For the fiscal year ended December 31, 2016. | Commission File Number 0-12668 |
Iowa | 42-1208067 | |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) |
PART I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
PART III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
PART IV | ||
Item 15. |
Item 1. | Business |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(Amounts In Thousands) | |||||||||||
ASSETS | |||||||||||
Noninterest-bearing cash and cash equivalents | $ | 26,180 | $ | 26,117 | $ | 25,496 | |||||
Interest-bearing cash and cash equivalents | 31,886 | 11,713 | 13,895 | ||||||||
Taxable securities | 101,187 | 99,458 | 95,375 | ||||||||
Nontaxable securities | 162,742 | 158,564 | 149,947 | ||||||||
Federal funds sold | 50 | 22 | 20 | ||||||||
Loans, net | 2,159,985 | 2,014,057 | 1,870,128 | ||||||||
Property and equipment, net | 35,225 | 33,083 | 29,169 | ||||||||
Other assets | 43,558 | 46,123 | 45,293 | ||||||||
$ | 2,560,813 | $ | 2,389,137 | $ | 2,229,323 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Noninterest-bearing demand deposits | $ | 312,406 | $ | 292,943 | $ | 259,602 | |||||
Interest-bearing demand deposits | 499,882 | 469,463 | 414,438 | ||||||||
Savings deposits | 684,283 | 604,633 | 564,940 | ||||||||
Time deposits | 438,173 | 484,810 | 516,169 | ||||||||
Other borrowings | 51,177 | 51,882 | 43,147 | ||||||||
FHLB borrowings | 231,443 | 161,091 | 129,521 | ||||||||
Noninterest-bearing other liabilities | 23,177 | 22,173 | 17,672 | ||||||||
Interest-bearing other liabilities | 872 | 2,639 | 2,687 | ||||||||
Redeemable common stock held by Employee Stock Ownership Plan | 39,172 | 36,067 | 32,073 | ||||||||
Stockholders' equity | 280,228 | 263,436 | 249,074 | ||||||||
$ | 2,560,813 | $ | 2,389,137 | $ | 2,229,323 |
Johnson County | Linn County | Washington County | ||||||||||||||||||
Offices | Deposits (in millions) | Offices | Deposits (in millions) | Offices | Deposits (in millions) | |||||||||||||||
Hills Bank and Trust Company | 9 | $ | 1,391 | 6 | $ | 370 | 3 | $ | 136 | |||||||||||
Branches of largest competing national bank | 7 | 271 | 9 | 886 | 1 | 23 | ||||||||||||||
Largest competing independent bank | 8 | 693 | 8 | 586 | 2 | 181 | ||||||||||||||
Largest competing credit union (1) | 6 | 2,795 | 7 | 742 | 1 | 1 | ||||||||||||||
All other bank and credit union offices | 26 | 906 | 76 | 3,073 | 8 | 215 | ||||||||||||||
Total Market in County | 56 | $ | 6,056 | 106 | $ | 5,657 | 15 | $ | 556 |
(1) | Deposit balance of the largest competing credit union in Johnson County and Linn County includes the credit union’s deposit balance for its entire trade area. County specific deposit balances for the credit union are unavailable. |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||
Amount | Ratio | Ratio | Ratio | |||||||||
As of December 31, 2016: | ||||||||||||
Company: | ||||||||||||
Total risk-based capital | $ | 357,440 | 16.17 | % | 8.00 | % | 10.00 | % | ||||
Tier 1 risk-based capital | 330,910 | 14.97 | 6.00 | 8.00 | ||||||||
Tier 1 common equity | 330,910 | 14.97 | 4.50 | 6.50 | ||||||||
Leverage ratio | 330,910 | 12.63 | 4.00 | 5.00 | ||||||||
Bank: | ||||||||||||
Total risk-based capital | 357,895 | 16.20 | 8.00 | 10.00 | ||||||||
Tier 1 risk-based capital | 331,365 | 15.00 | 6.00 | 8.00 | ||||||||
Tier 1 common equity | 331,365 | 15.00 | 4.50 | 6.50 | ||||||||
Leverage ratio | 331,365 | 12.66 | 4.00 | 5.00 |
Item 1A. | Risk Factors |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item 5. | Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
2016 | 2015 | |||||||||||
High | Low | High | Low | |||||||||
1st quarter | $ | 45.00 | $ | 43.56 | $ | 41.25 | $ | 40.50 | ||||
2nd quarter | 46.50 | 44.25 | 42.50 | 41.15 | ||||||||
3rd quarter | 59.00 | 44.50 | 43.50 | 41.75 | ||||||||
4th quarter | 49.55 | 45.75 | 45.00 | 42.62 |
Year | Number of Shares Traded | Number of Transactions | High Selling Price | Low Selling Price | |||||||
2016 | 120,911 | 191 | $ | 48.00 | $ | 44.50 | (1) | ||||
2015 | 108,099 | 127 | $ | 44.50 | $ | 41.25 | (2) | ||||
2014 | 166,054 | 144 | $ | 41.25 | $ | 37.50 | (3) |
(1) | 2016 transactions included repurchases by the Company of 85,362 shares of stock under the 2005 Stock Repurchase Program. 2016 transactions made under the 2005 Stock Repurchase Program were made at prices that ranged from $44.50 to $48.00 per share. |
(2) | 2015 transactions included repurchases by the Company of 80,168 shares of stock under the 2005 Stock Repurchase Program. 2015 transactions made under the 2005 Stock Repurchase Program were made at prices that ranged from $41.25 to $44.50 per share. |
(3) | 2014 transactions included repurchases by the Company of 102,884 shares of stock under the 2005 Stock Repurchase Program. 2014 transactions made under the 2005 Stock Repurchase Program were made at prices that ranged from $37.50 to $41.25 per share. |
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||||||||||
HILLS BANCORPORATION | $ | 100.00 | $ | 111.17 | $ | 120.98 | $ | 135.12 | $ | 147.98 | $ | 161.94 | ||||||
REGIONAL-SOUTHWEST BANKS | $ | 100.00 | $ | 111.28 | $ | 156.90 | $ | 151.64 | $ | 147.60 | $ | 223.30 | ||||||
NASDAQ MARKET INDEX | $ | 100.00 | $ | 117.45 | $ | 164.57 | $ | 188.84 | $ | 201.98 | $ | 219.89 |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans [excluding securities reflected in column (a)] (c) | ||||
Equity compensation plans approved by security holders | 19,380 | $ | 29.92 | 83,201 | |||
Equity compensation plans not approved by security holders | — | — | — | ||||
Total | 19,380 | $ | 29.92 | 83,201 |
Period in 2016 | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | |||||
October 1 to October 31 | 769 | $ | 47.03 | 769 | 559,376 | ||||
November 1 to November 30 | 3,000 | 47.46 | 3,000 | 556,376 | |||||
December 1 to December 31 | 19,327 | 48.00 | 19,327 | 537,049 | |||||
Total | 23,096 | $ | 47.90 | 23,096 | 537,049 |
Item 6. | Selected Financial Data |
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
YEAR-END TOTALS (Amounts in Thousands) | |||||||||||||||||||
Total assets | $ | 2,655,770 | $ | 2,493,607 | $ | 2,334,318 | $ | 2,167,795 | $ | 2,099,720 | |||||||||
Investment securities | 279,950 | 276,069 | 267,240 | 246,089 | 234,244 | ||||||||||||||
Loans held for sale | 9,806 | 5,554 | 4,476 | 4,927 | 28,256 | ||||||||||||||
Loans, net | 2,251,445 | 2,099,174 | 1,961,369 | 1,801,247 | 1,697,002 | ||||||||||||||
Deposits | 2,036,312 | 1,890,702 | 1,835,069 | 1,709,877 | 1,662,544 | ||||||||||||||
Federal Home Loan Bank borrowings | 235,000 | 225,000 | 140,000 | 125,000 | 125,000 | ||||||||||||||
Redeemable common stock | 40,781 | 37,562 | 34,571 | 29,574 | 30,715 | ||||||||||||||
Stockholders' equity | 289,270 | 272,175 | 255,528 | 243,789 | 225,196 | ||||||||||||||
EARNINGS (Amounts in Thousands) | |||||||||||||||||||
Interest income | $ | 97,677 | $ | 92,167 | $ | 86,582 | $ | 84,895 | $ | 89,215 | |||||||||
Interest expense | 16,087 | 14,967 | 15,037 | 16,848 | 21,527 | ||||||||||||||
Provision for loan losses | (1,163 | ) | 1,655 | 1,042 | 1,131 | (2,849 | ) | ||||||||||||
Other income | 19,995 | 20,802 | 19,356 | 19,205 | 20,769 | ||||||||||||||
Other expenses | 56,799 | 55,460 | 51,756 | 49,278 | 53,931 | ||||||||||||||
Income taxes | 14,394 | 12,469 | 11,129 | 10,912 | 10,542 | ||||||||||||||
Net income | 31,555 | 28,418 | 26,974 | 25,931 | 26,833 | ||||||||||||||
PER SHARE | |||||||||||||||||||
Net income: | |||||||||||||||||||
Basic | $ | 3.40 | $ | 3.04 | $ | 2.88 | $ | 2.76 | $ | 2.85 | |||||||||
Diluted | 3.40 | 3.04 | 2.87 | 2.75 | 2.84 | ||||||||||||||
Cash dividends | 0.650 | 0.625 | 0.575 | 0.550 | 0.525 | ||||||||||||||
Book value as of December 31 | 31.22 | 29.20 | 27.24 | 25.79 | 23.78 | ||||||||||||||
Increase (decrease) in book value due to: | |||||||||||||||||||
ESOP obligation | (4.40 | ) | (4.03 | ) | (3.69 | ) | (3.13 | ) | (3.24 | ) | |||||||||
Accumulated other comprehensive income | (0.36 | ) | (0.13 | ) | (0.05 | ) | 0.71 | 0.42 | |||||||||||
SELECTED RATIOS | |||||||||||||||||||
Return on average assets | 1.23 | % | 1.19 | % | 1.21 | % | 1.23 | % | 1.30 | % | |||||||||
Return on average equity | 11.26 | 10.79 | 10.83 | 11.13 | 12.38 | ||||||||||||||
Net interest margin | 3.43 | 3.50 | 3.49 | 3.49 | 3.60 | ||||||||||||||
Average stockholders' equity to average total assets | 10.94 | 11.03 | 11.17 | 11.08 | 10.51 | ||||||||||||||
Dividend payout ratio | 19.20 | 20.60 | 20.09 | 20.00 | 18.63 |
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operation |
• | The strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations which may be less favorable than expected and may result in, among other things, a deterioration in the credit quality and value of the Company’s assets. |
• | The effects of financial market disruptions and/or an economic recession, and monetary and other governmental actions designed to address such disruptions and recession. |
• | The financial strength of the counterparties with which the Company or the Company’s customers do business and as to which the Company has investment or financial exposure. |
• | The credit quality and credit agency ratings of the securities in the Company’s investment securities portfolio, a deterioration or downgrade of which could lead to other-than-temporary impairment of the affected securities and the recognition of an impairment loss. |
• | The effects of, and changes in, laws, regulations and policies affecting banking, securities, insurance and monetary and financial matters as well as any laws otherwise affecting the Company. |
• | The effects of changes in interest rates (including the effects of changes in the rate of prepayments of the Company’s assets) and the policies of the Board of Governors of the Federal Reserve System. |
• | The ability of the Company to compete with other financial institutions as effectively as the Company currently intends due to increases in competitive pressures in the financial services sector. |
• | The ability of the Company to obtain new customers and to retain existing customers. |
• | The timely development and acceptance of products and services, including products and services offered through alternative electronic delivery channels. |
• | Technological changes implemented by the Company and by other parties, including third-party vendors, which may be more difficult or more expensive than anticipated or which may have unforeseen consequences to the Company and its customers. |
• | The ability of the Company to develop and maintain secure and reliable technology systems. |
• | The ability of the Company to retain key executives and employees and the difficulty that the Company may experience in replacing key executives and employees in an effective manner. |
• | Consumer spending and saving habits which may change in a manner that affects the Company’s business adversely. |
• | The economic impact of natural disasters, terrorist attacks and military actions. |
• | Business combinations and the integration of acquired businesses and assets which may be more difficult or expensive than expected. |
• | The costs, effects and outcomes of existing or future litigation. |
• | Changes in accounting policies and practices that may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board. |
• | The ability of the Company to manage the risks associated with the foregoing as well as anticipated. |
• | Loans, net of allowance for loan losses and unamortized fees and costs, totaling $2.261 billion. |
• | Loan growth, net in 2016 of $152.27 million. |
• | Deposit growth of $145.61 million in 2016. Deposits increased to $2.036 billion and included $112.70 million of brokered deposits. |
• | FHLB Borrowings increased $10.00 million. |
• | Short-term borrowings decreased $10.56 million. |
• | Stockholders’ equity increased $17.10 million to $289.27 million in 2016, with dividends having been paid in 2016 of $6.06 million. |
Year End Amounts | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||
Total assets | $ | 2,655,770 | $ | 2,493,607 | $ | 2,334,318 | $ | 2,167,795 | $ | 2,099,720 | |||||||||
Investment securities | 279,950 | 276,069 | 267,240 | 246,089 | 234,244 | ||||||||||||||
Loans held for sale | 9,806 | 5,554 | 4,476 | 4,927 | 28,256 | ||||||||||||||
Loans, net | 2,251,445 | 2,099,174 | 1,961,369 | 1,801,247 | 1,697,002 | ||||||||||||||
Deposits | 2,036,312 | 1,890,702 | 1,835,069 | 1,709,877 | 1,662,544 | ||||||||||||||
Federal Home Loan Bank borrowings | 235,000 | 225,000 | 140,000 | 125,000 | 125,000 | ||||||||||||||
Redeemable common stock | 40,781 | 37,562 | 34,571 | 29,574 | 30,715 | ||||||||||||||
Stockholders' equity | 289,270 | 272,175 | 255,528 | 243,789 | 225,196 |
December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||
Agricultural | $ | 92,871 | $ | 101,588 | $ | 97,645 | $ | 82,138 | $ | 76,190 | |||||||||
Commercial and financial | 192,995 | 184,199 | 174,738 | 166,102 | 148,034 | ||||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 57,864 | 51,346 | 45,949 | 30,309 | 25,788 | ||||||||||||||
Construction, land development and commercial | 121,561 | 83,121 | 77,020 | 69,182 | 79,097 | ||||||||||||||
Mortgage, farmland | 202,340 | 187,856 | 162,503 | 142,685 | 113,841 | ||||||||||||||
Mortgage, 1 to 4 family first liens | 767,469 | 727,160 | 672,674 | 605,687 | 583,567 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | 125,400 | 117,873 | 110,284 | 105,785 | 104,278 | ||||||||||||||
Mortgage, multi-family | 302,831 | 271,974 | 245,213 | 244,090 | 214,812 | ||||||||||||||
Mortgage, commercial | 334,198 | 323,409 | 321,601 | 315,187 | 312,506 | ||||||||||||||
Loans to individuals | 25,157 | 24,019 | 21,342 | 19,824 | 20,350 | ||||||||||||||
Obligations of state and political subdivisions | 54,462 | 52,371 | 55,729 | 45,167 | 43,102 | ||||||||||||||
$ | 2,277,148 | $ | 2,124,916 | $ | 1,984,698 | $ | 1,826,156 | $ | 1,721,565 | ||||||||||
Net unamortized fees and costs | 827 | 768 | 691 | 641 | 597 | ||||||||||||||
$ | 2,277,975 | $ | 2,125,684 | $ | 1,985,389 | $ | 1,826,797 | $ | 1,722,162 | ||||||||||
Less allowance for loan losses | 26,530 | 26,510 | 24,020 | 25,550 | 25,160 | ||||||||||||||
$ | 2,251,445 | $ | 2,099,174 | $ | 1,961,369 | $ | 1,801,247 | $ | 1,697,002 |
Amount Of Loans | Amounts Due in One Year Or Less (1) | Amounts Due in One To Five Years | Amounts Due in Over Five Years | ||||||||||||
(Amounts In Thousands) | |||||||||||||||
Commercial and Agricultural | $ | 1,304,660 | $ | 420,300 | $ | 787,079 | $ | 97,281 | |||||||
Real Estate (2) | 892,250 | 111,601 | 547,201 | 233,448 | |||||||||||
Other | 80,238 | 6,775 | 19,987 | 53,476 | |||||||||||
Totals | $ | 2,277,148 | $ | 538,676 | $ | 1,354,267 | $ | 384,205 | |||||||
The types of interest rates applicable to these principal payments are shown below: | |||||||||||||||
Fixed rate | $ | 1,234,918 | $ | 360,750 | $ | 651,499 | $ | 222,669 | |||||||
Variable rate | 1,042,230 | 177,926 | 702,768 | 161,536 | |||||||||||
$ | 2,277,148 | $ | 538,676 | $ | 1,354,267 | $ | 384,205 |
(1) | A significant portion of the commercial loans are due in one year or less. A significant percentage of the loans will be re-evaluated prior to their maturity and are likely to be extended. |
(2) | Commercial, multi-family, construction 1 to 4 family residential, construction land development and commercial, and agricultural real estate loans are reflected in the Commercial and Agricultural total. |
Unemployment Rate % | Median Income | |||||||||||||||||||
2016 | 2015 | 2014 | 2015 | 2014 | 2013 | |||||||||||||||
United States | 4.7 | % | 5.0 | % | 5.6 | % | $ | 55,775 | $ | 53,482 | $ | 53,046 | ||||||||
State of Iowa | 3.6 | % | 3.4 | % | 4.1 | % | 54,736 | 52,716 | 51,843 | |||||||||||
Johnson County | 2.4 | % | 2.5 | % | 2.6 | % | 55,700 | 54,985 | 53,424 | |||||||||||
Linn County | 3.5 | % | 3.5 | % | 4.1 | % | 59,322 | 59,560 | 57,260 | |||||||||||
Washington County | 2.9 | % | 2.6 | % | 3.4 | % | 56,390 | 55,198 | 54,554 |
December 31, | ||||||||||||||||||||
2016 | Rate | 2015 | Rate | 2014 | Rate | |||||||||||||||
(Amounts In Thousands) | ||||||||||||||||||||
Average noninterest-bearing deposits | $ | 312,407 | — | $ | 292,943 | — | $ | 259,602 | — | |||||||||||
Average interest-bearing demand deposits | 499,882 | 0.15 | % | 469,463 | 0.15 | % | 414,438 | 0.15 | % | |||||||||||
Average savings deposits | 684,283 | 0.23 | 604,633 | 0.20 | 564,940 | 0.20 | ||||||||||||||
Average time deposits | 438,173 | 1.24 | 484,810 | 1.31 | 516,169 | 1.46 | ||||||||||||||
$ | 1,934,745 | $ | 1,851,849 | $ | 1,755,149 |
Time certificates issued in amounts of $100,000 or more with maturity in: | ||||||||||||||||||||
2016 | Rate | 2015 | Rate | 2014 | Rate | |||||||||||||||
(Amounts In Thousands) | ||||||||||||||||||||
3 months or less | $ | 34,810 | 0.83 | % | $ | 33,931 | 1.06 | % | $ | 10,772 | 0.95 | % | ||||||||
3 through 6 months | 28,756 | 0.86 | 18,893 | 1.32 | 16,830 | 1.63 | ||||||||||||||
6 through 12 months | 48,471 | 0.75 | 24,012 | 1.19 | 50,847 | 1.43 | ||||||||||||||
Over 12 months | 182,797 | 1.49 | 80,495 | 1.44 | 99,346 | 1.46 | ||||||||||||||
$ | 294,834 | $ | 157,331 | $ | 177,795 |
December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(Amounts In Thousands) | |||||||||||
Carrying value: | |||||||||||
U.S. Treasury | $ | 27,482 | $ | 24,978 | $ | 22,333 | |||||
Other securities (FHLB, FHLMC and FNMA) | 61,660 | 65,328 | 67,691 | ||||||||
Stock of the Federal Home Loan Bank | 12,413 | 11,834 | 8,248 | ||||||||
Obligations of state and political subdivisions | 178,395 | 173,929 | 168,968 | ||||||||
$ | 279,950 | $ | 276,069 | $ | 267,240 |
December 31, 2016 | ||||||
Carrying Value | Weighted Average Yield | |||||
(Amounts In Thousands) | ||||||
U.S. Treasury | ||||||
Within 1 year | $ | 4,990 | 1.01 | % | ||
From 1 to 5 years | 22,492 | 1.51 | % | |||
$ | 27,482 | |||||
Other securities (FHLB, FHLMC and FNMA), maturities: | ||||||
Within 1 year | $ | 17,537 | 1.18 | % | ||
From 1 to 5 years | 44,123 | 1.33 | ||||
From 5 to 10 years | — | — | ||||
$ | 61,660 | |||||
Stock of the Federal Home Loan Bank | $ | 12,413 | 3.03 | % | ||
Obligations of state and political subdivisions, maturities: | ||||||
Within 1 year | $ | 30,961 | 2.45 | % | ||
From 1 to 5 years | 76,363 | 2.97 | ||||
From 5 to 10 years | 70,000 | 2.84 | ||||
Over 10 years | 1,071 | 4.91 | ||||
$ | 178,395 | |||||
Total | $ | 279,950 |
2016 | 2015 | 2014 | ||||||
Return on average assets | 1.23 | % | 1.19 | % | 1.21 | % | ||
Return on average stockholders' equity | 11.26 | 10.79 | 10.83 | |||||
Dividend payout ratio | 19.20 | 20.60 | 20.09 | |||||
Average stockholders' equity to average assets ratio | 10.94 | 11.03 | 11.17 |
Year | Net Income | % (Decrease) Increase | Earnings Per Share - Diluted | |||||||
(In Thousands) | ||||||||||
2016 | $ | 31,555 | 11.04 | % | $ | 3.40 | ||||
2015 | 28,418 | 5.35 | 3.04 | |||||||
2014 | 26,974 | 4.02 | 2.87 | |||||||
2013 | 25,931 | (3.36 | ) | 2.75 | ||||||
2012 | 26,833 | 0.21 | 2.84 |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(Amounts In Thousands) | |||||||||||
Income: | |||||||||||
Loans (1) | $ | 93,744 | $ | 88,549 | $ | 83,015 | |||||
Taxable securities | 1,471 | 1,256 | 1,099 | ||||||||
Nontaxable securities (1) | 4,938 | 5,062 | 5,182 | ||||||||
Interest-bearing cash and cash equivalents | 163 | 32 | 36 | ||||||||
Total interest income | 100,316 | 94,899 | 89,332 | ||||||||
Expense: | |||||||||||
Interest-bearing demand deposits | 740 | 703 | 622 | ||||||||
Savings deposits | 1,577 | 1,181 | 1,124 | ||||||||
Time deposits | 5,440 | 6,329 | 7,559 | ||||||||
Other borrowings | 158 | 144 | 124 | ||||||||
FHLB borrowings | 8,172 | 6,605 | 5,603 | ||||||||
Interest-bearing other liabilities | — | 5 | 4 | ||||||||
Total interest expense | 16,087 | 14,967 | 15,036 | ||||||||
Net interest income | $ | 84,229 | $ | 79,932 | $ | 74,296 |
Change In | Change In | Increase (Decrease) | ||||||||||||||||
Average Balance | Average Rate | Volume Changes | Rate Changes | Net Change | ||||||||||||||
(Amounts In Thousands) | ||||||||||||||||||
Interest income: | ||||||||||||||||||
Loans, net | $ | 145,928 | (0.07 | )% | $ | 6,646 | $ | (1,451 | ) | $ | 5,195 | |||||||
Taxable securities | 1,729 | 0.19 | 77 | 138 | 215 | |||||||||||||
Nontaxable securities | 4,178 | (0.16 | ) | 133 | (259 | ) | (126 | ) | ||||||||||
Interest-bearing cash and cash equivalents | 20,172 | 0.24 | 55 | 76 | 131 | |||||||||||||
Federal funds sold | 28 | 0.21 | — | — | — | |||||||||||||
$ | 172,035 | $ | 6,911 | $ | (1,496 | ) | $ | 5,415 | ||||||||||
Interest expense: | ||||||||||||||||||
Interest-bearing demand deposits | $ | 30,419 | — | % | $ | (47 | ) | $ | 10 | $ | (37 | ) | ||||||
Savings deposits | 79,649 | 0.04 | (160 | ) | (236 | ) | (396 | ) | ||||||||||
Time deposits | (46,637 | ) | (0.07 | ) | 593 | 296 | 889 | |||||||||||
Other borrowings | (1,767 | ) | (0.20 | ) | 3 | 2 | 5 | |||||||||||
FHLB borrowings | 70,352 | (0.57 | ) | (2,911 | ) | 1,344 | (1,567 | ) | ||||||||||
Interest-bearing other liabilities | (705 | ) | 0.03 | 4 | (18 | ) | (14 | ) | ||||||||||
$ | 131,311 | $ | (2,518 | ) | $ | 1,398 | $ | (1,120 | ) | |||||||||
Change in net interest income | $ | 4,393 | $ | (98 | ) | $ | 4,295 |
Change In Average Balance | Change In Average Rate | Increase (Decrease) | ||||||||||||||||
Volume Changes | Rate Changes | Net Change | ||||||||||||||||
(Amounts In Thousands) | ||||||||||||||||||
Interest income: | ||||||||||||||||||
Loans, net | $ | 143,929 | (0.04 | )% | $ | 6,508 | $ | (974 | ) | $ | 5,534 | |||||||
Taxable securities | 4,083 | 0.11 | 105 | 52 | 157 | |||||||||||||
Nontaxable securities | 8,618 | (0.27 | ) | 298 | (418 | ) | (120 | ) | ||||||||||
Interest-bearing cash and cash equivalents | (2,181 | ) | 0.02 | (6 | ) | 2 | (4 | ) | ||||||||||
Federal funds sold | 2 | — | — | — | — | |||||||||||||
$ | 154,451 | $ | 6,905 | $ | (1,338 | ) | $ | 5,567 | ||||||||||
Interest expense: | ||||||||||||||||||
Interest-bearing demand deposits | $ | 55,025 | — | % | $ | (83 | ) | $ | 1 | $ | (82 | ) | ||||||
Savings deposits | 39,693 | — | (78 | ) | 21 | (57 | ) | |||||||||||
Time deposits | (31,359 | ) | (0.15 | ) | 459 | 771 | 1,230 | |||||||||||
Other borrowings | (48 | ) | 0.04 | — | (1 | ) | (1 | ) | ||||||||||
FHLB borrowings | 36,091 | (0.27 | ) | (1,614 | ) | 599 | (1,015 | ) | ||||||||||
Interest-bearing other liabilities | 4,214 | (0.01 | ) | (14 | ) | 8 | (6 | ) | ||||||||||
$ | 103,616 | $ | (1,330 | ) | $ | 1,399 | $ | 69 | ||||||||||
Change in net interest income | $ | 5,575 | $ | 61 | $ | 5,636 |
Years Ended December 31, | ||||||||
2016 | 2015 | 2014 | ||||||
Average yields: | ||||||||
Loans (1) | 4.24 | % | 4.35 | % | 4.39 | % | ||
Loans (tax equivalent basis) (1) | 4.33 | 4.40 | 4.44 | |||||
Taxable securities | 1.45 | 1.26 | 1.15 | |||||
Nontaxable securities | 1.97 | 2.08 | 2.25 | |||||
Nontaxable securities (tax equivalent basis) | 3.03 | 3.19 | 3.46 | |||||
Interest-bearing cash and cash equivalents | 0.51 | 0.27 | 0.26 | |||||
Federal funds sold | 0.48 | 0.27 | 0.14 | |||||
Average rates paid: | ||||||||
Interest-bearing demand deposits | 0.15 | 0.15 | 0.15 | |||||
Savings deposits | 0.23 | 0.20 | 0.20 | |||||
Time deposits | 1.24 | 1.31 | 1.46 | |||||
Short-term borrowings | 0.31 | 0.28 | 0.29 | |||||
FHLB borrowings | 3.47 | 4.04 | 4.31 | |||||
Interest-bearing other liabilities | — | 0.20 | 0.16 | |||||
Yield on average interest-earning assets | 4.07 | 4.16 | 4.20 | |||||
Rate on average interest-bearing liabilities | 0.84 | 0.84 | 0.90 | |||||
Net interest spread (2) | 3.23 | 3.32 | 3.30 | |||||
Net interest margin (3) | 3.43 | 3.50 | 3.49 |
(1) | Non-accruing loans have been included in the average loan balances for purposes of this computation. |
(2) | Net interest spread is the difference between the yield on average interest-earning assets and the yield on average interest-paying liabilities stated on a tax equivalent basis using a federal rate of 35% for the three years presented. The net interest spread decreased 9 basis points in 2016 and increased 2 basis points in 2015. |
(3) | Net interest margin is net interest income, on a tax equivalent basis, divided by average interest-earning assets. The net interest margin decreased 7 basis points in 2016. The net interest margin increased 1 basis point in 2015 compared to 2014. |
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||
Nonaccrual loans (1) | $ | 9,938 | $ | 7,415 | $ | 6,081 | $ | 7,192 | $ | 7,685 | |||||||||
Accruing loans past due 90 days or more (2) | 635 | 467 | 348 | 959 | 2,643 | ||||||||||||||
Troubled debt restructurings ("TDR loans")(1) (3) | 5,408 | 8,279 | 14,340 | 18,375 | 19,430 | ||||||||||||||
Total impaired loans | $ | 15,981 | $ | 16,161 | $ | 20,769 | $ | 26,526 | $ | 29,758 | |||||||||
Other real estate | 237 | 439 | 1,213 | 541 | 746 | ||||||||||||||
Non-performing assets (includes impaired loans and other real estate) | $ | 16,218 | $ | 16,600 | $ | 21,982 | $ | 27,067 | $ | 30,504 | |||||||||
Loans held for investment | $2,277,148 | $2,124,916 | $1,984,698 | $1,826,156 | $1,721,565 | ||||||||||||||
Ratio of allowance for loan losses to loans held for investment | 1.17 | % | 1.25 | % | 1.21 | % | 1.40 | % | 1.46 | % | |||||||||
Ratio of allowance for loan losses to impaired loans | 166.01 | 164.04 | 115.65 | 96.32 | 84.55 | ||||||||||||||
Ratio of impaired loans to total loans held for investment | 0.70 | 0.76 | 1.05 | 1.45 | 1.73 | ||||||||||||||
Ratio of non-performing assets to total assets | 0.61 | 0.67 | 0.94 | 1.25 | 1.45 |
(1) | The gross interest income that would have been recorded in 2016 if the loans had been current in accordance with their original terms and had been outstanding throughout the period or since origination if held for part of the period was $0.75 million. The amount of interest income on the loans that was included in income for 2016 was $0.25 million. |
(2) | As of December 31, 2012 there were $0.26 million of TDR loans included within accruing loans past due 90 days or more. There were no TDR loans within accruing loans past due 90 days or more as of December 31, 2016, 2015, 2014 and 2013. The accruing loans past due 90 days or more are still believed to be adequately collateralized. Loans are placed on nonaccrual status when management believes the collection of future principal and interest is not reasonably assured. |
(3) | Total TDR loans were $9.64, $10.59, $16.48, $21.09, and $22.12 million as of December 31, 2016, 2015, 2014, 2013, and 2012, respectively. Included in the total nonaccrual loans were $4.23, $2.31, $2.14 ,$2.72, and $2.69 million of TDR loans as of December 31, 2016, 2015, 2014, 2013, and 2012, respectively. |
Agricultural | Commercial and Financial | Real Estate: Construction and land development | Real Estate: Mortgage, farmland | Real Estate: Mortgage, 1 to 4 family | Real Estate: Mortgage, multi-family and commercial | Other | Total | ||||||||||||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 3,082 | $ | 4,517 | $ | 2,280 | $ | 3,342 | $ | 8,172 | $ | 4,223 | $ | 894 | $ | 26,510 | |||||||||||||||
Charge-offs | (226 | ) | (315 | ) | (34 | ) | (116 | ) | (1,181 | ) | (66 | ) | (693 | ) | (2,631 | ) | |||||||||||||||
Recoveries | 181 | 1,169 | 849 | — | 1,043 | 385 | 187 | 3,814 | |||||||||||||||||||||||
Provision | (90 | ) | (840 | ) | (205 | ) | 191 | (357 | ) | (497 | ) | 635 | (1,163 | ) | |||||||||||||||||
Ending balance | $ | 2,947 | $ | 4,531 | $ | 2,890 | $ | 3,417 | $ | 7,677 | $ | 4,045 | $ | 1,023 | $ | 26,530 |
Agricultural | Commercial and Financial | Real Estate: Construction and land development | Real Estate: Mortgage, farmland | Real Estate: Mortgage, 1 to 4 family | Real Estate: Mortgage, multi-family and commercial | Other | Total | ||||||||||||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 2,515 | $ | 4,231 | $ | 2,241 | $ | 2,672 | $ | 7,419 | $ | 4,195 | $ | 747 | $ | 24,020 | |||||||||||||||
Charge-offs | (325 | ) | (526 | ) | (285 | ) | — | (1,108 | ) | (723 | ) | (438 | ) | (3,405 | ) | ||||||||||||||||
Recoveries | 123 | 1,370 | 501 | 6 | 762 | 1,310 | 168 | 4,240 | |||||||||||||||||||||||
Provision | 769 | (558 | ) | (177 | ) | 664 | 1,099 | (559 | ) | 417 | 1,655 | ||||||||||||||||||||
Ending balance | $ | 3,082 | $ | 4,517 | $ | 2,280 | $ | 3,342 | $ | 8,172 | $ | 4,223 | $ | 894 | $ | 26,510 |
Agricultural | Commercial and Financial | Real Estate: Construction and land development | Real Estate: Mortgage, farmland | Real Estate: Mortgage, 1 to 4 family | Real Estate: Mortgage, multi-family and commercial | Other | Total | ||||||||||||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 2,852 | $ | 4,733 | $ | 2,918 | $ | 2,557 | $ | 7,064 | $ | 4,787 | $ | 639 | $ | 25,550 | |||||||||||||||
Charge-offs | (174 | ) | (3,388 | ) | (250 | ) | — | (1,195 | ) | (217 | ) | (325 | ) | (5,549 | ) | ||||||||||||||||
Recoveries | 66 | 1,128 | 390 | — | 870 | 377 | 146 | 2,977 | |||||||||||||||||||||||
Provision | (229 | ) | 1,758 | (817 | ) | 115 | 680 | (752 | ) | 287 | 1,042 | ||||||||||||||||||||
Ending balance | $ | 2,515 | $ | 4,231 | $ | 2,241 | $ | 2,672 | $ | 7,419 | $ | 4,195 | $ | 747 | $ | 24,020 |
Agricultural | Commercial and Financial | Real Estate: Construction and land development | Real Estate: Mortgage, farmland | Real Estate: Mortgage, 1 to 4 family | Real Estate: Mortgage, multi-family and commercial | Other | Total | ||||||||||||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 1,653 | $ | 4,573 | $ | 3,175 | $ | 1,746 | $ | 8,088 | $ | 5,104 | $ | 821 | $ | 25,160 | |||||||||||||||
Charge-offs | — | (1,692 | ) | (245 | ) | — | (887 | ) | (356 | ) | (166 | ) | (3,346 | ) | |||||||||||||||||
Recoveries | 35 | 1,002 | 323 | — | 618 | 464 | 163 | 2,605 | |||||||||||||||||||||||
Provision | 1,164 | 850 | (335 | ) | 811 | (755 | ) | (425 | ) | (179 | ) | 1,131 | |||||||||||||||||||
Ending balance | $ | 2,852 | $ | 4,733 | $ | 2,918 | $ | 2,557 | $ | 7,064 | $ | 4,787 | $ | 639 | $ | 25,550 |
Agricultural | Commercial and Financial | Real Estate: Construction and land development | Real Estate: Mortgage, farmland | Real Estate: Mortgage, 1 to 4 family | Real Estate: Mortgage, multi-family and commercial | Other | Total | ||||||||||||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 1,354 | $ | 6,429 | $ | 4,994 | $ | 1,411 | $ | 9,051 | $ | 6,150 | $ | 761 | $ | 30,150 | |||||||||||||||
Charge-offs | (12 | ) | (1,395 | ) | (1,648 | ) | — | (1,448 | ) | (318 | ) | (205 | ) | (5,026 | ) | ||||||||||||||||
Recoveries | 71 | 1,583 | 52 | — | 521 | 403 | 255 | 2,885 | |||||||||||||||||||||||
Provision | 240 | (2,044 | ) | (223 | ) | 335 | (36 | ) | (1,131 | ) | 10 | (2,849 | ) | ||||||||||||||||||
Ending balance | $ | 1,653 | $ | 4,573 | $ | 3,175 | $ | 1,746 | $ | 8,088 | $ | 5,104 | $ | 821 | $ | 25,160 |
2016 | 2015 | ||||||||||||||||||
Amount | % of Total Allowance | % of Loans to Total Loans | Amount | % of Total Allowance | % of Loans to Total Loans | ||||||||||||||
(In Thousands) | (In Thousands) | ||||||||||||||||||
Agricultural | $ | 2,947 | 11.11 | % | 4.08 | % | $ | 3,082 | 11.63 | % | 4.78 | % | |||||||
Commercial and financial | 4,531 | 17.08 | 8.48 | 4,517 | 17.04 | 8.67 | |||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 1,023 | 3.86 | 2.54 | 866 | 3.27 | 2.42 | |||||||||||||
Construction, land development and commercial | 1,867 | 7.04 | 5.34 | 1,414 | 5.33 | 3.91 | |||||||||||||
Mortgage, farmland | 3,417 | 12.88 | 8.89 | 3,342 | 12.61 | 8.84 | |||||||||||||
Mortgage, 1 to 4 family first liens | 6,560 | 24.72 | 33.70 | 6,931 | 26.14 | 34.22 | |||||||||||||
Mortgage, 1 to 4 family junior liens | 1,117 | 4.21 | 5.51 | 1,241 | 4.68 | 5.55 | |||||||||||||
Mortgage, multi-family | 1,669 | 6.29 | 13.30 | 1,713 | 6.46 | 12.80 | |||||||||||||
Mortgage, commercial | 2,376 | 8.95 | 14.67 | 2,510 | 9.47 | 15.22 | |||||||||||||
Loans to individuals | 642 | 2.42 | 1.10 | 501 | 1.89 | 1.13 | |||||||||||||
Obligations of state and political subdivisions | 381 | 1.44 | 2.39 | 393 | 1.48 | 2.46 | |||||||||||||
$ | 26,530 | 100.00 | % | 100.00 | % | $ | 26,510 | 100.00 | % | 100.00 | % |
2014 | 2013 | ||||||||||||||||||
Agricultural | $ | 2,515 | 10.47 | % | 4.92 | % | $ | 2,852 | 11.17 | % | 4.50 | % | |||||||
Commercial and financial | 4,231 | 17.61 | 8.80 | 4,733 | 18.52 | 9.10 | |||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 810 | 3.37 | 2.32 | 1,011 | 3.96 | 1.66 | |||||||||||||
Construction, land development and commercial | 1,431 | 5.96 | 3.88 | 1,907 | 7.46 | 3.79 | |||||||||||||
Mortgage, farmland | 2,672 | 11.12 | 8.19 | 2,557 | 10.01 | 7.81 | |||||||||||||
Mortgage, 1 to 4 family first liens | 6,268 | 26.11 | 33.88 | 6,101 | 23.87 | 33.16 | |||||||||||||
Mortgage, 1 to 4 family junior liens | 1,151 | 4.79 | 5.56 | 963 | 3.77 | 5.79 | |||||||||||||
Mortgage, multi-family | 1,490 | 6.20 | 12.36 | 2,064 | 8.08 | 13.37 | |||||||||||||
Mortgage, commercial | 2,705 | 11.26 | 16.20 | 2,723 | 10.66 | 17.26 | |||||||||||||
Loans to individuals | 299 | 1.24 | 1.08 | 369 | 1.44 | 1.09 | |||||||||||||
Obligations of state and political subdivisions | 448 | 1.87 | 2.81 | 270 | 1.06 | 2.47 | |||||||||||||
$ | 24,020 | 100.00 | % | 100.00 | % | $ | 25,550 | 100.00 | % | 100.00 | % |
2012 | |||||||||
Amount | % of Total Allowance | % of Loans to Total Loans | |||||||
(In Thousands) | |||||||||
Agricultural | $ | 1,653 | 6.57 | % | 4.43 | % | |||
Commercial and financial | 4,573 | 18.18 | 8.60 | ||||||
Real estate: | |||||||||
Construction, 1 to 4 family residential | 848 | 3.37 | 1.50 | ||||||
Construction, land development and commercial | 2,327 | 9.25 | 4.59 | ||||||
Mortgage, farmland | 1,746 | 6.94 | 6.61 | ||||||
Mortgage, 1 to 4 family first liens | 6,540 | 25.99 | 33.90 | ||||||
Mortgage, 1 to 4 family junior liens | 1,548 | 6.15 | 6.06 | ||||||
Mortgage, multi-family | 1,840 | 7.31 | 12.48 | ||||||
Mortgage, commercial | 3,264 | 12.97 | 18.15 | ||||||
Loans to individuals | 382 | 1.52 | 1.18 | ||||||
Obligations of state and political subdivisions | 439 | 1.75 | 2.50 | ||||||
$ | 25,160 | 100.00 | % | 100.00 | % |
Year Ended December 31, | $ Change | % Change | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2016/2015 | 2015/2014 | 2016/2015 | 2015/2014 | |||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Net gain on sale of loans | $ | 2,043 | $ | 1,439 | $ | 894 | $ | 604 | $ | 545 | 41.97 | % | 60.96 | % | |||||||||||
Trust fees | 7,033 | 6,565 | 6,065 | 468 | 500 | 7.13 | 8.24 | ||||||||||||||||||
Service charges and fees | 8,750 | 8,336 | 8,025 | 414 | 311 | 4.97 | 3.88 | ||||||||||||||||||
Rental revenue on tax credit real estate | — | 1,688 | 1,490 | (1,688 | ) | 198 | (100.00 | ) | 13.29 | ||||||||||||||||
Other noninterest income | 2,169 | 2,774 | 2,882 | (605 | ) | (108 | ) | (21.81 | ) | (3.75 | ) | ||||||||||||||
$ | 19,995 | $ | 20,802 | $ | 19,356 | $ | (807 | ) | $ | 1,446 | (3.88 | )% | 7.47 | % |
Year Ended December 31, | $ Change | % Change | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2016/2015 | 2015/2014 | 2016/2015 | 2015/2014 | |||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Salaries and employee benefits | $ | 30,778 | $ | 27,878 | $ | 26,450 | $ | 2,900 | $ | 1,428 | 10.40 | % | 5.40 | % | |||||||||||
Occupancy | 3,962 | 3,972 | 3,807 | (10 | ) | 165 | (0.25 | ) | 4.33 | ||||||||||||||||
Furniture and equipment | 5,368 | 5,317 | 4,975 | 51 | 342 | 0.96 | 6.87 | ||||||||||||||||||
Office supplies and postage | 1,797 | 1,732 | 1,546 | 65 | 186 | 3.75 | 12.03 | ||||||||||||||||||
Advertising and business development | 3,403 | 3,360 | 3,073 | 43 | 287 | 1.28 | 9.34 | ||||||||||||||||||
Outside services | 7,584 | 7,114 | 6,741 | 470 | 373 | 6.61 | 5.53 | ||||||||||||||||||
Rental expenses on tax credit real estate | — | 2,331 | 2,189 | (2,331 | ) | 142 | (100.00 | ) | 6.49 | ||||||||||||||||
FDIC insurance assessment | 1,022 | 1,165 | 1,098 | (143 | ) | 67 | (12.27 | ) | 6.10 | ||||||||||||||||
Other noninterest expense | 2,885 | 2,591 | 1,877 | 294 | 714 | 11.35 | 38.04 | ||||||||||||||||||
$ | 56,799 | $ | 55,460 | $ | 51,756 | $ | 1,339 | $ | 3,704 | 2.41 | % | 7.16 | % |
2016 | 2015 | 2014 | |||||||||
(Amounts In Thousands) | |||||||||||
Outstanding balance as of December 31 | $ | 33,489 | $ | 44,051 | $ | 47,499 | |||||
Weighted average interest rate at year end | 0.33 | % | 0.25 | % | 0.26 | % | |||||
Maximum month-end balance | 96,224 | 73,725 | 68,572 | ||||||||
Average month-end balance | 47,899 | 49,842 | 42,227 | ||||||||
Weighted average interest rate for the year | 0.31 | % | 0.28 | % | 0.29 | % |
2016 | 2015 | 2014 | |||||||||
(Amounts In Thousands) | |||||||||||
Outstanding balance as of December 31 | $ | 235,000 | $ | 225,000 | $ | 140,000 | |||||
Weighted average interest rate at year end | 3.15 | % | 3.63 | % | 3.97 | % | |||||
Maximum month-end balance | 260,000 | 225,000 | 145,000 | ||||||||
Average month-end balance | 231,443 | 161,091 | 129,521 | ||||||||
Weighted average interest rate for the year | 3.47 | % | 4.04 | % | 4.31 | % |
Payments Due By Period | |||||||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||
Total | Less Than One Year | One - Three Years | Three - Five Years | More Than Five Years | |||||||||||||||
Contractual obligations: | |||||||||||||||||||
Long-term debt obligations | $ | 235,000 | $ | 30,000 | $ | 20,000 | $ | 30,000 | $ | 155,000 | |||||||||
Operating lease obligations | 907 | 453 | 453 | 1 | — | ||||||||||||||
Total contractual obligations: | $ | 235,907 | $ | 30,453 | $ | 20,453 | $ | 30,001 | $ | 155,000 | |||||||||
Other commitments: | |||||||||||||||||||
Lines of credit | $ | 388,666 | $ | 291,650 | $ | 73,954 | $ | 17,258 | $ | 5,804 | |||||||||
Standby letters of credit | 9,024 | 9,024 | — | — | — | ||||||||||||||
Total other commitments | $ | 397,690 | $ | 300,674 | $ | 73,954 | $ | 17,258 | $ | 5,804 |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Repricing | |||||||||||||||||||||||||||
Maturities | Days | More Than | |||||||||||||||||||||||||
Immediately | 2-30 | 31-90 | 91-180 | 181-365 | One Year | Total | |||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||||
Earning assets: | |||||||||||||||||||||||||||
Excess Cash | $ | 7,333 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,333 | |||||||||||||
Federal funds sold | — | — | — | — | — | — | — | ||||||||||||||||||||
Investment securities | — | 2,720 | 4,736 | 26,964 | 18,973 | 226,558 | 279,951 | ||||||||||||||||||||
Loans | 10,054 | 175,605 | 51,961 | 114,749 | 213,680 | 1,721,732 | 2,287,781 | ||||||||||||||||||||
Total earning assets | 17,387 | 178,325 | 56,697 | 141,713 | 232,653 | 1,948,290 | 2,575,065 | ||||||||||||||||||||
Sources of funds: | |||||||||||||||||||||||||||
Interest-bearing checking and savings accounts | 147,598 | — | — | — | — | 1,103,828 | 1,251,426 | ||||||||||||||||||||
Certificates of deposit | — | 20,462 | 38,137 | 41,271 | 69,121 | 267,390 | 436,381 | ||||||||||||||||||||
FHLB borrowings | — | — | — | — | 30,000 | 205,000 | 235,000 | ||||||||||||||||||||
Federal funds and repurchase agreements | 33,489 | — | — | — | — | — | 33,489 | ||||||||||||||||||||
181,087 | 20,462 | 38,137 | 41,271 | 99,121 | 1,576,218 | 1,956,296 | |||||||||||||||||||||
Other sources, primarily noninterest-bearing | — | — | — | — | — | 348,505 | 348,505 | ||||||||||||||||||||
Total sources | 181,087 | 20,462 | 38,137 | 41,271 | 99,121 | 1,924,723 | 2,304,801 | ||||||||||||||||||||
Interest | |||||||||||||||||||||||||||
Rate Gap | $ | (163,700 | ) | $ | 157,863 | $ | 18,560 | $ | 100,442 | $ | 133,532 | $ | 23,567 | $ | 270,264 | ||||||||||||
Cumulative Interest | |||||||||||||||||||||||||||
Rate Gap at December 31, 2016 | $ | (163,700 | ) | $ | (5,837 | ) | $ | 12,723 | $ | 113,165 | $ | 246,697 | $ | 270,264 | |||||||||||||
Gap Ratio | 0.10 | 8.71 | 1.49 | 3.43 | 2.35 | 1.01 | |||||||||||||||||||||
Cumulative Gap Ratio | 0.10 | 0.97 | 1.05 | 1.40 | 1.65 | 1.12 |
2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Loans, fixed: | |||||||||||||||||||||||||||||||
Balance | $ | 360,750 | $ | 131,408 | $ | 124,514 | $ | 196,965 | $ | 198,612 | $ | 222,669 | $ | 1,234,918 | $ | 1,207,959 | |||||||||||||||
Average interest rate | 4.35 | % | 4.24 | % | 4.25 | % | 4.24 | % | 4.19 | % | 3.88 | % | 4.20 | % | |||||||||||||||||
Loans, variable: | |||||||||||||||||||||||||||||||
Balance | $ | 177,926 | $ | 119,317 | $ | 116,681 | $ | 202,237 | $ | 264,533 | $ | 161,536 | $ | 1,042,230 | $ | 1,069,665 | |||||||||||||||
Average interest rate | 3.95 | % | 4.10 | % | 4.15 | % | 4.07 | % | 4.09 | % | 4.05 | % | 4.06 | % | |||||||||||||||||
Investments (1): | |||||||||||||||||||||||||||||||
Balance | $ | 65,901 | $ | 41,602 | $ | 43,645 | $ | 34,713 | $ | 23,018 | $ | 71,071 | $ | 279,950 | $ | 279,950 | |||||||||||||||
Average interest rate | 2.14 | % | 2.15 | % | 2.28 | % | 2.13 | % | 2.42 | % | 2.87 | % | 2.37 | % | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Liquid deposits (2): | |||||||||||||||||||||||||||||||
Balance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,248,284 | $ | 1,251,433 | |||||||||||||||
Average interest rate | — | % | — | % | — | % | — | % | — | % | — | % | 0.21 | % | |||||||||||||||||
Deposits, certificates: | |||||||||||||||||||||||||||||||
Balance | $ | 168,991 | $ | 104,259 | $ | 31,370 | $ | 90,287 | $ | 41,474 | $ | — | $ | 436,381 | $ | 435,703 | |||||||||||||||
Average interest rate | 0.82 | % | 1.13 | % | 1.31 | % | 1.98 | % | 1.94 | % | — | % | 1.28 | % |
(1) | Includes all available-for-sale investments, federal funds and Federal Home Loan Bank stock. |
(2) | Includes NOW and other demand, savings and money market funds. |
Item 8. | Consolidated Financial Statements and Supplementary Data |
ASSETS | 2016 | 2015 | |||||
Cash and cash equivalents | $ | 38,197 | $ | 35,427 | |||
Investment securities available for sale at fair value (amortized cost 2016 $269,039; 2015 $261,991) (Notes 1, 2 and 13) | 267,537 | 264,235 | |||||
Stock of Federal Home Loan Bank | 12,413 | 11,834 | |||||
Loans held for sale | 9,806 | 5,554 | |||||
Loans, net of allowance for loan losses (2016 $26,530; 2015 $26,510) (Notes 1, 3, and 12) | 2,251,445 | 2,099,174 | |||||
Property and equipment, net (Note 4) | 37,859 | 33,522 | |||||
Tax credit real estate | 10,563 | 16,314 | |||||
Accrued interest receivable | 9,121 | 8,672 | |||||
Deferred income taxes, net (Note 10) | 12,611 | 11,695 | |||||
Other real estate | 237 | 439 | |||||
Goodwill | 2,500 | 2,500 | |||||
Other assets | 3,481 | 4,241 | |||||
Total Assets | $ | 2,655,770 | $ | 2,493,607 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Liabilities | |||||||
Noninterest-bearing deposits | $ | 348,505 | $ | 314,968 | |||
Interest-bearing deposits (Note 5) | 1,687,807 | 1,575,734 | |||||
Total deposits | 2,036,312 | 1,890,702 | |||||
Other borrowings (Note 6) | 33,489 | 44,051 | |||||
Federal Home Loan Bank borrowings (Note 7) | 235,000 | 225,000 | |||||
Accrued interest payable | 984 | 846 | |||||
Other liabilities | 19,934 | 23,271 | |||||
Total Liabilities | 2,325,719 | 2,183,870 | |||||
Commitments and Contingencies (Notes 9 and 15) | |||||||
Redeemable Common Stock Held By Employee Stock | |||||||
Ownership Plan (ESOP) (Note 9) | 40,781 | 37,562 | |||||
Stockholders' Equity (Note 11) | |||||||
Common stock, no par value; authorized 20,000,000 shares; issued 2016 10,227,178 shares; 2015 10,199,643 shares | — | — | |||||
Paid in capital | 44,606 | 43,697 | |||||
Retained earnings | 319,982 | 294,487 | |||||
Accumulated other comprehensive loss (Note 8) | (3,359 | ) | (1,195 | ) | |||
Treasury stock at cost (2016 962,951 shares; 2015 877,589 shares) | (31,178 | ) | (27,252 | ) | |||
Total Stockholders' Equity | 330,051 | 309,737 | |||||
Less maximum cash obligation related to ESOP shares (Note 9) | 40,781 | 37,562 | |||||
Total Stockholders' Equity Less Maximum Cash Obligations Related To ESOP Shares | 289,270 | 272,175 | |||||
Total Liabilities & Stockholders' Equity | $ | 2,655,770 | $ | 2,493,607 |
2016 | 2015 | 2014 | |||||||||
Interest income: | |||||||||||
Loans, including fees | $ | 92,833 | $ | 87,589 | $ | 82,079 | |||||
Investment securities: | |||||||||||
Taxable | 1,471 | 1,256 | 1,099 | ||||||||
Nontaxable | 3,210 | 3,290 | 3,368 | ||||||||
Federal funds sold | 163 | 32 | 36 | ||||||||
Total interest income | 97,677 | 92,167 | 86,582 | ||||||||
Interest expense: | |||||||||||
Deposits | 7,757 | 8,213 | 9,305 | ||||||||
Other borrowings | 158 | 149 | 142 | ||||||||
FHLB borrowings | 8,172 | 6,605 | 5,590 | ||||||||
Total interest expense | 16,087 | 14,967 | 15,037 | ||||||||
Net interest income | 81,590 | 77,200 | 71,545 | ||||||||
Provision for loan losses (Note 3) | (1,163 | ) | 1,655 | 1,042 | |||||||
Net interest income after provision for loan losses | 82,753 | 75,545 | 70,503 | ||||||||
Noninterest income: | |||||||||||
Net gain on sale of loans | 2,043 | 1,439 | 894 | ||||||||
Trust fees | 7,033 | 6,565 | 6,065 | ||||||||
Service charges and fees | 8,750 | 8,336 | 8,025 | ||||||||
Rental revenue on tax credit real estate | — | 1,688 | 1,490 | ||||||||
Other noninterest income | 2,169 | 2,774 | 2,882 | ||||||||
19,995 | 20,802 | 19,356 | |||||||||
Noninterest expenses: | |||||||||||
Salaries and employee benefits | 30,778 | 27,878 | 26,450 | ||||||||
Occupancy | 3,962 | 3,972 | 3,807 | ||||||||
Furniture and equipment | 5,368 | 5,317 | 4,975 | ||||||||
Office supplies and postage | 1,797 | 1,732 | 1,546 | ||||||||
Advertising and business development | 3,403 | 3,360 | 3,073 | ||||||||
Outside services | 7,584 | 7,114 | 6,741 | ||||||||
Rental expenses on tax credit real estate | — | 2,331 | 2,189 | ||||||||
FDIC insurance assessment | 1,022 | 1,165 | 1,098 | ||||||||
Other noninterest expenses | 2,885 | 2,591 | 1,877 | ||||||||
56,799 | 55,460 | 51,756 | |||||||||
Income before income taxes | 45,949 | 40,887 | 38,103 | ||||||||
Income taxes (Note 10) | 14,394 | 12,469 | 11,129 | ||||||||
Net income | $ | 31,555 | $ | 28,418 | $ | 26,974 | |||||
Earnings per share: | |||||||||||
Basic | $ | 3.40 | $ | 3.04 | $ | 2.88 | |||||
Diluted | 3.40 | 3.04 | 2.87 |
2016 | 2015 | 2014 | |||||||||
Net income | $ | 31,555 | $ | 28,418 | $ | 26,974 | |||||
Other comprehensive (loss) income | |||||||||||
Securities: | |||||||||||
Net change in unrealized (loss) gain on securities available for sale | $ | (3,746 | ) | $ | 172 | $ | 264 | ||||
Income taxes | 1,433 | (65 | ) | (101 | ) | ||||||
Other comprehensive (loss) income on securities available for sale | $ | (2,313 | ) | $ | 107 | $ | 163 | ||||
Derivatives used in cash flow hedging relationships: | |||||||||||
Net change in unrealized gain (loss) on derivatives | $ | 242 | $ | (1,384 | ) | $ | (3,565 | ) | |||
Income taxes | (93 | ) | 530 | 1,363 | |||||||
Other comprehensive income (loss) on cash flow hedges | $ | 149 | $ | (854 | ) | $ | (2,202 | ) | |||
Other comprehensive loss, net of tax | $ | (2,164 | ) | $ | (747 | ) | $ | (2,039 | ) | ||
Comprehensive income | $ | 29,391 | $ | 27,671 | $ | 24,935 |
Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Unearned ESOP Shares | Treasury Stock | Maximum Cash Obligation Related To ESOP Shares | Total | |||||||||||||||||||||
Balance, December 31, 2013 | $ | 42,194 | $ | 250,370 | $ | 1,591 | $ | (1,008 | ) | $ | (19,784 | ) | $ | (29,574 | ) | $ | 243,789 | ||||||||||
Issuance of 25,024 shares of common stock | 862 | — | — | — | — | — | 862 | ||||||||||||||||||||
Issuance of 4,184 shares of common stock under the employee stock purchase plan | 158 | — | — | — | — | — | 158 | ||||||||||||||||||||
Unearned restricted stock compensation | (464 | ) | — | — | — | — | — | (464 | ) | ||||||||||||||||||
Forfeiture of 1,142 shares of common stock | (40 | ) | — | — | — | — | — | (40 | ) | ||||||||||||||||||
Share-based compensation | 29 | — | — | — | — | — | 29 | ||||||||||||||||||||
Income tax benefit related to share-based compensation | 60 | — | — | — | — | — | 60 | ||||||||||||||||||||
Change related to ESOP shares | — | — | — | — | — | (4,997 | ) | (4,997 | ) | ||||||||||||||||||
Release of 16,004 shares of common stock under the employee stock ownership plan | 126 | — | — | 504 | — | — | 630 | ||||||||||||||||||||
Net income | — | 26,974 | — | — | — | — | 26,974 | ||||||||||||||||||||
Cash dividends ($0.575 per share) | — | (5,420 | ) | — | — | — | — | (5,420 | ) | ||||||||||||||||||
Purchase of 102,884 shares of common stock | — | — | — | — | (4,014 | ) | — | (4,014 | ) | ||||||||||||||||||
Other comprehensive loss | — | — | (2,039 | ) | — | — | — | (2,039 | ) | ||||||||||||||||||
Balance, December 31, 2014 | $ | 42,925 | $ | 271,924 | $ | (448 | ) | $ | (504 | ) | $ | (23,798 | ) | $ | (34,571 | ) | $ | 255,528 | |||||||||
Issuance of 18,314 shares of common stock | 807 | — | — | — | — | — | 807 | ||||||||||||||||||||
Issuance of 4,155 shares of common stock under the employee stock purchase plan | 172 | — | — | — | — | — | 172 | ||||||||||||||||||||
Unearned restricted stock compensation | (381 | ) | — | — | — | — | — | (381 | ) | ||||||||||||||||||
Forfeiture of 1,042 shares of common stock | (37 | ) | — | — | — | — | — | (37 | ) | ||||||||||||||||||
Share-based compensation | 29 | — | — | — | — | — | 29 | ||||||||||||||||||||
Income tax benefit related to share-based compensation | 8 | — | — | — | — | — | 8 | ||||||||||||||||||||
Change related to ESOP shares | — | — | — | — | — | (2,991 | ) | (2,991 | ) | ||||||||||||||||||
Release of 15,256 shares of common stock under the employee stock ownership plan | 174 | — | — | 504 | — | — | 678 | ||||||||||||||||||||
Net income | — | 28,418 | — | — | — | — | 28,418 | ||||||||||||||||||||
Cash dividends ($0.625 per share) | — | (5,855 | ) | — | — | — | — | (5,855 | ) | ||||||||||||||||||
Purchase of 80,168 shares of common stock | — | — | — | — | (3,454 | ) | — | (3,454 | ) | ||||||||||||||||||
Other comprehensive loss | — | — | (747 | ) | — | — | — | (747 | ) | ||||||||||||||||||
Balance, December 31, 2015 | $ | 43,697 | $ | 294,487 | $ | (1,195 | ) | $ | — | $ | (27,252 | ) | $ | (37,562 | ) | $ | 272,175 | ||||||||||
Issuance of 23,163 shares of common stock | 1,078 | — | — | — | — | — | 1,078 | ||||||||||||||||||||
Issuance of 5,636 shares of common stock under the employee stock purchase plan | 254 | — | — | — | — | — | 254 | ||||||||||||||||||||
Unearned restricted stock compensation | (470 | ) | — | — | — | — | — | (470 | ) | ||||||||||||||||||
Forfeiture of 1,264 shares of common stock | (52 | ) | — | — | — | — | — | (52 | ) | ||||||||||||||||||
Share-based compensation | 29 | — | — | — | — | — | 29 | ||||||||||||||||||||
Income tax benefit related to share-based compensation | 70 | — | — | — | — | — | 70 | ||||||||||||||||||||
Change related to ESOP shares | — | — | — | — | — | (3,219 | ) | (3,219 | ) | ||||||||||||||||||
Net income | — | 31,555 | — | — | — | — | 31,555 | ||||||||||||||||||||
Cash dividends ($0.650 per share) | — | (6,060 | ) | — | — | — | — | (6,060 | ) | ||||||||||||||||||
Purchase of 85,362 shares of common stock | — | — | — | — | (3,926 | ) | — | (3,926 | ) | ||||||||||||||||||
Other comprehensive loss | — | — | (2,164 | ) | — | — | — | (2,164 | ) | ||||||||||||||||||
Balance, December 31, 2016 | $ | 44,606 | $ | 319,982 | $ | (3,359 | ) | $ | — | $ | (31,178 | ) | $ | (40,781 | ) | $ | 289,270 |
2016 | 2015 | 2014 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 31,555 | $ | 28,418 | $ | 26,974 | |||||
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | |||||||||||
Depreciation | 2,745 | 2,748 | 2,559 | ||||||||
Provision for loan losses | (1,163 | ) | 1,655 | 1,042 | |||||||
Share-based compensation | 29 | 29 | 29 | ||||||||
Compensation expensed through issuance of common stock | 1,332 | 1,657 | 1,549 | ||||||||
Excess tax benefits related to share-based compensation | (70 | ) | (8 | ) | (60 | ) | |||||
Forfeiture of common stock | (52 | ) | (37 | ) | (40 | ) | |||||
Provision for deferred income taxes | 424 | (1,292 | ) | (71 | ) | ||||||
Net gain on sale of other real estate owned and other repossessed assets | (385 | ) | (162 | ) | (386 | ) | |||||
Increase in accrued interest receivable | (449 | ) | (396 | ) | (600 | ) | |||||
Amortization of premium on investment securities, net | 595 | 647 | 865 | ||||||||
Decrease (increase) in other assets | 104 | (431 | ) | (19 | ) | ||||||
(Decrease) increase in accrued interest and other liabilities | (1,279 | ) | 701 | 852 | |||||||
Loans originated for sale | (208,952 | ) | (168,188 | ) | (114,725 | ) | |||||
Proceeds on sales of loans | 206,743 | 168,549 | 116,070 | ||||||||
Net gain on sales of loans | (2,043 | ) | (1,439 | ) | (894 | ) | |||||
Net cash and cash equivalents provided by operating activities | 29,134 | 32,451 | 33,145 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Proceeds from maturities of investment securities available for sale | 54,323 | 50,833 | 58,094 | ||||||||
Purchases of investment securities available for sale | (62,546 | ) | (60,137 | ) | (79,846 | ) | |||||
Loans made to customers, net of collections | (147,248 | ) | (139,164 | ) | (162,658 | ) | |||||
Proceeds on sale of other real estate owned and other repossessed assets | 182 | 640 | 1,208 | ||||||||
Purchases of property and equipment | (7,082 | ) | (7,199 | ) | (1,794 | ) | |||||
Expense from tax credit real estate, net | 875 | 945 | 921 | ||||||||
Net cash and cash equivalents used in investing activities | (161,496 | ) | (154,082 | ) | (184,075 | ) |
2016 | 2015 | 2014 | |||||||||
Cash Flows from Financing Activities | |||||||||||
Net increase in deposits | 145,610 | 55,633 | 125,192 | ||||||||
Net (decrease) increase in short-term borrowings | (10,562 | ) | (3,448 | ) | 5,483 | ||||||
Borrowings from FHLB | 213,000 | 188,000 | 35,000 | ||||||||
Payments on FHLB Borrowings | (203,000 | ) | (103,000 | ) | (20,000 | ) | |||||
Borrowings from FRB | 1 | 4 | 1 | ||||||||
Payments on FRB borrowings | (1 | ) | (4 | ) | (1 | ) | |||||
Stock options exercised | — | — | 101 | ||||||||
Excess tax benefits related to share-based compensation | 70 | 8 | 60 | ||||||||
Purchase of treasury stock | (3,926 | ) | (3,454 | ) | (4,014 | ) | |||||
Dividends paid | (6,060 | ) | (5,855 | ) | (5,420 | ) | |||||
Net cash and cash equivalents provided by financing activities | 135,132 | 127,884 | 136,402 | ||||||||
Increase (decrease) in cash and cash equivalents | 2,770 | 6,253 | (14,528 | ) | |||||||
Cash and cash equivalents: | |||||||||||
Beginning of year | 35,427 | 29,174 | 43,702 | ||||||||
End of year | $ | 38,197 | $ | 35,427 | $ | 29,174 | |||||
Supplemental Disclosures | |||||||||||
Cash payments for: | |||||||||||
Interest paid to depositors | $ | 7,619 | $ | 8,269 | $ | 9,505 | |||||
Interest paid on other obligations | 8,330 | 6,754 | 5,732 | ||||||||
Income taxes paid | 14,113 | 13,711 | 11,546 | ||||||||
Noncash financing activities: | |||||||||||
Increase in maximum cash obligation related to ESOP shares | $ | 3,219 | $ | 2,991 | $ | 4,997 | |||||
Transfers to other real estate owned | 405 | 305 | 2,470 | ||||||||
Sale and financing of other real estate owned | 720 | 601 | 976 |
Note 1. | Nature of Activities and Significant Accounting Policies |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(Amounts In Thousands, except share and per share data) | |||||||||||
Computation of weighted average number of basic and diluted shares: | |||||||||||
Common shares outstanding at the beginning of the year | 9,322,054 | 9,380,432 | 9,455,250 | ||||||||
Weighted average number of net shares redeemed | (34,965 | ) | (36,296 | ) | (67,022 | ) | |||||
Weighted average shares outstanding (basic) | 9,287,089 | 9,344,136 | 9,388,228 | ||||||||
Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method | 6,445 | 5,391 | 4,700 | ||||||||
Weighted average number of shares (diluted) | 9,293,534 | 9,349,527 | 9,392,928 | ||||||||
Net income | $ | 31,555 | $ | 28,418 | $ | 26,974 | |||||
Earnings per share: | |||||||||||
Basic | $ | 3.40 | $ | 3.04 | $ | 2.88 | |||||
Diluted | $ | 3.40 | $ | 3.04 | $ | 2.87 |
Note 2. | Investment Securities |
December 31, 2016 | December 31, 2015 | ||||||||||||
Amount | Percent | Amount | Percent | ||||||||||
Securities available for sale | |||||||||||||
U.S. Treasury | $ | 27,482 | 10.27 | % | $ | 24,978 | 9.45 | % | |||||
Other securities (FHLB, FHLMC and FNMA) | 61,660 | 23.05 | % | 65,328 | 24.72 | % | |||||||
State and political subdivisions | 178,395 | 66.68 | % | 173,929 | 65.83 | % | |||||||
Total securities available for sale | $ | 267,537 | 100.00 | % | $ | 264,235 | 100.00 | % |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Estimated Fair Value | ||||||||||||
December 31, 2016: | |||||||||||||||
U.S. Treasury | $ | 27,418 | $ | 82 | $ | (18 | ) | $ | 27,482 | ||||||
Other securities (FHLB, FHLMC and FNMA) | 62,047 | 65 | (452 | ) | 61,660 | ||||||||||
State and political subdivisions | 179,574 | 626 | (1,805 | ) | 178,395 | ||||||||||
Total | $ | 269,039 | $ | 773 | $ | (2,275 | ) | $ | 267,537 | ||||||
December 31, 2015: | |||||||||||||||
U.S. Treasury | $ | 24,893 | $ | 92 | $ | (7 | ) | $ | 24,978 | ||||||
Other securities (FHLB, FHLMC and FNMA) | 65,400 | 81 | (153 | ) | 65,328 | ||||||||||
State and political subdivisions | 171,698 | 2,375 | (144 | ) | 173,929 | ||||||||||
Total | $ | 261,991 | $ | 2,548 | $ | (304 | ) | $ | 264,235 |
Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 53,393 | $ | 53,487 | |||
Due after one year through five years | 143,264 | 142,979 | |||||
Due after five years through ten years | 71,307 | 70,000 | |||||
Due over ten years | 1,075 | 1,071 | |||||
Total | $ | 269,039 | $ | 267,537 |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||||||||||||
Description | # | Fair Value | Unrealized Loss | % | # | Fair Value | Unrealized Loss | % | # | Fair Value | Unrealized Loss | % | |||||||||||||||||||||||||||||
of Securities | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 4,957 | $ | (18 | ) | 0.36 | % | — | $ | — | $ | — | — | % | 2 | $ | 4,957 | $ | (18 | ) | 0.36 | % | ||||||||||||||||||
Other securities (FHLB, FHLMC and FNMA) | 14 | 34,648 | (452 | ) | 1.30 | % | — | — | — | — | % | 14 | 34,648 | (452 | ) | 1.30 | % | ||||||||||||||||||||||||
State and political subdivisions | 365 | 87,841 | (1,762 | ) | 2.01 | % | 11 | 1,486 | (43 | ) | 2.89 | % | 376 | 89,327 | (1,805 | ) | 2.02 | % | |||||||||||||||||||||||
Total temporarily impaired securities | 381 | $ | 127,446 | $ | (2,232 | ) | 1.75 | % | 11 | $ | 1,486 | $ | (43 | ) | 2.89 | % | 392 | $ | 128,932 | $ | (2,275 | ) | 1.76 | % |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||
Description | # | Fair Value | Unrealized Loss | % | # | Fair Value | Unrealized Loss | % | # | Fair Value | Unrealized Loss | % | |||||||||||||||||||||||||||||
of Securities | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | 3 | $ | 7,455 | $ | (7 | ) | 0.09 | % | — | $ | — | $ | — | — | % | 3 | $ | 7,455 | $ | (7 | ) | 0.09 | % | ||||||||||||||||||
Other securities (FHLB, FHLMC and FNMA) | 15 | 36,830 | (153 | ) | 0.42 | — | — | — | — | % | 15 | 36,830 | (153 | ) | 0.42 | % | |||||||||||||||||||||||||
State and political subdivisions | 56 | 13,557 | (70 | ) | 0.52 | 27 | 5,633 | (74 | ) | 1.31 | % | 83 | 19,190 | (144 | ) | 0.75 | % | ||||||||||||||||||||||||
Total temporarily impaired securities | 74 | $ | 57,842 | $ | (230 | ) | 0.40 | % | 27 | $ | 5,633 | $ | (74 | ) | 1.31 | % | 101 | $ | 63,475 | $ | (304 | ) | 0.48 | % |
Note 3. | Loans |
December 31, | |||||||
2016 | 2015 | ||||||
(Amounts In Thousands) | |||||||
Agricultural | $ | 92,871 | $ | 101,588 | |||
Commercial and financial | 192,995 | 184,199 | |||||
Real estate: | |||||||
Construction, 1 to 4 family residential | 57,864 | 51,346 | |||||
Construction, land development and commercial | 121,561 | 83,121 | |||||
Mortgage, farmland | 202,340 | 187,856 | |||||
Mortgage, 1 to 4 family first liens | 767,469 | 727,160 | |||||
Mortgage, 1 to 4 family junior liens | 125,400 | 117,873 | |||||
Mortgage, multi-family | 302,831 | 271,974 | |||||
Mortgage, commercial | 334,198 | 323,409 | |||||
Loans to individuals | 25,157 | 24,019 | |||||
Obligations of state and political subdivisions | 54,462 | 52,371 | |||||
2,277,148 | 2,124,916 | ||||||
Net unamortized fees and costs | 827 | 768 | |||||
2,277,975 | 2,125,684 | ||||||
Less allowance for loan losses | 26,530 | 26,510 | |||||
$ | 2,251,445 | $ | 2,099,174 |
Agricultural | Commercial and Financial | Real Estate: Construction and land development | Real Estate: Mortgage, farmland | Real Estate: Mortgage, 1 to 4 family | Real Estate: Mortgage, multi-family and commercial | Other | Total | ||||||||||||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 3,082 | $ | 4,517 | $ | 2,280 | $ | 3,342 | $ | 8,172 | $ | 4,223 | $ | 894 | $ | 26,510 | |||||||||||||||
Charge-offs | (226 | ) | (315 | ) | (34 | ) | (116 | ) | (1,181 | ) | (66 | ) | (693 | ) | (2,631 | ) | |||||||||||||||
Recoveries | 181 | 1,169 | 849 | — | 1,043 | 385 | 187 | 3,814 | |||||||||||||||||||||||
Provision | (90 | ) | (840 | ) | (205 | ) | 191 | (357 | ) | (497 | ) | 635 | (1,163 | ) | |||||||||||||||||
Ending balance | $ | 2,947 | $ | 4,531 | $ | 2,890 | $ | 3,417 | $ | 7,677 | $ | 4,045 | $ | 1,023 | $ | 26,530 | |||||||||||||||
Ending balance, individually evaluated for impairment | $ | 856 | $ | 718 | $ | 105 | $ | 390 | $ | 90 | $ | 34 | $ | 150 | $ | 2,343 | |||||||||||||||
Ending balance, collectively evaluated for impairment | $ | 2,091 | $ | 3,813 | $ | 2,785 | $ | 3,027 | $ | 7,587 | $ | 4,011 | $ | 873 | $ | 24,187 | |||||||||||||||
Loan balances: | |||||||||||||||||||||||||||||||
Ending balance | $ | 92,871 | $ | 192,995 | $ | 179,425 | $ | 202,340 | $ | 892,869 | $ | 637,029 | $ | 79,619 | $ | 2,277,148 | |||||||||||||||
Ending balance, individually evaluated for impairment | $ | 11,720 | $ | 2,477 | $ | 1,136 | $ | 8,028 | $ | 7,042 | $ | 3,111 | $ | 150 | $ | 33,664 | |||||||||||||||
Ending balance, collectively evaluated for impairment | $ | 81,151 | $ | 190,518 | $ | 178,289 | $ | 194,312 | $ | 885,827 | $ | 633,918 | $ | 79,469 | $ | 2,243,484 |
Agricultural | Commercial and Financial | Real Estate: Construction and land development | Real Estate: Mortgage, farmland | Real Estate: Mortgage, 1 to 4 family | Real Estate: Mortgage, multi-family and commercial | Other | Total | ||||||||||||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 2,515 | $ | 4,231 | $ | 2,241 | $ | 2,672 | $ | 7,419 | $ | 4,195 | $ | 747 | $ | 24,020 | |||||||||||||||
Charge-offs | (325 | ) | (526 | ) | (285 | ) | — | (1,108 | ) | (723 | ) | (438 | ) | (3,405 | ) | ||||||||||||||||
Recoveries | 123 | 1,370 | 501 | 6 | 762 | 1,310 | 168 | 4,240 | |||||||||||||||||||||||
Provision | 769 | (558 | ) | (177 | ) | 664 | 1,099 | (559 | ) | 417 | 1,655 | ||||||||||||||||||||
Ending balance | $ | 3,082 | $ | 4,517 | $ | 2,280 | $ | 3,342 | $ | 8,172 | $ | 4,223 | $ | 894 | $ | 26,510 | |||||||||||||||
Ending balance, individually evaluated for impairment | $ | 1 | $ | 324 | $ | 22 | $ | — | $ | 326 | $ | 110 | $ | 100 | $ | 883 | |||||||||||||||
Ending balance, collectively evaluated for impairment | $ | 3,081 | $ | 4,193 | $ | 2,258 | $ | 3,342 | $ | 7,846 | $ | 4,113 | $ | 794 | $ | 25,627 | |||||||||||||||
Loan balances: | |||||||||||||||||||||||||||||||
Ending balance | $ | 101,588 | $ | 184,199 | $ | 134,467 | $ | 187,856 | $ | 845,033 | $ | 595,383 | $ | 76,390 | $ | 2,124,916 | |||||||||||||||
Ending balance, individually evaluated for impairment | $ | 1,710 | $ | 2,110 | $ | 954 | $ | 2,233 | $ | 5,926 | $ | 3,228 | $ | 100 | $ | 16,261 | |||||||||||||||
Ending balance, collectively evaluated for impairment | $ | 99,878 | $ | 182,089 | $ | 133,513 | $ | 185,623 | $ | 839,107 | $ | 592,155 | $ | 76,290 | $ | 2,108,655 |
Agricultural | Commercial and Financial | Real Estate: Construction and land development | Real Estate: Mortgage, farmland | Real Estate: Mortgage, 1 to 4 family | Real Estate: Mortgage, multi-family and commercial | Other | Total | ||||||||||||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||
Beginning balance | $ | 2,852 | $ | 4,733 | $ | 2,918 | $ | 2,557 | $ | 7,064 | $ | 4,787 | $ | 639 | $ | 25,550 | |||||||||||||||
Charge-offs | (174 | ) | (3,388 | ) | (250 | ) | — | (1,195 | ) | (217 | ) | (325 | ) | (5,549 | ) | ||||||||||||||||
Recoveries | 66 | 1,128 | 390 | — | 870 | 377 | 146 | 2,977 | |||||||||||||||||||||||
Provision | (229 | ) | 1,758 | (817 | ) | 115 | 680 | (752 | ) | 287 | 1,042 | ||||||||||||||||||||
Ending balance | $ | 2,515 | $ | 4,231 | $ | 2,241 | $ | 2,672 | $ | 7,419 | $ | 4,195 | $ | 747 | $ | 24,020 | |||||||||||||||
Ending balance, individually evaluated for impairment | $ | 44 | $ | 9 | $ | 28 | $ | 12 | $ | 52 | $ | 9 | $ | — | $ | 154 | |||||||||||||||
Ending balance, collectively evaluated for impairment | $ | 2,471 | $ | 4,222 | $ | 2,213 | $ | 2,660 | $ | 7,367 | $ | 4,186 | $ | 747 | $ | 23,866 | |||||||||||||||
Loan balances: | |||||||||||||||||||||||||||||||
Ending balance | $ | 97,645 | $ | 174,738 | $ | 122,969 | $ | 162,503 | $ | 782,958 | $ | 566,814 | $ | 77,071 | $ | 1,984,698 | |||||||||||||||
Ending balance, individually evaluated for impairment | $ | 1,844 | $ | 2,709 | $ | 560 | $ | 2,318 | $ | 3,826 | $ | 9,512 | $ | — | $ | 20,769 | |||||||||||||||
Ending balance, collectively evaluated for impairment | $ | 95,801 | $ | 172,029 | $ | 122,409 | $ | 160,185 | $ | 779,132 | $ | 557,302 | $ | 77,071 | $ | 1,963,929 |
Agricultural | Commercial and Financial | Real Estate: Construction, 1 to 4 family residential | Real Estate: Construction, land development and commercial | ||||||||||||
(Amounts In Thousands) | |||||||||||||||
2016 | |||||||||||||||
Grade: | |||||||||||||||
Excellent | $ | 4,205 | $ | 4,241 | $ | — | $ | 244 | |||||||
Good | 13,611 | 43,472 | 1,701 | 25,337 | |||||||||||
Satisfactory | 40,008 | 108,800 | 44,138 | 46,758 | |||||||||||
Monitor | 12,699 | 20,023 | 8,896 | 44,487 | |||||||||||
Special Mention | 8,381 | 11,177 | 972 | 4,250 | |||||||||||
Substandard | 13,967 | 5,282 | 2,157 | 485 | |||||||||||
Total | $ | 92,871 | $ | 192,995 | $ | 57,864 | $ | 121,561 |
Real Estate: Mortgage, farmland | Real Estate: Mortgage, 1 to 4 family first liens | Real Estate: Mortgage, 1 to 4 family junior liens | Real Estate: Mortgage, multi- family | ||||||||||||
2016 | |||||||||||||||
Grade: | |||||||||||||||
Excellent | $ | 2,916 | $ | 1,196 | $ | 65 | $ | 5,970 | |||||||
Good | 47,569 | 15,725 | 3,002 | 71,822 | |||||||||||
Satisfactory | 105,971 | 647,191 | 113,433 | 180,651 | |||||||||||
Monitor | 29,778 | 66,164 | 4,877 | 40,444 | |||||||||||
Special Mention | 7,004 | 12,914 | 1,566 | 3,636 | |||||||||||
Substandard | 9,102 | 24,279 | 2,457 | 308 | |||||||||||
Total | $ | 202,340 | $ | 767,469 | $ | 125,400 | $ | 302,831 |
Real Estate: Mortgage, commercial | Loans to individuals | Obligations of state and political subdivisions | Total | ||||||||||||
2016 | |||||||||||||||
Grade: | |||||||||||||||
Excellent | $ | 15,873 | $ | — | $ | — | $ | 34,710 | |||||||
Good | 89,801 | 65 | 37,539 | 349,644 | |||||||||||
Satisfactory | 185,650 | 24,446 | 16,417 | 1,513,463 | |||||||||||
Monitor | 34,979 | 293 | 506 | 263,146 | |||||||||||
Special Mention | 3,797 | 195 | — | 53,892 | |||||||||||
Substandard | 4,098 | 158 | — | 62,293 | |||||||||||
Total | $ | 334,198 | $ | 25,157 | $ | 54,462 | $ | 2,277,148 |
Agricultural | Commercial and Financial | Real Estate: Construction, 1 to 4 family residential | Real Estate: Construction, land development and commercial | ||||||||||||
(Amounts In Thousands) | |||||||||||||||
2015 | |||||||||||||||
Grade: | |||||||||||||||
Excellent | $ | 1,786 | $ | 3,298 | $ | — | $ | 260 | |||||||
Good | 15,959 | 38,764 | 1,898 | 11,570 | |||||||||||
Satisfactory | 36,819 | 102,188 | 34,357 | 52,731 | |||||||||||
Monitor | 18,064 | 27,181 | 8,684 | 11,550 | |||||||||||
Special Mention | 25,356 | 8,231 | 5,842 | 6,542 | |||||||||||
Substandard | 3,604 | 4,537 | 565 | 468 | |||||||||||
Total | $ | 101,588 | $ | 184,199 | $ | 51,346 | $ | 83,121 |
Real Estate: Mortgage, farmland | Real Estate: Mortgage, 1 to 4 family first liens | Real Estate: Mortgage, 1 to 4 family junior liens | Real Estate: Mortgage, multi-family | ||||||||||||
2015 | |||||||||||||||
Grade: | |||||||||||||||
Excellent | $ | 2,559 | $ | 426 | $ | — | $ | 6,651 | |||||||
Good | 31,186 | 15,773 | 2,992 | 64,002 | |||||||||||
Satisfactory | 112,038 | 620,731 | 107,091 | 166,193 | |||||||||||
Monitor | 27,304 | 55,499 | 4,198 | 29,732 | |||||||||||
Special Mention | 11,181 | 16,237 | 1,846 | 4,873 | |||||||||||
Substandard | 3,588 | 18,494 | 1,746 | 523 | |||||||||||
Total | $ | 187,856 | $ | 727,160 | $ | 117,873 | $ | 271,974 |
Real Estate: Mortgage, commercial | Loans to individuals | Obligations of state and political subdivisions | Total | ||||||||||||
2015 | |||||||||||||||
Grade: | |||||||||||||||
Excellent | $ | 12,484 | $ | — | $ | 2,365 | $ | 29,829 | |||||||
Good | 81,305 | 70 | 37,045 | 300,564 | |||||||||||
Satisfactory | 187,728 | 23,197 | 12,425 | 1,455,498 | |||||||||||
Monitor | 32,141 | 285 | 518 | 215,156 | |||||||||||
Special Mention | 6,183 | 198 | — | 86,489 | |||||||||||
Substandard | 3,568 | 269 | 18 | 37,380 | |||||||||||
Total | $ | 323,409 | $ | 24,019 | $ | 52,371 | $ | 2,124,916 |
30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans Receivable | Accruing Loans Past Due 90 Days or More | |||||||||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||
Agricultural | $ | 56 | $ | — | $ | 302 | $ | 358 | $ | 92,513 | $ | 92,871 | $ | — | |||||||||||||
Commercial and financial | 24 | 121 | 718 | 863 | 192,132 | 192,995 | — | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||
Construction, 1 to 4 family residential | — | — | — | — | 57,864 | 57,864 | — | ||||||||||||||||||||
Construction, land development and commercial | — | 231 | 85 | 316 | 121,245 | 121,561 | — | ||||||||||||||||||||
Mortgage, farmland | 319 | — | — | 319 | 202,021 | 202,340 | — | ||||||||||||||||||||
Mortgage, 1 to 4 family first liens | 5,649 | 978 | 1,943 | 8,570 | 758,899 | 767,469 | 192 | ||||||||||||||||||||
Mortgage, 1 to 4 family junior liens | 330 | 51 | 579 | 960 | 124,440 | 125,400 | 443 | ||||||||||||||||||||
Mortgage, multi-family | — | — | 40 | 40 | 302,791 | 302,831 | — | ||||||||||||||||||||
Mortgage, commercial | 371 | — | 207 | 578 | 333,620 | 334,198 | — | ||||||||||||||||||||
Loans to individuals | 203 | 32 | — | 235 | 24,922 | 25,157 | — | ||||||||||||||||||||
Obligations of state and political subdivisions | — | — | — | — | 54,462 | 54,462 | — | ||||||||||||||||||||
$ | 6,952 | $ | 1,413 | $ | 3,874 | $ | 12,239 | $ | 2,264,909 | $ | 2,277,148 | $ | 635 |
30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans Receivable | Accruing Loans Past Due 90 Days or More | |||||||||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||||||
Agricultural | $ | 3,064 | $ | 961 | $ | — | $ | 4,025 | $ | 97,563 | $ | 101,588 | $ | — | |||||||||||||
Commercial and financial | 854 | 71 | 1,312 | 2,237 | 181,962 | 184,199 | — | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||
Construction, 1 to 4 family residential | — | — | 214 | 214 | 51,132 | 51,346 | — | ||||||||||||||||||||
Construction, land development and commercial | — | — | 88 | 88 | 83,033 | 83,121 | — | ||||||||||||||||||||
Mortgage, farmland | 320 | 88 | — | 408 | 187,448 | 187,856 | — | ||||||||||||||||||||
Mortgage, 1 to 4 family first liens | 4,526 | 1,192 | 2,085 | 7,803 | 719,357 | 727,160 | 406 | ||||||||||||||||||||
Mortgage, 1 to 4 family junior liens | 250 | 13 | 110 | 373 | 117,500 | 117,873 | — | ||||||||||||||||||||
Mortgage, multi-family | 135 | — | 113 | 248 | 271,726 | 271,974 | — | ||||||||||||||||||||
Mortgage, commercial | 1,033 | — | 331 | 1,364 | 322,045 | 323,409 | 61 | ||||||||||||||||||||
Loans to individuals | 158 | 40 | — | 198 | 23,821 | 24,019 | — | ||||||||||||||||||||
Obligations of state and political subdivisions | — | — | — | — | 52,371 | 52,371 | — | ||||||||||||||||||||
$ | 10,340 | $ | 2,365 | $ | 4,253 | $ | 16,958 | $ | 2,107,958 | $ | 2,124,916 | $ | 467 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Nonaccrual loans (1) | Accruing loans past due 90 days or more | TDR loans | Nonaccrual loans (1) | Accruing loans past due 90 days or more | TDR loans | ||||||||||||||||||
(Amounts In Thousands) | (Amounts In Thousands) | ||||||||||||||||||||||
Agricultural | $ | 1,741 | $ | — | $ | 91 | $ | — | $ | — | $ | 1,710 | |||||||||||
Commercial and financial | 1,354 | — | 1,057 | 1,498 | — | 612 | |||||||||||||||||
Real estate: | |||||||||||||||||||||||
Construction, 1 to 4 family residential | — | — | 265 | 214 | — | 473 | |||||||||||||||||
Construction, land development and commercial | 85 | — | 118 | 145 | — | 122 | |||||||||||||||||
Mortgage, farmland | 1,205 | — | 1,389 | — | — | 2,233 | |||||||||||||||||
Mortgage, 1 to 4 family first liens | 4,097 | 192 | 1,375 | 3,845 | 406 | 1,369 | |||||||||||||||||
Mortgage, 1 to 4 family junior liens | 136 | 443 | 26 | 279 | — | 27 | |||||||||||||||||
Mortgage, multi-family | 243 | — | — | 449 | — | — | |||||||||||||||||
Mortgage, commercial | 1,077 | — | 1,087 | 985 | 61 | 1,733 | |||||||||||||||||
Loans to individuals | — | — | — | — | — | — | |||||||||||||||||
$ | 9,938 | $ | 635 | $ | 5,408 | $ | 7,415 | $ | 467 | $ | 8,279 |
(1) | There were $4.23 million and $2.31 million of TDR loans included within nonaccrual loans as of December 31, 2016 and 2015, respectively. |
December 31, 2016 | ||||||||||
Number of contracts | Recorded investment | Commitments outstanding | ||||||||
(Dollar Amounts In Thousands) | ||||||||||
Agricultural | 4 | $ | 1,460 | $ | 167 | |||||
Commercial and financial | 14 | 2,053 | 117 | |||||||
Real estate: | ||||||||||
Construction, 1 to 4 family residential | 3 | 265 | 1,225 | |||||||
Construction, land development and commercial | 1 | 118 | 107 | |||||||
Mortgage, farmland | 7 | 2,594 | — | |||||||
Mortgage, 1 to 4 family first liens | 12 | 1,471 | — | |||||||
Mortgage, 1 to 4 family junior liens | 1 | 26 | 65 | |||||||
Mortgage, multi-family | — | — | — | |||||||
Mortgage, commercial | 10 | 1,650 | — | |||||||
Loans to individuals | — | — | — | |||||||
52 | $ | 9,637 | $ | 1,681 |
December 31, 2015 | ||||||||||
Number of contracts | Recorded investment | Commitments outstanding | ||||||||
(Dollar Amounts In Thousands) | ||||||||||
Agricultural | 7 | $ | 1,710 | $ | 32 | |||||
Commercial and financial | 8 | 1,818 | 241 | |||||||
Real estate: | ||||||||||
Construction, 1 to 4 family residential | 3 | 646 | 138 | |||||||
Construction, land development and commercial | 1 | 122 | — | |||||||
Mortgage, farmland | 5 | 2,233 | — | |||||||
Mortgage, 1 to 4 family first liens | 13 | 1,575 | — | |||||||
Mortgage, 1 to 4 family junior liens | 2 | 36 | — | |||||||
Mortgage, multi-family | 1 | 71 | — | |||||||
Mortgage, commercial | 10 | 2,381 | — | |||||||
Loans to individuals | — | — | — | |||||||
50 | $ | 10,592 | $ | 411 |
December 31, 2016 | ||||||||||
Number of Contracts | Pre-modification recorded investment | Post-modification recorded investment | ||||||||
( Dollar Amounts In Thousands) | ||||||||||
Agricultural | — | $ | — | $ | — | |||||
Commercial and financial | 7 | 933 | 933 | |||||||
Real estate: | ||||||||||
Construction, 1 to 4 family residential | 3 | 265 | 265 | |||||||
Construction, land development and commercial | — | — | — | |||||||
Mortgage, farmland | 2 | 694 | 694 | |||||||
Mortgage, 1 to 4 family first liens | — | — | — | |||||||
Mortgage, 1 to 4 family junior liens | — | — | — | |||||||
Mortgage, multi-family | — | — | — | |||||||
Mortgage, commercial | 4 | 1,168 | 1,168 | |||||||
Loans to individuals | — | — | — | |||||||
16 | $ | 3,060 | $ | 3,060 |
December 31, 2015 | ||||||||||
Number of Contracts | Pre-modification recorded investment | Post-modification recorded investment | ||||||||
( Dollar Amounts In Thousands) | ||||||||||
Agricultural | 3 | $ | 279 | $ | 163 | |||||
Commercial and financial | 2 | 676 | 663 | |||||||
Real estate: | ||||||||||
Construction, 1 to 4 family residential | 1 | 277 | 277 | |||||||
Construction, land development and commercial | — | — | — | |||||||
Mortgage, farmland | 2 | 513 | 399 | |||||||
Mortgage, 1 to 4 family first liens | 4 | 353 | 353 | |||||||
Mortgage, 1 to 4 family junior liens | 2 | 41 | 41 | |||||||
Mortgage, multi-family | 1 | 71 | 71 | |||||||
Mortgage, commercial | 2 | 144 | 144 | |||||||
Loans to individuals | — | — | — | |||||||
17 | $ | 2,354 | $ | 2,111 |
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||
2016 | |||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Agricultural | $ | 800 | $ | 971 | $ | — | $ | 923 | $ | — | |||||||||
Commercial and financial | 1,540 | 2,175 | — | 1,662 | 18 | ||||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 117 | 151 | — | 131 | 6 | ||||||||||||||
Construction, land development and commercial | 204 | 290 | — | 207 | 5 | ||||||||||||||
Mortgage, farmland | 2,594 | 2,887 | — | 2,767 | 67 | ||||||||||||||
Mortgage, 1 to 4 family first liens | 5,011 | 6,137 | — | 5,265 | 53 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | 153 | 646 | — | 186 | — | ||||||||||||||
Mortgage, multi-family | 243 | 362 | — | 288 | — | ||||||||||||||
Mortgage, commercial | 1,901 | 2,727 | — | 1,996 | 46 | ||||||||||||||
Loans to individuals | — | 19 | — | — | — | ||||||||||||||
$ | 12,563 | $ | 16,365 | $ | — | $ | 13,425 | $ | 195 | ||||||||||
With an allowance recorded: | |||||||||||||||||||
Agricultural | $ | 10,920 | $ | 10,978 | $ | 856 | $ | 11,258 | $ | 464 | |||||||||
Commercial and financial | 937 | 955 | 718 | 777 | 27 | ||||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 815 | 815 | 105 | 537 | 27 | ||||||||||||||
Construction, land development and commercial | — | — | — | — | — | ||||||||||||||
Mortgage, farmland | 5,434 | 5,434 | 390 | 5,591 | 240 | ||||||||||||||
Mortgage, 1 to 4 family first liens | 1,266 | 1,374 | 79 | 1,226 | 43 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | 612 | 667 | 11 | 637 | 27 | ||||||||||||||
Mortgage, multi-family | — | — | — | — | — | ||||||||||||||
Mortgage, commercial | 967 | 1,004 | 34 | 986 | 36 | ||||||||||||||
Loans to individuals | 150 | 150 | 150 | 151 | 16 | ||||||||||||||
$ | 21,101 | $ | 21,377 | $ | 2,343 | $ | 21,163 | $ | 880 | ||||||||||
Total: | |||||||||||||||||||
Agricultural | $ | 11,720 | $ | 11,949 | $ | 856 | $ | 12,181 | $ | 464 | |||||||||
Commercial and financial | 2,477 | 3,130 | 718 | 2,439 | 45 | ||||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 932 | 966 | 105 | 668 | 33 | ||||||||||||||
Construction, land development and commercial | 204 | 290 | — | 207 | 5 | ||||||||||||||
Mortgage, farmland | 8,028 | 8,321 | 390 | 8,358 | 307 | ||||||||||||||
Mortgage, 1 to 4 family first liens | 6,277 | 7,511 | 79 | 6,491 | 96 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | 765 | 1,313 | 11 | 823 | 27 | ||||||||||||||
Mortgage, multi-family | 243 | 362 | — | 288 | — | ||||||||||||||
Mortgage, commercial | 2,868 | 3,731 | 34 | 2,982 | 82 | ||||||||||||||
Loans to individuals | 150 | 169 | 150 | 151 | 16 | ||||||||||||||
$ | 33,664 | $ | 37,742 | $ | 2,343 | $ | 34,588 | $ | 1,075 |
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||
2015 | |||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Agricultural | $ | 1,609 | $ | 1,773 | $ | — | $ | 1,620 | $ | 80 | |||||||||
Commercial and financial | 1,263 | 1,981 | — | 1,421 | 5 | ||||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 238 | 238 | — | 173 | 5 | ||||||||||||||
Construction, land development and commercial | 210 | 314 | — | 231 | 6 | ||||||||||||||
Mortgage, farmland | 2,233 | 2,351 | — | 2,305 | 110 | ||||||||||||||
Mortgage, 1 to 4 family first liens | 3,558 | 4,419 | — | 3,806 | 48 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | 189 | 500 | — | 204 | — | ||||||||||||||
Mortgage, multi-family | 157 | 226 | — | 175 | — | ||||||||||||||
Mortgage, commercial | 1,831 | 3,018 | — | 1,839 | 50 | ||||||||||||||
Loans to individuals | — | 20 | — | — | — | ||||||||||||||
$ | 11,288 | $ | 14,840 | $ | — | $ | 11,774 | $ | 304 | ||||||||||
With an allowance recorded: | |||||||||||||||||||
Agricultural | $ | 101 | $ | 101 | $ | 1 | $ | 106 | $ | 5 | |||||||||
Commercial and financial | 847 | 847 | 324 | 990 | 30 | ||||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 449 | 461 | 9 | 449 | 12 | ||||||||||||||
Construction, land development and commercial | 57 | 58 | 13 | 58 | — | ||||||||||||||
Mortgage, farmland | — | — | — | — | — | ||||||||||||||
Mortgage, 1 to 4 family first liens | 2,062 | 2,156 | 306 | 2,133 | 36 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | 117 | 270 | 20 | 179 | 1 | ||||||||||||||
Mortgage, multi-family | 292 | 332 | 58 | 316 | — | ||||||||||||||
Mortgage, commercial | 948 | 1,030 | 52 | 974 | 38 | ||||||||||||||
Loans to individuals | 100 | 100 | 100 | 67 | 4 | ||||||||||||||
$ | 4,973 | $ | 5,355 | $ | 883 | $ | 5,272 | $ | 126 | ||||||||||
Total: | |||||||||||||||||||
Agricultural | $ | 1,710 | $ | 1,874 | $ | 1 | $ | 1,726 | $ | 85 | |||||||||
Commercial and financial | 2,110 | 2,828 | 324 | 2,411 | 35 | ||||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 687 | 699 | 9 | 622 | 17 | ||||||||||||||
Construction, land development and commercial | 267 | 372 | 13 | 289 | 6 | ||||||||||||||
Mortgage, farmland | 2,233 | 2,351 | — | 2,305 | 110 | ||||||||||||||
Mortgage, 1 to 4 family first liens | 5,620 | 6,575 | 306 | 5,939 | 84 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | 306 | 770 | 20 | 383 | 1 | ||||||||||||||
Mortgage, multi-family | 449 | 558 | 58 | 491 | — | ||||||||||||||
Mortgage, commercial | 2,779 | 4,048 | 52 | 2,813 | 88 | ||||||||||||||
Loans to individuals | 100 | 120 | 100 | 67 | 4 | ||||||||||||||
$ | 16,261 | $ | 20,195 | $ | 883 | $ | 17,046 | $ | 430 |
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||
2014 | |||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Agricultural | $ | 1,634 | $ | 1,696 | $ | — | $ | 1,496 | $ | 71 | |||||||||
Commercial and financial | 2,076 | 3,695 | — | 1,930 | 29 | ||||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 89 | 89 | — | 44 | 1 | ||||||||||||||
Construction, land development and commercial | 128 | 220 | — | 142 | — | ||||||||||||||
Mortgage, farmland | 2,040 | 2,040 | — | 1,897 | 90 | ||||||||||||||
Mortgage, 1 to 4 family first liens | 2,951 | 3,705 | — | 2,980 | 47 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | 369 | 673 | — | 386 | — | ||||||||||||||
Mortgage, multi-family | 5,525 | 5,632 | — | 5,598 | 249 | ||||||||||||||
Mortgage, commercial | 3,290 | 4,588 | — | 3,534 | 53 | ||||||||||||||
Loans to individuals | — | 20 | — | — | — | ||||||||||||||
$ | 18,102 | $ | 22,358 | $ | — | $ | 18,007 | $ | 540 | ||||||||||
With an allowance recorded: | |||||||||||||||||||
Agricultural | $ | 210 | $ | 247 | $ | 44 | $ | 220 | $ | 11 | |||||||||
Commercial and financial | 633 | 633 | 9 | 694 | 36 | ||||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 343 | 354 | 28 | 348 | 19 | ||||||||||||||
Construction, land development and commercial | — | — | — | — | — | ||||||||||||||
Mortgage, farmland | 278 | 278 | 12 | 281 | 14 | ||||||||||||||
Mortgage, 1 to 4 family first liens | 506 | 596 | 52 | 526 | 22 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | — | — | — | — | — | ||||||||||||||
Mortgage, multi-family | — | — | — | — | — | ||||||||||||||
Mortgage, commercial | 697 | 697 | 9 | 706 | 37 | ||||||||||||||
Loans to individuals | — | — | — | — | — | ||||||||||||||
$ | 2,667 | $ | 2,805 | $ | 154 | $ | 2,775 | $ | 139 | ||||||||||
Total: | |||||||||||||||||||
Agricultural | $ | 1,844 | $ | 1,943 | $ | 44 | $ | 1,716 | $ | 82 | |||||||||
Commercial and financial | 2,709 | 4,328 | 9 | 2,624 | 65 | ||||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 432 | 443 | 28 | 392 | 20 | ||||||||||||||
Construction, land development and commercial | 128 | 220 | — | 142 | — | ||||||||||||||
Mortgage, farmland | 2,318 | 2,318 | 12 | 2,178 | 104 | ||||||||||||||
Mortgage, 1 to 4 family first liens | 3,457 | 4,301 | 52 | 3,506 | 69 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | 369 | 673 | — | 386 | — | ||||||||||||||
Mortgage, multi-family | 5,525 | 5,632 | — | 5,598 | 249 | ||||||||||||||
Mortgage, commercial | 3,987 | 5,285 | 9 | 4,240 | 90 | ||||||||||||||
Loans to individuals | — | 20 | — | — | — | ||||||||||||||
$ | 20,769 | $ | 25,163 | $ | 154 | $ | 20,782 | $ | 679 |
Note 4. | Property and Equipment |
December 31, | |||||||
2016 | 2015 | ||||||
(Amounts In Thousands) | |||||||
Land | $ | 10,045 | $ | 8,996 | |||
Buildings and improvements | 36,542 | 33,178 | |||||
Furniture and equipment | 32,192 | 29,549 | |||||
78,779 | 71,723 | ||||||
Less accumulated depreciation | 40,920 | 38,201 | |||||
Net | $ | 37,859 | $ | 33,522 |
Note 5. | Interest - Bearing Deposits |
December 31, | |||||||
2016 | 2015 | ||||||
(Amounts In Thousands) | |||||||
NOW and other demand | $ | 509,687 | $ | 477,241 | |||
Savings | 741,739 | 644,115 | |||||
Time, $100,000 and over | 294,834 | 157,331 | |||||
Other time | 141,547 | 297,047 | |||||
$ | 1,687,807 | $ | 1,575,734 |
December 31, | |||||||
2016 | 2015 | ||||||
(Amounts In Thousands) | |||||||
Due in one year or less | $ | 168,991 | $ | 195,369 | |||
Due after one year through two years | 104,259 | 113,438 | |||||
Due after two years through three years | 31,370 | 73,845 | |||||
Due after three years through four years | 90,287 | 21,821 | |||||
Due over four years | 41,474 | 49,905 | |||||
$ | 436,381 | $ | 454,378 |
Note 6. | Other Borrowings |
December 31, | |||||||
2016 | 2015 | ||||||
(Amounts In Thousands) | |||||||
Repurchase agreements with customers, renewable daily, interest payable monthly, secured by other securities (FHLB, FHLMC and FNMA) | 33,489 | 44,051 | |||||
$ | 33,489 | $ | 44,051 |
Note 7. | Federal Home Loan Bank Borrowings |
2016 | 2015 | ||||||
(Effective interest rates as of December 31, 2016) | (Amounts In Thousands) | ||||||
Due 2016, 4.46% to 4.66% | $ | — | $ | 30,000 | |||
Due 2017, 4.09% to 4.89% | 30,000 | 60,000 | |||||
Due 2018, 3.65% | 20,000 | 20,000 | |||||
Due 2020, 3.05% | 25,000 | 25,000 | |||||
Due 2021, 2.27% | 15,000 | — | |||||
Due 2022, 2.44% | 15,000 | — | |||||
Due 2023, 3.77% | 25,000 | — | |||||
Due 2025, 2.54% to 3.07% | 90,000 | 90,000 | |||||
Due 2026, 2.52% | 15,000 | — | |||||
$ | 235,000 | $ | 225,000 |
Note 8. | Accumulated Other Comprehensive Income |
December 31, | |||||||
2016 | 2015 | ||||||
(amounts in thousands) | |||||||
Net unrealized (loss) gain on available-for-sale securities | $ | (1,502 | ) | $ | 2,244 | ||
Net unrealized (loss) gain on derivatives used for cash flow hedges | (3,938 | ) | (4,180 | ) | |||
Tax effect | 2,081 | 741 | |||||
Net-of-tax amount | $ | (3,359 | ) | $ | (1,195 | ) |
Note 9. | Employee Benefit Plans |
2016 | 2015 | ||||||
Shares held by the ESOP | 849,613 | 844,088 | |||||
Fair value per share | $ | 48.00 | $ | 44.50 | |||
Maximum cash obligation | $ | 40,781,000 | $ | 37,562,000 |
Number of Shares | Weighted- Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (In Thousands) | |||||||||
Balance, December 31, 2013 | 25,260 | 26.98 | 4.72 | 681 | ||||||||
Granted | — | |||||||||||
Exercised | (5,880 | ) | ||||||||||
Balance, December 31, 2014 | 19,380 | 29.92 | 5.03 | 580 | ||||||||
Granted | — | |||||||||||
Exercised | — | |||||||||||
Balance, December 31, 2015 | 19,380 | $ | 29.92 | 4.03 | 580 | |||||||
Granted | — | |||||||||||
Exercised | — | |||||||||||
Balance, December 31, 2016 | 19,380 | $ | 29.92 | 3.03 | $ | 580 |
Exercise Price | Number Outstanding | Remaining Contractual Life | Number Exercisable | |||||||
$ | 26.00 | 9,160 | 4 months | 9,160 | ||||||
33.00 | 7,220 | 64 months | — | |||||||
34.50 | 3,000 | 70 months | — | |||||||
19,380 | 9,160 |
Number of Shares | Weighted Average Grant Date Fair Value | ||||
Balance, December 31, 2015 | 105,100 | ||||
Granted | 23,163 | $46.55 | |||
Forfeited | 1,264 | $41.51 | |||
Balance, December 31, 2016 | 83,201 |
Note 10. | Income Taxes |
2016 | 2015 | 2014 | |||||||||
(Amounts In Thousands) | |||||||||||
Current: | |||||||||||
Federal | $ | 11,650 | $ | 11,559 | $ | 9,412 | |||||
State | 2,320 | 2,202 | 1,788 | ||||||||
Deferred: | |||||||||||
Federal | 435 | (1,114 | ) | (27 | ) | ||||||
State | (11 | ) | (178 | ) | (44 | ) | |||||
$ | 14,394 | $ | 12,469 | $ | 11,129 |
December 31, | |||||||
2016 | 2015 | ||||||
(Amounts In Thousands) | |||||||
Deferred income tax assets: | |||||||
Allowance for loan losses | $ | 10,148 | $ | 10,140 | |||
Deferred compensation | 3,108 | 2,909 | |||||
Unrealized losses on interest rate swaps | 1,506 | 1,599 | |||||
Accrued expenses | 1,025 | 1,140 | |||||
State net operating loss | 779 | 708 | |||||
Unrealized losses on investment securities | 575 | — | |||||
Gross deferred tax assets | $ | 17,141 | $ | 16,496 | |||
Valuation allowance | (779 | ) | (708 | ) | |||
Deferred tax asset, net of valuation allowance | $ | 16,362 | $ | 15,788 | |||
Deferred income tax liabilities: | |||||||
Property and equipment | 2,408 | 1,910 | |||||
Unrealized gains on investment securities | — | 858 | |||||
Goodwill | 624 | 624 | |||||
Other | 719 | 701 | |||||
Gross deferred tax liabilities | $ | 3,751 | $ | 4,093 | |||
Net deferred tax assets | $ | 12,611 | $ | 11,695 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(Amounts In Thousands) | |||||||||||
Consolidated statements of income | $ | (424 | ) | $ | 1,292 | $ | 71 | ||||
Consolidated statements of stockholders' equity | 1,340 | 465 | 1,262 | ||||||||
$ | 916 | $ | 1,757 | $ | 1,333 |
2016 | 2015 | 2014 | ||||||||||||||||||
Amount | % Of Pretax Income | Amount | % Of Pretax Income | Amount | % Of Pretax Income | |||||||||||||||
(Amounts In Thousands) | ||||||||||||||||||||
Expected tax expense | $ | 16,082 | 35.0 | % | $ | 14,310 | 35.0 | % | $ | 13,336 | 35.0 | % | ||||||||
Tax-exempt interest | (1,715 | ) | (3.7 | ) | (1,776 | ) | (4.3 | ) | (1,788 | ) | (4.7 | ) | ||||||||
Interest expense limitation | 96 | 0.2 | 97 | 0.2 | 96 | 0.3 | ||||||||||||||
State income taxes, net of federal income tax benefit | 1,501 | 3.2 | 1,316 | 3.2 | 1,134 | 3.0 | ||||||||||||||
Income tax credits | (1,426 | ) | (3.1 | ) | (1,426 | ) | (3.5 | ) | (1,546 | ) | (4.1 | ) | ||||||||
Other | (144 | ) | (0.3 | ) | (52 | ) | (0.1 | ) | (103 | ) | (0.3 | ) | ||||||||
$ | 14,394 | 31.3 | % | $ | 12,469 | 30.5 | % | $ | 11,129 | 29.2 | % |
Note 11. | Regulatory Capital Requirements, Restrictions on Subsidiary Dividends and Cash Restrictions |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||
Amount | Ratio | Ratio | Ratio | |||||||||
As of December 31, 2016: | ||||||||||||
Company: | ||||||||||||
Total risk-based capital | $ | 357,440 | 16.17 | % | 8.00 | % | 10.00 | % | ||||
Tier 1 risk-based capital | 330,910 | 14.97 | 6.00 | 8.00 | ||||||||
Tier 1 common equity | 330,910 | 14.97 | 4.50 | 6.50 | ||||||||
Leverage ratio | 330,910 | 12.63 | 4.00 | 5.00 | ||||||||
Bank: | ||||||||||||
Total risk-based capital | 357,895 | 16.20 | 8.00 | 10.00 | ||||||||
Tier 1 risk-based capital | 331,365 | 15.00 | 6.00 | 8.00 | ||||||||
Tier 1 common equity | 331,365 | 15.00 | 4.50 | 6.50 | ||||||||
Leverage ratio | 331,365 | 12.66 | 4.00 | 5.00 |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||
Amount | Ratio | Ratio | Ratio | |||||||||
As of December 31, 2015: | ||||||||||||
Company: | ||||||||||||
Total risk-based capital | $ | 334,899 | 15.82 | % | 8.00 | % | 10.00 | % | ||||
Tier 1 risk-based capital | 308,432 | 14.57 | 6.00 | 8.00 | ||||||||
Tier 1 common equity | 308,432 | 14.57 | 4.50 | 6.50 | ||||||||
Leverage ratio | 308,432 | 12.53 | 4.00 | 5.00 | ||||||||
Bank: | ||||||||||||
Total risk-based capital | 335,010 | 15.83 | 8.00 | 10.00 | ||||||||
Tier 1 risk-based capital | 308,562 | 14.58 | 6.00 | 8.00 | ||||||||
Tier 1 common equity | 308,562 | 14.58 | 4.50 | 6.50 | ||||||||
Leverage ratio | 308,562 | 12.54 | 4.00 | 5.00 |
Note 12. | Related Party Transactions |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
(Amounts In Thousands) | |||||||
Balance, beginning | $ | 27,004 | $ | 19,246 | |||
Net increase due to change in related parties | 137 | — | |||||
Advances | 18,845 | 24,523 | |||||
Collections | (15,454 | ) | (16,765 | ) | |||
Balance, ending | $ | 30,532 | $ | 27,004 |
Note 13. | Fair Value Measurements |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Estimated Fair Value | Readily Available Market Prices(1) | Observable Market Prices(2) | Company Determined Market Prices(3) | |||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||
Financial instrument assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 38,197 | $ | 38,197 | $ | 38,197 | $ | — | $ | — | |||||||||
Investment securities | 279,950 | 279,950 | — | 279,950 | — | ||||||||||||||
Loans held for sale | 9,806 | 9,806 | — | 9,806 | — | ||||||||||||||
Loans | |||||||||||||||||||
Agricultural | 89,924 | 89,862 | — | — | 89,862 | ||||||||||||||
Commercial and financial | 188,464 | 188,292 | — | — | 188,292 | ||||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 56,841 | 56,715 | — | — | 56,715 | ||||||||||||||
Construction, land development and commercial | 119,694 | 119,716 | — | — | 119,716 | ||||||||||||||
Mortgage, farmland | 198,923 | 199,043 | — | — | 199,043 | ||||||||||||||
Mortgage, 1 to 4 family first liens | 760,909 | 764,174 | — | — | 764,174 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | 124,283 | 129,339 | — | — | 129,339 | ||||||||||||||
Mortgage, multi-family | 301,162 | 297,646 | — | — | 297,646 | ||||||||||||||
Mortgage, commercial | 331,822 | 328,948 | — | — | 328,948 | ||||||||||||||
Loans to individuals | 24,515 | 24,499 | — | — | 24,499 | ||||||||||||||
Obligations of state and political subdivisions | 54,081 | 52,860 | — | — | 52,860 | ||||||||||||||
Accrued interest receivable | 9,121 | 9,121 | — | 9,121 | — | ||||||||||||||
Total financial instrument assets | $ | 2,587,692 | $ | 2,588,168 | $ | 38,197 | $ | 298,877 | $ | 2,251,094 | |||||||||
Financial instrument liabilities: | |||||||||||||||||||
Deposits | |||||||||||||||||||
Noninterest-bearing deposits | $ | 348,505 | $ | 348,505 | $ | — | $ | 348,505 | $ | — | |||||||||
Interest-bearing deposits | 1,687,807 | 1,691,679 | — | 1,691,679 | — | ||||||||||||||
Other borrowings | 33,489 | 33,489 | — | 33,489 | — | ||||||||||||||
Federal Home Loan Bank borrowings | 235,000 | 231,232 | — | 231,232 | — | ||||||||||||||
Interest rate swaps | 3,938 | 3,938 | — | 3,938 | — | ||||||||||||||
Accrued interest payable | 984 | 984 | — | 984 | — | ||||||||||||||
Total financial instrument liabilities | $ | 2,309,723 | $ | 2,309,827 | $ | — | $ | 2,309,827 | $ | — | |||||||||
Face Amount | |||||||||||||||||||
Financial instrument with off-balance sheet risk: | |||||||||||||||||||
Loan commitments | $ | 388,666 | $ | — | $ | — | $ | — | $ | — | |||||||||
Letters of credit | 9,024 | — | — | — | — | ||||||||||||||
Total financial instrument liabilities with off-balance-sheet risk | $ | 397,690 | $ | — | $ | — | $ | — | $ | — |
(1) | Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). |
(2) | Considered Level 2 under ASC 820. |
(3) | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
December 31, 2015 | |||||||||||||||||||
Carrying Amount | Estimated Fair Value | Readily Available Market Prices(1) | Observable Market Prices(2) | Company Determined Market Prices(3) | |||||||||||||||
(Amounts In Thousands) | |||||||||||||||||||
Financial instrument assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 35,427 | $ | 35,427 | $ | 35,427 | $ | — | $ | — | |||||||||
Investment securities | 276,069 | 276,069 | — | 276,069 | — | ||||||||||||||
Loans held for sale | 5,554 | 5,554 | — | 5,554 | — | ||||||||||||||
Loans | |||||||||||||||||||
Agricultural | 98,506 | 98,530 | — | — | 98,530 | ||||||||||||||
Commercial and financial | 179,682 | 179,649 | — | — | 179,649 | ||||||||||||||
Real estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | 50,480 | 50,487 | — | — | 50,487 | ||||||||||||||
Construction, land development and commercial | 81,707 | 81,705 | — | — | 81,705 | ||||||||||||||
Mortgage, farmland | 184,514 | 184,640 | — | — | 184,640 | ||||||||||||||
Mortgage, 1 to 4 family first liens | 720,229 | 718,566 | — | — | 718,566 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | 116,632 | 122,173 | — | — | 122,173 | ||||||||||||||
Mortgage, multi-family | 270,261 | 272,446 | — | — | 272,446 | ||||||||||||||
Mortgage, commercial | 320,899 | 319,090 | — | — | 319,090 | ||||||||||||||
Loans to individuals | 23,518 | 23,509 | — | — | 23,509 | ||||||||||||||
Obligations of state and political subdivisions | 51,978 | 51,073 | — | — | 51,073 | ||||||||||||||
Accrued interest receivable | 8,672 | 8,672 | — | 8,672 | — | ||||||||||||||
Total financial instrument assets | $ | 2,424,128 | $ | 2,427,590 | $ | 35,427 | $ | 290,295 | $ | 2,101,868 | |||||||||
Financial instrument liabilities: | |||||||||||||||||||
Deposits | |||||||||||||||||||
Noninterest-bearing deposits | $ | 314,968 | $ | 314,968 | $ | — | $ | 314,968 | $ | — | |||||||||
Interest-bearing deposits | 1,575,734 | 1,577,684 | — | 1,577,684 | — | ||||||||||||||
Other borrowings | 44,051 | 44,051 | — | 44,051 | — | ||||||||||||||
Federal Home Loan Bank Borrowings | 225,000 | 226,157 | — | 226,157 | — | ||||||||||||||
Interest rate swaps | 4,180 | 4,180 | — | 4,180 | — | ||||||||||||||
Accrued interest payable | 846 | 846 | — | 846 | — | ||||||||||||||
Total financial instrument liabilities | $ | 2,164,779 | $ | 2,167,886 | $ | — | $ | 2,167,886 | $ | — | |||||||||
Face Amount | |||||||||||||||||||
Financial instrument with off-balance sheet risk: | |||||||||||||||||||
Loan commitments | $ | 344,602 | $ | — | $ | — | $ | — | $ | — | |||||||||
Letters of credit | 11,718 | — | — | — | — | ||||||||||||||
Total financial instrument liabilities with off-balance-sheet risk | $ | 356,320 | $ | — | $ | — | $ | — | $ | — |
(1) | Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). |
(2) | Considered Level 2 under ASC 820. |
(3) | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market |
Level 1 | Quoted prices in active markets for identical assets or liabilities. |
Level 2 | Observable inputs other than quoted prices included within Level 1. Observable inputs include the quoted prices for similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability. |
Level 3 | Unobservable inputs supported by little or no market activity for financial instruments. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. |
December 31, 2016 | |||||||||||||||
Readily Available Market Prices(1) | Observable Market Prices(2) | Company Determined Market Prices(3) | Total at Fair Value | ||||||||||||
Securities available for sale | (Amounts in Thousands) | ||||||||||||||
U.S. Treasury | $ | — | $ | 27,482 | $ | — | $ | 27,482 | |||||||
State and political subdivisions | — | 178,395 | — | 178,395 | |||||||||||
Other securities (FHLB, FHLMC and FNMA) | — | 61,660 | — | 61,660 | |||||||||||
Derivative Financial Instruments | |||||||||||||||
Interest rate swaps | — | (3,938 | ) | — | (3,938 | ) | |||||||||
Total | $ | — | $ | 263,599 | $ | — | $ | 263,599 |
December 31, 2015 | |||||||||||||||
Readily Available Market Prices(1) | Observable Market Prices(2) | Company Determined Market Prices(3) | Total at Fair Value | ||||||||||||
Securities available for sale | (Amounts in Thousands) | ||||||||||||||
U.S. Treasury | $ | — | $ | 24,978 | $ | — | $ | 24,978 | |||||||
State and political subdivisions | — | 173,929 | — | 173,929 | |||||||||||
Other securities (FHLB, FHLMC and FNMA) | — | 65,328 | — | 65,328 | |||||||||||
Derivative Financial Instruments | |||||||||||||||
Interest rate swaps | — | (4,180 | ) | — | (4,180 | ) | |||||||||
Total | $ | — | $ | 260,055 | $ | — | $ | 260,055 |
(1) | Considered Level 1 under ASC 820. |
(2) | Considered Level 2 under ASC 820. |
(3) | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
December 31, 2016 | Year Ended December 31, 2016 | ||||||||||||||||||
Readily Available Market Prices(1) | Observable Market Prices(2) | Company Determined Market Prices(3) | Total at Fair Value | Total Losses | |||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||
Loans (4) | |||||||||||||||||||
Agricultural | $ | — | $ | — | $ | 10,773 | $ | 10,773 | $ | — | |||||||||
Commercial and financial | — | — | 1,397 | 1,397 | 143 | ||||||||||||||
Real Estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | — | — | 827 | 827 | — | ||||||||||||||
Construction, land development and commercial | — | — | 85 | 85 | — | ||||||||||||||
Mortgage, farmland | — | — | 7,077 | 7,077 | — | ||||||||||||||
Mortgage, 1 to 4 family first liens | — | — | 5,424 | 5,424 | 756 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | — | — | 194 | 194 | — | ||||||||||||||
Mortgage, multi-family | — | — | 244 | 244 | — | ||||||||||||||
Mortgage, commercial | — | — | 1,541 | 1,541 | 65 | ||||||||||||||
Loans to individuals | — | — | — | — | — | ||||||||||||||
Foreclosed assets (5) | — | — | 75 | 75 | 20 | ||||||||||||||
Total | $ | — | $ | — | $ | 27,637 | $ | 27,637 | $ | 984 |
(1) | Considered Level 1 under ASC 820. |
(2) | Considered Level 2 under ASC 820. |
(3) | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
(4) | Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully charged off is zero. |
(5) | Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. |
December 31, 2015 | Year Ended December 31, 2015 | ||||||||||||||||||
Readily Available Market Prices(1) | Observable Market Prices(2) | Company Determined Market Prices(3) | Total at Fair Value | Total Losses | |||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||
Loans (4) | |||||||||||||||||||
Agricultural | $ | — | $ | — | $ | 1,470 | $ | 1,470 | $ | 116 | |||||||||
Commercial and financial | — | — | 1,178 | 1,178 | 56 | ||||||||||||||
Real Estate: | |||||||||||||||||||
Construction, 1 to 4 family residential | — | — | 482 | 482 | 161 | ||||||||||||||
Construction, land development and commercial | — | — | 132 | 132 | 35 | ||||||||||||||
Mortgage, farmland | — | — | 2,233 | 2,233 | — | ||||||||||||||
Mortgage, 1 to 4 family first liens | — | — | 4,487 | 4,487 | 529 | ||||||||||||||
Mortgage, 1 to 4 family junior liens | — | — | 286 | 286 | 166 | ||||||||||||||
Mortgage, multi-family | — | — | 391 | 391 | 38 | ||||||||||||||
Mortgage, commercial | — | — | 1,152 | 1,152 | 140 | ||||||||||||||
Loans to individuals | — | — | — | — | — | ||||||||||||||
Foreclosed assets (5) | — | — | 100 | 100 | 69 | ||||||||||||||
Total | $ | — | $ | — | $ | 11,911 | $ | 11,911 | $ | 1,310 |
(1) | Considered Level 1 under ASC 820. |
(2) | Considered Level 2 under ASC 820. |
(3) | Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market. |
(4) | Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully charged off is zero. |
(5) | Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets. |
Note 14. | Parent Company Only Financial Information |
ASSETS | 2016 | 2015 | |||||
Cash and cash equivalents at subsidiary bank | $ | 543 | $ | 843 | |||
Investment in subsidiary bank | 330,506 | 309,866 | |||||
Other assets | 1,630 | 1,553 | |||||
Total assets | $ | 332,679 | $ | 312,262 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Liabilities | $ | 2,628 | $ | 2,525 | |||
Redeemable common stock held by ESOP | 40,781 | 37,562 | |||||
Stockholders' equity: | |||||||
Capital stock | 44,606 | 43,697 | |||||
Retained earnings | 319,982 | 294,487 | |||||
Accumulated other comprehensive loss | (3,359 | ) | (1,195 | ) | |||
Treasury stock at cost | (31,178 | ) | (27,252 | ) | |||
330,051 | 309,737 | ||||||
Less maximum cash obligation related to ESOP shares | 40,781 | 37,562 | |||||
Total stockholders' equity | 289,270 | 272,175 | |||||
Total liabilities and stockholders' equity | $ | 332,679 | $ | 312,262 |
2016 | 2015 | 2014 | |||||||||
Dividends received from subsidiary | $ | 8,560 | $ | 7,364 | $ | 7,438 | |||||
Other expenses | (570 | ) | (713 | ) | (637 | ) | |||||
Income before income tax benefit and equity in undistributed income of subsidiary | 7,990 | 6,651 | 6,801 | ||||||||
Income tax benefit | 292 | 338 | 254 | ||||||||
8,282 | 6,989 | 7,055 | |||||||||
Equity in undistributed income of subsidiary | 23,273 | 21,429 | 19,919 | ||||||||
Net income | $ | 31,555 | $ | 28,418 | $ | 26,974 |
2016 | 2015 | 2014 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 31,555 | $ | 28,418 | $ | 26,974 | |||||
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities: | |||||||||||
Equity in undistributed income of subsidiary | (23,273 | ) | (21,429 | ) | (19,919 | ) | |||||
Share-based compensation | 29 | 29 | 29 | ||||||||
Compensation expensed through issuance of common stock | 1,332 | 1,153 | 1,045 | ||||||||
Excess tax benefits related to share-based compensation | (70 | ) | (8 | ) | (60 | ) | |||||
Forfeiture of common stock | (52 | ) | (37 | ) | (40 | ) | |||||
Decrease in other assets | (8 | ) | (27 | ) | (63 | ) | |||||
Increase in other liabilities | 103 | 164 | 170 | ||||||||
Net cash and cash equivalents provided by operating activities | 9,616 | 8,263 | 8,136 | ||||||||
Cash flows from financing activities: | |||||||||||
Stock options exercised | — | — | 101 | ||||||||
Excess tax benefits related to share-based compensation | 70 | 8 | 60 | ||||||||
Purchase of treasury stock | (3,926 | ) | (3,454 | ) | (4,014 | ) | |||||
Dividends paid | (6,060 | ) | (5,855 | ) | (5,420 | ) | |||||
Net cash and cash equivalents used by financing activities | (9,916 | ) | (9,301 | ) | (9,273 | ) | |||||
Decrease in cash and cash equivalents | (300 | ) | (1,038 | ) | (1,137 | ) | |||||
Cash and cash equivalents: | |||||||||||
Beginning of year | 843 | 1,881 | 3,018 | ||||||||
Ending of year | $ | 543 | $ | 843 | $ | 1,881 |
Note 15. | Commitments and Contingencies |
2016 | 2015 | ||||||
(Amounts In Thousands) | |||||||
Firm loan commitments and unused portion of lines of credit: | |||||||
Home equity loans | $ | 48,785 | $ | 44,376 | |||
Credit cards | 45,738 | 41,518 | |||||
Commercial, real estate and home construction | 113,251 | 98,613 | |||||
Commercial lines and real estate purchase loans | 180,892 | 160,095 | |||||
Outstanding letters of credit | 9,024 | 11,718 |
Year ending December 31: | (Amounts In Thousands) | ||
2017 | $ | 453 | |
2018 | 363 | ||
2019 | 90 | ||
2020 | 1 | ||
2021 | — | ||
Thereafter | — | ||
$ | 907 |
Note 16. | Quarterly Results of Operations (unaudited, amounts in thousands, except per share amounts) |
Quarter Ended | |||||||||||||||||||
March | June | September | December | Year | |||||||||||||||
2016 | |||||||||||||||||||
Interest income | $ | 23,756 | $ | 24,056 | $ | 24,780 | $ | 25,085 | $ | 97,677 | |||||||||
Interest expense | 4,083 | 4,088 | 3,922 | $ | 3,994 | 16,087 | |||||||||||||
Net interest income | $ | 19,673 | $ | 19,968 | $ | 20,858 | $ | 21,091 | $ | 81,590 | |||||||||
Provision for loan losses | 549 | (721 | ) | (1,832 | ) | 841 | (1,163 | ) | |||||||||||
Other income | 4,873 | 4,868 | 5,314 | 4,940 | 19,995 | ||||||||||||||
Other expense | 13,052 | 13,863 | 14,431 | 15,453 | 56,799 | ||||||||||||||
Income before income taxes | $ | 10,945 | $ | 11,694 | $ | 13,573 | $ | 9,737 | 45,949 | ||||||||||
Income taxes | 3,245 | 3,727 | 4,397 | 3,025 | 14,394 | ||||||||||||||
Net income | $ | 7,700 | $ | 7,967 | $ | 9,176 | $ | 6,712 | $ | 31,555 | |||||||||
Basic earnings per share | $ | 0.83 | $ | 0.85 | $ | 0.99 | $ | 0.73 | $ | 3.40 | |||||||||
Diluted earnings per share | 0.83 | 0.85 | 0.99 | 0.73 | 3.40 | ||||||||||||||
2015 | |||||||||||||||||||
Interest income | $ | 22,214 | $ | 23,027 | $ | 23,295 | $ | 23,631 | $ | 92,167 | |||||||||
Interest expense | 3,635 | 3,659 | 3,714 | $ | 3,959 | 14,967 | |||||||||||||
Net interest income | $ | 18,579 | $ | 19,368 | $ | 19,581 | $ | 19,672 | $ | 77,200 | |||||||||
Provision for loan losses | (62 | ) | 517 | (95 | ) | 1,295 | 1,655 | ||||||||||||
Other income | 4,990 | 5,506 | 5,218 | 5,088 | 20,802 | ||||||||||||||
Other expense | 13,199 | 13,504 | 13,672 | 15,085 | 55,460 | ||||||||||||||
Income before income taxes | $ | 10,432 | $ | 10,853 | $ | 11,222 | $ | 8,380 | 40,887 | ||||||||||
Income taxes | 3,052 | 3,383 | 3,537 | 2,497 | 12,469 | ||||||||||||||
Net income | $ | 7,380 | $ | 7,470 | $ | 7,685 | $ | 5,883 | $ | 28,418 | |||||||||
Basic earnings per share | $ | 0.79 | $ | 0.80 | $ | 0.82 | $ | 0.63 | $ | 3.04 | |||||||||
Diluted earnings per share | 0.79 | 0.80 | 0.82 | 0.63 | 3.04 |
Note 17. | Derivative Financial Instruments |
Notional Amount | Fair Value | Balance Sheet Category | Maturity | ||||||||
(Amounts in Thousands) | |||||||||||
December 31, 2016 | |||||||||||
Interest rate swap | $ | 25,000 | $ | (1,097 | ) | Other Liabilities | 11/9/2020 | ||||
Interest rate swap | 25,000 | (2,841 | ) | Other Liabilities | 11/7/2023 | ||||||
December 31, 2015 | |||||||||||
Interest rate swap | $ | 25,000 | $ | (1,501 | ) | Other Liabilities | 11/9/2020 | ||||
Interest rate swap | 25,000 | (2,679 | ) | Other Liabilities | 11/7/2023 |
Effective Portion | Ineffective Portion | ||||||||||||||
Recognized in OCI | Reclassified from AOCI into Income | Recognized in Income on Derivatives | |||||||||||||
Amount of Gain (Loss) | Category | Amount of Gain (Loss) | Category | Amount of Gain (Loss) | |||||||||||
(Amounts in Thousands) | |||||||||||||||
December 31, 2016 | |||||||||||||||
Interest rate swap | $ | 250 | Interest Expense | $ | — | Other Income | $ | — | |||||||
Interest rate swap | (101 | ) | Interest Expense | — | Other Income | — | |||||||||
December 31, 2015 | |||||||||||||||
Interest rate swap | $ | (394 | ) | Interest Expense | $ | — | Other Income | $ | — | ||||||
Interest rate swap | (461 | ) | Interest Expense | — | Other Income | — |
Note 18. | Subsequent Events |
Item 9. | Changes In and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Name | Age | Position |
Company | ||
Dwight O. Seegmiller | 64 | Mr. Seegmiller, who joined the Company in 1975, has served as its President since 1986. Prior to 1986, Mr. Seegmiller was the Senior Vice President of Lending. |
Shari J. DeMaris | 47 | Ms. DeMaris has held the position of Secretary, Treasurer and Principal Financial Officer since 2012. |
Bank | ||
Timothy D. Finer | 55 | Mr. Finer has held the position of Senior Vice President, Director of Real Estate Lending since 2005. |
Steven R. Ropp | 56 | Mr. Ropp has held the position of Senior Vice President, Director of Commercial Banking since 2008. |
Bradford C. Zuber | 60 | Mr. Zuber has held the position of Senior Vice President, Director of Trust Services since 1987. |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans [excluding securities reflected in column (a)] | |||||
Plan Category | (a) | (b) | (c) | ||||
Equity compensation plans approved by security holders | 19,380 | $ | 29.92 | 83,201 | |||
Equity compensation plans not approved by security holders | — | — | — | ||||
Total | 19,380 | $ | 29.92 | 83,201 |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accounting Fees and Services |
Item 15. | Exhibits, Consolidated Financial Statement Schedules |
Form 10-K | ||||||||
(a) | 1 | Financial Statements | Reference | |||||
Independent registered public accounting firm's report on the financial statements | Page 49-50 | |||||||
Consolidated balance sheets as of December 31, 2016 and 2015 | ||||||||
Consolidated statements of income for the years ended December 31, 2016, 2015, and 2014 | ||||||||
Consolidated statements of comprehensive income for the years ended December 31, 2016, 2015 and 2014 | ||||||||
Consolidated statements of stockholders' equity for the years ended December 31, 2016, 2015 and 2014 | ||||||||
Consolidated statements of cash flows for the years ended December 31, 2016, 2015 and 2014 | ||||||||
Notes to consolidated financial statements | ||||||||
2 | Financial Statements Schedules | |||||||
All schedules are omitted because they are not applicable or not required, or because the required information is included in the consolidated financial statements or notes thereto. | ||||||||
(b) | 3 | Exhibits | ||||||
3.1 | Restated Articles of Incorporation filed as Exhibit 3.1 in Form 10-K for the year ended December 31, 2014 is incorporated by reference | |||||||
3.2 | Amended and Restated ByLaws filed as Exhibit 3.2 in Form 10-K for the year ended December 31, 2014 is incorporated by reference. | |||||||
10.2 | 1995 Deferred Compensation Plans filed as Exhibit 10(c) in Form 10-K for the year ended December 31, 1995 is incorporated by reference. | |||||||
10.3 | 2010 Stock Option and Incentive Plan filed on Form S-8 dated June 29, 2012 is incorporated by reference. | |||||||
11 | Statement Regarding Computation of Basic and Diluted Earnings Per Share. (Note: Statement included in Note 1 under Item 8 of Part II above) |
21 | Subsidiary of the Registrant is attached on Page 108. | |||||||
23.1 | Consent of Independent Registered Public Accounting Firm is attached on Page 109. BKD LLP | |||||||
31 | Certifications under Section 302 of the Sarbanes-Oxley Act of 2002 on Pages 110-111. | |||||||
32 | Certifications under Section 906 of the Sarbanes-Oxley Act of 2002 on Page 112. | |||||||
101.INS | XBRL Instance Document | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.DED | XBRL Taxonomy Extension Definitions Linkbase Document |
HILLS BANCORPORATION | |||
Date: | March 3, 2017 | By: /s/Dwight O. Seegmiller | |
Dwight O. Seegmiller, Director, President and Chief Executive Officer | |||
Date: | March 3, 2017 | By: /s/Shari DeMaris | |
Shari DeMaris, Secretary, Treasurer and Chief Accounting Officer |
DIRECTORS OF THE REGISTRANT | |||
Date: | March 3, 2017 | By: /s/Michael S. Donovan | |
Michael S. Donovan, Director | |||
Date: | March 3, 2017 | By: /s/Thomas J. Gill | |
Thomas J. Gill, Director | |||
Date: | March 3, 2017 | By: /s/Michael E. Hodge | |
Michael E. Hodge, Director | |||
Date: | March 3, 2017 | By: /s/Emily A. Hughes | |
Emily A. Hughes, Director | |||
Date: | March 3, 2017 | By: /s/James A. Nowak | |
James A. Nowak, Director | |||
Date: | March 3, 2017 | By: /s/Theodore H. Pacha | |
Theodore H. Pacha, Director | |||
Date: | March 3, 2017 | By: /s/John W. Phelan | |
John W. Phelan, Director | |||
Date: | March 3, 2017 | By: /s/Ann M. Rhodes | |
Ann M. Rhodes, Director | |||
Date: | March 3, 2017 | By: /s/Thomas R. Wiele | |
Thomas R. Wiele, Director | |||
Date: | March 3, 2017 | By: /s/Sheldon E. Yoder | |
Sheldon E. Yoder, Director |
Page Number | |||
In The Sequential | |||
Exhibit | Numbering System | ||
Number | Description | For 2016 Form 10-K | |
11 | Statement Re Computation of Basic and Diluted Earnings Per Share | ||
(Note: Statement included in Note 1 under Item 8 of Part II above) | |||
21 | Subsidiary of the Registrant | 108 | |
23.1 | Consent of Independent Registered Public Accounting Firm, BKD LLP | 109 | |
31.1 | Certifications under Section 302 of the Sarbanes-Oxley Act of 2002 | 110 | |
31.2 | Certifications under Section 302 of the Sarbanes-Oxley Act of 2002 | 111 | |
32 | Certifications under Section 906 of the Sarbanes-Oxley Act of 2002 | 112 |
Name Of Subsidiary | State Of Incorporation |
Hills Bank and Trust Company | Iowa |
1. | I have reviewed this annual report on Form 10-K of Hills Bancorporation; |
2. | Based on my knowledge, this 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 report; |
3. | Based on my knowledge, the consolidated financial statements, and other financial information included in this 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 report; |
4. | The registrant’s other certifying officer(s) 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 15(d)-15(f)) for the registrant and 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 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 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; and |
5. | The registrant’s other certifying officer(s) 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 control over financial reporting. |
Date: | March 3, 2017 | By: /s/Dwight O. Seegmiller |
Dwight O. Seegmiller, Director and President |
1. | I have reviewed this annual report on Form 10-K of Hills Bancorporation; |
2. | Based on my knowledge, this 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 report; |
3. | Based on my knowledge, the consolidated financial statements, and other financial information included in this 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 report; |
4. | The registrant’s other certifying officer(s) 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 15(d)-15(f)) for the registrant and 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 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 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; and |
5. | The registrant’s other certifying officer(s) 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 control over financial reporting. |
Date: | March 3, 2017 | By: /s/Shari DeMaris |
Shari DeMaris, Treasurer and Chief Accounting Officer |
Date: | March 3, 2017 | By: /s/Dwight O. Seegmiller |
Dwight O. Seegmiller, Director and President |
Date: | March 3, 2017 | By: /s/Shari DeMaris |
Shari DeMaris, Treasurer and Chief Accounting Officer |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Feb. 28, 2017 |
Jun. 30, 2016 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | HILLS BANCORPORATION | ||
Entity Central Index Key | 0000732417 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 345,914,706 | ||
Entity Common Stock, Shares Outstanding | 9,336,509 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
ASSETS | ||
Investment securities available for sale, amortized cost | $ 269,039 | $ 261,991 |
Loans, allowance for loan losses | $ 26,530 | $ 26,510 |
STOCKHOLDERS' EQUITY | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 10,227,178 | 10,199,643 |
Treasury stock at cost (in shares) | 962,951 | 877,589 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 31,555 | $ 28,418 | $ 26,974 |
Securities: | |||
Net change in unrealized (loss) gain on securities available for sale | (3,746) | 172 | 264 |
Income taxes | 1,433 | (65) | (101) |
Other comprehensive (loss) income on securities available for sale | (2,313) | 107 | 163 |
Derivatives used in cash flow hedging relationships: | |||
Net change in unrealized gain (loss) on derivatives | 242 | (1,384) | (3,565) |
Income taxes | (93) | 530 | 1,363 |
Other comprehensive income (loss) on cash flow hedges | 149 | (854) | (2,202) |
Other comprehensive loss, net of tax | (2,164) | (747) | (2,039) |
Comprehensive income | $ 29,391 | $ 27,671 | $ 24,935 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Issuance of common stock (in shares) | 23,163 | 18,314 | 25,024 |
Issuance of common stock purchased under the Employee Stock Purchase Plan (in shares) | 5,636 | 4,155 | 4,184 |
Forfeiture of common stock (in shares) | 1,264 | 1,042 | 1,142 |
Release of shares of common stock under the employee stock ownership plan (in shares) | 0 | 15,256 | 16,004 |
Cash dividends (in dollars per share) | $ 0.65 | $ 0.625 | $ 0.575 |
Purchase of common stock (in shares) | 85,362 | 80,168 | 102,884 |
Nature of Activities and Significant Accounting Policies |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Activities and Significant Accounting Policies | Nature of Activities and Significant Accounting Policies Nature of activities: Hills Bancorporation (the "Company") is a holding company engaged in the business of commercial banking. The Company's subsidiary is Hills Bank and Trust Company, Hills, Iowa (the “Bank”), which is wholly-owned. The Bank is a full-service commercial bank extending its services to individuals, businesses, governmental units and institutional customers primarily in the communities of Hills, Iowa City, Coralville, North Liberty, Lisbon, Mount Vernon, Kalona, Wellman, Cedar Rapids, Marion and Washington, Iowa. The Bank competes with other financial institutions and non-financial institutions providing similar financial products. Although the loan activity of the Bank is diversified with commercial and agricultural loans, real estate loans, automobile, installment and other consumer loans, the Bank's credit is concentrated in real estate loans. All of the Company’s operations are considered to be one reportable operating segment. Accounting estimates: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain significant estimates: The allowance for loan losses, fair values of securities and other financial instruments, and share-based compensation expense involve certain significant estimates made by management. These estimates are reviewed by management routinely and it is reasonably possible that circumstances that exist at December 31, 2016 may change in the near-term and the effect could be material to the consolidated financial statements. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. Revenue recognition: Interest income on loans and investment securities is recognized on the accrual method. Loan origination fees of mortgage loans originated for sale are recognized when the loans are sold. Trust fees, deposit account service charges and other fees are recognized when the services are provided or when customers use the services. Cash and cash equivalents: The Company considers all investments with original maturities of three months or less to be cash equivalents. At December 31, 2016 and 2015, cash equivalents consisted primarily of deposits with other banks. Investment securities: Available-for-sale securities consist of debt securities not classified as trading or held to maturity. Available-for-sale securities are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are reported as a separate component of stockholders' equity. There were no trading or held to maturity securities as of December 31, 2016 or 2015. Stock of the Federal Home Loan Bank is carried at cost. The Company has evaluated the stock and determined there is no impairment. Premiums and discounts on debt securities are amortized or accreted over the period to maturity of those securities. The method of amortization results in a constant effective yield on those securities (the interest method). Realized gains and losses on investment securities are included in income, determined on the basis of the cost of the specific securities sold. Declines in the fair value of investment securities available for sale (with certain exceptions for debt securities noted below) that are deemed to be other-than-temporary are charged to earnings as a realized loss, and a new cost basis for the securities is established. In evaluating other-than-temporary impairment, the Company considers the length of time and extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term. Declines in the fair value of debt securities below amortized cost are deemed to be other-than-temporary in circumstances where: (1) the Company has the intent to sell a security; (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the security. If the Company intends to sell a security or if it is more likely than not that the Company will be required to sell the security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If the Company does not intend to sell the security or it is not more likely than not that the Company will be required to sell the security before recovery, the other-than-temporary impairment write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income. Realized securities gains or losses on securities sales (using specific identification method) and declines in value judged to be other-than-temporary are included in investment securities gains (losses), net, in the consolidated statements of income. Loans: Loans are stated at the amount of unpaid principal, reduced by the allowance for loan losses. Interest income is accrued on the unpaid balances as earned. Loans held for sale are stated at the lower of aggregate cost or estimated fair value. Loans are sold on a non-recourse basis with servicing released and gains and losses are recognized based on the difference between sales proceeds and the carrying value of the loan. The Company has had very few experiences of repurchasing loans previously sold into the secondary market. A specific reserve was not considered necessary based on the Company’s historical experience with repurchase activity. The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance when management believes the collectability of principal is unlikely. The allowance for loan losses is maintained at a level considered adequate to provide for probable losses that can be reasonably anticipated. The allowance is increased by provisions charged to expense and is reduced by net charge-offs. The Bank makes continuous reviews of the loan portfolio and considers current economic conditions, historical loss experience, review of specific problem loans and other factors in determining the adequacy of the allowance. Management classifies loans within the following categories: excellent, good, satisfactory, monitor, special mention and substandard. The policy for charging off loans is consistent throughout all loan categories. A loan is charged off based on criteria that includes but is not limited to: delinquency status, financial condition of the entire customer credit line and underlying collateral coverage, economic or external conditions that might impact full repayment of the loan, legal issues, overdrafts, and the customer’s willingness to work with the Company. Loans are considered impaired when, based on current information and events, it is probable the Bank will not be able to collect all amounts due. An impaired loan includes any loan that has been placed on nonaccrual status, loans greater than 90 days past due and still accruing and TDR loans. They also include loans, based on current information and events, that it is likely the Bank will be unable to collect all amounts due according to the contractual terms of the original loan agreement. The portion of the allowance for loan losses applicable to impaired loans has been computed based on the present value of the estimated future cash flows of interest and principal discounted at the loans effective interest rate or on the fair value of the collateral for collateral dependent loans. The entire change in present value of expected cash flows of impaired loans or of collateral value is reported as provision expense in the same manner in which impairment initially was recognized or as a reduction in the amount of provision expense that otherwise would be reported. Interest income on nonaccrual loans is recognized once principal has been recovered. The accrual of interest income on loans is discontinued when, in the opinion of management, there is reasonable doubt as to the borrower's ability to meet payments of interest or principal when they become due, which is generally when a loan is 90 days or more past due. When a loan is placed on nonaccrual status, all previously accrued and unpaid interest is reversed. Loans are returned to an accrual status when all of the principal and interest amounts contractually due are brought current and repayment of the remaining contractual principal and interest is expected. A loan may also return to accrual status if additional collateral is received from the borrower and, in the opinion of management, the financial position of the borrower indicates that there is no longer any reasonable doubt as to the collection of the amount contractually due. Payment received on nonaccrual loans are applied first to principal. Once principal is recovered, any remaining payments received are applied to interest income. As of December 31, 2016, none of the Company’s nonaccrual loans were earning interest on a cash basis. Nonrefundable loan fees and origination costs are deferred and recognized as a yield adjustment over the life of the related loan. Troubled debt restructurings (“TDR loans”): A loan is classified as a troubled debt restructuring when a borrower is experiencing financial difficulties that leads to a restructuring of the loan, and the Company grants concessions to the borrower in the restructuring that it would not otherwise consider. These concessions may include rate reductions, principal forgiveness, extension of maturity date and other actions intended to minimize potential losses to the Company. A loan that is modified at a market rate of interest is no longer classified as troubled debt restructuring in the quarter following the modification if the borrower is no longer experiencing financial difficulties. Performance prior to the restructuring is considered when assessing whether the borrower can meet the new terms. At the time of restructuring, loans included in a troubled debt restructuring may be considered nonaccrual loans. TDR loans are returned to accrual status under the same criteria noted under loans above. Transfers of financial assets: Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. Credit related financial instruments: In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under credit card arrangements, commercial letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded. Tax credit real estate: Tax credit real estate represents two multi-family rental properties, three assisted living rental properties, a multi-tenant rental property for persons with disabilities, and a multi-family senior living rental property, all which are affordable housing projects as of December 31, 2016. The Bank has a 99% or greater limited partnership interest in each limited partnership. The investment in each was completed after the projects had been developed by the general partner. The Company evaluates the recoverability of the carrying value on a regular basis. If the recoverability was determined to be in doubt, a valuation allowance would be established by way of a charge to expense. Depreciation expense is provided on a straight-line basis over the estimated useful life of the assets. Expenditures for normal repairs and maintenance are charged to expense as incurred. Through December 31, 2015, the financial condition, results of operations and cash flows of each limited partnership is consolidated in the Company’s Consolidated Financial Statements. In 2016, the Company adopted ASU 2015-02 and the investments in tax credit real estate are recorded for the year ended December 31, 2016 using the equity method of accounting. The operations of the properties are not expected to contribute significantly to the Company’s income before income taxes. However, the properties do contribute in the form of income tax credits, which lowers the Company’s effective tax rate. Once established, the credits on each property last for ten years and are passed through from the limited partnerships to the Bank and reduces the consolidated federal tax liability of the Company. Property and equipment: Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using primarily declining-balance methods over the estimated useful lives of 7-40 years for buildings and improvements and 3-10 years for furniture and equipment. Deferred income taxes: Deferred income taxes are provided under the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating loss, and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties on unrecognized tax benefits are classified as other noninterest expense. As of December 31, 2016, the Company had no material unrecognized tax benefits. Goodwill: Goodwill represents the excess of cost over the fair value of the net assets acquired, and is not subject to amortization, but requires, at a minimum, annual impairment tests for intangibles that are determined to have an indefinite life. Other real estate: Other real estate represents property acquired through foreclosures and settlements of loans. Property acquired is carried at the lower of the principal amount of the loan outstanding at the time of acquisition, plus any acquisition costs, or the estimated fair value of the property, less disposal costs. The Bank will obtain updated appraisals to determine the estimated fair value of the property based on the type of collateral securing the loan and the date of the latest appraisal. Subsequent write downs estimated on the basis of later valuations are charged to net loss on sale of other real estate owned and other repossessed assets. Net operating expenses incurred in maintaining such properties are charged to other non-interest expense. Net capital expenditures incurred are capitalized to the property. Derivative financial instruments: The Bank uses interest rate swaps as part of its interest rate risk management. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 815 establishes accounting and reporting standards for derivative instruments and hedging activities. The Bank records all interest rate swaps on the balance sheet at fair value. Derivatives used to hedge the exposure to variability in expected future cash flows are considered cash flow hedges. To qualify for hedge accounting, the Bank must comply with the detailed rules and documentation requirements at the inception of the hedge, and hedge effectiveness is assessed at inception and periodically throughout the life of the hedging relationship. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives is initially reported in other comprehensive income and subsequently reclassified to interest income or expense when the hedged transaction affects earnings, while the ineffective portion of changes in fair value of the derivative, if any, is recognized immediately in other noninterest income or expense. The Bank assesses the effectiveness of each hedging relationship by comparing the cumulative changes in cash flows of the derivative hedging instruments with the cumulative changes in cash flows of the designated hedged item or transaction. No component of the change in the fair value of the hedging instrument is excluded from the assessment of hedge effectiveness. The Bank does not use derivatives for trading or speculative purposes. Earnings per share: Basic earnings per share is computed using the weighted average number of actual common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that would occur from the exercise of common stock options outstanding. ESOP shares are considered outstanding for this calculation unless unearned. The following table presents calculations of earnings per share:
Stock awards and options: Compensation expense for stock issued through the stock award plan is accounted for using the fair value method prescribed by FASB ASC 718, “Share-Based Payment” (“ASC 718”). Under this method, compensation expense is measured and recognized for all stock-based awards made to employees and directors based on the fair value of each award as of the date of the grant. Common stock held by ESOP: The Company's maximum cash obligation related to these shares is classified outside stockholders' equity because the shares are not readily traded and could be put to the Company for cash. Treasury Stock: Treasury stock is accounted for by the cost method, whereby shares of common stock reacquired are recorded at their purchase price. Trust Department Assets: Property held for customers in fiduciary or agency capacities is not included in the accompanying consolidated balance sheets, as such items are not assets of the Company. Effect of New Financial Accounting Standards: In May 2014, The FASB and International Accounting Standards Board (IASB) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of ASU 2014-09 is that a company should recognize revenue to depict the transfer of promised good or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. For financial institutions, significant changes are not expected given that most financial instruments are not in the scope of the accounting standard update. ASU 2014-09 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. In August 2015, FASB issued ASU 2015-14 deferring the effective date for annual periods and interim periods within those annual periods after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The adoption of ASU 2014-09 by the Company is not expected to have a material impact. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 created Subtopic 321-10, Investments-Equity Securities which is applicable to all entities except those in industries that account for substantially all investments at fair value through earnings or the change in net assets. Under this new subtopic, equity securities are generally required to be measured at fair value with unrealized holding gains and losses reflected in net income. ASU 2016-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The adoption of ASU 2016-01 by the Company is not expected to have a material impact. In February 2016, the FASB issued ASU No. 2016-02 (Topic 842), Leases. The ASU provides guidance requiring lessees to recognize right-of-use assets and lease liabilities for all leases other than those that meet the definition of short-term leases. For short-term leases, lessees may elect an accounting policy by class of underlying asset under which these assets and liabilities are not recognized and lease payments are generally recognized over the lease term on a straight-line basis. Under this new ASU, lessees will recognize right-of use assets and lease liabilities for most leases currently accounted for as operating leases under generally accepted accounting principles. For public companies, ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU 2016-02 by the Company is not expected to have a material impact. In March 2016, the FASB issued ASU No. 2016-04, Liabilities - Extinguishments of Liabilities (Subtopic 405-20), Recognition of Breakage for Certain Prepaid Stored-Value Products. ASU 2016-04 applies to all entities that offer certain prepaid stored - value products. The ASU provides guidance for the derecognition of financial liabilities related to the issuance of these products and aligns the recognition of breakage to current authoritative guidance. For public companies, ASU 2016-04 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The adoption of ASU 2016-04 by the Company is not expected to have a material impact. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. The ASU simplifies several aspects of the accounting for share-based payment transaction, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public companies, ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The adoption of ASU 2016-09 by the Company is not expected to have a material impact. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (CECL). The ASU changes the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. Under the CECL model, we will be required to present certain financial assets carried at amortized cost, such as loans held for investment and held-to-maturity debt securities, at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement will take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the "incurred loss" model required under current GAAP, which delays recognition until it is probable a loss has been incurred. Accordingly, we expect that the adoption of the CECL model will materially affect how we determine our allowance for loan losses and could require us to significantly increase our allowance. For public companies, ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We are currently evaluating the impact the CECL model will have on our accounting, but we expect to recognize a one-time cumulative-effect adjustment to our allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective. In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323), Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. This ASU adds an SEC paragraph and amends other Topics pursuant to an SEC staff Announcement made at the September 22, 2016 Emerging Issues Task Force (EITF) meeting. The SEC paragraph applies to ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606); ASU No. 2016-02, Leases (Topic 842); and ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU provides that a company should evaluate ASUs that have not yet been adopted to determine the appropriate financial statement disclosures about the potential material effects of those ASUs on the financial statements when adopted. If the company does not know or cannot reasonably estimate the impact that adoption of the ASUs referenced in this announcement is expected to have on the financial statements, then in addition to making a statement to that effect, the company should consider additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact that the standard will have on the financial statements of the company when adopted. Additional qualitative disclosures should include a description of the effect of the accounting policies that the company expects to apply and a comparison to the company's current accounting policies. Also, the company should describe the status of its process to implement the new standards and the significant implementation matters yet to be addressed. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 250), Simplifying the Test for Goodwill Impairment. The ASU simplifies the goodwill impairment test by permitting a company to perform its annual or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized when the carrying amount exceeds fair value. For public companies, ASU 2017-04 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of ASU No. 2017-04 by the Company is not expected to have a material impact. |
Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The carrying values of investment securities at December 31, 2016 and December 31, 2015 are summarized in the following table (Amounts in Thousands):
Investment securities have been classified in the consolidated balance sheets according to management’s intent. Available-for-sale securities consist of debt securities not classified as trading or held to maturity. Available-for-sale securities are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are reported as a separate component of stockholders’ equity. The Company had no securities designated as trading or held to maturity in its portfolio at December 31, 2016 or 2015. The carrying amount of available-for-sale securities and their approximate fair values were as follows (Amounts in Thousands):
The amortized cost and estimated fair value of available-for-sale securities classified according to their contractual maturities at December 31, 2016, were as follows (Amounts in Thousands):
As of December 31, 2016, investment securities with a carrying value of $61.81 million were pledged to collateralize repurchase agreements, derivative financial instruments and other borrowings. The following table shows the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2016 and 2015 (Amounts in Thousands):
The Company considered the following information in reaching the conclusion that the impairments disclosed in the table above are temporary and not other-than-temporary impairments. None of the unrealized losses in the above table was due to the deterioration in credit quality that might result in the non-collection of contractual principal and interest. The unrealized losses are due to changes in interest rates. The Company has not recognized any unrealized loss in income because management does not have the intent to sell the securities included in the previous table. Management has concluded that it is more likely than not that the Company will not be required to sell these securities prior to recovery of the amortized cost basis. |
Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans Classes of loans are as follows:
Changes in the allowance for loan losses and the allowance for loan loss balance applicable to impaired loans and the related loan balance of impaired loans for the year ended December 31, 2016, 2015 and 2014 are as follows:
The Company evaluates the following loans to determine impairment: 1) all nonaccrual and TDR loans, 2) all non consumer and non 1 to 4 family residential loans with prior charge-offs, 3) all non consumer and non 1 to 4 family loan relationships classified as substandard and 4) loans with indications of or suspected deteriorating credit quality. The following table presents the credit quality indicators by type of loans in each category as of December 31, 2016:
The following table presents the credit quality indicators by type of loans in each category as of December 31, 2015:
The below are descriptions of the credit quality indicators: Excellent - Excellent rated loans are prime quality loans covered by highly-liquid collateral with generous margins or supported by superior current financial conditions reflecting substantial net worth, relative to total credit extended, and based on assets of a stable and non-speculative nature whose values can be readily verified. Identified repayment source or cash flow is abundant and assured. Good - Good rated loans are adequately secured by readily-marketable collateral or good financial condition characterized by liquidity, flexibility and sound net worth. Loans are supported by sound primary and secondary payment sources and timely and accurate financial information. Satisfactory – Satisfactory rated loans are loans to borrowers of average financial means not especially vulnerable to changes in economic or other circumstances, where the major support for the extension is sufficient collateral of a marketable nature, and the primary source of repayment is seen to be clear and adequate. Monitor – Monitor rated loans are identified by management as warranting special attention for a variety of reasons that may bear on ultimate collectability. This may be due to adverse trends, a particular industry, loan structure, or repayment that is dependent on projections, or a one-time occurrence. Special Mention – Special mention rated loans are supported by a marginal payment capacity and are marginally protected by collateral. There are identified weaknesses that if not monitored and corrected may adversely affect the Company’s credit position. A special mention credit would typically have a weakness in one of the general categories (cash flow, collateral position or payment history) but not in all categories. Substandard – Substandard loans are not adequately supported by the paying capacity of the borrower and may be inadequately collateralized. These loans have a well-defined weakness or weaknesses. For these loans, it is more probable than not that the Company could sustain some loss if the deficiency(ies) is not corrected. Past due loans as of December 31, 2016 and 2015 were as follows:
The Company does not have a significant amount of loans that are past due less than 90 days where there are serious doubts as to the ability of the borrowers to comply with the loan repayment terms. Accruing loans past due 90 days or more increased $0.17 million from December 31, 2015 to December 31, 2016. As of December 31, 2016 and 2015, accruing loans past due 90 days or more were 0.03% and 0.02% of total loans, respectively. The average balance of the past due loans also increased in 2016 as compared to 2015. The average 90 days or more past due loan balance per loan was $0.11 million as of December 31, 2016 compared to $0.09 million as of December 31, 2015. The loans 90 days or more past due and still accruing are believed to be adequately collateralized. Loans are placed on nonaccrual status when management believes the collection of future principal and interest is not reasonably assured. Certain impaired loan information by loan type at December 31, 2016 and 2015 was as follows:
The Company may modify the terms of a loan to maximize the collection of amounts due. In most cases, the modification is a reduction in interest rate, conversion to interest only payments or an extension of the maturity date. The borrower is experiencing financial difficulties or is expected to experience financial difficulties in the near-term, so a concessionary modification is granted to the borrower that would otherwise not be considered. TDR loans accrue interest as long as the borrower complies with the revised terms and conditions and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Below is a summary of information for TDR loans as of December 31, 2016 and 2015:
A summary of TDR loans that were modified during the year ended December 31, 2016 and 2015 was as follows:
The Bank has commitments to lend additional borrowings to TDR loan customers. These commitments are in the normal course of business and allow the borrowers to build pre-sold homes and commercial property which increase their overall cash flow. The additional borrowings are not used to facilitate payments on these loans. There were no TDR loans modified during the year that were in payment default (defined as past due 90 days or more) as of December 31, 2016 or 2015. Information regarding impaired loans as of and for the year ended December 31, 2016 is as follows:
Information regarding impaired loans as of and for the year ended December 31, 2015 is as follows:
Information regarding impaired loans as of and for the year ended December 31, 2014 is as follows:
Impaired loans increased by $17.40 million from December 31, 2015 to December 31, 2016. Impaired loans include any loan that has been placed on nonaccrual status, accruing loans past due 90 days or more and TDR loans. Impaired loans also include loans that, based on management’s evaluation of current information and events, the Bank expects to be unable to collect in full according to the contractual terms of the original loan agreement. The increase in impaired loans is due mainly to an increase in nonaccrual loans of $2.52 million, a $15.32 million agricultural and farmland real estate relationship with a specific allowance for loan losses, and a decrease in TDR Loans of $2.87 million from December 31, 2015 to December 31, 2016. The net decrease in TDR loans is primarily the result of $0.86 million loans reclassified from TDR loans as a result of the borrowers no longer experiencing financial difficulty and no concessions granted to the borrower when the loan was modified during the year ended December 31, 2016. For loans that are collateral dependent, losses are evaluated based on the portion of a loan that exceeds the fair market value of the collateral that can be identified as uncollectible. In general, this is the amount that the carrying value of the loan exceeds the related appraised value. Generally, it is the Company’s policy not to rely on appraisals that are older than one year prior to the date the impairment is being measured. The most recent appraisal values may be adjusted if, in the Company’s judgment, experience and other market data indicate that the property’s value, use, condition, exit market or other variable affecting its value may have changed since the appraisal was performed, consistent with the December 2006 joint interagency guidance on the allowance for loan losses. The charge-off or loss adjustment supported by an appraisal is considered the minimum charge-off. Any adjustments made to the appraised value are to provide additional charge-off or loss allocations based on the applicable facts and circumstances. In instances where there is an estimated decline in value, either a loss allocation is provided or a charge-off taken pending confirmation of the amount of the loss from an updated appraisal. Upon receipt of the new appraisals, an additional loss allocation may be provided or charge-off taken based on the appraised value of the collateral. On average, appraisals are obtained within one month of order. The Company has not experienced any significant time lapses in recognizing the required provisions for collateral dependent loans, nor has the Company delayed appropriate charge-offs. When an updated appraisal value has been obtained, the Company has used the appraisal amount in helping to determine the appropriate charge-off or required reserve. The Company also evaluates any changes in the financial condition of the borrower and guarantors (if applicable), economic conditions, and the Company’s loss experience with the type of property in question. Any information utilized in addition to the appraisal is intended to identify additional charge-offs or provisions, not to override the appraised value. The Company separates its portfolio loans and leases into segments for determining the allowance for loan losses. The Company's portfolio segments includes agricultural, commercial and financial, real estate, loans to individuals and obligations of state and political subdivisions. The Company further separates its portfolio into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. Classes with the real estate portfolio segment includes 1 to 4 family residential constructions, land development and commercial construction, farmland, 1 to 4 family first liens, 1 to 4 family junior liens, multi-family and commercial. Loans that exhibit probable or observed credit weaknesses, as well as loans that have been modified in a TDR, are subject to individual review for impairment. When individual loans are reviewed for impairment, the Company determines allowances based on management's estimate of the borrower's ability to repay the loan given the availability of the collateral, other sources of cash flow, as well as evaluation of legal options available. Allowances for impaired loans are measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or the fair value of the underlying collateral. Historical loss rates are applied to loans that are not individually reviewed for impairment. The 20 quarter migration analysis performed by management uses loan level attributes to track the movement of loans through the various credit risk rating categories in order to estimate the percentage of historical loss to apply to each specific credit risk rating in each loan category. The credit risk rating system currently utilized for allowance analysis purposes encompasses six categories. The Company's allowance for loan loss methodology incorporates a variety of risk considerations, both quantitative and qualitative, in establishing an allowance for loan losses that management believes is appropriate at each reporting date. Quantitative factors include the Company's historical loss experience, delinquency and charge-off trends, collateral values, changes in impaired loans, and other factors. Quantitative factors also incorporate known information about individual loans, including borrowers' sensitivity to interest rate movements. Qualitative factors include changes in lending policies and procedures; changes in national and local economic and business conditions; changes in the nature and volume of the loan portfolio; changes in the experience, ability and depth of lending management and staff; changes in the quality of the Bank's loan review system; the existence and effect of concentrations of credit; and the effect of any other identified external factors. Determinations relating to the possible level of future loan losses are based in part on subjective judgments by management. Future loan losses in excess of current estimates, could materially adversely affect our results of operations or financial position. As the Company adds new products and increases the complexity of its loan portfolio, it will enhance its methodology accordingly. Although management believes the levels of the allowance for loan losses as of December 31, 2016 and 2015 were adequate to absorb probable losses inherent in the loan portfolio, a decline in local economic conditions, or other factors, could result in increasing losses that cannot be reasonably predicted at this time. |
Property and Equipment |
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Property and Equipment | Property and Equipment The major classes of property and equipment and the total accumulated depreciation are as follows:
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Interest-Bearing Deposits |
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Interest-bearing Deposit Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-Bearing Deposits | Interest - Bearing Deposits A summary of these deposits is as follows:
Brokered deposits totaled $112.70 million and $62.74 million as of December 31, 2016 and 2015, respectively with an average interest rate of 0.59% and 0.42% as of December 31, 2016 and 2015, respectively. As of December 31, 2016, brokered deposits of $103.38 million are included in savings deposits and $9.32 million are included in time deposits. At December 31, 2015, brokered deposits of $54.01 million were included in savings deposits and $8.73 million were included in time deposits. Brokered time deposits in increments greater than $100,000 as of December 31, 2016 and 2015 were $7.74 million and $6.97 million, respectively. Time deposits have a maturity as follows:
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Other Borrowings |
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Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Borrowings | Other Borrowings The following table sets forth selected information for other borrowings each of which having a maturity of less than one year:
The weighted average interest rate on other borrowings outstanding as of December 31, 2016 and 2015 was 0.33% and 0.25%, respectively. Customer repurchase agreements are used by the Bank to acquire funds from customers where the customer is required or desires to have their funds supported by collateral consisting of investment securities. The repurchase agreement is a commitment to sell these securities to a customer at a certain price and repurchase them at a future date at that same price plus interest accrued at an agreed upon rate, which are treated as secured borrowings. The Bank uses customer repurchase agreements in its liquidity plan as well as an accommodation to customers. At December 31, 2016, $33.49 million of securities sold under repurchase agreements with a weighted average interest rate of 0.26%, maturing in 2016, were collateralized by investment securities having an amortized cost of $51.80 million. As of December 31, 2016 and 2015, all of the Company's sales of securities under agreements to repurchase had overnight contractual maturities. The securities underlying the agreements are book-entry securities issues by U.S. government sponsored agencies, held in safekeeping with a third party custodian and pledged to the depositors under a written custodial agreement that explicitly recognizes the depositors' interest in the securities. |
Federal Home Loan Bank Borrowings |
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Federal Home Loan Bank Borrowings | Federal Home Loan Bank Borrowings As of December 31, 2016 and 2015, the borrowings were as follows:
The $30.00 million borrowing due in 2016 was callable by the FHLB. The borrowings due in 2017 and 2018 are callable by the FHLB with call dates during 2017. The advances are unlikely to be called unless rates would increase significantly. The borrowings with the FHLB have prepayment fees associated with them; therefore, the Company cannot prepay without incurring fees. To participate in the FHLB advance program, the Company is required to have an investment in FHLB stock. The Company’s investment in FHLB stock was $12.41 million and $11.83 million at December 31, 2016 and 2015, respectively. Collateral is provided by the Company’s 1 to 4 family mortgage loans totaling $317.25 million at December 31, 2016 and $303.75 million at December 31, 2015. The Company also has the ability to borrow against agricultural real estate, commercial real estate and multi-family loans totaling $224.66 million as of December 31, 2016 and $184.59 million as of December 31, 2015 and there was $0 borrowed against this collateral as of December 31, 2016 or 2015. |
Accumulated Other Comprehensive Income |
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Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The components of accumulated other comprehensive income (AOCI), included in stockholders’ equity, are as follows:
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Employee Benefit Plans |
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Employee Benefit Plans | Employee Benefit Plans The Company has an Employee Stock Purchase Plan (the “ESPP”). For each quarterly offering period, eligible employees can elect to contribute from 1% to 15% of his or her compensation. The purchase price is the lesser of the fair market value on the first day of the offering period or the last day of the offering period. The maximum dollar amount any one employee can elect to contribute in a year is $10,000. During the year ended December 31, 2016, 5,636 shares of stock were purchased by employees of the Bank through the ESPP. 4,155 shares of stock were purchased by employees of the Bank through the ESPP for the year ended December 31, 2015. The Company has an Employee Stock Ownership Plan (the "ESOP") to which it makes discretionary cash contributions. The Company's contribution to the ESOP totaled $0.92 million, $1.72 million and $1.61 million for the years ended December 31, 2016, 2015 and 2014, respectively. The 2016 discretionary contribution rate was 4.5% of qualified salaries, 2015 and 2014 discretionary contribution rates were 9.0% of qualified salaries. During the year ended December 31, 2011, the ESOP purchased an additional 80,056 shares of common stock in the Company with a loan from the Company. The note payable bears interest at the prime rate subject to a floor of 5.0% with principal and interest payable annually for five consecutive years. The loan is collateralized by the unreleased shares of stock purchased as well as a certificate of deposit the Company holds at the Bank in the original amount of the note. The note payable and certificate of deposit are not included in the consolidated balance sheets. There was no interest income or expense recognized in the consolidated statements of income. The note was paid off during the year ended December 31, 2015. When the note payable is repaid by the ESOP, shares are released from collateral and allocated to qualified employees based on the proportion of principal and interest paid in the year to total principal and interest payments anticipated for the life of the loan. The number of shares released from collateral totaled 0, 15,256 and 16,004 shares for the years ended December 31, 2016, 2015 and 2014, respectively. The shares pledged as collateral are reported as a reduction of stockholder’s equity in the consolidated balance sheet. As shares are committed to be released from collateral, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings per share computations. Compensation expense totaled $0.00 million, $0.17 million and $0.13 million for the years ended December 31, 2016, 2015 and 2014, respectively. Unallocated shares were 0, 0 and 15,256 as of December 31, 2016, 2015 and 2014, respectively. Dividends on allocated ESOP shares were recorded as a reduction of retained earnings. Dividends on unallocated ESOP shares were used to reduce debt. In the event a terminated plan participant desires to sell his or her shares of the Company stock, or for certain employees who elect to diversify their account balances, the Company may be required to purchase the shares from the participant at their fair value. To the extent that shares of common stock held by the ESOP are not readily traded, a sponsor must reflect the maximum cash obligation related to those securities outside of stockholders' equity. The Company obtains a quarterly independent appraisal of the shares of stock. As of December 31, 2016 and 2015, the shares held by the ESOP, fair value and maximum cash obligation were as follows:
The Company has a profit-sharing plan with a 401(k) feature, which provides for discretionary annual contributions in amounts to be determined by the Board of Directors. The Company made a 4.50% or $0.92 million contribution to the profit sharing plan contribution for the year ended December 31, 2016. There were no profit sharing plan contributions for the years ended December 31, 2015 and 2014. The Company made matching contributions under its 401(k) plan of $0.18 million in 2016, $0.16 million in 2015, and $0.16 million in 2014 and each such amount is included in salaries and employee benefits expense. The Company provides a deferred compensation program for executive officers. This program allows executive officers to elect to defer a portion of their salaried compensation for payment by the Company at a subsequent date. The executive officers can defer up to 30% of their base compensation and up to 100% of any bonus into the deferral plan. Any amount so deferred is credited to the executive officer’s deferred compensation account and converted to units equivalent in value to the fair market value of a share of stock in Hills Bancorporation. The “stock units” are book entry only and do not represent an actual purchase of stock. The executive officer’s account is adjusted each year for dividends paid and the change in the market value of Hills Bancorporation stock. The deferrals and earnings grow tax deferred until withdrawn from the plan. Earnings credited to the individual’s accounts are recorded as compensation expense when earned. The deferred compensation liability is recorded in other liabilities and totals $5.72 million and $5.37 million at December 31, 2016 and 2015, respectively. Expense related to the deferred compensation plan was $0.51 million for 2016, $0.49 million for 2015 and $0.54 million for 2014 and is included in salaries and employee benefits expense. The Company also provides a deferred compensation program for its Board of Directors. Under the plan, each director may elect to defer up to 50% of such director’s cash compensation from retainers and meeting fees for payment by the Company at a subsequent date. Any amount so deferred is credited to the director’s deferred compensation account and converted to units equivalent in value to the fair market value of a share of stock in Hills Bancorporation. The “stock units” are book entry only and do not represent an actual purchase of stock. The director’s account is adjusted each year for dividends paid and the change in the market value of Hills Bancorporation stock. The deferred compensation liability for the directors’ plan is recorded in other liabilities and totaled $2.63 million and $2.44 million at December 31, 2016 and 2015, respectively. Expense related to the directors’ deferred compensation plan was $0.22 million for 2016, $0.21 million for 2015 and $0.23 million for 2014 and is included in other noninterest expense. The Company has a Stock Option and Incentive Plan for certain key employees and directors whereby shares of common stock have been reserved for awards in the form of stock options or restricted stock awards. Under the plan, the aggregate number of options and shares granted cannot exceed 188,000 shares. A Stock Option Committee may grant options at prices equal to the fair value of the stock at the date of the grant. Options expire 10 years from the date of the grant. Director options and officers' rights under the plan vest over a five-year period from the date of the grant. The fair value of each option is estimated as of the date of grant using a Black Scholes option pricing model. The expected lives of options granted incorporate historical employee exercise behavior. The risk-free rate for periods that coincide with the expected life of the options is based on the ten year interest rate swap rate as published by the Federal Reserve Bank on the date of issuance. Expected volatility is based on volatility levels of the Company’s peers’ common stock as the Company’s stock has limited trading activity. Expected dividend yield was based on historical dividend rates. There were no stock options granted in 2014, 2015 or 2016. The intrinsic value of options exercised was $0.00 million, $0.00 million and $0.10 million for 2016, 2015 and 2014, respectively. A summary of the stock options is as follows:
Other pertinent information related to the options outstanding at December 31, 2016 is as follows:
As of December 31, 2016, the outstanding options have a weighted-average exercise price of $29.92 per share and a weighted average remaining contractual term of 3.03 years. There was $0.01 million in unrecognized compensation cost for stock options granted under the plan as of December 31, 2016. This cost is expected to be recognized over a weighted-average period of 0.45 years. As of December 31, 2016, the vested options totaled 9,160 shares with a weighted-average exercise price of $26.00 per share and a weighted-average remaining contractual term of 0.33 years. As of December 31, 2016, 83,201 shares were available for stock options and awards. The Compensation and Incentive Stock Committee is also authorized to grant awards of restricted common stock. A summary of the restricted stock option activity for the year ended December 31, 2016 is as follows:
The Company authorized the issuance of 18,314 shares in 2015 and 19,144 shares in 2014 to certain employees. The vesting period for these awards is five years and the Bank amortizes the expense on a straight line basis during the vesting period. The expense relating to these awards for the years ended December 31, 2016, 2015 and 2014 was $0.56 million, $0.39 million and $0.26 million, respectively. 10,400 shares of the restricted common stock shares awarded in December 31, 2016 and 2015, are subject to forfeiture upon termination of the employee's employment with the Company within eight years of the award. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Income taxes for the years ended December 31, 2016, 2015 and 2014 are summarized as follows:
Temporary differences between the amounts reported in the consolidated financial statements and the tax basis of assets and liabilities result in deferred taxes. Deferred tax assets and liabilities at December 31, 2016 and 2015 were as follows:
The Company has recorded a deferred tax asset for the future tax benefits of Iowa net operating loss carry-forwards. The net operating loss carry-forwards are generated by the Company largely from its investment in tax credit real estate properties. The Company is required to file a separate Iowa tax return and cannot be consolidated with the Bank. The net operating loss carry-forwards will expire, if not utilized, between 2017 and 2036. The Company has recorded a valuation allowance to reduce the deferred tax asset attributable to the net operating loss carry-forwards. At December 31, 2016 and 2015, the Company believes it is more likely than not that the Iowa net operating loss carry-forwards will not be realized. The increase in net operating loss carry-forward in 2016 compared to 2015 reflects the additional Iowa income tax net operating loss generated during 2016 less any expiring carry-forward. A valuation allowance related to the remaining deferred tax assets has not been provided because management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets. The valuation allowance increased by $71,000 and $108,000 for the years ended December 31, 2016 and 2015, respectively. The net change in the deferred income taxes for the years ended December 31, 2016, 2015 and 2014 is reflected in the consolidated financial statements as follows:
Income tax expense for the years ended December 31, 2016, 2015 and 2014 are less than the amounts computed by applying the maximum effective federal income tax rate to the income before income taxes because of the following items:
Federal income tax expense for the years ended December 31, 2016, 2015 and 2014 was computed using the consolidated effective federal tax rate. The Company also recognized income tax expense pertaining to state franchise taxes payable individually by the subsidiary bank. The Company files a consolidated tax return for federal purposes and separate tax returns for the State of Iowa purposes. The tax years ended December 31, 2016, 2015, 2014 and 2013, remain subject to examination by the Internal Revenue Service. For state tax purposes, the tax years ended December 31, 2016, 2015, 2014 and 2013, remain open for examination. There were no material unrecognized tax benefits at December 31, 2016 and December 31, 2015. No interest or penalties on these unrecognized tax benefits has been recorded. As of December 31, 2016, the Company does not anticipate any significant increase or decrease in unrecognized tax benefits during the twelve month period ending December 31, 2017. |
Regulatory Capital Requirements, Restrictions on Subsidiary Dividends and Cash Restrictions |
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Regulatory Capital Requirements, Restrictions on Subsidiary Dividends and Cash Restrictions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements, Restrictions on Subsidiary Dividends and Cash Restrictions | Regulatory Capital Requirements, Restrictions on Subsidiary Dividends and Cash Restrictions The Company and the Bank are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial results. Under capital adequacy guidelines and the regulatory frameworks for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classifications of the Company and the Bank are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by the regulations to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of capital. Under the BASEL III rules, the minimum capital ratios are 4% for Tier 1 Leverage Capital Ratio, 4.5% for the Common Equity Tier 1 Capital Ratio, 6% for the Tier 1 Risk-Based Capital Ratio and 8% for the Total Risk-Based Capital Ratio. A new capital conservation buffer is being phased in beginning January 1, 2016, at 0.625% of risk-weighted assets and increased each subsequent year by an additional 0.625% until reaching 2.5% on January 1, 2019. Management believes that, as of December 31, 2016 and 2015, the Company and the Bank met all capital adequacy requirements to which they are subject. As of December 31, 2016, the most recent notifications from the Federal Reserve System categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, Tier 1 common equity and Tier 1 leverage ratios as set forth in the table that follows. There are no conditions or events since that notification that management believes have changed the Bank's category. The actual amounts and capital ratios as of December 31, 2016 and 2015, with the minimum regulatory requirements for the Company and Bank are presented below (amounts in thousands):
The ability of the Company to pay dividends to its stockholders is dependent upon dividends paid by the Bank. The Bank is subject to certain statutory and regulatory restrictions on the amount it may pay in dividends. To maintain acceptable capital ratios in the Bank, certain of its retained earnings are not available for the payment of dividends. To maintain a ratio of capital to assets of 8.00%, retained earnings of $154.64 million as of December 31, 2016 are available for the payment of dividends to the Company. The Bank is required to maintain reserve balances in cash or with the Federal Reserve Bank. Reserve balances totaled $9.88 million and $12.64 million as of December 31, 2016 and 2015, respectively. |
Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions Certain directors of the Company and the Bank, companies with which the directors are affiliated, and certain principal officers are customers of, and have banking transactions with, the Bank in the ordinary course of business. Such indebtedness has been incurred on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons. The following is an analysis of the changes in the loans to related parties during the years ended December 31, 2016 and 2015:
Deposits from these related parties totaled $6.89 million and $6.92 million as of December 31, 2016 and 2015, respectively. Deposits from related parties are accepted subject to the same interest rates and terms as those from nonrelated parties. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The carrying value and estimated fair values of the Company’s financial instruments as of December 31, 2016 are as follows:
The carrying value and estimated fair values of the Company’s financial instruments as of December 31, 2015 are as follows:
Fair value of financial instruments: FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) provides a single definition for fair value, a framework for measuring fair value and expanded disclosures concerning fair value. Fair value is defined under ASC 820 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. The Company determines the fair market value of its financial instruments based on the fair value hierarchy established in ASC 820. There are three levels of inputs that may be used to measure fair value as follows:
It is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. The Company is required to use observable inputs, to the extent available, in the fair value estimation process unless that data results from forced liquidations or distressed sales. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for assets or liabilities not recorded at fair value. ASSETS Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for cash and short-term instruments approximate their fair values (Level 1). Investment securities available for sale: Investment securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If a quoted price is not available, the fair value is obtained from benchmarking the security against similar securities. All of the Company’s securities are considered Level 2. The pricing for investment securities is obtained from an independent source. There are no level 1 or level 3 investment securities owned by the Company. The Company obtains an understanding of the independent source’s valuation methodologies used to determine fair value by level of security. The Company validates assigned fair values on a sample basis using an additional third-party provider pricing service to determine if the fair value measurement is reasonable. Due to the nature of our investment portfolio, we do not expect significant and unusual fluctuations as fair value changes primarily relate to interest rate changes. No unusual fluctuations were identified during the year ended December 31, 2016. If a fluctuation requiring investigation was identified, the Company would research the change with the independent source or other available information. Loans held for sale: Loans held for sale are carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the short time between origination of the loan and its sale on the secondary market (Level 2). The market is active for these loans and as a result prices for similar assets are available. Loans: The Company does not record loans at fair value on a recurring basis. For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values (Level 3). The fair values for other loans are determined using estimated future cash flows, discounted at the interest rates currently being offered for loans with similar terms to borrowers with similar credit quality utilizing an entrance price concept (Level 3). The Company does record nonrecurring fair value adjustments to impaired loans to reflect (1) partial write-downs that are based on the observable market price or appraised value of the collateral or (2) the full charge-off of the loan carrying value (Level 3). These loans are considered Level 3 as the instruments used to determine fair market value require significant management judgment and estimation. A loan is considered to be impaired when it is probable that all of the principal and interest due may not be collected according to its contractual terms. Generally, when a loan is considered impaired, the amount of reserve required under ASC 310, Receivables, is measured based on the fair value of the underlying collateral. The Company makes such measurements on all material loans deemed impaired using the fair value of the collateral for collateral dependent loans. The fair value of collateral used by the Company is determined by obtaining an observable market price or by obtaining an appraised value from an independent, licensed or certified appraiser, using observable market data. This data includes information such as selling price of similar properties and capitalization rates of similar properties sold within the market, expected future cash flows or earnings of the subject property based on current market expectations, and other relevant factors. All appraised values are adjusted for market-related trends based on the Company's experience in sales and other appraisals of similar property types as well as estimated selling costs. Each quarter management reviews all collateral dependent impaired loans on a loan-by-loan basis to determine whether updated appraisals are necessary based on loan performance, collateral type and guarantor support. At times, the Company measures the fair value of collateral dependent impaired loans using appraisals with dates prior to one year from the date of review. These appraisals are discounted by applying current, observable market data about similar property types such as sales contracts, estimations of value by individuals familiar with the market, other appraisals, sales or collateral assessments based on current market activity until updated appraisals are obtained. Depending on the length of time since an appraisal was performed, the data provided through reviews and estimated selling costs, collateral values are typically discounted by 0-35%. Foreclosed assets: The Company does not record foreclosed assets at fair value on a recurring basis. Foreclosed assets consist mainly of other real estate owned but may include other types of assets repossessed by the Company. Foreclosed assets are adjusted to the lower of carrying value or fair value less the costs of disposal. Fair value is generally based upon independent market prices or appraised values of the collateral, and may include a marketability discount as deemed necessary by management based on its experience with similar types of real estate. The value of foreclosed assets is evaluated periodically as a nonrecurring fair value adjustment. Foreclosed assets are classified as Level 3. Off-balance sheet instruments: Fair values for outstanding letters of credit are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. The fair value of the outstanding letters of credit is not significant. Unfunded loan commitments are not valued since the loans are generally priced at market at the time of funding (Level 2). Accrued interest receivable: The fair value of accrued interest receivable equals the amount receivable due to the current nature of the amounts receivable (Level 2). Non-marketable equity investments: Non-marketable equity investments are recorded under the cost or equity method of accounting. There are generally restrictions on the sale and/or liquidation of these investments, including stock of the Federal Home Loan Bank. The carrying value of stock of the Federal Home Loan Bank approximates fair value (Level 2). LIABILITIES Deposit liabilities: Deposit liabilities are carried at historical cost. The fair value of demand deposits, savings accounts and certain money market account deposits is the amount payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. If the fair value of the fixed maturity certificates of deposit is calculated at less than the carrying amount, the carrying value of these deposits is reported as the fair value (Level 2). Deposit liabilities are classified as Level 2 due to available prices for similar liabilities in the market. Other borrowings: Other borrowings are carried at historical cost and include federal funds purchased and securities sold under agreements to repurchase. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the liability and its expected realization (Level 2). Other borrowings are classified as Level 2 due to available prices for similar liabilities in the market. Federal Home Loan Bank borrowings: Federal Home Loan Bank borrowings are recorded at historical cost. The fair values of the Company’s Federal Home Loan Bank borrowings are estimated using discounted cash flow analysis, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements (Level 2). Federal Home Loan Bank borrowings are classified as Level 2 due to available prices for similar liabilities in the market. Interest Rate Swap Agreements: The fair value is estimated using forward-looking interest rate curves and is calculated using discounted cash flows that are observable or that can be corroborated by observable market data (Level 2). Accrued interest payable: The fair value of accrued interest payable equals the amount payable due to the current nature of the amounts payable (Level 2). Assets and Liabilities Recorded at Fair Value on a Recurring Basis The table below represents the balances of assets and liabilities measured at fair value on a recurring basis:
There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2016 and 2015. Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis The Company is required to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The valuation methodologies used to measure these fair value adjustments are described above. For assets measured at fair value on a nonrecurring basis that were still held on the balance sheet at December 31, 2016 and 2015, the following tables provide the level of valuation assumptions used to determine the adjustment and the carrying value of the related individual assets at year end.
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Parent Company Only Financial Information |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent Company Only Financial Information | Parent Company Only Financial Information Following is condensed financial information of the Company (parent company only): CONDENSED BALANCE SHEETS December 31, 2016 and 2015 (Amounts In Thousands)
CONDENSED STATEMENTS OF INCOME Years Ended December 31, 2016, 2015 and 2014 (Amounts In Thousands)
CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2016, 2015 and 2014 (Amounts In Thousands)
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Concentrations of credit risk: The Bank’s loans, commitments to extend credit, unused lines of credit and outstanding letters of credit have been granted to customers within the Bank's market area. Investments in securities issued by state and political subdivisions within the state of Iowa totaled approximately $78.84 million. The concentrations of credit by type of loan are set forth in Note 3 to the Consolidated Financial Statements. Outstanding letters of credit were granted primarily to commercial borrowers. Although the Bank has a diversified loan portfolio, a substantial portion of its debtors' ability to honor their contracts is dependent upon the economic conditions in Johnson, Linn and Washington Counties, Iowa. Contingencies: In the normal course of business, the Company and Bank are involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material adverse effect on the Consolidated Financial Statements. Financial instruments with off-balance sheet risk: The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, credit card participations and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, credit card participations and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. A summary of the Bank’s commitments at December 31, 2016 and 2015 is as follows:
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the party. Collateral held varies, but may include accounts receivable, crops, livestock, inventory, property and equipment, residential real estate and income-producing commercial properties. Credit card commitments are the unused portion of the holders' credit limits. Such amounts represent the maximum amount of additional unsecured borrowings. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The Bank holds collateral, which may include accounts receivable, inventory, property, equipment, and income-producing properties, supporting those commitments if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Bank would be required to fund the commitment. The maximum potential amount of future payments the Bank could be required to make is represented by the contractual amount shown in the summary above. If the commitment is funded the Bank would be entitled to seek recovery from the customer. At December 31, 2016 and 2015, no amounts have been recorded as liabilities for the Bank’s potential obligations under these guarantees. Lease commitments: The Company leases certain facilities under operating leases. The minimum future rental commitments as of December 31, 2016 for all non-cancelable leases relating to Bank premises were as follows:
Rent expense was $0.36 million, $0.35 million and $0.32 million for the years ended December 31, 2016, 2015 and 2014, respectively. |
Quarterly Results of Operations (unaudited, amounts in thousands, except per share amounts) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Results of Operations (unaudited, amounts in thousands, except per share amounts) | Quarterly Results of Operations (unaudited, amounts in thousands, except per share amounts)
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments In the normal course of business, the Bank may use derivative financial instruments to manage its interest rate risk. These instruments carry varying degrees of credit, interest rate and market or liquidity risks. Derivative instruments are recognized as either assets or liabilities in the accompanying consolidated financial statements and are measured at fair value. The Bank’s objectives are to add stability to its net interest margin and to manage its exposure to movements in interest rates. The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amount to be exchanged between the counterparties. The Bank is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. The Bank minimizes this risk by entering into derivative contracts with large, stable financial institutions. The Bank has not experienced any losses from nonperformance by counterparties. The Bank monitors counterparty risk in accordance with the provisions of ASC 815. In addition, the Bank’s interest rate-related derivative instruments contain language outlining collateral pledging requirements for each counterparty. Collateral must be posted when the market value exceeds certain threshold limits which are determined by credit ratings of each counterparty. The Bank was required to pledge $3.94 million of collateral as of December 31, 2016. Cash Flow Hedges: The Bank executed two forward-starting interest rate swap transactions on November 7, 2013. One of the interest rate swap transactions had an effective date of November 9, 2015, and an expiration date of November 9, 2020, effectively converting $25.00 million of variable rate debt to fixed rate debt. The other interest rate swap transaction had an effective date of November 7, 2016 and an expiration date of November 7, 2023, effectively converting $25.00 million of variable rate debt to fixed rate debt. For accounting purposes, these swap transactions are designated as a cash flow hedge of the changes in cash flows attributable to changes in three-month LIBOR, the benchmark interest rate being hedged, associated with the interest payments made on an amount of the Bank’s debt principal equal to the then-outstanding swap notional amount. At inception, the Bank asserted that the underlying principal balance would remain outstanding throughout the hedge transaction making it probable that sufficient LIBOR-based interest payments would exist through the maturity date of the swaps. The table below identifies the balance sheet category and fair values of the Bank’s derivative instruments designated as cash flow edges as of December 31, 2016 and 2015:
The table below identifies the gains and losses recognized on the Bank’s derivative instruments designated as cash flow hedges for the year ended December 31, 2016 and 2015:
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Subsequent Events |
12 Months Ended |
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Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On November 30, 2016 the Company offered stockholders the opportunity to participate in the Hills Bancorporation Dividend Reinvestment and Stock Purchase Plan (the "DRIP") offering up to 100,000 shares of common stock for purchase. The purpose of the DRIP plan is to provide holders of the Company's common stock with a simple and convenient method of investing cash dividends in additional shares of common stock of the Company without having to incur brokerage commissions or other related expenses. Key features of the plan allow stockholders to enroll in the plan for free, buy common shares through the plan without brokerage fees or commission, automatically reinvest any cash dividends in whole or fractional shares, and acquire additional shares with optional cash purchases. As of January 13, 2017, 78,370.16 shares have been purchased through the DRIP plan for a total of $3.76 million in additional common stock outstanding. |
Nature of Activities and Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of activities | Nature of activities: Hills Bancorporation (the "Company") is a holding company engaged in the business of commercial banking. The Company's subsidiary is Hills Bank and Trust Company, Hills, Iowa (the “Bank”), which is wholly-owned. The Bank is a full-service commercial bank extending its services to individuals, businesses, governmental units and institutional customers primarily in the communities of Hills, Iowa City, Coralville, North Liberty, Lisbon, Mount Vernon, Kalona, Wellman, Cedar Rapids, Marion and Washington, Iowa. The Bank competes with other financial institutions and non-financial institutions providing similar financial products. Although the loan activity of the Bank is diversified with commercial and agricultural loans, real estate loans, automobile, installment and other consumer loans, the Bank's credit is concentrated in real estate loans. All of the Company’s operations are considered to be one reportable operating segment. |
Accounting estimates | Accounting estimates: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Certain significant estimates | Certain significant estimates: The allowance for loan losses, fair values of securities and other financial instruments, and share-based compensation expense involve certain significant estimates made by management. These estimates are reviewed by management routinely and it is reasonably possible that circumstances that exist at December 31, 2016 may change in the near-term and the effect could be material to the consolidated financial statements. |
Principles of consolidation | Principles of consolidation: The consolidated financial statements include the accounts of the Company and its subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. |
Revenue recognition | Revenue recognition: Interest income on loans and investment securities is recognized on the accrual method. Loan origination fees of mortgage loans originated for sale are recognized when the loans are sold. Trust fees, deposit account service charges and other fees are recognized when the services are provided or when customers use the services. |
Cash and cash equivalents | Cash and cash equivalents: The Company considers all investments with original maturities of three months or less to be cash equivalents. At December 31, 2016 and 2015, cash equivalents consisted primarily of deposits with other banks. |
Investment securities | Investment securities: Available-for-sale securities consist of debt securities not classified as trading or held to maturity. Available-for-sale securities are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are reported as a separate component of stockholders' equity. There were no trading or held to maturity securities as of December 31, 2016 or 2015. Stock of the Federal Home Loan Bank is carried at cost. The Company has evaluated the stock and determined there is no impairment. Premiums and discounts on debt securities are amortized or accreted over the period to maturity of those securities. The method of amortization results in a constant effective yield on those securities (the interest method). Realized gains and losses on investment securities are included in income, determined on the basis of the cost of the specific securities sold. Declines in the fair value of investment securities available for sale (with certain exceptions for debt securities noted below) that are deemed to be other-than-temporary are charged to earnings as a realized loss, and a new cost basis for the securities is established. In evaluating other-than-temporary impairment, the Company considers the length of time and extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term. Declines in the fair value of debt securities below amortized cost are deemed to be other-than-temporary in circumstances where: (1) the Company has the intent to sell a security; (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the security. If the Company intends to sell a security or if it is more likely than not that the Company will be required to sell the security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If the Company does not intend to sell the security or it is not more likely than not that the Company will be required to sell the security before recovery, the other-than-temporary impairment write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income. Realized securities gains or losses on securities sales (using specific identification method) and declines in value judged to be other-than-temporary are included in investment securities gains (losses), net, in the consolidated statements of income. |
Loans | Loans: Loans are stated at the amount of unpaid principal, reduced by the allowance for loan losses. Interest income is accrued on the unpaid balances as earned. Loans held for sale are stated at the lower of aggregate cost or estimated fair value. Loans are sold on a non-recourse basis with servicing released and gains and losses are recognized based on the difference between sales proceeds and the carrying value of the loan. The Company has had very few experiences of repurchasing loans previously sold into the secondary market. A specific reserve was not considered necessary based on the Company’s historical experience with repurchase activity. The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance when management believes the collectability of principal is unlikely. The allowance for loan losses is maintained at a level considered adequate to provide for probable losses that can be reasonably anticipated. The allowance is increased by provisions charged to expense and is reduced by net charge-offs. The Bank makes continuous reviews of the loan portfolio and considers current economic conditions, historical loss experience, review of specific problem loans and other factors in determining the adequacy of the allowance. Management classifies loans within the following categories: excellent, good, satisfactory, monitor, special mention and substandard. The policy for charging off loans is consistent throughout all loan categories. A loan is charged off based on criteria that includes but is not limited to: delinquency status, financial condition of the entire customer credit line and underlying collateral coverage, economic or external conditions that might impact full repayment of the loan, legal issues, overdrafts, and the customer’s willingness to work with the Company. Loans are considered impaired when, based on current information and events, it is probable the Bank will not be able to collect all amounts due. An impaired loan includes any loan that has been placed on nonaccrual status, loans greater than 90 days past due and still accruing and TDR loans. They also include loans, based on current information and events, that it is likely the Bank will be unable to collect all amounts due according to the contractual terms of the original loan agreement. The portion of the allowance for loan losses applicable to impaired loans has been computed based on the present value of the estimated future cash flows of interest and principal discounted at the loans effective interest rate or on the fair value of the collateral for collateral dependent loans. The entire change in present value of expected cash flows of impaired loans or of collateral value is reported as provision expense in the same manner in which impairment initially was recognized or as a reduction in the amount of provision expense that otherwise would be reported. Interest income on nonaccrual loans is recognized once principal has been recovered. The accrual of interest income on loans is discontinued when, in the opinion of management, there is reasonable doubt as to the borrower's ability to meet payments of interest or principal when they become due, which is generally when a loan is 90 days or more past due. When a loan is placed on nonaccrual status, all previously accrued and unpaid interest is reversed. Loans are returned to an accrual status when all of the principal and interest amounts contractually due are brought current and repayment of the remaining contractual principal and interest is expected. A loan may also return to accrual status if additional collateral is received from the borrower and, in the opinion of management, the financial position of the borrower indicates that there is no longer any reasonable doubt as to the collection of the amount contractually due. Payment received on nonaccrual loans are applied first to principal. Once principal is recovered, any remaining payments received are applied to interest income. As of December 31, 2016, none of the Company’s nonaccrual loans were earning interest on a cash basis. Nonrefundable loan fees and origination costs are deferred and recognized as a yield adjustment over the life of the related loan. |
Troubled debt restructurings (TDR loans) | Troubled debt restructurings (“TDR loans”): A loan is classified as a troubled debt restructuring when a borrower is experiencing financial difficulties that leads to a restructuring of the loan, and the Company grants concessions to the borrower in the restructuring that it would not otherwise consider. These concessions may include rate reductions, principal forgiveness, extension of maturity date and other actions intended to minimize potential losses to the Company. A loan that is modified at a market rate of interest is no longer classified as troubled debt restructuring in the quarter following the modification if the borrower is no longer experiencing financial difficulties. Performance prior to the restructuring is considered when assessing whether the borrower can meet the new terms. At the time of restructuring, loans included in a troubled debt restructuring may be considered nonaccrual loans. TDR loans are returned to accrual status under the same criteria noted under loans above. |
Transfers of financial assets | Transfers of financial assets: Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Credit related financial instruments | Credit related financial instruments: In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under credit card arrangements, commercial letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded. |
Tax credit real estate | Tax credit real estate: Tax credit real estate represents two multi-family rental properties, three assisted living rental properties, a multi-tenant rental property for persons with disabilities, and a multi-family senior living rental property, all which are affordable housing projects as of December 31, 2016. The Bank has a 99% or greater limited partnership interest in each limited partnership. The investment in each was completed after the projects had been developed by the general partner. The Company evaluates the recoverability of the carrying value on a regular basis. If the recoverability was determined to be in doubt, a valuation allowance would be established by way of a charge to expense. Depreciation expense is provided on a straight-line basis over the estimated useful life of the assets. Expenditures for normal repairs and maintenance are charged to expense as incurred. Through December 31, 2015, the financial condition, results of operations and cash flows of each limited partnership is consolidated in the Company’s Consolidated Financial Statements. In 2016, the Company adopted ASU 2015-02 and the investments in tax credit real estate are recorded for the year ended December 31, 2016 using the equity method of accounting. The operations of the properties are not expected to contribute significantly to the Company’s income before income taxes. However, the properties do contribute in the form of income tax credits, which lowers the Company’s effective tax rate. Once established, the credits on each property last for ten years and are passed through from the limited partnerships to the Bank and reduces the consolidated federal tax liability of the Company. |
Property and equipment | Property and equipment: Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using primarily declining-balance methods over the estimated useful lives of 7-40 years for buildings and improvements and 3-10 years for furniture and equipment. |
Deferred income taxes | Deferred income taxes: Deferred income taxes are provided under the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating loss, and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties on unrecognized tax benefits are classified as other noninterest expense. As of December 31, 2016, the Company had no material unrecognized tax benefits. |
Goodwill | Goodwill: Goodwill represents the excess of cost over the fair value of the net assets acquired, and is not subject to amortization, but requires, at a minimum, annual impairment tests for intangibles that are determined to have an indefinite life. |
Other real estate | Other real estate: Other real estate represents property acquired through foreclosures and settlements of loans. Property acquired is carried at the lower of the principal amount of the loan outstanding at the time of acquisition, plus any acquisition costs, or the estimated fair value of the property, less disposal costs. The Bank will obtain updated appraisals to determine the estimated fair value of the property based on the type of collateral securing the loan and the date of the latest appraisal. Subsequent write downs estimated on the basis of later valuations are charged to net loss on sale of other real estate owned and other repossessed assets. Net operating expenses incurred in maintaining such properties are charged to other non-interest expense. Net capital expenditures incurred are capitalized to the property. |
Derivative financial instruments | Derivative financial instruments: The Bank uses interest rate swaps as part of its interest rate risk management. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 815 establishes accounting and reporting standards for derivative instruments and hedging activities. The Bank records all interest rate swaps on the balance sheet at fair value. Derivatives used to hedge the exposure to variability in expected future cash flows are considered cash flow hedges. To qualify for hedge accounting, the Bank must comply with the detailed rules and documentation requirements at the inception of the hedge, and hedge effectiveness is assessed at inception and periodically throughout the life of the hedging relationship. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives is initially reported in other comprehensive income and subsequently reclassified to interest income or expense when the hedged transaction affects earnings, while the ineffective portion of changes in fair value of the derivative, if any, is recognized immediately in other noninterest income or expense. The Bank assesses the effectiveness of each hedging relationship by comparing the cumulative changes in cash flows of the derivative hedging instruments with the cumulative changes in cash flows of the designated hedged item or transaction. No component of the change in the fair value of the hedging instrument is excluded from the assessment of hedge effectiveness. The Bank does not use derivatives for trading or speculative purposes. |
Earnings per share | Earnings per share: Basic earnings per share is computed using the weighted average number of actual common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that would occur from the exercise of common stock options outstanding. ESOP shares are considered outstanding for this calculation unless unearned. |
Stock awards and options | Stock awards and options: Compensation expense for stock issued through the stock award plan is accounted for using the fair value method prescribed by FASB ASC 718, “Share-Based Payment” (“ASC 718”). Under this method, compensation expense is measured and recognized for all stock-based awards made to employees and directors based on the fair value of each award as of the date of the grant. |
Common stock held by ESOP | Common stock held by ESOP: The Company's maximum cash obligation related to these shares is classified outside stockholders' equity because the shares are not readily traded and could be put to the Company for cash. |
Treasury Stock | Treasury Stock: Treasury stock is accounted for by the cost method, whereby shares of common stock reacquired are recorded at their purchase price. |
Trust Department Assets | Trust Department Assets: Property held for customers in fiduciary or agency capacities is not included in the accompanying consolidated balance sheets, as such items are not assets of the Company. |
Effect of New Financial Accounting Standards | Effect of New Financial Accounting Standards: In May 2014, The FASB and International Accounting Standards Board (IASB) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of ASU 2014-09 is that a company should recognize revenue to depict the transfer of promised good or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. For financial institutions, significant changes are not expected given that most financial instruments are not in the scope of the accounting standard update. ASU 2014-09 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. In August 2015, FASB issued ASU 2015-14 deferring the effective date for annual periods and interim periods within those annual periods after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The adoption of ASU 2014-09 by the Company is not expected to have a material impact. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 created Subtopic 321-10, Investments-Equity Securities which is applicable to all entities except those in industries that account for substantially all investments at fair value through earnings or the change in net assets. Under this new subtopic, equity securities are generally required to be measured at fair value with unrealized holding gains and losses reflected in net income. ASU 2016-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The adoption of ASU 2016-01 by the Company is not expected to have a material impact. In February 2016, the FASB issued ASU No. 2016-02 (Topic 842), Leases. The ASU provides guidance requiring lessees to recognize right-of-use assets and lease liabilities for all leases other than those that meet the definition of short-term leases. For short-term leases, lessees may elect an accounting policy by class of underlying asset under which these assets and liabilities are not recognized and lease payments are generally recognized over the lease term on a straight-line basis. Under this new ASU, lessees will recognize right-of use assets and lease liabilities for most leases currently accounted for as operating leases under generally accepted accounting principles. For public companies, ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU 2016-02 by the Company is not expected to have a material impact. In March 2016, the FASB issued ASU No. 2016-04, Liabilities - Extinguishments of Liabilities (Subtopic 405-20), Recognition of Breakage for Certain Prepaid Stored-Value Products. ASU 2016-04 applies to all entities that offer certain prepaid stored - value products. The ASU provides guidance for the derecognition of financial liabilities related to the issuance of these products and aligns the recognition of breakage to current authoritative guidance. For public companies, ASU 2016-04 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The adoption of ASU 2016-04 by the Company is not expected to have a material impact. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. The ASU simplifies several aspects of the accounting for share-based payment transaction, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public companies, ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The adoption of ASU 2016-09 by the Company is not expected to have a material impact. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (CECL). The ASU changes the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. Under the CECL model, we will be required to present certain financial assets carried at amortized cost, such as loans held for investment and held-to-maturity debt securities, at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement will take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the "incurred loss" model required under current GAAP, which delays recognition until it is probable a loss has been incurred. Accordingly, we expect that the adoption of the CECL model will materially affect how we determine our allowance for loan losses and could require us to significantly increase our allowance. For public companies, ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We are currently evaluating the impact the CECL model will have on our accounting, but we expect to recognize a one-time cumulative-effect adjustment to our allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective. In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323), Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. This ASU adds an SEC paragraph and amends other Topics pursuant to an SEC staff Announcement made at the September 22, 2016 Emerging Issues Task Force (EITF) meeting. The SEC paragraph applies to ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606); ASU No. 2016-02, Leases (Topic 842); and ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU provides that a company should evaluate ASUs that have not yet been adopted to determine the appropriate financial statement disclosures about the potential material effects of those ASUs on the financial statements when adopted. If the company does not know or cannot reasonably estimate the impact that adoption of the ASUs referenced in this announcement is expected to have on the financial statements, then in addition to making a statement to that effect, the company should consider additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact that the standard will have on the financial statements of the company when adopted. Additional qualitative disclosures should include a description of the effect of the accounting policies that the company expects to apply and a comparison to the company's current accounting policies. Also, the company should describe the status of its process to implement the new standards and the significant implementation matters yet to be addressed. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 250), Simplifying the Test for Goodwill Impairment. The ASU simplifies the goodwill impairment test by permitting a company to perform its annual or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized when the carrying amount exceeds fair value. For public companies, ASU 2017-04 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of ASU No. 2017-04 by the Company is not expected to have a material impact. |
Nature of Activities and Significant Accounting Policies (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculations of earnings per share | The following table presents calculations of earnings per share:
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying values of investment securities | The carrying values of investment securities at December 31, 2016 and December 31, 2015 are summarized in the following table (Amounts in Thousands):
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Carrying amount of available-for-sale securities and approximate fair values | The carrying amount of available-for-sale securities and their approximate fair values were as follows (Amounts in Thousands):
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Available-for-sale securities classified as per contractual maturities | The amortized cost and estimated fair value of available-for-sale securities classified according to their contractual maturities at December 31, 2016, were as follows (Amounts in Thousands):
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Available-for-sale securities, continuous unrealized loss position, fair value | The following table shows the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2016 and 2015 (Amounts in Thousands):
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Loans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of classes of loans | Classes of loans are as follows:
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Schedule of changes in allowance for loan losses | Changes in the allowance for loan losses and the allowance for loan loss balance applicable to impaired loans and the related loan balance of impaired loans for the year ended December 31, 2016, 2015 and 2014 are as follows:
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Schedule of credit quality indicators by type of loans | The following table presents the credit quality indicators by type of loans in each category as of December 31, 2016:
The following table presents the credit quality indicators by type of loans in each category as of December 31, 2015:
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Schedule of past due loans | Past due loans as of December 31, 2016 and 2015 were as follows:
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Schedule of impaired loan information | Certain impaired loan information by loan type at December 31, 2016 and 2015 was as follows:
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Schedule of information for TDR loans | Below is a summary of information for TDR loans as of December 31, 2016 and 2015:
A summary of TDR loans that were modified during the year ended December 31, 2016 and 2015 was as follows:
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Schedule of impaired loans | Information regarding impaired loans as of and for the year ended December 31, 2016 is as follows:
Information regarding impaired loans as of and for the year ended December 31, 2015 is as follows:
Information regarding impaired loans as of and for the year ended December 31, 2014 is as follows:
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Property and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major classes of property and equipment and the total accumulated depreciation | The major classes of property and equipment and the total accumulated depreciation are as follows:
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Interest-Bearing Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing Deposit Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | A summary of these deposits is as follows:
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Time Deposits | Time deposits have a maturity as follows:
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Other Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt | The following table sets forth selected information for other borrowings each of which having a maturity of less than one year:
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Federal Home Loan Bank Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Banks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of federal home loan bank borrowings | As of December 31, 2016 and 2015, the borrowings were as follows:
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Accumulated Other Comprehensive Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of accumulated other comprehensive income (AOCI) | The components of accumulated other comprehensive income (AOCI), included in stockholders’ equity, are as follows:
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Employee Benefit Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Stock Ownership Plan (ESOP) | As of December 31, 2016 and 2015, the shares held by the ESOP, fair value and maximum cash obligation were as follows:
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Schedule of stock options activity | A summary of the stock options is as follows:
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Schedule of pertinent information related to the options outstanding | Other pertinent information related to the options outstanding at December 31, 2016 is as follows:
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Schedule of Restricted Stock Activity | A summary of the restricted stock option activity for the year ended December 31, 2016 is as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of income tax | Income taxes for the years ended December 31, 2016, 2015 and 2014 are summarized as follows:
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Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities at December 31, 2016 and 2015 were as follows:
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Summary of change in deferred income tax | The net change in the deferred income taxes for the years ended December 31, 2016, 2015 and 2014 is reflected in the consolidated financial statements as follows:
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Schedule of effective income tax rate reconciliation | Income tax expense for the years ended December 31, 2016, 2015 and 2014 are less than the amounts computed by applying the maximum effective federal income tax rate to the income before income taxes because of the following items:
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Regulatory Capital Requirements, Restrictions on Subsidiary Dividends and Cash Restrictions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements, Restrictions on Subsidiary Dividends and Cash Restrictions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of minimum regulatory requirements | The actual amounts and capital ratios as of December 31, 2016 and 2015, with the minimum regulatory requirements for the Company and Bank are presented below (amounts in thousands):
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Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | The following is an analysis of the changes in the loans to related parties during the years ended December 31, 2016 and 2015:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value and estimated fair values of entity's financial instruments | The carrying value and estimated fair values of the Company’s financial instruments as of December 31, 2016 are as follows:
The carrying value and estimated fair values of the Company’s financial instruments as of December 31, 2015 are as follows:
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Schedule of assets and liabilities measured at fair value on a recurring basis | The table below represents the balances of assets and liabilities measured at fair value on a recurring basis:
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Schedule of assets measured at fair value on a nonrecurring basis | For assets measured at fair value on a nonrecurring basis that were still held on the balance sheet at December 31, 2016 and 2015, the following tables provide the level of valuation assumptions used to determine the adjustment and the carrying value of the related individual assets at year end.
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Parent Company Only Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED BALANCE SHEETS |
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CONDENSED STATEMENTS OF INCOME |
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CONDENSED STATEMENTS OF CASH FLOWS |
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of banks commitments | A summary of the Bank’s commitments at December 31, 2016 and 2015 is as follows:
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Non-cancelable leases relating to Bank premises | The minimum future rental commitments as of December 31, 2016 for all non-cancelable leases relating to Bank premises were as follows:
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Quarterly Results of Operations (unaudited, amounts in thousands, except per share amounts) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Results of Operations |
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Derivative Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Identification of the balance sheet category and fair values of the derivative instruments designated as cash flow hedges | The table below identifies the balance sheet category and fair values of the Bank’s derivative instruments designated as cash flow edges as of December 31, 2016 and 2015:
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Identification of the gains and losses recognized on the derivative instruments designated as cash flow hedges | The table below identifies the gains and losses recognized on the Bank’s derivative instruments designated as cash flow hedges for the year ended December 31, 2016 and 2015:
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Nature of Activities and Significant Accounting Policies - Earning per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Computation of weighted average number of basic and diluted shares: | |||||||||||
Common shares outstanding at the beginning of the year | 9,322,054 | 9,380,432 | 9,455,250 | ||||||||
Weighted average number of net shares redeemed | (34,965) | (36,296) | (67,022) | ||||||||
Weighted average shares outstanding (basic) | 9,287,089 | 9,344,136 | 9,388,228 | ||||||||
Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method | 6,445 | 5,391 | 4,700 | ||||||||
Weighted average number of shares (diluted) | 9,293,534 | 9,349,527 | 9,392,928 | ||||||||
Net income | $ 6,712 | $ 9,176 | $ 7,967 | $ 7,700 | $ 5,883 | $ 7,685 | $ 7,470 | $ 7,380 | $ 31,555 | $ 28,418 | $ 26,974 |
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 0.73 | $ 0.99 | $ 0.85 | $ 0.83 | $ 0.63 | $ 0.82 | $ 0.80 | $ 0.79 | $ 3.40 | $ 3.04 | $ 2.88 |
Diluted (in dollars per share) | $ 0.73 | $ 0.99 | $ 0.85 | $ 0.83 | $ 0.63 | $ 0.82 | $ 0.80 | $ 0.79 | $ 3.40 | $ 3.04 | $ 2.87 |
Investment Securities - Carrying Values of Investment Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Available-for-sale Securities [Abstract] | ||
Investment in subsidiary bank | $ 267,537 | $ 264,235 |
Securities available for sale, Percent | 100.00% | 100.00% |
US Treasury [Member] | ||
Available-for-sale Securities [Abstract] | ||
Investment in subsidiary bank | $ 27,482 | $ 24,978 |
Securities available for sale, Percent | 10.27% | 9.45% |
Other securities (FHLB, FHLMC and FNMA) [Member] | ||
Available-for-sale Securities [Abstract] | ||
Investment in subsidiary bank | $ 61,660 | $ 65,328 |
Securities available for sale, Percent | 23.05% | 24.72% |
State and political subdivisions [Member] | ||
Available-for-sale Securities [Abstract] | ||
Investment in subsidiary bank | $ 178,395 | $ 173,929 |
Securities available for sale, Percent | 66.68% | 65.83% |
Investment Securities - Available-for-Sale Securities Classified as per Contractual Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Amortized Cost | ||
Due in one year or less | $ 53,393 | |
Due after one year through five years | 143,264 | |
Due after five years through ten years | 71,307 | |
Due over ten years | 1,075 | |
Amortized Cost | 269,039 | $ 261,991 |
Fair Value | ||
Due in one year or less | 53,487 | |
Due after one year through five years | 142,979 | |
Due after five years through ten years | 70,000 | |
Due over ten years | 1,071 | |
Total | $ 267,537 | $ 264,235 |
Investment Securities (Narrative) (Details) $ in Thousands |
Dec. 31, 2016
USD ($)
|
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Collateralized Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Carrying value of investment securities pledged to collateralize short-term borrowings | $ 61,810 |
Loans - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accruing loans past due 90 days or more increased | $ 170,000 | ||
Accruing loans past due 90 days or more percentage of total loans (in hundredths) | 0.03% | 0.02% | |
Average 90 days or more past due loan balance | $ 110,000 | $ 90,000 | |
TDR loans default payment | $ 0 | 0 | |
Impaired loans increase | 17,400,000 | ||
Increase in nonaccrual loans | 2,520,000 | ||
Decrease in TDR loans | $ 2,870,000 | ||
Prior period within which impairment is being measured | 1 year | ||
Number of period within which average appraisals obtained | 1 month | ||
Agricultural Sector [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired loans increase | $ 15,320,000 |
Loans - Troubled Debt Restructuring (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016
USD ($)
contract
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Dec. 31, 2015
USD ($)
contract
|
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Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 52 | 50 |
Recorded investment | $ 9,637 | $ 10,592 |
Commitments outstanding | $ 1,681 | $ 411 |
Summary of TDR loans were modified [Abstract] | ||
Number of Contracts | contract | 16 | 17 |
Pre-modification recorded investment | $ 3,060 | $ 2,354 |
Post-modification recorded investment | $ 3,060 | $ 2,111 |
Agricultural [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 4 | 7 |
Recorded investment | $ 1,460 | $ 1,710 |
Commitments outstanding | $ 167 | $ 32 |
Summary of TDR loans were modified [Abstract] | ||
Number of Contracts | contract | 0 | 3 |
Pre-modification recorded investment | $ 0 | $ 279 |
Post-modification recorded investment | $ 0 | $ 163 |
Commercial and financial [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 14 | 8 |
Recorded investment | $ 2,053 | $ 1,818 |
Commitments outstanding | $ 117 | $ 241 |
Summary of TDR loans were modified [Abstract] | ||
Number of Contracts | contract | 7 | 2 |
Pre-modification recorded investment | $ 933 | $ 676 |
Post-modification recorded investment | $ 933 | $ 663 |
Construction, 1 to 4 family residential [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 3 | 3 |
Recorded investment | $ 265 | $ 646 |
Commitments outstanding | $ 1,225 | $ 138 |
Summary of TDR loans were modified [Abstract] | ||
Number of Contracts | contract | 3 | 1 |
Pre-modification recorded investment | $ 265 | $ 277 |
Post-modification recorded investment | $ 265 | $ 277 |
Construction, land development and commercial [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 1 | 1 |
Recorded investment | $ 118 | $ 122 |
Commitments outstanding | $ 107 | $ 0 |
Summary of TDR loans were modified [Abstract] | ||
Number of Contracts | contract | 0 | 0 |
Pre-modification recorded investment | $ 0 | $ 0 |
Post-modification recorded investment | $ 0 | $ 0 |
Mortgage, farmland [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 7 | 5 |
Recorded investment | $ 2,594 | $ 2,233 |
Commitments outstanding | $ 0 | $ 0 |
Summary of TDR loans were modified [Abstract] | ||
Number of Contracts | contract | 2 | 2 |
Pre-modification recorded investment | $ 694 | $ 513 |
Post-modification recorded investment | $ 694 | $ 399 |
Mortgage, 1 to 4 family first liens [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 12 | 13 |
Recorded investment | $ 1,471 | $ 1,575 |
Commitments outstanding | $ 0 | $ 0 |
Summary of TDR loans were modified [Abstract] | ||
Number of Contracts | contract | 0 | 4 |
Pre-modification recorded investment | $ 0 | $ 353 |
Post-modification recorded investment | $ 0 | $ 353 |
Mortgage, 1 to 4 family junior liens [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 1 | 2 |
Recorded investment | $ 26 | $ 36 |
Commitments outstanding | $ 65 | $ 0 |
Summary of TDR loans were modified [Abstract] | ||
Number of Contracts | contract | 0 | 2 |
Pre-modification recorded investment | $ 0 | $ 41 |
Post-modification recorded investment | $ 0 | $ 41 |
Mortgage, multi-family [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 0 | 1 |
Recorded investment | $ 0 | $ 71 |
Commitments outstanding | $ 0 | $ 0 |
Summary of TDR loans were modified [Abstract] | ||
Number of Contracts | contract | 0 | 1 |
Pre-modification recorded investment | $ 0 | $ 71 |
Post-modification recorded investment | $ 0 | $ 71 |
Mortgage, commercial [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 10 | 10 |
Recorded investment | $ 1,650 | $ 2,381 |
Commitments outstanding | $ 0 | $ 0 |
Summary of TDR loans were modified [Abstract] | ||
Number of Contracts | contract | 4 | 2 |
Pre-modification recorded investment | $ 1,168 | $ 144 |
Post-modification recorded investment | $ 1,168 | $ 144 |
Loans to individuals [Member] | ||
Summary of information for TDR loans [Abstract] | ||
Number of contracts | contract | 0 | 0 |
Recorded investment | $ 0 | $ 0 |
Commitments outstanding | $ 0 | $ 0 |
Summary of TDR loans were modified [Abstract] | ||
Number of Contracts | contract | 0 | 0 |
Pre-modification recorded investment | $ 0 | $ 0 |
Post-modification recorded investment | $ 0 | $ 0 |
Loans - Impaired Financing Receivables Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Recorded Investment | |||
With no related allowance recorded | $ 12,563 | $ 11,288 | $ 18,102 |
With a related allowance recorded | 21,101 | 4,973 | 2,667 |
Total | 33,664 | 16,261 | 20,769 |
Unpaid Principal Balance | |||
With no related allowance recorded | 16,365 | 14,840 | 22,358 |
With a related allowance recorded | 21,377 | 5,355 | 2,805 |
Total | 37,742 | 20,195 | 25,163 |
Related Allowance | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 2,343 | 883 | 154 |
Total | 2,343 | 883 | 154 |
Average Recorded Investment | |||
With no related allowance recorded | 13,425 | 11,774 | 18,007 |
With an related allowance recorded | 21,163 | 5,272 | 2,775 |
Total | 34,588 | 17,046 | 20,782 |
Interest Income Recognized | |||
With no related allowance recorded | 195 | 304 | 540 |
With an related allowance recorded | 880 | 126 | 139 |
Total | 1,075 | 430 | 679 |
Agricultural [Member] | |||
Recorded Investment | |||
With no related allowance recorded | 800 | 1,609 | 1,634 |
With a related allowance recorded | 10,920 | 101 | 210 |
Total | 11,720 | 1,710 | 1,844 |
Unpaid Principal Balance | |||
With no related allowance recorded | 971 | 1,773 | 1,696 |
With a related allowance recorded | 10,978 | 101 | 247 |
Total | 11,949 | 1,874 | 1,943 |
Related Allowance | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 856 | 1 | 44 |
Total | 856 | 1 | 44 |
Average Recorded Investment | |||
With no related allowance recorded | 923 | 1,620 | 1,496 |
With an related allowance recorded | 11,258 | 106 | 220 |
Total | 12,181 | 1,726 | 1,716 |
Interest Income Recognized | |||
With no related allowance recorded | 0 | 80 | 71 |
With an related allowance recorded | 464 | 5 | 11 |
Total | 464 | 85 | 82 |
Commercial and financial [Member] | |||
Recorded Investment | |||
With no related allowance recorded | 1,540 | 1,263 | 2,076 |
With a related allowance recorded | 937 | 847 | 633 |
Total | 2,477 | 2,110 | 2,709 |
Unpaid Principal Balance | |||
With no related allowance recorded | 2,175 | 1,981 | 3,695 |
With a related allowance recorded | 955 | 847 | 633 |
Total | 3,130 | 2,828 | 4,328 |
Related Allowance | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 718 | 324 | 9 |
Total | 718 | 324 | 9 |
Average Recorded Investment | |||
With no related allowance recorded | 1,662 | 1,421 | 1,930 |
With an related allowance recorded | 777 | 990 | 694 |
Total | 2,439 | 2,411 | 2,624 |
Interest Income Recognized | |||
With no related allowance recorded | 18 | 5 | 29 |
With an related allowance recorded | 27 | 30 | 36 |
Total | 45 | 35 | 65 |
Construction, 1 to 4 family residential [Member] | |||
Recorded Investment | |||
With no related allowance recorded | 117 | 238 | 89 |
With a related allowance recorded | 815 | 449 | 343 |
Total | 932 | 687 | 432 |
Unpaid Principal Balance | |||
With no related allowance recorded | 151 | 238 | 89 |
With a related allowance recorded | 815 | 461 | 354 |
Total | 966 | 699 | 443 |
Related Allowance | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 105 | 9 | 28 |
Total | 105 | 9 | 28 |
Average Recorded Investment | |||
With no related allowance recorded | 131 | 173 | 44 |
With an related allowance recorded | 537 | 449 | 348 |
Total | 668 | 622 | 392 |
Interest Income Recognized | |||
With no related allowance recorded | 6 | 5 | 1 |
With an related allowance recorded | 27 | 12 | 19 |
Total | 33 | 17 | 20 |
Construction, land development and commercial [Member] | |||
Recorded Investment | |||
With no related allowance recorded | 204 | 210 | 128 |
With a related allowance recorded | 0 | 57 | 0 |
Total | 204 | 267 | 128 |
Unpaid Principal Balance | |||
With no related allowance recorded | 290 | 314 | 220 |
With a related allowance recorded | 0 | 58 | 0 |
Total | 290 | 372 | 220 |
Related Allowance | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 0 | 13 | 0 |
Total | 0 | 13 | 0 |
Average Recorded Investment | |||
With no related allowance recorded | 207 | 231 | 142 |
With an related allowance recorded | 0 | 58 | 0 |
Total | 207 | 289 | 142 |
Interest Income Recognized | |||
With no related allowance recorded | 5 | 6 | 0 |
With an related allowance recorded | 0 | 0 | 0 |
Total | 5 | 6 | 0 |
Mortgage, farmland [Member] | |||
Recorded Investment | |||
With no related allowance recorded | 2,594 | 2,233 | 2,040 |
With a related allowance recorded | 5,434 | 0 | 278 |
Total | 8,028 | 2,233 | 2,318 |
Unpaid Principal Balance | |||
With no related allowance recorded | 2,887 | 2,351 | 2,040 |
With a related allowance recorded | 5,434 | 0 | 278 |
Total | 8,321 | 2,351 | 2,318 |
Related Allowance | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 390 | 0 | 12 |
Total | 390 | 0 | 12 |
Average Recorded Investment | |||
With no related allowance recorded | 2,767 | 2,305 | 1,897 |
With an related allowance recorded | 5,591 | 0 | 281 |
Total | 8,358 | 2,305 | 2,178 |
Interest Income Recognized | |||
With no related allowance recorded | 67 | 110 | 90 |
With an related allowance recorded | 240 | 0 | 14 |
Total | 307 | 110 | 104 |
Mortgage, 1 to 4 family first liens [Member] | |||
Recorded Investment | |||
With no related allowance recorded | 5,011 | 3,558 | 2,951 |
With a related allowance recorded | 1,266 | 2,062 | 506 |
Total | 6,277 | 5,620 | 3,457 |
Unpaid Principal Balance | |||
With no related allowance recorded | 6,137 | 4,419 | 3,705 |
With a related allowance recorded | 1,374 | 2,156 | 596 |
Total | 7,511 | 6,575 | 4,301 |
Related Allowance | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 79 | 306 | 52 |
Total | 79 | 306 | 52 |
Average Recorded Investment | |||
With no related allowance recorded | 5,265 | 3,806 | 2,980 |
With an related allowance recorded | 1,226 | 2,133 | 526 |
Total | 6,491 | 5,939 | 3,506 |
Interest Income Recognized | |||
With no related allowance recorded | 53 | 48 | 47 |
With an related allowance recorded | 43 | 36 | 22 |
Total | 96 | 84 | 69 |
Mortgage, 1 to 4 family junior liens [Member] | |||
Recorded Investment | |||
With no related allowance recorded | 153 | 189 | 369 |
With a related allowance recorded | 612 | 117 | 0 |
Total | 765 | 306 | 369 |
Unpaid Principal Balance | |||
With no related allowance recorded | 646 | 500 | 673 |
With a related allowance recorded | 667 | 270 | 0 |
Total | 1,313 | 770 | 673 |
Related Allowance | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 11 | 20 | 0 |
Total | 11 | 20 | 0 |
Average Recorded Investment | |||
With no related allowance recorded | 186 | 204 | 386 |
With an related allowance recorded | 637 | 179 | 0 |
Total | 823 | 383 | 386 |
Interest Income Recognized | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 27 | 1 | 0 |
Total | 27 | 1 | 0 |
Mortgage, multi-family [Member] | |||
Recorded Investment | |||
With no related allowance recorded | 243 | 157 | 5,525 |
With a related allowance recorded | 0 | 292 | 0 |
Total | 243 | 449 | 5,525 |
Unpaid Principal Balance | |||
With no related allowance recorded | 362 | 226 | 5,632 |
With a related allowance recorded | 0 | 332 | 0 |
Total | 362 | 558 | 5,632 |
Related Allowance | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 0 | 58 | 0 |
Total | 0 | 58 | 0 |
Average Recorded Investment | |||
With no related allowance recorded | 288 | 175 | 5,598 |
With an related allowance recorded | 0 | 316 | 0 |
Total | 288 | 491 | 5,598 |
Interest Income Recognized | |||
With no related allowance recorded | 0 | 0 | 249 |
With an related allowance recorded | 0 | 0 | 0 |
Total | 0 | 0 | 249 |
Real Estate: Mortgage, commercial [Member] | |||
Recorded Investment | |||
With no related allowance recorded | 1,901 | 1,831 | 3,290 |
With a related allowance recorded | 967 | 948 | 697 |
Total | 2,868 | 2,779 | 3,987 |
Unpaid Principal Balance | |||
With no related allowance recorded | 2,727 | 3,018 | 4,588 |
With a related allowance recorded | 1,004 | 1,030 | 697 |
Total | 3,731 | 4,048 | 5,285 |
Related Allowance | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 34 | 52 | 9 |
Total | 34 | 52 | 9 |
Average Recorded Investment | |||
With no related allowance recorded | 1,996 | 1,839 | 3,534 |
With an related allowance recorded | 986 | 974 | 706 |
Total | 2,982 | 2,813 | 4,240 |
Interest Income Recognized | |||
With no related allowance recorded | 46 | 50 | 53 |
With an related allowance recorded | 36 | 38 | 37 |
Total | 82 | 88 | 90 |
Loans to individuals [Member] | |||
Recorded Investment | |||
With no related allowance recorded | 0 | 0 | 0 |
With a related allowance recorded | 150 | 100 | 0 |
Total | 150 | 100 | 0 |
Unpaid Principal Balance | |||
With no related allowance recorded | 19 | 20 | 20 |
With a related allowance recorded | 150 | 100 | 0 |
Total | 169 | 120 | 20 |
Related Allowance | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 150 | 100 | 0 |
Total | 150 | 100 | 0 |
Average Recorded Investment | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 151 | 67 | 0 |
Total | 151 | 67 | 0 |
Interest Income Recognized | |||
With no related allowance recorded | 0 | 0 | 0 |
With an related allowance recorded | 16 | 4 | 0 |
Total | $ 16 | $ 4 | $ 0 |
Property and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Gross | $ 78,779 | $ 71,723 |
Less accumulated depreciation | 40,920 | 38,201 |
Net | 37,859 | 33,522 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 10,045 | 8,996 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | 36,542 | 33,178 |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross | $ 32,192 | $ 29,549 |
Interest-Bearing Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Interest-bearing Deposit Liabilities [Abstract] | ||
NOW and other demand | $ 509,687 | $ 477,241 |
Savings | 741,739 | 644,115 |
Time, $100,000 and over | 294,834 | 157,331 |
Other time | 141,547 | 297,047 |
Total deposits | $ 1,687,807 | $ 1,575,734 |
Interest-Bearing Deposits (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Interest-bearing Deposit Liabilities [Abstract] | ||
Total brokered deposits | $ 112,700 | $ 62,740 |
Average interest rate of brokered deposits | 0.59% | 0.42% |
Brokered deposits included in savings deposits | $ 103,380 | $ 54,010 |
Brokered deposits included in time deposits | 9,320 | 8,730 |
Brokered time-deposits 100000 or more | $ 7,740 | $ 6,970 |
Interest-Bearing Deposits - Time Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Interest-bearing Deposit Liabilities [Abstract] | ||
Due in one year or less | $ 168,991 | $ 195,369 |
Due after one year through two years | 104,259 | 113,438 |
Due after two years through three years | 31,370 | 73,845 |
Due after three years through four years | 90,287 | 21,821 |
Due over four years | 41,474 | 49,905 |
Time Deposits | $ 436,381 | $ 454,378 |
Other Borrowings (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Short-term Debt [Line Items] | ||
Short-term Debt | $ 33,489 | $ 44,051 |
Weighted average interest rate of short-term debt (in hundredths) | 0.33% | 0.25% |
Securities sold under agreements to repurchase | $ 33,490 | |
Weighted average interest rate on securities sold under agreements to repurchase (in hundredths) | 0.26% | |
Amortized cost of collateralized investment securities | $ 51,800 | |
Repurchase agreements with customers, renewable daily, interest payable monthly, secured by other securities (FHLB, FHLMC, FNMA) [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 33,489 | $ 44,051 |
Federal Home Loan Bank Borrowings (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank, Advances, floating rate, under one year | $ 0 | |
Federal home loan bank borrowings | 235,000,000 | $ 225,000,000 |
Loan borrowed against collateral | 0 | 0 |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank, Advances, floating rate, under one year | $ 30,000,000 | |
Federal Home Loan Bank Advances | $ 30,000,000 | |
Federal Home Loan Bank Advances [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Effective interest rates | 4.09% | 4.46% |
Federal Home Loan Bank Advances [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Effective interest rates | 4.89% | 4.66% |
Federal Home Loan Bank Borrowings Due year two [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal home loan bank borrowings | $ 20,000,000 | $ 60,000,000 |
Effective interest rates | 3.65% | |
Federal Home Loan Bank Borrowings Due year three [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal home loan bank borrowings | $ 25,000,000 | 20,000,000 |
Effective interest rates | 3.05% | |
Federal Home Loan Bank Borrowings Due year five [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal home loan bank borrowings | $ 15,000,000 | 25,000,000 |
Effective interest rates | 2.27% | |
Federal Home Loan Bank Borrowings Due year six [Member] [Domain] [Domain] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal home loan bank borrowings | $ 15,000,000 | 0 |
Effective interest rates | 2.44% | |
Federal Home Loan Bank Borrowings Due year seven [Member] [Domain] [Domain] [Domain] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal home loan bank borrowings | $ 25,000,000 | 0 |
Effective interest rates | 3.77% | |
Federal Home Loan Bank Borrowings Due year eight [Member] [Domain] [Domain] [Domain] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal home loan bank borrowings | $ 90,000,000 | 0 |
Federal Home Loan Bank Borrowings Due year eight [Member] [Domain] [Domain] [Domain] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Effective interest rates | 2.54% | |
Federal Home Loan Bank Borrowings Due year eight [Member] [Domain] [Domain] [Domain] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Effective interest rates | 3.07% | |
Federal Home Loan Bank Borrowings Due year ten [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal home loan bank borrowings | $ 15,000,000 | 90,000,000 |
Effective interest rates | 2.52% | |
Federal Home Loan Bank Borrowings Due thereafter [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal home loan bank borrowings | $ 0 |
Federal Home Loan Bank Borrowings (Narrative) (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Federal Home Loan Bank, Advances [Line Items] | ||
Amount of overnight borrowing | $ 0 | |
Federal home loan bank stock | 12,413,000 | $ 11,834,000 |
Loans receivable 1 to 4 family mortgage loans Pledged As Collateral | 317,250,000 | 303,750,000 |
Loans receivable commercial real estate and multi family mortgage loans pledged as collateral | 224,660,000 | 184,590,000 |
Loan borrowed against collateral | $ 0 | 0 |
Federal Home Loan Bank Borrowings Due year three [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Effective interest rates | 3.05% | |
Federal Home Loan Bank Borrowings Due year five [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Effective interest rates | 2.27% | |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Amount of overnight borrowing | $ 30,000,000 | |
Minimum [Member] | Federal Home Loan Bank Borrowings Due year eight [Member] [Domain] [Domain] [Domain] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Effective interest rates | 2.54% | |
Minimum [Member] | Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Effective interest rates | 4.09% | 4.46% |
Maximum [Member] | Federal Home Loan Bank Borrowings Due year eight [Member] [Domain] [Domain] [Domain] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Effective interest rates | 3.07% | |
Maximum [Member] | Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Effective interest rates | 4.89% | 4.66% |
Accumulated Other Comprehensive Income - Components of AOCI (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Tax effect | $ 2,081 | $ 741 |
Net-of-tax amount | (3,359) | (1,195) |
Net unrealized gain on available-for-sale securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), before Tax | (1,502) | 2,244 |
Net unrealized (loss) gain on derivatives used for cash flow hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), before Tax | $ (3,938) | $ (4,180) |
Employee Benefit Plans (Narrative) (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2012 |
|
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Employer discretionary contribution amount | $ 920,000 | |||
Employer matching contribution | $ 180,000 | $ 160,000 | $ 160,000 | |
Percentage of employee cash contributions to ESPP, Minimum | 1.00% | |||
Percentage of employee cash contributions to ESPP, Maximum | 15.00% | |||
Maximum contribution to ESPP per offering period | $ 10,000 | |||
Employee Stock Purchase Plan (ESPP) number of shares purchased | 5,636 | 4,155 | ||
Cash contributions to ESOP | $ 920,000 | $ 1,720,000 | $ 1,610,000 | |
Percentage of cash contributions to ESOP | 4.50% | 9.00% | 9.00% | |
Employee stock ownership plan (ESOP), number of shares contributed to ESOP | 80,056 | |||
Percentage of floor rate payable on notes payable under ESOP | 5.00% | |||
Employee Stock Ownership Plan (ESOP), interest payable expected term | 5 years | |||
Employee Stock Ownership Plan (ESOP), shares issued | 0 | 15,256 | 16,004 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 0 | $ 170,000 | $ 130,000 | |
Employee Stock Ownership Plan (ESOP), unallocated ESOP | 0 | 0 | 15,256 | |
Percentage of cash contributions to profit sharing | 4.50% | 0.00% | 0.00% | |
Maximum number of options and shares granted | 188,000 | |||
Award expiration period | 10 years | |||
Directors' and officers' rights under the plan vesting period | 5 years | |||
Intrinsic Value, option exercised | $ 0 | $ 0 | $ 100,000 | |
Period of interest rate swap used to calculate expected life of options | 10 years | |||
Stock options granted (in shares) | 0 | 0 | 0 | |
Stock option outstanding weighted-average exercise price (in dollars per share) | $ 29.92 | |||
Stock options outstanding, weighted average remaining contractual life | 3 years 10 days | |||
Share based compensation unrecognized compensation expense | $ 10,000 | |||
Share based compensation expected weighted average period | 5 months 12 days | |||
Number of exercisable stock options | 9,160 | |||
Stock options exercisable, weighted average exercise price (in dollars per share) | $ 26.00 | |||
Stock options exercisable, weighted-average remaining contractual life | 4 months | |||
Number of shares available for stock options (in shares) | 83,201 | 105,100 | ||
Restricted common stock shares subject to forfeiture upon termination | 10,400 | 10,400 | ||
Number of years of employment subject to forfeiture | 8 years | 8 years | ||
Restricted Stock [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Directors' and officers' rights under the plan vesting period | 5 years | |||
Number of restricted shares authorized | 18,314 | 19,144 | ||
Expense relating to awards | $ 560,000 | $ 390,000 | $ 260,000 | |
Director [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Deferred compensation liability recorded in other liabilities | 2,630,000 | 2,440,000 | ||
Deferred compensation expenses included in other noninterest expense | $ 220,000 | 210,000 | 230,000 | |
Director [Member] | Maximum [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Percentage of cash contributions to profit sharing | 50.00% | |||
Executive Officer [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Deferred compensation liability recorded in other liabilities | $ 5,720,000 | 5,370,000 | ||
Deferred compensation expenses included in salaries and employee benefits expense | $ 510,000 | $ 490,000 | $ 540,000 | |
Executive Officer [Member] | Maximum [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Percentage of deferment of base compensation | 30.00% | |||
Percentage of deferment of bonus | 100.00% |
Employee Benefit Plans - Shares Held by ESOP (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Compensation and Retirement Disclosure [Abstract] | |||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 0 | $ 170,000 | $ 130,000 |
Shares held by the ESOP | 849,613 | 844,088 | |
Fair value per share | $ 48.00 | $ 44.50 | |
Maximum cash obligation | $ 40,781,000 | $ 37,562,000 |
Employee Benefit Plans - Summary of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Compensation and Retirement Disclosure [Abstract] | ||||
Number of shares available for stock options (in shares) | 83,201 | 105,100 | ||
Issuance of common stock (in shares) | 23,163 | 18,314 | 25,024 | |
Weighted Average Number of Shares Issued (Redeemed), Basic (in shares) | 46,550 | |||
Forfeiture Of Shares Of Common Stock Shares (in shares) | 1,264 | 1,042 | 1,142 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $ 41,510 | |||
Number of Shares | ||||
Options Outstanding Beginning Balance (in shares) | 19,380 | 19,380 | 25,260 | |
Granted (in shares) | 0 | 0 | 0 | |
Exercised (in shares) | 0 | 0 | (5,880) | |
Options Outstanding Ending Balance (in shares) | 19,380 | 19,380 | 19,380 | 25,260 |
Weighted- Average Exercise Price | ||||
Options Outstanding Weighted Average Exercise Price Beginning Balance (in dollars per share) | $ 29.92 | $ 29.92 | $ 26.98 | |
Options Outstanding Weighted Average Exercise Price Ending Balance (in dollars per share) | $ 29.92 | $ 29.92 | $ 29.92 | $ 26.98 |
Weighted-Average Remaining Contractual Term (Years) | ||||
Weighted-Average Remaining Contractual Term | 3 years 11 days | 4 years 11 days | 5 years 11 days | 4 years 8 months 19 days |
Aggregate Intrinsic Value (In Thousands) | ||||
Aggregate Intrinsic Value | $ 580 | $ 580 | $ 580 | $ 681 |
Employee Benefit Plans - Other Pertinent Information Related to Options (Details) |
12 Months Ended |
---|---|
Dec. 31, 2016
$ / shares
shares
| |
Defined Benefit Plan Disclosure [Line Items] | |
Stock option outstanding weighted-average exercise price (in dollars per share) | $ / shares | $ 29.92 |
Number Outstanding (in shares) | 19,380 |
Remaining Contractual Life | 3 years 10 days |
Number of exercisable stock options | 9,160 |
Exercise Price 52.00 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Stock option outstanding weighted-average exercise price (in dollars per share) | $ / shares | $ 26.00 |
Number Outstanding (in shares) | 9,160 |
Remaining Contractual Life | 4 months |
Number of exercisable stock options | 9,160 |
Exercise Price 66.00 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Stock option outstanding weighted-average exercise price (in dollars per share) | $ / shares | $ 33.00 |
Number Outstanding (in shares) | 7,220 |
Remaining Contractual Life | 64 months |
Number of exercisable stock options | 0 |
Exercise Price 69.00 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Stock option outstanding weighted-average exercise price (in dollars per share) | $ / shares | $ 34.50 |
Number Outstanding (in shares) | 3,000 |
Remaining Contractual Life | 70 months |
Number of exercisable stock options | 0 |
Income Taxes - Summary of Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Current: | |||||||||||
Federal | $ 11,650 | $ 11,559 | $ 9,412 | ||||||||
State | 2,320 | 2,202 | 1,788 | ||||||||
Deferred: | |||||||||||
Federal | 435 | (1,114) | (27) | ||||||||
State | (11) | (178) | (44) | ||||||||
Total | $ 3,025 | $ 4,397 | $ 3,727 | $ 3,245 | $ 2,497 | $ 3,537 | $ 3,383 | $ 3,052 | $ 14,394 | $ 12,469 | $ 11,129 |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deferred income tax assets: | ||
Allowance for loan losses | $ 10,148 | $ 10,140 |
Deferred compensation | 3,108 | 2,909 |
Unrealized losses on interest rate swaps | 1,506 | 1,599 |
Accrued expenses | 1,025 | 1,140 |
State net operating loss | 779 | 708 |
Unrealized losses on investment securities | 575 | 0 |
Gross deferred tax assets | 17,141 | 16,496 |
Valuation allowance | (779) | (708) |
Deferred tax asset, net of valuation allowance | 16,362 | 15,788 |
Deferred income tax liabilities: | ||
Property and equipment | 2,408 | 1,910 |
Unrealized gains on investment securities | 0 | 858 |
Goodwill | 624 | 624 |
Other | 719 | 701 |
Gross deferred tax liabilities | 3,751 | 4,093 |
Net deferred tax assets | $ 12,611 | $ 11,695 |
Income Taxes (Narrative) (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance increase | $ 71,000 | $ 108,000 |
Unrecognized tax benefits | 0 | 0 |
Income Tax Examination, Penalties and Interest Expense | $ 0 | $ 0 |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income tax year, under examination | December 31, 2016, 2015, 2014 and 2013 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income tax year, under examination | December 31, 2016, 2015, 2014 and 2013 |
Income Taxes - Summary of Change in Deferred Income Tax (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
Consolidated statements of income | $ (424) | $ 1,292 | $ 71 |
Consolidated statements of stockholders' equity | 1,340 | 465 | 1,262 |
Net change in deferred income tax | $ 916 | $ 1,757 | $ 1,333 |
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Income Tax Examination, Penalties and Interest Expense | $ 0 | $ 0 | |||||||||
Reconciliation of effective income tax rate with federal statutory tax rate | |||||||||||
Expected tax expense, Amount | $ 16,082,000 | $ 14,310,000 | $ 13,336,000 | ||||||||
Expected tax expense, Percent Of Pretax Income | 35.00% | 35.00% | 35.00% | ||||||||
Tax-exempt interest, Amount | $ (1,715,000) | $ (1,776,000) | $ (1,788,000) | ||||||||
Tax-exempt interest, Percent Of Pretax Income | (3.70%) | (4.30%) | (4.70%) | ||||||||
Interest expense limitation, Amount | $ 96,000 | $ 97,000 | $ 96,000 | ||||||||
Interest expenses limitation, Percent Of Pretax Income | 0.20% | 0.20% | 0.30% | ||||||||
State income taxes, net of federal income tax benefit, Amount | $ 1,501,000 | $ 1,316,000 | $ 1,134,000 | ||||||||
State income taxes, net of federal income tax benefit, Percent Of Pretax Income | 3.20% | 3.20% | 3.00% | ||||||||
Income tax credits, Amount | $ (1,426,000) | $ (1,426,000) | $ (1,546,000) | ||||||||
Income tax credits, Percent Of Pretax Income | (3.10%) | (3.50%) | (4.10%) | ||||||||
Other, Amount | $ (144,000) | $ (52,000) | $ (103,000) | ||||||||
Other, Percent Of Pretax Income | (0.30%) | (0.10%) | (0.30%) | ||||||||
Total | $ 3,025,000 | $ 4,397,000 | $ 3,727,000 | $ 3,245,000 | $ 2,497,000 | $ 3,537,000 | $ 3,383,000 | $ 3,052,000 | $ 14,394,000 | $ 12,469,000 | $ 11,129,000 |
Total, Percent Of Pretax Income | 31.30% | 30.50% | 29.20% | ||||||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 |
Regulatory Capital Requirements, Restrictions on Subsidiary Dividends and Cash Restrictions (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Parent Company [Member] | ||
Minimum regulatory requirements [Abstract] | ||
Total risk-based capital, Actual Amount | $ 357,440 | $ 334,899 |
Total risk-based capital, Actual Ratio | 16.17% | 15.82% |
Total risk-based capital, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 risk-based capital, Actual Amount | $ 330,910 | $ 308,432 |
Tier 1 risk-based capital, Actual Ratio | 14.97% | 14.57% |
Tier 1 risk-based capital, For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier one common equity capital, Actual Amount | $ 330,910 | $ 308,432 |
Tier one common equity capital to risk weighted assets | 14.97% | 14.57% |
Tier One Minimum Capital Requirement to Common Equity | 4.50% | 4.50% |
Tier One Common Equity Capital to be Well Capitalized | 6.50% | 6.50% |
Leverage ratio, Actual Amount | $ 330,910 | $ 308,432 |
Leverage ratio, Actual Ratio | 12.63% | 12.53% |
Leverage ratio, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Leverage ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Bank [Member] | ||
Minimum regulatory requirements [Abstract] | ||
Total risk-based capital, Actual Amount | $ 357,895 | $ 335,010 |
Total risk-based capital, Actual Ratio | 16.20% | 15.83% |
Total risk-based capital, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 risk-based capital, Actual Amount | $ 331,365 | $ 308,562 |
Tier 1 risk-based capital, Actual Ratio | 15.00% | 14.58% |
Tier 1 risk-based capital, For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier one common equity capital, Actual Amount | $ 331,365 | $ 308,562 |
Tier one common equity capital to risk weighted assets | 15.00% | 14.58% |
Tier One Minimum Capital Requirement to Common Equity | 4.50% | 4.50% |
Tier One Common Equity Capital to be Well Capitalized | 6.50% | 6.50% |
Leverage ratio, Actual Amount | $ 331,365 | $ 308,562 |
Leverage ratio, Actual Ratio | 12.66% | 12.54% |
Leverage ratio, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Leverage ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Regulatory Capital Requirements, Restrictions on Subsidiary Dividends and Cash Restrictions (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Regulatory Capital Requirements, Restrictions on Subsidiary Dividends and Cash Restrictions [Abstract] | ||
Retained Earnings, available for payment of dividends | $ 154,640 | |
Cash reserve balances | $ 9,880 | $ 12,640 |
Related Party Transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Changes in loans to related parties [Roll Forward] | ||
Balance, beginning | $ 27,004 | $ 19,246 |
Net increase due to change in related parties | 137 | 0 |
Advances | 18,845 | 24,523 |
Collections | (15,454) | (16,765) |
Balance, ending | 30,532 | 27,004 |
Related Party Deposits | $ 6,890 | $ 6,920 |
Fair Value Measurements - Carrying Value and Estimated Fair Values (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Readily Available Market Prices [Member] | |||||||||||||||||
Financial instrument assets: | |||||||||||||||||
Cash and cash equivalents | $ 38,197 | [1] | $ 35,427 | [2] | |||||||||||||
Investment securities | 0 | [1] | 0 | [2] | |||||||||||||
Loans held for sale | 0 | [1] | 0 | [2] | |||||||||||||
Loans | |||||||||||||||||
Agricultural | 0 | [1] | 0 | [2] | |||||||||||||
Commercial and financial | 0 | [1] | 0 | [2] | |||||||||||||
Real estate: | |||||||||||||||||
Construction, 1 to 4 family residential | 0 | [1] | 0 | [2] | |||||||||||||
Construction, land development and commercial | 0 | [1] | 0 | [2] | |||||||||||||
Mortgage, farmland | 0 | [1] | 0 | [2] | |||||||||||||
Mortgage, 1 to 4 family first liens | 0 | [1] | 0 | [2] | |||||||||||||
Mortgage, 1 to 4 family junior liens | 0 | [1] | 0 | [2] | |||||||||||||
Mortgage, multi-family | 0 | [1] | 0 | [2] | |||||||||||||
Mortgage, commercial | 0 | [1] | 0 | [2] | |||||||||||||
Loans to individuals | 0 | [1] | 0 | [2] | |||||||||||||
Obligations of state and political subdivisions | 0 | [1] | 0 | [2] | |||||||||||||
Accrued interest receivable | 0 | [1] | 0 | [2] | |||||||||||||
Total financial instrument assets | 38,197 | [1] | 35,427 | [2] | |||||||||||||
Deposits | |||||||||||||||||
Noninterest-bearing deposits | 0 | [1] | 0 | [2] | |||||||||||||
Deposits Interest Bearing Fair Value Disclosure | 0 | [1] | 0 | [2] | |||||||||||||
Short-term Debt, Fair Value | 0 | [1] | 0 | [2] | |||||||||||||
Federal Home Loan Bank borrowings | 0 | [1] | 0 | [2] | |||||||||||||
Interest rate swaps | [1] | 0 | 0 | ||||||||||||||
Accrued interest payable | 0 | [1] | 0 | [2] | |||||||||||||
Total financial instrument liabilities | 0 | [1] | 0 | [2] | |||||||||||||
Financial instrument with off-balance sheet risk: | |||||||||||||||||
Loan commitments | 0 | [1] | 0 | [2] | |||||||||||||
Letters of credit | 0 | [1] | 0 | [2] | |||||||||||||
Total financial instrument liabilities with off-balance-sheet risk | 0 | [1] | 0 | [2] | |||||||||||||
Observable Market Prices [Member] | |||||||||||||||||
Financial instrument assets: | |||||||||||||||||
Cash and cash equivalents | 0 | [3] | 0 | [4] | |||||||||||||
Investment securities | 279,950 | [3] | 276,069 | [4] | |||||||||||||
Loans held for sale | 9,806 | [3] | 5,554 | [4] | |||||||||||||
Loans | |||||||||||||||||
Agricultural | 0 | [3] | 0 | [4] | |||||||||||||
Commercial and financial | 0 | [3] | 0 | [4] | |||||||||||||
Real estate: | |||||||||||||||||
Construction, 1 to 4 family residential | 0 | [3] | 0 | [4] | |||||||||||||
Construction, land development and commercial | 0 | [3] | 0 | [4] | |||||||||||||
Mortgage, farmland | 0 | [3] | 0 | [4] | |||||||||||||
Mortgage, 1 to 4 family first liens | 0 | [3] | 0 | [4] | |||||||||||||
Mortgage, 1 to 4 family junior liens | 0 | [3] | 0 | [4] | |||||||||||||
Mortgage, multi-family | 0 | [3] | 0 | [4] | |||||||||||||
Mortgage, commercial | 0 | [3] | 0 | [4] | |||||||||||||
Loans to individuals | 0 | [3] | 0 | [4] | |||||||||||||
Obligations of state and political subdivisions | 0 | [3] | 0 | [4] | |||||||||||||
Accrued interest receivable | 9,121 | [3] | 8,672 | [4] | |||||||||||||
Total financial instrument assets | 298,877 | [3] | 290,295 | [4] | |||||||||||||
Deposits | |||||||||||||||||
Noninterest-bearing deposits | 348,505 | [3] | 314,968 | [4] | |||||||||||||
Deposits Interest Bearing Fair Value Disclosure | 1,691,679 | [3] | 1,577,684 | [4] | |||||||||||||
Short-term Debt, Fair Value | 33,489 | [3] | 44,051 | [4] | |||||||||||||
Federal Home Loan Bank borrowings | 231,232 | [3] | 226,157 | [4] | |||||||||||||
Interest rate swaps | [3] | 3,938 | 4,180 | ||||||||||||||
Accrued interest payable | 984 | [3] | 846 | [4] | |||||||||||||
Total financial instrument liabilities | 2,309,827 | [3] | 2,167,886 | [4] | |||||||||||||
Financial instrument with off-balance sheet risk: | |||||||||||||||||
Loan commitments | 0 | [3] | 0 | [4] | |||||||||||||
Letters of credit | 0 | [3] | 0 | [4] | |||||||||||||
Total financial instrument liabilities with off-balance-sheet risk | 0 | [3] | 0 | [4] | |||||||||||||
Company Determined Market Prices [Member] | |||||||||||||||||
Financial instrument assets: | |||||||||||||||||
Cash and cash equivalents | 0 | [5] | 0 | [6] | |||||||||||||
Investment securities | 0 | [5] | 0 | [6] | |||||||||||||
Loans held for sale | 0 | [5] | 0 | [6] | |||||||||||||
Loans | |||||||||||||||||
Agricultural | 89,862 | [5] | 98,530 | [6] | |||||||||||||
Commercial and financial | 188,292 | [5] | 179,649 | [6] | |||||||||||||
Real estate: | |||||||||||||||||
Construction, 1 to 4 family residential | 56,715 | [5] | 50,487 | [6] | |||||||||||||
Construction, land development and commercial | 119,716 | [5] | 81,705 | [6] | |||||||||||||
Mortgage, farmland | 199,043 | [5] | 184,640 | [6] | |||||||||||||
Mortgage, 1 to 4 family first liens | 764,174 | [5] | 718,566 | [6] | |||||||||||||
Mortgage, 1 to 4 family junior liens | 129,339 | [5] | 122,173 | [6] | |||||||||||||
Mortgage, multi-family | 297,646 | [5] | 272,446 | [6] | |||||||||||||
Mortgage, commercial | 328,948 | [5] | 319,090 | [6] | |||||||||||||
Loans to individuals | 24,499 | [5] | 23,509 | [6] | |||||||||||||
Obligations of state and political subdivisions | 52,860 | [5] | 51,073 | [6] | |||||||||||||
Accrued interest receivable | 0 | [5] | 0 | [6] | |||||||||||||
Total financial instrument assets | 2,251,094 | [5] | 2,101,868 | [6] | |||||||||||||
Deposits | |||||||||||||||||
Noninterest-bearing deposits | 0 | [5] | 0 | [6] | |||||||||||||
Deposits Interest Bearing Fair Value Disclosure | 0 | [5] | 0 | [6] | |||||||||||||
Short-term Debt, Fair Value | 0 | [5] | 0 | [6] | |||||||||||||
Federal Home Loan Bank borrowings | 0 | [5] | 0 | [6] | |||||||||||||
Interest rate swaps | [5] | 0 | 0 | ||||||||||||||
Accrued interest payable | 0 | [5] | 0 | [6] | |||||||||||||
Total financial instrument liabilities | 0 | [5] | 0 | [6] | |||||||||||||
Financial instrument with off-balance sheet risk: | |||||||||||||||||
Loan commitments | 0 | [5] | 0 | [6] | |||||||||||||
Letters of credit | 0 | [5] | 0 | [6] | |||||||||||||
Total financial instrument liabilities with off-balance-sheet risk | 0 | [5] | 0 | [6] | |||||||||||||
Carrying Amount [Member] | |||||||||||||||||
Financial instrument assets: | |||||||||||||||||
Cash and cash equivalents | 38,197 | 35,427 | |||||||||||||||
Investment securities | 279,950 | 276,069 | |||||||||||||||
Loans held for sale | 9,806 | 5,554 | |||||||||||||||
Loans | |||||||||||||||||
Agricultural | 89,924 | 98,506 | |||||||||||||||
Commercial and financial | 188,464 | 179,682 | |||||||||||||||
Real estate: | |||||||||||||||||
Construction, 1 to 4 family residential | 56,841 | 50,480 | |||||||||||||||
Construction, land development and commercial | 119,694 | 81,707 | |||||||||||||||
Mortgage, farmland | 198,923 | 184,514 | |||||||||||||||
Mortgage, 1 to 4 family first liens | 760,909 | 720,229 | |||||||||||||||
Mortgage, 1 to 4 family junior liens | 124,283 | 116,632 | |||||||||||||||
Mortgage, multi-family | 301,162 | 270,261 | |||||||||||||||
Mortgage, commercial | 331,822 | 320,899 | |||||||||||||||
Loans to individuals | 24,515 | 23,518 | |||||||||||||||
Obligations of state and political subdivisions | 54,081 | 51,978 | |||||||||||||||
Accrued interest receivable | 9,121 | 8,672 | |||||||||||||||
Total financial instrument assets | 2,587,692 | 2,424,128 | |||||||||||||||
Deposits | |||||||||||||||||
Noninterest-bearing deposits | 348,505 | 314,968 | |||||||||||||||
Deposits Interest Bearing Fair Value Disclosure | 1,687,807 | 1,575,734 | |||||||||||||||
Short-term Debt, Fair Value | 33,489 | 44,051 | |||||||||||||||
Federal Home Loan Bank borrowings | 235,000 | 225,000 | |||||||||||||||
Interest rate swaps | 3,938 | 4,180 | |||||||||||||||
Accrued interest payable | 984 | 846 | |||||||||||||||
Total financial instrument liabilities | 2,309,723 | 2,164,779 | |||||||||||||||
Financial instrument with off-balance sheet risk: | |||||||||||||||||
Loan commitments | 388,666 | 344,602 | |||||||||||||||
Letters of credit | 9,024 | 11,718 | |||||||||||||||
Total financial instrument liabilities with off-balance-sheet risk | 397,690 | 356,320 | |||||||||||||||
Estimated Fair Value [Member] | |||||||||||||||||
Financial instrument assets: | |||||||||||||||||
Cash and cash equivalents | 38,197 | 35,427 | |||||||||||||||
Investment securities | 279,950 | 276,069 | |||||||||||||||
Loans held for sale | 9,806 | 5,554 | |||||||||||||||
Loans | |||||||||||||||||
Agricultural | 89,862 | 98,530 | |||||||||||||||
Commercial and financial | 188,292 | 179,649 | |||||||||||||||
Real estate: | |||||||||||||||||
Construction, 1 to 4 family residential | 56,715 | 50,487 | |||||||||||||||
Construction, land development and commercial | 119,716 | 81,705 | |||||||||||||||
Mortgage, farmland | 199,043 | 184,640 | |||||||||||||||
Mortgage, 1 to 4 family first liens | 764,174 | 718,566 | |||||||||||||||
Mortgage, 1 to 4 family junior liens | 129,339 | 122,173 | |||||||||||||||
Mortgage, multi-family | 297,646 | 272,446 | |||||||||||||||
Mortgage, commercial | 328,948 | 319,090 | |||||||||||||||
Loans to individuals | 24,499 | 23,509 | |||||||||||||||
Obligations of state and political subdivisions | 52,860 | 51,073 | |||||||||||||||
Accrued interest receivable | 9,121 | 8,672 | |||||||||||||||
Total financial instrument assets | 2,588,168 | 2,427,590 | |||||||||||||||
Deposits | |||||||||||||||||
Noninterest-bearing deposits | 348,505 | 314,968 | |||||||||||||||
Deposits Interest Bearing Fair Value Disclosure | 1,691,679 | 1,577,684 | |||||||||||||||
Short-term Debt, Fair Value | 33,489 | 44,051 | |||||||||||||||
Federal Home Loan Bank borrowings | 231,232 | 226,157 | |||||||||||||||
Interest rate swaps | 3,938 | 4,180 | |||||||||||||||
Accrued interest payable | 984 | 846 | |||||||||||||||
Total financial instrument liabilities | 2,309,827 | 2,167,886 | |||||||||||||||
Financial instrument with off-balance sheet risk: | |||||||||||||||||
Loan commitments | 0 | 0 | |||||||||||||||
Letters of credit | 0 | 0 | |||||||||||||||
Total financial instrument liabilities with off-balance-sheet risk | $ 0 | $ 0 | |||||||||||||||
|
Fair Value Measurements - Assets and Liabilities Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | $ 267,537 | $ 264,235 | |||||||||||||
US Treasury Securities [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | 27,482 | 24,978 | |||||||||||||
State and political subdivisions [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | 178,395 | 173,929 | |||||||||||||
Readily Available Market Prices [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Interest rate swaps, derivative liability | [1] | 0 | 0 | ||||||||||||
Observable Market Prices [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Interest rate swaps, derivative liability | [2] | (3,938) | (4,180) | ||||||||||||
Company Determined Market Prices [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Interest rate swaps, derivative liability | [3] | 0 | 0 | ||||||||||||
Recurring Basis [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Total | 263,599 | 260,055 | |||||||||||||
Recurring Basis [Member] | US Treasury Securities [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | 27,482 | 24,978 | |||||||||||||
Recurring Basis [Member] | State and political subdivisions [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | 178,395 | 173,929 | |||||||||||||
Recurring Basis [Member] | Other securities (FHLB, FHLMC and FNMA) [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | 61,660 | 65,328 | |||||||||||||
Recurring Basis [Member] | Derivative Financial Instruments, Liabilities [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Interest rate swaps, derivative liability | (3,938) | ||||||||||||||
Recurring Basis [Member] | Derivative Financial Instruments, Assets [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Interest rate swaps, derivative asset | (4,180) | ||||||||||||||
Recurring Basis [Member] | Readily Available Market Prices [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Total | [4] | 0 | 0 | ||||||||||||
Recurring Basis [Member] | Readily Available Market Prices [Member] | US Treasury Securities [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | [4] | 0 | 0 | ||||||||||||
Recurring Basis [Member] | Readily Available Market Prices [Member] | State and political subdivisions [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | [4] | 0 | 0 | ||||||||||||
Recurring Basis [Member] | Readily Available Market Prices [Member] | Other securities (FHLB, FHLMC and FNMA) [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | [4] | 0 | 0 | ||||||||||||
Recurring Basis [Member] | Readily Available Market Prices [Member] | Derivative Financial Instruments, Assets [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Interest rate swaps, derivative asset | [4] | 0 | |||||||||||||
Recurring Basis [Member] | Observable Market Prices [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Total | [5] | 263,599 | 260,055 | ||||||||||||
Recurring Basis [Member] | Observable Market Prices [Member] | US Treasury Securities [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | [5] | 27,482 | 24,978 | ||||||||||||
Recurring Basis [Member] | Observable Market Prices [Member] | State and political subdivisions [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | [5] | 178,395 | 173,929 | ||||||||||||
Recurring Basis [Member] | Observable Market Prices [Member] | Other securities (FHLB, FHLMC and FNMA) [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | [5] | 61,660 | 65,328 | ||||||||||||
Recurring Basis [Member] | Observable Market Prices [Member] | Derivative Financial Instruments, Liabilities [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Interest rate swaps, derivative liability | [5] | (3,938) | |||||||||||||
Recurring Basis [Member] | Observable Market Prices [Member] | Derivative Financial Instruments, Assets [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Interest rate swaps, derivative asset | [5] | (4,180) | |||||||||||||
Recurring Basis [Member] | Company Determined Market Prices [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Total | [6] | 0 | 0 | ||||||||||||
Recurring Basis [Member] | Company Determined Market Prices [Member] | US Treasury Securities [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | [6] | 0 | 0 | ||||||||||||
Recurring Basis [Member] | Company Determined Market Prices [Member] | State and political subdivisions [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | [6] | 0 | 0 | ||||||||||||
Recurring Basis [Member] | Company Determined Market Prices [Member] | Other securities (FHLB, FHLMC and FNMA) [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Estimated Fair Value | [6] | $ 0 | 0 | ||||||||||||
Recurring Basis [Member] | Company Determined Market Prices [Member] | Derivative Financial Instruments, Assets [Member] | |||||||||||||||
Summary of assets and liabilities measured at fair value on a recurring basis [Abstract] | |||||||||||||||
Interest rate swaps, derivative asset | [6] | $ 0 | |||||||||||||
|
Fair Value Measurements - Assets and Liabilities on a Nonrecurring Basis (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||||||||||||||||||||||||||||||
Readily Available Market Prices [Member] | ||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||
Agricultural | $ 0 | [1] | $ 0 | [2] | ||||||||||||||||||||||||||||||||
Commercial and financial | 0 | [1] | 0 | [2] | ||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Construction, land development and commercial | 0 | [1] | 0 | [2] | ||||||||||||||||||||||||||||||||
Mortgage, farmland | 0 | [1] | 0 | [2] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family first liens | 0 | [1] | 0 | [2] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family junior liens | 0 | [1] | 0 | [2] | ||||||||||||||||||||||||||||||||
Mortgage, multi-family | 0 | [1] | 0 | [2] | ||||||||||||||||||||||||||||||||
Mortgage, commercial | 0 | [1] | 0 | [2] | ||||||||||||||||||||||||||||||||
Loans to individuals | 0 | [1] | 0 | [2] | ||||||||||||||||||||||||||||||||
Total financial instrument assets | 38,197 | [1] | 35,427 | [2] | ||||||||||||||||||||||||||||||||
Observable Market Prices [Member] | ||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||
Agricultural | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||
Commercial and financial | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Construction, land development and commercial | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||
Mortgage, farmland | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family first liens | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family junior liens | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||
Mortgage, multi-family | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||
Mortgage, commercial | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||
Loans to individuals | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||
Total financial instrument assets | 298,877 | [3] | 290,295 | [4] | ||||||||||||||||||||||||||||||||
Company Determined Market Prices [Member] | ||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||
Agricultural | 89,862 | [5] | 98,530 | [6] | ||||||||||||||||||||||||||||||||
Commercial and financial | 188,292 | [5] | 179,649 | [6] | ||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Construction, land development and commercial | 119,716 | [5] | 81,705 | [6] | ||||||||||||||||||||||||||||||||
Mortgage, farmland | 199,043 | [5] | 184,640 | [6] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family first liens | 764,174 | [5] | 718,566 | [6] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family junior liens | 129,339 | [5] | 122,173 | [6] | ||||||||||||||||||||||||||||||||
Mortgage, multi-family | 297,646 | [5] | 272,446 | [6] | ||||||||||||||||||||||||||||||||
Mortgage, commercial | 328,948 | [5] | 319,090 | [6] | ||||||||||||||||||||||||||||||||
Loans to individuals | 24,499 | [5] | 23,509 | [6] | ||||||||||||||||||||||||||||||||
Total financial instrument assets | 2,251,094 | [5] | 2,101,868 | [6] | ||||||||||||||||||||||||||||||||
Nonrecurring Basis [Member] | ||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||
Agricultural | 10,773 | [7] | 1,470 | [8] | ||||||||||||||||||||||||||||||||
Commercial and financial | 1,397 | [7] | 1,178 | [8] | ||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Construction, 1 to 4 family residential | 827 | [7] | 482 | [8] | ||||||||||||||||||||||||||||||||
Construction, land development and commercial | 85 | [7] | 132 | [8] | ||||||||||||||||||||||||||||||||
Mortgage, farmland | 7,077 | [7] | 2,233 | [8] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family first liens | 5,424 | [7] | 4,487 | [8] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family junior liens | 194 | [7] | 286 | [8] | ||||||||||||||||||||||||||||||||
Mortgage, multi-family | 244 | [7] | 391 | [8] | ||||||||||||||||||||||||||||||||
Mortgage, commercial | 1,541 | [7] | 1,152 | [8] | ||||||||||||||||||||||||||||||||
Loans to individuals | 0 | [7] | 0 | [8] | ||||||||||||||||||||||||||||||||
Foreclosed assets | 75 | [9] | 100 | [10] | ||||||||||||||||||||||||||||||||
Total financial instrument assets | 27,637 | [7] | 11,911 | [8] | ||||||||||||||||||||||||||||||||
Total Losses | 984 | [7] | 1,310 | [8] | ||||||||||||||||||||||||||||||||
Nonrecurring Basis [Member] | Readily Available Market Prices [Member] | ||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||
Agricultural | 0 | [7],[11] | 0 | [8],[12] | ||||||||||||||||||||||||||||||||
Commercial and financial | 0 | [7],[11] | 0 | [8],[12] | ||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Construction, 1 to 4 family residential | 0 | [7],[11] | 0 | [8],[12] | ||||||||||||||||||||||||||||||||
Construction, land development and commercial | 0 | [7],[11] | 0 | [8],[12] | ||||||||||||||||||||||||||||||||
Mortgage, farmland | 0 | [7],[11] | 0 | [8],[12] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family first liens | 0 | [7],[11] | 0 | [8],[12] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family junior liens | 0 | [7],[11] | 0 | [8],[12] | ||||||||||||||||||||||||||||||||
Mortgage, multi-family | 0 | [7],[11] | 0 | [8],[12] | ||||||||||||||||||||||||||||||||
Mortgage, commercial | 0 | [7],[11] | 0 | [8],[12] | ||||||||||||||||||||||||||||||||
Loans to individuals | 0 | [7],[11] | 0 | [8],[12] | ||||||||||||||||||||||||||||||||
Foreclosed assets | 0 | [9],[11] | 0 | [10],[12] | ||||||||||||||||||||||||||||||||
Total financial instrument assets | 0 | [11] | 0 | [12] | ||||||||||||||||||||||||||||||||
Nonrecurring Basis [Member] | Observable Market Prices [Member] | ||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||
Agricultural | 0 | [7],[13] | 0 | [8],[14] | ||||||||||||||||||||||||||||||||
Commercial and financial | 0 | [7],[13] | 0 | [8],[14] | ||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Construction, 1 to 4 family residential | 0 | [7],[13] | 0 | [8],[14] | ||||||||||||||||||||||||||||||||
Construction, land development and commercial | 0 | [7],[13] | 0 | [8],[14] | ||||||||||||||||||||||||||||||||
Mortgage, farmland | 0 | [7],[13] | 0 | [8],[14] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family first liens | 0 | [7],[13] | 0 | [8],[14] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family junior liens | 0 | [7],[13] | 0 | [8],[14] | ||||||||||||||||||||||||||||||||
Mortgage, multi-family | 0 | [7],[13] | 0 | [8],[14] | ||||||||||||||||||||||||||||||||
Mortgage, commercial | 0 | [7],[13] | 0 | [8],[14] | ||||||||||||||||||||||||||||||||
Loans to individuals | 0 | [7],[13] | 0 | [8],[14] | ||||||||||||||||||||||||||||||||
Foreclosed assets | 0 | [9],[13] | 0 | [10],[14] | ||||||||||||||||||||||||||||||||
Total financial instrument assets | 0 | [13] | 0 | [14] | ||||||||||||||||||||||||||||||||
Nonrecurring Basis [Member] | Company Determined Market Prices [Member] | ||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||
Agricultural | 10,773 | [7],[15] | 1,470 | [8],[16] | ||||||||||||||||||||||||||||||||
Commercial and financial | 1,397 | [7],[15] | 1,178 | [8],[16] | ||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Construction, 1 to 4 family residential | 827 | [7],[15] | 482 | [8],[16] | ||||||||||||||||||||||||||||||||
Construction, land development and commercial | 85 | [7],[15] | 132 | [8],[16] | ||||||||||||||||||||||||||||||||
Mortgage, farmland | 7,077 | [7],[15] | 2,233 | [8],[16] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family first liens | 5,424 | [7],[15] | 4,487 | [8],[16] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family junior liens | 194 | [7],[15] | 286 | [8],[16] | ||||||||||||||||||||||||||||||||
Mortgage, multi-family | 244 | [7],[15] | 391 | [8],[16] | ||||||||||||||||||||||||||||||||
Mortgage, commercial | 1,541 | [7],[15] | 1,152 | [8],[16] | ||||||||||||||||||||||||||||||||
Loans to individuals | 0 | [7],[15] | 0 | [8],[16] | ||||||||||||||||||||||||||||||||
Foreclosed assets | 75 | [9],[15] | 100 | [10],[16] | ||||||||||||||||||||||||||||||||
Total financial instrument assets | 27,637 | [15] | 11,911 | [16] | ||||||||||||||||||||||||||||||||
Agricultural [Member] | Nonrecurring Basis [Member] | ||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Total Losses | 0 | [7] | 116 | [8] | ||||||||||||||||||||||||||||||||
Commercial and financial [Member] | Nonrecurring Basis [Member] | ||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Total Losses | 143 | [7] | 56 | [8] | ||||||||||||||||||||||||||||||||
Construction, 1 to 4 family residential [Member] | Nonrecurring Basis [Member] | ||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Total Losses | 0 | [7] | 161 | [8] | ||||||||||||||||||||||||||||||||
Construction, land development and commercial [Member] | Nonrecurring Basis [Member] | ||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Total Losses | 0 | [7] | 35 | [8] | ||||||||||||||||||||||||||||||||
Mortgage, farmland [Member] | Nonrecurring Basis [Member] | ||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Total Losses | 0 | [7] | 0 | [8] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family first liens [Member] | Nonrecurring Basis [Member] | ||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Total Losses | 756 | [7] | 529 | [8] | ||||||||||||||||||||||||||||||||
Mortgage, 1 to 4 family junior liens [Member] | Nonrecurring Basis [Member] | ||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Total Losses | 0 | [7] | 166 | [8] | ||||||||||||||||||||||||||||||||
Mortgage, multi-family [Member] | Nonrecurring Basis [Member] | ||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Total Losses | 0 | [7] | 38 | [8] | ||||||||||||||||||||||||||||||||
Real Estate: Mortgage, commercial [Member] | Nonrecurring Basis [Member] | ||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Total Losses | 65 | [7] | 140 | [8] | ||||||||||||||||||||||||||||||||
Loans to individuals [Member] | Nonrecurring Basis [Member] | ||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Total Losses | 0 | [7] | 0 | [8] | ||||||||||||||||||||||||||||||||
Foreclosed assets [Member] | Nonrecurring Basis [Member] | ||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Total Losses | $ 20 | [9] | $ 69 | [10] | ||||||||||||||||||||||||||||||||
|
Parent Company Only Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|
ASSETS | ||||
Cash and cash equivalents at subsidiary bank | $ 38,197 | $ 35,427 | ||
Investment in subsidiary bank | 267,537 | 264,235 | ||
Other assets | 3,481 | 4,241 | ||
Total Assets | 2,655,770 | 2,493,607 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Liabilities | 2,325,719 | 2,183,870 | ||
Redeemable common stock held by ESOP | 40,781 | 37,562 | ||
Stockholders' equity: | ||||
Capital stock | 0 | 0 | ||
Retained earnings | 319,982 | 294,487 | ||
Accumulated other comprehensive loss | (3,359) | (1,195) | ||
Treasury stock at cost | (31,178) | (27,252) | ||
Total Stockholders' Equity | 330,051 | 309,737 | ||
Total Stockholders' Equity Less Maximum Cash Obligations Related To ESOP Shares | 289,270 | 272,175 | $ 255,528 | $ 243,789 |
Total Liabilities & Stockholders' Equity | 2,655,770 | 2,493,607 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents at subsidiary bank | 543 | 843 | $ 1,881 | $ 3,018 |
Investment in subsidiary bank | 330,506 | 309,866 | ||
Other assets | 1,630 | 1,553 | ||
Total Assets | 332,679 | 312,262 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Liabilities | 2,628 | 2,525 | ||
Redeemable common stock held by ESOP | 40,781 | 37,562 | ||
Stockholders' equity: | ||||
Capital stock | 44,606 | 43,697 | ||
Retained earnings | 319,982 | 294,487 | ||
Accumulated other comprehensive loss | (3,359) | (1,195) | ||
Treasury stock at cost | (31,178) | (27,252) | ||
Total Stockholders' Equity | 330,051 | 309,737 | ||
Less maximum cash obligation related to ESOP shares | 40,781 | 37,562 | ||
Total Stockholders' Equity Less Maximum Cash Obligations Related To ESOP Shares | 289,270 | 272,175 | ||
Total Liabilities & Stockholders' Equity | $ 332,679 | $ 312,262 |
Parent Company Only Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Income before income taxes | $ 9,737 | $ 13,573 | $ 11,694 | $ 10,945 | $ 8,380 | $ 11,222 | $ 10,853 | $ 10,432 | $ 45,949 | $ 40,887 | $ 38,103 |
Income tax benefit | (3,025) | (4,397) | (3,727) | (3,245) | (2,497) | (3,537) | (3,383) | (3,052) | (14,394) | (12,469) | (11,129) |
Net income | $ 6,712 | $ 9,176 | $ 7,967 | $ 7,700 | $ 5,883 | $ 7,685 | $ 7,470 | $ 7,380 | 31,555 | 28,418 | 26,974 |
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends received from subsidiary | 8,560 | 7,364 | 7,438 | ||||||||
Other expenses | (570) | (713) | (637) | ||||||||
Income before income taxes | 7,990 | 6,651 | 6,801 | ||||||||
Income tax benefit | 292 | 338 | 254 | ||||||||
Total income after tax benefit | 8,282 | 6,989 | 7,055 | ||||||||
Equity in undistributed income of subsidiary | 23,273 | 21,429 | 19,919 | ||||||||
Net income | $ 31,555 | $ 28,418 | $ 26,974 |
Parent Company Only Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Cash flows from operating activities: | |||||||||||
Net income | $ 6,712 | $ 9,176 | $ 7,967 | $ 7,700 | $ 5,883 | $ 7,685 | $ 7,470 | $ 7,380 | $ 31,555 | $ 28,418 | $ 26,974 |
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities: | |||||||||||
Share-based compensation | 29 | 29 | 29 | ||||||||
Compensation expensed through issuance of common stock | 1,332 | 1,657 | 1,549 | ||||||||
Excess tax benefits related to share-based compensation | (70) | (8) | (60) | ||||||||
Forfeiture of common stock | (52) | (37) | (40) | ||||||||
Decrease (increase) in other assets | 104 | (431) | (19) | ||||||||
Net cash and cash equivalents provided by operating activities | 29,134 | 32,451 | 33,145 | ||||||||
Cash Flows from Financing Activities | |||||||||||
Stock options exercised | 0 | 0 | 101 | ||||||||
Excess tax benefits related to share-based compensation | 70 | 8 | 60 | ||||||||
Purchase of treasury stock | (3,926) | (3,454) | (4,014) | ||||||||
Dividends paid | (6,060) | (5,855) | (5,420) | ||||||||
Net cash and cash equivalents used by financing activities | 135,132 | 127,884 | 136,402 | ||||||||
Decrease in cash and cash equivalents | 2,770 | 6,253 | (14,528) | ||||||||
Cash and cash equivalents: | |||||||||||
Beginning of year | 35,427 | 35,427 | |||||||||
Ending of year | 38,197 | 35,427 | 38,197 | 35,427 | |||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 31,555 | 28,418 | 26,974 | ||||||||
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities: | |||||||||||
Equity in undistributed income of subsidiary | (23,273) | (21,429) | (19,919) | ||||||||
Share-based compensation | 29 | 29 | 29 | ||||||||
Compensation expensed through issuance of common stock | 1,332 | 1,153 | 1,045 | ||||||||
Excess tax benefits related to share-based compensation | (70) | (8) | (60) | ||||||||
Forfeiture of common stock | (52) | (37) | (40) | ||||||||
Decrease (increase) in other assets | (8) | (27) | (63) | ||||||||
Increase in other liabilities | 103 | 164 | 170 | ||||||||
Net cash and cash equivalents provided by operating activities | 9,616 | 8,263 | 8,136 | ||||||||
Cash Flows from Financing Activities | |||||||||||
Stock options exercised | 0 | 0 | 101 | ||||||||
Excess tax benefits related to share-based compensation | 70 | 8 | 60 | ||||||||
Purchase of treasury stock | (3,926) | (3,454) | (4,014) | ||||||||
Dividends paid | (6,060) | (5,855) | (5,420) | ||||||||
Net cash and cash equivalents used by financing activities | (9,916) | (9,301) | (9,273) | ||||||||
Decrease in cash and cash equivalents | (300) | (1,038) | (1,137) | ||||||||
Cash and cash equivalents: | |||||||||||
Beginning of year | $ 843 | $ 1,881 | 843 | 1,881 | 3,018 | ||||||
Ending of year | $ 543 | $ 843 | $ 543 | $ 843 | $ 1,881 |
Commitments and Contingencies (Narrative) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Cost-method Investments [Line Items] | |||
Liabilities for potential obligations from standby letters of credit issued | $ 0 | $ 0 | |
Rent expense | 360,000 | $ 350,000 | $ 320,000 |
State and political subdivisions [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Investment in securities issued by state and political subdivisions within the state of Iowa | $ 78,840,000 |
Commitments and Contingencies - Summary of Bank's Commitments (Details) - USD ($) |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Off-balance sheet liability [Line Items] | ||
Liabilities for potential obligations from standby letters of credit issued | $ 0 | $ 0 |
Home equity loans [Member] | ||
Firm loan commitments and unused portion of lines of credit: | ||
Total financial instrument liabilities with off-balance-sheet risk | 48,785,000 | 44,376,000 |
Credit cards [Member] | ||
Firm loan commitments and unused portion of lines of credit: | ||
Total financial instrument liabilities with off-balance-sheet risk | 45,738,000 | 41,518,000 |
Commercial, real estate and home construction [Member] | ||
Firm loan commitments and unused portion of lines of credit: | ||
Total financial instrument liabilities with off-balance-sheet risk | 113,251,000 | 98,613,000 |
Commercial lines and real estate purchase loans [Member] | ||
Firm loan commitments and unused portion of lines of credit: | ||
Total financial instrument liabilities with off-balance-sheet risk | 180,892,000 | 160,095,000 |
Outstanding letters of credit [Member] | ||
Firm loan commitments and unused portion of lines of credit: | ||
Total financial instrument liabilities with off-balance-sheet risk | $ 9,024,000 | $ 11,718,000 |
Commitments and Contingencies - Minimum Future Rental Commitments (Details) $ in Thousands |
Dec. 31, 2016
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2017 | $ 453 |
2018 | 363 |
2019 | 90 |
2020 | 1 |
2021 | 0 |
Thereafter | 0 |
Total | $ 907 |
Quarterly Results of Operations (unaudited, amounts in thousands, except per share amounts) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 25,085 | $ 24,780 | $ 24,056 | $ 23,756 | $ 23,631 | $ 23,295 | $ 23,027 | $ 22,214 | $ 97,677 | $ 92,167 | $ 86,582 |
Net interest income | 3,994 | 3,922 | 4,088 | 4,083 | 3,959 | 3,714 | 3,659 | 3,635 | 16,087 | 14,967 | 15,037 |
Net interest income | 21,091 | 20,858 | 19,968 | 19,673 | 19,672 | 19,581 | 19,368 | 18,579 | 81,590 | 77,200 | 71,545 |
Provision for loan losses | 841 | (1,832) | (721) | 549 | 1,295 | (95) | 517 | (62) | (1,163) | 1,655 | 1,042 |
Other income | 4,940 | 5,314 | 4,868 | 4,873 | 5,088 | 5,218 | 5,506 | 4,990 | 19,995 | 20,802 | 19,356 |
Other expense | 15,453 | 14,431 | 13,863 | 13,052 | 15,085 | 13,672 | 13,504 | 13,199 | 56,799 | 55,460 | 51,756 |
Income before income taxes | 9,737 | 13,573 | 11,694 | 10,945 | 8,380 | 11,222 | 10,853 | 10,432 | 45,949 | 40,887 | 38,103 |
Income taxes | 3,025 | 4,397 | 3,727 | 3,245 | 2,497 | 3,537 | 3,383 | 3,052 | 14,394 | 12,469 | 11,129 |
Net income | $ 6,712 | $ 9,176 | $ 7,967 | $ 7,700 | $ 5,883 | $ 7,685 | $ 7,470 | $ 7,380 | $ 31,555 | $ 28,418 | $ 26,974 |
Basic earnings per share (in dollars per share) | $ 0.73 | $ 0.99 | $ 0.85 | $ 0.83 | $ 0.63 | $ 0.82 | $ 0.80 | $ 0.79 | $ 3.40 | $ 3.04 | $ 2.88 |
Diluted earnings per share (in dollars per share) | $ 0.73 | $ 0.99 | $ 0.85 | $ 0.83 | $ 0.63 | $ 0.82 | $ 0.80 | $ 0.79 | $ 3.40 | $ 3.04 | $ 2.87 |
Derivative Financial Instruments (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Nov. 07, 2013
USD ($)
derivative
|
|
Derivatives, Fair Value [Line Items] | |||
Collateral required by the bank | $ 3,940,000 | ||
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Number of interest rate swaps held | derivative | 2 | ||
Description of terms | three-month LIBOR | ||
Interest Rate Swap 1 [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 25,000,000.00 | ||
Interest Rate Swap 1 [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 25,000,000 | ||
Interest Rate Swap 1 [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Maturity date | Nov. 09, 2020 | ||
Notional Amount | $ 25,000,000 | ||
Interest Rate Swap 2 [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 25,000,000.00 | ||
Interest Rate Swap 2 [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 25,000,000 | ||
Interest Rate Swap 2 [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Maturity date | Nov. 07, 2023 | ||
Notional Amount | $ 25,000,000 |
Derivative Financial Instruments - Balance Sheet Category and Fair Value for Cash Flow Hedges (Details) - USD ($) |
Dec. 31, 2016 |
Dec. 31, 2015 |
Nov. 07, 2013 |
---|---|---|---|
Interest Rate Swap 1 [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 25,000,000.00 | ||
Interest Rate Swap 1 [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 25,000,000 | ||
Fair Value | (1,097,000) | ||
Interest Rate Swap 1 [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 25,000,000 | ||
Fair Value | (1,501,000) | ||
Interest Rate Swap 2 [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 25,000,000.00 | ||
Interest Rate Swap 2 [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 25,000,000 | ||
Fair Value | $ (2,841,000) | ||
Interest Rate Swap 2 [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 25,000,000 | ||
Fair Value | $ (2,679,000) |
Derivative Financial Instruments (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Interest Rate Swap 1 [Member] | Interest Expense [Member] | ||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | ||
Amount of Gain (Loss), Recognized in OCI, Effective Portion | $ 250 | $ (394) |
Amount of Gain (Loss), Reclassified from AOCI into Income, Effective Portion | 0 | 0 |
Interest Rate Swap 1 [Member] | Other Income [Member] | ||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | ||
Amount of Gain (Loss), Recognized in Income on Derivatives, Ineffective Portion | 0 | 0 |
Interest Rate Swap 2 [Member] | Interest Expense [Member] | ||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | ||
Amount of Gain (Loss), Recognized in OCI, Effective Portion | (101) | (461) |
Amount of Gain (Loss), Reclassified from AOCI into Income, Effective Portion | 0 | 0 |
Interest Rate Swap 2 [Member] | Other Income [Member] | ||
Gain (Loss) Recognized in Other Comprehensive Income, Net [Abstract] | ||
Amount of Gain (Loss), Recognized in Income on Derivatives, Ineffective Portion | $ 0 | $ 0 |
Subsequent Events - Dividend Reinvestment and Stock Purchase Plan (Details) - USD ($) $ in Thousands |
Jan. 13, 2017 |
Nov. 30, 2016 |
---|---|---|
Class of Stock [Line Items] | ||
Dividend reinvestment plan enactment date | Nov. 30, 2016 | |
Subsequent Event [Member] | ||
Class of Stock [Line Items] | ||
Stock issued during period, shares, dividend reinvestment plan (in shares) | 78,370.16 | |
Stock issued during period, value, dividend reinvestment plan | $ 3,760 | |
Maximum [Member] | ||
Class of Stock [Line Items] | ||
Dividend reinvestment plan shares authorized (up to) (in shares) | 100,000 |
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