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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Summit Financial Group Inc | NASDAQ:SMMF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.70 | 24.00 | 27.89 | 0 | 01:00:00 |
West Virginia
|
55-0672148
|
(State or other jurisdiction of
|
(IRS Employer
|
incorporation or organization)
|
Identification No.)
|
300 North Main Street
|
|
Moorefield, West Virginia
|
26836
|
(Address of principal executive offices)
|
(Zip Code)
|
Yes
þ
|
No
o
|
Yes
þ
|
No
o
|
Yes
o
|
No
þ
|
|
|
|
Page
|
PART I.
|
FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
Item 1.
|
Financial Statements
|
|
|
|
|
|
|
|
Consolidated balance sheets
June 30, 2016 (unaudited), December 31, 2015,
and June 30, 2015 (unaudited)
|
|
|
|
|
|
|
|
Consolidated statements of income
for the three months and six months ended
June 30, 2016 and 2015 (unaudited)
|
|
|
|
|
|
|
|
Consolidated statements of comprehensive
income for the three months and six months ended
June 30, 2016 and 2015 (unaudited)
|
|
|
|
|
|
|
|
Consolidated statements of shareholders’ equity
for the six months ended
June 30, 2016 and 2015 (unaudited)
|
|
|
|
|
|
|
|
Consolidated statements of cash flows
for the six months ended
June 30, 2016 and 2015 (unaudited)
|
|
|
|
|
|
|
|
Notes to consolidated financial statements (unaudited)
|
|
|
|
|
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition
and Results of Operations
|
|
|
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
|
|
|
|
|
|
Item 4.
|
Controls and Procedures
|
PART II.
|
OTHER INFORMATION
|
|
|
|
Item 1.
|
Legal Proceedings
|
|
|
|
|
|
|
Item 1A.
|
Risk Factors
|
|
|
|
|
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
None
|
|
|
|
|
|
Item 3.
|
Defaults upon Senior Securities
|
None
|
|
|
|
|
|
Item 4.
|
Mine Safety Disclosures
|
None
|
|
|
|
|
|
Item 5.
|
Other Information
|
None
|
|
|
|
|
|
Item 6.
|
Exhibits
|
|
|
|
|
|
SIGNATURES
|
|
||
|
|
|
|
EXHIBIT INDEX
|
|
|
June 30,
2016 |
|
December 31,
2015 |
|
June 30,
2015 |
||||||
Dollars in thousands
|
(unaudited)
|
|
(*)
|
|
(unaudited)
|
||||||
ASSETS
|
|
|
|
|
|
|
|||||
Cash and due from banks
|
$
|
4,161
|
|
|
$
|
3,625
|
|
|
$
|
3,988
|
|
Interest bearing deposits with other banks
|
8,897
|
|
|
5,862
|
|
|
9,274
|
|
|||
Cash and cash equivalents
|
13,058
|
|
|
9,487
|
|
|
13,262
|
|
|||
Securities available for sale
|
261,633
|
|
|
280,792
|
|
|
276,661
|
|
|||
Other investments
|
12,233
|
|
|
8,949
|
|
|
8,583
|
|
|||
Loans held for sale, net
|
245
|
|
|
779
|
|
|
—
|
|
|||
Loans, net
|
1,166,723
|
|
|
1,079,331
|
|
|
1,064,472
|
|
|||
Property held for sale
|
23,425
|
|
|
25,567
|
|
|
31,500
|
|
|||
Premises and equipment, net
|
21,405
|
|
|
21,572
|
|
|
20,490
|
|
|||
Accrued interest receivable
|
5,352
|
|
|
5,544
|
|
|
5,473
|
|
|||
Intangible assets
|
7,398
|
|
|
7,498
|
|
|
7,598
|
|
|||
Cash surrender value of life insurance policies
|
38,246
|
|
|
37,732
|
|
|
37,222
|
|
|||
Other assets
|
15,463
|
|
|
15,178
|
|
|
14,708
|
|
|||
Total assets
|
$
|
1,565,181
|
|
|
$
|
1,492,429
|
|
|
$
|
1,479,969
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|||
Liabilities
|
|
|
|
|
|
|
|
|
|||
Deposits
|
|
|
|
|
|
|
|
|
|||
Non interest bearing
|
$
|
120,845
|
|
|
$
|
119,010
|
|
|
$
|
113,256
|
|
Interest bearing
|
975,700
|
|
|
947,699
|
|
|
940,054
|
|
|||
Total deposits
|
1,096,545
|
|
|
1,066,709
|
|
|
1,053,310
|
|
|||
Short-term borrowings
|
205,553
|
|
|
171,394
|
|
|
174,599
|
|
|||
Long-term borrowings
|
74,625
|
|
|
75,581
|
|
|
76,536
|
|
|||
Subordinated debentures
|
—
|
|
|
—
|
|
|
2,500
|
|
|||
Subordinated debentures owed to unconsolidated subsidiary trusts
|
19,589
|
|
|
19,589
|
|
|
19,589
|
|
|||
Other liabilities
|
18,200
|
|
|
15,412
|
|
|
13,363
|
|
|||
Total liabilities
|
1,414,512
|
|
|
1,348,685
|
|
|
1,339,897
|
|
|||
|
|
|
|
|
|
||||||
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
||||||
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|||
Preferred stock, $1.00 par value, authorized 250,000 shares
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued: 10,856,356 shares 2016, 10,853,566 shares December 2015 and 10,843,676 shares June 2015; outstanding: 10,692,320 shares 2016, 10,671,744 shares December 2015 and 10,843,676 shares June 2015
|
45,967
|
|
|
45,741
|
|
|
45,563
|
|
|||
Unallocated common stock held by Employee Stock Ownership Plan - 2016 - 164,036 shares, December 2015 - 181,822 shares
|
(1,772
|
)
|
|
(1,964
|
)
|
|
—
|
|
|||
Retained earnings
|
106,594
|
|
|
100,423
|
|
|
94,318
|
|
|||
Accumulated other comprehensive income
|
(120
|
)
|
|
(456
|
)
|
|
191
|
|
|||
Total shareholders' equity
|
150,669
|
|
|
143,744
|
|
|
140,072
|
|
|||
|
|
|
|
|
|
||||||
Total liabilities and shareholders' equity
|
$
|
1,565,181
|
|
|
$
|
1,492,429
|
|
|
$
|
1,479,969
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
Dollars in thousands, except per share amounts
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Interest income
|
|
|
|
|
|
|
|
|
||||||||
Interest and fees on loans
|
|
|
|
|
|
|
|
|
||||||||
Taxable
|
|
$
|
13,488
|
|
|
$
|
12,854
|
|
|
$
|
26,779
|
|
|
$
|
25,588
|
|
Tax-exempt
|
|
134
|
|
|
118
|
|
|
280
|
|
|
233
|
|
||||
Interest and dividends on securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable
|
|
1,063
|
|
|
1,092
|
|
|
2,146
|
|
|
2,368
|
|
||||
Tax-exempt
|
|
594
|
|
|
593
|
|
|
1,236
|
|
|
1,211
|
|
||||
Interest on interest bearing deposits with other banks
|
|
4
|
|
|
1
|
|
|
7
|
|
|
2
|
|
||||
Total interest income
|
|
15,283
|
|
|
14,658
|
|
|
30,448
|
|
|
29,402
|
|
||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest on deposits
|
|
2,154
|
|
|
2,074
|
|
|
4,324
|
|
|
4,145
|
|
||||
Interest on short-term borrowings
|
|
419
|
|
|
126
|
|
|
659
|
|
|
238
|
|
||||
Interest on long-term borrowings and subordinated debentures
|
|
976
|
|
|
1,000
|
|
|
1,952
|
|
|
2,041
|
|
||||
Total interest expense
|
|
3,549
|
|
|
3,200
|
|
|
6,935
|
|
|
6,424
|
|
||||
Net interest income
|
|
11,734
|
|
|
11,458
|
|
|
23,513
|
|
|
22,978
|
|
||||
Provision for loan losses
|
|
250
|
|
|
500
|
|
|
500
|
|
|
750
|
|
||||
Net interest income after provision for loan losses
|
|
11,484
|
|
|
10,958
|
|
|
23,013
|
|
|
22,228
|
|
||||
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Insurance commissions
|
|
1,090
|
|
|
1,080
|
|
|
2,014
|
|
|
2,208
|
|
||||
Service fees related to deposit accounts
|
|
1,059
|
|
|
1,072
|
|
|
2,038
|
|
|
2,048
|
|
||||
Realized securities gains
|
|
383
|
|
|
170
|
|
|
775
|
|
|
650
|
|
||||
Bank owned life insurance income
|
|
258
|
|
|
261
|
|
|
514
|
|
|
522
|
|
||||
Other
|
|
255
|
|
|
277
|
|
|
511
|
|
|
571
|
|
||||
Total other income
|
|
3,045
|
|
|
2,860
|
|
|
5,852
|
|
|
5,999
|
|
||||
Other expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries, commissions, and employee benefits
|
|
4,764
|
|
|
4,442
|
|
|
9,446
|
|
|
8,629
|
|
||||
Net occupancy expense
|
|
512
|
|
|
489
|
|
|
1,051
|
|
|
988
|
|
||||
Equipment expense
|
|
686
|
|
|
560
|
|
|
1,342
|
|
|
1,095
|
|
||||
Professional fees
|
|
429
|
|
|
372
|
|
|
901
|
|
|
707
|
|
||||
Amortization of intangibles
|
|
50
|
|
|
50
|
|
|
100
|
|
|
100
|
|
||||
FDIC premiums
|
|
300
|
|
|
320
|
|
|
600
|
|
|
650
|
|
||||
Merger expense
|
|
153
|
|
|
—
|
|
|
265
|
|
|
—
|
|
||||
Foreclosed properties expense
|
|
93
|
|
|
158
|
|
|
217
|
|
|
366
|
|
||||
(Gain) loss on sale of foreclosed properties
|
|
(276
|
)
|
|
103
|
|
|
(282
|
)
|
|
253
|
|
||||
Write-down of foreclosed properties
|
|
259
|
|
|
160
|
|
|
369
|
|
|
732
|
|
||||
Other
|
|
1,467
|
|
|
1,407
|
|
|
2,982
|
|
|
2,746
|
|
||||
Total other expense
|
|
8,437
|
|
|
8,061
|
|
|
16,991
|
|
|
16,266
|
|
||||
Income before income taxes
|
|
6,092
|
|
|
5,757
|
|
|
11,874
|
|
|
11,961
|
|
||||
Income tax expense
|
|
1,849
|
|
|
1,747
|
|
|
3,569
|
|
|
3,667
|
|
||||
Net Income
|
|
$
|
4,243
|
|
|
$
|
4,010
|
|
|
$
|
8,305
|
|
|
$
|
8,294
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
|
$
|
0.40
|
|
|
$
|
0.38
|
|
|
$
|
0.78
|
|
|
$
|
0.85
|
|
Diluted earnings per common share
|
|
$
|
0.40
|
|
|
$
|
0.38
|
|
|
$
|
0.78
|
|
|
$
|
0.78
|
|
|
For the Three Months Ended
June 30, |
||||||
Dollars in thousands
|
2016
|
|
2015
|
||||
Net income
|
$
|
4,243
|
|
|
$
|
4,010
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||
Net unrealized gain (loss) on cashflow hedge of:
2016 - ($759), net of deferred taxes of ($281); 2015 - $379, net of deferred taxes of $140 |
(478
|
)
|
|
239
|
|
||
Net unrealized gain (loss) on available for sale debt securities of:
2016 - $2,570, net of deferred taxes of $951 and reclassification adjustment for net realized gains included in net income of $383; 2015 - ($2,683), net of deferred taxes of ($993) and reclassification adjustment for net realized gains included in net income of $170 |
1,619
|
|
|
(1,690
|
)
|
||
Total comprehensive income
|
$
|
5,384
|
|
|
$
|
2,559
|
|
|
For the Six Months Ended
June 30, |
||||||
Dollars in thousands
|
2016
|
|
2015
|
||||
Net income
|
$
|
8,305
|
|
|
$
|
8,294
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||
Net unrealized loss on cashflow hedge of:
2016 - ($3,079), net of deferred taxes of ($1,139); 2015 - ($1,030), net of deferred taxes of ($381) |
(1,940
|
)
|
|
(649
|
)
|
||
Net unrealized gain (loss) on available for sale debt securities of:
2016 - $3,613, net of deferred taxes of $1,337 and reclassification adjustment for net realized gains included in net income of $775; 2015 - ($1,956), net of deferred taxes of ($724) and reclassification adjustment for net realized gains included in net income of $650 |
2,276
|
|
|
(1,232
|
)
|
||
Total comprehensive income
|
$
|
8,641
|
|
|
$
|
6,413
|
|
Dollars in thousands, except per share amounts
|
Series 2009
Preferred
Stock and
Related
Surplus
|
|
Series 2011
Preferred
Stock and
Related
Surplus
|
|
Common
Stock and
Related
Surplus
|
|
Unallocated Common Stock Held by ESOP
|
|
Retained
Earnings
|
|
Accumulated
Other
Compre-
hensive
Income
|
|
Total
Share-
holders'
Equity
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, December 31, 2015
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
45,741
|
|
|
$
|
(1,964
|
)
|
|
$
|
100,423
|
|
|
$
|
(456
|
)
|
|
$
|
143,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Six Months Ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,305
|
|
|
—
|
|
|
8,305
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
336
|
|
|
336
|
|
|||||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,641
|
|
||||||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|||||||
Unallocated ESOP shares committed to be released - 17,786 shares
|
—
|
|
|
—
|
|
|
79
|
|
|
192
|
|
|
—
|
|
|
—
|
|
|
271
|
|
|||||||
Common stock issuances from reinvested dividends
|
—
|
|
|
—
|
|
|
47
|
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
—
|
|
|||||||
Common stock cash dividends declared ($0.20 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,087
|
)
|
|
—
|
|
|
(2,087
|
)
|
|||||||
Balance, June 30, 2016
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
45,967
|
|
|
$
|
(1,772
|
)
|
|
$
|
106,594
|
|
|
$
|
(120
|
)
|
|
$
|
150,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, December 31, 2014
|
$
|
3,419
|
|
|
$
|
5,764
|
|
|
$
|
32,670
|
|
|
$
|
—
|
|
|
$
|
87,719
|
|
|
$
|
2,072
|
|
|
$
|
131,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Six Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,294
|
|
|
—
|
|
|
8,294
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,881
|
)
|
|
(1,881
|
)
|
|||||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,413
|
|
||||||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|||||||
Conversion of Series 2009 Preferred Stock to common stock
|
(3,419
|
)
|
|
—
|
|
|
3,405
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|||||||
Conversion of Series 2011 Preferred Stock to common stock
|
—
|
|
|
(5,764
|
)
|
|
5,749
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|||||||
Issuance of 496,335 shares of common stock
|
—
|
|
|
—
|
|
|
4,769
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,769
|
|
|||||||
Repurchase and retirement of 100,000 shares of common stock
|
—
|
|
|
—
|
|
|
(1,080
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,080
|
)
|
|||||||
Common stock cash dividends declared ($0.16 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,695
|
)
|
|
—
|
|
|
(1,695
|
)
|
|||||||
Balance, June 30, 2015
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
45,563
|
|
|
$
|
—
|
|
|
$
|
94,318
|
|
|
$
|
191
|
|
|
$
|
140,072
|
|
|
|
Six Months Ended
|
||||||
Dollars in thousands
|
|
June 30,
2016 |
|
June 30,
2015 |
||||
Cash Flows from Operating Activities
|
|
|
|
|
||||
Net income
|
|
$
|
8,305
|
|
|
$
|
8,294
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation
|
|
587
|
|
|
523
|
|
||
Provision for loan losses
|
|
500
|
|
|
750
|
|
||
Stock compensation expense
|
|
100
|
|
|
50
|
|
||
Deferred income tax expense (benefit)
|
|
(159
|
)
|
|
360
|
|
||
Loans originated for sale
|
|
(3,727
|
)
|
|
(1,417
|
)
|
||
Proceeds from loans sold
|
|
4,260
|
|
|
1,944
|
|
||
Securities gains
|
|
(775
|
)
|
|
(650
|
)
|
||
(Gain) loss on disposal of assets
|
|
(312
|
)
|
|
255
|
|
||
Write down of foreclosed properties
|
|
369
|
|
|
732
|
|
||
Amortization of securities premiums (accretion of discounts), net
|
|
2,210
|
|
|
2,603
|
|
||
Amortization of intangibles, net
|
|
106
|
|
|
106
|
|
||
Decrease in accrued interest receivable
|
|
193
|
|
|
365
|
|
||
Increase in cash surrender value of bank owned life insurance
|
|
(514
|
)
|
|
(522
|
)
|
||
Increase in other assets
|
|
(1,076
|
)
|
|
(847
|
)
|
||
Decrease in other liabilities
|
|
(1,274
|
)
|
|
(296
|
)
|
||
Net cash provided by operating activities
|
|
8,793
|
|
|
12,250
|
|
||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
||
Proceeds from maturities and calls of securities available for sale
|
|
55
|
|
|
615
|
|
||
Proceeds from sales of securities available for sale
|
|
52,052
|
|
|
40,593
|
|
||
Principal payments received on securities available for sale
|
|
17,946
|
|
|
20,380
|
|
||
Purchases of securities available for sale
|
|
(48,716
|
)
|
|
(59,324
|
)
|
||
Purchases of other investments
|
|
(9,531
|
)
|
|
(6,072
|
)
|
||
Proceeds from sales & redemptions of other investments
|
|
6,247
|
|
|
3,672
|
|
||
Net loans made to customers
|
|
(86,808
|
)
|
|
(46,372
|
)
|
||
Purchases of premises and equipment
|
|
(433
|
)
|
|
(954
|
)
|
||
Proceeds from disposal of premises and equipment
|
|
43
|
|
|
—
|
|
||
Proceeds from sales of other repossessed assets & property held for sale
|
|
2,973
|
|
|
6,482
|
|
||
Net cash (used in) investing activities
|
|
(66,172
|
)
|
|
(40,980
|
)
|
||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
||
Net increase (decrease) in demand deposit, NOW and savings accounts
|
|
31,169
|
|
|
(9,902
|
)
|
||
Net increase (decrease) in time deposits
|
|
(1,333
|
)
|
|
1,869
|
|
||
Net increase in short-term borrowings
|
|
34,158
|
|
|
50,966
|
|
||
Repayment of long-term borrowings
|
|
(956
|
)
|
|
(954
|
)
|
||
Repayment of subordinated debt
|
|
—
|
|
|
(14,300
|
)
|
||
Net proceeds from issuance of common stock
|
|
—
|
|
|
4,741
|
|
||
Retirement of common stock
|
|
—
|
|
|
(1,080
|
)
|
||
Dividends paid on common stock
|
|
(2,088
|
)
|
|
(1,667
|
)
|
||
Dividends paid on preferred stock
|
|
—
|
|
|
(191
|
)
|
||
Net cash provided by financing activities
|
|
60,950
|
|
|
29,482
|
|
||
Increase in cash and cash equivalents
|
|
3,571
|
|
|
752
|
|
||
Cash and cash equivalents:
|
|
|
|
|
|
|
||
Beginning
|
|
9,487
|
|
|
12,510
|
|
||
Ending
|
|
$
|
13,058
|
|
|
$
|
13,262
|
|
|
||||||||
(Continued)
|
||||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
See Notes to Consolidated Financial Statements
|
|
|
|
|
|
|
Six Months Ended
|
||||||
Dollars in thousands
|
|
June 30,
2016 |
|
June 30,
2015 |
||||
Supplemental Disclosures of Cash Flow Information
|
|
|
|
|
||||
Cash payments for:
|
|
|
|
|
||||
Interest
|
|
$
|
6,999
|
|
|
$
|
6,456
|
|
Income taxes
|
|
$
|
3,814
|
|
|
$
|
3,632
|
|
|
|
|
|
|
||||
Supplemental Schedule of Noncash Investing and Financing Activities
|
|
|
|
|
|
|||
Real property and other assets acquired in settlement of loans
|
|
$
|
172
|
|
|
$
|
713
|
|
|
Balance at
|
|
Fair Value Measurements Using:
|
||||||||||||
Dollars in thousands
|
June 30, 2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available for sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Government sponsored agencies
|
$
|
17,885
|
|
|
$
|
—
|
|
|
$
|
17,885
|
|
|
$
|
—
|
|
Mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government sponsored agencies
|
139,365
|
|
|
—
|
|
|
139,365
|
|
|
—
|
|
||||
Nongovernment sponsored entities
|
6,285
|
|
|
—
|
|
|
6,285
|
|
|
—
|
|
||||
State and political subdivisions
|
250
|
|
|
—
|
|
|
250
|
|
|
—
|
|
||||
Corporate debt securities
|
19,528
|
|
|
—
|
|
|
8,276
|
|
|
11,252
|
|
||||
Other equity securities
|
77
|
|
|
—
|
|
|
77
|
|
|
—
|
|
||||
Tax-exempt state and political subdivisions
|
78,243
|
|
|
—
|
|
|
78,243
|
|
|
—
|
|
||||
Total available for sale securities
|
$
|
261,633
|
|
|
$
|
—
|
|
|
$
|
250,381
|
|
|
$
|
11,252
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swaps
|
$
|
9,408
|
|
|
$
|
—
|
|
|
$
|
9,408
|
|
|
$
|
—
|
|
|
Balance at
|
|
Fair Value Measurements Using:
|
||||||||||||
Dollars in thousands
|
December 31, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available for sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Government sponsored agencies
|
$
|
21,475
|
|
|
$
|
—
|
|
|
$
|
21,475
|
|
|
$
|
—
|
|
Mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government sponsored agencies
|
146,734
|
|
|
—
|
|
|
146,734
|
|
|
—
|
|
||||
Nongovernment sponsored entities
|
7,885
|
|
|
—
|
|
|
7,885
|
|
|
—
|
|
||||
State and political subdivisions
|
1,953
|
|
|
—
|
|
|
1,953
|
|
|
—
|
|
||||
Corporate debt securities
|
14,226
|
|
|
—
|
|
|
8,367
|
|
|
5,859
|
|
||||
Other equity securities
|
77
|
|
|
—
|
|
|
77
|
|
|
—
|
|
||||
Tax-exempt state and political subdivisions
|
88,442
|
|
|
—
|
|
|
88,442
|
|
|
—
|
|
||||
Total available for sale securities
|
$
|
280,792
|
|
|
$
|
—
|
|
|
$
|
274,933
|
|
|
$
|
5,859
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swaps
|
$
|
5,072
|
|
|
$
|
—
|
|
|
$
|
5,072
|
|
|
$
|
—
|
|
|
Balance at
|
|
Fair Value Measurements Using:
|
||||||||||||
Dollars in thousands
|
June 30, 2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Residential mortgage loans held for sale
|
$
|
245
|
|
|
$
|
—
|
|
|
$
|
245
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Collateral-dependent impaired loans
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
400
|
|
|
—
|
|
|
400
|
|
|
—
|
|
||||
Construction and development
|
1,013
|
|
|
—
|
|
|
1,013
|
|
|
—
|
|
||||
Residential real estate
|
121
|
|
|
—
|
|
|
121
|
|
|
—
|
|
||||
Total collateral-dependent impaired loans
|
$
|
1,534
|
|
|
$
|
—
|
|
|
$
|
1,534
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial real estate
|
$
|
976
|
|
|
$
|
—
|
|
|
$
|
552
|
|
|
$
|
424
|
|
Construction and development
|
20,267
|
|
|
—
|
|
|
19,546
|
|
|
721
|
|
||||
Residential real estate
|
340
|
|
|
—
|
|
|
340
|
|
|
—
|
|
||||
Total foreclosed properties
|
$
|
21,583
|
|
|
$
|
—
|
|
|
$
|
20,438
|
|
|
$
|
1,145
|
|
|
Balance at
|
|
Fair Value Measurements Using:
|
||||||||||||
Dollars in thousands
|
December 31, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Residential mortgage loans held for sale
|
$
|
779
|
|
|
$
|
—
|
|
|
$
|
779
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Collateral-dependent impaired loans
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Commercial real estate
|
627
|
|
|
—
|
|
|
—
|
|
|
627
|
|
||||
Construction and development
|
1,054
|
|
|
—
|
|
|
—
|
|
|
1,054
|
|
||||
Residential real estate
|
279
|
|
|
—
|
|
|
279
|
|
|
—
|
|
||||
Total collateral-dependent impaired loans
|
$
|
1,960
|
|
|
$
|
—
|
|
|
$
|
279
|
|
|
$
|
1,681
|
|
|
|
|
|
|
|
|
|
||||||||
Foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial real estate
|
$
|
1,103
|
|
|
$
|
—
|
|
|
$
|
1,103
|
|
|
$
|
—
|
|
Construction and development
|
18,477
|
|
|
—
|
|
|
18,419
|
|
|
58
|
|
||||
Residential real estate
|
314
|
|
|
—
|
|
|
314
|
|
|
—
|
|
||||
Total foreclosed properties
|
$
|
19,894
|
|
|
$
|
—
|
|
|
$
|
19,836
|
|
|
$
|
58
|
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||
Dollars in thousands
|
|
Carrying
Value
|
|
Estimated
Fair
Value
|
|
Carrying
Value
|
|
Estimated
Fair
Value
|
||||||||
Financial assets
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
13,058
|
|
|
$
|
13,058
|
|
|
$
|
9,487
|
|
|
$
|
9,487
|
|
Securities available for sale
|
|
261,633
|
|
|
261,633
|
|
|
280,792
|
|
|
280,792
|
|
||||
Other investments
|
|
12,233
|
|
|
12,233
|
|
|
8,949
|
|
|
8,949
|
|
||||
Loans held for sale, net
|
|
245
|
|
|
245
|
|
|
779
|
|
|
779
|
|
||||
Loans, net
|
|
1,166,723
|
|
|
1,177,526
|
|
|
1,079,331
|
|
|
1,084,955
|
|
||||
Accrued interest receivable
|
|
5,352
|
|
|
5,352
|
|
|
5,544
|
|
|
5,544
|
|
||||
|
|
$
|
1,459,244
|
|
|
$
|
1,470,047
|
|
|
$
|
1,384,882
|
|
|
$
|
1,390,506
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits
|
|
$
|
1,096,545
|
|
|
$
|
1,108,899
|
|
|
$
|
1,066,709
|
|
|
$
|
1,077,510
|
|
Short-term borrowings
|
|
205,553
|
|
|
205,553
|
|
|
171,394
|
|
|
171,394
|
|
||||
Long-term borrowings
|
|
74,625
|
|
|
78,896
|
|
|
75,581
|
|
|
80,506
|
|
||||
Subordinated debentures owed to unconsolidated subsidiary trusts
|
|
19,589
|
|
|
19,589
|
|
|
19,589
|
|
|
19,589
|
|
||||
Accrued interest payable
|
|
762
|
|
|
762
|
|
|
826
|
|
|
826
|
|
||||
Derivative financial liabilities
|
|
9,408
|
|
|
9,408
|
|
|
5,072
|
|
|
5,072
|
|
||||
|
|
$
|
1,406,482
|
|
|
$
|
1,423,107
|
|
|
$
|
1,339,171
|
|
|
$
|
1,354,897
|
|
|
|
For the Three Months Ended June 30,
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
||||||||||||||||||
Dollars in thousands,
except per share amounts
|
|
Income
(Numerator)
|
|
Common
Shares
(Denominator)
|
|
Per
Share
|
|
Income
(Numerator)
|
|
Common
Shares
(Denominator)
|
|
Per
Share
|
||||||||||
Net income
|
|
$
|
4,243
|
|
|
|
|
|
|
$
|
4,010
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic EPS
|
|
$
|
4,243
|
|
|
10,681,995
|
|
|
$
|
0.40
|
|
|
$
|
4,010
|
|
|
10,667,892
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Stock options
|
|
|
|
9,008
|
|
|
|
|
|
|
|
8,582
|
|
|
|
|
||||||
Stock appreciation rights
|
|
|
|
10,014
|
|
|
|
|
|
|
—
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted EPS
|
|
$
|
4,243
|
|
|
10,701,017
|
|
|
$
|
0.40
|
|
|
$
|
4,010
|
|
|
10,676,474
|
|
|
$
|
0.38
|
|
|
|
For the Six Months Ended June 30,
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
||||||||||||||||||
Dollars in thousands,
except per share amounts
|
|
Income
(Numerator)
|
|
Common
Shares
(Denominator)
|
|
Per
Share
|
|
Income
(Numerator)
|
|
Common
Shares
(Denominator)
|
|
Per
Share
|
||||||||||
Net income
|
|
$
|
8,305
|
|
|
|
|
|
|
$
|
8,294
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic EPS
|
|
$
|
8,305
|
|
|
10,676,925
|
|
|
$
|
0.78
|
|
|
$
|
8,294
|
|
|
9,747,042
|
|
|
$
|
0.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Stock options
|
|
|
|
8,365
|
|
|
|
|
|
|
|
8,574
|
|
|
|
|
||||||
Stock appreciation rights
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
||||||||
Series 2011 convertible
preferred stock
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
575,953
|
|
|
|
|
||||
Series 2009 convertible
preferred stock
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
253,842
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted EPS
|
|
$
|
8,305
|
|
|
10,685,290
|
|
|
$
|
0.78
|
|
|
$
|
8,294
|
|
|
10,585,411
|
|
|
$
|
0.78
|
|
|
June 30, 2016
|
||||||||||||||
|
Amortized
|
|
Unrealized
|
|
Estimated
|
||||||||||
Dollars in thousands
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
||||||||
Available for Sale
|
|
|
|
|
|
|
|
||||||||
Taxable debt securities
|
|
|
|
|
|
|
|
||||||||
U.S. Government and agencies and corporations
|
$
|
16,815
|
|
|
$
|
1,123
|
|
|
$
|
53
|
|
|
$
|
17,885
|
|
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government-sponsored agencies
|
136,821
|
|
|
2,862
|
|
|
318
|
|
|
139,365
|
|
||||
Nongovernment-sponsored entities
|
6,265
|
|
|
61
|
|
|
41
|
|
|
6,285
|
|
||||
State and political subdivisions
|
|
|
|
|
|
|
|
|
|
|
|
||||
Water and sewer revenues
|
250
|
|
|
—
|
|
|
—
|
|
|
250
|
|
||||
Corporate debt securities
|
19,928
|
|
|
60
|
|
|
460
|
|
|
19,528
|
|
||||
Total taxable debt securities
|
180,079
|
|
|
4,106
|
|
|
872
|
|
|
183,313
|
|
||||
Tax-exempt debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
State and political subdivisions
|
|
|
|
|
|
|
|
|
|
|
|
||||
General obligations
|
41,282
|
|
|
2,788
|
|
|
4
|
|
|
44,066
|
|
||||
Water and sewer revenues
|
7,535
|
|
|
360
|
|
|
—
|
|
|
7,895
|
|
||||
Lease revenues
|
6,267
|
|
|
458
|
|
|
—
|
|
|
6,725
|
|
||||
Sales tax revenues
|
2,889
|
|
|
182
|
|
|
—
|
|
|
3,071
|
|
||||
Other revenues
|
15,542
|
|
|
944
|
|
|
—
|
|
|
16,486
|
|
||||
Total tax-exempt debt securities
|
73,515
|
|
|
4,732
|
|
|
4
|
|
|
78,243
|
|
||||
Equity securities
|
77
|
|
|
—
|
|
|
—
|
|
|
77
|
|
||||
Total available for sale securities
|
$
|
253,671
|
|
|
$
|
8,838
|
|
|
$
|
876
|
|
|
$
|
261,633
|
|
|
December 31, 2015
|
||||||||||||||
|
Amortized
|
|
Unrealized
|
|
Estimated
|
||||||||||
Dollars in thousands
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
||||||||
Available for Sale
|
|
|
|
|
|
|
|
||||||||
Taxable debt securities
|
|
|
|
|
|
|
|
||||||||
U.S. Government and agencies and corporations
|
$
|
20,461
|
|
|
$
|
1,063
|
|
|
$
|
49
|
|
|
$
|
21,475
|
|
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government-sponsored agencies
|
145,586
|
|
|
1,943
|
|
|
795
|
|
|
146,734
|
|
||||
Nongovernment-sponsored entities
|
7,836
|
|
|
82
|
|
|
33
|
|
|
7,885
|
|
||||
State and political subdivisions
|
|
|
|
|
|
|
|
|
|
|
|
||||
Water and sewer revenues
|
250
|
|
|
—
|
|
|
—
|
|
|
250
|
|
||||
Other revenues
|
1,729
|
|
|
—
|
|
|
26
|
|
|
1,703
|
|
||||
Corporate debt securities
|
14,494
|
|
|
—
|
|
|
268
|
|
|
14,226
|
|
||||
Total taxable debt securities
|
190,356
|
|
|
3,088
|
|
|
1,171
|
|
|
192,273
|
|
||||
Tax-exempt debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
State and political subdivisions
|
|
|
|
|
|
|
|
|
|
|
|
||||
General obligations
|
52,490
|
|
|
1,767
|
|
|
41
|
|
|
54,216
|
|
||||
Water and sewer revenues
|
7,614
|
|
|
172
|
|
|
—
|
|
|
7,786
|
|
||||
Lease revenues
|
8,671
|
|
|
187
|
|
|
1
|
|
|
8,857
|
|
||||
Special tax revenues
|
4,532
|
|
|
72
|
|
|
—
|
|
|
4,604
|
|
||||
Other revenues
|
12,703
|
|
|
290
|
|
|
14
|
|
|
12,979
|
|
||||
Total tax-exempt debt securities
|
86,010
|
|
|
2,488
|
|
|
56
|
|
|
88,442
|
|
||||
Equity securities
|
77
|
|
|
—
|
|
|
—
|
|
|
77
|
|
||||
Total available for sale securities
|
$
|
276,443
|
|
|
$
|
5,576
|
|
|
$
|
1,227
|
|
|
$
|
280,792
|
|
|
June 30, 2015
|
||||||||||||||
|
Amortized
|
|
Unrealized
|
|
Estimated
|
||||||||||
Dollars in thousands
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
||||||||
Available for Sale
|
|
|
|
|
|
|
|
||||||||
Taxable debt securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Government and agencies and corporations
|
$
|
24,336
|
|
|
$
|
1,093
|
|
|
$
|
40
|
|
|
$
|
25,389
|
|
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government-sponsored agencies
|
150,675
|
|
|
3,005
|
|
|
737
|
|
|
152,943
|
|
||||
Nongovernment-sponsored agencies
|
9,880
|
|
|
116
|
|
|
34
|
|
|
9,962
|
|
||||
State and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Water and sewer revenues
|
500
|
|
|
3
|
|
|
—
|
|
|
503
|
|
||||
Lottery/casino revenues
|
1,218
|
|
|
—
|
|
|
37
|
|
|
1,181
|
|
||||
Corporate debt securities
|
11,896
|
|
|
—
|
|
|
90
|
|
|
11,806
|
|
||||
Total taxable debt securities
|
198,505
|
|
|
4,217
|
|
|
938
|
|
|
201,784
|
|
||||
Tax-exempt debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
State and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
||||
General obligations
|
49,067
|
|
|
1,463
|
|
|
586
|
|
|
49,944
|
|
||||
Water and sewer revenues
|
7,982
|
|
|
52
|
|
|
33
|
|
|
8,001
|
|
||||
Special tax revenues
|
4,548
|
|
|
30
|
|
|
72
|
|
|
4,506
|
|
||||
Lottery/casino revenues
|
3,576
|
|
|
58
|
|
|
74
|
|
|
3,560
|
|
||||
Other revenues
|
8,729
|
|
|
162
|
|
|
32
|
|
|
8,859
|
|
||||
Total tax-exempt debt securities
|
73,902
|
|
|
1,765
|
|
|
797
|
|
|
74,870
|
|
||||
Equity securities
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||
Total available for sale securities
|
$
|
272,414
|
|
|
$
|
5,982
|
|
|
$
|
1,735
|
|
|
$
|
276,661
|
|
|
June 30, 2016
|
||||||||||||||
|
Amortized
|
|
Unrealized
|
|
Estimated
|
||||||||||
Dollars in thousands
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Illinois
|
$
|
12,925
|
|
|
$
|
781
|
|
|
$
|
4
|
|
|
$
|
13,702
|
|
Michigan
|
11,216
|
|
|
609
|
|
|
—
|
|
|
11,825
|
|
||||
West Virginia
|
8,732
|
|
|
213
|
|
|
—
|
|
|
8,945
|
|
||||
Texas
|
6,132
|
|
|
461
|
|
|
—
|
|
|
6,593
|
|
||||
Indiana
|
4,724
|
|
|
361
|
|
|
—
|
|
|
5,085
|
|
Dollars in thousands
|
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||
Due in one year or less
|
|
$
|
56,757
|
|
|
$
|
57,762
|
|
Due from one to five years
|
|
91,359
|
|
|
93,272
|
|
||
Due from five to ten years
|
|
16,653
|
|
|
17,304
|
|
||
Due after ten years
|
|
88,825
|
|
|
93,218
|
|
||
Equity securities
|
|
77
|
|
|
77
|
|
||
|
|
$
|
253,671
|
|
|
$
|
261,633
|
|
|
June 30, 2016
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
Dollars in thousands
|
Estimated
Fair Value
|
|
Unrealized
Loss
|
|
Estimated
Fair Value
|
|
Unrealized
Loss
|
|
Estimated
Fair Value
|
|
Unrealized
Loss
|
||||||||||||
Temporarily impaired securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxable debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government agencies and corporations
|
$
|
878
|
|
|
$
|
(5
|
)
|
|
$
|
2,911
|
|
|
$
|
(48
|
)
|
|
$
|
3,789
|
|
|
$
|
(53
|
)
|
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Government-sponsored agencies
|
17,694
|
|
|
(206
|
)
|
|
11,424
|
|
|
(112
|
)
|
|
29,118
|
|
|
(318
|
)
|
||||||
Nongovernment-sponsored entities
|
—
|
|
|
—
|
|
|
3,723
|
|
|
(41
|
)
|
|
3,723
|
|
|
(41
|
)
|
||||||
Corporate debt securities
|
4,082
|
|
|
(184
|
)
|
|
3,134
|
|
|
(276
|
)
|
|
7,216
|
|
|
(460
|
)
|
||||||
Tax-exempt debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
State and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
General obligations
|
1,128
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
1,128
|
|
|
(4
|
)
|
||||||
Total temporarily impaired securities
|
23,782
|
|
|
(399
|
)
|
|
21,192
|
|
|
(477
|
)
|
|
44,974
|
|
|
(876
|
)
|
||||||
Total other-than-temporarily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
impaired securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
23,782
|
|
|
$
|
(399
|
)
|
|
$
|
21,192
|
|
|
$
|
(477
|
)
|
|
$
|
44,974
|
|
|
$
|
(876
|
)
|
|
December 31, 2015
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
Dollars in thousands
|
Estimated
Fair Value
|
|
Unrealized
Loss
|
|
Estimated
Fair Value
|
|
Unrealized
Loss
|
|
Estimated
Fair Value
|
|
Unrealized
Loss
|
||||||||||||
Temporarily impaired securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxable debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government agencies and corporations
|
$
|
2,104
|
|
|
$
|
(2
|
)
|
|
$
|
3,151
|
|
|
$
|
(47
|
)
|
|
$
|
5,255
|
|
|
$
|
(49
|
)
|
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Government-sponsored agencies
|
52,970
|
|
|
(569
|
)
|
|
8,672
|
|
|
(226
|
)
|
|
61,642
|
|
|
(795
|
)
|
||||||
Nongovernment-sponsored entities
|
2,298
|
|
|
—
|
|
|
2,819
|
|
|
(33
|
)
|
|
5,117
|
|
|
(33
|
)
|
||||||
State and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other revenues
|
1,702
|
|
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
1,702
|
|
|
(26
|
)
|
||||||
Corporate debt securities
|
8,367
|
|
|
(268
|
)
|
|
—
|
|
|
—
|
|
|
8,367
|
|
|
(268
|
)
|
||||||
Tax-exempt debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
State and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
General obligations
|
5,977
|
|
|
(41
|
)
|
|
—
|
|
|
—
|
|
|
5,977
|
|
|
(41
|
)
|
||||||
Lease revenues
|
576
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
576
|
|
|
(1
|
)
|
||||||
Other revenues
|
1,218
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
1,218
|
|
|
(14
|
)
|
||||||
Total temporarily impaired securities
|
75,212
|
|
|
(921
|
)
|
|
14,642
|
|
|
(306
|
)
|
|
89,854
|
|
|
(1,227
|
)
|
||||||
Total other-than-temporarily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
impaired securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
75,212
|
|
|
$
|
(921
|
)
|
|
$
|
14,642
|
|
|
$
|
(306
|
)
|
|
$
|
89,854
|
|
|
$
|
(1,227
|
)
|
Dollars in thousands
|
|
June 30,
2016 |
|
December 31,
2015 |
|
June 30,
2015 |
||||||
Commercial
|
|
$
|
101,521
|
|
|
$
|
97,201
|
|
|
$
|
97,284
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|||
Owner-occupied
|
|
190,534
|
|
|
203,555
|
|
|
191,743
|
|
|||
Non-owner occupied
|
|
348,099
|
|
|
337,294
|
|
|
331,056
|
|
|||
Construction and development
|
|
|
|
|
|
|
|
|
|
|||
Land and land development
|
|
65,702
|
|
|
65,500
|
|
|
64,435
|
|
|||
Construction
|
|
8,506
|
|
|
9,970
|
|
|
18,214
|
|
|||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|||
Non-jumbo
|
|
225,919
|
|
|
221,750
|
|
|
220,199
|
|
|||
Jumbo
|
|
52,105
|
|
|
50,313
|
|
|
49,203
|
|
|||
Home equity
|
|
75,904
|
|
|
74,300
|
|
|
72,504
|
|
|||
Mortgage warehouse lines
|
|
80,282
|
|
|
—
|
|
|
—
|
|
|||
Consumer
|
|
19,520
|
|
|
19,251
|
|
|
18,683
|
|
|||
Other
|
|
10,008
|
|
|
11,669
|
|
|
12,423
|
|
|||
Total loans, net of unearned fees
|
|
1,178,100
|
|
|
1,090,803
|
|
|
1,075,744
|
|
|||
Less allowance for loan losses
|
|
11,377
|
|
|
11,472
|
|
|
11,272
|
|
|||
Loans, net
|
|
$
|
1,166,723
|
|
|
$
|
1,079,331
|
|
|
$
|
1,064,472
|
|
|
At June 30, 2016
|
||||||||||||||||||||||
|
Past Due
|
|
|
|
> 90 days and Accruing
|
||||||||||||||||||
Dollars in thousands
|
30-59 days
|
|
60-89 days
|
|
> 90 days
|
|
Total
|
|
Current
|
|
|||||||||||||
Commercial
|
$
|
318
|
|
|
$
|
107
|
|
|
$
|
211
|
|
|
$
|
636
|
|
|
$
|
100,885
|
|
|
$
|
—
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Owner-occupied
|
157
|
|
|
—
|
|
|
1,278
|
|
|
1,435
|
|
|
189,099
|
|
|
—
|
|
||||||
Non-owner occupied
|
180
|
|
|
14
|
|
|
—
|
|
|
194
|
|
|
347,905
|
|
|
—
|
|
||||||
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Land and land development
|
45
|
|
|
475
|
|
|
4,748
|
|
|
5,268
|
|
|
60,434
|
|
|
—
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,506
|
|
|
—
|
|
||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-jumbo
|
3,978
|
|
|
950
|
|
|
2,466
|
|
|
7,394
|
|
|
218,525
|
|
|
—
|
|
||||||
Jumbo
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,105
|
|
|
—
|
|
||||||
Home equity
|
—
|
|
|
77
|
|
|
447
|
|
|
524
|
|
|
75,380
|
|
|
—
|
|
||||||
Mortgage warehouse lines
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,282
|
|
|
—
|
|
||||||
Consumer
|
145
|
|
|
52
|
|
|
84
|
|
|
281
|
|
|
19,239
|
|
|
—
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,008
|
|
|
—
|
|
||||||
Total
|
$
|
4,823
|
|
|
$
|
1,675
|
|
|
$
|
9,234
|
|
|
$
|
15,732
|
|
|
$
|
1,162,368
|
|
|
$
|
—
|
|
|
At December 31, 2015
|
||||||||||||||||||||||
|
Past Due
|
|
|
|
> 90 days and Accruing
|
||||||||||||||||||
Dollars in thousands
|
30-59 days
|
|
60-89 days
|
|
> 90 days
|
|
Total
|
|
Current
|
|
|||||||||||||
Commercial
|
$
|
345
|
|
|
$
|
26
|
|
|
$
|
632
|
|
|
$
|
1,003
|
|
|
$
|
96,198
|
|
|
$
|
—
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Owner-occupied
|
158
|
|
|
386
|
|
|
437
|
|
|
981
|
|
|
202,574
|
|
|
—
|
|
||||||
Non-owner occupied
|
1
|
|
|
—
|
|
|
856
|
|
|
857
|
|
|
336,437
|
|
|
—
|
|
||||||
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Land and land development
|
1,182
|
|
|
194
|
|
|
4,547
|
|
|
5,923
|
|
|
59,577
|
|
|
—
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,970
|
|
|
—
|
|
||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-jumbo
|
2,276
|
|
|
2,647
|
|
|
1,591
|
|
|
6,514
|
|
|
215,236
|
|
|
—
|
|
||||||
Jumbo
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,313
|
|
|
—
|
|
||||||
Home equity
|
374
|
|
|
172
|
|
|
100
|
|
|
646
|
|
|
73,654
|
|
|
—
|
|
||||||
Consumer
|
155
|
|
|
41
|
|
|
92
|
|
|
288
|
|
|
18,963
|
|
|
9
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,669
|
|
|
—
|
|
||||||
Total
|
$
|
4,491
|
|
|
$
|
3,466
|
|
|
$
|
8,255
|
|
|
$
|
16,212
|
|
|
$
|
1,074,591
|
|
|
$
|
9
|
|
|
At June 30, 2015
|
||||||||||||||||||||||
|
Past Due
|
|
|
|
> 90 days and Accruing
|
||||||||||||||||||
Dollars in thousands
|
30-59 days
|
|
60-89 days
|
|
> 90 days
|
|
Total
|
|
Current
|
|
|||||||||||||
Commercial
|
$
|
344
|
|
|
$
|
—
|
|
|
$
|
661
|
|
|
$
|
1,005
|
|
|
$
|
96,279
|
|
|
$
|
—
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Owner-occupied
|
118
|
|
|
—
|
|
|
630
|
|
|
748
|
|
|
190,995
|
|
|
—
|
|
||||||
Non-owner occupied
|
320
|
|
|
5,629
|
|
|
309
|
|
|
6,258
|
|
|
324,798
|
|
|
—
|
|
||||||
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Land and land development
|
—
|
|
|
21
|
|
|
5,228
|
|
|
5,249
|
|
|
59,186
|
|
|
—
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,214
|
|
|
—
|
|
||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-jumbo
|
2,263
|
|
|
1,335
|
|
|
2,137
|
|
|
5,735
|
|
|
214,464
|
|
|
—
|
|
||||||
Jumbo
|
—
|
|
|
1,111
|
|
|
724
|
|
|
1,835
|
|
|
47,368
|
|
|
—
|
|
||||||
Home equity
|
171
|
|
|
195
|
|
|
37
|
|
|
403
|
|
|
72,101
|
|
|
—
|
|
||||||
Consumer
|
204
|
|
|
27
|
|
|
42
|
|
|
273
|
|
|
18,410
|
|
|
8
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,423
|
|
|
—
|
|
||||||
Total
|
$
|
3,420
|
|
|
$
|
8,318
|
|
|
$
|
9,768
|
|
|
$
|
21,506
|
|
|
$
|
1,054,238
|
|
|
$
|
8
|
|
|
|
June 30,
|
|
December 31,
|
||||||||
Dollars in thousands
|
|
2016
|
|
2015
|
|
2015
|
||||||
Commercial
|
|
$
|
399
|
|
|
$
|
1,065
|
|
|
$
|
853
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|||
Owner-occupied
|
|
1,278
|
|
|
880
|
|
|
437
|
|
|||
Non-owner occupied
|
|
4,495
|
|
|
1,541
|
|
|
5,518
|
|
|||
Construction and development
|
|
|
|
|
|
|
|
|
|
|||
Land & land development
|
|
5,400
|
|
|
5,627
|
|
|
5,623
|
|
|||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Residential mortgage
|
|
|
|
|
|
|
|
|
|
|||
Non-jumbo
|
|
2,937
|
|
|
3,501
|
|
|
2,987
|
|
|||
Jumbo
|
|
—
|
|
|
724
|
|
|
—
|
|
|||
Home equity
|
|
594
|
|
|
208
|
|
|
258
|
|
|||
Mortgage warehouse lines
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Consumer
|
|
91
|
|
|
37
|
|
|
83
|
|
|||
Total
|
|
$
|
15,194
|
|
|
$
|
13,583
|
|
|
$
|
15,759
|
|
▪
|
Loans which we risk-rate (consisting of loan relationships having aggregate balances in excess of $
2.5 million
, or loans exceeding $
500,000
and exhibiting credit weakness) through our normal loan review procedures and which, based on current information and events, it is probable that we will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement. Risk-rated loans with insignificant delays or insignificant short falls in the amount of payments expected to be collected are not considered to be impaired.
|
▪
|
Loans that have been modified in a troubled debt restructuring.
|
|
June 30, 2016
|
||||||||||||||||||
Dollars in thousands
|
Recorded
Investment
|
|
Unpaid
Principal Balance
|
|
Related
Allowance
|
|
Average
Impaired
Balance
|
|
Interest Income
Recognized
while impaired
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Without a related allowance
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
798
|
|
|
$
|
798
|
|
|
$
|
—
|
|
|
$
|
199
|
|
|
$
|
9
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Owner-occupied
|
5,305
|
|
|
5,305
|
|
|
—
|
|
|
5,375
|
|
|
208
|
|
|||||
Non-owner occupied
|
10,469
|
|
|
10,470
|
|
|
—
|
|
|
10,912
|
|
|
297
|
|
|||||
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Land & land development
|
7,364
|
|
|
7,365
|
|
|
—
|
|
|
7,408
|
|
|
162
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-jumbo
|
3,866
|
|
|
3,880
|
|
|
—
|
|
|
3,780
|
|
|
169
|
|
|||||
Jumbo
|
3,713
|
|
|
3,711
|
|
|
—
|
|
|
3,725
|
|
|
177
|
|
|||||
Home equity
|
709
|
|
|
709
|
|
|
—
|
|
|
709
|
|
|
21
|
|
|||||
Mortgage warehouse lines
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
53
|
|
|
53
|
|
|
—
|
|
|
57
|
|
|
5
|
|
|||||
Total without a related allowance
|
$
|
32,277
|
|
|
$
|
32,291
|
|
|
$
|
—
|
|
|
$
|
32,165
|
|
|
$
|
1,048
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
With a related allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
$
|
19
|
|
|
$
|
19
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Owner-occupied
|
2,882
|
|
|
2,882
|
|
|
13
|
|
|
2,906
|
|
|
112
|
|
|||||
Non-owner occupied
|
1,859
|
|
|
1,859
|
|
|
144
|
|
|
1,850
|
|
|
72
|
|
|||||
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Land & land development
|
1,153
|
|
|
1,153
|
|
|
141
|
|
|
1,152
|
|
|
—
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-jumbo
|
2,331
|
|
|
2,332
|
|
|
179
|
|
|
2,335
|
|
|
112
|
|
|||||
Jumbo
|
864
|
|
|
864
|
|
|
28
|
|
|
866
|
|
|
43
|
|
|||||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total with a related allowance
|
$
|
9,108
|
|
|
$
|
9,109
|
|
|
$
|
524
|
|
|
$
|
9,109
|
|
|
$
|
339
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
$
|
29,849
|
|
|
$
|
29,851
|
|
|
$
|
317
|
|
|
$
|
29,802
|
|
|
$
|
860
|
|
Residential real estate
|
11,483
|
|
|
11,496
|
|
|
207
|
|
|
11,415
|
|
|
522
|
|
|||||
Consumer
|
53
|
|
|
53
|
|
|
—
|
|
|
57
|
|
|
5
|
|
|||||
Total
|
$
|
41,385
|
|
|
$
|
41,400
|
|
|
$
|
524
|
|
|
$
|
41,274
|
|
|
$
|
1,387
|
|
|
December 31, 2015
|
||||||||||||||||||
Dollars in thousands
|
Recorded
Investment
|
|
Unpaid
Principal Balance
|
|
Related
Allowance
|
|
Average
Impaired
Balance
|
|
Interest Income
Recognized
while impaired
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Without a related allowance
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
242
|
|
|
$
|
242
|
|
|
$
|
—
|
|
|
$
|
319
|
|
|
$
|
17
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Owner-occupied
|
5,401
|
|
|
5,402
|
|
|
—
|
|
|
5,438
|
|
|
191
|
|
|||||
Non-owner occupied
|
10,740
|
|
|
10,741
|
|
|
—
|
|
|
9,982
|
|
|
310
|
|
|||||
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Land & land development
|
7,635
|
|
|
7,635
|
|
|
—
|
|
|
9,497
|
|
|
263
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-jumbo
|
3,590
|
|
|
3,600
|
|
|
—
|
|
|
3,316
|
|
|
160
|
|
|||||
Jumbo
|
3,871
|
|
|
3,869
|
|
|
—
|
|
|
4,412
|
|
|
181
|
|
|||||
Home equity
|
709
|
|
|
709
|
|
|
—
|
|
|
709
|
|
|
32
|
|
|||||
Consumer
|
68
|
|
|
68
|
|
|
—
|
|
|
72
|
|
|
6
|
|
|||||
Total without a related allowance
|
$
|
32,256
|
|
|
$
|
32,266
|
|
|
$
|
—
|
|
|
$
|
33,745
|
|
|
$
|
1,160
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
With a related allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Owner-occupied
|
2,997
|
|
|
2,997
|
|
|
45
|
|
|
3,003
|
|
|
135
|
|
|||||
Non-owner occupied
|
2,709
|
|
|
2,709
|
|
|
386
|
|
|
2,728
|
|
|
72
|
|
|||||
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Land & land development
|
1,139
|
|
|
1,139
|
|
|
85
|
|
|
1,154
|
|
|
—
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-jumbo
|
2,530
|
|
|
2,531
|
|
|
226
|
|
|
2,552
|
|
|
114
|
|
|||||
Jumbo
|
871
|
|
|
871
|
|
|
34
|
|
|
878
|
|
|
43
|
|
|||||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total with a related allowance
|
$
|
10,246
|
|
|
$
|
10,247
|
|
|
$
|
776
|
|
|
$
|
10,315
|
|
|
$
|
364
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
$
|
30,863
|
|
|
$
|
30,865
|
|
|
$
|
516
|
|
|
$
|
32,121
|
|
|
$
|
988
|
|
Residential real estate
|
11,571
|
|
|
11,580
|
|
|
260
|
|
|
11,867
|
|
|
530
|
|
|||||
Consumer
|
68
|
|
|
68
|
|
|
—
|
|
|
72
|
|
|
6
|
|
|||||
Total
|
$
|
42,502
|
|
|
$
|
42,513
|
|
|
$
|
776
|
|
|
$
|
44,060
|
|
|
$
|
1,524
|
|
|
June 30, 2015
|
||||||||||||||||||
Dollars in thousands
|
Recorded
Investment
|
|
Unpaid
Principal Balance
|
|
Related
Allowance
|
|
Average
Impaired
Balance
|
|
Interest Income
Recognized
while impaired
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Without a related allowance
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
343
|
|
|
$
|
343
|
|
|
$
|
—
|
|
|
$
|
362
|
|
|
$
|
42
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Owner-occupied
|
10,101
|
|
|
10,100
|
|
|
—
|
|
|
8,156
|
|
|
598
|
|
|||||
Non-owner occupied
|
6,938
|
|
|
6,940
|
|
|
—
|
|
|
6,333
|
|
|
566
|
|
|||||
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Land & land development
|
11,139
|
|
|
11,139
|
|
|
—
|
|
|
11,916
|
|
|
672
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-jumbo
|
3,307
|
|
|
3,316
|
|
|
—
|
|
|
3,345
|
|
|
318
|
|
|||||
Jumbo
|
4,933
|
|
|
4,931
|
|
|
—
|
|
|
7,472
|
|
|
474
|
|
|||||
Home equity
|
710
|
|
|
709
|
|
|
—
|
|
|
709
|
|
|
61
|
|
|||||
Consumer
|
74
|
|
|
75
|
|
|
—
|
|
|
77
|
|
|
14
|
|
|||||
Total without a related allowance
|
$
|
37,545
|
|
|
$
|
37,553
|
|
|
$
|
—
|
|
|
$
|
38,370
|
|
|
$
|
2,745
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
With a related allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Owner-occupied
|
4,569
|
|
|
4,569
|
|
|
232
|
|
|
4,577
|
|
|
378
|
|
|||||
Non-owner occupied
|
806
|
|
|
807
|
|
|
64
|
|
|
799
|
|
|
55
|
|
|||||
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Land & land development
|
133
|
|
|
133
|
|
|
133
|
|
|
534
|
|
|
63
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-jumbo
|
2,948
|
|
|
2,950
|
|
|
331
|
|
|
2,959
|
|
|
239
|
|
|||||
Jumbo
|
1,600
|
|
|
1,604
|
|
|
71
|
|
|
1,600
|
|
|
89
|
|
|||||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total with a related allowance
|
$
|
10,056
|
|
|
$
|
10,063
|
|
|
$
|
831
|
|
|
$
|
10,469
|
|
|
$
|
824
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
$
|
34,029
|
|
|
$
|
34,031
|
|
|
$
|
429
|
|
|
$
|
32,677
|
|
|
$
|
2,374
|
|
Residential real estate
|
13,498
|
|
|
13,510
|
|
|
402
|
|
|
16,085
|
|
|
1,181
|
|
|||||
Consumer
|
74
|
|
|
75
|
|
|
—
|
|
|
77
|
|
|
14
|
|
|||||
Total
|
$
|
47,601
|
|
|
$
|
47,616
|
|
|
$
|
831
|
|
|
$
|
48,839
|
|
|
$
|
3,569
|
|
|
For the Three Months Ended
June 30, 2016 |
|
For the Six Months Ended
June 30, 2016 |
||||||||||||||||||
Dollars in thousands
|
Number of
Modifications
|
|
Pre-modification
Recorded
Investment
|
|
Post-modification
Recorded
Investment
|
|
Number of
Modifications
|
|
Pre-modification
Recorded
Investment
|
|
Post-modification
Recorded
Investment
|
||||||||||
Commercial
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner-occupied
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Non-owner occupied
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Land & land development
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-jumbo
|
2
|
|
|
145
|
|
|
145
|
|
|
3
|
|
|
395
|
|
|
395
|
|
||||
Jumbo
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Mortgage warehouse lines
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer
|
1
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Total
|
3
|
|
|
$
|
147
|
|
|
$
|
147
|
|
|
4
|
|
|
$
|
397
|
|
|
$
|
397
|
|
|
For the Three Months Ended
June 30, 2016 |
|
For the Six Months Ended
June 30, 2016 |
||||||||||
Dollars in thousands
|
Number
of
Defaults
|
|
Recorded
Investment
at Default Date
|
|
Number
of
Defaults
|
|
Recorded
Investment
at Default Date
|
||||||
Commercial
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||
Owner-occupied
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Non-owner occupied
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|||
Land & land development
|
1
|
|
|
1,182
|
|
|
1
|
|
|
1,182
|
|
||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
||
Non-jumbo
|
2
|
|
|
145
|
|
|
2
|
|
|
145
|
|
||
Jumbo
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Mortgage warehouse lines
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Consumer
|
1
|
|
|
2
|
|
|
1
|
|
|
2
|
|
||
Total
|
4
|
|
|
$
|
1,329
|
|
|
4
|
|
|
$
|
1,329
|
|
For the Three Months Ended June 30, 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Construction & Land Development
|
|
|
|
Commercial Real Estate
|
|
Residential Real Estate
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Dollars in thousands
|
Land &
Land
Develop-
ment
|
|
Construc-
tion
|
|
Commer-
cial
|
|
Owner
Occupied
|
|
Non-
Owner
Occupied
|
|
Non-
jumbo
|
|
Jumbo
|
|
Home
Equity
|
|
Mortgage Warehouse Lines
|
|
Con-
sumer
|
|
Other
|
|
Total
|
||||||||||||||||||||||||
Troubled debt restructurings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Balance April 1, 2016
|
$
|
3,997
|
|
|
$
|
—
|
|
|
$
|
200
|
|
|
$
|
9,282
|
|
|
$
|
6,014
|
|
|
$
|
5,664
|
|
|
$
|
4,607
|
|
|
$
|
523
|
|
|
$
|
—
|
|
|
$
|
62
|
|
|
$
|
—
|
|
|
$
|
30,349
|
|
Additions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
145
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
146
|
|
||||||||||||
Charge-offs
|
—
|
|
|
—
|
|
|
—
|
|
|
(127
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(127
|
)
|
||||||||||||
Net (paydowns) advances
|
(41
|
)
|
|
—
|
|
|
(2
|
)
|
|
(37
|
)
|
|
(13
|
)
|
|
(352
|
)
|
|
(32
|
)
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(486
|
)
|
||||||||||||
Transfer into foreclosed properties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Refinance out of TDR status
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Balance, June 30, 2016
|
$
|
3,956
|
|
|
$
|
—
|
|
|
$
|
198
|
|
|
$
|
9,118
|
|
|
$
|
6,001
|
|
|
$
|
5,457
|
|
|
$
|
4,575
|
|
|
$
|
523
|
|
|
$
|
—
|
|
|
$
|
54
|
|
|
$
|
—
|
|
|
$
|
29,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Allowance related to troubled debt restructurings
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
149
|
|
|
$
|
7
|
|
|
$
|
179
|
|
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
363
|
|
For the Six Months Ended June 30, 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Construction & Land Development
|
|
|
|
Commercial Real Estate
|
|
Residential Real Estate
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Dollars in thousands
|
Land &
Land
Develop-
ment
|
|
Construc-
tion
|
|
Commer-
cial
|
|
Owner
Occupied
|
|
Non-
Owner
Occupied
|
|
Non-
jumbo
|
|
Jumbo
|
|
Home
Equity
|
|
Mortgage Warehouse Lines
|
|
Con-
sumer
|
|
Other
|
|
Total
|
||||||||||||||||||||||||
Troubled debt restructurings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Balance January 1, 2016
|
$
|
4,188
|
|
|
$
|
—
|
|
|
$
|
242
|
|
|
$
|
9,314
|
|
|
$
|
6,059
|
|
|
$
|
5,496
|
|
|
$
|
4,634
|
|
|
$
|
523
|
|
|
$
|
—
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
30,524
|
|
Additions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
395
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
396
|
|
||||||||||||
Charge-offs
|
—
|
|
|
—
|
|
|
—
|
|
|
(127
|
)
|
|
—
|
|
|
(52
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(179
|
)
|
||||||||||||
Net (paydowns) advances
|
(232
|
)
|
|
—
|
|
|
(44
|
)
|
|
(69
|
)
|
|
(58
|
)
|
|
(382
|
)
|
|
(59
|
)
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(859
|
)
|
||||||||||||
Transfer into foreclosed properties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Refinance out of TDR status
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Balance, June 30, 2016
|
$
|
3,956
|
|
|
$
|
—
|
|
|
$
|
198
|
|
|
$
|
9,118
|
|
|
$
|
6,001
|
|
|
$
|
5,457
|
|
|
$
|
4,575
|
|
|
$
|
523
|
|
|
$
|
—
|
|
|
$
|
54
|
|
|
$
|
—
|
|
|
$
|
29,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Allowance related to troubled debt restructurings
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
149
|
|
|
$
|
7
|
|
|
$
|
179
|
|
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
363
|
|
|
Performing
|
|
Nonperforming
|
||||||||||||||||||||
Dollars in thousands
|
6/30/2016
|
|
12/31/2015
|
|
6/30/2015
|
|
6/30/2016
|
|
12/31/2015
|
|
6/30/2015
|
||||||||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-jumbo
|
$
|
222,982
|
|
|
$
|
218,763
|
|
|
$
|
216,698
|
|
|
$
|
2,937
|
|
|
$
|
2,987
|
|
|
$
|
3,501
|
|
Jumbo
|
52,105
|
|
|
50,313
|
|
|
48,479
|
|
|
—
|
|
|
—
|
|
|
724
|
|
||||||
Home Equity
|
75,310
|
|
|
74,042
|
|
|
72,296
|
|
|
594
|
|
|
258
|
|
|
208
|
|
||||||
Consumer
|
19,418
|
|
|
19,149
|
|
|
18,637
|
|
|
102
|
|
|
102
|
|
|
46
|
|
||||||
Other
|
10,008
|
|
|
11,669
|
|
|
12,423
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
379,823
|
|
|
$
|
373,936
|
|
|
$
|
368,533
|
|
|
$
|
3,633
|
|
|
$
|
3,347
|
|
|
$
|
4,479
|
|
|
|
Six Months Ended
June 30, |
|
Year Ended
December 31, |
||||||||
Dollars in thousands
|
|
2016
|
|
2015
|
|
2015
|
||||||
Balance, beginning of year
|
|
$
|
11,472
|
|
|
$
|
11,167
|
|
|
$
|
11,167
|
|
Losses:
|
|
|
|
|
|
|
||||||
Commercial
|
|
260
|
|
|
77
|
|
|
77
|
|
|||
Commercial real estate
|
|
|
|
|
|
|
||||||
Owner occupied
|
|
166
|
|
|
269
|
|
|
559
|
|
|||
Non-owner occupied
|
|
121
|
|
|
—
|
|
|
178
|
|
|||
Construction and development
|
|
|
|
|
|
|
||||||
Land and land development
|
|
—
|
|
|
434
|
|
|
457
|
|
|||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Residential real estate
|
|
|
|
|
|
|
||||||
Non-jumbo
|
|
118
|
|
|
284
|
|
|
417
|
|
|||
Jumbo
|
|
—
|
|
|
—
|
|
|
208
|
|
|||
Home equity
|
|
10
|
|
|
76
|
|
|
76
|
|
|||
Mortgage warehouse lines
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Consumer
|
|
57
|
|
|
48
|
|
|
69
|
|
|||
Other
|
|
92
|
|
|
56
|
|
|
110
|
|
|||
Total
|
|
824
|
|
|
1,244
|
|
|
2,151
|
|
|||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|||
Commercial
|
|
62
|
|
|
4
|
|
|
10
|
|
|||
Commercial real estate
|
|
|
|
|
|
|
||||||
Owner occupied
|
|
17
|
|
|
5
|
|
|
290
|
|
|||
Non-owner occupied
|
|
6
|
|
|
4
|
|
|
13
|
|
|||
Construction and development
|
|
|
|
|
|
|
||||||
Land and land development
|
|
12
|
|
|
322
|
|
|
456
|
|
|||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Real estate - mortgage
|
|
|
|
|
|
|
||||||
Non-jumbo
|
|
48
|
|
|
63
|
|
|
107
|
|
|||
Jumbo
|
|
6
|
|
|
96
|
|
|
96
|
|
|||
Home equity
|
|
2
|
|
|
2
|
|
|
3
|
|
|||
Mortgage warehouse lines
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Consumer
|
|
34
|
|
|
68
|
|
|
105
|
|
|||
Other
|
|
42
|
|
|
35
|
|
|
126
|
|
|||
Total
|
|
229
|
|
|
599
|
|
|
1,206
|
|
|||
Net losses
|
|
595
|
|
|
645
|
|
|
945
|
|
|||
Provision for loan losses
|
|
500
|
|
|
750
|
|
|
1,250
|
|
|||
Balance, end of period
|
|
$
|
11,377
|
|
|
$
|
11,272
|
|
|
$
|
11,472
|
|
|
Construction & Land Development
|
|
|
|
Commercial Real Estate
|
|
Residential Real Estate
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
Dollars in thousands
|
Land &
Land
Develop-
ment
|
|
Construc-
tion
|
|
Commer-
cial
|
|
Owner
Occupied
|
|
Non-
Owner
Occupied
|
|
Non-
jumbo
|
|
Jumbo
|
|
Home
Equity
|
|
Mortgage Warehouse Lines
|
|
Con-
sumer
|
|
Other
|
|
Total
|
||||||||||||||||||||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Beginning balance
|
$
|
2,852
|
|
|
$
|
15
|
|
|
$
|
780
|
|
|
$
|
1,589
|
|
|
$
|
2,977
|
|
|
$
|
1,253
|
|
|
$
|
1,593
|
|
|
$
|
253
|
|
|
$
|
—
|
|
|
$
|
60
|
|
|
$
|
100
|
|
|
$
|
11,472
|
|
Charge-offs
|
—
|
|
|
—
|
|
|
260
|
|
|
166
|
|
|
121
|
|
|
118
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
57
|
|
|
92
|
|
|
824
|
|
||||||||||||
Recoveries
|
12
|
|
|
—
|
|
|
62
|
|
|
17
|
|
|
6
|
|
|
48
|
|
|
6
|
|
|
2
|
|
|
—
|
|
|
34
|
|
|
42
|
|
|
229
|
|
||||||||||||
Provision
|
(1,251
|
)
|
|
62
|
|
|
476
|
|
|
512
|
|
|
(31
|
)
|
|
1,018
|
|
|
(834
|
)
|
|
365
|
|
|
—
|
|
|
165
|
|
|
18
|
|
|
500
|
|
||||||||||||
Ending balance
|
$
|
1,613
|
|
|
$
|
77
|
|
|
$
|
1,058
|
|
|
$
|
1,952
|
|
|
$
|
2,831
|
|
|
$
|
2,201
|
|
|
$
|
765
|
|
|
$
|
610
|
|
|
$
|
—
|
|
|
$
|
202
|
|
|
$
|
68
|
|
|
$
|
11,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Allowance related to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans individually
evaluated for impairment
|
$
|
141
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
13
|
|
|
$
|
144
|
|
|
$
|
179
|
|
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
524
|
|
Loans collectively
evaluated for impairment
|
1,472
|
|
|
77
|
|
|
1,039
|
|
|
1,939
|
|
|
2,687
|
|
|
2,022
|
|
|
737
|
|
|
610
|
|
|
—
|
|
|
202
|
|
|
68
|
|
|
10,853
|
|
||||||||||||
Total
|
$
|
1,613
|
|
|
$
|
77
|
|
|
$
|
1,058
|
|
|
$
|
1,952
|
|
|
$
|
2,831
|
|
|
$
|
2,201
|
|
|
$
|
765
|
|
|
$
|
610
|
|
|
$
|
—
|
|
|
$
|
202
|
|
|
$
|
68
|
|
|
$
|
11,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Loans individually
evaluated for impairment
|
$
|
8,518
|
|
|
$
|
—
|
|
|
$
|
817
|
|
|
$
|
8,187
|
|
|
$
|
12,329
|
|
|
$
|
6,212
|
|
|
$
|
4,575
|
|
|
$
|
709
|
|
|
$
|
—
|
|
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
41,400
|
|
Loans collectively
evaluated for impairment
|
57,184
|
|
|
8,506
|
|
|
100,704
|
|
|
182,347
|
|
|
335,770
|
|
|
219,707
|
|
|
47,530
|
|
|
75,195
|
|
|
80,282
|
|
|
19,467
|
|
|
10,008
|
|
|
$
|
1,136,700
|
|
|||||||||||
Total
|
$
|
65,702
|
|
|
$
|
8,506
|
|
|
$
|
101,521
|
|
|
$
|
190,534
|
|
|
$
|
348,099
|
|
|
$
|
225,919
|
|
|
$
|
52,105
|
|
|
$
|
75,904
|
|
|
$
|
80,282
|
|
|
$
|
19,520
|
|
|
$
|
10,008
|
|
|
$
|
1,178,100
|
|
|
|
Goodwill Activity
|
||||||||||
Dollars in thousands
|
|
Community Banking
|
|
Insurance Services
|
|
Total
|
||||||
Balance, January 1, 2016
|
|
$
|
1,488
|
|
|
$
|
4,710
|
|
|
$
|
6,198
|
|
Acquired goodwill, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance, June 30, 2016
|
|
$
|
1,488
|
|
|
$
|
4,710
|
|
|
$
|
6,198
|
|
|
|
Other Intangible Assets
|
||||||||||||||||||||||
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
Dollars in thousands
|
|
Community
Banking
|
|
Insurance
Services
|
|
Total
|
|
Community
Banking
|
|
Insurances
Services
|
|
Total
|
||||||||||||
Unidentifiable intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross carrying amount
|
|
$
|
2,268
|
|
|
$
|
—
|
|
|
$
|
2,268
|
|
|
$
|
2,268
|
|
|
$
|
—
|
|
|
$
|
2,268
|
|
Less: accumulated amortization
|
|
2,268
|
|
|
—
|
|
|
2,268
|
|
|
2,268
|
|
|
—
|
|
|
2,268
|
|
||||||
Net carrying amount
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Identifiable intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gross carrying amount
|
|
$
|
—
|
|
|
$
|
3,000
|
|
|
$
|
3,000
|
|
|
$
|
—
|
|
|
$
|
3,000
|
|
|
$
|
3,000
|
|
Less: accumulated amortization
|
|
—
|
|
|
1,800
|
|
|
1,800
|
|
|
—
|
|
|
1,700
|
|
|
1,700
|
|
||||||
Net carrying amount
|
|
$
|
—
|
|
|
$
|
1,200
|
|
|
$
|
1,200
|
|
|
$
|
—
|
|
|
$
|
1,300
|
|
|
$
|
1,300
|
|
Dollars in thousands
|
|
June 30,
2016 |
|
December 31,
2015 |
|
June 30,
2015 |
||||||
Demand deposits, interest bearing
|
|
$
|
205,095
|
|
|
$
|
215,721
|
|
|
$
|
202,957
|
|
Savings deposits
|
|
306,785
|
|
|
266,825
|
|
|
246,949
|
|
|||
Time deposits
|
|
463,820
|
|
|
465,153
|
|
|
490,148
|
|
|||
Total
|
|
$
|
975,700
|
|
|
$
|
947,699
|
|
|
$
|
940,054
|
|
Dollars in thousands
|
|
||
Six month period ending December 31, 2016
|
$
|
114,537
|
|
Year ending December 31, 2017
|
145,412
|
|
|
Year ending December 31, 2018
|
71,393
|
|
|
Year ending December 31, 2019
|
44,729
|
|
|
Year ending December 31, 2020
|
42,003
|
|
|
Thereafter
|
45,746
|
|
|
Total
|
$
|
463,820
|
|
Dollars in thousands
|
Amount
|
|
Percent
|
|||
Three months or less
|
$
|
30,202
|
|
|
8.7
|
%
|
Three through six months
|
48,430
|
|
|
13.9
|
%
|
|
Six through twelve months
|
70,790
|
|
|
20.3
|
%
|
|
Over twelve months
|
198,840
|
|
|
57.1
|
%
|
|
Total
|
$
|
348,262
|
|
|
100.00
|
%
|
|
Six Months Ended June 30,
|
||||||||||||||
|
2016
|
|
2015
|
||||||||||||
Dollars in thousands
|
Short-term
FHLB
Advances
|
|
Federal Funds
Purchased
and Lines
of Credit
|
|
Short-term
FHLB
Advances
|
|
Federal Funds
Purchased
and Lines
of Credit
|
||||||||
Balance at June 30
|
$
|
202,100
|
|
|
$
|
3,453
|
|
|
$
|
171,160
|
|
|
$
|
3,439
|
|
Average balance outstanding for the period
|
172,662
|
|
|
3,448
|
|
|
143,781
|
|
|
5,988
|
|
||||
Maximum balance outstanding at any month end during period
|
218,950
|
|
|
3,453
|
|
|
171,160
|
|
|
7,438
|
|
||||
Weighted average interest rate for the period
|
0.59
|
%
|
|
0.50
|
%
|
|
0.32
|
%
|
|
0.25
|
%
|
||||
Weighted average interest rate for balances
|
|
|
|
|
|
|
|
|
|
|
|
||||
outstanding at June 30
|
0.58
|
%
|
|
0.50
|
%
|
|
0.32
|
%
|
|
0.25
|
%
|
|
Year Ended December 31, 2015
|
||||||
Dollars in thousands
|
Short-term
FHLB
Advances
|
|
Federal Funds
Purchased
and Lines
of Credit
|
||||
Balance at December 31
|
$
|
167,950
|
|
|
$
|
3,444
|
|
Average balance outstanding for the period
|
146,412
|
|
|
4,690
|
|
||
Maximum balance outstanding at any month end during period
|
171,160
|
|
|
7,438
|
|
||
Weighted average interest rate for the period
|
0.43
|
%
|
|
0.50
|
%
|
||
Weighted average interest rate for balances outstanding at December 31
|
0.35
|
%
|
|
0.26
|
%
|
|
Balance at June 30,
|
|
Balance at
December 31, |
||||||||
Dollars in thousands
|
2016
|
|
2015
|
|
2015
|
||||||
Long-term FHLB advances
|
$
|
820
|
|
|
$
|
925
|
|
|
$
|
873
|
|
Long-term reverse repurchase agreements
|
72,000
|
|
|
72,000
|
|
|
72,000
|
|
|||
Term loan
|
1,805
|
|
|
3,611
|
|
|
2,708
|
|
|||
Total
|
$
|
74,625
|
|
|
$
|
76,536
|
|
|
$
|
75,581
|
|
Dollars in thousands
|
|
|
Long-term
borrowings
|
|
Subordinated
debentures owed
to unconsolidated
subsidiary trusts
|
||||
Year Ending December 31,
|
2016
|
|
$
|
27,955
|
|
|
$
|
—
|
|
|
2017
|
|
918
|
|
|
—
|
|
||
|
2018
|
|
45,017
|
|
|
—
|
|
||
|
2019
|
|
18
|
|
|
—
|
|
||
|
2020
|
|
19
|
|
|
—
|
|
||
|
Thereafter
|
|
698
|
|
|
19,589
|
|
||
|
|
|
$
|
74,625
|
|
|
$
|
19,589
|
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
||||||||||
|
Options/SARs
|
|
Weighted-Average
Exercise Price
|
|
Options/SARs
|
|
Weighted-Average
Exercise Price
|
||||||
Outstanding, January 1
|
244,147
|
|
|
$
|
14.05
|
|
|
157,170
|
|
|
$
|
20.43
|
|
Granted
|
—
|
|
|
—
|
|
|
166,717
|
|
|
12.01
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Expired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Outstanding, June 30
|
244,147
|
|
|
$
|
14.05
|
|
|
323,887
|
|
|
$
|
16.10
|
|
|
Options/SARs Outstanding
|
|
Options/SARs Exercisable
|
||||||||||||||||||||
Range of
exercise price
|
# of
awards
|
|
WAEP
|
|
Wted. Avg.
Remaining
Contractual
Life (yrs)
|
|
Aggregate
Intrinsic
Value
(in thousands)
|
|
# of
awards
|
|
WAEP
|
|
Aggregate
Intrinsic
Value
(in thousands)
|
||||||||||
$2.54 - $6.00
|
7,750
|
|
|
$
|
3.75
|
|
|
4.68
|
|
$
|
107
|
|
|
7,750
|
|
|
$
|
3.75
|
|
|
$
|
107
|
|
6.01 - 10.00
|
12,680
|
|
|
8.71
|
|
|
2.15
|
|
111
|
|
|
12,680
|
|
|
8.71
|
|
|
111
|
|
||||
10.01 - 17.50
|
166,717
|
|
|
12.01
|
|
|
8.82
|
|
915
|
|
|
33,343
|
|
|
12.01
|
|
|
183
|
|
||||
17.51 - 20.00
|
23,400
|
|
|
17.80
|
|
|
1.51
|
|
—
|
|
|
23,400
|
|
|
17.80
|
|
|
—
|
|
||||
20.01 - 25.93
|
33,600
|
|
|
25.93
|
|
|
1.94
|
|
—
|
|
|
33,600
|
|
|
25.93
|
|
|
—
|
|
||||
|
244,147
|
|
|
14.05
|
|
|
|
|
$
|
1,133
|
|
|
110,773
|
|
|
16.50
|
|
|
$
|
401
|
|
Dollars in thousands
|
|
June 30,
2016 |
||
Commitments to extend credit:
|
|
|
||
Revolving home equity and credit card lines
|
|
$
|
61,678
|
|
Construction loans
|
|
29,199
|
|
|
Other loans
|
|
82,399
|
|
|
Standby letters of credit
|
|
2,737
|
|
|
Total
|
|
$
|
176,013
|
|
|
|
Actual
|
|
Minimum Required Capital - Basel III Fully Phased-in
|
|
Minimum Required To Be Well Capitalized
|
|||||||||||||||
Dollars in thousands
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
As of June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
CET1 (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Summit
|
|
$
|
144,321
|
|
|
11.5
|
%
|
|
$
|
87,848
|
|
|
7.0
|
%
|
|
$
|
81,573
|
|
|
6.5
|
%
|
Summit Community
|
|
162,700
|
|
|
13.0
|
%
|
|
87,608
|
|
|
7.0
|
%
|
|
81,350
|
|
|
6.5
|
%
|
|||
Tier I Capital (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Summit
|
|
161,073
|
|
|
12.9
|
%
|
|
106,133
|
|
|
8.5
|
%
|
|
99,890
|
|
|
8.0
|
%
|
|||
Summit Community
|
|
162,700
|
|
|
13.0
|
%
|
|
106,381
|
|
|
8.5
|
%
|
|
100,123
|
|
|
8.0
|
%
|
|||
Total Capital (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Summit
|
|
172,450
|
|
|
13.8
|
%
|
|
131,212
|
|
|
10.5
|
%
|
|
124,964
|
|
|
10.0
|
%
|
|||
Summit Community
|
|
174,077
|
|
|
13.9
|
%
|
|
131,497
|
|
|
10.5
|
%
|
|
125,235
|
|
|
10.0
|
%
|
|||
Tier I Capital (to average assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Summit
|
|
161,073
|
|
|
10.5
|
%
|
|
61,361
|
|
|
4.0
|
%
|
|
76,701
|
|
|
5.0
|
%
|
|||
Summit Community
|
|
162,700
|
|
|
10.6
|
%
|
|
61,396
|
|
|
4.0
|
%
|
|
76,745
|
|
|
5.0
|
%
|
|
|
Actual
|
|
Minimum Required Capital - Basel III Fully Phased-in
|
|
Minimum Required To Be Well Capitalized
|
||||||||||||
Dollars in thousands
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
CET1 (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Summit
|
|
137,849
|
|
|
11.8
|
%
|
|
81,775
|
|
|
7.0
|
%
|
|
75,934
|
|
|
6.5
|
%
|
Summit Community
|
|
158,081
|
|
|
13.6
|
%
|
|
81,365
|
|
|
7.0
|
%
|
|
75,553
|
|
|
6.5
|
%
|
Tier I Capital (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Summit
|
|
156,849
|
|
|
13.4
|
%
|
|
99,494
|
|
|
8.5
|
%
|
|
93,641
|
|
|
8.0
|
%
|
Summit Community
|
|
158,081
|
|
|
13.6
|
%
|
|
98,801
|
|
|
8.5
|
%
|
|
92,989
|
|
|
8.0
|
%
|
Total Capital (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Summit
|
|
168,321
|
|
|
14.4
|
%
|
|
122,734
|
|
|
10.5
|
%
|
|
116,890
|
|
|
10.0
|
%
|
Summit Community
|
|
169,553
|
|
|
14.5
|
%
|
|
122,780
|
|
|
10.5
|
%
|
|
116,933
|
|
|
10.0
|
%
|
Tier I Capital (to average assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summit
|
|
156,849
|
|
|
10.7
|
%
|
|
58,635
|
|
|
4.0
|
%
|
|
73,294
|
|
|
5.0
|
%
|
Summit Community
|
|
158,081
|
|
|
10.8
|
%
|
|
58,549
|
|
|
4.0
|
%
|
|
73,186
|
|
|
5.0
|
%
|
|
|
Six Months Ended June 30, 2016
|
||||||||||||||||||
Dollars in thousands
|
|
Community
Banking
|
|
Insurance &
Financial
Services
|
|
Parent
|
|
Eliminations
|
|
Total
|
||||||||||
Net interest income (loss)
|
|
$
|
23,831
|
|
|
$
|
—
|
|
|
$
|
(318
|
)
|
|
$
|
—
|
|
|
$
|
23,513
|
|
Provision for loan losses
|
|
500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500
|
|
|||||
Net interest income (loss) after provision for loan losses
|
|
23,331
|
|
|
—
|
|
|
(318
|
)
|
|
—
|
|
|
23,013
|
|
|||||
Other income
|
|
3,617
|
|
|
2,235
|
|
|
777
|
|
|
(777
|
)
|
|
5,852
|
|
|||||
Other expenses
|
|
14,487
|
|
|
2,104
|
|
|
1,177
|
|
|
(777
|
)
|
|
16,991
|
|
|||||
Income (loss) before income taxes
|
|
12,461
|
|
|
131
|
|
|
(718
|
)
|
|
—
|
|
|
11,874
|
|
|||||
Income tax expense (benefit)
|
|
3,741
|
|
|
56
|
|
|
(228
|
)
|
|
—
|
|
|
3,569
|
|
|||||
Net income (loss)
|
|
$
|
8,720
|
|
|
$
|
75
|
|
|
$
|
(490
|
)
|
|
$
|
—
|
|
|
$
|
8,305
|
|
Inter-segment revenue (expense)
|
|
$
|
(721
|
)
|
|
$
|
(56
|
)
|
|
$
|
777
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average assets
|
|
$
|
1,542,733
|
|
|
$
|
5,924
|
|
|
$
|
171,455
|
|
|
$
|
(198,995
|
)
|
|
$
|
1,521,117
|
|
|
|
Six Months Ended June 30, 2015
|
||||||||||||||||||
Dollars in thousands
|
|
Community
Banking
|
|
Insurance &
Financial
Services
|
|
Parent
|
|
Eliminations
|
|
Total
|
||||||||||
Net interest income (loss)
|
|
$
|
23,392
|
|
|
$
|
—
|
|
|
$
|
(414
|
)
|
|
$
|
—
|
|
|
$
|
22,978
|
|
Provision for loan losses
|
|
750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
750
|
|
|||||
Net interest income (loss) after provision for loan losses
|
|
22,642
|
|
|
—
|
|
|
(414
|
)
|
|
—
|
|
|
22,228
|
|
|||||
Other income
|
|
3,818
|
|
|
2,181
|
|
|
566
|
|
|
(566
|
)
|
|
5,999
|
|
|||||
Other expenses
|
|
13,676
|
|
|
1,928
|
|
|
1,228
|
|
|
(566
|
)
|
|
16,266
|
|
|||||
Income (loss) before income taxes
|
|
12,784
|
|
|
253
|
|
|
(1,076
|
)
|
|
—
|
|
|
11,961
|
|
|||||
Income tax expense (benefit)
|
|
3,939
|
|
|
100
|
|
|
(372
|
)
|
|
—
|
|
|
3,667
|
|
|||||
Net income (loss)
|
|
$
|
8,845
|
|
|
$
|
153
|
|
|
$
|
(704
|
)
|
|
$
|
—
|
|
|
$
|
8,294
|
|
Inter-segment revenue (expense)
|
|
$
|
(523
|
)
|
|
$
|
(43
|
)
|
|
$
|
566
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average assets
|
|
$
|
1,493,162
|
|
|
$
|
5,924
|
|
|
$
|
168,146
|
|
|
$
|
(206,859
|
)
|
|
$
|
1,460,373
|
|
|
|
Three Months Ended June 30, 2016
|
||||||||||||||||||
Dollars in thousands
|
|
Community
Banking
|
|
Insurance &
Financial
Services
|
|
Parent
|
|
Eliminations
|
|
Total
|
||||||||||
Net interest income (loss)
|
|
$
|
11,893
|
|
|
$
|
—
|
|
|
$
|
(159
|
)
|
|
$
|
—
|
|
|
$
|
11,734
|
|
Provision for loan losses
|
|
250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250
|
|
|||||
Net interest income (loss) after provision for loan losses
|
|
11,643
|
|
|
—
|
|
|
(159
|
)
|
|
—
|
|
|
11,484
|
|
|||||
Other income
|
|
1,860
|
|
|
1,185
|
|
|
388
|
|
|
(388
|
)
|
|
3,045
|
|
|||||
Other expenses
|
|
7,213
|
|
|
1,048
|
|
|
564
|
|
|
(388
|
)
|
|
8,437
|
|
|||||
Income (loss) before income taxes
|
|
6,290
|
|
|
137
|
|
|
(335
|
)
|
|
—
|
|
|
6,092
|
|
|||||
Income tax expense (benefit)
|
|
1,898
|
|
|
57
|
|
|
(106
|
)
|
|
—
|
|
|
1,849
|
|
|||||
Net income (loss)
|
|
$
|
4,392
|
|
|
$
|
80
|
|
|
$
|
(229
|
)
|
|
$
|
—
|
|
|
$
|
4,243
|
|
Inter-segment revenue (expense)
|
|
$
|
(360
|
)
|
|
$
|
(28
|
)
|
|
$
|
388
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average assets
|
|
$
|
1,558,542
|
|
|
$
|
5,982
|
|
|
$
|
171,881
|
|
|
$
|
(199,285
|
)
|
|
$
|
1,537,120
|
|
|
|
Three Months Ended June 30, 2015
|
||||||||||||||||||
Dollars in thousands
|
|
Community
Banking
|
|
Insurance &
Financial
Services
|
|
Parent
|
|
Eliminations
|
|
Total
|
||||||||||
Net interest income (loss)
|
|
$
|
11,641
|
|
|
$
|
—
|
|
|
$
|
(183
|
)
|
|
$
|
—
|
|
|
$
|
11,458
|
|
Provision for loan losses
|
|
500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500
|
|
|||||
Net interest income (loss) after provision for loan losses
|
|
11,141
|
|
|
—
|
|
|
(183
|
)
|
|
—
|
|
|
10,958
|
|
|||||
Other income
|
|
1,969
|
|
|
891
|
|
|
283
|
|
|
(283
|
)
|
|
2,860
|
|
|||||
Other expenses
|
|
6,820
|
|
|
872
|
|
|
652
|
|
|
(283
|
)
|
|
8,061
|
|
|||||
Income (loss) before income taxes
|
|
6,290
|
|
|
19
|
|
|
(552
|
)
|
|
—
|
|
|
5,757
|
|
|||||
Income tax expense (benefit)
|
|
1,903
|
|
|
36
|
|
|
(192
|
)
|
|
—
|
|
|
1,747
|
|
|||||
Net income (loss)
|
|
$
|
4,387
|
|
|
$
|
(17
|
)
|
|
$
|
(360
|
)
|
|
$
|
—
|
|
|
$
|
4,010
|
|
Inter-segment revenue (expense)
|
|
$
|
(268
|
)
|
|
$
|
(15
|
)
|
|
$
|
283
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average assets
|
|
$
|
1,498,161
|
|
|
$
|
5,954
|
|
|
$
|
167,348
|
|
|
$
|
(204,860
|
)
|
|
$
|
1,466,603
|
|
|
June 30, 2016
|
||||||||||||||
|
|
|
Derivative Fair Value
|
|
Net Ineffective
|
||||||||||
Dollars in thousands
|
Notional
Amount
|
|
Asset
|
|
Liability
|
|
Hedge Gains/(Losses)
|
||||||||
CASH FLOW HEDGES
|
|
|
|
|
|
|
|
||||||||
Pay-fixed/receive-variable interest rate swaps
|
|
|
|
|
|
|
|
||||||||
Short term borrowings
|
$
|
110,000
|
|
|
$
|
—
|
|
|
$
|
8,151
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
FAIR VALUE HEDGES
|
|
|
|
|
|
|
|
||||||||
Pay-fixed/receive-variable interest rate swaps
|
|
|
|
|
|
|
|
||||||||
Commercial real estate loans
|
$
|
21,250
|
|
|
$
|
—
|
|
|
$
|
1,257
|
|
|
$
|
—
|
|
ESOP Shares
|
|
|
|
||||
|
At June 30,
|
||||||
|
2016
|
|
2015
|
||||
Allocated shares
|
406,371
|
|
|
366,258
|
|
||
Shares committed to be released
|
17,786
|
|
|
—
|
|
||
Unallocated shares
|
164,036
|
|
|
—
|
|
||
Total ESOP shares
|
588,193
|
|
|
366,258
|
|
||
|
|
|
|
||||
Market value of unallocated shares (in thousands)
|
$
|
2,871
|
|
|
$
|
—
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
Dollars in thousands
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Community banking
|
|
$
|
4,392
|
|
|
$
|
4,387
|
|
|
$
|
8,720
|
|
|
$
|
8,845
|
|
Insurance & financial services
|
|
80
|
|
|
(17
|
)
|
|
75
|
|
|
153
|
|
||||
Parent
|
|
(229
|
)
|
|
(360
|
)
|
|
(490
|
)
|
|
(704
|
)
|
||||
Consolidated net income
|
|
$
|
4,243
|
|
|
$
|
4,010
|
|
|
$
|
8,305
|
|
|
$
|
8,294
|
|
(1)
|
- For purposes of this table, nonaccrual loans are included in average loan balances.
|
(2)
|
- Interest income on tax-exempt securities and loans has been adjusted assuming an effective tax rate of 34% for all periods presented. The tax equivalent adjustment resulted in an increase in interest income of $780,000 and $744,000 for the periods ended June 30, 2016 and 2015, respectively.
|
Table II - Changes in Interest Margin Attributable to Rate and Volume
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
For the Six Months Ended
|
||||||||||
|
|
June 30, 2016 versus June 30, 2015
|
||||||||||
|
|
Increase (Decrease) Due to Change in:
|
||||||||||
Dollars in thousands
|
|
Volume
|
|
Rate
|
|
Net
|
||||||
Interest earned on:
|
|
|
|
|
|
|
||||||
Loans
|
|
|
|
|
|
|
||||||
Taxable
|
|
$
|
1,681
|
|
|
$
|
(491
|
)
|
|
$
|
1,190
|
|
Tax-exempt
|
|
76
|
|
|
(5
|
)
|
|
71
|
|
|||
Securities
|
|
|
|
|
|
|
|
|||||
Taxable
|
|
(30
|
)
|
|
(192
|
)
|
|
(222
|
)
|
|||
Tax-exempt
|
|
(5
|
)
|
|
43
|
|
|
38
|
|
|||
Federal funds sold and interest bearing deposits with other banks
|
|
—
|
|
|
5
|
|
|
5
|
|
|||
Total interest earned on interest earning assets
|
|
1,722
|
|
|
(640
|
)
|
|
1,082
|
|
|||
|
|
|
|
|
|
|
||||||
Interest paid on:
|
|
|
|
|
|
|
|
|||||
Interest bearing demand deposits
|
|
2
|
|
|
42
|
|
|
44
|
|
|||
Savings deposits
|
|
120
|
|
|
78
|
|
|
198
|
|
|||
Time deposits
|
|
(89
|
)
|
|
26
|
|
|
(63
|
)
|
|||
Short-term borrowings
|
|
48
|
|
|
373
|
|
|
421
|
|
|||
Long-term borrowings and capital trust securities
|
|
(166
|
)
|
|
77
|
|
|
(89
|
)
|
|||
Total interest paid on interest bearing liabilities
|
|
(85
|
)
|
|
596
|
|
|
511
|
|
|||
|
|
|
|
|
|
|
||||||
Net interest income
|
|
$
|
1,807
|
|
|
$
|
(1,236
|
)
|
|
$
|
571
|
|
Table III - Noninterest Income
|
|
|
|
|
|
|
|
||||||||
|
For the Quarter Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
Dollars in thousands
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Insurance commissions
|
$
|
1,090
|
|
|
$
|
1,080
|
|
|
$
|
2,014
|
|
|
$
|
2,208
|
|
Service fees related to deposit accounts
|
1,059
|
|
|
1,072
|
|
|
2,038
|
|
|
2,048
|
|
||||
Realized securities gains
|
383
|
|
|
170
|
|
|
775
|
|
|
650
|
|
||||
Bank owned life insurance income
|
258
|
|
|
261
|
|
|
514
|
|
|
522
|
|
||||
Other
|
255
|
|
|
277
|
|
|
511
|
|
|
571
|
|
||||
Total
|
$
|
3,045
|
|
|
$
|
2,860
|
|
|
$
|
5,852
|
|
|
$
|
5,999
|
|
Table IV - Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
For the Quarter Ended June 30,
|
|
For the Six Months Ended June 30,
|
|
||||||||||||||||||||||||||
|
|
|
Change
|
|
|
|
|
|
Change
|
|
|
|
||||||||||||||||||
Dollars in thousands
|
2016
|
|
$
|
|
%
|
|
2015
|
|
2016
|
|
$
|
|
%
|
|
2015
|
|
||||||||||||||
Salaries, commissions, and employee benefits
|
$
|
4,764
|
|
|
$
|
322
|
|
|
7.2
|
%
|
|
$
|
4,442
|
|
|
$
|
9,446
|
|
|
$
|
817
|
|
|
9.5
|
%
|
|
$
|
8,629
|
|
|
Net occupancy expense
|
512
|
|
|
23
|
|
|
4.7
|
%
|
|
489
|
|
|
1,051
|
|
|
63
|
|
|
6.4
|
%
|
|
988
|
|
|
||||||
Equipment expense
|
686
|
|
|
126
|
|
|
22.5
|
%
|
|
560
|
|
|
1,342
|
|
|
247
|
|
|
22.6
|
%
|
|
1,095
|
|
|
||||||
Professional fees
|
429
|
|
|
57
|
|
|
15.3
|
%
|
|
372
|
|
|
901
|
|
|
194
|
|
|
27.4
|
%
|
|
707
|
|
|
||||||
Amortization of intangibles
|
50
|
|
|
—
|
|
|
—
|
%
|
|
50
|
|
|
100
|
|
|
—
|
|
|
—
|
%
|
|
100
|
|
|
||||||
FDIC premiums
|
300
|
|
|
(20
|
)
|
|
(6.3
|
)%
|
|
320
|
|
|
600
|
|
|
(50
|
)
|
|
(7.7
|
)%
|
|
650
|
|
|
||||||
Merger expense
|
153
|
|
|
153
|
|
|
n/a
|
|
|
—
|
|
|
265
|
|
|
265
|
|
|
n/a
|
|
|
—
|
|
|
||||||
Foreclosed properties expense
|
93
|
|
|
(65
|
)
|
|
(41.1
|
)%
|
|
158
|
|
|
217
|
|
|
(149
|
)
|
|
(40.7
|
)%
|
|
366
|
|
|
||||||
(Gain) loss on sales of foreclosed properties
|
(276
|
)
|
|
(379
|
)
|
|
(368.0
|
)%
|
|
103
|
|
|
(282
|
)
|
|
(535
|
)
|
|
(211.5
|
)%
|
|
253
|
|
|
||||||
Write-downs of foreclosed properties
|
259
|
|
|
99
|
|
|
61.9
|
%
|
|
160
|
|
|
369
|
|
|
(363
|
)
|
|
(49.6
|
)%
|
|
732
|
|
|
||||||
Other
|
1,467
|
|
|
60
|
|
|
4.3
|
%
|
|
1,407
|
|
|
2,982
|
|
|
236
|
|
|
8.6
|
%
|
|
2,746
|
|
|
||||||
Total
|
$
|
8,437
|
|
|
$
|
376
|
|
|
4.7
|
%
|
|
$
|
8,061
|
|
|
$
|
16,991
|
|
|
$
|
725
|
|
|
4.5
|
%
|
|
$
|
16,266
|
|
|
Table V - Summary of Non-Performing Assets
|
|
|
|
|
|
|
||||||
|
|
June 30,
|
|
December 31,
|
||||||||
Dollars in thousands
|
|
2016
|
|
2015
|
|
2015
|
||||||
Accruing loans past due 90 days or more
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
9
|
|
Nonaccrual loans
|
|
|
|
|
|
|
|
|
|
|||
Commercial
|
|
399
|
|
|
1,065
|
|
|
853
|
|
|||
Commercial real estate
|
|
5,773
|
|
|
2,421
|
|
|
5,955
|
|
|||
Commercial construction and development
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Residential construction and development
|
|
5,400
|
|
|
5,627
|
|
|
5,623
|
|
|||
Residential real estate
|
|
3,531
|
|
|
4,433
|
|
|
3,245
|
|
|||
Consumer
|
|
91
|
|
|
37
|
|
|
83
|
|
|||
Total nonaccrual loans
|
|
15,194
|
|
|
13,583
|
|
|
15,759
|
|
|||
Foreclosed properties
|
|
|
|
|
|
|
|
|
|
|||
Commercial
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Commercial real estate
|
|
976
|
|
|
3,279
|
|
|
1,300
|
|
|||
Commercial construction and development
|
|
8,708
|
|
|
10,179
|
|
|
8,717
|
|
|||
Residential construction and development
|
|
12,989
|
|
|
15,839
|
|
|
14,069
|
|
|||
Residential real estate
|
|
752
|
|
|
2,203
|
|
|
1,481
|
|
|||
Total foreclosed properties
|
|
23,425
|
|
|
31,500
|
|
|
25,567
|
|
|||
Repossessed assets
|
|
38
|
|
|
55
|
|
|
5
|
|
|||
Total nonperforming assets
|
|
$
|
38,657
|
|
|
$
|
45,146
|
|
|
$
|
41,340
|
|
Total nonperforming loans as a percentage of total loans
|
|
1.29
|
%
|
|
1.26
|
%
|
|
1.45
|
%
|
|||
Total nonperforming assets as a percentage of total assets
|
|
2.47
|
%
|
|
3.05
|
%
|
|
2.77
|
%
|
|||
Allowance for loan losses as a percentage of nonperforming loans
|
|
74.88
|
%
|
|
82.99
|
%
|
|
72.75
|
%
|
|||
Allowance for loan losses as a percentage of period end loans
|
|
0.97
|
%
|
|
1.05
|
%
|
|
1.05
|
%
|
Table VI - Foreclosed Property Activity
|
|
|
|
|
|
|
||||||||||
|
For the Three Months Ended
June 30, |
|
For the Six Months Ended
June 30, |
|
||||||||||||
Dollars in thousands
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||
Beginning balance
|
$
|
24,684
|
|
|
$
|
34,367
|
|
|
$
|
25,567
|
|
|
$
|
37,529
|
|
|
Acquisitions
|
134
|
|
|
—
|
|
|
134
|
|
|
713
|
|
|
||||
Improvements
|
134
|
|
|
7
|
|
|
463
|
|
|
23
|
|
|
||||
Disposals
|
(1,267
|
)
|
|
(2,714
|
)
|
|
(2,370
|
)
|
|
(6,033
|
)
|
|
||||
Writedowns to fair value
|
(260
|
)
|
|
(160
|
)
|
|
(369
|
)
|
|
(732
|
)
|
|
||||
Balance March 31
|
$
|
23,425
|
|
|
$
|
31,500
|
|
|
$
|
23,425
|
|
|
$
|
31,500
|
|
|
Table VIII - Summary of Significant Changes in Financial Position
|
||||||||||||||
|
|
Balance
December 31,
|
|
Increase (Decrease)
|
|
Balance
June 30,
|
||||||||
Dollars in thousands
|
|
2015
|
|
Amount
|
|
Percentage
|
|
2016
|
||||||
Assets
|
|
|
|
|
|
|
|
|
||||||
Securities available for sale
|
|
$
|
280,792
|
|
|
(19,159
|
)
|
|
(6.8
|
)%
|
|
$
|
261,633
|
|
Loans, net
|
|
1,079,331
|
|
|
87,392
|
|
|
8.1
|
%
|
|
1,166,723
|
|
||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Deposits
|
|
$
|
1,066,709
|
|
|
29,836
|
|
|
2.8
|
%
|
|
$
|
1,096,545
|
|
Short-term borrowings
|
|
171,394
|
|
|
34,159
|
|
|
19.9
|
%
|
|
205,553
|
|
||
Long-term borrowings
|
|
75,581
|
|
|
(956
|
)
|
|
(1.3
|
)%
|
|
74,625
|
|
Table IX - Contractual Cash Obligations
|
|
|
|
|
||||||||
Dollars in thousands
|
|
Long
Term
Debt
|
|
Capital
Trust
Securities
|
|
Operating
Leases
|
||||||
2016
|
|
$
|
27,955
|
|
|
$
|
—
|
|
|
$
|
152
|
|
2017
|
|
918
|
|
|
—
|
|
|
250
|
|
|||
2018
|
|
45,017
|
|
|
—
|
|
|
162
|
|
|||
2019
|
|
18
|
|
|
—
|
|
|
136
|
|
|||
2020
|
|
19
|
|
|
—
|
|
|
23
|
|
|||
Thereafter
|
|
698
|
|
|
19,589
|
|
|
—
|
|
|||
Total
|
|
$
|
74,625
|
|
|
$
|
19,589
|
|
|
$
|
723
|
|
Table X - Off-Balance Sheet Arrangements
|
|
June 30,
|
||
Dollars in thousands
|
|
2016
|
||
Commitments to extend credit:
|
|
|
||
Revolving home equity and credit card lines
|
|
$
|
61,678
|
|
Construction loans
|
|
29,199
|
|
|
Other loans
|
|
82,399
|
|
|
Standby letters of credit
|
|
2,737
|
|
|
Total
|
|
$
|
176,013
|
|
Exhibit 3.i
|
Amended and Restated Articles of Incorporation of Summit Financial Group, Inc.
|
|
|
Exhibit 3.ii
|
Articles of Amendment 2009
|
|
|
Exhibit 3.iii
|
Articles of Amendment 2011
|
|
|
Exhibit 3.iv
|
Amended and Restated By-Laws of Summit Financial Group, Inc.
|
|
|
Exhibit 11
|
Statement re: Computation of Earnings per Share – Information contained in Note 4 to the Consolidated Financial Statements on page 15 of this Quarterly Report is incorporated herein by reference.
|
|
|
Exhibit 31.1
|
Sarbanes-Oxley Act Section 302 Certification of Chief Executive Officer
|
|
|
Exhibit 31.2
|
Sarbanes-Oxley Act Section 302 Certification of Chief Financial Officer
|
|
|
Exhibit 32.1
|
Sarbanes-Oxley Act Section 906 Certification of Chief Executive Officer
|
|
|
Exhibit 32.2
|
Sarbanes-Oxley Act Section 906 Certification of Chief Financial Officer
|
|
|
Exhibit 101
|
Interactive Data File (XBRL)
|
|
|
SUMMIT FINANCIAL GROUP, INC.
|
|
|
|
(registrant)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ H. Charles Maddy, III
|
|
|
|
H. Charles Maddy, III,
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Robert S. Tissue
|
|
|
|
Robert S. Tissue,
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Julie R. Markwood
|
|
|
|
Julie R. Markwood,
|
|
|
|
Vice President and Chief Accounting Officer
|
|
|
|
|
|
|
|
|
Date:
|
August 4, 2016
|
|
|
Exhibit No.
|
Description
|
Page
Number
|
(3)
|
Articles of Incorporation and By-laws:
|
|
|
(i) Amended and Restated Articles of Incorporation of Summit Financial Group, Inc.
|
(a)
|
|
(ii) Articles of Amendment 2009
|
(b)
|
|
(iii) Articles of Amendment 2011
|
(c)
|
|
(iv) Amended and Restated By-laws of Summit Financial Group, Inc.
|
(d)
|
11
|
Statement re: Computation of Earnings per Share
|
15
|
|
|
|
31.1
|
Sarbanes-Oxley Act Section 302 Certification of Chief Executive Officer
|
|
|
|
|
31.2
|
Sarbanes-Oxley Act Section 302 Certification of Chief Financial Officer
|
|
|
|
|
32.1*
|
Sarbanes-Oxley Act Section 906 Certification of Chief Executive Officer
|
|
|
|
|
32.2*
|
Sarbanes-Oxley Act Section 906 Certification of Chief Financial Officer
|
|
101**
|
Interactive data file (XBRL)
|
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(a)
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Incorporated by reference to Exhibit 3.i of Summit Financial Group, Inc.’s filing on Form 10-Q dated March 31, 2006.
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(b)
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Incorporated by reference to Exhibit 3.1 of Summit Financial Group, Inc.’s filing on Form 8-K dated September 30, 2009.
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(c)
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Incorporated by reference to Exhibit 3.1 of Summit Financial Group, Inc.’s filing on Form 8-K dated November 3, 2011.
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(d)
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Incorporated by reference to Exhibit 3.2 of Summit Financial Group, Inc.’s filing on Form 10-Q dated June 30, 2006.
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1 Year Summit Financial Chart |
1 Month Summit Financial Chart |
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