PARENT COMPANY FINANCIAL INFORMATION (Tables) - Parent Company [Member]
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12 Months Ended |
Dec. 31, 2015 |
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| Financial Information for the Parent Company - Balance Sheets |
Financial information for the Parent Company is as follows:
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PARENT COMPANY
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CONDENSED BALANCE SHEETS
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AS OF DECEMBER 31, 2015 and 2014
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(Dollars in thousands)
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2015
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2014
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ASSETS
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Cash
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$ 10,386
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$ 9,692
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Premises and equipment, net
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11,875
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12,275
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Other assets
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8,462
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9,498
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Investment in subsidiaries
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1,067,611
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1,053,489
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Total assets
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$ 1,098,334
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$ 1,084,954
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Short-term borrowings
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$ -
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$ 8,000
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Long-term borrowings
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7,500
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8,125
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Trust preferred capital notes
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86,312
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86,077
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Other liabilities
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9,155
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5,583
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Total liabilities
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102,967
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107,785
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Total stockholders' equity
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995,367
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977,169
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Total liabilities and stockholders' equity
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$ 1,098,334
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$ 1,084,954
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| Financial Information for the Parent Company - Statements of Income and Comprehensive Income |
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PARENT COMPANY
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CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
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YEARS ENDED DECEMBER 31, 2015, 2014, and 2013
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(Dollars in thousands)
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2015
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2014
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2013
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Income:
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Interest and dividend income
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$ 8
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$ 5
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$ 6
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Dividends received from subsidiaries
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51,496
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75,470
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31,323
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Equity in (distributed) undistributed net income from subsidiaries
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20,800
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(15,909)
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7,555
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Other operating income
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1,228
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1,393
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1,155
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Total income
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73,532
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60,959
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40,039
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Expenses:
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Interest expense
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4,697
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4,581
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3,060
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Occupancy expenses
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556
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573
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583
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Furniture and equipment expenses
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9
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20
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-
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Other operating expenses
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1,191
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3,621
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2,030
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Total expenses
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6,453
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8,795
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5,673
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Net income
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$ 67,079
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$ 52,164
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$ 34,366
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Comprehensive income
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$ 61,076
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$ 66,609
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$ 22,092
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| Financial Information for the Parent Company - Statements of Cash Flows |
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PARENT COMPANY
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CONDENSED STATEMENTS OF CASH FLOWS
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YEARS ENDED DECEMBER 31, 2015, 2014, and 2013
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(Dollars in thousands)
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2015
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2014
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2013
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Operating activities:
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Net income
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$ 67,079
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$ 52,164
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$ 34,366
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Adjustments to reconcile net income to net cash provided by operating activities:
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Equity in distributed (undistributed) net income of subsidiaries
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(20,800)
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15,909
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(7,555)
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Depreciation of premises and equipment
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435
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464
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468
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Acquisition accounting amortization, net
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235
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224
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-
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Issuance of common stock grants for services
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564
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713
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477
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Net (increase) decrease in other assets
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902
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2,964
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(2,069)
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Net (decrease) increase in other liabilities
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6,124
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(7,286)
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1,737
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Net cash and cash equivalents provided by operating activities
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54,539
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65,152
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27,424
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Investing activities:
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Net decrease (increase) in premises and equipment
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(35)
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863
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-
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Payments for equity method investment
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(355)
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(60)
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(2,000)
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Cash received in acquisitions
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-
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4,735
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-
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Net cash and cash equivalents provided by (used in) investing activities
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(390)
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5,538
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(2,000)
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Financing activities:
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Advances (repayments) of short-term borrowings
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(8,000)
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8,000
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-
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Payments of long-term borrowings
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(625)
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(625)
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(625)
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Cash dividends paid
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(29,082)
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(25,494)
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(12,535)
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Net Issuance (repurchase) of common stock
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(15,748)
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(52,971)
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(8,677)
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Net cash and cash equivalents used in financing activities
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(53,455)
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(71,090)
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(21,837)
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Net increase (decrease) in cash and cash equivalents
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694
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(400)
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3,587
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Cash and cash equivalents at beginning of the period
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9,692
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10,092
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6,505
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Cash and cash equivalents at end of the period
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$ 10,386
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$ 9,692
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$ 10,092
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Supplemental schedule of noncash investing and financing activities
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Issuance of common stock in exchange for net assets in acquisition
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$ -
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$ 549,523
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$ -
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Transactions related to bank acquisition
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Assets acquired
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-
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2,957,521
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-
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Liabilities assumed
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-
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2,642,120
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-
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