Indiana | 35-1547518 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
Large accelerated filer ¨ | Accelerated filer x | Non-accelerated filer ¨ | Smaller reporting company ¨ |
Class | Outstanding at November 1, 2015 | |
Common Shares, no par value | 13,275,678 |
PART I. FINANCIAL INFORMATION | ||
Item 1. | Unaudited Financial Statements | |
Consolidated Balance Sheets – September 30, 2015 and December 31, 2014 | ||
Consolidated Statements of Income – Three Months Ended September 30, 2015 and 2014 | ||
Consolidated Statements of Income – Nine Months Ended September 30, 2015 and 2014 | ||
Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2015 and 2014 | ||
Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2015 and 2014 | ||
Notes to Consolidated Financial Statements – September 30, 2015 | ||
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 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 6. | Exhibits | |
SIGNATURES | ||
INDEX OF EXHIBITS |
September 30, 2015 | December 31, 2014 | |||||||
ASSETS | ||||||||
Cash and Due from Banks | $ | 39,998 | $ | 33,481 | ||||
Federal Funds Sold and Other Short-term Investments | 22,140 | 8,965 | ||||||
Cash and Cash Equivalents | 62,138 | 42,446 | ||||||
Interest-bearing Time Deposits with Banks | 100 | 100 | ||||||
Securities Available-for-Sale, at Fair Value | 625,144 | 630,995 | ||||||
Securities Held-to-Maturity, at Cost (Fair value of $95 and $186 on September 30, 2015 and December 31, 2014, respectively) | 95 | 184 | ||||||
Loans Held-for-Sale, at Fair Value | 6,410 | 6,311 | ||||||
Loans | 1,517,285 | 1,451,990 | ||||||
Less: Unearned Income | (3,705 | ) | (4,008 | ) | ||||
Allowance for Loan Losses | (14,770 | ) | (14,929 | ) | ||||
Loans, Net | 1,498,810 | 1,433,053 | ||||||
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost | 8,167 | 7,040 | ||||||
Premises, Furniture and Equipment, Net | 37,905 | 39,930 | ||||||
Other Real Estate | 123 | 356 | ||||||
Goodwill | 20,536 | 20,536 | ||||||
Intangible Assets | 1,443 | 2,074 | ||||||
Company Owned Life Insurance | 32,497 | 32,043 | ||||||
Accrued Interest Receivable and Other Assets | 19,842 | 22,031 | ||||||
TOTAL ASSETS | $ | 2,313,210 | $ | 2,237,099 | ||||
LIABILITIES | ||||||||
Non-interest-bearing Demand Deposits | $ | 418,947 | $ | 428,016 | ||||
Interest-bearing Demand, Savings, and Money Market Accounts | 1,039,520 | 1,018,320 | ||||||
Time Deposits | 345,368 | 333,425 | ||||||
Total Deposits | 1,803,835 | 1,779,761 | ||||||
FHLB Advances and Other Borrowings | 239,072 | 206,064 | ||||||
Accrued Interest Payable and Other Liabilities | 22,951 | 22,450 | ||||||
TOTAL LIABILITIES | 2,065,858 | 2,008,275 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred Stock, no par value; 500,000 shares authorized, no shares issued | — | — | ||||||
Common Stock, no par value, $1 stated value; 30,000,000 shares authorized | 13,273 | 13,216 | ||||||
Additional Paid-in Capital | 109,839 | 108,660 | ||||||
Retained Earnings | 119,656 | 104,058 | ||||||
Accumulated Other Comprehensive Income | 4,584 | 2,890 | ||||||
TOTAL SHAREHOLDERS’ EQUITY | 247,352 | 228,824 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,313,210 | $ | 2,237,099 | ||||
End of period shares issued and outstanding | 13,273,349 | 13,215,800 |
Three Months Ended September 30, | ||||||||
2015 | 2014 | |||||||
INTEREST INCOME | ||||||||
Interest and Fees on Loans | $ | 16,702 | $ | 16,680 | ||||
Interest on Federal Funds Sold and Other Short-term Investments | 3 | 2 | ||||||
Interest and Dividends on Securities: | ||||||||
Taxable | 2,176 | 2,531 | ||||||
Non-taxable | 1,538 | 1,135 | ||||||
TOTAL INTEREST INCOME | 20,419 | 20,348 | ||||||
INTEREST EXPENSE | ||||||||
Interest on Deposits | 987 | 1,025 | ||||||
Interest on FHLB Advances and Other Borrowings | 573 | 532 | ||||||
TOTAL INTEREST EXPENSE | 1,560 | 1,557 | ||||||
NET INTEREST INCOME | 18,859 | 18,791 | ||||||
Provision for Loan Losses | (500 | ) | — | |||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 19,359 | 18,791 | ||||||
NON-INTEREST INCOME | ||||||||
Trust and Investment Product Fees | 1,051 | 901 | ||||||
Service Charges on Deposit Accounts | 1,237 | 1,300 | ||||||
Insurance Revenues | 1,752 | 1,739 | ||||||
Company Owned Life Insurance | 205 | 210 | ||||||
Interchange Fee Income | 547 | 508 | ||||||
Other Operating Income | 2,134 | 599 | ||||||
Net Gains on Sales of Loans | 831 | 613 | ||||||
Net Gains on Securities | — | 567 | ||||||
TOTAL NON-INTEREST INCOME | 7,757 | 6,437 | ||||||
NON-INTEREST EXPENSE | ||||||||
Salaries and Employee Benefits | 8,998 | 7,975 | ||||||
Occupancy Expense | 1,305 | 1,262 | ||||||
Furniture and Equipment Expense | 456 | 463 | ||||||
FDIC Premiums | 284 | 277 | ||||||
Data Processing Fees | 901 | 935 | ||||||
Professional Fees | 787 | 516 | ||||||
Advertising and Promotion | 2,198 | 613 | ||||||
Intangible Amortization | 183 | 302 | ||||||
Other Operating Expenses | 1,854 | 1,739 | ||||||
TOTAL NON-INTEREST EXPENSE | 16,966 | 14,082 | ||||||
Income before Income Taxes | 10,150 | 11,146 | ||||||
Income Tax Expense | 2,429 | 3,438 | ||||||
NET INCOME | $ | 7,721 | $ | 7,708 | ||||
Basic Earnings per Share | $ | 0.58 | $ | 0.58 | ||||
Diluted Earnings per Share | $ | 0.58 | $ | 0.58 | ||||
Dividends per Share | $ | 0.17 | $ | 0.16 |
Nine Months Ended September 30, | ||||||||
2015 | 2014 | |||||||
INTEREST INCOME | ||||||||
Interest and Fees on Loans | $ | 49,538 | $ | 48,766 | ||||
Interest on Federal Funds Sold and Other Short-term Investments | 10 | 8 | ||||||
Interest and Dividends on Securities: | ||||||||
Taxable | 6,830 | 7,944 | ||||||
Non-taxable | 4,219 | 3,136 | ||||||
TOTAL INTEREST INCOME | 60,597 | 59,854 | ||||||
INTEREST EXPENSE | ||||||||
Interest on Deposits | 3,002 | 3,098 | ||||||
Interest on FHLB Advances and Other Borrowings | 1,481 | 1,448 | ||||||
TOTAL INTEREST EXPENSE | 4,483 | 4,546 | ||||||
NET INTEREST INCOME | 56,114 | 55,308 | ||||||
Provision for Loan Losses | — | 550 | ||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 56,114 | 54,758 | ||||||
NON-INTEREST INCOME | ||||||||
Trust and Investment Product Fees | 2,974 | 2,728 | ||||||
Service Charges on Deposit Accounts | 3,594 | 3,552 | ||||||
Insurance Revenues | 5,812 | 5,777 | ||||||
Company Owned Life Insurance | 617 | 603 | ||||||
Interchange Fee Income | 1,593 | 1,467 | ||||||
Other Operating Income | 3,341 | 1,579 | ||||||
Net Gains on Sales of Loans | 2,364 | 1,475 | ||||||
Net Gains on Securities | 725 | 1,039 | ||||||
TOTAL NON-INTEREST INCOME | 21,020 | 18,220 | ||||||
NON-INTEREST EXPENSE | ||||||||
Salaries and Employee Benefits | 26,082 | 24,285 | ||||||
Occupancy Expense | 3,732 | 3,776 | ||||||
Furniture and Equipment Expense | 1,417 | 1,472 | ||||||
FDIC Premiums | 850 | 828 | ||||||
Data Processing Fees | 2,608 | 2,892 | ||||||
Professional Fees | 2,073 | 1,761 | ||||||
Advertising and Promotion | 3,125 | 1,635 | ||||||
Intangible Amortization | 630 | 975 | ||||||
Other Operating Expenses | 5,597 | 5,687 | ||||||
TOTAL NON-INTEREST EXPENSE | 46,114 | 43,311 | ||||||
Income before Income Taxes | 31,020 | 29,667 | ||||||
Income Tax Expense | 8,668 | 8,967 | ||||||
NET INCOME | $ | 22,352 | $ | 20,700 | ||||
Basic Earnings per Share | $ | 1.69 | $ | 1.57 | ||||
Diluted Earnings per Share | $ | 1.69 | $ | 1.57 | ||||
Dividends per Share | $ | 0.51 | $ | 0.48 |
Three Months Ended September 30, | ||||||||
2015 | 2014 | |||||||
NET INCOME | $ | 7,721 | $ | 7,708 | ||||
Other Comprehensive Income (Loss): | ||||||||
Unrealized Gains (Losses) on Securities | ||||||||
Unrealized Holding Gain (Loss) Arising During the Period | 6,420 | 871 | ||||||
Reclassification Adjustment for Losses (Gains) Included in Net Income | — | (567 | ) | |||||
Tax Effect | (2,259 | ) | (96 | ) | ||||
Net of Tax | 4,161 | 208 | ||||||
Total Other Comprehensive Income (Loss) | 4,161 | 208 | ||||||
COMPREHENSIVE INCOME | $ | 11,882 | $ | 7,916 |
Nine Months Ended September 30, | ||||||||
2015 | 2014 | |||||||
NET INCOME | $ | 22,352 | $ | 20,700 | ||||
Other Comprehensive Income (Loss): | ||||||||
Unrealized Gains (Losses) on Securities | ||||||||
Unrealized Holding Gain (Loss) Arising During the Period | 3,333 | 9,251 | ||||||
Reclassification Adjustment for Losses (Gains) Included in Net Income | (725 | ) | (1,039 | ) | ||||
Tax Effect | (914 | ) | (2,903 | ) | ||||
Net of Tax | 1,694 | 5,309 | ||||||
Total Other Comprehensive Income (Loss) | 1,694 | 5,309 | ||||||
COMPREHENSIVE INCOME | $ | 24,046 | $ | 26,009 |
Nine Months Ended September 30, | ||||||||
2015 | 2014 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 22,352 | $ | 20,700 | ||||
Adjustments to Reconcile Net Income to Net Cash from Operating Activities: | ||||||||
Net Amortization on Securities | 1,869 | 1,510 | ||||||
Depreciation and Amortization | 3,254 | 3,611 | ||||||
Loans Originated for Sale | (111,296 | ) | (70,603 | ) | ||||
Proceeds from Sales of Loans Held-for-Sale | 113,472 | 73,696 | ||||||
Provision for Loan Losses | — | 550 | ||||||
Gain on Sale of Loans, net | (2,364 | ) | (1,475 | ) | ||||
Gain on Securities, net | (725 | ) | (1,039 | ) | ||||
Loss (Gain) on Sales of Other Real Estate and Repossessed Assets | 53 | (46 | ) | |||||
Loss (Gain) on Disposition and Donation of Premises and Equipment | 389 | 28 | ||||||
Increase in Cash Surrender Value of Company Owned Life Insurance | (454 | ) | (631 | ) | ||||
Equity Based Compensation | 737 | 482 | ||||||
Change in Assets and Liabilities: | ||||||||
Interest Receivable and Other Assets | 2,278 | (4,708 | ) | |||||
Interest Payable and Other Liabilities | (412 | ) | 2,214 | |||||
Net Cash from Operating Activities | 29,153 | 24,289 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Proceeds from Maturities, Calls, Redemptions of Securities Available-for-Sale | 71,026 | 62,892 | ||||||
Proceeds from Sales of Securities Available-for-Sale | 18,999 | 52,711 | ||||||
Purchase of Securities Available-for-Sale | (82,711 | ) | (74,247 | ) | ||||
Proceeds from Maturities of Securities Held-to-Maturity | 89 | 84 | ||||||
Purchase of Federal Home Loan Bank Stock | (1,127 | ) | (92 | ) | ||||
Purchase of Loans | (1,852 | ) | (1,750 | ) | ||||
Loans Made to Customers, net of Payments Received | (64,708 | ) | (49,436 | ) | ||||
Proceeds from Sales of Other Real Estate | 983 | 1,831 | ||||||
Property and Equipment Expenditures | (886 | ) | (2,492 | ) | ||||
Proceeds from Sales of Property and Equipment | — | 23 | ||||||
Net Cash from Investing Activities | (60,187 | ) | (10,476 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Change in Deposits | 24,085 | (47,658 | ) | |||||
Change in Short-term Borrowings | (1,993 | ) | 66,977 | |||||
Advances in Long-term Debt | 75,000 | 20,321 | ||||||
Repayments of Long-term Debt | (40,111 | ) | (20,095 | ) | ||||
Issuance of Common Stock | 52 | 50 | ||||||
Employee Stock Purchase Plan | 447 | (37 | ) | |||||
Dividends Paid | (6,754 | ) | (6,336 | ) | ||||
Net Cash from Financing Activities | 50,726 | 13,222 | ||||||
Net Change in Cash and Cash Equivalents | 19,692 | 27,035 | ||||||
Cash and Cash Equivalents at Beginning of Year | 42,446 | 60,132 | ||||||
Cash and Cash Equivalents at End of Period | $ | 62,138 | $ | 87,167 | ||||
Cash Paid During the Year for | ||||||||
Interest | $ | 4,610 | $ | 4,650 | ||||
Income Taxes | 6,219 | 7,192 | ||||||
Supplemental Non Cash Disclosures | ||||||||
Loans Transferred to Other Real Estate | $ | 864 | $ | 1,277 | ||||
Securities Sold Pending Settlement | — | (3,323 | ) |
Three Months Ended September 30, | ||||||||
2015 | 2014 | |||||||
Basic Earnings per Share: | ||||||||
Net Income | $ | 7,721 | $ | 7,708 | ||||
Weighted Average Shares Outstanding | 13,265,893 | 13,210,395 | ||||||
Basic Earnings per Share | $ | 0.58 | $ | 0.58 | ||||
Diluted Earnings per Share: | ||||||||
Net Income | $ | 7,721 | $ | 7,708 | ||||
Weighted Average Shares Outstanding | 13,265,893 | 13,210,395 | ||||||
Potentially Dilutive Shares, Net | 7,617 | 20,280 | ||||||
Diluted Weighted Average Shares Outstanding | 13,273,510 | 13,230,675 | ||||||
Diluted Earnings per Share | $ | 0.58 | $ | 0.58 |
Nine Months Ended September 30, | ||||||||
2015 | 2014 | |||||||
Basic Earnings per Share: | ||||||||
Net Income | $ | 22,352 | $ | 20,700 | ||||
Weighted Average Shares Outstanding | 13,247,954 | 13,200,025 | ||||||
Basic Earnings per Share | $ | 1.69 | $ | 1.57 | ||||
Diluted Earnings per Share: | ||||||||
Net Income | $ | 22,352 | $ | 20,700 | ||||
Weighted Average Shares Outstanding | 13,247,954 | 13,200,025 | ||||||
Potentially Dilutive Shares, Net | 7,556 | 20,975 | ||||||
Diluted Weighted Average Shares Outstanding | 13,255,510 | 13,221,000 | ||||||
Diluted Earnings per Share | $ | 1.69 | $ | 1.57 |
Securities Available-for-Sale: | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
September 30, 2015 | ||||||||||||||||
U.S. Treasury and Agency Securities | $ | 10,000 | $ | — | $ | (30 | ) | $ | 9,970 | |||||||
Obligations of State and Political Subdivisions | 187,819 | 5,885 | (362 | ) | 193,342 | |||||||||||
Mortgage-backed Securities - Residential | 419,753 | 4,091 | (2,365 | ) | 421,479 | |||||||||||
Equity Securities | 353 | — | — | 353 | ||||||||||||
Total | $ | 617,925 | $ | 9,976 | $ | (2,757 | ) | $ | 625,144 | |||||||
December 31, 2014 | ||||||||||||||||
U.S. Treasury and Agency Securities | $ | 20,000 | $ | — | $ | (439 | ) | $ | 19,561 | |||||||
Obligations of State and Political Subdivisions | 147,321 | 6,515 | (59 | ) | 153,777 | |||||||||||
Mortgage-backed Securities - Residential | 458,709 | 3,615 | (5,020 | ) | 457,304 | |||||||||||
Equity Securities | 353 | — | — | 353 | ||||||||||||
Total | $ | 626,383 | $ | 10,130 | $ | (5,518 | ) | $ | 630,995 |
Securities Held-to-Maturity: | Carrying Amount | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | ||||||||||||
September 30, 2015 | ||||||||||||||||
Obligations of State and Political Subdivisions | $ | 95 | $ | — | $ | — | $ | 95 | ||||||||
December 31, 2014 | ||||||||||||||||
Obligations of State and Political Subdivisions | $ | 184 | $ | 2 | $ | — | $ | 186 |
Securities Available-for-Sale: | Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 7,109 | $ | 7,213 | ||||
Due after one year through five years | 19,186 | 19,449 | ||||||
Due after five years through ten years | 66,484 | 69,404 | ||||||
Due after ten years | 105,040 | 107,246 | ||||||
Mortgage-backed Securities - Residential | 419,753 | 421,479 | ||||||
Equity Securities | 353 | 353 | ||||||
Total | $ | 617,925 | $ | 625,144 |
Securities Held-to-Maturity: | Carrying Amount | Fair Value | ||||||
Due in one year or less | $ | 95 | $ | 95 | ||||
Due after one year through five years | — | — | ||||||
Due after five years through ten years | — | — | ||||||
Due after ten years | — | — | ||||||
Total | $ | 95 | $ | 95 |
Three Months Ended | Three Months Ended | |||||||
September 30, 2015 | September 30, 2014 | |||||||
Proceeds from Sales | $ | — | $ | 45,473 | ||||
Gross Gains on Sales | — | 567 | ||||||
Income Taxes on Gross Gains | — | 198 |
Nine Months Ended | Nine Months Ended | |||||||
September 30, 2015 | September 30, 2014 | |||||||
Proceeds from Sales | $ | 18,999 | $ | 52,711 | ||||
Gross Gains on Sales | 725 | 1,039 | ||||||
Income Taxes on Gross Gains | 254 | 364 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
September 30, 2015 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
U.S. Treasury and Agency Securities | $ | — | $ | — | $ | 9,970 | $ | (30 | ) | $ | 9,970 | $ | (30 | ) | ||||||||||
Obligations of State and Political Subdivisions | 32,447 | (356 | ) | 353 | (6 | ) | 32,800 | (362 | ) | |||||||||||||||
Mortgage-backed Securities - Residential | 50,786 | (236 | ) | 136,030 | (2,129 | ) | 186,816 | (2,365 | ) | |||||||||||||||
Equity Securities | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 83,233 | $ | (592 | ) | $ | 146,353 | $ | (2,165 | ) | $ | 229,586 | $ | (2,757 | ) |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
December 31, 2014 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
U.S. Treasury and Agency Securities | $ | — | $ | — | $ | 19,561 | $ | (439 | ) | $ | 19,561 | $ | (439 | ) | ||||||||||
Obligations of State and Political Subdivisions | 3,765 | (25 | ) | 4,298 | (34 | ) | 8,063 | (59 | ) | |||||||||||||||
Mortgage-backed Securities - Residential | 26,606 | (191 | ) | 209,679 | (4,829 | ) | 236,285 | (5,020 | ) | |||||||||||||||
Equity Securities | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 30,371 | $ | (216 | ) | $ | 233,538 | $ | (5,302 | ) | $ | 263,909 | $ | (5,518 | ) |
September 30, 2015 | December 31, 2014 | |||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||
Included in Other Assets: | ||||||||||||||||
Interest Rate Swaps | $ | 31,068 | $ | 1,433 | $ | 23,104 | $ | 507 | ||||||||
Included in Other Liabilities: | ||||||||||||||||
Interest Rate Swaps | $ | 31,068 | $ | 1,462 | $ | 23,104 | $ | 508 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest Rate Swaps: | ||||||||||||||||
Included in Interest Income / (Expense) | $ | — | $ | — | $ | — | $ | — | ||||||||
Included in Other Income / (Expense) | 179 | (4 | ) | 344 | 74 |
September 30, 2015 | December 31, 2014 | |||||||
Commercial: | ||||||||
Commercial and Industrial Loans and Leases | $ | 404,946 | $ | 380,079 | ||||
Commercial Real Estate Loans | 600,688 | 583,086 | ||||||
Agricultural Loans | 236,619 | 216,774 | ||||||
Retail: | ||||||||
Home Equity Loans | 90,907 | 86,234 | ||||||
Consumer Loans | 47,480 | 48,613 | ||||||
Residential Mortgage Loans | 136,645 | 137,204 | ||||||
Subtotal | 1,517,285 | 1,451,990 | ||||||
Less: Unearned Income | (3,705 | ) | (4,008 | ) | ||||
Allowance for Loan Losses | (14,770 | ) | (14,929 | ) | ||||
Loans, Net | $ | 1,498,810 | $ | 1,433,053 |
September 30, 2015 | Commercial and Industrial Loans and Leases | Commercial Real Estate Loans | Agricultural Loans | Home Equity Loans | Consumer Loans | Residential Mortgage Loans | Unallocated | Total | ||||||||||||||||||||||||
Beginning Balance | $ | 4,659 | $ | 7,315 | $ | 1,223 | $ | 350 | $ | 382 | $ | 619 | $ | 710 | $ | 15,258 | ||||||||||||||||
Provision for Loan Losses | (337 | ) | (568 | ) | 754 | (41 | ) | (105 | ) | (172 | ) | (31 | ) | (500 | ) | |||||||||||||||||
Recoveries | 16 | 30 | — | 2 | 39 | 3 | — | 90 | ||||||||||||||||||||||||
Loans Charged-off | (5 | ) | — | — | (2 | ) | (71 | ) | — | — | (78 | ) | ||||||||||||||||||||
Ending Balance | $ | 4,333 | $ | 6,777 | $ | 1,977 | $ | 309 | $ | 245 | $ | 450 | $ | 679 | $ | 14,770 |
September 30, 2014 | Commercial and Industrial Loans and Leases | Commercial Real Estate Loans | Agricultural Loans | Home Equity Loans | Consumer Loans | Residential Mortgage Loans | Unallocated | Total | ||||||||||||||||||||||||
Beginning Balance | $ | 5,661 | $ | 7,199 | $ | 1,016 | $ | 418 | $ | 326 | $ | 435 | $ | 495 | $ | 15,550 | ||||||||||||||||
Provision for Loan Losses | (563 | ) | 206 | 156 | (33 | ) | 77 | (33 | ) | 190 | — | |||||||||||||||||||||
Recoveries | 19 | 55 | — | — | 41 | 6 | — | 121 | ||||||||||||||||||||||||
Loans Charged-off | — | (6 | ) | — | (7 | ) | (65 | ) | (1 | ) | — | (79 | ) | |||||||||||||||||||
Ending Balance | $ | 5,117 | $ | 7,454 | $ | 1,172 | $ | 378 | $ | 379 | $ | 407 | $ | 685 | $ | 15,592 |
September 30, 2015 | Commercial and Industrial Loans and Leases | Commercial Real Estate Loans | Agricultural Loans | Home Equity Loans | Consumer Loans | Residential Mortgage Loans | Unallocated | Total | ||||||||||||||||||||||||
Beginning Balance | $ | 4,627 | $ | 7,273 | $ | 1,123 | $ | 246 | $ | 354 | $ | 622 | $ | 684 | $ | 14,929 | ||||||||||||||||
Provision for Loan Losses | (350 | ) | (566 | ) | 854 | 88 | (65 | ) | 44 | (5 | ) | — | ||||||||||||||||||||
Recoveries | 83 | 81 | — | 8 | 193 | 14 | — | 379 | ||||||||||||||||||||||||
Loans Charged-off | (27 | ) | (11 | ) | — | (33 | ) | (237 | ) | (230 | ) | — | (538 | ) | ||||||||||||||||||
Ending Balance | $ | 4,333 | $ | 6,777 | $ | 1,977 | $ | 309 | $ | 245 | $ | 450 | $ | 679 | $ | 14,770 |
September 30, 2014 | Commercial and Industrial Loans and Leases | Commercial Real Estate Loans | Agricultural Loans | Home Equity Loans | Consumer Loans | Residential Mortgage Loans | Unallocated | Total | ||||||||||||||||||||||||
Beginning Balance | $ | 3,983 | $ | 8,335 | $ | 946 | $ | 239 | $ | 188 | $ | 281 | $ | 612 | $ | 14,584 | ||||||||||||||||
Provision for Loan Losses | 1,124 | (1,546 | ) | 226 | 148 | 296 | 229 | 73 | 550 | |||||||||||||||||||||||
Recoveries | 97 | 785 | — | 42 | 127 | 14 | — | 1,065 | ||||||||||||||||||||||||
Loans Charged-off | (87 | ) | (120 | ) | — | (51 | ) | (232 | ) | (117 | ) | — | (607 | ) | ||||||||||||||||||
Ending Balance | $ | 5,117 | $ | 7,454 | $ | 1,172 | $ | 378 | $ | 379 | $ | 407 | $ | 685 | $ | 15,592 |
September 30, 2015 | Total | Commercial and Industrial Loans and Leases | Commercial Real Estate Loans | Agricultural Loans | Home Equity Loans | Consumer Loans | Residential Mortgage Loans | Unallocated | ||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||
Ending Allowance Balance Attributable to Loans: | ||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 1,688 | $ | 171 | $ | 1,517 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Collectively Evaluated for Impairment | 13,082 | 4,162 | 5,260 | 1,977 | 309 | 245 | 450 | 679 | ||||||||||||||||||||||||
Acquired with Deteriorated Credit Quality | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total Ending Allowance Balance | $ | 14,770 | $ | 4,333 | $ | 6,777 | $ | 1,977 | $ | 309 | $ | 245 | $ | 450 | $ | 679 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | $ | 6,116 | $ | 2,219 | $ | 3,885 | $ | 12 | $ | — | $ | — | $ | — | n/m(2) | |||||||||||||||||
Loans Collectively Evaluated for Impairment | 1,510,330 | 403,027 | 592,735 | 239,660 | 91,178 | 47,602 | 136,128 | n/m(2) | ||||||||||||||||||||||||
Loans Acquired with Deteriorated Credit Quality | 6,924 | 674 | 5,376 | — | — | — | 874 | n/m(2) | ||||||||||||||||||||||||
Total Ending Loans Balance(1) | $ | 1,523,370 | $ | 405,920 | $ | 601,996 | $ | 239,672 | $ | 91,178 | $ | 47,602 | $ | 137,002 | n/m(2) |
December 31, 2014 | Total | Commercial and Industrial Loans and Leases | Commercial Real Estate Loans | Agricultural Loans | Home Equity Loans | Consumer Loans | Residential Mortgage Loans | Unallocated | ||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||
Ending Allowance Balance Attributable to Loans: | ||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 1,532 | $ | 87 | $ | 1,445 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Collectively Evaluated for Impairment | 13,343 | 4,540 | 5,818 | 1,123 | 246 | 354 | 578 | 684 | ||||||||||||||||||||||||
Acquired with Deteriorated Credit Quality | 54 | — | 10 | — | — | — | 44 | — | ||||||||||||||||||||||||
Total Ending Allowance Balance | $ | 14,929 | $ | 4,627 | $ | 7,273 | $ | 1,123 | $ | 246 | $ | 354 | $ | 622 | $ | 684 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment | $ | 6,044 | $ | 1,964 | $ | 4,080 | $ | — | $ | — | $ | — | $ | — | n/m(2) | |||||||||||||||||
Loans Collectively Evaluated for Impairment | 1,443,363 | 378,533 | 573,961 | 219,640 | 86,570 | 48,614 | 136,045 | n/m(2) | ||||||||||||||||||||||||
Loans Acquired with Deteriorated Credit Quality | 8,361 | 354 | 6,385 | — | — | 118 | 1,504 | n/m(2) | ||||||||||||||||||||||||
Total Ending Loans Balance(1) | $ | 1,457,768 | $ | 380,851 | $ | 584,426 | $ | 219,640 | $ | 86,570 | $ | 48,732 | $ | 137,549 | n/m(2) |
September 30, 2015 | Unpaid Principal Balance(1) | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||
With No Related Allowance Recorded: | ||||||||||||
Commercial and Industrial Loans and Leases | $ | 262 | $ | 259 | $ | — | ||||||
Commercial Real Estate Loans | 1,081 | 962 | — | |||||||||
Agricultural Loans | 12 | 12 | — | |||||||||
Subtotal | 1,355 | 1,233 |