
|
||||||
Loans
|
||||||||
Commercial
|
1,175,970
|
1,144,481
|
||||||
Mortgage
|
1,086,309
|
1,042,890
|
||||||
Installment
|
444,247
|
395,149
|
||||||
Total Loans
|
2,706,526
|
2,582,520
|
||||||
Allowance for loan losses
|
(25,903
|
)
|
(24,888
|
)
|
||||
Net Loans
|
2,680,623
|
2,557,632
|
||||||
Other real estate and repossessed assets, net
|
1,990
|
1,299
|
||||||
Property and equipment, net
|
37,703
|
38,777
|
||||||
Bank-owned life insurance
|
55,580
|
55,068
|
||||||
Deferred tax assets, net
|
2,746
|
5,779
|
||||||
Capitalized mortgage loan servicing rights, carried at fair value
|
17,894
|
21,400
|
||||||
Other intangibles
|
5,870
|
6,415
|
||||||
Goodwill
|
28,300
|
28,300
|
||||||
Accrued income and other assets
|
40,414
|
34,870
|
||||||
Total Assets
|
$
|
3,438,302
|
$
|
3,353,281
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Deposits
|
||||||||
Non-interest bearing
|
$
|
864,481
|
$
|
879,549
|
||||
Savings and interest-bearing checking
|
1,158,910
|
1,194,865
|
||||||
Reciprocal
|
326,326
|
182,072
|
||||||
Time
|
384,477
|
385,981
|
||||||
Brokered time
|
244,691
|
270,961
|
||||||
Total Deposits
|
2,978,885
|
2,913,428
|
||||||
Other borrowings
|
41,144
|
25,700
|
||||||
Subordinated debentures
|
39,422
|
39,388
|
||||||
Accrued expenses and other liabilities
|
48,005
|
35,771
|
||||||
Total Liabilities
|
3,107,456
|
3,014,287
|
||||||
Commitments and contingent liabilities
|
||||||||
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: 22,498,776 shares at June 30, 2019 and 23,579,725 shares at December 31, 2018
|
351,894
|
377,372
|
||||||
Accumulated deficit
|
(16,617
|
)
|
(28,270
|
)
|
||||
Accumulated other comprehensive loss
|
(4,431
|
)
|
(10,108
|
)
|
||||
Total Shareholders’ Equity
|
330,846
|
338,994
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
3,438,302
|
$
|
3,353,281
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
(In thousands, except per share amounts)
|
||||||||||||||||
Interest Income
|
||||||||||||||||
Interest and fees on loans
|
$
|
33,836
|
$
|
29,674
|
$
|
66,517
|
$
|
53,027
|
||||||||
Interest on securities
|
||||||||||||||||
Taxable
|
3,034
|
2,720
|
6,040
|
5,355
|
||||||||||||
Tax-exempt
|
324
|
444
|
698
|
923
|
||||||||||||
Other investments
|
379
|
265
|
954
|
595
|
||||||||||||
Total Interest Income
|
37,573
|
33,103
|
74,209
|
59,900
|
||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
6,021
|
3,209
|
11,702
|
5,496
|
||||||||||||
Other borrowings and subordinated debentures
|
796
|
914
|
1,508
|
1,488
|
||||||||||||
Total Interest Expense
|
6,817
|
4,123
|
13,210
|
6,984
|
||||||||||||
Net Interest Income
|
30,756
|
28,980
|
60,999
|
52,916
|
||||||||||||
Provision for loan losses
|
652
|
650
|
1,316
|
965
|
||||||||||||
Net Interest Income After Provision for Loan Losses
|
30,104
|
28,330
|
59,683
|
51,951
|
||||||||||||
Non-interest Income
|
||||||||||||||||
Service charges on deposit accounts
|
2,800
|
3,095
|
5,440
|
6,000
|
||||||||||||
Interchange income
|
2,604
|
2,504
|
4,959
|
4,750
|
||||||||||||
Net gains (losses) on assets
|
||||||||||||||||
Mortgage loans
|
4,302
|
3,255
|
7,913
|
5,826
|
||||||||||||
Securities
|
-
|
9
|
304
|
(164
|
)
|
|||||||||||
Mortgage loan servicing, net
|
(1,907
|
)
|
1,235
|
(3,122
|
)
|
3,456
|
||||||||||
Other
|
2,106
|
2,217
|
4,370
|
4,160
|
||||||||||||
Total Non-interest Income
|
9,905
|
12,315
|
19,864
|
24,028
|
||||||||||||
Non-interest Expense
|
||||||||||||||||
Compensation and employee benefits
|
15,931
|
15,869
|
32,282
|
30,337
|
||||||||||||
Occupancy, net
|
2,131
|
2,170
|
4,636
|
4,434
|
||||||||||||
Data processing
|
2,171
|
2,251
|
4,315
|
4,129
|
||||||||||||
Furniture, fixtures and equipment
|
1,006
|
1,019
|
2,035
|
1,986
|
||||||||||||
Communications
|
717
|
704
|
1,486
|
1,384
|
||||||||||||
Interchange expense
|
753
|
661
|
1,441
|
1,259
|
||||||||||||
Loan and collection
|
628
|
692
|
1,262
|
1,369
|
||||||||||||
Advertising
|
627
|
543
|
1,299
|
984
|
||||||||||||
Legal and professional
|
371
|
456
|
740
|
834
|
||||||||||||
FDIC deposit insurance
|
342
|
250
|
710
|
480
|
||||||||||||
Merger related expenses
|
-
|
3,082
|
-
|
3,256
|
||||||||||||
Other
|
1,915
|
2,064
|
4,376
|
3,444
|
||||||||||||
Total Non-interest Expense
|
26,592
|
29,761
|
54,582
|
53,896
|
||||||||||||
Income Before Income Tax
|
13,417
|
10,884
|
24,965
|
22,083
|
||||||||||||
Income tax expense
|
2,687
|
2,067
|
4,854
|
4,105
|
||||||||||||
Net Income
|
$
|
10,730
|
$
|
8,817
|
$
|
20,111
|
$
|
17,978
|
||||||||
Net Income Per Common Share
|
||||||||||||||||
Basic
|
$
|
0.47
|
$
|
0.37
|
$
|
0.86
|
$
|
0.79
|
||||||||
Diluted
|
$
|
0.46
|
$
|
0.36
|
$
|
0.85
|
$
|
0.78
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(unaudited - In thousands)
|
||||||||||||||||
Net income
|
$
|
10,730
|
$
|
8,817
|
$
|
20,111
|
$
|
17,978
|
||||||||
Other comprehensive income (loss)
|
||||||||||||||||
Securities available for sale
|
||||||||||||||||
Unrealized gains (losses) arising during period
|
3,920
|
(1,198
|
)
|
9,284
|
(5,063
|
)
|
||||||||||
Change in unrealized losses for which a portion of other than temporary impairment has been recognized in earnings
|
-
|
(2
|
)
|
(2
|
)
|
(3
|
)
|
|||||||||
Reclassification adjustments for (gains) losses included in earnings
|
-
|
26
|
(137
|
)
|
45
|
|||||||||||
Unrealized gains (losses) recognized in other comprehensive income (loss) on securities available for sale
|
3,920
|
(1,174
|
)
|
9,145
|
(5,021
|
)
|
||||||||||
Income tax expense (benefit)
|
823
|
(246
|
)
|
1,920
|
(1,054
|
)
|
||||||||||
Unrealized gains (losses) recognized in other comprehensive income (loss) on securities available for sale, net of tax
|
3,097
|
(928
|
)
|
7,225
|
(3,967
|
)
|
||||||||||
Derivative instruments
|
||||||||||||||||
Unrealized gain (loss) arising during period
|
(756
|
)
|
327
|
(1,668
|
)
|
1,011
|
||||||||||
Reclassification adjustment for income recognized in earnings
|
(142
|
)
|
(53
|
)
|
(291
|
)
|
(59
|
)
|
||||||||
Unrealized gains (losses) recognized in other comprehensive income (loss) on derivative instruments
|
(898
|
)
|
274
|
(1,959
|
)
|
952
|
||||||||||
Income tax expense (benefit)
|
(187
|
)
|
58
|
(411
|
)
|
200
|
||||||||||
Unrealized gains (losses) recognized in other comprehensive income (loss) on derivative instruments, net of tax
|
(711
|
)
|
216
|
(1,548
|
)
|
752
|
||||||||||
Other comprehensive income (loss)
|
2,386
|
(712
|
)
|
5,677
|
(3,215
|
)
|
||||||||||
Comprehensive income
|
$
|
13,116
|
$
|
8,105
|
$
|
25,788
|
$
|
14,763
|
Six months ended June 30,
|
||||||||
2019
|
2018
|
|||||||
(unaudited - In thousands)
|
||||||||
Net Income
|
$
|
20,111
|
$
|
17,978
|
||||
Adjustments to Reconcile Net Income to Net Cash From Operating Activities
|
||||||||
Proceeds from the sale of equity securities at fair value
|
560
|
-
|
||||||
Proceeds from sales of loans held for sale
|
222,953
|
210,641
|
||||||
Disbursements for loans held for sale
|
(233,170
|
)
|
(214,952
|
)
|
||||
Provision for loan losses
|
1,316
|
965
|
||||||
Deferred income tax expense
|
1,524
|
4,518
|
||||||
Deferred loan fees and costs
|
(1,947
|
)
|
(2,457
|
)
|
||||
Net depreciation, amortization of intangible assets and premiums and accretion of discounts on securities, loans and interest bearing deposits - time
|
2,906
|
3,192
|
||||||
Net gains on mortgage loans
|
(7,913
|
)
|
(5,826
|
)
|
||||
Net (gains) losses on securities
|
(304
|
)
|
164
|
|||||
Share based compensation
|
888
|
848
|
||||||
Increase in accrued income and other assets
|
(3,112
|
)
|
(3,377
|
)
|
||||
Increase in accrued expenses and other liabilities
|
10,125
|
1,604
|
||||||
Total Adjustments
|
(6,174
|
)
|
(4,680
|
)
|
||||
Net Cash From Operating Activities
|
13,937
|
13,298
|
||||||
Cash Flow Used in Investing Activities
|
||||||||
Proceeds from the sale of securities available for sale
|
42,236
|
31,445
|
||||||
Proceeds from maturities, prepayments and calls of securities available for sale
|
76,579
|
88,131
|
||||||
Purchases of securities available for sale
|
(81,639
|
)
|
(47,054
|
)
|
||||
Proceeds from the sale of interest bearing deposits - time
|
-
|
2,474
|
||||||
Proceeds from the maturity of interest bearing deposits - time
|
100
|
1,842
|
||||||
Net increase in portfolio loans (loans originated, net of principal payments)
|
(152,256
|
)
|
(181,365
|
)
|
||||
Proceeds from the sale of portfolio loans
|
40,630
|
16,460
|
||||||
Acquisition of TCSB Bancorp Inc., less cash received
|
-
|
23,516
|
||||||
Proceeds from bank-owned life insurance
|
-
|
474
|
||||||
Proceeds from the sale of other real estate and repossessed assets
|
808
|
889
|
||||||
Capital expenditures
|
(1,542
|
)
|
(2,033
|
)
|
||||
Net Cash Used in Investing Activities
|
(75,084
|
)
|
(65,221
|
)
|
||||
Cash Flow From Financing Activities
|
||||||||
Net increase in total deposits
|
65,457
|
92,273
|
||||||
Net increase (decrease) in other borrowings
|
550
|
(3,093
|
)
|
|||||
Proceeds from Federal Home Loan Bank Advances
|
27,000
|
1,044,000
|
||||||
Payments of Federal Home Loan Bank Advances
|
(12,143
|
)
|
(1,069,287
|
)
|
||||
Dividends paid
|
(8,458
|
)
|
(6,823
|
)
|
||||
Proceeds from issuance of common stock
|
282
|
147
|
||||||
Repurchase of common stock
|
(25,782
|
)
|
-
|
|||||
Share based compensation withholding obligation
|
(866
|
)
|
(1,321
|
)
|
||||
Net Cash From Financing Activities
|
46,040
|
55,896
|
||||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(15,107
|
)
|
3,973
|
|||||
Cash and Cash Equivalents at Beginning of Period
|
70,244
|
54,738
|
||||||
Cash and Cash Equivalents at End of Period
|
$
|
55,137
|
$
|
58,711
|
||||
Cash paid during the period for
|
||||||||
Interest
|
$
|
13,188
|
$
|
6,545
|
||||
Income taxes
|
2,457
|
120
|
||||||
Operating leases
|
1,127
|
-
|
||||||
Transfers to other real estate and repossessed assets
|
1,420
|
641
|
||||||
Purchase of securities available for sale not yet settled
|
645
|
-
|
||||||
Securitization of portfolio loans
|
29,790
|
-
|
||||||
Right of use assets obtained in exchange for lease obligations
|
7,703
|
-
|
||||||
Transfer of loans to held for sale
|
-
|
13,216
|
Common
Stock
|
Accumulated
Deficit
|
Accumulated
Other
Comprehensive
Loss
|
Total
Shareholders’
Equity
|
|||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||
Balances at April 1, 2019
|
$
|
374,678
|
$
|
(23,135
|
)
|
$
|
(6,817
|
)
|
$
|
344,726
|
||||||
Net income, three months ended June 30, 2019
|
-
|
10,730
|
-
|
10,730
|
||||||||||||
Cash dividends declared, $.18 per share
|
-
|
(4,212
|
)
|
-
|
(4,212
|
)
|
||||||||||
Repurchase of 1,063,901 shares of common stock
|
(23,252
|
)
|
-
|
-
|
(23,252
|
)
|
||||||||||
Share based compensation (issuance of 2,498 shares of common stock)
|
468
|
-
|
-
|
468
|
||||||||||||
Other comprehensive income
|
-
|
-
|
2,386
|
2,386
|
||||||||||||
Balances at June 30, 2019
|
$
|
351,894
|
$
|
(16,617
|
)
|
$
|
(4,431
|
)
|
$
|
330,846
|
||||||
Balances at April 1, 2018
|
$
|
324,518
|
$
|
(48,099
|
)
|
$
|
(8,502
|
)
|
$
|
267,917
|
||||||
Net income, three months ended June 30, 2018
|
-
|
8,817
|
-
|
8,817
|
||||||||||||
Cash dividends declared, $.15 per share
|
-
|
(3,617
|
)
|
-
|
(3,617
|
)
|
||||||||||
Acquisition of TCSB Bancorp, Inc.
|
64,536
|
-
|
-
|
64,536
|
||||||||||||
Issuance of 101,408 shares of common stock
|
134
|
-
|
-
|
134
|
||||||||||||
Share based compensation (issuance of 7,444 shares of common stock)
|
441
|
-
|
-
|
441
|
||||||||||||
Share based compensation withholding obligation (withholding of 50,057 shares of common stock)
|
(433
|
)
|
-
|
-
|
(433
|
)
|
||||||||||
Other comprehensive loss
|
-
|
-
|
(712
|
)
|
(712
|
)
|
||||||||||
Balances at June 30, 2018
|
$
|
389,196
|
$
|
(42,899
|
)
|
$
|
(9,214
|
)
|
$
|
337,083
|
||||||
Balances at January 1, 2019
|
$
|
377,372
|
$
|
(28,270
|
)
|
$
|
(10,108
|
)
|
$
|
338,994
|
||||||
Net income, six months ended June 30, 2019
|
-
|
20,111
|
-
|
20,111
|
||||||||||||
Cash dividends declared, $.36 per share
|
-
|
(8,458
|
)
|
-
|
(8,458
|
)
|
||||||||||
Repurchase of 1,179,688 shares of common stock
|
(25,782
|
)
|
-
|
-
|
(25,782
|
)
|
||||||||||
Issuance of 68,399 shares of common stock
|
282
|
-
|
-
|
282
|
||||||||||||
Share based compensation (issuance of 86,626 shares of common stock)
|
888
|
-
|
-
|
888
|
||||||||||||
Share based compensation withholding obligation (withholding of 56,286 shares of common stock)
|
(866
|
)
|
-
|
-
|
(866
|
)
|
||||||||||
Other comprehensive income
|
-
|
-
|
5,677
|
5,677
|
||||||||||||
Balances at June 30, 2019
|
$
|
351,894
|
$
|
(16,617
|
)
|
$
|
(4,431
|
)
|
$
|
330,846
|
||||||
Balances at January 1, 2018
|
$
|
324,986
|
$
|
(54,054
|
)
|
$
|
(5,999
|
)
|
$
|
264,933
|
||||||
Net income, six months ended June 30, 2018
|
-
|
17,978
|
-
|
17,978
|
||||||||||||
Cash dividends declared, $.30 per share
|
-
|
(6,823
|
)
|
-
|
(6,823
|
)
|
||||||||||
Acquisition of TCSB Bancorp, Inc.
|
64,536
|
-
|
-
|
64,536
|
||||||||||||
Issuance of 105,208 shares of common stock
|
147
|
-
|
-
|
147
|
||||||||||||
Share based compensation (issuance of 81,919 shares of common stock)
|
848
|
-
|
-
|
848
|
||||||||||||
Share based compensation withholding obligation (withholding of 87,385 shares of common stock)
|
(1,321
|
)
|
-
|
-
|
(1,321
|
)
|
||||||||||
Other comprehensive loss
|
-
|
-
|
(3,215
|
)
|
(3,215
|
)
|
||||||||||
Balances at June 30, 2018
|
$
|
389,196
|
$
|
(42,899
|
)
|
$
|
(9,214
|
)
|
$
|
337,083
|
• |
Replaces the existing incurred loss impairment guidance and establishes a single allowance framework for financial assets carried at amortized cost, which will reflect our estimate of credit losses over the full remaining expected
life of the financial assets and will consider expected future changes in macroeconomic conditions.
|
• |
Eliminates existing guidance for purchase credit impaired (“PCI”) loans, and requires recognition of the nonaccretable difference as an increase to the allowance for expected credit losses on financial assets purchased with more than
insignificant credit deterioration since origination, which will be offset by an increase in the recorded investment of the related loans.
|
• |
Requires inclusion of expected recoveries, limited to the cumulative amount of prior write-offs, when estimating the allowance for credit losses for in scope financial assets (including collateral dependent assets).
|
• |
Amends existing impairment guidance for securities available for sale to incorporate an allowance, which will allow for reversals of credit impairments in the event that the credit of an issuer improves. Credit losses on securities
available for sale are limited to the amount of the decline in fair value regardless of what the credit loss model would show for impairment.
|
• |
Generally requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption.
|
• |
Is effective for us on January 1, 2020.
|
Amortized
Cost
|
Unrealized
|
Fair Value
|
||||||||||||||
Gains
|
Losses
|
|||||||||||||||
(In thousands)
|
||||||||||||||||
June 30, 2019
|
||||||||||||||||
U.S. agency
|
$
|
16,997
|
$
|
200
|
$
|
14
|
$
|
17,183
|
||||||||
U.S. agency residential mortgage-backed
|
135,853
|
1,541
|
377
|
137,017
|
||||||||||||
U.S. agency commercial mortgage-backed
|
12,183
|
99
|
44
|
12,238
|
||||||||||||
Private label mortgage-backed
|
29,617
|
588
|
76
|
30,129
|
||||||||||||
Other asset backed
|
91,196
|
186
|
231
|
91,151
|
||||||||||||
Obligations of states and political subdivisions
|
103,652
|
1,378
|
203
|
104,827
|
||||||||||||
Corporate
|
32,964
|
929
|
11
|
33,882
|
||||||||||||
Trust preferred
|
1,966
|
-
|
115
|
1,851
|
||||||||||||
Foreign government
|
2,030
|
1
|
4
|
2,027
|
||||||||||||
Total
|
$
|
426,458
|
$
|
4,922
|
$
|
1,075
|
$
|
430,305
|
||||||||
December 31, 2018
|
||||||||||||||||
U.S. agency
|
$
|
20,198
|
$
|
9
|
$
|
193
|
$
|
20,014
|
||||||||
U.S. agency residential mortgage-backed
|
124,777
|
817
|
1,843
|
123,751
|
||||||||||||
U.S. agency commercial mortgage-backed
|
5,909
|
1
|
184
|
5,726
|
||||||||||||
Private label mortgage-backed
|
29,735
|
321
|
637
|
29,419
|
||||||||||||
Other asset backed
|
83,481
|
86
|
248
|
83,319
|
||||||||||||
Obligations of states and political subdivisions
|
130,244
|
257
|
2,946
|
127,555
|
||||||||||||
Corporate
|
34,866
|
29
|
586
|
34,309
|
||||||||||||
Trust preferred
|
1,964
|
-
|
145
|
1,819
|
||||||||||||
Foreign government
|
2,050
|
-
|
36
|
2,014
|
||||||||||||
Total
|
$
|
433,224
|
$
|
1,520
|
$
|
6,818
|
$
|
427,926
|
Less Than Twelve Months
|
Twelve Months or More
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
June 30, 2019
|
||||||||||||||||||||||||
U.S. agency
|
$
|
-
|
$
|
-
|
$
|
4,427
|
$
|
14
|
$
|
4,427
|
$
|
14
|
||||||||||||
U.S. agency residential mortgage-backed
|
5,109
|
11
|
36,367
|
366
|
41,476
|
377
|
||||||||||||||||||
U.S. agency commercial mortgage-backed
|
-
|
-
|
4,322
|
44
|
4,322
|
44
|
||||||||||||||||||
Private label mortgage-backed
|
2,682
|
3
|
3,273
|
73
|
5,955
|
76
|
||||||||||||||||||
Other asset backed
|
38,729
|
140
|
9,794
|
91
|
48,523
|
231
|
||||||||||||||||||
Obligations of states and political subdivisions
|
9,211
|
15
|
27,595
|
188
|
36,806
|
203
|
||||||||||||||||||
Corporate
|
288
|
1
|
3,188
|
10
|
3,476
|
11
|
||||||||||||||||||
Trust preferred
|
941
|
60
|
910
|
55
|
1,851
|
115
|
||||||||||||||||||
Foreign government
|
-
|
-
|
1,526
|
4
|
1,526
|
4
|
||||||||||||||||||
Total
|
$
|
56,960
|
$
|
230
|
$
|
91,402
|
$
|
845
|
$
|
148,362
|
$
|
1,075
|
||||||||||||
December 31, 2018
|
||||||||||||||||||||||||
U.S. agency
|
$
|
7,150
|
$
|
46
|
$
|
11,945
|
$
|
147
|
$
|
19,095
|
$
|
193
|
||||||||||||
U.S. agency residential mortgage-backed
|
18,374
|
180
|
48,184
|
1,663
|
66,558
|
1,843
|
||||||||||||||||||
U.S. agency commercial mortgage-backed
|
566
|
3
|
5,094
|
181
|
5,660
|
184
|
||||||||||||||||||
Private label mortgage-backed
|
8,273
|
57
|
16,145
|
580
|
24,418
|
637
|
||||||||||||||||||
Other asset backed
|
53,043
|
160
|
10,235
|
88
|
63,278
|
248
|
||||||||||||||||||
Obligations of states and political subdivisions
|
25,423
|
262
|
80,701
|
2,684
|
106,124
|
2,946
|
||||||||||||||||||
Corporate
|
17,758
|
343
|
9,222
|
243
|
26,980
|
586
|
||||||||||||||||||
Trust preferred
|
939
|
61
|
880
|
84
|
1,819
|
145
|
||||||||||||||||||
Foreign government
|
-
|
-
|
2,014
|
36
|
2,014
|
36
|
||||||||||||||||||
Total
|
$
|
131,526
|
$
|
1,112
|
$
|
184,420
|
$
|
5,706
|
$
|
315,946
|
$
|
6,818
|
Senior
Security
|
Super
Senior
Security
|
Senior
Support
Security
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Fair value
|
$
|
713
|
$
|
700
|
$
|
17
|
$
|
1,430
|
||||||||
Amortized cost
|
595
|
521
|
-
|
1,116
|
||||||||||||
Non-credit unrealized loss
|
-
|
-
|
-
|
-
|
||||||||||||
Unrealized gain
|
118
|
179
|
17
|
314
|
||||||||||||
Cumulative credit related OTTI
|
757
|
457
|
380
|
1,594
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(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
|
$
|
13,478
|
$
|
13,481
|
||||
Maturing after one year but within five years
|
55,186
|
55,754
|
||||||
Maturing after five years but within ten years
|
50,659
|
51,759
|
||||||
Maturing after ten years
|
38,286
|
38,776
|
||||||
157,609
|
159,770
|
|||||||
U.S. agency residential mortgage-backed
|
135,853
|
137,017
|
||||||
U.S. agency commercial mortgage-backed
|
12,183
|
12,238
|
||||||
Private label mortgage-backed
|
29,617
|
30,129
|
||||||
Other asset backed
|
91,196
|
91,151
|
||||||
Total
|
$
|
426,458
|
$
|
430,305
|
Proceeds
|
Realized
|
|||||||||||
Gains
|
Losses
|
|||||||||||
(In thousands)
|
||||||||||||
2019
|
$
|
42,236
|
$
|
169
|
$
|
32
|
||||||
2018
|
$
|
31,445
|
$
|
81
|
$
|
126
|
Commercial
|
Mortgage
|
Installment
|
Subjective
Allocation
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
2019
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
7,518
|
$
|
8,412
|
$
|
1,251
|
$
|
8,073
|
$
|
25,254
|
||||||||||
Additions (deductions)
|
||||||||||||||||||||
Provision for loan losses
|
475
|
(386
|
)
|
209
|
354
|
652
|
||||||||||||||
Recoveries credited to the allowance
|
378
|
327
|
184
|
-
|
889
|
|||||||||||||||
Loans charged against the allowance
|
(250
|
)
|
(291
|
)
|
(351
|
)
|
-
|
(892
|
)
|
|||||||||||
Balance at end of period
|
$
|
8,121
|
$
|
8,062
|
$
|
1,293
|
$
|
8,427
|
$
|
25,903
|
||||||||||
2018
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
6,026
|
$
|
8,621
|
$
|
795
|
$
|
7,629
|
$
|
23,071
|
||||||||||
Additions (deductions)
|
||||||||||||||||||||
Provision for loan losses
|
(362
|
)
|
216
|
138
|
658
|
650
|
||||||||||||||
Recoveries credited to the allowance
|
434
|
177
|
235
|
-
|
846
|
|||||||||||||||
Loans charged against the allowance
|
(25
|
)
|
(718
|
)
|
(320
|
)
|
-
|
(1,063
|
)
|
|||||||||||
Balance at end of period
|
$
|
6,073
|
$
|
8,296
|
$
|
848
|
$
|
8,287
|
$
|
23,504
|
Commercial
|
Mortgage
|
Installment
|
Subjective
Allocation
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
2019
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
7,090
|
$
|
7,978
|
$
|
895
|
$
|
8,925
|
$
|
24,888
|
||||||||||
Additions (deductions)
|
||||||||||||||||||||
Provision for loan losses
|
895
|
187
|
732
|
(498
|
)
|
1,316
|
||||||||||||||
Recoveries credited to the allowance
|
505
|
551
|
401
|
-
|
1,457
|
|||||||||||||||
Loans charged against the allowance
|
(369
|
)
|
(654
|
)
|
(735
|
)
|
-
|
(1,758
|
)
|
|||||||||||
Balance at end of period
|
$
|
8,121
|
$
|
8,062
|
$
|
1,293
|
$
|
8,427
|
$
|
25,903
|
||||||||||
2018
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
5,595
|
$
|
8,733
|
$
|
864
|
$
|
7,395
|
$
|
22,587
|
||||||||||
Additions (deductions)
|
||||||||||||||||||||
Provision for loan losses
|
(497
|
)
|
363
|
207
|
892
|
965
|
||||||||||||||
Recoveries credited to the allowance
|
1,040
|
357
|
463
|
-
|
1,860
|
|||||||||||||||
Loans charged against the allowance
|
(65
|
)
|
(1,157
|
)
|
(686
|
)
|
-
|
(1,908
|
)
|
|||||||||||
Balance at end of period
|
$
|
6,073
|
$
|
8,296
|
$
|
848
|
$
|
8,287
|
$
|
23,504
|
Commercial
|
Mortgage
|
Installment
|
Subjective
Allocation
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
June 30, 2019
|
||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Individually evaluated for impairment
|
$
|
1,047
|
$
|
4,715
|
$
|
265
|
$
|
-
|
$
|
6,027
|
||||||||||
Collectively evaluated for impairment
|
7,074
|
3,347
|
1,028
|
8,427
|
19,876
|
|||||||||||||||
Loans acquired with deteriorated credit quality
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total ending allowance for loan losses balance
|
$
|
8,121
|
$
|
8,062
|
$
|
1,293
|
$
|
8,427
|
$
|
25,903
|
||||||||||
Loans
|
||||||||||||||||||||
Individually evaluated for impairment
|
$
|
8,082
|
$
|
44,095
|
$
|
3,258
|
$
|
55,435
|
||||||||||||
Collectively evaluated for impairment
|
1,169,792
|
1,046,177
|
441,859
|
2,657,828
|
||||||||||||||||
Loans acquired with deteriorated credit quality
|
1,490
|
587
|
324
|
2,401
|
||||||||||||||||
Total loans recorded investment
|
1,179,364
|
1,090,859
|
445,441
|
2,715,664
|
||||||||||||||||
Accrued interest included in recorded investment
|
3,394
|
4,550
|
1,194
|
9,138
|
||||||||||||||||
Total loans
|
$
|
1,175,970
|
$
|
1,086,309
|
$
|
444,247
|
$
|
2,706,526
|
||||||||||||
December 31, 2018
|
||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Individually evaluated for impairment
|
$
|
1,305
|
$
|
4,799
|
$
|
206
|
$
|
-
|
$
|
6,310
|
||||||||||
Collectively evaluated for impairment
|
5,785
|
3,179
|
689
|
8,925
|
18,578
|
|||||||||||||||
Loans acquired with deteriorated credit quality
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total ending allowance for loan losses balance
|
$
|
7,090
|
$
|
7,978
|
$
|
895
|
$
|
8,925
|
$
|
24,888
|
||||||||||
Loans
|
||||||||||||||||||||
Individually evaluated for impairment
|
$
|
8,697
|
$
|
46,394
|
$
|
3,370
|
$
|
58,461
|
||||||||||||
Collectively evaluated for impairment
|
1,137,586
|
1,000,038
|
392,460
|
2,530,084
|
||||||||||||||||
Loans acquired with deteriorated credit quality
|
1,609
|
555
|
349
|
2,513
|
||||||||||||||||
Total loans recorded investment
|
1,147,892
|
1,046,987
|
396,179
|
2,591,058
|
||||||||||||||||
Accrued interest included in recorded investment
|
3,411
|
4,097
|
1,030
|
8,538
|
||||||||||||||||
Total loans
|
$
|
1,144,481
|
$
|
1,042,890
|
$
|
395,149
|
$
|
2,582,520
|
90+ and
Still
Accruing
|
Non-
Accrual
|
Total Non-
Performing
Loans
|
||||||||||
(In thousands)
|
||||||||||||
June 30, 2019
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Land, land development and construction - real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
-
|
803
|
803
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
-
|
4,142
|
4,142
|
|||||||||
Resort lending
|
-
|
720
|
720
|
|||||||||
Home equity - 1st lien
|
-
|
196
|
196
|
|||||||||
Home equity - 2nd lien
|
-
|
600
|
600
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
-
|
168
|
168
|
|||||||||
Home equity - 2nd lien
|
-
|
220
|
220
|
|||||||||
Boat lending
|
-
|
278
|
278
|
|||||||||
Recreational vehicle lending
|
-
|
2
|
2
|
|||||||||
Other
|
-
|
234
|
234
|
|||||||||
Total recorded investment
|
$
|
-
|
$
|
7,363
|
$
|
7,363
|
||||||
Accrued interest included in recorded investment
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
December 31, 2018
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Land, land development and construction - real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
-
|
2,220
|
2,220
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
5
|
4,695
|
4,700
|
|||||||||
Resort lending
|
-
|
755
|
755
|
|||||||||
Home equity - 1st lien
|
-
|
159
|
159
|
|||||||||
Home equity - 2nd lien
|
-
|
419
|
419
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
-
|
178
|
178
|
|||||||||
Home equity - 2nd lien
|
-
|
226
|
226
|
|||||||||
Boat lending
|
-
|
166
|
166
|
|||||||||
Recreational vehicle lending
|
-
|
7
|
7
|
|||||||||
Other
|
-
|
204
|
204
|
|||||||||
Total recorded investment
|
$
|
5
|
$
|
9,029
|
$
|
9,034
|
||||||
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)
|
||||||||||||||||||||||||
June 30, 2019
|
||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
$
|
50
|
$
|
-
|
$
|
-
|
$
|
50
|
$
|
398,697
|
$
|
398,747
|
||||||||||||
Land, land development and construction - real estate
|
-
|
-
|
-
|
-
|
93,213
|
93,213
|
||||||||||||||||||
Commercial and industrial
|
132
|
37
|
705
|
874
|
686,530
|
687,404
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
4,488
|
1,663
|
1,734
|
7,885
|
851,775
|
859,660
|
||||||||||||||||||
Resort lending
|
484
|
238
|
433
|
1,155
|
73,578
|
74,733
|
||||||||||||||||||
Home equity - 1st lien
|
178
|
96
|
51
|
325
|
36,201
|
36,526
|
||||||||||||||||||
Home equity - 2nd lien
|
458
|
234
|
195
|
887
|
119,053
|
119,940
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
97
|
1
|
11
|
109
|
6,320
|
6,429
|
||||||||||||||||||
Home equity - 2nd lien
|
188
|
19
|
113
|
320
|
5,431
|
5,751
|
||||||||||||||||||
Boat lending
|
287
|
24
|
32
|
343
|
197,315
|
197,658
|
||||||||||||||||||
Recreational vehicle lending
|
72
|
3
|
2
|
77
|
144,403
|
144,480
|
||||||||||||||||||
Other
|
200
|
46
|
172
|
418
|
90,705
|
91,123
|
||||||||||||||||||
Total recorded investment
|
$
|
6,634
|
$
|
2,361
|
$
|
3,448
|
$
|
12,443
|
$
|
2,703,221
|
$
|
2,715,664
|
||||||||||||
Accrued interest included in recorded investment
|
$
|
66
|
$
|
32
|
$
|
-
|
$
|
98
|
$
|
9,040
|
$
|
9,138
|
||||||||||||
December 31, 2018
|
||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
$
|
44
|
$
|
-
|
$
|
-
|
$
|
44
|
$
|
388,729
|
$
|
388,773
|
||||||||||||
Land, land development and construction - real estate
|
-
|
-
|
-
|
-
|
84,458
|
84,458
|
||||||||||||||||||
Commercial and industrial
|
1,538
|
-
|
-
|
1,538
|
673,123
|
674,661
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
1,608
|
194
|
4,882
|
6,684
|
833,760
|
840,444
|
||||||||||||||||||
Resort lending
|
252
|
-
|
755
|
1,007
|
80,774
|
81,781
|
||||||||||||||||||
Home equity - 1st lien
|
176
|
-
|
159
|
335
|
38,909
|
39,244
|
||||||||||||||||||
Home equity - 2nd lien
|
446
|
100
|
419
|
965
|
84,553
|
85,518
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
200
|
55
|
197
|
452
|
6,985
|
7,437
|
||||||||||||||||||
Home equity - 2nd lien
|
111
|
24
|
226
|
361
|
6,683
|
7,044
|
||||||||||||||||||
Boat lending
|
316
|
295
|
166
|
777
|
169,117
|
169,894
|
||||||||||||||||||
Recreational vehicle lending
|
28
|
21
|
7
|
56
|
125,780
|
125,836
|
||||||||||||||||||
Other
|
241
|
131
|
204
|
576
|
85,392
|
85,968
|
||||||||||||||||||
Total recorded investment
|
$
|
4,960
|
$
|
820
|
$
|
7,015
|
$
|
12,795
|
$
|
2,578,263
|
$
|
2,591,058
|
||||||||||||
Accrued interest included in recorded investment
|
$
|
44
|
$
|
11
|
$
|
-
|
$
|
55
|
$
|
8,483
|
$
|
8,538
|
June 30,
2019
|
December 31,
2018
|
|||||||
Impaired loans with no allocated allowance for loan losses
|
(In thousands)
|
|||||||
Troubled debt restructurings (“TDR”)
|
$
|
266
|
$
|
-
|
||||
Non - TDR
|
500
|
-
|
||||||
Impaired loans with an allocated allowance for loan losses
|
||||||||
TDR - allowance based on collateral
|
1,611
|
2,787
|
||||||
TDR - allowance based on present value cash flow
|
50,262
|
53,258
|
||||||
Non - TDR - allowance based on collateral
|
2,536
|
2,145
|
||||||
Total impaired loans
|
$
|
55,175
|
$
|
58,190
|
||||
Amount of allowance for loan losses allocated
|
||||||||
TDR - allowance based on collateral
|
$
|
272
|
$
|
769
|
||||
TDR - allowance based on present value cash flow
|
4,874
|
4,849
|
||||||
Non - TDR - allowance based on collateral
|
881
|
692
|
||||||
Total amount of allowance for loan losses allocated
|
$
|
6,027
|
$
|
6,310
|
June 30, 2019
|
December 31, 2018
|
|||||||||||||||||||||||
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
For Loan
Losses
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
For Loan
Losses
|
|||||||||||||||||||
With no related allowance for loan losses recorded:
|
(In thousands)
|
|||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial and industrial
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
613
|
800
|
-
|
3
|
474
|
-
|
||||||||||||||||||
Resort lending
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
1
|
122
|
-
|
||||||||||||||||||
Home equity - 2nd lien
|
-
|
16
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Boat lending
|
-
|
5
|
-
|
-
|
5
|
-
|
||||||||||||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other
|
-
|
15
|
-
|
-
|
15
|
-
|
||||||||||||||||||
613
|
836
|
-
|
4
|
616
|
-
|
|||||||||||||||||||
With an allowance for loan losses recorded:
|
||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
$
|
5,874
|
$
|
5,863
|
518
|
4,770
|
4,758
|
303
|
||||||||||||||||
Land, land development & construction-real estate
|
290
|
288
|
31
|
290
|
289
|
35
|
||||||||||||||||||
Commercial and industrial
|
1,918
|
2,184
|
498
|
3,637
|
3,735
|
967
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
30,411
|
32,568
|
3,171
|
32,842
|
34,427
|
2,859
|
||||||||||||||||||
Resort lending
|
12,392
|
12,704
|
1,397
|
13,328
|
13,354
|
1,927
|
||||||||||||||||||
Home equity - 1st lien
|
125
|
187
|
26
|
65
|
64
|
4
|
||||||||||||||||||
Home equity - 2nd lien
|
554
|
564
|
121
|
156
|
155
|
9
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
1,264
|
1,440
|
77
|
1,440
|
1,524
|
89
|
||||||||||||||||||
Home equity - 2nd lien
|
1,434
|
1,442
|
100
|
1,471
|
1,491
|
92
|
||||||||||||||||||
Boat lending
|
32
|
48
|
11
|
-
|
-
|
-
|
||||||||||||||||||
Recreational vehicle lending
|
51
|
51
|
4
|
79
|
79
|
4
|
||||||||||||||||||
Other
|
477
|
553
|
73
|
379
|
406
|
21
|
||||||||||||||||||
54,822
|
57,892
|
6,027
|
58,457
|
60,282
|
6,310
|
|||||||||||||||||||
Total
|
||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||
Income producing - real estate
|
5,874
|
5,863
|
518
|
4,770
|
4,758
|
303
|
||||||||||||||||||
Land, land development & construction-real estate
|
290
|
288
|
31
|
290
|
289
|
35
|
||||||||||||||||||
Commercial and industrial
|
1,918
|
2,184
|
498
|
3,637
|
3,735
|
967
|
||||||||||||||||||
Mortgage
|
||||||||||||||||||||||||
1-4 family
|
31,024
|
33,368
|
3,171
|
32,845
|
34,901
|
2,859
|
||||||||||||||||||
Resort lending
|
12,392
|
12,704
|
1,397
|
13,328
|
13,354
|
1,927
|
||||||||||||||||||
Home equity - 1st lien
|
125
|
187
|
26
|
65
|
64
|
4
|
||||||||||||||||||
Home equity - 2nd lien
|
554
|
564
|
121
|
156
|
155
|
9
|
||||||||||||||||||
Installment
|
||||||||||||||||||||||||
Home equity - 1st lien
|
1,264
|
1,440
|
77
|
1,441
|
1,646
|
89
|
||||||||||||||||||
Home equity - 2nd lien
|
1,434
|
1,458
|
100
|
1,471
|
1,491
|
92
|
||||||||||||||||||
Boat lending
|
32
|
53
|
11
|
-
|
5
|
-
|
||||||||||||||||||
Recreational vehicle lending
|
51
|
51
|
4
|
79
|
79
|
4
|
||||||||||||||||||
Other
|
477
|
568
|
73
|
379
|
421
|
21
|
||||||||||||||||||
Total
|
$
|
55,435
|
$
|
58,728
|
$
|
6,027
|
$
|
58,461
|
$
|
60,898
|
$
|
6,310
|
||||||||||||
Accrued interest included in recorded investment
|
$
|
260
|
$
|
271
|
2019
|
2018
|
|||||||||||||||
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
|
-
|
-
|
1,201
|
-
|
||||||||||||
Commercial and industrial
|
-
|
-
|
509
|
9
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
484
|
2
|
138
|
3
|
||||||||||||
Resort lending
|
-
|
-
|
-
|
-
|
||||||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
-
|
||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
-
|
-
|
1
|
2
|
||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
||||||||||||
Boat lending
|
-
|
-
|
-
|
-
|
||||||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
-
|
||||||||||||
Other
|
-
|
-
|
-
|
1
|
||||||||||||
484
|
2
|
1,849
|
15
|
|||||||||||||
With an allowance for loan losses recorded:
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
5,297
|
81
|
5,142
|
70
|
||||||||||||
Land, land development & construction-real estate
|
290
|
2
|
155
|
2
|
||||||||||||
Commercial and industrial
|
2,418
|
16
|
2,522
|
34
|
||||||||||||
Mortgage
|
-
|
|||||||||||||||
1-4 family
|
31,364
|
414
|
35,345
|
431
|
||||||||||||
Resort lending
|
12,680
|
147
|
15,098
|
150
|
||||||||||||
Home equity - 1st lien
|
122
|
2
|
111
|
1
|
||||||||||||
Home equity - 2nd lien
|
556
|
3
|
167
|
1
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
1,326
|
19
|
1,596
|
25
|
||||||||||||
Home equity - 2nd lien
|
1,453
|
19
|
1,746
|
25
|
||||||||||||
Boat lending
|
67
|
-
|
1
|
-
|
||||||||||||
Recreational vehicle lending
|
67
|
-
|
86
|
1
|
||||||||||||
Other
|
479
|
5
|
414
|
7
|
||||||||||||
56,119
|
708
|
62,383
|
747
|
|||||||||||||
Total
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
5,297
|
81
|
5,142
|
70
|
||||||||||||
Land, land development & construction-real estate
|
290
|
2
|
1,356
|
2
|
||||||||||||
Commercial and industrial
|
2,418
|
16
|
3,031
|
43
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
31,848
|
416
|
35,483
|
434
|
||||||||||||
Resort lending
|
12,680
|
147
|
15,098
|
150
|
||||||||||||
Home equity - 1st lien
|
122
|
2
|
111
|
1
|
||||||||||||
Home equity - 2nd lien
|
556
|
3
|
167
|
1
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
1,326
|
19
|
1,597
|
27
|
||||||||||||
Home equity - 2nd lien
|
1,453
|
19
|
1,746
|
25
|
||||||||||||
Boat lending
|
67
|
-
|
1
|
-
|
||||||||||||
Recreational vehicle lending
|
67
|
-
|
86
|
1
|
||||||||||||
Other
|
479
|
5
|
414
|
8
|
||||||||||||
Total
|
$
|
56,603
|
$
|
710
|
$
|
64,232
|
$
|
762
|
2019
|
2018
|
|||||||||||||||
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
|
-
|
-
|
801
|
-
|
||||||||||||
Commercial and industrial
|
-
|
-
|
514
|
13
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
324
|
2
|
92
|
9
|
||||||||||||
Resort lending
|
-
|
-
|
-
|
-
|
||||||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
-
|
||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
-
|
-
|
1
|
4
|
||||||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
-
|
||||||||||||
Boat lending
|
-
|
-
|
-
|
-
|
||||||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
-
|
||||||||||||
Other
|
-
|
-
|
-
|
1
|
||||||||||||
324
|
2
|
1,408
|
27
|
|||||||||||||
With an allowance for loan losses recorded:
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
5,121
|
146
|
5,160
|
138
|
||||||||||||
Land, land development & construction-real estate
|
290
|
4
|
159
|
4
|
||||||||||||
Commercial and industrial
|
2,824
|
36
|
2,526
|
66
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
31,857
|
860
|
35,846
|
889
|
||||||||||||
Resort lending
|
12,896
|
322
|
15,391
|
314
|
||||||||||||
Home equity - 1st lien
|
103
|
3
|
131
|
3
|
||||||||||||
Home equity - 2nd lien
|
423
|
6
|
171
|
3
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
1,364
|
43
|
1,619
|
54
|
||||||||||||
Home equity - 2nd lien
|
1,459
|
41
|
1,762
|
52
|
||||||||||||
Boat lending
|
44
|
-
|
1
|
-
|
||||||||||||
Recreational vehicle lending
|
71
|
1
|
87
|
2
|
||||||||||||
Other
|
446
|
11
|
407
|
13
|
||||||||||||
56,898
|
1,473
|
63,260
|
1,538
|
|||||||||||||
Total
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
5,121
|
146
|
5,160
|
138
|
||||||||||||
Land, land development & construction-real estate
|
290
|
4
|
960
|
4
|
||||||||||||
Commercial and industrial
|
2,824
|
36
|
3,040
|
79
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
32,181
|
862
|
35,938
|
898
|
||||||||||||
Resort lending
|
12,896
|
322
|
15,391
|
314
|
||||||||||||
Home equity - 1st lien
|
103
|
3
|
131
|
3
|
||||||||||||
Home equity - 2nd lien
|
423
|
6
|
171
|
3
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
1,364
|
43
|
1,620
|
58
|
||||||||||||
Home equity - 2nd lien
|
1,459
|
41
|
1,762
|
52
|
||||||||||||
Boat lending
|
44
|
-
|
1
|
-
|
||||||||||||
Recreational vehicle lending
|
71
|
1
|
87
|
2
|
||||||||||||
Other
|
446
|
11
|
407
|
14
|
||||||||||||
Total
|
$
|
57,222
|
$
|
1,475
|
$
|
64,668
|
$
|
1,565
|
June 30, 2019
|
||||||||||||||
Commercial
|
Retail (1)
|
Total
|
||||||||||||
|
(In thousands) | |||||||||||||
Performing TDRs
|
$
|
7,166
|
$
|
42,136
|
$
|
49,302
|
||||||||
Non-performing TDRs (2)
|
54
|
2,783
|
(3)
|
2,837
|
||||||||||
Total
|
$
|
7,220
|
$
|
44,919
|
$
|
52,139
|
December 31, 2018
|
||||||||||||||
Commercial
|
Retail (1)
|
Total
|
||||||||||||
|
(In thousands) | |||||||||||||
Performing TDRs
|
$
|
6,460
|
$
|
46,627
|
$
|
53,087
|
||||||||
Non-performing TDRs (2)
|
74
|
2,884
|
(3)
|
2,958
|
||||||||||
Total
|
$
|
6,534
|
$
|
49,511
|
$
|
56,045
|
(1) |
Retail loans include mortgage and installment loan 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)
|
||||||||||||
2019
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
2
|
$
|
1,329
|
$
|
1,329
|
|||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
-
|
-
|
-
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
1
|
506
|
505
|
|||||||||
Resort lending
|
-
|
-
|
-
|
|||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
|||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
1
|
25
|
26
|
|||||||||
Home equity - 2nd lien
|
3
|
75
|
76
|
|||||||||
Boat lending
|
-
|
-
|
-
|
|||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
|||||||||
Other
|
-
|
-
|
-
|
|||||||||
Total
|
7
|
$
|
1,935
|
$
|
1,936
|
|||||||
2018
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
-
|
$
|
-
|
$
|
-
|
|||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
2
|
153
|
153
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
1
|
66
|
69
|
|||||||||
Resort lending
|
-
|
-
|
-
|
|||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
|||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
2
|
90
|
91
|
|||||||||
Home equity - 2nd lien
|
1
|
32
|
32
|
|||||||||
Boat lending
|
-
|
-
|
-
|
|||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
|||||||||
Other
|
1
|
41
|
41
|
|||||||||
Total
|
7
|
$
|
382
|
$
|
386
|
Number of
Contracts
|
Pre-modification
Recorded
Balance
|
Post-modification
Recorded
Balance
|
||||||||||
(Dollars in thousands)
|
||||||||||||
2019
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
2
|
$
|
1,329
|
$
|
1,329
|
|||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
1
|
49
|
49
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
2
|
787
|
786
|
|||||||||
Resort lending
|
-
|
-
|
-
|
|||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
|||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
2
|
49
|
51
|
|||||||||
Home equity - 2nd lien
|
4
|
111
|
112
|
|||||||||
Boat lending
|
-
|
-
|
-
|
|||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
|||||||||
Other
|
-
|
-
|
-
|
|||||||||
Total
|
11
|
$
|
2,325
|
$
|
2,327
|
|||||||
2018
|
||||||||||||
Commercial
|
||||||||||||
Income producing - real estate
|
1
|
$
|
67
|
$
|
67
|
|||||||
Land, land development & construction-real estate
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
5
|
587
|
587
|
|||||||||
Mortgage
|
||||||||||||
1-4 family
|
4
|
294
|
280
|
|||||||||
Resort lending
|
-
|
-
|
-
|
|||||||||
Home equity - 1st lien
|
-
|
-
|
-
|
|||||||||
Home equity - 2nd lien
|
-
|
-
|
-
|
|||||||||
Installment
|
||||||||||||
Home equity - 1st lien
|
5
|
188
|
190
|
|||||||||
Home equity - 2nd lien
|
2
|
93
|
93
|
|||||||||
Boat lending
|
-
|
-
|
-
|
|||||||||
Recreational vehicle lending
|
-
|
-
|
-
|
|||||||||
Other
|
2
|
76
|
73
|
|||||||||
Total
|
19
|
$
|
1,305
|
$
|
1,290
|
Commercial
|
||||||||||||||||||||
Non-watch
1-6
|
Watch
7-8
|
Substandard
Accrual
9
|
Non-
Accrual
10-11
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
June 30, 2019
|
||||||||||||||||||||
Income producing - real estate
|
$
|
382,198
|
$
|
15,777
|
$
|
772
|
$
|
-
|
$
|
398,747
|
||||||||||
Land, land development and construction - real estate
|
83,971
|
8,467
|
775
|
-
|
93,213
|
|||||||||||||||
Commercial and industrial
|
634,098
|
48,598
|
3,905
|
803
|
687,404
|
|||||||||||||||
Total
|
$
|
1,100,267
|
$
|
72,842
|
$
|
5,452
|
$
|
803
|
$
|
1,179,364
|
||||||||||
Accrued interest included in total
|
$
|
3,158
|
$
|
219
|
$
|
17
|
$
|
-
|
$
|
3,394
|
||||||||||
December 31, 2018
|
||||||||||||||||||||
Income producing - real estate
|
$
|
375,142
|
$
|
13,387
|
$
|
200
|
$
|
44
|
$
|
388,773
|
||||||||||
Land, land development and construction - real estate
|
76,120
|
8,328
|
-
|
10
|
84,458
|
|||||||||||||||
Commercial and industrial
|
631,248
|
35,469
|
5,577
|
2,367
|
674,661
|
|||||||||||||||
Total
|
$
|
1,082,510
|
$
|
57,184
|
$
|
5,777
|
$
|
2,421
|
$
|
1,147,892
|
||||||||||
Accrued interest included in total
|
$
|
3,107
|
$
|
174
|
$
|
130
|
$
|
-
|
$
|
3,411
|
Mortgage (1)
|
|||||||||||||||||||||
1-4 Family
|
Resort
Lending
|
Home
Equity
1st Lien
|
Home
Equity
2nd Lien
|
Total
|
|||||||||||||||||
(In thousands)
|
|||||||||||||||||||||
June 30, 2019
|
|||||||||||||||||||||
800 and above
|
$
|
110,599
|
$
|
11,748
|
$
|
5,783
|
$
|
12,623
|
$
|
140,753
|
|||||||||||
750-799
|
391,241
|
32,894
|
15,624
|
52,785
|
492,544
|
||||||||||||||||
700-749
|
195,867
|
15,747
|
9,584
|
33,377
|
254,575
|
||||||||||||||||
650-699
|
89,819
|
8,074
|
3,623
|
13,055
|
114,571
|
||||||||||||||||
600-649
|
31,668
|
2,597
|
663
|
4,212
|
39,140
|
||||||||||||||||
550-599
|
16,755
|
1,465
|
652
|
1,929
|
20,801
|
||||||||||||||||
500-549
|
11,333
|
684
|
325
|
1,148
|
13,490
|
||||||||||||||||
Under 500
|
4,192
|
81
|
272
|
392
|
4,937
|
||||||||||||||||
Unknown
|
8,186
|
1,443
|
-
|
419
|
10,048
|
||||||||||||||||
Total
|
$
|
859,660
|
$
|
74,733
|
$
|
36,526
|
$
|
119,940
|
$
|
1,090,859
|
|||||||||||
Accrued interest included in total
|
$
|
3,503
|
$
|
367
|
$
|
176
|
$
|
504
|
$
|
4,550
|
|||||||||||
December 31, 2018
|
|||||||||||||||||||||
800 and above
|
$
|
94,492
|
$
|
10,898
|
$
|
6,784
|
$
|
8,838
|
$
|
121,012
|
|||||||||||
750-799
|
384,344
|
36,542
|
17,303
|
38,295
|
476,484
|
||||||||||||||||
700-749
|
202,440
|
17,282
|
9,155
|
23,249
|
252,126
|
||||||||||||||||
650-699
|
91,847
|
9,945
|
3,987
|
8,681
|
114,460
|
||||||||||||||||
600-649
|
34,342
|
3,088
|
959
|
3,359
|
41,748
|
||||||||||||||||
550-599
|
13,771
|
1,867
|
427
|
1,236
|
17,301
|
||||||||||||||||
500-549
|
8,439
|
106
|
418
|
826
|
9,789
|
||||||||||||||||
Under 500
|
2,533
|
143
|
98
|
381
|
3,155
|
||||||||||||||||
Unknown
|
8,236
|
1,910
|
113
|
653
|
10,912
|
||||||||||||||||
Total
|
$
|
840,444
|
$
|
81,781
|
$
|
39,244
|
$
|
85,518
|
$
|
1,046,987
|
|||||||||||
Accrued interest included in total
|
$
|
3,079
|
$
|
363
|
$
|
199
|
$
|
456
|
$
|
4,097
|
(1) |
Credit scores have been updated within the last twelve months.
|
Installment(1)
|
|||||||||||||||||||||||||
Home
Equity
1st Lien
|
Home
Equity
2nd Lien
|
Boat Lending
|
Recreational
Vehicle
Lending
|
Other
|
Total
|
||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||
June 30, 2019
|
|||||||||||||||||||||||||
800 and above
|
$
|
449
|
$
|
231
|
$
|
26,585
|
$
|
22,213
|
$
|
6,683
|
$
|
56,161
|
|||||||||||||
750-799
|
1,219
|
1,517
|
115,402
|
85,635
|
34,760
|
238,533
|
|||||||||||||||||||
700-749
|
1,390
|
1,224
|
41,608
|
28,261
|
23,945
|
96,428
|
|||||||||||||||||||
650-699
|
1,496
|
1,161
|
10,612
|
5,728
|
10,426
|
29,423
|
|||||||||||||||||||
600-649
|
993
|
730
|
1,879
|
1,767
|
2,954
|
8,323
|
|||||||||||||||||||
550-599
|
550
|
573
|
831
|
653
|
853
|
3,460
|
|||||||||||||||||||
500-549
|
313
|
217
|
486
|
181
|
859
|
2,056
|
|||||||||||||||||||
Under 500
|
19
|
55
|
229
|
42
|
187
|
532
|
|||||||||||||||||||
Unknown
|
-
|
43
|
26
|
-
|
10,456
|
10,525
|
|||||||||||||||||||
Total
|
$
|
6,429
|
$
|
5,751
|
$
|
197,658
|
$
|
144,480
|
$
|
91,123
|
$
|
445,441
|
|||||||||||||
Accrued interest included in total
|
$
|
23
|
$
|
19
|
$
|
493
|
$
|
368
|
$
|
291
|
$
|
1,194
|
|||||||||||||
December 31, 2018
|
|||||||||||||||||||||||||
800 and above
|
$
|
555
|
$
|
235
|
$
|
20,767
|
$
|
20,197
|
$
|
6,272
|
$
|
48,026
|
|||||||||||||
750-799
|
1,502
|
1,642
|
100,191
|
74,154
|
31,483
|
208,972
|
|||||||||||||||||||
700-749
|
1,582
|
1,682
|
35,455
|
24,890
|
24,369
|
87,978
|
|||||||||||||||||||
650-699
|
1,606
|
1,217
|
10,581
|
4,918
|
9,840
|
28,162
|
|||||||||||||||||||
600-649
|
996
|
1,272
|
1,657
|
992
|
2,751
|
7,668
|
|||||||||||||||||||
550-599
|
759
|
658
|
652
|
453
|
838
|
3,360
|
|||||||||||||||||||
500-549
|
384
|
229
|
286
|
225
|
651
|
1,775
|
|||||||||||||||||||
Under 500
|
51
|
6
|
266
|
7
|
218
|
548
|
|||||||||||||||||||
Unknown
|
2
|
103
|
39
|
-
|
9,546
|
9,690
|
|||||||||||||||||||
Total
|
$
|
7,437
|
$
|
7,044
|
$
|
169,894
|
$
|
125,836
|
$
|
85,968
|
$
|
396,179
|
|||||||||||||
Accrued interest included in total
|
$
|
28
|
$
|
25
|
$
|
403
|
$
|
311
|
$
|
263
|
$
|
1,030
|
(1) |
Credit scores have been updated within the last twelve months.
|
June 30,
2019
|
December 31,
2018
|
|||||||
(In thousands)
|
||||||||
Commercial
|
$
|
1,490
|
$
|
1,609
|
||||
Mortgage
|
587
|
555
|
||||||
Installment
|
324
|
349
|
||||||
Total carrying amount
|
2,401
|
2,513
|
||||||
Allowance for loan losses
|
-
|
-
|
||||||
Carrying amount, net of allowance for loan losses
|
$
|
2,401
|
$
|
2,513
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Balance at beginning of period
|
$
|
788
|
$
|
-
|
$
|
462
|
$
|
-
|
||||||||
New loans purchased
|
-
|
568
|
-
|
568
|
||||||||||||
Accretion recorded as loan interest income
|
(39
|
)
|
(35
|
)
|
(78
|
)
|
(35
|
)
|
||||||||
Reclassification from (to) nonaccretable difference
|
-
|
-
|
365
|
-
|
||||||||||||
Displosals/other adjustments
|
-
|
-
|
-
|
-
|
||||||||||||
Balance at end of period
|
$
|
749
|
$
|
533
|
$
|
749
|
$
|
533
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
Net income
|
$
|
10,730
|
$
|
8,817
|
$
|
20,111
|
$
|
17,978
|
||||||||
Weighted average shares outstanding (1)
|
23,036
|
24,109
|
23,310
|
22,745
|
||||||||||||
Stock units for deferred compensation plan for non-employee directors
|
128
|
126
|
130
|
125
|
||||||||||||
Effect of stock options
|
112
|
224
|
119
|
179
|
||||||||||||
Performance share units
|
37
|
51
|
39
|
50
|
||||||||||||
Weighted average shares outstanding for calculation of diluted earnings per share
|
23,313
|
24,510
|
23,598
|
23,099
|
||||||||||||
Net income per common share
|
||||||||||||||||
Basic (1)
|
$
|
0.47
|
$
|
0.37
|
$
|
0.86
|
$
|
0.79
|
||||||||
Diluted
|
$
|
0.46
|
$
|
0.36
|
$
|
0.85
|
$
|
0.78
|
June 30, 2019
|
||||||||||||
Notional
Amount
|
Average
Maturity
(years)
|
Fair
Value
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Fair value hedge designation - Pay-fixed interest rate swap agreements
|
$
|
7,117
|
9.9
|
$
|
(203
|
)
|
||||||
Cash flow hedge designation
|
||||||||||||
Pay-fixed interest rate swap agreements
|
$
|
25,000
|
2.1
|
$
|
(171
|
)
|
||||||
Interest rate cap agreements
|
150,000
|
3.1
|
576
|
|||||||||
Total
|
$
|
175,000
|
3.0
|
$
|
405
|
|||||||
No hedge designation
|
||||||||||||
Rate-lock mortgage loan commitments
|
$
|
81,784
|
0.1
|
$
|
2,147
|
|||||||
Mandatory commitments to sell mortgage loans
|
141,434
|
0.1
|
(334
|
)
|
||||||||
Pay-fixed interest rate swap agreements - commercial
|
108,895
|
5.3
|
(3,179
|
)
|
||||||||
Pay-variable interest rate swap agreements - commercial
|
108,895
|
5.3
|
3,179
|
|||||||||
Purchased options
|
3,095
|
2.0
|
171
|
|||||||||
Written options
|
3,035
|
2.0
|
(170
|
)
|
||||||||
Total
|
$
|
447,138
|
2.7
|
$
|
1,814
|
December 31, 2018
|
||||||||||||
Notional
Amount
|
Average
Maturity
(years)
|
Fair
Value
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Cash flow hedge designation
|
||||||||||||
Pay-fixed interest rate swap agreements
|
$
|
25,000
|
2.6
|
$
|
280
|
|||||||
Interest rate cap agreements
|
150,000
|
3.6
|
2,245
|
|||||||||
Total
|
$
|
175,000
|
3.5
|
$
|
2,525
|
|||||||
No hedge designation
|
||||||||||||
Rate-lock mortgage loan commitments
|
$
|
32,473
|
0.1
|
$
|
687
|
|||||||
Mandatory commitments to sell mortgage loans
|
57,583
|
0.1
|
(383
|
)
|
||||||||
Pay-fixed interest rate swap agreements - commercial
|
94,451
|
5.5
|
405
|
|||||||||
Pay-variable interest rate swap agreements - commercial
|
94,451
|
5.5
|
(405
|
)
|
||||||||
Purchased options
|
3,095
|
2.5
|
116
|
|||||||||
Written options
|
3,095
|
2.5
|
(116
|
)
|
||||||||
Total
|
$
|
285,148
|
3.7
|
$
|
304
|
|
Asset Derivatives
|
Liability Derivatives
|
||||||||||||||||||
|
June 30,
2019
|
December 31,
2018
|
June 30,
2019
|
December 31,
2018
|
||||||||||||||||
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
|
$
|
-
|
Other assets
|
$
|
280
|
Other liabilities
|
$
|
374
|
Other liabilities
|
$
|
-
|
||||||||
Interest rate cap agreements
|
Other assets
|
576
|
Other assets
|
2,245
|
Other liabilities
|
-
|
Other liabilities
|
-
|
||||||||||||
|
|
576
|
|
2,525
|
|
374
|
|
-
|
||||||||||||
|
|
|
|
|
||||||||||||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
||||||||||||||||
Rate-lock mortgage loan commitments
|
Other assets
|
2,147
|
Other assets
|
687
|
Other liabilities
|
-
|
Other liabilities
|
-
|
||||||||||||
Mandatory commitments to sell mortgage loans
|
Other assets
|
-
|
Other assets
|
-
|
Other liabilities
|
334
|
Other liabilities
|
383
|
||||||||||||
Pay-fixed interest rate swap agreements -commercial
|
Other assets
|
80
|
Other assets
|
1,116
|
Other liabilities
|
3,259
|
Other liabilities
|
711
|
||||||||||||
Pay-variable interest rate swap agreements -commercial
|
Other assets
|
3,259
|
Other assets
|
711
|
Other liabilities
|
80
|
Other liabilities
|
1,116
|
||||||||||||
Purchased options
|
Other assets
|
171
|
Other assets
|
116
|
Other liabilities
|
-
|
Other liabilities
|
-
|
||||||||||||
|
|
|
|
|
||||||||||||||||
Written options
|
Other assets
|
-
|
Other assets
|
-
|
Other liabilities
|
170
|
Other liabilities
|
116
|
||||||||||||
|
|
5,657
|
|
2,630
|
|
3,843
|
|
2,326
|
||||||||||||
Total derivatives
|
|
$
|
6,233
|
|
$
|
5,155
|
|
$
|
4,217
|
|
$
|
2,326
|
Three Month Periods Ended June 30,
|
||||||||||||||||||||||||||
Gain (Loss)
Recognized in
Other
Comprehensive
Income (Loss)
(Effective Portion)
|
Location of
Gain
Reclassified
from
Accumulated
Other
Comprehensive
Loss into
Income
(Effective
|
Gain
Reclassified from
Accumulated Other
Comprehensive
Loss into Income
(Effective Portion)
|
Location of
Gain (Loss)
Recognized
|
Gain (Loss)
Recognized
in Income (1)
|
||||||||||||||||||||||
2019
|
2018
|
Portion)
|
2019
|
2018
|
in Income (1)
|
2019
|
2018
|
|||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Fair Value Hedges
|
||||||||||||||||||||||||||
Pay-fixed interest rate swap agreements
|
Interest income
|
$
|
(203
|
)
|
$
|
-
|
||||||||||||||||||||
Cash Flow Hedges
|
||||||||||||||||||||||||||
Interest rate cap agreements
|
$
|
(489
|
)
|
$
|
244
|
Interest expense
|
$
|
115
|
$
|
45
|
Interest expense
|
$
|
-
|
$
|
-
|
|||||||||||
Pay-fixed interest rate swap agreements
|
(267
|
)
|
83
|
Interest expense
|
27
|
8
|
Interest expense
|
-
|
(24
|
)
|
||||||||||||||||
Total
|
$
|
(756
|
)
|
$
|
327
|
$
|
142
|
$
|
53
|
$
|
-
|
$
|
(24
|
)
|
||||||||||||
No hedge designation
|
||||||||||||||||||||||||||
Rate-lock mortgage loan commitments
|
Net gains on mortgage loans
|
$
|
831
|
$
|
244
|
|||||||||||||||||||||
Mandatory commitments to sell mortgage loans
|
Net gains on mortgage loans
|
(125
|
)
|
(110
|
)
|
|||||||||||||||||||||
Pay-fixed interest rate swap agreements -commercial
|
Interest income
|
(2,437
|
)
|
487
|
||||||||||||||||||||||
Pay-variable interest rate swap agreements -commercial
|
Interest income
|
2,437
|
(487
|
)
|
||||||||||||||||||||||
Pay-variable interest rate swap agreements
|
Interest expense
|
-
|
36
|
|||||||||||||||||||||||
Purchased options
|
Interest expense
|
(31
|
)
|
(6
|
)
|
|||||||||||||||||||||
Written options
|
Interest expense
|
30
|
6
|
|||||||||||||||||||||||
Total
|
$
|
705
|
$
|
170
|
(1)
|
For cash flow hedges, this location and amount refers to the ineffective portion.
|
Six Month Periods Ended June 30,
|
||||||||||||||||||||||||||
Gain (Loss)
Recognized in
Other
Comprehensive
Income (Loss)
(Effective Portion)
|
Location of
Gain
Reclassified
from
Accumulated
Other
Comprehensive
Loss into
Income
(Effective
|
Gain
Reclassified from
Accumulated Other
Comprehensive
Loss into Income
(Effective Portion)
|
Location of
Gain (Loss)
Recognized
|
Gain (Loss)
Recognized
in Income (1)
|
||||||||||||||||||||||
2019
|
2018
|
Portion)
|
2019
|
2018
|
in Income (1)
|
2019
|
2018
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Fair Value Hedges
|
||||||||||||||||||||||||||
Pay-fixed interest rate swap agreements
|
Interest income
|
$
|
(203
|
)
|
$
|
-
|
||||||||||||||||||||
Cash Flow Hedges
|
||||||||||||||||||||||||||
Interest rate cap agreements
|
$
|
(1,274
|
)
|
$
|
757
|
Interest expense
|
$
|
233
|
$
|
52
|
Interest expense
|
$
|
-
|
$
|
-
|
|||||||||||
Pay-fixed interest rate swap agreements
|
(394
|
)
|
254
|
Interest expense
|
58
|
7
|
Interest expense
|
-
|
(12
|
)
|
||||||||||||||||
Total
|
$
|
(1,668
|
)
|
$
|
1,011
|
$
|
291
|
$
|
59
|
$
|
-
|
$
|
(12
|
)
|
||||||||||||
No hedge designation
|
||||||||||||||||||||||||||
Rate-lock mortgage loan commitments
|
Net gains on mortgage loans
|
$
|
1,460
|
$
|
672
|
|||||||||||||||||||||
Mandatory commitments to sell mortgage loans
|
Net gains on mortgage loans
|
49
|
(270
|
)
|
||||||||||||||||||||||
Pay-fixed interest rate swap agreements -commercial
|
Interest income
|
(3,584
|
)
|
1,543
|
||||||||||||||||||||||
Pay-variable interest rate swap agreements -commercial
|
Interest income
|
3,584
|
(1,543
|
)
|
||||||||||||||||||||||
Pay-variable interest rate swap agreements
|
Interest expense
|
-
|
36
|
|||||||||||||||||||||||
Purchased options
|
Interest expense
|
55
|
(99
|
)
|
||||||||||||||||||||||
Written options
|
Interest expense
|
(54
|
)
|
99
|
||||||||||||||||||||||
Total
|
$
|
1,510
|
$
|
438
|
(1)
|
For cash flow hedges, this location and amount refers to the ineffective portion.
|
June 30, 2019
|
December 31, 2018
|
|||||||||||||||
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Amortized intangible assets - core deposits
|
$
|
11,916
|
$
|
6,046
|
$
|
11,916
|
$
|
5,501
|
||||||||
Unamortized intangible assets - goodwill
|
$
|
28,300
|
$
|
28,300
|
(In thousands)
|
||||
Six months ending December 31, 2019
|
$
|
544
|
||
2020
|
1,020
|
|||
2021
|
970
|
|||
2022
|
785
|
|||
2023
|
547
|
|||
2024 and thereafter
|
2,004
|
|||
Total
|
$
|
5,870
|
Number of
Shares
|
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term (Years)
|
Aggregated
Intrinsic
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Outstanding at January 1, 2019
|
211,421
|
$
|
6.48
|
|||||||||||||
Granted
|
-
|
|||||||||||||||
Exercised
|
(68,399
|
)
|
10.16
|
|||||||||||||
Forfeited
|
-
|
|||||||||||||||
Expired
|
(558
|
)
|
22.35
|
|||||||||||||
Outstanding at June 30, 2019
|
142,464
|
$
|
4.66
|
3.5
|
$
|
2,442
|
||||||||||
Vested and expected to vest at
|
||||||||||||||||
June 30, 2019
|
142,464
|
$
|
4.66
|
3.5
|
$
|
2,442
|
||||||||||
Exercisable at June 30, 2019
|
142,464
|
$
|
4.66
|
3.5
|
$
|
2,442
|
Number
of Shares
|
Weighted-
Average
Grant Date
Fair Value
|
|||||||
Outstanding at January 1, 2019
|
258,419
|
$
|
19.00
|
|||||
Granted
|
78,283
|
22.98
|
||||||
Vested
|
(85,788
|
)
|
14.55
|
|||||
Forfeited
|
(11,475
|
)
|
22.91
|
|||||
Outstanding at June 30, 2019
|
239,439
|
$
|
21.72
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Intrinsic value
|
$
|
-
|
$
|
1,596
|
$
|
836
|
$
|
1,674
|
||||||||
Cash proceeds received
|
$
|
-
|
$
|
971
|
$
|
695
|
$
|
984
|
||||||||
Tax benefit realized
|
$
|
-
|
$
|
336
|
$
|
176
|
$
|
352
|
Actual
|
Minimum for
Adequately Capitalized
Institutions
|
Minimum for
Well-Capitalized
Institutions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
June 30, 2019
|
||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
360,894
|
13.36
|
%
|
$
|
216,166
|
8.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
346,015
|
12.81
|
216,074
|
8.00
|
$
|
270,093
|
10.00
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
333,508
|
12.34
|
%
|
$
|
162,125
|
6.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
318,629
|
11.80
|
162,056
|
6.00
|
$
|
216,074
|
8.00
|
%
|
||||||||||||||||
Common equity tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
295,310
|
10.93
|
%
|
$
|
121,594
|
4.50
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
318,629
|
11.80
|
121,542
|
4.50
|
$
|
175,561
|
6.50
|
%
|
||||||||||||||||
Tier 1 capital to average assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
333,508
|
9.95
|
%
|
$
|
134,131
|
4.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
318,629
|
9.50
|
134,138
|
4.00
|
$
|
167,673
|
5.00
|
%
|
||||||||||||||||
December 31, 2018
|
||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
371,603
|
14.25
|
%
|
$
|
208,572
|
8.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
337,227
|
12.94
|
208,456
|
8.00
|
$
|
260,569
|
10.00
|
%
|
||||||||||||||||
Tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
345,419
|
13.25
|
%
|
$
|
156,429
|
6.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
311,043
|
11.94
|
156,342
|
6.00
|
$
|
208,456
|
8.00
|
%
|
||||||||||||||||
Common equity tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
307,255
|
11.79
|
%
|
$
|
117,322
|
4.50
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
311,043
|
11.94
|
117,256
|
4.50
|
$
|
169,370
|
6.50
|
%
|
||||||||||||||||
Tier 1 capital to average assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
345,419
|
10.47
|
%
|
$
|
131,930
|
4.00
|
%
|
NA
|
NA
|
||||||||||||||
Independent Bank
|
311,043
|
9.44
|
131,778
|
4.00
|
$
|
164,723
|
5.00
|
%
|
Consolidated
|
Independent Bank
|
|||||||||||||||
June 30,
2019
|
December 31,
2018
|
June 30,
2019
|
December 31,
2018
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Total shareholders’ equity
|
$
|
330,846
|
$
|
338,994
|
$
|
354,165
|
$
|
341,496
|
||||||||
Add (deduct)
|
||||||||||||||||
Accumulated other comprehensive (income) loss for regulatory purposes
|
(1,366
|
)
|
4,311
|
(1,366
|
)
|
4,311
|
||||||||||
Goodwill and other intangibles
|
(34,170
|
)
|
(34,715
|
)
|
(34,170
|
)
|
(34,715
|
)
|
||||||||
Disallowed deferred tax assets
|
-
|
(1,335
|
)
|
-
|
(49
|
)
|
||||||||||
Common equity tier 1 capital
|
295,310
|
307,255
|
318,629
|
311,043
|
||||||||||||
Qualifying trust preferred securities
|
38,198
|
38,164
|
-
|
-
|
||||||||||||
Tier 1 capital
|
333,508
|
345,419
|
318,629
|
311,043
|
||||||||||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets
|
27,386
|
26,184
|
27,386
|
26,184
|
||||||||||||
Total risk-based capital
|
$
|
360,894
|
$
|
371,603
|
$
|
346,015
|
$
|
337,227
|
Fair Value Measurements Using
|
||||||||||||||||
Fair Value
Measure-
ments
|
Quoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Un-
observable
Inputs
(Level 3)
|
|||||||||||||
(In thousands)
|
||||||||||||||||
June 30, 2019:
|
||||||||||||||||
Measured at Fair Value on a Recurring Basis
|
||||||||||||||||
Assets
|
||||||||||||||||
Securities available for sale
|
||||||||||||||||
U.S. agency
|
$
|
17,183
|
$
|
-
|
$
|
17,183
|
$
|
-
|
||||||||
U.S. agency residential mortgage-backed
|
137,017
|
-
|
137,017
|
-
|
||||||||||||
U.S. agency commercial mortgage-backed
|
12,238
|
-
|
12,238
|
-
|
||||||||||||
Private label mortgage-backed
|
30,129
|
-
|
30,129
|
-
|
||||||||||||
Other asset backed
|
91,151
|
-
|
91,151
|
-
|
||||||||||||
Obligations of states and political subdivisions
|
104,827
|
-
|
104,827
|
-
|
||||||||||||
Corporate
|
33,882
|
-
|
33,882
|
-
|
||||||||||||
Trust preferred
|
1,851
|
-
|
1,851
|
-
|
||||||||||||
Foreign government
|
2,027
|
-
|
2,027
|
-
|
||||||||||||
Loans held for sale, carried at fair value
|
62,883
|
-
|
62,883
|
-
|
||||||||||||
Capitalized mortgage loan servicing rights
|
17,894
|
-
|
-
|
17,894
|
||||||||||||
Derivatives (1)
|
6,233
|
-
|
6,233
|
-
|
||||||||||||
Liabilities
|
||||||||||||||||
Derivatives (2)
|
4,217
|
-
|
4,217
|
-
|
||||||||||||
Measured at Fair Value on a Non-recurring Basis:
|
||||||||||||||||
Assets
|
||||||||||||||||
Impaired loans (3)
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
116
|
-
|
-
|
116
|
||||||||||||
Land, land development & construction-real estate
|
1,198
|
-
|
-
|
1,198
|
||||||||||||
Commercial and industrial
|
106
|
-
|
-
|
106
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
839
|
-
|
-
|
839
|
||||||||||||
Resort lending
|
360
|
-
|
-
|
360
|
||||||||||||
Home equity - 1st lien
|
41
|
-
|
-
|
41
|
||||||||||||
Home equity - 2nd lien
|
182
|
-
|
-
|
182
|
||||||||||||
Installment
|
||||||||||||||||
Home equity - 1st lien
|
2
|
-
|
-
|
2
|
||||||||||||
Home equity - 2nd lien
|
31
|
-
|
-
|
31
|
||||||||||||
Boat lending
|
21
|
-
|
-
|
21
|
||||||||||||
Recreational vehicle lending
|
1
|
-
|
-
|
1
|
||||||||||||
Other
|
97
|
-
|
-
|
97
|
||||||||||||
Other real estate (4)
|
||||||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
8
|
-
|
-
|
8
|
||||||||||||
Home equity - 2nd lien
|
59
|
-
|
-
|
59
|
(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 Measurements Using
|
||||||||||||||||
Fair Value
Measure-
ments
|
Quoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Un-
observable
Inputs
(Level 3)
|
|||||||||||||
(In thousands)
|
||||||||||||||||
December 31, 2018:
|
||||||||||||||||
Measured at Fair Value on a Recurring Basis
|
||||||||||||||||
Assets
|
||||||||||||||||
Equity securities at fair value
|
$
|
393
|
$
|
393
|
$
|
-
|
$
|
-
|
||||||||
Securities available for sale
|
||||||||||||||||
U.S. agency
|
20,014
|
-
|
20,014
|
-
|
||||||||||||
U.S. agency residential mortgage-backed
|
123,751
|
-
|
123,751
|
-
|
||||||||||||
U.S. agency commercial mortgage-backed
|
5,726
|
-
|
5,726
|
-
|
||||||||||||
Private label mortgage-backed
|
29,419
|
-
|
29,419
|
-
|
||||||||||||
Other asset backed
|
83,319
|
-
|
83,319
|
-
|
||||||||||||
Obligations of states and political subdivisions
|
127,555
|
-
|
127,555
|
-
|
||||||||||||
Corporate
|
34,309
|
-
|
34,309
|
-
|
||||||||||||
Trust preferred
|
1,819
|
-
|
1,819
|
-
|
||||||||||||
Foreign government
|
2,014
|
-
|
2,014
|
-
|
||||||||||||
Loans held for sale, carried at fair value
|
44,753
|
-
|
44,753
|
-
|
||||||||||||
Capitalized mortgage loan servicing rights
|
21,400
|
-
|
-
|
21,400
|
||||||||||||
Derivatives (1)
|
5,155
|
-
|
5,155
|
-
|
||||||||||||
Liabilities
|
||||||||||||||||
Derivatives (2)
|
2,326
|
-
|
2,326
|
-
|
||||||||||||
Measured at Fair Value on a Non-recurring Basis:
|
||||||||||||||||
Assets
|
||||||||||||||||
Loans held for sale, carried at the lower of cost or fair value
|
41,471
|
41,471
|
-
|
-
|
||||||||||||
Impaired loans (3)
|
||||||||||||||||
Commercial
|
||||||||||||||||
Income producing - real estate
|
217
|
-
|
-
|
217
|
||||||||||||
Land, land development & construction-real estate
|
106
|
-
|
-
|
106
|
||||||||||||
Commercial and industrial
|
2,243
|
-
|
-
|
2,243
|
||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
333
|
-
|
-
|
333
|
||||||||||||
Resort lending
|
572
|
-
|
-
|
572
|
||||||||||||
Other real estate (4)
|
||||||||||||||||
Mortgage
|
||||||||||||||||
1-4 family
|
95
|
-
|
-
|
95
|
||||||||||||
Home equity - 2nd lien
|
59
|
-
|
-
|
59
|
(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.
|
Changes in Fair Values for the Six-Month Periods
Ended June 30 for Items Measured at Fair Value
Pursuant to Election of the Fair Value Option
|
||||||||||||||||
Net Gains (Losses)
on Assets
|
Mortgage
|
Total
Change
in Fair
Values
Included
in Current
|
||||||||||||||
Securities
|
Mortgage
Loans
|
Loan
Servicing, net
|
Period
Earnings
|
|||||||||||||
(In thousands)
|
||||||||||||||||
2019
|
||||||||||||||||
Equity securities at fair value
|
$
|
167
|
$
|
-
|
$
|
-
|
$
|
167
|
||||||||
Loans held for sale
|
-
|
577
|
-
|
577
|
||||||||||||
Capitalized mortgage loan servicing rights
|
-
|
-
|
(6,113
|
)
|
(6,113
|
)
|
||||||||||
2018
|
||||||||||||||||
Equity securities at fair value
|
$
|
(119
|
)
|
$
|
-
|
$
|
-
|
$
|
(119
|
)
|
||||||
Loans held for sale
|
-
|
367
|
-
|
367
|
||||||||||||
Capitalized mortgage loan servicing rights
|
-
|
-
|
892
|
892
|
• |
Loans which are measured for impairment using the fair value of collateral for collateral dependent loans had a carrying amount of $3.0 million, which is net of a valuation allowance of $1.2 million at June 30, 2019, and had a carrying amount of $3.5 million, which is net of a valuation allowance of $1.5 million at December 31, 2018. The provision for loan losses included in our results of operations relating to impaired loans was a net expense of $0.3 million and $0.5 million for the three month periods ending June 30, 2019 and 2018, respectively, and a net expense of $0.4 million and $0.5 million for the six month periods ending June 30, 2019 and 2018, 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 June 30,2019, and a carrying amount of $0.2 million, which is net of a valuation allowance of $0.1 million, at December 31, 2018. Charges included in our results of operations relating to other real estate measured at fair value were zero and $0.01 million during each of the three and six month periods ended June 30, 2019, and were zero during each of the three and six month periods ended June 30, 2018. |
Capitalized Mortgage Loan Servicing Rights
|
||||||||||||||||
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Beginning balance
|
$
|
19,909
|
$
|
17,783
|
$
|
21,400
|
$
|
15,699
|
||||||||
Total gains (losses) realized and unrealized:
|
||||||||||||||||
Included in results of operations
|
(3,422
|
)
|
(137
|
)
|
(6,113
|
)
|
892
|
|||||||||
Included in other comprehensive income (loss)
|
-
|
-
|
-
|
-
|
||||||||||||
Purchases, issuances, settlements, maturities and calls
|
1,407
|
4,202
|
2,607
|
5,257
|
||||||||||||
Transfers in and/or out of Level 3
|
-
|
-
|
-
|
-
|
||||||||||||
Ending balance
|
$
|
17,894
|
$
|
21,848
|
$
|
17,894
|
$
|
21,848
|
||||||||
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 June 30
|
$
|
(3,422
|
)
|
$
|
(137
|
)
|
$
|
(6,113
|
)
|
$
|
892
|
Asset
Fair
Value
|
Valuation
Technique
|
Unobservable
Inputs
|
Range
|
Weighted
Average
|
|||||||||||
(In thousands)
|
|||||||||||||||
June 30, 2019
|
|||||||||||||||
Capitalized mortgage loan servicing rights
|
$
|
17,894
|
Present value of net
|
Discount rate
|
10.00% to 13.00
|
% |
10.14
|
%
|
|||||||
servicing revenue
|
Cost to service
|
$
|
66 to $216
|
$
|
80
|
||||||||||
Ancillary income
|
20 to 36
|
22
|
|||||||||||||
Float rate
|
1.77
|
%
|
1.77
|
%
|
|||||||||||
December 31, 2018
|
|||||||||||||||
Capitalized mortgage loan servicing rights
|
$
|
21,400
|
Present value of net
|
Discount rate
|
10.00% to 13.00
|
% |
10.15
|
%
|
|||||||
servicing revenue
|
Cost to service
|
$
|
68 to $216
|
$
|
81
|
||||||||||
Ancillary income
|
20 to 36
|
23
|
|||||||||||||
Float rate
|
2.57
|
%
|
2.57
|
%
|
Asset
Fair
Value
|
Valuation
Technique
|
Unobservable
Inputs
|
Range
|
Weighted
Average
|
|||||||||
(In thousands)
|
|||||||||||||
June 30, 2019
|
|||||||||||||
Impaired loans
|
|||||||||||||
Commercial(1)
|
$
|
1,420
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(48.0)% to 40.0
|
%
|
(6.0
|
)%
|
|||||
Mortgage and
|
|||||||||||||
Installment(2)
|
1,574
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(40.1) to 56.7
|
(2.6
|
)
|
|||||||
Other real estate
|
|||||||||||||
Mortgage
|
67
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(0.0) to 10.2
|
4.1
|
||||||||
December 31, 2018
|
|||||||||||||
Impaired loans
|
|||||||||||||
Commercial(1)
|
$
|
2,566
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(32.5)% to 60.0
|
%
|
(1.9
|
)%
|
|||||
Mortgage
|
905
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
(40.1) to 25.6
|
0.7
|
||||||||
Other real estate
|
|||||||||||||
Mortgage
|
154
|
Sales comparison approach
|
Adjustment for differences between comparable sales
|
0.0 to 34.1
|
11.2
|
(1) |
In addition to the valuation techniques and unobservable inputs discussed above, at June 30, 2019 and December 31, 2018, we had an impaired collateral dependent commercial relationship that totaled $0.5 million and $0.7 million,
respectively that was secured by collateral other than real estate. Collateral securing this relationship primarily included accounts receivable, inventory and cash at June 30, 2019 and December 31, 2018. Valuation techniques at June
30, 2019 and December 31, 2018, included discounting financial statement values for each particular asset type. Discount rates used ranged from 5% to 97% of stated values at June 30, 2019 and 20% to 80% of stated values at December
31, 2018.
|
(2) |
In addition to the valuation techniques and unobservable inputs discussed above, at June 30, 2019 certain impaired collateral dependent installment loans totaling approximately $0.1 million are secured by collateral other than real
estate. For the majority of these loans, we apply internal discount rates to industry valuation guides.
|
Aggregate
Fair Value
|
Difference
|
Contractual
Principal
|
||||||||||
(In thousands)
|
||||||||||||
Loans held for sale
|
||||||||||||
June 30, 2019
|
$
|
62,883
|
$
|
1,834
|
$
|
61,049
|
||||||
December 31, 2018
|
44,753
|
1,257
|
43,496
|
|
Fair Value Using
|
|||||||||||||||||||
|
Recorded
Book
Balance
|
Fair Value
|
Quoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Un-
observable
Inputs
(Level 3)
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||
June 30, 2019
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
34,461
|
$
|
34,461
|
$
|
34,461
|
$
|
-
|
$
|
-
|
||||||||||
Interest bearing deposits
|
20,676
|
20,676
|
20,676
|
-
|
-
|
|||||||||||||||
Interest bearing deposits - time
|
498
|
498
|
-
|
498
|
-
|
|||||||||||||||
Securities available for sale
|
430,305
|
430,305
|
-
|
430,305
|
-
|
|||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock
|
18,359
|
NA
|
NA
|
NA
|
NA
|
|||||||||||||||
Net loans and loans held for sale
|
2,743,506
|
2,747,828
|
-
|
62,883
|
2,684,945
|
|||||||||||||||
Accrued interest receivable
|
10,816
|
10,816
|
1
|
1,634
|
9,181
|
|||||||||||||||
Derivative financial instruments
|
6,233
|
6,233
|
-
|
6,233
|
-
|
|||||||||||||||
|
||||||||||||||||||||
Liabilities
|
||||||||||||||||||||
Deposits with no stated maturity (1)
|
$
|
2,294,255
|
$
|
2,294,255
|
$
|
2,294,255
|
$
|
-
|
$
|
-
|
||||||||||
Deposits with stated maturity (1)
|
684,630
|
683,547
|
-
|
683,547
|
-
|
|||||||||||||||
Other borrowings
|
41,144
|
41,271
|
-
|
41,271
|
-
|
|||||||||||||||
Subordinated debentures
|
39,422
|
33,214
|
-
|
33,214
|
-
|
|||||||||||||||
Accrued interest payable
|
1,668
|
1,668
|
128
|
1,540
|
-
|
|||||||||||||||
Derivative financial instruments
|
4,217
|
4,217
|
-
|
4,217
|
-
|
|||||||||||||||
|
||||||||||||||||||||
December 31, 2018
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
23,350
|
$
|
23,350
|
$
|
23,350
|
$
|
-
|
$
|
-
|
||||||||||
Interest bearing deposits
|
46,894
|
46,894
|
46,894
|
-
|
-
|
|||||||||||||||
Interest bearing deposits - time
|
595
|
594
|
-
|
594
|
-
|
|||||||||||||||
Equity securities at fair value
|
393
|
393
|
393
|
-
|
-
|
|||||||||||||||
Securities available for sale
|
427,926
|
427,926
|
-
|
427,926
|
-
|
|||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock
|
18,359
|
NA
|
NA
|
NA
|
NA
|
|||||||||||||||
Net loans and loans held for sale
|
2,643,856
|
2,606,256
|
41,471
|
44,753
|
2,520,032
|
|||||||||||||||
Accrued interest receivable
|
10,164
|
10,164
|
22
|
1,789
|
8,353
|
|||||||||||||||
Derivative financial instruments
|
5,155
|
5,155
|
-
|
5,155
|
-
|
|||||||||||||||
|
||||||||||||||||||||
Liabilities
|
||||||||||||||||||||
Deposits with no stated maturity (1)
|
$
|
2,197,494
|
$
|
2,197,494
|
$
|
2,197,494
|
$
|
-
|
$
|
-
|
||||||||||
Deposits with stated maturity (1)
|
715,934
|
711,312
|
-
|
711,312
|
-
|
|||||||||||||||
Other borrowings
|
25,700
|
25,706
|
-
|
25,706
|
-
|
|||||||||||||||
Subordinated debentures
|
39,388
|
35,021
|
-
|
35,021
|
-
|
|||||||||||||||
Accrued interest payable
|
1,646
|
1,646
|
114
|
1,532
|
-
|
|||||||||||||||
Derivative financial instruments
|
2,326
|
2,326
|
-
|
2,326
|
-
|
(1)
|
Deposits with no stated maturity include reciprocal deposits with a recorded book balance of $270.864 million and $123.080
million at June 30, 2019 and December 31, 2018, respectively. Deposits with a stated maturity include reciprocal deposits with a recorded book balance of $55.462 million and $58.992 million at June 30, 2019 and December 31, 2018, respectively.
|
Unrealized
Gains
(Losses) on
Securities
Available
for Sale
|
Dispropor-
tionate
Tax Effects
from
Securities
Available
for Sale
|
Unrealized
Gains
(Losses) on
Cash Flow
Hedges
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
For the three months ended June 30,
|
||||||||||||||||
2019
|
||||||||||||||||
Balances at beginning of period
|
$
|
(57
|
)
|
$
|
(5,798
|
)
|
$
|
(962
|
)
|
$
|
(6,817
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
3,097
|
-
|
(599
|
)
|
2,498
|
|||||||||||
Amounts reclassified from AOCL
|
-
|
-
|
(112
|
)
|
(112
|
)
|
||||||||||
Net current period other comprehensive income (loss)
|
3,097
|
-
|
(711
|
)
|
2,386
|
|||||||||||
Balances at end of period
|
$
|
3,040
|
$
|
(5,798
|
)
|
$
|
(1,673
|
)
|
$
|
(4,431
|
)
|
|||||
2018
|
||||||||||||||||
Balances at beginning of period
|
$
|
(3,509
|
)
|
$
|
(5,798
|
)
|
$
|
805
|
$
|
(8,502
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(949
|
)
|
-
|
258
|
(691
|
)
|
||||||||||
Amounts reclassified from AOCL
|
21
|
-
|
(42
|
)
|
(21
|
)
|
||||||||||
Net current period other comprehensive income (loss)
|
(928
|
)
|
-
|
216
|
(712
|
)
|
||||||||||
Balances at end of period
|
$
|
(4,437
|
)
|
$
|
(5,798
|
)
|
$
|
1,021
|
$
|
(9,214
|
)
|
|||||
For the six months ended June 30,
|
||||||||||||||||
2019
|
||||||||||||||||
Balances at beginning of period
|
$
|
(4,185
|
)
|
$
|
(5,798
|
)
|
$
|
(125
|
)
|
$
|
(10,108
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
7,333
|
-
|
(1,318
|
)
|
6,015
|
|||||||||||
Amounts reclassified from AOCL
|
(108
|
)
|
-
|
(230
|
)
|
(338
|
)
|
|||||||||
Net current period other comprehensive income (loss)
|
7,225
|
-
|
(1,548
|
)
|
5,677
|
|||||||||||
Balances at end of period
|
$
|
3,040
|
$
|
(5,798
|
)
|
$
|
(1,673
|
)
|
$
|
(4,431
|
)
|
|||||
2018
|
||||||||||||||||
Balances at beginning of period
|
$
|
(470
|
)
|
$
|
(5,798
|
)
|
$
|
269
|
$
|
(5,999
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(4,003
|
)
|
-
|
799
|
(3,204
|
)
|
||||||||||
Amounts reclassified from AOCL
|
36
|
-
|
(47
|
)
|
(11
|
)
|
||||||||||
Net current period other comprehensive income (loss)
|
(3,967
|
)
|
-
|
752
|
(3,215
|
)
|
||||||||||
Balances at end of period
|
$
|
(4,437
|
)
|
$
|
(5,798
|
)
|
$
|
1,021
|
$
|
(9,214
|
)
|
AOCL Component
|
Amount
Reclassified
From
AOCL
|
Affected Line Item in Condensed
Consolidated Statements of Operations
|
|||
(In thousands)
|
|||||
2019
|
|||||
Unrealized gains (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 (losses) on cash flow hedges
|
|||||
$
|
(142
|
)
|
Interest expense
|
||
(30
|
)
|
Income tax expense
|
|||
$
|
(112
|
)
|
Reclassification, net of tax
|
||
$
|
112
|
Total reclassifications for the period, net of tax
|
|||
2018
|
|||||
Unrealized gains (losses) on securities available for sale
|
|||||
$
|
(26
|
)
|
Net gains (losses) on securities
|
||
-
|
Net impairment loss recognized in earnings
|
||||
(26
|
)
|
Total reclassifications before tax
|
|||
(5
|
)
|
Income tax expense
|
|||
$
|
(21
|
)
|
Reclassifications, net of tax
|
||
Unrealized gains (losses) on cash flow hedges
|
|||||
$
|
(53
|
)
|
Interest expense
|
||
(11
|
)
|
Income tax expense
|
|||
$
|
(42
|
)
|
Reclassification, net of tax
|
||
$
|
21
|
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)
|
|||||
2019
|
|||||
Unrealized gains (losses) on securities available for sale
|
|||||
$
|
137
|
Net gains (losses) on securities
|
|||
-
|
Net impairment loss recognized in earnings
|
||||
137
|
Total reclassifications before tax
|
||||
29
|
Income tax expense
|
||||
$
|
108
|
Reclassifications, net of tax
|
|||
Unrealized gains (losses) on cash flow hedges
|
|||||
$
|
(291
|
)
|
Interest expense
|
||
(61
|
)
|
Income tax expense
|
|||
$
|
(230
|
)
|
Reclassification, net of tax
|
||
$
|
338
|
Total reclassifications for the period, net of tax
|
|||
2018
|
|||||
Unrealized gains (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 (losses) on cash flow hedges
|
|||||
$
|
(59
|
)
|
Interest expense
|
||
(12
|
)
|
Income tax expense
|
|||
$
|
(47
|
)
|
Reclassification, net of tax
|
||
$
|
11
|
Total reclassifications for the period, net of tax
|
Three months ending June 30, 2019
|
||||||||||||||||||||
Service
Charges
on Deposit
Accounts
|
Other
Deposit
Related
Income
|
Interchange
Income
|
Investment
and
Insurance
Commissions
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Retail
|
||||||||||||||||||||
Overdraft fees
|
$
|
1,882
|
-
|
-
|
-
|
$
|
1,882
|
|||||||||||||
Account service charges
|
541
|
-
|
-
|
-
|
541
|
|||||||||||||||
ATM fees
|
-
|
$
|
346
|
-
|
-
|
346
|
||||||||||||||
Other
|
-
|
212
|
-
|
-
|
212
|
|||||||||||||||
Business
|
||||||||||||||||||||
Overdraft fees
|
377
|
-
|
-
|
-
|
377
|
|||||||||||||||
Account service charges
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
ATM fees
|
-
|
9
|
-
|
-
|
9
|
|||||||||||||||
Other
|
-
|
89
|
-
|
-
|
89
|
|||||||||||||||
Interchange income
|
-
|
-
|
$
|
2,604
|
-
|
2,604
|
||||||||||||||
Asset management revenue
|
-
|
-
|
-
|
$
|
277
|
277
|
||||||||||||||
Transaction based revenue
|
-
|
-
|
-
|
173
|
173
|
|||||||||||||||
Total
|
$
|
2,800
|
$
|
656
|
$
|
2,604
|
$
|
450
|
$
|
6,510
|
||||||||||
Reconciliation to Condensed Consolidated Statement of Operations:
|
||||||||||||||||||||
Non-interest income - other:
|
||||||||||||||||||||
Other deposit related income
|
$
|
656
|
||||||||||||||||||
Investment and insurance commissions
|
450
|
|||||||||||||||||||
Bank owned life insurance
|
270
|
|||||||||||||||||||
Other
|
730
|
|||||||||||||||||||
Total
|
$
|
2,106
|
Three months ending June 30, 2018
|
||||||||||||||||||||
Service
Charges
on Deposit
Accounts
|
Other
Deposit
Related
Income
|
Interchange
Income
|
Investment
and
Insurance
Commissions
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Retail
|
||||||||||||||||||||
Overdraft fees
|
$
|
2,044
|
-
|
-
|
-
|
$
|
2,044
|
|||||||||||||
Account service charges
|
588
|
-
|
-
|
-
|
588
|
|||||||||||||||
ATM fees
|
-
|
$
|
358
|
-
|
-
|
358
|
||||||||||||||
Other
|
-
|
230
|
-
|
-
|
230
|
|||||||||||||||
Business
|
||||||||||||||||||||
Overdraft fees
|
380
|
-
|
-
|
-
|
380
|
|||||||||||||||
Account service charges
|
83
|
-
|
-
|
-
|
83
|
|||||||||||||||
ATM fees
|
-
|
8
|
-
|
-
|
8
|
|||||||||||||||
Other
|
-
|
146
|
-
|
-
|
146
|
|||||||||||||||
Interchange income
|
-
|
-
|
$
|
2,504
|
-
|
2,504
|
||||||||||||||
Asset management revenue
|
-
|
-
|
-
|
$
|
281
|
281
|
||||||||||||||
Transaction based revenue
|
-
|
-
|
-
|
202
|
202
|
|||||||||||||||
Total
|
$
|
3,095
|
$
|
742
|
$
|
2,504
|
$
|
483
|
$
|
6,824
|
||||||||||
Reconciliation to Condensed Consolidated Statement of Operations:
|
||||||||||||||||||||
Non-interest income - other:
|
||||||||||||||||||||
Other deposit related income
|
$
|
742
|
||||||||||||||||||
Investment and insurance commissions
|
483
|
|||||||||||||||||||
Bank owned life insurance
|
220
|
|||||||||||||||||||
Other
|
772
|
|||||||||||||||||||
Total
|
$
|
2,217
|
Six months ending June 30, 2019
|
||||||||||||||||||||
Service
Charges
on Deposit
Accounts
|
Other
Deposit
Related
Income
|
Interchange
Income
|
Investment
and
Insurance
Commissions
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Retail
|
||||||||||||||||||||
Overdraft fees
|
$
|
3,612
|
-
|
-
|
-
|
$
|
3,612
|
|||||||||||||
Account service charges
|
1,057
|
-
|
-
|
-
|
1,057
|
|||||||||||||||
ATM fees
|
-
|
$
|
668
|
-
|
-
|
668
|
||||||||||||||
Other
|
-
|
463
|
-
|
-
|
463
|
|||||||||||||||
Business
|
||||||||||||||||||||
Overdraft fees
|
762
|
-
|
-
|
-
|
762
|
|||||||||||||||
Account service charges
|
9
|
-
|
-
|
-
|
9
|
|||||||||||||||
ATM fees
|
-
|
17
|
-
|
-
|
17
|
|||||||||||||||
Other
|
-
|
218
|
-
|
-
|
218
|
|||||||||||||||
Interchange income
|
-
|
-
|
$
|
4,959
|
-
|
4,959
|
||||||||||||||
Asset management revenue
|
-
|
-
|
-
|
$
|
531
|
531
|
||||||||||||||
Transaction based revenue
|
-
|
-
|
-
|
216
|
216
|
|||||||||||||||
Total
|
$
|
5,440
|
$
|
1,366
|
$
|
4,959
|
$
|
747
|
$
|
12,512
|
||||||||||
Reconciliation to Condensed Consolidated Statement of Operations:
|
||||||||||||||||||||
Non-interest income - other:
|
||||||||||||||||||||
Other deposit related income
|
$
|
1,366
|
||||||||||||||||||
Investment and insurance commissions
|
747
|
|||||||||||||||||||
Bank owned life insurance
|
512
|
|||||||||||||||||||
Other
|
1,745
|
|||||||||||||||||||
Total
|
$
|
4,370
|
Six months ending June 30, 2018
|
||||||||||||||||||||
Service
Charges
on Deposit
Accounts
|
Other
Deposit
Related
Income
|
Interchange
Income
|
Investment
and
Insurance
Commissions
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Retail
|
||||||||||||||||||||
Overdraft fees
|
$
|
4,016
|
-
|
-
|
-
|
$
|
4,016
|
|||||||||||||
Account service charges
|
1,088
|
-
|
-
|
-
|
1,088
|
|||||||||||||||
ATM fees
|
-
|
$
|
703
|
-
|
-
|
703
|
||||||||||||||
Other
|
-
|
437
|
-
|
-
|
437
|
|||||||||||||||
Business
|
||||||||||||||||||||
Overdraft fees
|
745
|
-
|
-
|
-
|
745
|
|||||||||||||||
Account service charges
|
151
|
-
|
-
|
-
|
151
|
|||||||||||||||
ATM fees
|
-
|
16
|
-
|
-
|
16
|
|||||||||||||||
Other
|
-
|
275
|
-
|
-
|
275
|
|||||||||||||||
Interchange income
|
-
|
-
|
$
|
4,750
|
-
|
4,750
|
||||||||||||||
Asset management revenue
|
-
|
-
|
-
|
$
|
552
|
552
|
||||||||||||||
Transaction based revenue
|
-
|
-
|
-
|
369
|
369
|
|||||||||||||||
Total
|
$
|
6,000
|
$
|
1,431
|
$
|
4,750
|
$
|
921
|
$
|
13,102
|
||||||||||
Reconciliation to Condensed Consolidated Statement of Operations:
|
||||||||||||||||||||
Non-interest income - other:
|
||||||||||||||||||||
Other deposit related income
|
$
|
1,431
|
||||||||||||||||||
Investment and insurance commissions
|
921
|
|||||||||||||||||||
Bank owned life insurance
|
476
|
|||||||||||||||||||
Other
|
1,332
|
|||||||||||||||||||
Total
|
$
|
4,160
|
Three Months
Ended
|
Six Months
Ended
|
|||||||
June 30, 2019
|
||||||||
(In thousands)
|
||||||||
Operating lease cost
|
$
|
563
|
$
|
1,127
|
||||
Variable lease cost
|
49
|
72
|
||||||
Short-term lease cost
|
5
|
10
|
||||||
Total
|
$
|
617
|
$
|
1,209
|
June 30, 2019
|
||||
(In thousands)
|
||||
Lease right of use asset (1)
|
$
|
6,692
|
||
Lease liabilities (2)
|
$
|
6,700
|
||
Weighted average remaining lease term (years)
|
5.58
|
|||
Weighted average discount rate
|
3.2
|
%
|
(1)
|
Included in Accrued income and other assets in our Condensed Consolidated Statements of Financial Condition.
|
(2)
|
Included in Accrued expenses and other liabilities in our Condensed Consolidated Statements of Financial Condition.
|
(In thousands)
|
||||
Six months ending December 31, 2019
|
$
|
1,098
|
||
2020
|
1,711
|
|||
2021
|
1,248
|
|||
2022
|
963
|
|||
2023
|
925
|
|||
2024 and thereafter
|
1,428
|
|||
Total lease payments
|
7,373
|
|||
Less imputed interest
|
(673
|
)
|
||
Total
|
$
|
6,700
|
(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).
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Net income (annualized) to
|
||||||||||||||||
Average assets
|
1.27
|
%
|
1.12
|
%
|
1.20
|
%
|
1.22
|
%
|
||||||||
Average common shareholders’ equity
|
12.72
|
10.57
|
11.93
|
12.09
|
||||||||||||
Net income per common share
|
||||||||||||||||
Basic
|
$
|
0.47
|
$
|
0.37
|
$
|
0.86
|
$
|
0.79
|
||||||||
Diluted
|
0.46
|
0.36
|
0.85
|
0.78
|
Three Months Ended
June 30,
|
||||||||||||||||||||||||
2019
|
2018
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Rate (2)
|
Average
Balance
|
Interest
|
Rate (2)
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Taxable loans
|
$
|
2,692,168
|
$
|
33,762
|
5.02
|
%
|
$
|
2,442,159
|
$
|
29,606
|
4.86
|
%
|
||||||||||||
Tax-exempt loans (1)
|
7,480
|
94
|
5.04
|
6,897
|
85
|
4.94
|
||||||||||||||||||
Taxable securities
|
392,075
|
3,034
|
3.10
|
401,102
|
2,720
|
2.71
|
||||||||||||||||||
Tax-exempt securities (1)
|
49,448
|
406
|
3.28
|
69,325
|
559
|
3.23
|
||||||||||||||||||
Interest bearing cash
|
31,734
|
115
|
1.45
|
28,187
|
66
|
0.94
|
||||||||||||||||||
Other investments
|
18,359
|
264
|
5.77
|
16,312
|
199
|
4.89
|
||||||||||||||||||
Interest Earning Assets
|
3,191,264
|
37,675
|
4.73
|
2,963,982
|
33,235
|
4.49
|
||||||||||||||||||
Cash and due from banks
|
33,252
|
31,564
|
||||||||||||||||||||||
Other assets, net
|
163,882
|
172,650
|
||||||||||||||||||||||
Total Assets
|
$
|
3,388,398
|
$
|
3,168,196
|
||||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||
Savings and interest- bearing checking
|
$
|
1,413,073
|
2,647
|
0.75
|
$
|
1,241,700
|
1,011
|
0.33
|
||||||||||||||||
Time deposits
|
664,909
|
3,374
|
2.04
|
603,833
|
2,198
|
1.46
|
||||||||||||||||||
Other borrowings
|
77,678
|
796
|
4.11
|
100,754
|
914
|
3.64
|
||||||||||||||||||
Interest Bearing Liabilities
|
2,155,660
|
6,817
|
1.27
|
1,946,287
|
4,123
|
0.85
|
||||||||||||||||||
Non-interest bearing deposits
|
851,903
|
855,829
|
||||||||||||||||||||||
Other liabilities
|
42,581
|
31,454
|
||||||||||||||||||||||
Shareholders’ equity
|
338,254
|
334,626
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
3,388,398
|
$
|
3,168,196
|
||||||||||||||||||||
Net Interest Income
|
$
|
30,858
|
$
|
29,112
|
||||||||||||||||||||
Net Interest Income as a Percent of Average Interest Earning Assets
|
3.87
|
%
|
3.93
|
%
|
(1)
|
Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.
|
(2)
|
Annualized
|
Six Months Ended
June 30,
|
||||||||||||||||||||||||
2019
|
2018
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Rate (2)
|
Average
Balance
|
Interest
|
Rate (2)
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Taxable loans
|
$
|
2,652,893
|
$
|
66,362
|
5.03
|
%
|
$
|
2,252,492
|
$
|
52,945
|
4.72
|
%
|
||||||||||||
Tax-exempt loans (1)
|
8,081
|
197
|
4.92
|
4,526
|
104
|
4.63
|
||||||||||||||||||
Taxable securities
|
390,966
|
6,040
|
3.09
|
411,619
|
5,355
|
2.60
|
||||||||||||||||||
Tax-exempt securities (1)
|
53,148
|
875
|
3.29
|
73,810
|
1,162
|
3.15
|
||||||||||||||||||
Interest bearing cash
|
48,381
|
426
|
1.78
|
30,531
|
148
|
0.98
|
||||||||||||||||||
Other investments
|
18,359
|
528
|
5.80
|
15,930
|
447
|
5.66
|
||||||||||||||||||
Interest Earning Assets
|
3,171,828
|
74,428
|
4.72
|
2,788,908
|
60,161
|
4.33
|
||||||||||||||||||
Cash and due from banks
|
33,744
|
31,848
|
||||||||||||||||||||||
Other assets, net
|
167,270
|
152,912
|
||||||||||||||||||||||
Total Assets
|
$
|
3,372,842
|
$
|
2,973,668
|
||||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||
Savings and interest- bearing checking
|
$
|
1,387,208
|
4,969
|
0.72
|
$
|
1,168,747
|
1,562
|
0.27
|
||||||||||||||||
Time deposits
|
676,606
|
6,733
|
2.01
|
584,167
|
3,934
|
1.36
|
||||||||||||||||||
Other borrowings
|
71,901
|
1,508
|
4.23
|
82,920
|
1,488
|
3.62
|
||||||||||||||||||
Interest Bearing Liabilities
|
2,135,715
|
13,210
|
1.25
|
1,835,834
|
6,984
|
0.77
|
||||||||||||||||||
Non-interest bearing deposits
|
855,732
|
807,504
|
||||||||||||||||||||||
Other liabilities
|
41,481
|
30,531
|
||||||||||||||||||||||
Shareholders’ equity
|
339,914
|
299,799
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
3,372,842
|
$
|
2,973,668
|
||||||||||||||||||||
Net Interest Income
|
$
|
61,218
|
$
|
53,177
|
||||||||||||||||||||
Net Interest Income as a Percent of Average Interest Earning Assets
|
3.88
|
%
|
3.83
|
%
|
(1)
|
Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.
|
(2)
|
Annualized
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Net Interest Margin, Fully Taxable Equivalent (“FTE”)
|
||||||||||||||||
Net interest income
|
$
|
30,756
|
$
|
28,980
|
$
|
60,999
|
$
|
52,916
|
||||||||
Add: taxable equivalent adjustment
|
102
|
132
|
219
|
261
|
||||||||||||
Net interest income - taxable equivalent
|
$
|
30,858
|
$
|
29,112
|
$
|
61,218
|
$
|
53,177
|
||||||||
Net interest margin (GAAP) (1)
|
3.86
|
%
|
3.92
|
%
|
3.86
|
%
|
3.81
|
%
|
||||||||
Net interest margin (FTE) (1)
|
3.87
|
%
|
3.93
|
%
|
3.88
|
%
|
3.83
|
%
|
(1)
|
Annualized.
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019 |
2018
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Service charges on deposit accounts
|
$
|
2,800
|
$
|
3,095
|
$
|
5,440
|
$
|
6,000
|
||||||||
Interchange income
|
2,604
|
2,504
|
4,959
|
4,750
|
||||||||||||
Net gains (losses) on assets:
|
||||||||||||||||
Mortgage loans
|
4,302
|
3,255
|
7,913
|
5,826
|
||||||||||||
Securities
|
--
|
9
|
304
|
(164
|
)
|
|||||||||||
Mortgage loan servicing, net
|
(1,907
|
)
|
1,235
|
(3,122
|
)
|
3,456
|
||||||||||
Investment and insurance commissions
|
450
|
483
|
747
|
921
|
||||||||||||
Bank owned life insurance
|
270
|
220
|
512
|
476
|
||||||||||||
Other
|
1,386
|
1,514
|
3,111
|
2,763
|
||||||||||||
Total non-interest income
|
$
|
9,905
|
$
|
12,315
|
$
|
19,864
|
$
|
24,028
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Mortgage loans originated
|
$
|
241,402
|
$
|
226,264
|
$
|
379,160
|
$
|
385,231
|
||||||||
Mortgage loans sold
|
131,636
|
115,299
|
286,161
|
221,642
|
||||||||||||
Net gains on mortgage loans
|
4,302
|
3,255
|
7,913
|
5,826
|
||||||||||||
Net gains as a percent of mortgage loans sold (“Loan Sales Margin”)
|
3.27
|
%
|
2.82
|
%
|
2.77
|
%
|
2.63
|
%
|
||||||||
Fair value adjustments included in the Loan Sales Margin
|
0.74
|
0.57
|
0.66
|
0.35
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Mortgage loan servicing, net:
|
(In thousands)
|
|||||||||||||||
Revenue, net
|
$
|
1,515
|
$
|
1,372
|
$
|
2,991
|
$
|
2,564
|
||||||||
Fair value change due to price
|
(2,670
|
)
|
518
|
(4,873
|
)
|
1,976
|
||||||||||
Fair value change due to pay-downs
|
(752
|
)
|
(655
|
)
|
(1,240
|
)
|
(1,084
|
)
|
||||||||
Total
|
$
|
(1,907
|
)
|
$
|
1,235
|
$
|
(3,122
|
)
|
$
|
3,456
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Balance at beginning of period
|
$
|
19,909
|
$
|
17,783
|
$
|
21,400
|
$
|
15,699
|
||||||||
Servicing rights acquired
|
-
|
$
|
3,047
|
-
|
$
|
3,047
|
||||||||||
Originated servicing rights capitalized
|
1,407
|
1,155
|
2,607
|
2,210
|
||||||||||||
Change in fair value
|
(3,422
|
)
|
(137
|
)
|
(6,113
|
)
|
892
|
|||||||||
Balance at end of period
|
$
|
17,894
|
$
|
21,848
|
$
|
17,894
|
$
|
21,848
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Compensation
|
$
|
10,185
|
$
|
9,574
|
$
|
20,666
|
$
|
18,504
|
||||||||
Performance-based compensation
|
2,296
|
3,150
|
4,516
|
5,933
|
||||||||||||
Payroll taxes and employee benefits
|
3,450
|
3,145
|
7,100
|
5,900
|
||||||||||||
Compensation and employee benefits
|
15,931
|
15,869
|
32,282
|
30,337
|
||||||||||||
Occupancy, net
|
2,131
|
2,170
|
4,636
|
4,434
|
||||||||||||
Data processing
|
2,171
|
2,251
|
4,315
|
4,129
|
||||||||||||
Furniture, fixtures and equipment
|
1,006
|
1,019
|
2,035
|
1,986
|
||||||||||||
Communications
|
717
|
704
|
1,486
|
1,384
|
||||||||||||
Interchange expense
|
753
|
661
|
1,441
|
1,259
|
||||||||||||
Advertising
|
627
|
543
|
1,299
|
984
|
||||||||||||
Loan and collection
|
628
|
692
|
1,262
|
1,369
|
||||||||||||
Legal and professional
|
371
|
456
|
740
|
834
|
||||||||||||
FDIC deposit insurance
|
342
|
250
|
710
|
480
|
||||||||||||
Amortization of intangible assets
|
273
|
295
|
545
|
381
|
||||||||||||
Supplies
|
153
|
178
|
311
|
343
|
||||||||||||
Credit card and bank service fees
|
97
|
106
|
200
|
202
|
||||||||||||
Costs (recoveries) related to unfunded lending commitments
|
27
|
37
|
187
|
(77
|
)
|
|||||||||||
Provision for loss reimbursement on sold loans
|
35
|
20
|
146
|
31
|
||||||||||||
Net gains on other real estate and repossessed assets
|
(198
|
)
|
(4
|
)
|
(79
|
)
|
(294
|
)
|
||||||||
Merger related expenses
|
--
|
3,082
|
--
|
3,256
|
||||||||||||
Other
|
1,528
|
1,432
|
3,066
|
2,858
|
||||||||||||
Total non-interest expense
|
$
|
26,592
|
$
|
29,761
|
$
|
54,582
|
$
|
53,896
|
Unrealized
|
|||||||||||||||||
Amortized
Cost
|
Gains
|
Losses
|
Fair
Value
|
||||||||||||||
(In thousands)
|
|||||||||||||||||
Securities available for sale
|
|||||||||||||||||
June 30, 2019
|
$
|
426,458
|
$
|
4,922
|
$
|
1,075
|
$
|
430,305
|
|||||||||
December 31, 2018
|
433,224
|
1,520
|
6,818
|
427,926
|
Six months ended
June 30,
|
||||||||
2019
|
2018
|
|||||||
(In thousands)
|
||||||||
Proceeds
|
$
|
42,236
|
$
|
31,445
|
||||
Gross gains
|
$
|
169
|
$
|
81
|
||||
Gross losses
|
(32
|
)
|
(126
|
)
|
||||
Net impairment charges
|
--
|
-
|
||||||
Fair value adjustments
|
167
|
(119
|
)
|
|||||
Net gains (losses)
|
$
|
304
|
$
|
(164
|
)
|
June 30,
2019
|
December 31,
2018
|
|||||||
(In thousands)
|
||||||||
Real estate(1)
|
||||||||
Residential first mortgages
|
$
|
844,151
|
$
|
811,719
|
||||
Residential home equity and other junior mortgages
|
175,330
|
177,574
|
||||||
Construction and land development
|
202,997
|
180,286
|
||||||
Other(2)
|
713,008
|
707,347
|
||||||
Consumer
|
431,227
|
379,607
|
||||||
Commercial
|
333,522
|
319,058
|
||||||
Agricultural
|
6,291
|
6,929
|
||||||
Total loans
|
$
|
2,706,526
|
$
|
2,582,520
|
(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.
|
June 30,
2019
|
December 31,
2018
|
|||||||
(Dollars in thousands)
|
||||||||
Non-accrual loans
|
$
|
7,798
|
$
|
9,029
|
||||
Loans 90 days or more past due and still accruing interest
|
--
|
5
|
||||||
Less - government guaranteed loans
|
(436
|
)
|
(460
|
)
|
||||
Total non-performing loans
|
7,362
|
8,574
|
||||||
Other real estate and repossessed assets
|
1,990
|
1,299
|
||||||
Total non-performing assets
|
$
|
9,352
|
$
|
9,873
|
||||
As a percent of Portfolio Loans
|
|
|
|
|||||
Non-performing loans
|
0.27 |
% |
0.33
|
% |
||||
Allowance for loan losses
|
0.96
|
0.96
|
||||||
Non-performing assets to total assets
|
0.27
|
0.29
|
||||||
Allowance for loan losses as a percent of non-performing loans
|
351.85
|
290.27
|
(1)
|
Excludes loans classified as “troubled debt restructured” that are not past due.
|
June 30, 2019
|
||||||||||||
Commercial
|
Retail (1)
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Performing TDR’s
|
$
|
7,166
|
$
|
42,136
|
$
|
49,302
|
||||||
Non-performing TDR’s (2)
|
54
|
2,783
|
(3)
|
2,837
|
||||||||
Total
|
$
|
7,220
|
$
|
44,919
|
$
|
52,139
|
December 31, 2018
|
||||||||||||
Commercial
|
Retail (1)
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Performing TDR’s
|
$
|
6,460
|
$
|
46,627
|
$
|
53,087
|
||||||
Non-performing TDR’s (2)
|
74
|
2,884
|
(3)
|
2,958
|
||||||||
Total
|
$
|
6,534
|
$
|
49,511
|
$
|
56,045
|
(1)
|
Retail loans include mortgage and installment loan segments.
|
(2)
|
Included in non-performing assets table above.
|
(3)
|
Also includes loans on non-accrual at the time of modification until six payments are received on a timely basis.
|
Six months ended
June 30,
|
||||||||||||||||
2019
|
2018
|
|||||||||||||||
Loans
|
Unfunded
Commitments
|
Loans
|
Unfunded
Commitments
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Balance at beginning of period
|
$
|
24,888
|
$
|
1,296
|
$
|
22,587
|
$
|
1,125
|
||||||||
Additions (deductions)
|
||||||||||||||||
Provision for loan losses
|
1,316
|
-
|
965
|
-
|
||||||||||||
Recoveries credited to allowance
|
1,457
|
-
|
1,860
|
-
|
||||||||||||
Loans charged against the allowance
|
(1,758
|
)
|
-
|
(1,908
|
)
|
-
|
||||||||||
Additions included in non-interest expense
|
-
|
187
|
-
|
(77
|
)
|
|||||||||||
Balance at end of period
|
$
|
25,903
|
$
|
1,483
|
$
|
23,504
|
$
|
1,048
|
||||||||
Net loans charged against the allowance to average Portfolio Loans
|
0.02
|
%
|
0.00
|
%
|
June 30,
2019
|
December 31,
2018
|
|||||||
(In thousands)
|
||||||||
Specific allocations
|
$
|
6,027
|
$
|
6,310
|
||||
Other adversely rated commercial loans
|
2,908
|
1,861
|
||||||
Historical loss allocations
|
8,541
|
7,792
|
||||||
Additional allocations based on subjective factors
|
8,427
|
8,925
|
||||||
Total
|
$
|
25,903
|
$
|
24,888
|
June 30,
2019
|
December 31,
2018
|
|||||||
(In thousands)
|
||||||||
Subordinated debentures
|
$
|
39,422
|
$
|
39,388
|
||||
Amount not qualifying as regulatory capital
|
(1,224
|
)
|
(1,224
|
)
|
||||
Amount qualifying as regulatory capital
|
38,198
|
38,164
|
||||||
Shareholders’ equity
|
||||||||
Common stock
|
351,894
|
377,372
|
||||||
Accumulated deficit
|
(16,617
|
)
|
(28,270
|
)
|
||||
Accumulated other comprehensive loss
|
(4,431
|
)
|
(10,108
|
)
|
||||
Total shareholders’ equity
|
330,846
|
338,994
|
||||||
Total capitalization
|
$
|
369,044
|
$
|
377,158
|
Change in Interest Rates
|
Market
Value of
Portfolio
Equity(1)
|
Percent
Change
|
Net
Interest
Income(2)
|
Percent
Change
|
||||||||||||
(Dollars in thousands)
|
||||||||||||||||
June 30, 2019
|
||||||||||||||||
200 basis point rise
|
$
|
407,000
|
(5.66
|
)%
|
$
|
124,500
|
1.55
|
%
|
||||||||
100 basis point rise
|
427,000
|
(1.02
|
)
|
123,900
|
1.06
|
|||||||||||
Base-rate scenario
|
431,400
|
-
|
122,600
|
-
|
||||||||||||
100 basis point decline
|
407,200
|
(5.61
|
)
|
120,500
|
(1.71
|
)
|
||||||||||
December 31, 2018
|
||||||||||||||||
200 basis point rise
|
$
|
481,100
|
(3.37
|
)%
|
$
|
126,200
|
3.27
|
%
|
||||||||
100 basis point rise
|
495,400
|
(0.50
|
)
|
124,800
|
2.13
|
|||||||||||
Base-rate scenario
|
497,900
|
-
|
122,200
|
-
|
||||||||||||
100 basis point decline
|
482,800
|
(3.03
|
)
|
119,600
|
(2.13
|
)
|
(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
|
Average Price
Paid Per Share
|
Total Number of
Shares Purchased
as Part of a
Publicly
Announced Plan
|
Remaining
Number of
Shares Authorized
for Purchase
Under the Plan
|
||||||||||||
April 2019
|
65,196
|
$
|
21.28
|
65,196
|
998,003
|
|||||||||||
May 2019
|
998,705
|
21.89
|
998,705
|
(702
|
)(1)
|
|||||||||||
June 2019
|
--
|
--
|
--
|
299,298
|
||||||||||||
Total
|
1,063,901
|
$
|
21.86
|
1,063,901
|
299,298
|
(1)
|
In May 2019, the Company repurchased a large number of shares in a private transaction. The number of shares repurchased included an immaterial number of shares (702 shares) in excess of the remaining
shares under the publicly-announced plan. As previously disclosed, the Company’s Board of Directors expanded the repurchase plan in June 2019.
|
(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
|
August 2, 2019
|
By
|
/s/ Robert N. Shuster
|
|
Robert N. Shuster, Principal Financial Officer
|
||||
Date
|
August 2, 2019
|
By
|
/s/ James J. Twarozynski
|
|
James J. Twarozynski, Principal Accounting Officer
|
1. |
I have reviewed this quarterly report on Form 10-Q of Independent Bank Corporation;
|
2. |
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this quarterly report;
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
a) |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
d) |
disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
|
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of
directors (or persons performing the equivalent functions):
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and
report financial information; and
|
b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
|
INDEPENDENT BANK CORPORATION
|
|
Date: August 2, 2019
|
/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
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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.
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INDEPENDENT BANK CORPORATION
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Date: August 2, 2019
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/s/ Robert N. Shuster
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Robert N. Shuster
Chief Financial Officer
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INDEPENDENT BANK CORPORATION
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Date: August 2, 2019
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/s/ William B. Kessel
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William B. Kessel
President and Chief Executive Officer
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INDEPENDENT BANK CORPORATION
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Date: August 2, 2019
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/s/ Robert N. Shuster
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Robert N. Shuster
Chief Financial Officer
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Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Aug. 01, 2019 |
|
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity Registrant Name | INDEPENDENT BANK CORP /MI/ | |
Entity Address, State or Province | MI | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 22,499,498 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000039311 |
Condensed Consolidated Statements of Financial Condition (unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
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) | 22,498,776 | 23,579,725 |
Common stock, shares outstanding (in shares) | 22,498,776 | 23,579,725 |
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||
Interest Income | ||||||
Interest and fees on loans | $ 33,836 | $ 29,674 | $ 66,517 | $ 53,027 | ||
Interest on securities | ||||||
Taxable | 3,034 | 2,720 | 6,040 | 5,355 | ||
Tax-exempt | 324 | 444 | 698 | 923 | ||
Other investments | 379 | 265 | 954 | 595 | ||
Total Interest Income | 37,573 | 33,103 | 74,209 | 59,900 | ||
Interest Expense | ||||||
Deposits | 6,021 | 3,209 | 11,702 | 5,496 | ||
Other borrowings and subordinated debentures | 796 | 914 | 1,508 | 1,488 | ||
Total Interest Expense | 6,817 | 4,123 | 13,210 | 6,984 | ||
Net Interest Income | 30,756 | 28,980 | 60,999 | 52,916 | ||
Provision for loan losses | 652 | 650 | 1,316 | 965 | ||
Net Interest Income After Provision for Loan Losses | 30,104 | 28,330 | 59,683 | 51,951 | ||
Non-interest Income | ||||||
Service charges on deposit accounts | 2,800 | 3,095 | 5,440 | 6,000 | ||
Interchange income | 2,604 | 2,504 | 4,959 | 4,750 | ||
Net gains (losses) on assets | ||||||
Mortgage loans | 4,302 | 3,255 | 7,913 | 5,826 | ||
Securities | 0 | 9 | 304 | (164) | ||
Mortgage loan servicing, net | (1,907) | 1,235 | (3,122) | 3,456 | ||
Other | 2,106 | 2,217 | 4,370 | 4,160 | ||
Total Non-interest Income | 9,905 | 12,315 | 19,864 | 24,028 | ||
Non-interest Expense | ||||||
Compensation and employee benefits | 15,931 | 15,869 | 32,282 | 30,337 | ||
Occupancy, net | 2,131 | 2,170 | 4,636 | 4,434 | ||
Data processing | 2,171 | 2,251 | 4,315 | 4,129 | ||
Furniture, fixtures and equipment | 1,006 | 1,019 | 2,035 | 1,986 | ||
Communications | 717 | 704 | 1,486 | 1,384 | ||
Interchange expense | 753 | 661 | 1,441 | 1,259 | ||
Loan and collection | 628 | 692 | 1,262 | 1,369 | ||
Advertising | 627 | 543 | 1,299 | 984 | ||
Legal and professional | 371 | 456 | 740 | 834 | ||
FDIC deposit insurance | 342 | 250 | 710 | 480 | ||
Merger related expenses | 0 | 3,082 | 0 | 3,256 | ||
Other | 1,915 | 2,064 | 4,376 | 3,444 | ||
Total Non-interest Expense | 26,592 | 29,761 | 54,582 | 53,896 | ||
Income Before Income Tax | 13,417 | 10,884 | 24,965 | 22,083 | ||
Income tax expense | 2,687 | 2,067 | 4,854 | 4,105 | ||
Net Income | $ 10,730 | $ 8,817 | $ 20,111 | $ 17,978 | ||
Net Income Per Common Share | ||||||
Basic (in dollars per share) | [1] | $ 0.47 | $ 0.37 | $ 0.86 | $ 0.79 | |
Diluted (in dollars per share) | $ 0.46 | $ 0.36 | $ 0.85 | $ 0.78 | ||
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Condensed Consolidated Statements of Shareholders' Equity (unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Condensed Consolidated Statements of Shareholders' Equity (unaudited) [Abstract] | ||||
Cash dividends declared (in dollars per share) | $ 0.18 | $ 0.15 | $ 0.36 | $ 0.30 |
Repurchase of shares of common stock (in shares) | 1,063,901 | 1,179,688 | ||
Issuance of shares of common stock (in shares) | 101,408 | 68,399 | 105,208 | |
Share based compensation, common stock (in shares) | 2,498 | 7,444 | 86,626 | 81,919 |
Share based compensation withholding obligation, common stock (in shares) | 50,057 | 56,286 | 87,325 |
Preparation of Financial Statements |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Preparation of Financial Statements [Abstract] | |
Preparation of Financial Statements | 1. Preparation of Financial Statements The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2018 included in our Annual Report on Form 10-K. In our opinion, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary to present fairly our consolidated financial condition as of June 30, 2019 and December 31, 2018, and the results of operations for the three and six-month periods ended June 30, 2019 and 2018. The results of operations for the three and six-month periods ended June 30, 2019, 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 and the valuation of capitalized mortgage loan servicing rights. Refer to our 2018 Annual Report on Form 10-K for a disclosure of our accounting policies. |
New Accounting Standards |
6 Months Ended | ||||||||||||
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Jun. 30, 2019 | |||||||||||||
New Accounting Standards [Abstract] | |||||||||||||
New Accounting Standards | 2. New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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:
We began evaluating this ASU in 2016 and established a company-wide, cross-discipline governance structure, which provides implementation oversight. We continue to test and refine our current expected credit loss models that satisfy the requirements of this ASU. Oversight and testing, as well as efforts to meet expanded disclosure requirements, will extend through the remainder of 2019. We expect that the allowance related to our loans will increase as it will cover credit losses over the full remaining expected life of the portfolio. We currently intend to estimate losses over approximately a two year forecast period using the Federal Open Market Committee median economic projections (which are typically published in March of each year) as well as considering other economic forecast sources, and then revert to longer term historical loss experience to estimate losses over more extended periods. We currently expect the increase in the allowance for loan losses to be in the range of $9.5 million to $11.5 million, primarily driven by the longer contractual maturities of our mortgage and consumer installment loan segments. This estimated range is based on our June 30, 2019 loan portfolio and currently available economic forecasts. The mid-point of the range utilizes a two year forecast period and a two year reversion period. This estimated range also includes a qualitative adjustment to the allowance for loan losses. In addition, we currently expect this ASU to increase the allowance for losses related to unfunded loan commitments between $0.5 million and $1.5 million. These estimates are subject to further refinement based on continuing reviews, testing, enhancements and approvals of models, methodologies and judgments. The ultimate impact will depend upon the nature and characteristics of our loan portfolio at the adoption date, the macroeconomic conditions and forecasts at that date, further regualatory or accounting guidance and other management judgments. We currently do not expect to record any allowance for loss on available for sale securities. The ultimate impact will depend upon the nature and characteristics of our securities available for sale (including issuer specific matters) at the adoption date, the macroeconomic conditions and forecasts at that date, and other management judgments. In August 2018, the FASB issued ASU 2018-13, ‘‘Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement’’. This new ASU amends disclosure requirements in Topic 820 to eliminate, add and modify certain disclosure requirements for fair value measurements as part of its disclosure framework project. The amended guidance eliminates the requirements to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the entity’s policy for the timing of transfers between levels of the fair value hierarchy and the entity’s valuation processes for Level 3 fair value measurements. The amended guidance adds the requirements to disclose the changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements of instruments held at the end of the reporting period and for recurring and nonrecurring Level 3 fair value measurements, the range and weighted average used to develop significant unobservable inputs and how the weighted average was calculated, with certain exceptions. This amended guidance is effective for us on January 1, 2020, and is not expected to have a material impact on our consolidated operating results or financial condition. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. This ASU amends existing guidance related to the accounting for leases. These amendments, among other things, 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 was effective for us on January 1, 2019 and did not have a material impact on our consolidated operating results or financial condition. Based on 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. The primary impact was the recognition of certain operating leases on our Condensed Consolidated Statements of Financial Condition which resulted in the recording of right of use (“ROU”) assets and offsetting lease liabilities each totaling approximately $7.7 million at January 1, 2019. See note #16. 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 was effective for us on January 1, 2019, and did not have a material impact on our consolidated operating results or financial condition. |
Securities |
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Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | 3. Securities Securities available for sale consist of the following:
Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:
Our portfolio of securities available for sale is reviewed quarterly for impairment in value. In performing this review management considers (1) the length of time and extent that fair value has been less than cost, (2) the financial condition and near term prospects of the issuer, (3) the impact of changes in market interest rates on the market value of the security and (4) an assessment of whether we intend to sell, or it is more likely than not that we will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. For securities that do not meet the aforementioned recovery criteria, the amount of impairment recognized in earnings is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income (loss). U.S. agency, U.S. agency residential mortgage-backed securities and U.S. agency commercial mortgage backed securities — at June 30, 2019, we had 22 U.S. agency, 104 U.S. agency residential mortgage-backed and nine U.S. agency commercial mortgage-backed securities whose fair market value is less than amortized cost. The unrealized losses are largely attributed to increases in interest rates since acquisition and widening spreads to Treasury bonds. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. Private label mortgage backed securities — at June 30, 2019, we had 11 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 (including two of the three 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 June 30, 2019, we had 65 other asset backed securities whose fair value is less than amortized cost. The unrealized losses are primarily due to credit spread widening and increases in interest rates since acquisition. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. Obligations of states and political subdivisions — at June 30, 2019, we had 86 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. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. Corporate — at June 30, 2019, we had five corporate securities whose fair value is less than amortized cost. The unrealized losses are primarily due to credit spread widening and increases in interest rates since acquisition. As management does not intend to liquidate these securities and it is more likely than not that we will not be required to sell these securities prior to recovery of these unrealized losses, no declines are deemed to be other than temporary. Trust preferred securities — at June 30, 2019, we had two trust preferred securities whose fair value is less than amortized cost. Both of our trust preferred securities are single issue securities issued by a trust subsidiary of a bank holding company. The pricing of trust preferred securities has suffered from credit spread widening. One of the securities is rated by a major rating agency as investment grade while the other one is non-rated. The non-rated issue is a relatively small bank and was never rated. The issuer of this non-rated trust preferred security, which had a total amortized cost of $1.0 million and total fair value of $0.94 million as of June 30, 2019, continues to have satisfactory credit metrics and make interest payments. 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 June 30, 2019, we had one foreign government security whose fair value is less than amortized cost. The unrealized loss is primarily due to increases in interest rates since acquisition. 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 this unrealized loss, this decline is not 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 six month periods ended June 30, 2019 and 2018, respectively. At June 30, 2019, three private label mortgage-backed securities had credit related OTTI and are summarized as follows:
Each of these securities is receiving principal and interest payments similar to principal reductions in the underlying collateral. All three of these securities have unrealized gains at June 30, 2019. 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 June 30, 2019, by contractual maturity, follow:
The actual maturity may differ from the contractual maturity because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Gains and losses realized on the sale of securities available for sale are determined using the specific identification method and are recognized on a trade-date basis. A summary of proceeds from the sale of securities available for sale and gains and losses for the six month periods ending June 30, follows:
Certain preferred stocks which were all sold during the first quarter of 2019 had been classified as equity securities at fair value in our Condensed Consolidated Statement of Financial Condition. During the six months ended June 30, 2019 and 2018 we recognized gains (losses) on these preferred stocks of $0.167 million and $(0.119) million, respectively, that are included in net gains (losses) on securities in the Condensed Consolidated Statements of Operations. Zero and $(0.119) million of these gains (losses) during the six months ended June 30, 2019 and 2018, respectively relate to preferred stock still held at each respective period end. |
Loans |
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Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | 4. Loans Our assessment of the allowance for loan losses is based on an evaluation of the loan portfolio, recent and historical loss experience, current economic conditions and other pertinent factors. An analysis of the allowance for loan losses by portfolio segment for the three months ended June 30, follows:
An analysis of the allowance for loan losses by portfolio segment for the six months ended June 30, follows:
Allowance for loan losses and recorded investment in loans by portfolio segment follows:
Loans on non-accrual status and past due more than 90 days (“Non-performing Loans”) follow:
An aging analysis of loans by class follows:
Impaired loans are as follows:
Impaired loans by class are as follows:
Average recorded investment in and interest income earned on impaired loans by class for the three month periods ending June 30, follows:
Average recorded investment in and interest income earned on impaired loans by class for the six month periods ending June 30, follows:
Cash receipts on impaired loans on non-accrual status are generally applied to the principal balance. TDRs follow:
We allocated $5.1 million and $5.6 million of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2019 and December 31, 2018, respectively. During the six months ended June 30, 2019 and 2018, the terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans generally included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. Modifications involving a reduction of the stated interest rate of the loan have generally been for periods ranging from 9 months to 36 months but have extended to as much as 480 months in certain circumstances. Modifications involving an extension of the maturity date have generally been for periods ranging from 1 month to 60 months but have extended to as much as 230 months in certain circumstances. Loans that have been classified as troubled debt restructurings during the three-month periods ended June 30 follow:
Loans that have been classified as troubled debt restructurings during the six-month periods ended June 30 follow:
The troubled debt restructurings described above for 2019 increased the allowance for loan losses by $0.04 million and resulted in zero charge offs during the three months ended June 30, 2019, and increased the allowance for loan losses by $0.05 million and resulted in zero charge offs during the six months ended June 30, 2019. The troubled debt restructurings described above for 2018 increased the allowance for loan losses by $0.04 million and resulted in zero charge offs during the three months ended June 30, 2018, and increased the allowance for loan losses by $0.01 million and resulted in zero charge offs during the six months ended June 30, 2018. There were no troubled debt restructurings that subsequently defaulted within twelve months following the modification during the three and six months periods ended June 30, 2019 and 2018. 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:
Foreclosed residential real estate properties included in other real estate and repossessed assets on our Condensed Consolidated Statements of Financial Condition totaled $1.2 million at both June 30, 2019 and December 31, 2018, respectively. Retail mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements totaled $0.6 million and $0.3 million at June 30, 2019 and December 31, 2018, respectively. During the first quarter of 2019, we sold $40.6 million, of residential adjustable rate mortgage loans servicing released (classified on the Condensed Consolidated Statements of Financial Condition as held for sale, carried at the lower of cost or fair value at December 31, 2018) to another financial institution and recognized a gain on sale of $0.01 million. During the first quarter of 2019 we also securitized $29.8 million, of portfolio residential fixed rate mortgage loans servicing retained with Freddie Mac and recognized a gain on sale of $0.53 million. These transactions were done primarily for asset/liability management purposes. During the first quarter of 2018, we sold $16.5 million, of residential fixed and adjustable rate portfolio mortgage loans servicing retained to another financial institution and recognized a gain on sale of $0.05 million. These mortgage loans 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, we consider 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 Bancorp, Inc. (“TCSB”) (see note #17) 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 is included in the table below. Accretable yield of PCI loans, or income expected to be collected follows:
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Shareholders' Equity and Earnings Per Common Share |
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Shareholders' Equity and Earnings Per Common Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Earnings Per Common Share | 5. Shareholders’ Equity and Earnings Per Common Share In December, 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, 2019. During the first six months of 2019, we completed the repurchase of 5% of our outstanding common shares. In June 2019, our Board of Directors authorized a 300,000 share expansion of the 2019 repurchase plan. We expect to accomplish any remaining repurchases through open market transactions, though we could execute repurchases through other means, such as privately negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions, the trading price of our common stock, regulatory requirements, potential alternative uses for capital, and our financial performance. The Repurchase Plan does not obligate us to acquire any particular amount of common stock, and it may be modified or suspended at any time at our discretion. We expect to fund any repurchases from cash on hand. During the six month periods ended June 30, 2019 and 2018 repurchases were made totaling 1,179,688 shares and zero shares of common stock, respectively for an aggregate purchase price of $25.8 million and zero, respectively. 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 six month periods ended June 30, 2019 and 2018, respectively. |
Derivative Financial Instruments |
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Derivative Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | 6. 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 $2.5 million at June 30, 2019 and $2.7 million at December 31, 2018. 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 $0.12 million, of unrealized gains on Cash Flow Hedges at June 30, 2019 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 June 30, 2019 is 4.3 years. Beginning in the second quarter of 2019 we entered into a pay-fixed interest rate swap to protect a portion of the fair value of a certain fixed rate commercial loan (“Fair Value Hedge”). As a result, changes in the fair value of the pay-fixed interest rate swap is expected to offset changes in the fair value of the fixed rate commercial loan due to fluctuations in interest rates. We record the fair value of Fair Value Hedges in accrued income and other assets and accrued expenses and other liabilities on our Condensed Consolidated Statements of Financial Condition. The hedged item (fixed rate commercial loan) is also recorded at fair value which offsets the adjustment to the Fair Value Hedge. On an ongoing basis, we adjust our Condensed Consolidated Statements of Financial Condition to reflect the then current fair value of both the Fair Value Hedge and the hedged item. The related gains or losses are reported in interest income – interest and fees on loans in our Condensed Consolidated Statements of Operations. 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 was 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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Goodwill and Other Intangibles |
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Goodwill and other Intangibles | 7. Goodwill and other Intangibles The following table summarizes intangible assets, net of amortization:
A summary of estimated core deposit intangible amortization at June 30, 2019 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 June 30, 2019. The non-employee director stock purchase plan permits the issuance of additional share based payments for up to 0.2 million shares of common stock as of June 30, 2019. 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 three month periods ended June 30, 2019 and 2018 pursuant to our long-term incentive plan, we granted 0.004 million and 0.009 million shares of restricted stock to certain officers. For both six month periods ended June 30, 2019 and 2018, pursuant to our long-term incentive plan, we granted 0.05 million shares of restricted stock and 0.02 million performance stock units (“PSU”) to certain officers. Except for 0.002 million shares of restricted stock issued during the first quarters of 2019 and 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 0.005 million shares during each six month period ended June 30, 2019 and 2018 pursuant to this plan and expensed their value during those same periods. Total compensation expense recognized for grants pursuant to our long-term incentive plan was $0.4 million and $0.8 million during the three and six month periods ended June 30, 2019, respectively, and was $0.4 million and $0.7 million during the same periods in 2018, respectively. The corresponding tax benefit relating to this expense was $0.1 million and $0.2 million for the three and six month periods ended June 30, 2019, respectively and $0.1 million and $0.2 million for the same periods in 2018. Total expense recognized for non-employee director share based payments was $0.06 million and $0.11 million during the three and six month periods ended June 30, 2019, respectively, and was $0.05 million and $0.11 million during the same periods in 2018, respectively. The corresponding tax benefit relating to this expense was $0.01 million and $0.02 million for the three and six month periods ended June 30, 2019, respectively and $0.01 million and $0.02 million during the same periods in 2018. At June 30, 2019, the total expected compensation cost related to non-vested restricted stock and PSUs not yet recognized was $2.7 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:
Certain information regarding options exercised during the periods follows:
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Income Tax |
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Income Tax [Abstract] | |
Income Tax | 9. Income Tax Income tax expense was $2.7 million and $2.1 million during the three month periods ended June 30, 2019 and 2018, respectively and $4.9 million and $4.1 million during the six months ended June 30, 2019 and 2018, respectively. 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 six month periods ending June 30, 2019 include reductions of zero and $0.2 million, respectively, of income tax expense related to the 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 2018 were $0.1 million and $0.3 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 June 30, 2019, June 30, 2018 and December 31, 2018 that the realization of substantially all of our deferred tax assets continues to be more likely than not. At both June 30, 2019 and December 31, 2018, we had approximately $0.6 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 2019. |
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 June 30, 2019, the Bank had positive undivided profits of $32.6 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 June 30, 2019 and December 31, 2018, 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. Our actual capital amounts and ratios follow (1):
(1) These ratios do not reflect a capital conservation buffer of 2.50% and 1.875% at June 30, 2019 and December 31, 2018, respectfully. NA - Not applicable The components of our regulatory capital are as follows:
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Fair Value Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | 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 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 for which there are quoted prices in active markets (at December 31, 2018). 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, carried at fair value is based on agency cash window loan pricing for comparable assets (recurring Level 2) and the fair value of mortgage loans held for sale, carried at the lower of cost or fair value (at December 31, 2018) is based on a quoted sales price (non-recurring Level 1). 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 June 30, 2019 and December 31, 2018, 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 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:
There were no transfers between Level 1 and Level 2 during the six months ended June 30, 2019 and 2018. Changes in fair values for financial assets which we have elected the fair value option for the periods presented were as follows:
For those items measured at fair value pursuant to our election of the fair value option, interest income is recorded within the Condensed Consolidated Statements of Operations based on the contractual amount of interest income earned on these financial assets and dividend income is recorded based on cash dividends received. The following represent impairment charges recognized during the three and six month periods ended June 30, 2019 and 2018 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 [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Financial Instruments | 12. Fair Values of Financial Instruments Most of our assets and liabilities are considered financial instruments. Many of these financial instruments lack an available trading market and it is our general practice and intent to hold the majority of our financial instruments to maturity. Significant estimates and assumptions were used to determine the fair value of financial instruments. These estimates are subjective in nature, involving uncertainties and matters of judgment, and therefore, fair values may not be a precise estimate. Changes in assumptions could significantly affect the estimates. Estimated fair values have been determined using available data and methodologies that are considered suitable for each category of financial instrument. For instruments with adjustable interest rates which reprice frequently and without significant credit risk, it is presumed that estimated fair values approximate the recorded book balances. 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. |
Contingencies |
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Contingencies [Abstract] | |
Contingencies | 13. Contingencies 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. 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 Federal Home Loan Bank of Indianapolis). 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 $0.03 million and $0.02 million for the three month periods ended June 30, 2019 and 2018 and an expense of $0.15 million and $0.03 million for the six month periods ended June 30, 2019 and 2018, respectively. The reserve for loss reimbursements on sold mortgage loans totaled $0.83 million and $0.78 million at June 30, 2019 and December 31, 2018, 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. We own 12,566 shares of VISA Class B common stock. At the present time, these shares can only be sold to other Class B shareholders. As a result, there has generally been limited transfer activity in private transactions between buyers and sellers. Given the limited activity that we have become aware of and the continuing uncertainty regarding the likelihood, ultimate timing and eventual exchange rate for Class B shares into Class A shares, we have elected to value these shares at zero. However, given the current conversion ratio of 1.6298 to Class A shares and the closing price of VISA Class A shares on July 30, 2019 of $181.53 per share, our 12,566 Class B shares would have a current “value” of approximately $3.7 million. We continue to monitor Class B trading activity and the status of the resolution of certain litigation matters at VISA that would trigger the conversion of Class B common shares into Class A common shares that would have no trading restrictions. |
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 inconsequential portfolio of securities available for sale. A summary of reclassifications out of each component of AOCL for the three months ended June 30 follows:
A summary of reclassifications out of each component of AOCL for the six months ended June 30 follows:
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Revenue from Contracts with Customers |
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Revenue from Contracts with Customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | 15. Revenue from Contracts with Customers We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. 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 this topic. These sources of revenue that are excluded from the scope of this topic 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 84.6% and 82.8% of total revenues at June 30, 2019 and 2018, respectively. Material sources of revenue that are included in the scope of this topic include service charges on deposit accounts, 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 June 30, 2019 and December 31, 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 three and six month periods ending June 30, 2019 and 2018 that were financed by us. Disaggregation of our revenue sources by attribute follows:
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 16. Leases We have operating leases, primarily relating to certain office facilities, some of which include renewal options and escalation clauses. Certain leases also include both lease components (fixed payments including rent, taxes and insurance costs) and non-lease components (common area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. Most of our leases include one or more options to renew. The exercise of lease renewal options is typically at our sole discretion and are included in our ROU assets and lease liabilities if they are reasonably certain of exercise. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The cost components of our operating leases follows:
Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for our leased facilities. Supplemental balance sheet information related to our operating leases follows:
Maturity analysis of our lease liabilities at June 30, 2019 based on required contractual payments follows:
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Recent Acquisition |
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Recent Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Acquisition | 17. 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. The following table reflects our final valuation of the assets acquired and liabilities assumed:
Management views the disclosed fair values presented above to be final as the one-year measurement period for finalizing acquisition-date fair values has expired. During this measurement period we had one adjustment to our acquisition date fair values. During 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. |
New Accounting Standards (Policies) |
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New Accounting Standards [Abstract] | |||||||||||||
New Accounting Standards | In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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:
We began evaluating this ASU in 2016 and established a company-wide, cross-discipline governance structure, which provides implementation oversight. We continue to test and refine our current expected credit loss models that satisfy the requirements of this ASU. Oversight and testing, as well as efforts to meet expanded disclosure requirements, will extend through the remainder of 2019. We expect that the allowance related to our loans will increase as it will cover credit losses over the full remaining expected life of the portfolio. We currently intend to estimate losses over approximately a two year forecast period using the Federal Open Market Committee median economic projections (which are typically published in March of each year) as well as considering other economic forecast sources, and then revert to longer term historical loss experience to estimate losses over more extended periods. We currently expect the increase in the allowance for loan losses to be in the range of $9.5 million to $11.5 million, primarily driven by the longer contractual maturities of our mortgage and consumer installment loan segments. This estimated range is based on our June 30, 2019 loan portfolio and currently available economic forecasts. The mid-point of the range utilizes a two year forecast period and a two year reversion period. This estimated range also includes a qualitative adjustment to the allowance for loan losses. In addition, we currently expect this ASU to increase the allowance for losses related to unfunded loan commitments between $0.5 million and $1.5 million. These estimates are subject to further refinement based on continuing reviews, testing, enhancements and approvals of models, methodologies and judgments. The ultimate impact will depend upon the nature and characteristics of our loan portfolio at the adoption date, the macroeconomic conditions and forecasts at that date, further regualatory or accounting guidance and other management judgments. We currently do not expect to record any allowance for loss on available for sale securities. The ultimate impact will depend upon the nature and characteristics of our securities available for sale (including issuer specific matters) at the adoption date, the macroeconomic conditions and forecasts at that date, and other management judgments. In August 2018, the FASB issued ASU 2018-13, ‘‘Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement’’. This new ASU amends disclosure requirements in Topic 820 to eliminate, add and modify certain disclosure requirements for fair value measurements as part of its disclosure framework project. The amended guidance eliminates the requirements to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the entity’s policy for the timing of transfers between levels of the fair value hierarchy and the entity’s valuation processes for Level 3 fair value measurements. The amended guidance adds the requirements to disclose the changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements of instruments held at the end of the reporting period and for recurring and nonrecurring Level 3 fair value measurements, the range and weighted average used to develop significant unobservable inputs and how the weighted average was calculated, with certain exceptions. This amended guidance is effective for us on January 1, 2020, and is not expected to have a material impact on our consolidated operating results or financial condition. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. This ASU amends existing guidance related to the accounting for leases. These amendments, among other things, 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 was effective for us on January 1, 2019 and did not have a material impact on our consolidated operating results or financial condition. Based on 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. The primary impact was the recognition of certain operating leases on our Condensed Consolidated Statements of Financial Condition which resulted in the recording of right of use (“ROU”) assets and offsetting lease liabilities each totaling approximately $7.7 million at January 1, 2019. See note #16. 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 was effective for us on January 1, 2019, and did not have a material impact on our consolidated operating results or financial condition. |
Securities (Tables) |
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Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale | Securities available for sale consist of the following:
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Investments in a Continuous Unrealized Loss Position | Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:
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Private Label Mortgage Backed Securities Below Investment Grade | At June 30, 2019, 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 June 30, 2019, by contractual maturity, follow:
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Gains and Losses Realized on Sale of Securities Available for Sale | A summary of proceeds from the sale of securities available for sale and gains and losses for the six month periods ending June 30, follows:
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Loans (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of Allowance for Loan Losses by Portfolio Segment | An analysis of the allowance for loan losses by portfolio segment for the three months ended June 30, follows:
An analysis of the allowance for loan losses by portfolio segment for the six months ended June 30, follows:
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Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment | Allowance for loan losses and recorded investment in loans by portfolio segment follows:
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Loans on Non-Accrual Status and Past Due More than 90 Days | Loans on non-accrual status and past due more than 90 days (“Non-performing Loans”) follow:
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Aging Analysis of Loans by Class | An aging analysis of loans by class follows:
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Impaired Loans | Impaired loans are as follows:
Impaired loans by class are as follows:
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Average Recorded Investment in and Interest Income Earned on Impaired Loans by Class | Average recorded investment in and interest income earned on impaired loans by class for the three month periods ending June 30, follows:
Average recorded investment in and interest income earned on impaired loans by class for the six month periods ending June 30, follows:
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Troubled Debt Restructurings | Cash receipts on impaired loans on non-accrual status are generally applied to the principal balance. TDRs follow:
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Troubled Debt Restructuring During the Period | Loans that have been classified as troubled debt restructurings during the three-month periods ended June 30 follow:
Loans that have been classified as troubled debt restructurings during the six-month periods ended June 30 follow:
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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:
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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:
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Shareholders' Equity and Earnings Per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Goodwill and Other Intangibles (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangibles [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets, Net of Amortization | The following table summarizes intangible assets, net of amortization:
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Estimated Core Deposit Intangible Amortization | A summary of estimated core deposit intangible amortization at June 30, 2019 follows:
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Share Based Compensation (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Information Regarding Options Exercised | Certain information regarding options exercised during the periods follows:
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Regulatory Matters (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual Capital Amounts and Ratios | Our actual capital amounts and ratios follow (1):
(1) These ratios do not reflect a capital conservation buffer of 2.50% and 1.875% at June 30, 2019 and December 31, 2018, respectfully. NA - Not applicable |
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Regulatory Capital | The components of our regulatory capital are as follows:
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Fair Value Disclosures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value | Assets and liabilities measured at fair value, including financial assets for which we have elected the fair value option, were as follows:
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Changes in Fair Value for Financial Assets | Changes in fair values for financial assets which we have elected the fair value option for the periods presented were as follows:
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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) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Financial Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Recorded Book Balances and Fair Values | The estimated recorded book balances and fair values follow:
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Accumulated Other Comprehensive Loss ("AOCL") (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 June 30 follows:
A summary of reclassifications out of each component of AOCL for the six months ended June 30 follows:
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Revenue from Contracts with Customers (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue Sources by Attribute | Disaggregation of our revenue sources by attribute follows:
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Operating Leases | The cost components of our operating leases follows:
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Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to our operating leases follows:
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Maturity Analysis of Lease Liabilities | Maturity analysis of our lease liabilities at June 30, 2019 based on required contractual payments follows:
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Recent Acquisition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Final Valuation of Assets Acquired and Liabilities Assumed | The following table reflects our final valuation of the assets acquired and liabilities assumed:
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Securities (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
Security
|
Jun. 30, 2018
USD ($)
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Jun. 30, 2019
USD ($)
Security
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
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Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized cost | $ 426,458 | $ 426,458 | $ 433,224 | ||
Unrealized Gains | 4,922 | 4,922 | 1,520 | ||
Unrealized Losses | 1,075 | 1,075 | 6,818 | ||
Fair Value | 430,305 | 430,305 | 427,926 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 56,960 | 56,960 | 131,526 | ||
Less Than Twelve Months, Unrealized Losses | 230 | 230 | 1,112 | ||
Twelve Months or More, Fair Value | 91,402 | 91,402 | 184,420 | ||
Twelve Months or More, Unrealized Losses | 845 | 845 | 5,706 | ||
Total, Fair Value | 148,362 | 148,362 | 315,946 | ||
Total, Unrealized Losses | 1,075 | 1,075 | 6,818 | ||
Private Label Mortgage Backed Securities Below Investment Grade [Abstract] | |||||
Fair value | 1,430 | 1,430 | |||
Amortized cost | 1,116 | 1,116 | |||
Non-credit unrealized loss | 0 | 0 | |||
Unrealized gain | 314 | 314 | |||
Cumulative credit related OTTI | 1,594 | 1,594 | |||
Credit related OTTI recognized in earnings | 0 | $ 0 | 0 | $ 0 | |
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 | 13,478 | 13,478 | |||
Maturing after one year but within five years | 55,186 | 55,186 | |||
Maturing after five years but within ten years | 50,659 | 50,659 | |||
Maturing after ten years | 38,286 | 38,286 | |||
Amortized cost | 157,609 | 157,609 | |||
U.S. agency residential mortgage-backed | 135,853 | 135,853 | |||
U.S. agency commercial mortgage-backed | 12,183 | 12,183 | |||
Private label mortgage-backed | 29,617 | 29,617 | |||
Other asset backed | 91,196 | 91,196 | |||
Amortized cost | 426,458 | 426,458 | 433,224 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Maturing within one year | 13,481 | 13,481 | |||
Maturing after one year but within five years | 55,754 | 55,754 | |||
Maturing after five years but within ten years | 51,759 | 51,759 | |||
Maturing after ten years | 38,776 | 38,776 | |||
Total available-for-sale securities fair value | 159,770 | 159,770 | |||
U.S. agency residential mortgage-backed | 137,017 | 137,017 | |||
U.S. agency commercial mortgage-backed | 12,238 | 12,238 | |||
Private label mortgage-backed | 30,129 | 30,129 | |||
Other asset backed | 91,151 | 91,151 | |||
Total | 430,305 | 430,305 | 427,926 | ||
U.S. Agency [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized cost | 16,997 | 16,997 | 20,198 | ||
Unrealized Gains | 200 | 200 | 9 | ||
Unrealized Losses | 14 | 14 | 193 | ||
Fair Value | 17,183 | 17,183 | 20,014 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 0 | 0 | 7,150 | ||
Less Than Twelve Months, Unrealized Losses | 0 | 0 | 46 | ||
Twelve Months or More, Fair Value | 4,427 | 4,427 | 11,945 | ||
Twelve Months or More, Unrealized Losses | 14 | 14 | 147 | ||
Total, Fair Value | 4,427 | 4,427 | 19,095 | ||
Total, Unrealized Losses | $ 14 | $ 14 | 193 | ||
Number of securities with market fair value less than amortized cost | Security | 22 | 22 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized cost | $ 16,997 | $ 16,997 | 20,198 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 17,183 | 17,183 | 20,014 | ||
U.S. Agency Residential Mortgage-Backed [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized cost | 135,853 | 135,853 | 124,777 | ||
Unrealized Gains | 1,541 | 1,541 | 817 | ||
Unrealized Losses | 377 | 377 | 1,843 | ||
Fair Value | 137,017 | 137,017 | 123,751 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 5,109 | 5,109 | 18,374 | ||
Less Than Twelve Months, Unrealized Losses | 11 | 11 | 180 | ||
Twelve Months or More, Fair Value | 36,367 | 36,367 | 48,184 | ||
Twelve Months or More, Unrealized Losses | 366 | 366 | 1,663 | ||
Total, Fair Value | 41,476 | 41,476 | 66,558 | ||
Total, Unrealized Losses | $ 377 | $ 377 | 1,843 | ||
Number of securities with market fair value less than amortized cost | Security | 104 | 104 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized cost | $ 135,853 | $ 135,853 | 124,777 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 137,017 | 137,017 | 123,751 | ||
U.S. Agency Commercial Mortgage-Backed [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized cost | 12,183 | 12,183 | 5,909 | ||
Unrealized Gains | 99 | 99 | 1 | ||
Unrealized Losses | 44 | 44 | 184 | ||
Fair Value | 12,238 | 12,238 | 5,726 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 0 | 0 | 566 | ||
Less Than Twelve Months, Unrealized Losses | 0 | 0 | 3 | ||
Twelve Months or More, Fair Value | 4,322 | 4,322 | 5,094 | ||
Twelve Months or More, Unrealized Losses | 44 | 44 | 181 | ||
Total, Fair Value | 4,322 | 4,322 | 5,660 | ||
Total, Unrealized Losses | $ 44 | $ 44 | 184 | ||
Number of securities with market fair value less than amortized cost | Security | 9 | 9 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized cost | $ 12,183 | $ 12,183 | 5,909 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 12,238 | 12,238 | 5,726 | ||
Private Label Mortgage-Backed [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized cost | 29,617 | 29,617 | 29,735 | ||
Unrealized Gains | 588 | 588 | 321 | ||
Unrealized Losses | 76 | 76 | 637 | ||
Fair Value | 30,129 | 30,129 | 29,419 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 2,682 | 2,682 | 8,273 | ||
Less Than Twelve Months, Unrealized Losses | 3 | 3 | 57 | ||
Twelve Months or More, Fair Value | 3,273 | 3,273 | 16,145 | ||
Twelve Months or More, Unrealized Losses | 73 | 73 | 580 | ||
Total, Fair Value | 5,955 | 5,955 | 24,418 | ||
Total, Unrealized Losses | $ 76 | $ 76 | 637 | ||
Number of securities with market fair value less than amortized cost | Security | 11 | 11 | |||
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 | $ 29,617 | $ 29,617 | 29,735 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 30,129 | 30,129 | 29,419 | ||
Senior Security [Member] | |||||
Private Label Mortgage Backed Securities Below Investment Grade [Abstract] | |||||
Fair value | 713 | 713 | |||
Amortized cost | 595 | 595 | |||
Non-credit unrealized loss | 0 | 0 | |||
Unrealized gain | 118 | 118 | |||
Cumulative credit related OTTI | 757 | 757 | |||
Super Senior Security [Member] | |||||
Private Label Mortgage Backed Securities Below Investment Grade [Abstract] | |||||
Fair value | 700 | 700 | |||
Amortized cost | 521 | 521 | |||
Non-credit unrealized loss | 0 | 0 | |||
Unrealized gain | 179 | 179 | |||
Cumulative credit related OTTI | 457 | 457 | |||
Senior Support Security [Member] | |||||
Private Label Mortgage Backed Securities Below Investment Grade [Abstract] | |||||
Fair value | 17 | 17 | |||
Amortized cost | 0 | 0 | |||
Non-credit unrealized loss | 0 | 0 | |||
Unrealized gain | 17 | 17 | |||
Cumulative credit related OTTI | 380 | 380 | |||
Other Asset Backed [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized cost | 91,196 | 91,196 | 83,481 | ||
Unrealized Gains | 186 | 186 | 86 | ||
Unrealized Losses | 231 | 231 | 248 | ||
Fair Value | 91,151 | 91,151 | 83,319 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 38,729 | 38,729 | 53,043 | ||
Less Than Twelve Months, Unrealized Losses | 140 | 140 | 160 | ||
Twelve Months or More, Fair Value | 9,794 | 9,794 | 10,235 | ||
Twelve Months or More, Unrealized Losses | 91 | 91 | 88 | ||
Total, Fair Value | 48,523 | 48,523 | 63,278 | ||
Total, Unrealized Losses | $ 231 | $ 231 | 248 | ||
Number of securities with market fair value less than amortized cost | Security | 65 | 65 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized cost | $ 91,196 | $ 91,196 | 83,481 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 91,151 | 91,151 | 83,319 | ||
Obligations of States and Political Subdivisions [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized cost | 103,652 | 103,652 | 130,244 | ||
Unrealized Gains | 1,378 | 1,378 | 257 | ||
Unrealized Losses | 203 | 203 | 2,946 | ||
Fair Value | 104,827 | 104,827 | 127,555 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 9,211 | 9,211 | 25,423 | ||
Less Than Twelve Months, Unrealized Losses | 15 | 15 | 262 | ||
Twelve Months or More, Fair Value | 27,595 | 27,595 | 80,701 | ||
Twelve Months or More, Unrealized Losses | 188 | 188 | 2,684 | ||
Total, Fair Value | 36,806 | 36,806 | 106,124 | ||
Total, Unrealized Losses | $ 203 | $ 203 | 2,946 | ||
Number of securities with market fair value less than amortized cost | Security | 86 | 86 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized cost | $ 103,652 | $ 103,652 | 130,244 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 104,827 | 104,827 | 127,555 | ||
Corporate [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized cost | 32,964 | 32,964 | 34,866 | ||
Unrealized Gains | 929 | 929 | 29 | ||
Unrealized Losses | 11 | 11 | 586 | ||
Fair Value | 33,882 | 33,882 | 34,309 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 288 | 288 | 17,758 | ||
Less Than Twelve Months, Unrealized Losses | 1 | 1 | 343 | ||
Twelve Months or More, Fair Value | 3,188 | 3,188 | 9,222 | ||
Twelve Months or More, Unrealized Losses | 10 | 10 | 243 | ||
Total, Fair Value | 3,476 | 3,476 | 26,980 | ||
Total, Unrealized Losses | $ 11 | $ 11 | 586 | ||
Number of securities with market fair value less than amortized cost | Security | 5 | 5 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized cost | $ 32,964 | $ 32,964 | 34,866 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 33,882 | 33,882 | 34,309 | ||
Trust Preferred [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized cost | 1,966 | 1,966 | 1,964 | ||
Unrealized Gains | 0 | 0 | 0 | ||
Unrealized Losses | 115 | 115 | 145 | ||
Fair Value | 1,851 | 1,851 | 1,819 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less Than Twelve Months, Fair Value | 941 | 941 | 939 | ||
Less Than Twelve Months, Unrealized Losses | 60 | 60 | 61 | ||
Twelve Months or More, Fair Value | 910 | 910 | 880 | ||
Twelve Months or More, Unrealized Losses | 55 | 55 | 84 | ||
Total, Fair Value | 1,851 | 1,851 | 1,819 | ||
Total, Unrealized Losses | $ 115 | $ 115 | 145 | ||
Number of securities with market fair value less than amortized cost | Security | 2 | 2 | |||
Number of issues rated as investment grade | Security | 1 | 1 | |||
Number of securities not rated | Security | 1 | 1 | |||
Non-rated securities, amortized cost | $ 1,000 | $ 1,000 | |||
Fair value of non-rated trust preferred securities | 940 | 940 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||||
Amortized cost | 1,966 | 1,966 | 1,964 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | 1,851 | 1,851 | 1,819 | ||
Foreign Government [Member] | |||||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||||
Amortized cost | 2,030 | 2,030 | 2,050 | ||
Unrealized Gains | 1 | 1 | 0 | ||
Unrealized Losses | 4 | 4 | 36 | ||
Fair Value | 2,027 | 2,027 | 2,014 | ||
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 | 1,526 | 1,526 | 2,014 | ||
Twelve Months or More, Unrealized Losses | 4 | 4 | 36 | ||
Total, Fair Value | 1,526 | 1,526 | 2,014 | ||
Total, Unrealized Losses | $ 4 | $ 4 | 36 | ||
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 | $ 2,030 | $ 2,030 | 2,050 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||||
Total | $ 2,027 | $ 2,027 | $ 2,014 |
Securities, Gains and Losses Realized on Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Gain and losses realized on sale of securities available for sale [Abstract] | ||
Proceeds | $ 42,236 | $ 31,445 |
Realized gains | 169 | 81 |
Realized losses | 32 | 126 |
Trading securities, realized gain (loss) | 167 | (119) |
Gains (losses) related to preferred stock held for sale | $ 0 | $ (119) |
Loans, Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ||||||||
Balance at beginning of period | $ 25,254 | $ 23,071 | $ 24,888 | $ 22,587 | ||||
Additions (deductions) [Abstract] | ||||||||
Provision for loan losses | 652 | 650 | 1,316 | 965 | ||||
Recoveries credited to the allowance | 889 | 846 | 1,457 | 1,860 | ||||
Loans charged against the allowance | (892) | (1,063) | (1,758) | (1,908) | ||||
Balance at end of period | 25,903 | 23,504 | 25,903 | 23,504 | ||||
Allowance for loan losses [Abstract] | ||||||||
Individually evaluated for impairment | 6,027 | 6,027 | $ 6,310 | |||||
Collectively evaluated for impairment | 19,876 | 19,876 | 18,578 | |||||
Total ending allowance for loan losses balance | 25,903 | 25,903 | 24,888 | |||||
Loans [Abstract] | ||||||||
Individually evaluated for impairment | 55,435 | 55,435 | 58,461 | |||||
Collectively evaluated for impairment | 2,657,828 | 2,657,828 | 2,530,084 | |||||
Total loans recorded investment | 2,715,664 | 2,715,664 | 2,591,058 | |||||
Accrued interest included in recorded investment | 9,138 | 9,138 | 8,538 | |||||
Total loans | 2,706,526 | 2,706,526 | 2,582,520 | |||||
Loans Acquired with Deteriorated Credit Quality [Member] | ||||||||
Allowance for loan losses [Abstract] | ||||||||
Loans acquired with deteriorated credit quality | 0 | 0 | 0 | |||||
Loans [Abstract] | ||||||||
Loans acquired with deteriorated credit quality | 2,401 | 2,401 | 2,513 | |||||
Commercial [Member] | ||||||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ||||||||
Balance at beginning of period | 7,518 | 6,026 | 7,090 | 5,595 | ||||
Additions (deductions) [Abstract] | ||||||||
Provision for loan losses | 475 | (362) | 895 | (497) | ||||
Recoveries credited to the allowance | 378 | 434 | 505 | 1,040 | ||||
Loans charged against the allowance | (250) | (25) | (369) | (65) | ||||
Balance at end of period | 8,121 | 6,073 | 8,121 | 6,073 | ||||
Allowance for loan losses [Abstract] | ||||||||
Individually evaluated for impairment | 1,047 | 1,047 | 1,305 | |||||
Collectively evaluated for impairment | 7,074 | 7,074 | 5,785 | |||||
Total ending allowance for loan losses balance | 8,121 | 8,121 | 7,090 | |||||
Loans [Abstract] | ||||||||
Individually evaluated for impairment | 8,082 | 8,082 | 8,697 | |||||
Collectively evaluated for impairment | 1,169,792 | 1,169,792 | 1,137,586 | |||||
Total loans recorded investment | 1,179,364 | 1,179,364 | 1,147,892 | |||||
Accrued interest included in recorded investment | 3,394 | 3,394 | 3,411 | |||||
Total loans | 1,175,970 | 1,175,970 | 1,144,481 | |||||
Commercial [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||||||
Allowance for loan losses [Abstract] | ||||||||
Loans acquired with deteriorated credit quality | 0 | 0 | 0 | |||||
Loans [Abstract] | ||||||||
Loans acquired with deteriorated credit quality | 1,490 | 1,490 | 1,609 | |||||
Mortgage [Member] | ||||||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ||||||||
Balance at beginning of period | 8,412 | 8,621 | 7,978 | 8,733 | ||||
Additions (deductions) [Abstract] | ||||||||
Provision for loan losses | (386) | 216 | 187 | 363 | ||||
Recoveries credited to the allowance | 327 | 177 | 551 | 357 | ||||
Loans charged against the allowance | (291) | (718) | (654) | (1,157) | ||||
Balance at end of period | 8,062 | 8,296 | 8,062 | 8,296 | ||||
Allowance for loan losses [Abstract] | ||||||||
Individually evaluated for impairment | 4,715 | 4,715 | 4,799 | |||||
Collectively evaluated for impairment | 3,347 | 3,347 | 3,179 | |||||
Total ending allowance for loan losses balance | 8,062 | 8,062 | 7,978 | |||||
Loans [Abstract] | ||||||||
Individually evaluated for impairment | 44,095 | 44,095 | 46,394 | |||||
Collectively evaluated for impairment | 1,046,177 | 1,046,177 | 1,000,038 | |||||
Total loans recorded investment | 1,090,859 | 1,090,859 | 1,046,987 | |||||
Accrued interest included in recorded investment | [1] | 4,550 | 4,550 | 4,097 | ||||
Total loans | 1,086,309 | 1,086,309 | 1,042,890 | |||||
Mortgage [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||||||
Allowance for loan losses [Abstract] | ||||||||
Loans acquired with deteriorated credit quality | 0 | 0 | 0 | |||||
Loans [Abstract] | ||||||||
Loans acquired with deteriorated credit quality | 587 | 587 | 555 | |||||
Installment [Member] | ||||||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ||||||||
Balance at beginning of period | 1,251 | 795 | 895 | 864 | ||||
Additions (deductions) [Abstract] | ||||||||
Provision for loan losses | 209 | 138 | 732 | 207 | ||||
Recoveries credited to the allowance | 184 | 235 | 401 | 463 | ||||
Loans charged against the allowance | (351) | (320) | (735) | (686) | ||||
Balance at end of period | 1,293 | 848 | 1,293 | 848 | ||||
Allowance for loan losses [Abstract] | ||||||||
Individually evaluated for impairment | 265 | 265 | 206 | |||||
Collectively evaluated for impairment | 1,028 | 1,028 | 689 | |||||
Total ending allowance for loan losses balance | 1,293 | 1,293 | 895 | |||||
Loans [Abstract] | ||||||||
Individually evaluated for impairment | 3,258 | 3,258 | 3,370 | |||||
Collectively evaluated for impairment | 441,859 | 441,859 | 392,460 | |||||
Total loans recorded investment | 445,441 | 445,441 | 396,179 | |||||
Accrued interest included in recorded investment | [1] | 1,194 | 1,194 | 1,030 | ||||
Total loans | 444,247 | 444,247 | 395,149 | |||||
Installment [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||||||
Allowance for loan losses [Abstract] | ||||||||
Loans acquired with deteriorated credit quality | 0 | 0 | 0 | |||||
Loans [Abstract] | ||||||||
Loans acquired with deteriorated credit quality | 324 | 324 | 349 | |||||
Subjective Allocation [Member] | ||||||||
Analysis of allowance for loan losses by portfolio segment [Roll Forward] | ||||||||
Balance at beginning of period | 8,073 | 7,629 | 8,925 | 7,395 | ||||
Additions (deductions) [Abstract] | ||||||||
Provision for loan losses | 354 | 658 | (498) | 892 | ||||
Recoveries credited to the allowance | 0 | 0 | 0 | 0 | ||||
Loans charged against the allowance | 0 | 0 | 0 | 0 | ||||
Balance at end of period | 8,427 | $ 8,287 | 8,427 | $ 8,287 | ||||
Allowance for loan losses [Abstract] | ||||||||
Individually evaluated for impairment | 0 | 0 | 0 | |||||
Collectively evaluated for impairment | 8,427 | 8,427 | 8,925 | |||||
Total ending allowance for loan losses balance | 8,427 | 8,427 | 8,925 | |||||
Subjective Allocation [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||||||
Allowance for loan losses [Abstract] | ||||||||
Loans acquired with deteriorated credit quality | $ 0 | $ 0 | $ 0 | |||||
|
Loans, Receivables Past Due (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
---|---|---|---|---|---|
Non performing loans [Abstract] | |||||
90+ and Still Accruing | $ 0 | $ 5 | |||
Non-Accrual | 7,363 | 9,029 | |||
Total Non-performing Loans | 7,363 | 9,034 | |||
Accrued interest included in recorded investment | 0 | 0 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 12,443 | 12,795 | |||
Loans not Past Due | 2,703,221 | 2,578,263 | |||
Total loans recorded investment | 2,715,664 | 2,591,058 | |||
Accrued interest included in recorded investment | 9,138 | 8,538 | |||
Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 6,634 | 4,960 | |||
Accrued interest included in recorded investment | 66 | 44 | |||
Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 2,361 | 820 | |||
Accrued interest included in recorded investment | 32 | 11 | |||
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 | 3,448 | 7,015 | |||
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 | 98 | 55 | |||
Loans Not Past Due [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Accrued interest included in recorded investment | 9,040 | 8,483 | |||
Commercial [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Accrued interest included in recorded investment | 3,394 | 3,411 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 0 | 0 | |||
Total Non-performing Loans | 0 | 0 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 50 | 44 | |||
Loans not Past Due | 398,697 | 388,729 | |||
Total loans recorded investment | 398,747 | 388,773 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 50 | 44 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 0 | 0 | |||
Commercial [Member] | Income Producing - Real Estate [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 0 | 0 | |||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 0 | 0 | |||
Total Non-performing Loans | 0 | 0 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 0 | 0 | |||
Loans not Past Due | 93,213 | 84,458 | |||
Total loans recorded investment | 93,213 | 84,458 | |||
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 | 0 | |||
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 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 | 0 | 0 | |||
Commercial [Member] | Commercial and Industrial [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 803 | 2,220 | |||
Total Non-performing Loans | 803 | 2,220 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 874 | 1,538 | |||
Loans not Past Due | 686,530 | 673,123 | |||
Total loans recorded investment | 687,404 | 674,661 | |||
Commercial [Member] | Commercial and Industrial [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 132 | 1,538 | |||
Commercial [Member] | Commercial and Industrial [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 37 | 0 | |||
Commercial [Member] | Commercial and Industrial [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 705 | 0 | |||
Mortgage [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Accrued interest included in recorded investment | [1] | 4,550 | 4,097 | ||
Mortgage [Member] | 1-4 Family [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 5 | |||
Non-Accrual | 4,142 | 4,695 | |||
Total Non-performing Loans | 4,142 | 4,700 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 7,885 | 6,684 | |||
Loans not Past Due | 851,775 | 833,760 | |||
Total loans recorded investment | 859,660 | 840,444 | |||
Accrued interest included in recorded investment | [1] | 3,503 | 3,079 | ||
Mortgage [Member] | 1-4 Family [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 4,488 | 1,608 | |||
Mortgage [Member] | 1-4 Family [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 1,663 | 194 | |||
Mortgage [Member] | 1-4 Family [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 1,734 | 4,882 | |||
Mortgage [Member] | Resort Lending [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 720 | 755 | |||
Total Non-performing Loans | 720 | 755 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 1,155 | 1,007 | |||
Loans not Past Due | 73,578 | 80,774 | |||
Total loans recorded investment | 74,733 | 81,781 | |||
Accrued interest included in recorded investment | [1] | 367 | 363 | ||
Mortgage [Member] | Resort Lending [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 484 | 252 | |||
Mortgage [Member] | Resort Lending [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 238 | 0 | |||
Mortgage [Member] | Resort Lending [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 433 | 755 | |||
Mortgage [Member] | Home Equity - 1st Lien [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 196 | 159 | |||
Total Non-performing Loans | 196 | 159 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 325 | 335 | |||
Loans not Past Due | 36,201 | 38,909 | |||
Total loans recorded investment | 36,526 | 39,244 | |||
Accrued interest included in recorded investment | [1] | 176 | 199 | ||
Mortgage [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 178 | 176 | |||
Mortgage [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 96 | 0 | |||
Mortgage [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 51 | 159 | |||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 600 | 419 | |||
Total Non-performing Loans | 600 | 419 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 887 | 965 | |||
Loans not Past Due | 119,053 | 84,553 | |||
Total loans recorded investment | 119,940 | 85,518 | |||
Accrued interest included in recorded investment | [1] | 504 | 456 | ||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 458 | 446 | |||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 234 | 100 | |||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 195 | 419 | |||
Installment [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Accrued interest included in recorded investment | [1] | 1,194 | 1,030 | ||
Installment [Member] | Home Equity - 1st Lien [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 168 | 178 | |||
Total Non-performing Loans | 168 | 178 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 109 | 452 | |||
Loans not Past Due | 6,320 | 6,985 | |||
Total loans recorded investment | 6,429 | 7,437 | |||
Accrued interest included in recorded investment | [1] | 23 | 28 | ||
Installment [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 97 | 200 | |||
Installment [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 1 | 55 | |||
Installment [Member] | Home Equity - 1st Lien [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 11 | 197 | |||
Installment [Member] | Home Equity - 2nd Lien [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 220 | 226 | |||
Total Non-performing Loans | 220 | 226 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 320 | 361 | |||
Loans not Past Due | 5,431 | 6,683 | |||
Total loans recorded investment | 5,751 | 7,044 | |||
Accrued interest included in recorded investment | [1] | 19 | 25 | ||
Installment [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 188 | 111 | |||
Installment [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 19 | 24 | |||
Installment [Member] | Home Equity - 2nd Lien [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 113 | 226 | |||
Installment [Member] | Boat Lending [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 278 | 166 | |||
Total Non-performing Loans | 278 | 166 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 343 | 777 | |||
Loans not Past Due | 197,315 | 169,117 | |||
Total loans recorded investment | 197,658 | 169,894 | |||
Accrued interest included in recorded investment | [1] | 493 | 403 | ||
Installment [Member] | Boat Lending [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 287 | 316 | |||
Installment [Member] | Boat Lending [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 24 | 295 | |||
Installment [Member] | Boat Lending [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 32 | 166 | |||
Installment [Member] | Recreational Vehicle Lending [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 2 | 7 | |||
Total Non-performing Loans | 2 | 7 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 77 | 56 | |||
Loans not Past Due | 144,403 | 125,780 | |||
Total loans recorded investment | 144,480 | 125,836 | |||
Accrued interest included in recorded investment | [1] | 368 | 311 | ||
Installment [Member] | Recreational Vehicle Lending [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 72 | 28 | |||
Installment [Member] | Recreational Vehicle Lending [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 3 | 21 | |||
Installment [Member] | Recreational Vehicle Lending [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 2 | 7 | |||
Installment [Member] | Other [Member] | |||||
Non performing loans [Abstract] | |||||
90+ and Still Accruing | 0 | 0 | |||
Non-Accrual | 234 | 204 | |||
Total Non-performing Loans | 234 | 204 | |||
Aging analysis of loans by class [Abstract] | |||||
Total | 418 | 576 | |||
Loans not Past Due | 90,705 | 85,392 | |||
Total loans recorded investment | 91,123 | 85,968 | |||
Accrued interest included in recorded investment | [1] | 291 | 263 | ||
Installment [Member] | Other [Member] | Loans Past Due, 30-59 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 200 | 241 | |||
Installment [Member] | Other [Member] | Loans Past Due, 60-89 days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | 46 | 131 | |||
Installment [Member] | Other [Member] | Loans Past Due, 90+ days [Member] | |||||
Aging analysis of loans by class [Abstract] | |||||
Total | $ 172 | $ 204 | |||
|
Loans, Impaired Financing Receivables (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Impaired loans with no allocated allowance for loan losses [Abstract] | |||||
Troubled debt restructurings ("TDR") | $ 266 | $ 266 | $ 0 | ||
Non - TDR | 500 | 500 | 0 | ||
Impaired loans with an allocated allowance for loan losses [Abstract] | |||||
TDR - allowance based on collateral | 1,611 | 1,611 | 2,787 | ||
TDR - allowance based on present value cash flow | 50,262 | 50,262 | 53,258 | ||
Non - TDR - allowance based on collateral | 2,536 | 2,536 | 2,145 | ||
Total impaired loans | 55,175 | 55,175 | 58,190 | ||
Amount of allowance for loan losses allocated [Abstract] | |||||
TDR - allowance based on collateral | 272 | 272 | 769 | ||
TDR - allowance based on present value cash flow | 4,874 | 4,874 | 4,849 | ||
Non - TDR - allowance based on collateral | 881 | 881 | 692 | ||
Total amount of allowance for loan losses allocated | 6,027 | 6,027 | 6,310 | ||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 613 | 613 | 4 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 836 | 836 | 616 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 54,822 | 54,822 | 58,457 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 57,892 | 57,892 | 60,282 | ||
Recorded Investment | 55,435 | 55,435 | 58,461 | ||
Unpaid Principal Balance | 58,728 | 58,728 | 60,898 | ||
Related Allowance | 6,027 | 6,027 | 6,310 | ||
Accrued interest included in recorded investment | 260 | 260 | 271 | ||
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 | 484 | $ 1,849 | 324 | $ 1,408 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 2 | 15 | 2 | 27 | |
Average Recorded Investment, with an allowance for loan losses recorded | 56,119 | 62,383 | 56,898 | 63,260 | |
Interest Income Recognized, with an allowance for loan losses recorded | 708 | 747 | 1,473 | 1,538 | |
Average Recorded Investment | 56,603 | 64,232 | 57,222 | 64,668 | |
Interest Income Recognized | 710 | 762 | 1,475 | 1,565 | |
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 | 5,874 | 5,874 | 4,770 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 5,863 | 5,863 | 4,758 | ||
Recorded Investment | 5,874 | 5,874 | 4,770 | ||
Unpaid Principal Balance | 5,863 | 5,863 | 4,758 | ||
Related Allowance | 518 | 518 | 303 | ||
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 | 5,297 | 5,142 | 5,121 | 5,160 | |
Interest Income Recognized, with an allowance for loan losses recorded | 81 | 70 | 146 | 138 | |
Average Recorded Investment | 5,297 | 5,142 | 5,121 | 5,160 | |
Interest Income Recognized | 81 | 70 | 146 | 138 | |
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 | 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 | 290 | 290 | 290 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 288 | 288 | 289 | ||
Recorded Investment | 290 | 290 | 290 | ||
Unpaid Principal Balance | 288 | 288 | 289 | ||
Related Allowance | 31 | 31 | 35 | ||
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 | 1,201 | 0 | 801 | |
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 | 290 | 155 | 290 | 159 | |
Interest Income Recognized, with an allowance for loan losses recorded | 2 | 2 | 4 | 4 | |
Average Recorded Investment | 290 | 1,356 | 290 | 960 | |
Interest Income Recognized | 2 | 2 | 4 | 4 | |
Commercial [Member] | Commercial and Industrial [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 | 1,918 | 1,918 | 3,637 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 2,184 | 2,184 | 3,735 | ||
Recorded Investment | 1,918 | 1,918 | 3,637 | ||
Unpaid Principal Balance | 2,184 | 2,184 | 3,735 | ||
Related Allowance | 498 | 498 | 967 | ||
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 | 509 | 0 | 514 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 0 | 9 | 0 | 13 | |
Average Recorded Investment, with an allowance for loan losses recorded | 2,418 | 2,522 | 2,824 | 2,526 | |
Interest Income Recognized, with an allowance for loan losses recorded | 16 | 34 | 36 | 66 | |
Average Recorded Investment | 2,418 | 3,031 | 2,824 | 3,040 | |
Interest Income Recognized | 16 | 43 | 36 | 79 | |
Mortgage [Member] | 1-4 Family [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 613 | 613 | 3 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 800 | 800 | 474 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 30,411 | 30,411 | 32,842 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 32,568 | 32,568 | 34,427 | ||
Recorded Investment | 31,024 | 31,024 | 32,845 | ||
Unpaid Principal Balance | 33,368 | 33,368 | 34,901 | ||
Related Allowance | 3,171 | 3,171 | 2,859 | ||
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 | 484 | 138 | 324 | 92 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 2 | 3 | 2 | 9 | |
Average Recorded Investment, with an allowance for loan losses recorded | 31,364 | 35,345 | 31,857 | 35,846 | |
Interest Income Recognized, with an allowance for loan losses recorded | 414 | 431 | 860 | 889 | |
Average Recorded Investment | 31,848 | 35,483 | 32,181 | 35,938 | |
Interest Income Recognized | 416 | 434 | 862 | 898 | |
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 | 12,392 | 12,392 | 13,328 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 12,704 | 12,704 | 13,354 | ||
Recorded Investment | 12,392 | 12,392 | 13,328 | ||
Unpaid Principal Balance | 12,704 | 12,704 | 13,354 | ||
Related Allowance | 1,397 | 1,397 | 1,927 | ||
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 | 12,680 | 15,098 | 12,896 | 15,391 | |
Interest Income Recognized, with an allowance for loan losses recorded | 147 | 150 | 322 | 314 | |
Average Recorded Investment | 12,680 | 15,098 | 12,896 | 15,391 | |
Interest Income Recognized | 147 | 150 | 322 | 314 | |
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 | 125 | 125 | 65 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 187 | 187 | 64 | ||
Recorded Investment | 125 | 125 | 65 | ||
Unpaid Principal Balance | 187 | 187 | 64 | ||
Related Allowance | 26 | 26 | 4 | ||
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 | 122 | 111 | 103 | 131 | |
Interest Income Recognized, with an allowance for loan losses recorded | 2 | 1 | 3 | 3 | |
Average Recorded Investment | 122 | 111 | 103 | 131 | |
Interest Income Recognized | 2 | 1 | 3 | 3 | |
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 | 0 | 0 | 0 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 554 | 554 | 156 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 564 | 564 | 155 | ||
Recorded Investment | 554 | 554 | 156 | ||
Unpaid Principal Balance | 564 | 564 | 155 | ||
Related Allowance | 121 | 121 | 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 | 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 | 556 | 167 | 423 | 171 | |
Interest Income Recognized, with an allowance for loan losses recorded | 3 | 1 | 6 | 3 | |
Average Recorded Investment | 556 | 167 | 423 | 171 | |
Interest Income Recognized | 3 | 1 | 6 | 3 | |
Installment [Member] | Home Equity - 1st Lien [Member] | |||||
Impaired Loans by class [Abstract] | |||||
Recorded Investment, with no related allowance for loan losses recorded | 0 | 0 | 1 | ||
Unpaid Principal Balance, with no related allowance for loan losses recorded | 0 | 0 | 122 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 1,264 | 1,264 | 1,440 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 1,440 | 1,440 | 1,524 | ||
Recorded Investment | 1,264 | 1,264 | 1,441 | ||
Unpaid Principal Balance | 1,440 | 1,440 | 1,646 | ||
Related Allowance | 77 | 77 | 89 | ||
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 | 1 | 0 | 1 | |
Interest Income Recognized, with no related allowance for loan losses recorded | 0 | 2 | 0 | 4 | |
Average Recorded Investment, with an allowance for loan losses recorded | 1,326 | 1,596 | 1,364 | 1,619 | |
Interest Income Recognized, with an allowance for loan losses recorded | 19 | 25 | 43 | 54 | |
Average Recorded Investment | 1,326 | 1,597 | 1,364 | 1,620 | |
Interest Income Recognized | 19 | 27 | 43 | 58 | |
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 | 16 | 16 | 0 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 1,434 | 1,434 | 1,471 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 1,442 | 1,442 | 1,491 | ||
Recorded Investment | 1,434 | 1,434 | 1,471 | ||
Unpaid Principal Balance | 1,458 | 1,458 | 1,491 | ||
Related Allowance | 100 | 100 | 92 | ||
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 | 1,453 | 1,746 | 1,459 | 1,762 | |
Interest Income Recognized, with an allowance for loan losses recorded | 19 | 25 | 41 | 52 | |
Average Recorded Investment | 1,453 | 1,746 | 1,459 | 1,762 | |
Interest Income Recognized | 19 | 25 | 41 | 52 | |
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 | 5 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 32 | 32 | 0 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 48 | 48 | 0 | ||
Recorded Investment | 32 | 32 | 0 | ||
Unpaid Principal Balance | 53 | 53 | 5 | ||
Related Allowance | 11 | 11 | 0 | ||
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 | 1 | 44 | 1 | |
Interest Income Recognized, with an allowance for loan losses recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment | 67 | 1 | 44 | 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 | 51 | 51 | 79 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 51 | 51 | 79 | ||
Recorded Investment | 51 | 51 | 79 | ||
Unpaid Principal Balance | 51 | 51 | 79 | ||
Related Allowance | 4 | 4 | 4 | ||
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 | 86 | 71 | 87 | |
Interest Income Recognized, with an allowance for loan losses recorded | 0 | 1 | 1 | 2 | |
Average Recorded Investment | 67 | 86 | 71 | 87 | |
Interest Income Recognized | 0 | 1 | 1 | 2 | |
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 | 15 | 15 | 15 | ||
With no related allowance for loan losses recorded | 0 | 0 | 0 | ||
Recorded Investment, with an allowance for loan losses recorded | 477 | 477 | 379 | ||
Unpaid Principal Balance, with an allowance for loan losses recorded | 553 | 553 | 406 | ||
Recorded Investment | 477 | 477 | 379 | ||
Unpaid Principal Balance | 568 | 568 | 421 | ||
Related Allowance | 73 | 73 | $ 21 | ||
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 | 0 | 1 | |
Average Recorded Investment, with an allowance for loan losses recorded | 479 | 414 | 446 | 407 | |
Interest Income Recognized, with an allowance for loan losses recorded | 5 | 7 | 11 | 13 | |
Average Recorded Investment | 479 | 414 | 446 | 407 | |
Interest Income Recognized | $ 5 | $ 8 | $ 11 | $ 14 |
Loans, Troubled Debt Restructurings (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
Contract
|
Jun. 30, 2018
USD ($)
Contract
|
Jun. 30, 2019
USD ($)
Payment
Contract
|
Jun. 30, 2018
USD ($)
Contract
|
Dec. 31, 2018
USD ($)
|
||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | $ 52,139 | $ 52,139 | $ 56,045 | |||||||||
Number of consecutive timely payments required | Payment | 6 | |||||||||||
Troubled debt restructuring, specific reserve | $ 5,100 | $ 5,100 | 5,600 | |||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||||
Number of contracts | Contract | 7 | 7 | 11 | 19 | ||||||||
Pre-modification recorded balance | $ 1,935 | $ 382 | $ 2,325 | $ 1,305 | ||||||||
Post-modification recorded balance | 1,936 | 386 | 2,327 | 1,290 | ||||||||
Increase in allowance for loan losses | 40 | 40 | 50 | 10 | ||||||||
Charge offs due to troubled debt restructurings | 0 | 0 | $ 0 | 0 | ||||||||
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 | 49,302 | $ 49,302 | 53,087 | |||||||||
Non-performing TDRs [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | [1] | 2,837 | 2,837 | 2,958 | ||||||||
Commercial [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | 7,220 | 7,220 | 6,534 | |||||||||
Commercial [Member] | Performing TDRs [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | 7,166 | 7,166 | 6,460 | |||||||||
Commercial [Member] | Non-performing TDRs [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | [1] | $ 54 | $ 54 | 74 | ||||||||
Commercial [Member] | Income Producing - Real Estate [Member] | ||||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||||
Number of contracts | Contract | 2 | 0 | 2 | 1 | ||||||||
Pre-modification recorded balance | $ 1,329 | $ 0 | $ 1,329 | $ 67 | ||||||||
Post-modification recorded balance | $ 1,329 | $ 0 | $ 1,329 | $ 67 | ||||||||
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 | 0 | 2 | 1 | 5 | ||||||||
Pre-modification recorded balance | $ 0 | $ 153 | $ 49 | $ 587 | ||||||||
Post-modification recorded balance | $ 0 | $ 153 | $ 49 | $ 587 | ||||||||
Mortgage [Member] | 1-4 Family [Member] | ||||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||||
Number of contracts | Contract | 1 | 1 | 2 | 4 | ||||||||
Pre-modification recorded balance | $ 506 | $ 66 | $ 787 | $ 294 | ||||||||
Post-modification recorded balance | $ 505 | $ 69 | $ 786 | $ 280 | ||||||||
Mortgage [Member] | Resort 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 | ||||||||
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 | 2 | 2 | 5 | ||||||||
Pre-modification recorded balance | $ 25 | $ 90 | $ 49 | $ 188 | ||||||||
Post-modification recorded balance | $ 26 | $ 91 | $ 51 | $ 190 | ||||||||
Installment [Member] | Home Equity - 2nd Lien [Member] | ||||||||||||
Loans classified as troubled debt restructurings [Abstract] | ||||||||||||
Number of contracts | Contract | 3 | 1 | 4 | 2 | ||||||||
Pre-modification recorded balance | $ 75 | $ 32 | $ 111 | $ 93 | ||||||||
Post-modification recorded balance | $ 76 | $ 32 | $ 112 | $ 93 | ||||||||
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 | 0 | 2 | ||||||||
Pre-modification recorded balance | $ 0 | $ 41 | $ 0 | $ 76 | ||||||||
Post-modification recorded balance | 0 | $ 41 | 0 | $ 73 | ||||||||
Retail [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | [2] | 44,919 | 44,919 | 49,511 | ||||||||
Retail [Member] | Performing TDRs [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | [2] | 42,136 | 42,136 | 46,627 | ||||||||
Retail [Member] | Non-performing TDRs [Member] | ||||||||||||
Troubled Debt Restructuring [Abstract] | ||||||||||||
Troubled debt restructuring | [1],[2],[3] | $ 2,783 | $ 2,783 | $ 2,884 | ||||||||
|
Loans, Loan Ratings by Loan Class, Commercial (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | $ 2,715,664 | $ 2,591,058 |
Accrued interest included in total | 9,138 | 8,538 |
Commercial [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 1,179,364 | 1,147,892 |
Accrued interest included in total | 3,394 | 3,411 |
Commercial [Member] | Non-Watch 1-6 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 1,100,267 | 1,082,510 |
Accrued interest included in total | 3,158 | 3,107 |
Commercial [Member] | Watch 7-8 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 72,842 | 57,184 |
Accrued interest included in total | 219 | 174 |
Commercial [Member] | Substandard Accrual 9 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 5,452 | 5,777 |
Accrued interest included in total | 17 | 130 |
Commercial [Member] | Non-Accrual 10-11 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 803 | 2,421 |
Accrued interest included in total | 0 | 0 |
Commercial [Member] | Income Producing - Real Estate [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 398,747 | 388,773 |
Commercial [Member] | Income Producing - Real Estate [Member] | Non-Watch 1-6 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 382,198 | 375,142 |
Commercial [Member] | Income Producing - Real Estate [Member] | Watch 7-8 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 15,777 | 13,387 |
Commercial [Member] | Income Producing - Real Estate [Member] | Substandard Accrual 9 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 772 | 200 |
Commercial [Member] | Income Producing - Real Estate [Member] | Non-Accrual 10-11 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 0 | 44 |
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 93,213 | 84,458 |
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Non-Watch 1-6 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 83,971 | 76,120 |
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Watch 7-8 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 8,467 | 8,328 |
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Substandard Accrual 9 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 775 | 0 |
Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | Non-Accrual 10-11 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 0 | 10 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 687,404 | 674,661 |
Commercial [Member] | Commercial and Industrial [Member] | Non-Watch 1-6 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 634,098 | 631,248 |
Commercial [Member] | Commercial and Industrial [Member] | Watch 7-8 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 48,598 | 35,469 |
Commercial [Member] | Commercial and Industrial [Member] | Substandard Accrual 9 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | 3,905 | 5,577 |
Commercial [Member] | Commercial and Industrial [Member] | Non-Accrual 10-11 [Member] | ||
Summary of Loan Ratings by Loan Class [Abstract] | ||
Commercial | $ 803 | $ 2,367 |
Loans, Credit Scores by Loan Class, Mortgage and Installment Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||
Accrued interest included in total | $ 9,138 | $ 9,138 | $ 8,538 | |||||||
Other Real Estate and Foreclosed Assets [Abstract] | ||||||||||
Foreclosed residential real estate properties | 1,200 | 1,200 | 1,200 | |||||||
Retail mortgage loans in process of foreclosure | 600 | 600 | 300 | |||||||
Sale of Mortgage Loans [Abstract] | ||||||||||
Proceeds from sale of mortgage loan | 40,630 | $ 16,460 | ||||||||
Net gains on mortgage loans | 4,302 | $ 3,255 | 7,913 | $ 5,826 | ||||||
Fixed Rate Residential Mortgage and Adjustable Rate Residential Mortgage [Member] | ||||||||||
Sale of Mortgage Loans [Abstract] | ||||||||||
Proceeds from sale of mortgage loan | $ 16,500 | |||||||||
Net gains on mortgage loans | $ 50 | |||||||||
Residential Adjustable Rate Mortgage Loans [Member] | ||||||||||
Sale of Mortgage Loans [Abstract] | ||||||||||
Proceeds from sale of mortgage loan | $ 40,600 | |||||||||
Net gains on mortgage loans | 10 | |||||||||
Residential Fixed Rate Mortgage Loans [Member] | Freddie Mac [Member] | ||||||||||
Sale of Mortgage Loans [Abstract] | ||||||||||
Proceeds from sale of mortgage loan | 29,800 | |||||||||
Net gains on mortgage loans | $ 530 | |||||||||
Mortgage [Member] | ||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||
800 and above | [1] | 140,753 | 140,753 | 121,012 | ||||||
750-799 | [1] | 492,544 | 492,544 | 476,484 | ||||||
700-749 | [1] | 254,575 | 254,575 | 252,126 | ||||||
650-699 | [1] | 114,571 | 114,571 | 114,460 | ||||||
600-649 | [1] | 39,140 | 39,140 | 41,748 | ||||||
550-599 | [1] | 20,801 | 20,801 | 17,301 | ||||||
500-549 | [1] | 13,490 | 13,490 | 9,789 | ||||||
Under 500 | [1] | 4,937 | 4,937 | 3,155 | ||||||
Unknown | [1] | 10,048 | 10,048 | 10,912 | ||||||
Total | [1] | 1,090,859 | 1,090,859 | 1,046,987 | ||||||
Accrued interest included in total | [1] | 4,550 | 4,550 | 4,097 | ||||||
Mortgage [Member] | 1-4 Family [Member] | ||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||
800 and above | [1] | 110,599 | 110,599 | 94,492 | ||||||
750-799 | [1] | 391,241 | 391,241 | 384,344 | ||||||
700-749 | [1] | 195,867 | 195,867 | 202,440 | ||||||
650-699 | [1] | 89,819 | 89,819 | 91,847 | ||||||
600-649 | [1] | 31,668 | 31,668 | 34,342 | ||||||
550-599 | [1] | 16,755 | 16,755 | 13,771 | ||||||
500-549 | [1] | 11,333 | 11,333 | 8,439 | ||||||
Under 500 | [1] | 4,192 | 4,192 | 2,533 | ||||||
Unknown | [1] | 8,186 | 8,186 | 8,236 | ||||||
Total | [1] | 859,660 | 859,660 | 840,444 | ||||||
Accrued interest included in total | [1] | 3,503 | 3,503 | 3,079 | ||||||
Mortgage [Member] | Resort Lending [Member] | ||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||
800 and above | [1] | 11,748 | 11,748 | 10,898 | ||||||
750-799 | [1] | 32,894 | 32,894 | 36,542 | ||||||
700-749 | [1] | 15,747 | 15,747 | 17,282 | ||||||
650-699 | [1] | 8,074 | 8,074 | 9,945 | ||||||
600-649 | [1] | 2,597 | 2,597 | 3,088 | ||||||
550-599 | [1] | 1,465 | 1,465 | 1,867 | ||||||
500-549 | [1] | 684 | 684 | 106 | ||||||
Under 500 | [1] | 81 | 81 | 143 | ||||||
Unknown | [1] | 1,443 | 1,443 | 1,910 | ||||||
Total | [1] | 74,733 | 74,733 | 81,781 | ||||||
Accrued interest included in total | [1] | 367 | 367 | 363 | ||||||
Mortgage [Member] | Home Equity - 1st Lien [Member] | ||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||
800 and above | [1] | 5,783 | 5,783 | 6,784 | ||||||
750-799 | [1] | 15,624 | 15,624 | 17,303 | ||||||
700-749 | [1] | 9,584 | 9,584 | 9,155 | ||||||
650-699 | [1] | 3,623 | 3,623 | 3,987 | ||||||
600-649 | [1] | 663 | 663 | 959 | ||||||
550-599 | [1] | 652 | 652 | 427 | ||||||
500-549 | [1] | 325 | 325 | 418 | ||||||
Under 500 | [1] | 272 | 272 | 98 | ||||||
Unknown | [1] | 0 | 0 | 113 | ||||||
Total | [1] | 36,526 | 36,526 | 39,244 | ||||||
Accrued interest included in total | [1] | 176 | 176 | 199 | ||||||
Mortgage [Member] | Home Equity - 2nd Lien [Member] | ||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||
800 and above | [1] | 12,623 | 12,623 | 8,838 | ||||||
750-799 | [1] | 52,785 | 52,785 | 38,295 | ||||||
700-749 | [1] | 33,377 | 33,377 | 23,249 | ||||||
650-699 | [1] | 13,055 | 13,055 | 8,681 | ||||||
600-649 | [1] | 4,212 | 4,212 | 3,359 | ||||||
550-599 | [1] | 1,929 | 1,929 | 1,236 | ||||||
500-549 | [1] | 1,148 | 1,148 | 826 | ||||||
Under 500 | [1] | 392 | 392 | 381 | ||||||
Unknown | [1] | 419 | 419 | 653 | ||||||
Total | [1] | 119,940 | 119,940 | 85,518 | ||||||
Accrued interest included in total | [1] | 504 | 504 | 456 | ||||||
Installment [Member] | ||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||
800 and above | [1] | 56,161 | 56,161 | 48,026 | ||||||
750-799 | [1] | 238,533 | 238,533 | 208,972 | ||||||
700-749 | [1] | 96,428 | 96,428 | 87,978 | ||||||
650-699 | [1] | 29,423 | 29,423 | 28,162 | ||||||
600-649 | [1] | 8,323 | 8,323 | 7,668 | ||||||
550-599 | [1] | 3,460 | 3,460 | 3,360 | ||||||
500-549 | [1] | 2,056 | 2,056 | 1,775 | ||||||
Under 500 | [1] | 532 | 532 | 548 | ||||||
Unknown | [1] | 10,525 | 10,525 | 9,690 | ||||||
Total | [1] | 445,441 | 445,441 | 396,179 | ||||||
Accrued interest included in total | [1] | 1,194 | 1,194 | 1,030 | ||||||
Installment [Member] | Home Equity - 1st Lien [Member] | ||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||
800 and above | [1] | 449 | 449 | 555 | ||||||
750-799 | [1] | 1,219 | 1,219 | 1,502 | ||||||
700-749 | [1] | 1,390 | 1,390 | 1,582 | ||||||
650-699 | [1] | 1,496 | 1,496 | 1,606 | ||||||
600-649 | [1] | 993 | 993 | 996 | ||||||
550-599 | [1] | 550 | 550 | 759 | ||||||
500-549 | [1] | 313 | 313 | 384 | ||||||
Under 500 | [1] | 19 | 19 | 51 | ||||||
Unknown | [1] | 0 | 0 | 2 | ||||||
Total | [1] | 6,429 | 6,429 | 7,437 | ||||||
Accrued interest included in total | [1] | 23 | 23 | 28 | ||||||
Installment [Member] | Home Equity - 2nd Lien [Member] | ||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||
800 and above | [1] | 231 | 231 | 235 | ||||||
750-799 | [1] | 1,517 | 1,517 | 1,642 | ||||||
700-749 | [1] | 1,224 | 1,224 | 1,682 | ||||||
650-699 | [1] | 1,161 | 1,161 | 1,217 | ||||||
600-649 | [1] | 730 | 730 | 1,272 | ||||||
550-599 | [1] | 573 | 573 | 658 | ||||||
500-549 | [1] | 217 | 217 | 229 | ||||||
Under 500 | [1] | 55 | 55 | 6 | ||||||
Unknown | [1] | 43 | 43 | 103 | ||||||
Total | [1] | 5,751 | 5,751 | 7,044 | ||||||
Accrued interest included in total | [1] | 19 | 19 | 25 | ||||||
Installment [Member] | Boat Lending [Member] | ||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||
800 and above | [1] | 26,585 | 26,585 | 20,767 | ||||||
750-799 | [1] | 115,402 | 115,402 | 100,191 | ||||||
700-749 | [1] | 41,608 | 41,608 | 35,455 | ||||||
650-699 | [1] | 10,612 | 10,612 | 10,581 | ||||||
600-649 | [1] | 1,879 | 1,879 | 1,657 | ||||||
550-599 | [1] | 831 | 831 | 652 | ||||||
500-549 | [1] | 486 | 486 | 286 | ||||||
Under 500 | [1] | 229 | 229 | 266 | ||||||
Unknown | [1] | 26 | 26 | 39 | ||||||
Total | [1] | 197,658 | 197,658 | 169,894 | ||||||
Accrued interest included in total | [1] | 493 | 493 | 403 | ||||||
Installment [Member] | Recreational Vehicle Lending [Member] | ||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||
800 and above | [1] | 22,213 | 22,213 | 20,197 | ||||||
750-799 | [1] | 85,635 | 85,635 | 74,154 | ||||||
700-749 | [1] | 28,261 | 28,261 | 24,890 | ||||||
650-699 | [1] | 5,728 | 5,728 | 4,918 | ||||||
600-649 | [1] | 1,767 | 1,767 | 992 | ||||||
550-599 | [1] | 653 | 653 | 453 | ||||||
500-549 | [1] | 181 | 181 | 225 | ||||||
Under 500 | [1] | 42 | 42 | 7 | ||||||
Unknown | [1] | 0 | 0 | 0 | ||||||
Total | [1] | 144,480 | 144,480 | 125,836 | ||||||
Accrued interest included in total | [1] | 368 | 368 | 311 | ||||||
Installment [Member] | Other [Member] | ||||||||||
Loan ratings/credit scores by loan class [Abstract] | ||||||||||
800 and above | [1] | 6,683 | 6,683 | 6,272 | ||||||
750-799 | [1] | 34,760 | 34,760 | 31,483 | ||||||
700-749 | [1] | 23,945 | 23,945 | 24,369 | ||||||
650-699 | [1] | 10,426 | 10,426 | 9,840 | ||||||
600-649 | [1] | 2,954 | 2,954 | 2,751 | ||||||
550-599 | [1] | 853 | 853 | 838 | ||||||
500-549 | [1] | 859 | 859 | 651 | ||||||
Under 500 | [1] | 187 | 187 | 218 | ||||||
Unknown | [1] | 10,456 | 10,456 | 9,546 | ||||||
Total | [1] | 91,123 | 91,123 | 85,968 | ||||||
Accrued interest included in total | [1] | $ 291 | $ 291 | $ 263 | ||||||
|
Loans, Purchase Credit Impaired ("PCI") Loans (Details) - TCSB Bancorp, Inc. [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Carrying amount of loans that meet the criteria of ASC 310-30 treatment [Abstract] | |||||
Total carrying amount | $ 2,401 | $ 2,401 | $ 2,513 | ||
Allowance for loan losses | 0 | 0 | 0 | ||
Carrying amount, net of allowance for loan losses | 2,401 | 2,401 | 2,513 | ||
Accretable yield of PCI loans, or income expected to be collected [Roll Forward] | |||||
Balance at beginning of period | 788 | $ 0 | 462 | $ 0 | |
New loans purchased | 0 | 568 | 0 | 568 | |
Accretion recorded as loan interest income | (39) | (35) | (78) | (35) | |
Reclassification from (to) nonaccretable difference | 0 | 0 | 365 | 0 | |
Disposals/other adjustments | 0 | 0 | 0 | 0 | |
Balance at end of period | 749 | $ 533 | 749 | $ 533 | |
Commercial [Member] | |||||
Carrying amount of loans that meet the criteria of ASC 310-30 treatment [Abstract] | |||||
Total carrying amount | 1,490 | 1,490 | 1,609 | ||
Mortgage [Member] | |||||
Carrying amount of loans that meet the criteria of ASC 310-30 treatment [Abstract] | |||||
Total carrying amount | 587 | 587 | 555 | ||
Installment [Member] | |||||
Carrying amount of loans that meet the criteria of ASC 310-30 treatment [Abstract] | |||||
Total carrying amount | $ 324 | $ 324 | $ 349 |
Shareholders' Equity and Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 18, 2018 |
||||
Share Repurchase Plan [Abstract] | ||||||||
Share repurchase plan percentage of shares authorized to be repurchased | 5.00% | |||||||
Stock repurchased (in shares) | 1,063,901 | 1,179,688 | ||||||
Stock repurchased | $ 23,252 | $ 25,782 | ||||||
Earnings Per Share Reconciliation [Abstract] | ||||||||
Net Income | $ 10,730 | $ 8,817 | $ 20,111 | $ 17,978 | ||||
Weighted average shares outstanding (in shares) | [1] | 23,036,000 | 24,109,000 | 23,310,000 | 22,745,000 | |||
Stock units for deferred compensation plan for non-employee directors (in shares) | 128,000 | 126,000 | 130,000 | 125,000 | ||||
Effect of stock options (in shares) | 112,000 | 224,000 | 119,000 | 179,000 | ||||
Performance share units (in shares) | 37,000 | 51,000 | 39,000 | 50,000 | ||||
Weighted average shares outstanding for calculation of diluted earnings per share (in shares) | 23,313,000 | 24,510,000 | 23,598,000 | 23,099,000 | ||||
Net income per common share [Abstract] | ||||||||
Basic (in dollars per share) | [1] | $ 0.47 | $ 0.37 | $ 0.86 | $ 0.79 | |||
Diluted (in dollars per share) | $ 0.46 | $ 0.36 | $ 0.85 | $ 0.78 | ||||
Common Stock [Member] | ||||||||
Share Repurchase Plan [Abstract] | ||||||||
Share repurchase plan percentage of shares repurchased | 5.00% | |||||||
Number of shares authorized for repurchase (in shares) | 300,000 | 300,000 | ||||||
Stock repurchased (in shares) | 1,179,688 | 0 | ||||||
Stock repurchased | $ 23,252 | $ 25,782 | $ 0 | |||||
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 |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Derivative financial instrument according to type of hedge [Abstract] | ||
Unrealized gain on cash flow hedges, net of tax | $ 120 | |
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 6,233 | $ 5,155 |
Liability Derivatives | 4,217 | 2,326 |
Interest-Rate Cap Agreements [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Unrecognized premiums | $ 2,500 | 2,700 |
Maximum [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Term of cash flow hedge | 4 years 3 months 18 days | |
Cash Flow Hedge Designation [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 175,000 | $ 175,000 |
Average Maturity | 3 years | 3 years 6 months |
Fair Value | $ 405 | $ 2,525 |
Cash Flow Hedge Designation [Member] | Interest-Rate Cap Agreements [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 150,000 | $ 150,000 |
Average Maturity | 3 years 1 month 6 days | 3 years 7 months 6 days |
Fair Value | $ 576 | $ 2,245 |
Designated as Hedging Instrument [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 576 | 2,525 |
Liability Derivatives | 374 | 0 |
No Hedge Designation [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 447,138 | $ 285,148 |
Average Maturity | 2 years 8 months 12 days | 3 years 8 months 12 days |
Fair Value | $ 1,814 | $ 304 |
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 5,657 | 2,630 |
Liability Derivatives | 3,843 | 2,326 |
No Hedge Designation [Member] | Rate-Lock Mortgage Loan Commitments [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 81,784 | $ 32,473 |
Average Maturity | 1 month 6 days | 1 month 6 days |
Fair Value | $ 2,147 | $ 687 |
No Hedge Designation [Member] | Mandatory Commitments to Sell Mortgage Loans [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 141,434 | $ 57,583 |
Average Maturity | 1 month 6 days | 1 month 6 days |
Fair Value | $ (334) | $ (383) |
No Hedge Designation [Member] | Purchased Options [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 3,095 | $ 3,095 |
Average Maturity | 2 years | 2 years 6 months |
Fair Value | $ 171 | $ 116 |
No Hedge Designation [Member] | Written Options [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 3,035 | $ 3,095 |
Average Maturity | 2 years | 2 years 6 months |
Fair Value | $ (170) | $ (116) |
Fixed Income Interest Rate [Member] | Fair Value Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 7,117 | |
Average Maturity | 9 years 10 months 24 days | |
Fair Value | $ (203) | |
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 | $ 25,000 |
Average Maturity | 2 years 1 month 6 days | 2 years 7 months 6 days |
Fair Value | $ (171) | $ 280 |
Fixed Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 108,895 | $ 94,451 |
Average Maturity | 5 years 3 months 18 days | 5 years 6 months |
Fair Value | $ (3,179) | $ 405 |
Variable Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Derivative financial instrument according to type of hedge [Abstract] | ||
Notional Amount | $ 108,895 | $ 94,451 |
Average Maturity | 5 years 3 months 18 days | 5 years 6 months |
Fair Value | $ 3,179 | $ (405) |
Other Assets [Member] | Designated as Hedging Instrument [Member] | Interest-Rate Cap Agreements [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 576 | 2,245 |
Other Assets [Member] | No Hedge Designation [Member] | Rate-Lock Mortgage Loan Commitments [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 2,147 | 687 |
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 | 0 | 0 |
Other Assets [Member] | No Hedge Designation [Member] | Purchased Options [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 171 | 116 |
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 | 0 | 280 |
Other Assets [Member] | Fixed Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 80 | 1,116 |
Other Assets [Member] | Variable Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Asset Derivatives | 3,259 | 711 |
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 | 334 | 383 |
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 | 170 | 116 |
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 | 374 | 0 |
Other Liabilities [Member] | Fixed Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | 3,259 | 711 |
Other Liabilities [Member] | Variable Income Interest Rate [Member] | No Hedge Designation [Member] | Interest Rate Swap [Member] | ||
Fair value of derivative instruments, balance sheet location [Abstract] | ||
Liability Derivatives | $ 80 | $ 1,116 |
Derivative Financial Instruments, Effect on Statement of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion) | $ (756) | $ 327 | $ (1,668) | $ 1,011 | |||
Fair Value Hedge Designation [Member] | Interest Rate Swap [Member] | Interest Income [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain (Loss) Recognized in Income | [1] | (203) | 0 | (203) | 0 | ||
Cash Flow Hedge Designation [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion) | (756) | 327 | (1,668) | 1,011 | |||
Gain Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 142 | 53 | 291 | 59 | |||
Gain (Loss) Recognized in Income | [1] | 0 | (24) | 0 | (12) | ||
Cash Flow Hedge Designation [Member] | Interest-Rate Cap Agreements [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion) | (489) | 244 | (1,274) | 757 | |||
Cash Flow Hedge Designation [Member] | Interest-Rate Cap Agreements [Member] | Interest Expense [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 115 | 45 | 233 | 52 | |||
Gain (Loss) Recognized in Income | [1] | 0 | 0 | 0 | 0 | ||
Cash Flow Hedge Designation [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 (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion) | (267) | 83 | (394) | 254 | |||
Cash Flow Hedge Designation [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 Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 27 | 8 | 58 | 7 | |||
Gain (Loss) Recognized in Income | [1] | 0 | (24) | 0 | (12) | ||
No Hedge Designation [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain (Loss) Recognized in Income | 705 | 170 | 1,510 | 438 | |||
No Hedge Designation [Member] | Rate-Lock Mortgage Loan Commitments [Member] | Mortgage Loan Gains [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain (Loss) Recognized in Income | 831 | 244 | 1,460 | 672 | |||
No Hedge Designation [Member] | Mandatory Commitments to Sell Mortgage Loans [Member] | Mortgage Loan Gains [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain (Loss) Recognized in Income | (125) | (110) | 49 | (270) | |||
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 (Loss) Recognized in Income | (31) | (6) | 55 | (99) | |||
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 (Loss) Recognized in Income | 30 | 6 | (54) | 99 | |||
No Hedge Designation [Member] | Fixed Income Interest Rate [Member] | Interest Rate Swap [Member] | Interest Income [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain (Loss) Recognized in Income | (2,437) | 487 | (3,584) | 1,543 | |||
No Hedge Designation [Member] | Variable 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) Recognized in Income | 0 | 36 | 0 | 36 | |||
No Hedge Designation [Member] | Variable Income Interest Rate [Member] | Interest Rate Swap [Member] | Interest Income [Member] | |||||||
Effect of derivative financial instruments on the condensed consolidated financial statements of operations [Abstract] | |||||||
Gain (Loss) Recognized in Income | $ 2,437 | $ (487) | $ 3,584 | $ (1,543) | |||
|
Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Amortized intangible assets - core deposits [Abstract] | ||
Gross Carrying Amount | $ 11,916 | $ 11,916 |
Accumulated Amortization | 6,046 | 5,501 |
Unamortized intangible assets - goodwill [Abstract] | ||
Gross Carrying Amount | 28,300 | $ 28,300 |
Summary of estimated core deposit intangible amortization [Abstract] | ||
Six months ending December 31, 2019 | 544 | |
2020 | 1,020 | |
2021 | 970 | |
2022 | 785 | |
2023 | 547 | |
2024 and thereafter | 2,004 | |
Total | $ 5,870 |
Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Share Based Compensation [Abstract] | ||||
Number of additional shares approved for grant (in shares) | 500,000 | |||
Total compensation cost not yet recognized | $ 2,700 | $ 2,700 | ||
Total compensation cost not yet recognized, period for recognition | 2 years | |||
Information regarding options exercised [Abstract] | ||||
Intrinsic value | 0 | $ 1,596 | $ 836 | $ 1,674 |
Cash proceeds received | 0 | 971 | 695 | 984 |
Tax benefit realized | 0 | 336 | 176 | 352 |
Long-Term Incentive Plan [Member] | ||||
Share Based Compensation [Abstract] | ||||
Total compensation expense recognized | 400 | 400 | 800 | 700 |
Tax benefit relating to compensation expense recognized | $ 100 | $ 100 | $ 200 | 200 |
Stock Options [Member] | ||||
Number of Shares [Roll Forward] | ||||
Outstanding, beginning balance (in shares) | 211,421 | |||
Granted (in shares) | 0 | |||
Exercised (in shares) | (68,399) | |||
Forfeited (in shares) | 0 | |||
Expired (in shares) | (558) | |||
Outstanding, ending balance (in shares) | 142,464 | 142,464 | ||
Vested and expected to vest, period end (in shares) | 142,464 | 142,464 | ||
Exercisable, period end (in shares) | 142,464 | 142,464 | ||
Average Exercise Price [Roll Forward] | ||||
Outstanding, beginning balance (in dollars per share) | $ 6.48 | |||
Exercised (in dollars per share) | 10.16 | |||
Expired (in dollars per share) | 22.35 | |||
Outstanding, ending balance (in dollars per share) | $ 4.66 | 4.66 | ||
Vested and expected to vest, period end (in dollars per share) | 4.66 | 4.66 | ||
Exercisable, period end (in dollars per share) | $ 4.66 | $ 4.66 | ||
Weighted-Average Remaining Contractual Term (Years) [Abstract] | ||||
Outstanding, weighted average remaining contractual term | 3 years 6 months | |||
Vested and expected to vest, weighted-average remaining contractual term | 3 years 6 months | |||
Exercisable, weighted average remaining contractual term | 3 years 6 months | |||
Aggregate Intrinsic Value [Abstract] | ||||
Outstanding, aggregate intrinsic value | $ 2,442 | $ 2,442 | ||
Vested and expected to vest, aggregate intrinsic value | 2,442 | 2,442 | ||
Exercisable, aggregate intrinsic value | $ 2,442 | $ 2,442 | ||
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 | 2,000 | ||
Vesting period | 3 years | 3 years | ||
Non-Vested Restricted Stock and PSUs [Member] | ||||
Number of Shares [Roll Forward] | ||||
Outstanding, beginning balance (in shares) | 258,419 | |||
Granted (in shares) | 78,283 | |||
Vested (in shares) | (85,788) | |||
Forfeited (in shares) | (11,475) | |||
Outstanding, ending balance (in shares) | 239,439 | 239,439 | ||
Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Outstanding, beginning balance (in dollars per share) | $ 19.00 | |||
Granted (in dollars per share) | 22.98 | |||
Vested (in dollars per share) | 14.55 | |||
Forfeited (in dollars per share) | 22.91 | |||
Outstanding, ending balance (in dollars per share) | $ 21.72 | $ 21.72 | ||
Non-Employee Directors [Member] | ||||
Share Based Compensation [Abstract] | ||||
Number of additional shares approved for grant (in shares) | 200,000 | |||
Total compensation expense recognized | $ 60 | $ 50 | $ 110 | 110 |
Tax benefit relating to compensation expense recognized | $ 10 | $ 10 | $ 20 | $ 20 |
Executive 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) | 4,000 | 9,000 | 50,000 | 50,000 |
Vesting period | 3 years | 3 years | ||
Executive 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 | |||
Directors [Member] | ||||
Share Based Compensation [Abstract] | ||||
Shares issues as retainer fees (in shares) | 5,000 | 5,000 |
Income Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Income Tax [Abstract] | |||||
Income tax expense | $ 2,687 | $ 2,067 | $ 4,854 | $ 4,105 | |
Decrease in income tax expense | 0 | $ 100 | 200 | $ 300 | |
Gross unrecognized tax benefits | $ 600 | $ 600 | $ 600 |
Regulatory Matters (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
||||
Regulatory Matters [Abstract] | |||||||||
Undivided profits | $ 32,600 | ||||||||
Tier 1 capital to average assets [Abstract] | |||||||||
Capital conservation buffer | 2.50% | 1.875% | |||||||
Components of regulatory capital [Abstract] | |||||||||
Total shareholders' equity | $ 330,846 | $ 338,994 | $ 344,726 | $ 337,083 | $ 267,917 | $ 264,933 | |||
Add (deduct) [Abstract] | |||||||||
Accumulated other comprehensive (income) loss for regulatory purposes | (4,431) | (10,108) | |||||||
Consolidated [Member] | |||||||||
Total capital to risk-weighted assets [Abstract] | |||||||||
Total risk-based capital | [1] | $ 360,894 | $ 371,603 | ||||||
Actual, Ratio | [1] | 13.36% | 14.25% | ||||||
Minimum for Adequately Capitalized Institutions, Amount | [1] | $ 216,166 | $ 208,572 | ||||||
Minimum for Adequately Capitalized Institutions, Ratio | [1] | 8.00% | 8.00% | ||||||
Tier 1 capital to risk-weighted assets [Abstract] | |||||||||
Actual, Amount | [1] | $ 333,508 | $ 345,419 | ||||||
Actual, Ratio | [1] | 12.34% | 13.25% | ||||||
Minimum for Adequately Capitalized Institutions, Amount | [1] | $ 162,125 | $ 156,429 | ||||||
Minimum for Adequately Capitalized Institutions, Ratio | [1] | 6.00% | 6.00% | ||||||
Common equity tier 1 capital to risk-weighted assets [Abstract] | |||||||||
Actual, Amount | [1] | $ 295,310 | $ 307,255 | ||||||
Actual, Ratio | [1] | 10.93% | 11.79% | ||||||
Minimum for Adequately Capitalized Institutions, Amount | [1] | $ 121,594 | $ 117,322 | ||||||
Minimum for Adequately Capitalized Institutions, Ratio | [1] | 4.50% | 4.50% | ||||||
Tier 1 capital to average assets [Abstract] | |||||||||
Tier 1 capital | [1] | $ 333,508 | $ 345,419 | ||||||
Actual, Ratio | [1] | 9.95% | 10.47% | ||||||
Minimum for Adequately Capitalized Institutions, Amount | [1] | $ 134,131 | $ 131,930 | ||||||
Minimum for Adequately Capitalized Institutions, Ratio | [1] | 4.00% | 4.00% | ||||||
Components of regulatory capital [Abstract] | |||||||||
Total shareholders' equity | $ 330,846 | $ 338,994 | |||||||
Add (deduct) [Abstract] | |||||||||
Accumulated other comprehensive (income) loss for regulatory purposes | (1,366) | 4,311 | |||||||
Goodwill and other intangibles | (34,170) | (34,715) | |||||||
Disallowed deferred tax assets | 0 | (1,335) | |||||||
Common equity tier 1 capital | [1] | 295,310 | 307,255 | ||||||
Qualifying trust preferred securities | 38,198 | 38,164 | |||||||
Tier 1 capital | [1] | 333,508 | 345,419 | ||||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 27,386 | 26,184 | |||||||
Total risk-based capital | [1] | 360,894 | 371,603 | ||||||
Independent Bank [Member] | |||||||||
Total capital to risk-weighted assets [Abstract] | |||||||||
Total risk-based capital | [1] | $ 346,015 | $ 337,227 | ||||||
Actual, Ratio | [1] | 12.81% | 12.94% | ||||||
Minimum for Adequately Capitalized Institutions, Amount | [1] | $ 216,074 | $ 208,456 | ||||||
Minimum for Adequately Capitalized Institutions, Ratio | [1] | 8.00% | 8.00% | ||||||
Minimum for Well Capitalized Institutions, Amount | [1] | $ 270,093 | $ 260,569 | ||||||
Minimum for Well-Capitalized Institutions, Ratio | [1] | 10.00% | 10.00% | ||||||
Tier 1 capital to risk-weighted assets [Abstract] | |||||||||
Actual, Amount | [1] | $ 318,629 | $ 311,043 | ||||||
Actual, Ratio | [1] | 11.80% | 11.94% | ||||||
Minimum for Adequately Capitalized Institutions, Amount | [1] | $ 162,056 | $ 156,342 | ||||||
Minimum for Adequately Capitalized Institutions, Ratio | [1] | 6.00% | 6.00% | ||||||
Minimum for Well-Capitalized Institutions, Amount | [1] | $ 216,074 | $ 208,456 | ||||||
Minimum for Well Capitalized Institutions, Ratio | [1] | 8.00% | 8.00% | ||||||
Common equity tier 1 capital to risk-weighted assets [Abstract] | |||||||||
Actual, Amount | [1] | $ 318,629 | $ 311,043 | ||||||
Actual, Ratio | [1] | 11.80% | 11.94% | ||||||
Minimum for Adequately Capitalized Institutions, Amount | [1] | $ 121,542 | $ 117,256 | ||||||
Minimum for Adequately Capitalized Institutions, Ratio | [1] | 4.50% | 4.50% | ||||||
Minimum for Well-Capitalized Institutions, Amount | [1] | $ 175,561 | $ 169,370 | ||||||
Minimum for Well Capitalized Institutions, Ratio | [1] | 6.50% | 6.50% | ||||||
Tier 1 capital to average assets [Abstract] | |||||||||
Tier 1 capital | [1] | $ 318,629 | $ 311,043 | ||||||
Actual, Ratio | [1] | 9.50% | 9.44% | ||||||
Minimum for Adequately Capitalized Institutions, Amount | [1] | $ 134,138 | $ 131,778 | ||||||
Minimum for Adequately Capitalized Institutions, Ratio | [1] | 4.00% | 4.00% | ||||||
Minimum for Well-Capitalized Institutions, Amount | [1] | $ 167,673 | $ 164,723 | ||||||
Minimum for Well-Capitalized Institutions, Ratio | [1] | 5.00% | 5.00% | ||||||
Components of regulatory capital [Abstract] | |||||||||
Total shareholders' equity | $ 354,165 | $ 341,496 | |||||||
Add (deduct) [Abstract] | |||||||||
Accumulated other comprehensive (income) loss for regulatory purposes | (1,366) | 4,311 | |||||||
Goodwill and other intangibles | (34,170) | (34,715) | |||||||
Disallowed deferred tax assets | 0 | (49) | |||||||
Common equity tier 1 capital | [1] | 318,629 | 311,043 | ||||||
Qualifying trust preferred securities | 0 | 0 | |||||||
Tier 1 capital | [1] | 318,629 | 311,043 | ||||||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 27,386 | 26,184 | |||||||
Total risk-based capital | [1] | $ 346,015 | $ 337,227 | ||||||
|
Fair Value Disclosures, Significant Assumptions (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Assets [Abstract] | |||||||||||
Equity securities at fair value | $ 0 | $ 393 | |||||||||
Securities available for sale | 430,305 | 427,926 | |||||||||
Loans held for sale, carried at fair value | 62,883 | 44,753 | |||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 393 | ||||||||||
Securities available for sale | 0 | 0 | |||||||||
Derivatives | 0 | 0 | |||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | 0 | 0 | |||||||||
Significant Other Observable Inputs (Level 2) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 0 | ||||||||||
Securities available for sale | 430,305 | 427,926 | |||||||||
Derivatives | 6,233 | 5,155 | |||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | 4,217 | 2,326 | |||||||||
Significant Un-observable Inputs (Level 3) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 0 | ||||||||||
Securities available for sale | 0 | 0 | |||||||||
Derivatives | 0 | 0 | |||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | 0 | 0 | |||||||||
Recurring Basis [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 393 | ||||||||||
Loans held for sale, carried at fair value | 62,883 | 44,753 | |||||||||
Capitalized mortgage loan servicing rights | 17,894 | 21,400 | |||||||||
Derivatives | [1] | 6,233 | 5,155 | ||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | [2] | 4,217 | 2,326 | ||||||||
Recurring Basis [Member] | U.S. Agency [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 17,183 | 20,014 | |||||||||
Recurring Basis [Member] | U.S. Agency Residential Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 137,017 | 123,751 | |||||||||
Recurring Basis [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 12,238 | 5,726 | |||||||||
Recurring Basis [Member] | Private Label Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 30,129 | 29,419 | |||||||||
Recurring Basis [Member] | Other Asset Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 91,151 | 83,319 | |||||||||
Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 104,827 | 127,555 | |||||||||
Recurring Basis [Member] | Corporate [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 33,882 | 34,309 | |||||||||
Recurring Basis [Member] | Trust Preferred [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 1,851 | 1,819 | |||||||||
Recurring Basis [Member] | Foreign Government [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 2,027 | 2,014 | |||||||||
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 393 | ||||||||||
Loans held for sale, carried at fair value | 0 | 0 | |||||||||
Capitalized mortgage loan servicing rights | 0 | 0 | |||||||||
Derivatives | [1] | 0 | 0 | ||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | [2] | 0 | 0 | ||||||||
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Agency [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [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 | |||||||||
Recurring Basis [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 | |||||||||
Recurring Basis [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 | |||||||||
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Asset Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [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 | |||||||||
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Trust Preferred [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Government [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 0 | ||||||||||
Loans held for sale, carried at fair value | 62,883 | 44,753 | |||||||||
Capitalized mortgage loan servicing rights | 0 | 0 | |||||||||
Derivatives | [1] | 6,233 | 5,155 | ||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | [2] | 4,217 | 2,326 | ||||||||
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Agency [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 17,183 | 20,014 | |||||||||
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Agency Residential Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 137,017 | 123,751 | |||||||||
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 12,238 | 5,726 | |||||||||
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Private Label Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 30,129 | 29,419 | |||||||||
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Asset Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 91,151 | 83,319 | |||||||||
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 104,827 | 127,555 | |||||||||
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 33,882 | 34,309 | |||||||||
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Trust Preferred [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 1,851 | 1,819 | |||||||||
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Government [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 2,027 | 2,014 | |||||||||
Recurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Equity securities at fair value | 0 | ||||||||||
Loans held for sale, carried at fair value | 0 | 0 | |||||||||
Capitalized mortgage loan servicing rights | 17,894 | 21,400 | |||||||||
Derivatives | [1] | 0 | 0 | ||||||||
Liabilities [Abstract] | |||||||||||
Derivatives | [2] | 0 | 0 | ||||||||
Recurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | U.S. Agency [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | U.S. Agency Residential Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | U.S. Agency Commercial Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Private Label Mortgage-Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Other Asset Backed [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Corporate [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Trust Preferred [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Recurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Foreign Government [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Securities available for sale | 0 | 0 | |||||||||
Nonrecurring Basis [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Loans held for sale, carried at fair value | 41,471 | ||||||||||
Nonrecurring Basis [Member] | Impaired Loans [Member] | Commercial [Member] | Income Producing - Real Estate [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 116 | 217 | ||||||||
Nonrecurring Basis [Member] | Impaired Loans [Member] | Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 1,198 | 106 | ||||||||
Nonrecurring Basis [Member] | Impaired Loans [Member] | Commercial [Member] | Commercial and Industrial [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 106 | 2,243 | ||||||||
Nonrecurring Basis [Member] | Impaired Loans [Member] | Mortgage [Member] | 1-4 Family [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 839 | 333 | ||||||||
Nonrecurring Basis [Member] | Impaired Loans [Member] | Mortgage [Member] | Resort Lending [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 360 | 572 | ||||||||
Nonrecurring Basis [Member] | Impaired Loans [Member] | Mortgage [Member] | Home Equity - 1st Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 41 | |||||||||
Nonrecurring Basis [Member] | Impaired Loans [Member] | Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 182 | |||||||||
Nonrecurring Basis [Member] | Impaired Loans [Member] | Installment [Member] | Home Equity - 1st Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 2 | |||||||||
Nonrecurring Basis [Member] | Impaired Loans [Member] | Installment [Member] | Home Equity - 2nd Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 31 | |||||||||
Nonrecurring Basis [Member] | Impaired Loans [Member] | Installment [Member] | Boat Lending [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 21 | |||||||||
Nonrecurring Basis [Member] | Impaired Loans [Member] | Installment [Member] | Recreational Vehicle Lending [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 1 | |||||||||
Nonrecurring Basis [Member] | Impaired Loans [Member] | Installment [Member] | Other [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 97 | |||||||||
Nonrecurring Basis [Member] | Other Real Estate [Member] | Mortgage [Member] | 1-4 Family [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [4] | 8 | 95 | ||||||||
Nonrecurring Basis [Member] | Other Real Estate [Member] | Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [4] | 59 | 59 | ||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Loans held for sale, carried at fair value | 41,471 | ||||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Commercial [Member] | Income Producing - Real Estate [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Commercial [Member] | Commercial and Industrial [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Mortgage [Member] | 1-4 Family [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Mortgage [Member] | Resort Lending [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Mortgage [Member] | Home Equity - 1st Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Installment [Member] | Home Equity - 1st Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Installment [Member] | Home Equity - 2nd Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Installment [Member] | Boat Lending [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Installment [Member] | Recreational Vehicle Lending [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | Installment [Member] | Other [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Real Estate [Member] | Mortgage [Member] | 1-4 Family [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [4] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Real Estate [Member] | Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [4] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Loans held for sale, carried at fair value | 0 | ||||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Commercial [Member] | Income Producing - Real Estate [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Commercial [Member] | Commercial and Industrial [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Mortgage [Member] | 1-4 Family [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Mortgage [Member] | Resort Lending [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Mortgage [Member] | Home Equity - 1st Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Installment [Member] | Home Equity - 1st Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Installment [Member] | Home Equity - 2nd Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Installment [Member] | Boat Lending [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Installment [Member] | Recreational Vehicle Lending [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | Installment [Member] | Other [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 0 | |||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Real Estate [Member] | Mortgage [Member] | 1-4 Family [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [4] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Real Estate [Member] | Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [4] | 0 | 0 | ||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Loans held for sale, carried at fair value | 0 | ||||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | Commercial [Member] | Income Producing - Real Estate [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 116 | 217 | ||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | Commercial [Member] | Land, Land Development and Construction - Real Estate [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 1,198 | 106 | ||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | Commercial [Member] | Commercial and Industrial [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 106 | 2,243 | ||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | Mortgage [Member] | 1-4 Family [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 839 | 333 | ||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | Mortgage [Member] | Resort Lending [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 360 | 572 | ||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | Mortgage [Member] | Home Equity - 1st Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 41 | |||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 182 | |||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | Installment [Member] | Home Equity - 1st Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 2 | |||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | Installment [Member] | Home Equity - 2nd Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 31 | |||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | Installment [Member] | Boat Lending [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 21 | |||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | Installment [Member] | Recreational Vehicle Lending [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 1 | |||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Impaired Loans [Member] | Installment [Member] | Other [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [3] | 97 | |||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Other Real Estate [Member] | Mortgage [Member] | 1-4 Family [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [4] | 8 | 95 | ||||||||
Nonrecurring Basis [Member] | Significant Un-observable Inputs (Level 3) [Member] | Other Real Estate [Member] | Mortgage [Member] | Home Equity - 2nd Lien [Member] | |||||||||||
Impaired loans [Abstract] | |||||||||||
Loans receivable | [4] | $ 59 | $ 59 | ||||||||
|
Fair Value Disclosures, Changes in Fair Value for Financial Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Changes in fair value for financial assets [Abstract] | |||||
Equity Securities at fair value, net gains (losses) | $ 167 | $ (119) | |||
Loans held for sale, net gains (losses) | 577 | 367 | |||
Capitalized mortgage loan servicing rights, net gains (losses) | (6,113) | 892 | |||
Impairment charges recognized [Abstract] | |||||
Collateral dependent loans, carrying amount | $ 3,000 | 3,000 | $ 3,500 | ||
Collateral dependent loans, valuation allowance | 1,200 | 1,200 | 1,500 | ||
Additional provision for loan losses on impaired loans | 300 | $ 500 | 400 | 500 | |
Other real estate, carrying amount | 100 | 100 | 200 | ||
Other real estate, valuation allowance | 100 | 100 | $ 100 | ||
Other real estate, additional charge | $ 0 | $ 0 | 10 | 0 | |
Securities [Member] | |||||
Changes in fair value for financial assets [Abstract] | |||||
Equity Securities at fair value, net gains (losses) | 167 | (119) | |||
Mortgage Loans [Member] | |||||
Changes in fair value for financial assets [Abstract] | |||||
Loans held for sale, net gains (losses) | 577 | 367 | |||
Mortgage Loan Servicing, Net [Member] | |||||
Changes in fair value for financial assets [Abstract] | |||||
Capitalized mortgage loan servicing rights, net gains (losses) | $ (6,113) | $ 892 |
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 | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Reconciliation for all assets and (liabilities) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) [Roll Forward] | ||||
Beginning balance | $ 19,909 | $ 17,783 | $ 21,400 | $ 15,699 |
Total gains (losses) realized and unrealized [Abstract] | ||||
Included in results of operations | (3,422) | (137) | (6,113) | 892 |
Included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Purchases, issuances, settlements, maturities and calls | 1,407 | 4,202 | 2,607 | 5,257 |
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 17,894 | 21,848 | 17,894 | 21,848 |
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 June 30 | $ (3,422) | $ (137) | $ (6,113) | $ 892 |
Fair Value Disclosures, Quantitative Information About Level 3 (Details) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Impaired Loans Commercial [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Total Impaired collateral value | $ 500,000 | $ 700,000 |
Impaired Loans Commercial [Member] | Minimum [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Discount rate | 5.00% | 20.00% |
Impaired Loans Commercial [Member] | Maximum [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Discount rate | 97.00% | 80.00% |
Installment [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Total Impaired collateral value | $ 100,000 | |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Significant Un-observable Inputs (Level 3) [Member] | ||
Asset Fair Value [Abstract] | ||
Servicing asset fair value | $ 17,894,000 | $ 21,400,000 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Present Value of Net Servicing Revenue [Member] | Significant Un-observable Inputs (Level 3) [Member] | Float Rate [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 0.0177 | 0.0257 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Minimum [Member] | Significant Un-observable Inputs (Level 3) [Member] | Cost to Service [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 66 | 68 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Minimum [Member] | Significant Un-observable Inputs (Level 3) [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] | Significant Un-observable Inputs (Level 3) [Member] | Discount Rate [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 0.1000 | 0.1000 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Maximum [Member] | Significant Un-observable Inputs (Level 3) [Member] | Cost to Service [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 216 | 216 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Maximum [Member] | Significant Un-observable Inputs (Level 3) [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] | Significant Un-observable Inputs (Level 3) [Member] | Discount Rate [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 0.1300 | 0.1300 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Weighted Average [Member] | Significant Un-observable Inputs (Level 3) [Member] | Cost to Service [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 80 | 81 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Weighted Average [Member] | Significant Un-observable Inputs (Level 3) [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] | Significant Un-observable Inputs (Level 3) [Member] | Discount Rate [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 0.1014 | 0.1015 |
Recurring Basis [Member] | Capitalized Mortgage Loan Servicing Rights [Member] | Weighted Average [Member] | Present Value of Net Servicing Revenue [Member] | Significant Un-observable Inputs (Level 3) [Member] | Float Rate [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Servicing asset measurement input | 0.0177 | 0.0257 |
Nonrecurring Basis [Member] | Impaired Loans Commercial [Member] | Significant Un-observable Inputs (Level 3) [Member] | ||
Asset Fair Value [Abstract] | ||
Impaired loans fair value | $ 1,420,000 | $ 2,566,000 |
Nonrecurring Basis [Member] | Impaired Loans Commercial [Member] | Minimum [Member] | Sales Comparison Approach [Member] | Significant Un-observable Inputs (Level 3) [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | (0.480) | (0.325) |
Nonrecurring Basis [Member] | Impaired Loans Commercial [Member] | Maximum [Member] | Sales Comparison Approach [Member] | Significant Un-observable Inputs (Level 3) [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | 0.400 | 0.600 |
Nonrecurring Basis [Member] | Impaired Loans Commercial [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | Significant Un-observable Inputs (Level 3) [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | (0.060) | (0.019) |
Nonrecurring Basis [Member] | Impaired Loans Mortgage and Installment [Member] | Significant Un-observable Inputs (Level 3) [Member] | ||
Asset Fair Value [Abstract] | ||
Impaired loans fair value | $ 1,574,000 | |
Nonrecurring Basis [Member] | Impaired Loans Mortgage and Installment [Member] | Minimum [Member] | Sales Comparison Approach [Member] | Significant Un-observable Inputs (Level 3) [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | (0.401) | |
Nonrecurring Basis [Member] | Impaired Loans Mortgage and Installment [Member] | Maximum [Member] | Sales Comparison Approach [Member] | Significant Un-observable Inputs (Level 3) [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | 0.567 | |
Nonrecurring Basis [Member] | Impaired Loans Mortgage and Installment [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | Significant Un-observable Inputs (Level 3) [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | (0.026) | |
Nonrecurring Basis [Member] | Impaired Loans Mortgage [Member] | Significant Un-observable Inputs (Level 3) [Member] | ||
Asset Fair Value [Abstract] | ||
Impaired loans fair value | $ 905,000 | |
Nonrecurring Basis [Member] | Impaired Loans Mortgage [Member] | Minimum [Member] | Sales Comparison Approach [Member] | Significant Un-observable Inputs (Level 3) [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | (0.401) | |
Nonrecurring Basis [Member] | Impaired Loans Mortgage [Member] | Maximum [Member] | Sales Comparison Approach [Member] | Significant Un-observable Inputs (Level 3) [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | 0.256 | |
Nonrecurring Basis [Member] | Impaired Loans Mortgage [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | Significant Un-observable Inputs (Level 3) [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Impaired loans measurement input | 0.007 | |
Nonrecurring Basis [Member] | Other Real Estate Mortgage [Member] | Significant Un-observable Inputs (Level 3) [Member] | ||
Asset Fair Value [Abstract] | ||
Other real estate fair value | $ 67,000 | $ 154,000 |
Nonrecurring Basis [Member] | Other Real Estate Mortgage [Member] | Minimum [Member] | Sales Comparison Approach [Member] | Significant Un-observable Inputs (Level 3) [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Other real estate measurement input | 0.000 | 0 |
Nonrecurring Basis [Member] | Other Real Estate Mortgage [Member] | Maximum [Member] | Sales Comparison Approach [Member] | Significant Un-observable Inputs (Level 3) [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Other real estate measurement input | 0.102 | 0.341 |
Nonrecurring Basis [Member] | Other Real Estate Mortgage [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | Significant Un-observable Inputs (Level 3) [Member] | Adjustment for Differences Between Comparable Sales [Member] | ||
Ranges and Weighted Average [Abstract] | ||
Other real estate measurement input | 0.041 | 0.112 |
Fair Value Disclosures, Difference Between Aggregate Fair Value and Aggregate Remaining Contractual Principal (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Loans held for sale [Abstract] | ||
Aggregate Fair Value | $ 62,883 | $ 44,753 |
Difference | 1,834 | 1,257 |
Contractual Principal | $ 61,049 | $ 43,496 |
Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
---|---|---|---|---|---|
Assets [Abstract] | |||||
Interest bearing deposits - time | $ 498 | $ 595 | |||
Equity securities at fair value | 0 | 393 | |||
Securities available for sale | 430,305 | 427,926 | |||
Federal Home Loan Bank and Federal Reserve Bank Stock | 18,359 | 18,359 | |||
Liabilities [Abstract] | |||||
Other borrowings | 41,144 | 25,700 | |||
Subordinated debentures | 39,422 | 39,388 | |||
Reciprocal deposits included in deposits with no stated maturity | 270,864 | 123,080 | |||
Reciprocal deposits included in deposits with stated maturity | 55,462 | 58,992 | |||
Recorded Book Balance [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 34,461 | 23,350 | |||
Interest bearing deposits | 20,676 | 46,894 | |||
Interest bearing deposits - time | 498 | 595 | |||
Equity securities at fair value | 393 | ||||
Securities available for sale | 430,305 | 427,926 | |||
Federal Home Loan Bank and Federal Reserve Bank Stock | 18,359 | 18,359 | |||
Net loans and loans held for sale | 2,743,506 | 2,643,856 | |||
Accrued interest receivable | 10,816 | 10,164 | |||
Derivative financial instruments | 6,233 | 5,155 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | [1] | 2,294,255 | 2,197,494 | ||
Deposits with stated maturity | [1] | 684,630 | 715,934 | ||
Other borrowings | 41,144 | 25,700 | |||
Subordinated debentures | 39,422 | 39,388 | |||
Accrued interest payable | 1,668 | 1,646 | |||
Derivative financial instruments | 4,217 | 2,326 | |||
Fair Value [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 34,461 | 23,350 | |||
Interest bearing deposits | 20,676 | 46,894 | |||
Interest bearing deposits - time | 498 | 594 | |||
Equity securities at fair value | 393 | ||||
Securities available for sale | 430,305 | 427,926 | |||
Net loans and loans held for sale | 2,747,828 | 2,606,256 | |||
Accrued interest receivable | 10,816 | 10,164 | |||
Derivative financial instruments | 6,233 | 5,155 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | 2,294,255 | 2,197,494 | |||
Deposits with stated maturity | 683,547 | 711,312 | |||
Other borrowings | 41,271 | 25,706 | |||
Subordinated debentures | 33,214 | 35,021 | |||
Accrued interest payable | 1,668 | 1,646 | |||
Derivative financial instruments | 4,217 | 2,326 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 34,461 | 23,350 | |||
Interest bearing deposits | 20,676 | 46,894 | |||
Interest bearing deposits - time | 0 | 0 | |||
Equity securities at fair value | 393 | ||||
Securities available for sale | 0 | 0 | |||
Net loans and loans held for sale | 0 | 41,471 | |||
Accrued interest receivable | 1 | 22 | |||
Derivative financial instruments | 0 | 0 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | 2,294,255 | 2,197,494 | |||
Deposits with stated maturity | 0 | 0 | |||
Other borrowings | 0 | 0 | |||
Subordinated debentures | 0 | 0 | |||
Accrued interest payable | 128 | 114 | |||
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 | 498 | 594 | |||
Equity securities at fair value | 0 | ||||
Securities available for sale | 430,305 | 427,926 | |||
Net loans and loans held for sale | 62,883 | 44,753 | |||
Accrued interest receivable | 1,634 | 1,789 | |||
Derivative financial instruments | 6,233 | 5,155 | |||
Liabilities [Abstract] | |||||
Deposits with no stated maturity | 0 | 0 | |||
Deposits with stated maturity | 683,547 | 711,312 | |||
Other borrowings | 41,271 | 25,706 | |||
Subordinated debentures | 33,214 | 35,021 | |||
Accrued interest payable | 1,540 | 1,532 | |||
Derivative financial instruments | 4,217 | 2,326 | |||
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 | ||||
Securities available for sale | 0 | 0 | |||
Net loans and loans held for sale | 2,684,945 | 2,520,032 | |||
Accrued interest receivable | 9,181 | 8,353 | |||
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 | |||
|
Contingencies (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
shares
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
shares
|
Jun. 30, 2018
USD ($)
|
Jul. 30, 2019
USD ($)
$ / shares
|
Dec. 31, 2018
USD ($)
|
|
Contingencies [Abstract] | ||||||
Provision for loss reimbursement on sold loans | $ 30 | $ 20 | $ 150 | $ 30 | ||
Reserve for loss reimbursement on sold mortgage loans | $ 830 | $ 830 | $ 780 | |||
VISA Class B Common Stock [Member] | ||||||
Investment Owned [Abstract] | ||||||
Number of shares owned (in shares) | shares | 12,566 | 12,566 | ||||
Current conversion ratio | 1.6298 | |||||
VISA Class B Common Stock [Member] | Subsequent Event [Member] | ||||||
Investment Owned [Abstract] | ||||||
Closing price (in dollars per share) | $ / shares | $ 181.53 | |||||
Current value of shares owned | $ 3,700 |
Accumulated Other Comprehensive Loss ("AOCL"), Summary of Changes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Changes in AOCL [Roll Forward] | ||||
Balance at beginning of period | $ 344,726 | $ 267,917 | $ 338,994 | $ 264,933 |
Other comprehensive income (loss) before reclassifications | 2,498 | (691) | 6,015 | (3,204) |
Amounts reclassified from AOCL | (112) | (21) | (338) | (11) |
Other comprehensive income (loss) | 2,386 | (712) | 5,677 | (3,215) |
Balances at end of period | 330,846 | 337,083 | 330,846 | 337,083 |
Accumulated Other Comprehensive Loss [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Balance at beginning of period | (6,817) | (8,502) | (10,108) | (5,999) |
Other comprehensive income (loss) | 2,386 | (712) | 5,677 | (3,215) |
Balances at end of period | (4,431) | (9,214) | (4,431) | (9,214) |
Unrealized Gains (Losses) on Securities Available For Sale [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Balance at beginning of period | (57) | (3,509) | (4,185) | (470) |
Other comprehensive income (loss) before reclassifications | 3,097 | (949) | 7,333 | (4,003) |
Amounts reclassified from AOCL | 0 | 21 | (108) | 36 |
Other comprehensive income (loss) | 3,097 | (928) | 7,225 | (3,967) |
Balances at end of period | 3,040 | (4,437) | 3,040 | (4,437) |
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) |
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 |
Balances at end of period | (5,798) | (5,798) | (5,798) | (5,798) |
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||||
Changes in AOCL [Roll Forward] | ||||
Balance at beginning of period | (962) | 805 | (125) | 269 |
Other comprehensive income (loss) before reclassifications | (599) | 258 | (1,318) | 799 |
Amounts reclassified from AOCL | (112) | (42) | (230) | (47) |
Other comprehensive income (loss) | (711) | 216 | (1,548) | 752 |
Balances at end of period | $ (1,673) | $ 1,021 | $ (1,673) | $ 1,021 |
Accumulated Other Comprehensive Loss ("AOCL"), Reclassification Out of Each Components (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Reclassifications out of AOCL [Abstract] | ||||
Total reclassifications before tax | $ 13,417 | $ 10,884 | $ 24,965 | $ 22,083 |
Interest expense | (6,817) | (4,123) | (13,210) | (6,984) |
Income tax expense | 2,687 | 2,067 | 4,854 | 4,105 |
Reclassifications, net of tax | 10,730 | 8,817 | 20,111 | 17,978 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications out of AOCL [Abstract] | ||||
Reclassifications, net of tax | 112 | 21 | 338 | 11 |
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 | (26) | 137 | (45) |
Net impairment loss recognized in earnings | 0 | 0 | 0 | 0 |
Total reclassifications before tax | 0 | (26) | 137 | (45) |
Income tax expense | 0 | (5) | 29 | (9) |
Reclassifications, net of tax | 0 | (21) | 108 | (36) |
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications out of AOCL [Abstract] | ||||
Interest expense | (142) | (53) | (291) | (59) |
Income tax expense | (30) | (11) | (61) | (12) |
Reclassifications, net of tax | $ (112) | $ (42) | $ (230) | $ (47) |
Revenue from Contracts with Customers (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
Asset
|
Jun. 30, 2018
USD ($)
Asset
|
Jun. 30, 2019
USD ($)
Asset
|
Jun. 30, 2018
USD ($)
Asset
|
Dec. 31, 2018
USD ($)
|
|
Revenue from Contracts with Customers [Abstract] | |||||
Percentage of revenues excluded from ASC Topic 606 | 84.60% | 82.80% | 84.60% | 82.80% | |
Contract assets | $ 0 | $ 0 | $ 0 | ||
Contract liabilities | $ 0 | $ 0 | $ 0 | ||
Number of real estate assets sold during the period | Asset | 0 | 0 | 0 | 0 | |
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | $ 6,510 | $ 6,824 | $ 12,512 | $ 13,102 | |
Bank owned life insurance | 270 | 220 | 512 | 476 | |
Other | 730 | 772 | 1,745 | 1,332 | |
Total | 2,106 | 2,217 | 4,370 | 4,160 | |
Service Charges on Deposit Accounts | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 2,800 | 3,095 | 5,440 | 6,000 | |
Overdraft Fees [Member] | Retail [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 1,882 | 2,044 | 3,612 | 4,016 | |
Overdraft Fees [Member] | Business [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 377 | 380 | 762 | 745 | |
Account Service Charges [Member] | Retail [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 541 | 588 | 1,057 | 1,088 | |
Account Service Charges [Member] | Business [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 0 | 83 | 9 | 151 | |
Other Deposit Related Income [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 656 | 742 | 1,366 | 1,431 | |
ATM Fees [Member] | Retail [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 346 | 358 | 668 | 703 | |
ATM Fees [Member] | Business [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 9 | 8 | 17 | 16 | |
Other [Member] | Retail [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 212 | 230 | 463 | 437 | |
Other [Member] | Business [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 89 | 146 | 218 | 275 | |
Interchange Income [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 2,604 | 2,504 | 4,959 | 4,750 | |
Investment and Insurance Commissions [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 450 | 483 | 747 | 921 | |
Asset Management Revenue [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | 277 | 281 | 531 | 552 | |
Transaction Based Revenue [Member] | |||||
Disaggregation of Revenue Sources by Attributes [Abstract] | |||||
Revenue from contracts with customers | $ 173 | $ 202 | $ 216 | $ 369 |
Leases (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
|||||||
Components of operating leases [Abstract] | ||||||||
Operating lease cost | $ 563 | $ 1,127 | ||||||
Variable lease cost | 49 | 72 | ||||||
Short-term lease cost | 5 | 10 | ||||||
Total | 617 | 1,209 | ||||||
Supplemental balance sheet information related to operating leases [Abstract] | ||||||||
Lease right of use asset | 6,692 | [1] | 6,692 | [1] | ||||
Lease liabilities | $ 6,700 | [2] | $ 6,700 | [2] | ||||
Weighted average remaining lease term (years) | 5 years 6 months 29 days | 5 years 6 months 29 days | ||||||
Weighted average discount rate | 3.20% | 3.20% | ||||||
Maturities of lease liabilities [Abstract] | ||||||||
Six months ending December 31, 2019 | $ 1,098 | $ 1,098 | ||||||
2020 | 1,711 | 1,711 | ||||||
2021 | 1,248 | 1,248 | ||||||
2022 | 963 | 963 | ||||||
2023 | 925 | 925 | ||||||
2024 and thereafter | 1,428 | 1,428 | ||||||
Total lease payments | 7,373 | 7,373 | ||||||
Less imputed interest | (673) | (673) | ||||||
Total | $ 6,700 | [2] | $ 6,700 | [2] | ||||
|
Recent Acquisition (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Apr. 01, 2018 |
Sep. 30, 2018 |
Jun. 30, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
|||
Valuation of the assets acquired and liabilities assumed [Abstract] | |||||||
Goodwill | $ 28,300 | $ 28,300 | |||||
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 | ||||||
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 | ||||||
Decrease in goodwill | $ (700) | ||||||
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 | ||||||
|
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